Gladiator Finance's Global Economic News 14 July 2014

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Gladiator Finance's Global Economic News 14 July 2014

Asian markets started the week in positive territory ahead of a week full of economic indicators and announcements globally.

The major indexes in Asia saw green today ahead of a range of data  out of the region. Tomorrow will see the conclusion of a 2 day meeting by the Bank of Japan whereby little is expected in the way of changes in policy, however it would be fair to expect a slight revision in growth forecasts. The Japanese government has been cautious in its stimulus plans as it has looked to address its rocketing social welfare costs. The Nikkei posted gains of almost 1%. On Wednesday the Chinese government release guidance on GDP growth for the 2nd quarter which is expected to have increased by about 7.4% over last year. Retail sales figures will also be released and will be a good gauge as to whether domestic demand is in fact supporting the falling export economy. Both the Hang Seng and SSE Comp posted gains throughout Monday trading.

Europe is expected to open higher as the week starts on news that Banco Espirito Santo is not in any financial danger as reportedly suggested earlier last week. The Portuguese bank said that it has more than enough capital to cover its parent companies debts and that its investors and customers should not fear for their funds. The bank was suspended from trading last week after dropping almost 17% on the rumors however the government has confirmed that no bailout is necessary. It's a busy week in Europe as Mario Draghi speaks at the European Parliament later today and on Wednesday when the balance of trade is released, at the EU 28 Summit Jean Claude Juncker will be announced as EC President.

In the US markets finished off the week strongly despite the fears out of Portugal. This weeks see's Janet Yellen in front of the Senate for 2 days of questions and answers and many will be looking for some indication of when interest rates will increase. General sentiment is a date mid way through 2015 and no real statements are expected to be announced to the contrary. Its a big earnings week which should see some volume return to the markets. Banks such as Citi Group, Bank of America and Goldman will be reporting along with the tech heavyweights Intel, Yahoo and Ebay. We will also receive indications on consumer spending which will be a key indicator as to whether recent data has a base and people are starting to spend again.

Last week kept its momentum despite small hiccups along the way, expect lots of reporting with little change this week and several large US companies earnings coming well above forecast.

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