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- Janet Yellen’s statement disappoints markets
- Heavy selling into the end of the session
- Focus now on PMI figures around the world and Greek elections
Markets can be a fickle thing. Going into last night’s Fed meeting, talk revolved around how damaging a rate hike would be to equity markets. It turns out that no hike can also be rather problematic, especially when accompanied by a sober statement and downgrades to economic forecasts.
As a result, stocks moved swiftly into the red this morning and have stayed there all day.
Equity bulls have had a difficult month so far, with each apparent rally swiftly knocked back. However, bears have not had it all their own way, and as each dip seems to bring out the buyers, we could be condemned to more range trading as the month grinds on. Certainly, there is little sign of any real turnaround in sentiment, even if we won’t have to worry about another potential Fed rate hike until later in the year.
As the new week looms on the radar, attention now shifts to Greece, if only for a while. It will be interesting to see whether a firm government can emerge or whether the Greeks will be condemned to vote yet again. Aside from this diversion, global PMI figures, particularly from China, will be the main focus, and there will be speeches from key US and European monetary policy figures to liven things up as well.