Market Outlook :
This week we expect US industrial production to advance in February and the Philadelphia Fed Business Confidence to move sideways in March.
The Fed is expected to keep interest rates unchanged this week. Eurozone industrial production should have risen in January in line with published national data.
Focus on Equities :
The initial reaction in the US equity markets after the terrorist attack was moderate, but turned firmly negative once it got clear that Al-Qaida may well be involved in the bomd attacks in Madrid after all.
The VIX index spiked after the drama towards levels we hadn't seen for almost six months. This week equity markets will focus, aside from the geopolitical news, on economic figures while earnings reports will be published by the chemical companies BASF and Bayer, and financials like Allianz, Munich Re and Morgan Stanley. In addition, Vivendi Universal will also post results.
Foreign Exchanges :
The euro is trapped between resistance at 1.2460 and support at 1.2060. A further consolidation within this range may be expected.
The dollar rose to JPY 112.30 and is now correcting its rise of the past weeks. This may result in a further correction with the 109.65/108.80 zone as support. The underlying trend however, remains up.
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Al Qaida spooks investors
- Monday, March 15 - 2004 at 16:12
US equity markets intially responded moderately to the Madrid terrorist attacks, until the involvement of Al Qaida was suggested.
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InternaxxMonday, March 15 - 2004 at 16:12 UAE local time (GMT+4)
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This article was updated on Thu Oct 26 2006.
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