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Bank of Japan picks up QE baton

Published Friday, October 31st, 2014

The Federal Reserve’s decision to end its stimulus programme and the growing confidence in the US economic recovery appeared to be justified yesterday after the world’s biggest economy posted 3Q GDP figures which came in ahead of expectations at 3.5%. Although a notable slowdown in consumer spending and business investment saw the pace of growth ease from 4.6% registered in the previous quarter, the figures still point to a strong rebound in US economic activity. The upbeat mood supported by the robust growth figures and another slew of well-received earnings reports bolstered risk appetite which in turn sent the Dow and S&P 500 1.3% and 0.6% higher.

The increasingly bullish outlook regarding US growth prospects comes in stark contrast to the fortunes of its eurozone counterpart. The currency-bloc’s largest economy began the session on a positive tone after reporting a marginal fall in unemployment in October. However, the mood turned sour following the release of weaker than expected inflation data which revealed consumer prices eased to 0.7% during October, their lowest level in five months.

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Posted by David Hufton