City A.M. TV – Daily Market Snapshot (video)
After ‘pausing’ for most of last week, global equity markets continued to break out to the upside yesterday and overnight.
Both the S&P500 and the NASDAQ, for example, have once again made new record highs; Asian indices have squeezed higher; while the UK’s FTSE100 rallied sharply yesterday (closing up +2.5 per cent, and breaking above a key technical level).
The key question therefore is: How long will that strong upward momentum last? And – does the risk reward favour long positions in equity markets over coming days and weeks? In this brief clip we address those questions and think about what (really) drives near term equity market direction.
Events today are relatively light, but include the US Empire manufacturing PMI as well as speeches by the Fed’s George, Kaplan, and Daly (who are all speaking on the US economic outlook).