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Market Comment - May 04, 2012

Europe.


Market Comment - May 04, 2012
European stocks are trading lower this morning still somewhat spooked by some of ECB chief Draghi’s comments yesterday and disappointment that there were no signs and no discussions whatsoever that the ECB might be lowering interest rates and start buying periphery bonds again in the months ahead.

Focus of the day will be the release of the monthly US Non Farm Payroll figures. With employment data coming in mixed in recent weeks, pointing towards a slight slow-down in job growth and employers becoming overall a bit more cautious when it comes to hiring new staff it will be interesting to see if this trend is being confirmed by today’s numbers. Any positive surprise should be well received potentially yielding a relief rally and enabling the Dow to mark another new high of the year.

Today is also the last trading day ahead of Sunday’s crucial elections in France and Greece. While President Sarkozy seems to be finally gaining some ground all signs continue to point towards a victory of Mr. Hollande and a change in government possibly propelling some traders to take some risk of the table until the situation will be clearer next week.

Markus Huber - Head of German HNW Trading - ETX Capital
www.etxcapital.com

Vendredi 4 Mai 2012




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