19.07.2013

Ahead of this weekend’s election in Japan we have seen a drop in Asian share prices, Prime Minister Abe’s Liberal Democratic Party is expected to gain the majority. Asian experts are suffering as the global economy still struggles to find its feet. Chinese local governments have been asked to spend their budgets in order to boost the local economy. The USD/JPY was trading at 99.95 with a high of 100.86 and a low of 99.79 so far.

The NIKKEI closed at 14589.90 down 218.59 points or minus 1.48%

European Employment Commissioner Laszlo Andor has highlighted youth unemployment as one of the major issues facing economic recovery in the EU. With levels of youth unemployment nearing 60% in Greece and Spain a real effort will be needed to turn this trend around. The Portuguese Government coalition underwent a vote of no confidence last night. The motion was defeated with only 83 out of the 230 seat parliament saying they had lost confidence in the coalition following Ministerial resignations earlier this month. CABLE was trading at 1.5226 with a high of 1.5249 and a low of 1.5196 so far.

The FTSE100 closed at 6634.36 up 62.43 or 0.95% and the DAX closed at 8337.09 up 82.37 or 1.00%

In the US, Detroit has filed for bankruptcy as it is USD 18 billion in the red. The once booming ‘motor city’ has declined steadily, the population has decreased by more than 50% from peak, leaving vacant buildings, and a loss of income for tax collectors. Canadian Consumer Price Index figures will be released today. The EUR/USD was trading at 1.3133 with a high of 1.3150 and a low of 1.3088 so far, while the USD/CAD was trading at 1.0368 with a high of 1.0389 and a low of 1.0360 so far.

The DOW closed at 15548.50 up 78.02 or 0.50%

Have a nice weekend.