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Economy, Markets, Ratings, Statistics and Rates - January 14, 2014

Economy, Markets, Ratings, Statistics and Rates by Finyear, the Financial Year Journal. Economie, marchés, notations, statistiques et taux par Finyear, le journal de l'exercice financier.

Economy, Markets, Ratings, Statistics and Rates - January 14, 2014
09h00 AM

Good Morning!

European shares are trading lower this morning pressured by weak markets in Asia and the US overnight.
Comments by non-voting Fed member Lockhart who doesn't consider the weak employment report from last Friday a reason why the Fed should not continue tapering and a very disappointing record current account deficit in Japan with exports still not improving much despite a sharply weakening Yen sent markets lower across the board. In the US there are worries that the Fed might not be quite as supportive and accommodating what the economy is concerned in 2014 compared to previous years.
In Japan the situation looks a bit different, markets there might have been a bit too optimistic what the economy is concerned and have gotten ahead of themselves while in reality despite the reforms put in place so far the economy still has a long way to go until there will be sustained above average growth.
There is some data in Europe out this morning with industrial production expected to post a strong rebound for November after a weak reading in October. In the US later the earnings season will be kicking off in earnest with banking heavy weights JPMorgan and Wells Fargo due to report their earnings.
While nobody doubts that 2013 has been an excellent year for US banks what earnings are concerned, 2013 will be also remembered as a year where many major banks had to pay record fines to settle lawsuits and rate rigging allegations tarnishing an otherwise great year.

Overall while sentiment has turned negative at least in the short term it might not quite just be because of the Fed possibly turning less accommodative in 2014 and the Japanese economy not just being out of the woods after all.
Instead the declines seen in Asia and the US overnight are rather caused by repositioning and position squaring ahead of the US earnings season and also are technically related with markets while keeping a positive bias over the past few days having lacked a bit of momentum and sustainability, with traders looking for ways to take profits rather sooner than later.
In situations where markets have problems posting and sustaining new highs it is not uncommon for a correction or at least a pullback to take place with new buyers unwilling to come back into the market until prices are bit cheaper.
Also what the Fed is concerned especially due to the extreme weather in the US and its possible impact on the economy a wait and see attitude regarding a possible acceleration what tapering is concerned is the likely outcome for the next couple of months.

Thank you.

Kind regards

Markus Huber | Senior Sales-Trader/Senior Analyst
Peregrine & Black

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Cotations, indices et taux. Mise à jour quotidienne par Finyear.
Quotations, indices and rates. Updated daily by Finyear.

Link : http://www.finyear.com/Tableau-de-bord-financier-Financial-Dashboard_a15066.html

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Mardi 14 Janvier 2014

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