US reaches a temporary debt ceiling solution

By Published On: 01/24/2013 Read More »

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European shares are set to open flat on Thursday after the US house managed to reach a resolution, albeit temporarily on raising the debt ceiling. Investors will be focussed on fresh data from purchase managers index across the Eurozone.

The Euro Stoxx 50 was trading lower by 0.14% on Thursday while the DAX saw a modest rise by 0.01%. The CAC40 was up 0.04% while the FTSE was 0.11% lower.

The BoE minutes meeting showed that committee members decided unanimously to keep the interest rates at 0.5% while eight members voted to maintain the asset purchase program at £375 billion with the exception of one member who wanted to boost the QE program by a further £25 billion.

Yesterday the IMF announced a cut to its global growth forecasts projecting a second year of contraction, especially in the Eurozone. The world’s economy, it is estimated by the IMF to expand 3.5%, less than 3.6% that was initially forecasted in October last year.

Asian markets were mixed after the HSBC Markit PMI. The data showed the PMI rising to 51.9 in January, up from December’s 51.4 final estimate. The manufacturing PMI also managed to beat expectations of 51.7. Overall, the PMI has been steadily increasing as more hiring and employment attributed to a boost in production.

Regional stocks were mixed towards end of Thursday’s session. The Nikkei 225 recorded 1.28% gains while the Hang Seng gained 0.12%. The Shanghai Composite fell 0.79%.

Apple’s shares continue to decline while other tech industries such as IBM and Google posted upbeat figures. It is evident that the best years of Apple is now behind them as shares fell 10%.

The US House managed to postpone the debt ceiling until May 19th, by reaching a temporary solution. The news saw investors rushing back to the safe haven doller as prices dropped across currencies including Gold and Silver.

US stocks closed positive with benchmark indices reaching 5 year high. The Nasdaq 100 dropped 1.8%, weighed down by Apple’s stocks. The S&P500 gained 0.2% while the Dow Jones closed 0.5% higher.

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