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Finally a day without the Fed causing concern regarding the tapering of quantitative easing. The afternoon session has been very quiet; without any real economic data, the market has only had corporate news from equities to digest.
We have now reached the end of the second week in the US reporting season, and are expecting a broadly positive third week; companies from almost all sectors have now reported figures, and have come in with market-beating results.
The news earlier in the week that underlying consumers are having their spending power squeezed has quickly been forgotten. The higher levels of inflation and the lack of movement in the income market will ultimately see a squeeze as far as retailers are concerned, however as yet this has not seen a discount in the markets valuation of equities.
The other issue hanging over the market – the demise of Detroit – seems to have been conveniently forgotten. Possibly Monday will bring a fresh perspective.