Bernanke’s dovish comments at the Jackson Hole conference on Friday
Mansur Chowdhury September 3, 2012 3:40 PM
<p>- After Fed Chairman Ben Bernanke’s dovish comments at the Jackson Hole conference on Friday, it appears that the markets are reacting positively to what […]</p>
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- After Fed Chairman Ben Bernanke’s dovish comments at the Jackson Hole conference on Friday, it appears that the markets are reacting positively to what could be interpreted as signals of QE3 in the coming months.
- The optimism has even overshadowed the slowdown in Chinese manufacturing data, with hopes that it will trigger government stimulus measures.
- The FTSE is currently trading up 30 points at 5742, the DAX is 20 points higher at 7002 and the CAC is at 3426, so about 12 points up.
- On the back of the Chinese data, it’s the heavyweight mining firms that are leading the way so far. Fresnillo is up over 3% at 1612p, with Vedanta Resources and Kazakhmys also amongst the biggest risers, with both gaining by 2.5%.
- Russian steelmaker Evraz is also amongst the leaders, dominated by commodity and resources companies.
- The biggest loser is technology firm ARM Holdings, which is down over 2% at 561.85p. The firm received a broker downgrade from Deutsche Bank and had its price target revised downwards.
- A pretty quiet day today as far as the economic calendar is concerned, as the US markets will be closed for the Labor Day Holiday. However, do keep your eyes on ECB President Draghi’s speech at 2.30pm UK time.
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