OVERNIGHT MARKETS ROUND UP – 08/05/14

A late recovery on Wall Street helped Asian markets overnight following upbeat views from Janet Yellen during her testimony to congress. FTSE futures are indicating a slightly higher open, ahead of a bulk of data including UK and EU rate decisions, ECB press conference and another speech from Federal Reserve Chair Janet Yellen. 

Markets received a late rally yesterday after Janet Yellen made it clear she believes the economy still required a strong dose of stimulus. Both Unemployment and inflation was still a concern, falling short of the Fed’s goals. 

The euro held below a near two-month high ahead of the interest rate review and ECB president Mario Draghi’ s press conference. It is widely expected that interest rates will remain unchanged although the press conference could identify any plans for additional stimulus.