SCOREBOARD: Fed loudspeakers

A number of Fed speeches will see QE3 continue to dominate, and the mood in local markets remain needlessly grim.

Friday’s session saw small gains on Wall Street, in the order of 0.3 per cent for both the S&P500 and Dow, although the Nasdaq fell 0.2 per cent. Not bad, especially for a session that was devoid of any news or data. It was worse in Europe though, but just seems to reflect unfortunate timing more than anything. So for instance at the high, the Dax was up 0.5 per cent. US markets opened, equities on both sides of the pond sold off and European markets closed sharply weaker - Dax down 1.8 per cent, CaC off 1.1 per cent and FTSE100 0.7 per cent weaker - missing out on the subsequent rebound in US stocks (S&P was down 0.78 per cent at the low).

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