Trading quiet ahead of Goldman Sachs earnings release

Investors have stayed away from European stock markets this morning as they await the release of earnings figures from Goldman Sachs.

This is according to market strategist for City Index Joshua Raymond, who noted that trading has been ’largely flat’ so far today (January 10th).

According to Reuters, the FTSE 100 was down 0.16 per cent at 11:30 GMT, while the pan-European FTSEurofirst 300 was 0.1 percent higher.

Mr Raymond noted that the early gains that had been seen were the result of investors opting to consolidate their positions due to continuing worries over Chinese banks, which have been told to limit lending.

’[With] Goldman Sachs announcing their earnings before the US market opens ... many are blowing caution to the wind and not taking up too many positions,’ he remarked.

However, demand has been rising for defensive stocks, as buyers look to move their money away from sectors such as mining and into pharmaceutical firms and the US dollar.ADNFCR-2318-ID-19570269-ADNFCR