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Finally good news out of China where an important service PMI by HSBC surprisingly showed an increase to a 19 months high, somewhat calming worries about a possible hard landing in the offing for China and news that G7 finance ministers and central bankers have scheduled to hold a telephone conference call to talk about the situation in Europe today is providing European equity markets with some stability this morning.
Equity Markets are not only oversold but also starved of good news, therefore any positive surprises or actions taken by politicians and central bankers have certainly the potential to cause a short covering rally.
However at the same time it is doubtful if the market can indeed hang on to any gains seen with elections in Greece and the Spanish banking sector crisis still hanging over the markets. While the data schedule for Europe is on the busy side today, the data isn’t expected to show much of an improvement confirming a rather bleak picture across Europe.
Markus Huber - Head of German HNW Trading - ETX Capital
www.etxcapital.com
Equity Markets are not only oversold but also starved of good news, therefore any positive surprises or actions taken by politicians and central bankers have certainly the potential to cause a short covering rally.
However at the same time it is doubtful if the market can indeed hang on to any gains seen with elections in Greece and the Spanish banking sector crisis still hanging over the markets. While the data schedule for Europe is on the busy side today, the data isn’t expected to show much of an improvement confirming a rather bleak picture across Europe.
Markus Huber - Head of German HNW Trading - ETX Capital
www.etxcapital.com
