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Stephen Pope is the founder and Managing
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Financial Times features Stephen Pope & Spotlight Ideas

Thursday January 3rd 2013




US tax truce rally for stocks fizzles out


Thursday 11:00 GMT. Global risk assets edged lower while haven currencies such as the dollar and yen found buyers as the relief rally that greeted the deal in Washington to avoid the fiscal cliff fizzled out.


The Japanese currency made its first gains since the deal agreed by US lawmakers spurred the biggest rally for the world’s stock markets for nearly six months.

The FTSE All World index retreated 0.1 per cent as most European equity markets sold off with Frankfurt’s Xetra Dax index down 0.3 per cent, London’s FTSE 100 index off 0.1 per cent and Madrid’s Ibex 35 index sinking 1.1 per cent.


Asian equities were mixed as South Korea’s Kospi index fell 0.6 per cent but Australia’s S&P/ASX 200 rose 0.4 per cent to a 19-month high and Hong Kong’s Hang Seng index also added 0.4 per cent.


“We see yesterday’s jump in risk assets as a one-off response to the US budget vote and expect consolidation today,” said Crédit Agricole analysts.


“We did not want to say that the sell-off in Europe was just simple thin volume profit-taking,” said Stephen Pope, of Spotlight Ideas. “The correction today is based on a deeper concern that, in the US and of course Europe, there is still much debate to be held as budgets and deficits are discussed.”

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