2010-07-26
Market Report – 26 July 2010
» All eyes were on the European Bank Stress-Test results which proved to be a non-event with only 7 of the 91 bank tested failing the test (5 Spanish, 1 German & 1 Greek). Many market participants have been criticizing the strictness of the tests in light of the fact they didn’t test for sovereign credit default. However risk was firmly back on the table (EUR, GBP & AUD higher) as a result.
» On the Data front the UK GBP results came out much stronger than expected helping support the GBP
» A strong night in the equity markets after the stress tests came out with the Dow closing 10,424 (+1.0) & Nasdaq 2,269 (+1.0%).
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