Financial Spread Betting: Positive Alcoa Results Inspire Tentative Rally
In mid-morning trading, the FTSE has managed to make up some lost ground, gaining 15 points following better results from Alcoa last night.
A tentative rally is underway this morning after financial spread betting investors got their first piece of positive data for a few days.
As has happened before, Alcoa posted reasonable figures but was somewhat cautious about the outlook.
The company’s focus on the airline industry has helped, although the spate of problems that have affected Boeing’s Dreamliners of late might curtail that for the time being.
In the UK the sweep of supermarket results continues, with Sainsbury’s taking its turn today.
The shares are down 3.5% so far despite a rise in sales and an increase in market share.
All eyes now turn to Tesco, and given the giant’s outperformance over the last three months we will need to see some impressive numbers if market enthusiasm is to be maintained.
Having started in moderately decent form, earnings season will now quieten down ahead of the start of bank earnings on Friday, when Wells Fargo inaugurates the latest beauty parade of financial results.
Ahead of the open we expect the Dow to open around ten points higher at 13,336.
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Financial Market Comments from Chris Beauchamp, Market Analyst, IG Index.
The above comments do not constitute investment advice and Clean Financial accepts no responsibility for any use that may be made of them.
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