Yesterday’s minutes from the Fed have driven US futures down so far this morning as markets digest the news
that the Fed may end its bond buying program by the fall if the recovery continues. In Europe stocks were hit by declining production in Italy and France, which had not been predicted. In Asia the markets were largely flat or slightly up. Chinese trade data was up in June from the previous month, but fell short of economists’ forecasts. Japan’s Nikkei was down 0.6 per cent after poor machinery data and the predictions of better US recovery. Gold is up, oil down and the dollar is higher so far. Read the full story.