Encouraging Chinese trade data, German industrial production and dovish comments from ECB official held up sentiment. In the equity market, Wall Street gained with the DJIA and the S&P 500 indices adding +0.32% and +0.41% respectively. European Stoxx600 and Japan’s Nikkei soared to the highest levels in 5 years and 4.5 years respectively.
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Sentiment Firmed amid Strong Economic Data
Weakened sentiment driven by ECB’s threat to Cyprus was carried to the US session. This was in spite of the House’s approval of a stopgap spending bill to keep US’ government agencies funded until the end of the fiscal year and better-than-expected economic data. Wall Street slipped with the DJIA and the S&P 500 losing -0.62% and -0.83% respectively.
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Overhang of Cyprus Bailout Overshadowed US’ Budget Compromise
Headlines in 2 Germany newspapers unveiled doubts about the Troika among ECB policymakers. The immediate aftermath of the Italian election was the decline of the Sentix index. Meanwhile, the market focus was China’s property tax measures.
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Doubts about Troika and China’s Measures to Control Property Market Dominated Headlines