Traders eye ECB announcement as FOMC continues bond buying programme
Trading Floor News May 2, 2013 4:20 PM
<p>The FOMC announced yesterday that they will continue with the bond buying programme. The major point, however, is that they are ready to increase or […]</p>
The video cannot be shown at the moment. Please try again later.
The FOMC announced yesterday that they will continue with the bond buying programme. The major point, however, is that they are ready to increase or decrease asset purchases depending on jobs and inflation
Asian stocks fell after worse than expected payrolls and manufacturing data from the US
In Europe, we had better than expected data on Spanish and Italian manufacturing this morning. Also UK construction PMI came out above expectations
The UK 100 opened 0.2% lower at 6435, dragged down by mining stocks. The German DAX was flat at around 7916, after 8am today.
Turning to companies, BSKYB announced a 9% rise in profits and creation of new jobs. Royal Dutch reported a profit of 3.5% on the year to date.
Across the pond, Facebook reported an increase in mobile advertising revenue.
Later on today, all eyes will be on the ECB press conference. It is expected that the ECB will decrease the interest rates to 0.5% from the current 0.75% level. Decisions may influence the currency rates so it is worth following.
We are also expecting US trade balance and unemployment claims at 1.30pm GMT.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.