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Spreadex Market Update

Friday, September 28, 2012 - Morning Market Update
Shavaz Dhalla
Financial market analysis from Spreadex financial spread betting trader Shavaz Dhalla

European markets open strongly

European markets have opened up strongly this morning on the back of optimistic economic data from Asia.

Rebounding from their cheapest levels on record, Chinese coal stocks are rallying as investors predict that demand for fuel will recover as winter ensues and inventories are trimmed.

The yen hit a two-week high against the dollar of around 77.50 yen on Friday.

The dollar index measured against a basket of currencies eased 0.2% after losing 0.4% on Thursday for its biggest daily drop in two weeks.

Despite outlining a 10 point plan for reforming the Libor interest rates, the FSA has stopped short of scrapping Libor all together.

Martin Wheatley, head of the FSA, acknowledged that problems with the London interbank offered rates do exist but has emphasized the fact that Libor is too deeply entrenched in the financial system to be easily replaced.

The message given is that for now, no better alternative is available and that any transition to a new benchmark would be difficult.

Set for the best quarter in more than a year, commodities have risen as the euro and European stock futures gained.

Chinese stocks rallied for a second consecutive day on prospects for more government stimulus while Japan’s benchmark index fell to a two week low after consumer prices retreated.

The Trading Day and Week Ahead

For further information on the trading day ahead, take a look at our Financial Diary, which previews all the Economic Data due out to today and projected or previous figures.

Our Financial Diary is updated in real time as the figures are released throughout the day.

If you are unsure what different Economic Figures mean take a look at our Economic Indicators Explained guide.

For a look at the trading week ahead our Financial Diary also lists all the companies due to submit trading updates this week. Each Friday, our diary will preview the forthcoming week's economic indicators and company reports schedule.

For market trends and analysis, don't forget our charts have automatically generated support and resistance trend lines helping aid your financial spread betting with technical analysis. For more help on using our charts, view our Guide to Trading with Charts?


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