Written by Gary
Opening Market Commentary For 08-11-2014
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U.S. stocks opened higher today suggesting that Friday's sharp rally could continue as it appeared less likely that the tense situation between Russia and Ukraine would escalate.
Equities were also given a boost by Stanley Fischer, the vice chairman of the U.S. Federal Reserve, who said the recoveries in the U.S. and global economies had been "disappointing" thus far, indicating the Fed may not imminently tighten its monetary policy.
"It appears Fischer believes accommodative monetary policy can help keep cyclical slowdown factors from turning structural, which is dovish in the short run but argues for a potentially higher neutral rate than otherwise in the longer run," Credit Suisse analysts wrote in a note to clients.
European stocks opened higher on Monday, as concerns over geopolitical tensions around the globe began to subside, boosting demand for riskier assets. European stocks open higher in risk-on trade; Dax up 0.96%. During European morning trade, the DJ Euro Stoxx 50 advanced 0.70%, France’s CAC 40 climbed 0.42%, while Germany’s DAX jumped 0.96%. Market sentiment improved after the U.S. launched airstrikes in Iraq on Friday, in a bid to halt the advance of extremists in the country’s north. Also in the Middle-East, Israel and the Palestinians agreed on Sunday to an Egyptian proposal for a new 72-hour ceasefire in Gaza. Meanwhile, fears over hostilities between Russia and Ukraine eased after Russia’s defense ministry on Friday said it had concluded military exercises it was holding close to the border with Ukraine.
Asian stocks rose on Monday as tensions eased slightly in Ukraine, while the dollar held steady against the safe-haven yen after rebounding sharply late last week. Asia stocks rise as Ukraine tensions ease for nowAsia stocks rise as Ukraine tensions ease for now Spreadbetters expected the upbeat momentum for equities to continue into Europe, with Britain's FTSE 100 seen opening as much as 0.6 percent higher, Germany's DAX up 1 percent and France's CAC 40 0.8 percent higher.
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Written by Gary