Morning Report courtesy of Spreadex
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London-listed equities have been driven significantly higher on the open in sympathy of an accelerating GDP number from China. But traders saw immediate flow out of stocks in order to capture the overnight return. This notwithstanding, the market is higher and Basic materials outperform.
Gold remains supported this morning in line with the weakness we’re seeing in dollars. As investors consider slowly diversifying away from dollars over the long term, the prices of dollar-denominated assets could gradually inflate.
The sentiment in the market today is one of mild relief and back to business as usual. In spite of very few actually believing the US would default on its debt, most money managers had at least worked hard to prepare for the event. Now, the market is getting back to pricing in future value and observing performance.
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