Market Overview
Risk appetite found an instant rebound yesterday as Wall Street recovered its prior day losses to bring the S&P back to within striking distance of the all-time high once more. The move on the S&P has not yet aborted the previous day’s negative technical signal that was a bearish key one day reversal, but the response has been very positive. There was not a great deal of news to drive the move, some of which was attributed to today’s options expiry. However, Asian markets responded in kind and pushed strongly higher, with the 3% jump in the Japanese Nikkei 225 helped higher by a weaker yen overnight.The US housing data is back in focus today with Existing Home Sales at 15:00GMT. Expectation is that the figure will show a decline of 3.5% which would further muddy the water of what has become a mixed outlook for housing in the US recently. There is also UK Retail Sales to watch for at 09:30GMT and Canadian CPI at 13:30GMT.
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