Morning Report Friday 18 September 2015
Good morningOverviewThis morning the Fed left interest rates unchanged at a very stimulatory 0.25%. The delay in raising rates was essentially due to the perceived risks in the global economy; especially China. Unless the Fed is specifically considering the price action of share markets, which we doubt, it's hard to imagine they feel confident of the underlying strength (or not) of the Chinese economy until well into 2016.Hence, markets still have Fed uncertainty going forward and the renewed prospects of a "Grexit" (Greek Exit) ahead of this Sunday's bailout referendum. Ultimately, the Greek debt fiasco is unlikely to be ended with a simple vote.Turning to the MarketsEnough of the macro highlights; more importantly how does Market Matters believe equities will behave going forward into Christmas?
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