The key event of the week in the financial markets has arrived as traders eagerly await the speech from Federal Reserve Chairman Ben Bernanke at Jackson Hole, Wyoming. Speculation as to what the context of the speech will include, however the focus is due to whether there will be another round of quantitative easing (QE3). Many analysts and market commentators had voiced that this is all but a done deal, however it opinion seems to be split as to whether it will be announced.
The President of the ECB Mario Draghi is unable to attend the meeting sighting his "workload" leading some to speculate that the ECB might be about to announce something of their own.
Key Market Data:
- Confederation of British Industry slashed it's growth forecast this year to -0.3% from a previous estimate of +0.6%
- German unemployment has risen by 9,000 to 2.9m
- Eurozone economic confidence fell to 86.1 from 87.9
- JJB Sports share priced collapsed after putting itself up for sale
- Barlcays announced a new CEO Antony Jenkins to take Bob Diamonds old position
- US initial jobless claims came in at 374,000