March 4th, 2013, Day by day Market Chew from Ishaq Siddiqi Market Strategist
European inventory markets are again underneath the cosh Monday, with merchants unwinding positions on political uncertainty in Italy and the shortage of progress by US lawmakers to deal with the sequester which kicked off on Friday final week. Italian leaders are nonetheless divided over the right way to kind a authorities following final week’s inconclusive elections.
Italy’s President Napolitano will look to kind one other technocrat authorities however markets stay unconvinced on how viable such a authorities could be given the sturdy anti-austerity perspective which has gained recognition in Italy. If no authorities may be shaped, Italians would head to the ballot, prompting much more warning within the coming months.
In the meantime, within the US, the sequesters kicked off on Friday and over the weekend, we heard from Home Speaker John Boehner that lawmakers stay at loggerheads on spending cuts. Republicans on Sunday insisted they won’t give up their intention to scale back authorities spending however the Democrats are exhibiting little indicators of negotiating. If lawmakers fail to agree on taming the automated cuts, these cuts may shave off round 0.5% of US GDP. Seeking to immediately’s agenda, we’ve Spanish unemployment numbers and UK development PMIs and euro zone PPIs.
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