European stocks have today helped compound January’s success by rallying once again towards recent highs, with the FTSE 100 and DAX 30 up 1.3% and 2.1% respectively.
The positive bias remains in light of an ADP figure out from the US earlier that shows companies added 170,000 workers to their payrolls in January, vindicating somewhat the strong buying seen during the first month of the year.
And while the figure falls short of the median forecast of 182,000, it nevertheless illustrates the current strength and recovery of the US economy, and tempers the potential consequences of negative news flows that could be seen from an unstable Eurozone.
Traders note, however, that the current demand for safety remains elevated in spite of a growing appetite for equities; Bunds offer only 1.82% over 10 years, something not at all synonymous with growth.
Market Review by Spreadex.
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