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Ahead of the US open, the majority of European indices are up, despite weakness in the Asian markets overnight. The European optimism has, however, failed to convince the US that it too should be looking for higher levels. Very much like the FTSE 100, the Dow has rather run out of steam in the last week and is in need of some sort of stimulant to get it back into gear. Last week’s confirmation from the Chinese government that it saw 7% as the low end of its tolerance to growth has left global traders unconvinced that it will be able to ensure this is the case. It is not so much that traders think China is lying, but rather that it can be a little overoptimistic with some of its aspirations.
Although it is not the end of the US reporting season, the majority of the larger and more important companies have already reported, and the tone is set as far as US corporate results are concerned. It is possible, with banks and car manufacturers reporting in Europe over the next couple of weeks, that the shoe could be on the other foot and the US markets could be led by our behaviour.
As is almost always the case, the first week of the month will see traders keeping an eye out for the end of the week and the important US non-farm payroll figures.