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Markets have bounced back after the bank holiday break, as Mr Miyao reiterated the BoJ’s commitment to keeping interest rates ultra-low and maintaining monetary easing. Stocks had drifted lower at the end of last week, as traders decided to take profits after China revealed a contraction in its manufacturing sector. This morning we are seeing dealers buying on the dip, as the comments from the BoJ and the absence of any bad news combine to encourage investors to go long again.
In terms of corporate news, AstraZeneca announced its acquisition of Omthera Pharmaceuticals for £293m. This will expand its portfolio of cardiovascular products, and the share price is up 2.8%. Despite being downgraded by Citigroup, part-nationalised lenders Lloyds and RBS are both up 2%.
We are not expecting any major economic announcements from Europe today. At 2pm the US will announce the S&P Case-Schiller house price index, and analysts are forecasting an increase of 10.2%. If the report comes in below these expectations we might see investors taking their money off the table.