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Uncertainty weighing on local market
Uncertainty weighing on local market
By William
Leys (Sales Trader, CMC Markets)
5 April 2013
The All Ords is tracking lower in morning trade, despite moderate gains posted in the US overnight, reflecting local uncertainty.
It was the Bank of Japan's aggressive stimulus measures that provided the real impetus for US markets, with the central bank pledging to buy 7 trillion yen of bonds a month to fight deflation and in turn provide a boost for their economy. It seems this news was enough to at least temporarily distract investors from the disappointing US jobless claims release, which increased more than expected.
Activity on the local market will likely remain tempered today, one way or another, as investors cautiously anticipate the US non-farm payrolls report due tonight. Given that the US jobless claims data under whelmed, there is concern the non-farm payrolls will follow suit, and add to the recent run of bearish signals. If this does occur, another sell off is on the cards, deepening the current correction taking place. On the other hand, a positive report may lead to a bounce against the recent downtrend and provide some welcome relief for equities across the board.
www.cmcmarkets.com
ENDS
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