The last day of the campaign in Scotland has begun with the final decision hanging in the balance. Alex Salmond has appealed to the people of Scotland saying they need to “trust in each other” and seize the “greatest, most empowering moment any of us will ever have”. While Gordon Brown has made a final offer to Scots offering them “extensive new powers” if they vote No.
The US stock market rallied yesterday after some investors took a neutral view to the Feds announcement tomorrow, with them not expecting rates to increase this month.
Elsewhere it was not a good day, as results from China were disappointing again showing a sharp drop-off in production and construction. In Germany there was also some concern as investor confidence fell. Adding to recent concerns over prospects of the global economy.
US government bonds saw further buying after the yield on a 10 year note touched a 2 month high.
In commodities, Brent crude rallied strongly after touching a 26-month low on Monday.
The big news today will be after markets in the UK close with the Feds announcement expecting to be a hold in rates but the continued tapering of another $10billion from the Feds spending with Quantitative easing staying on course to expire next month. Also today UK unemployment is announced and we are expecting this to continue on its downward trend.
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