FTSE 100 Spread Betting Market Waits for US GDP Data
Financial Market Comments from Anthony Grech, Head of Research, IG Index.
The FTSE hasn’t really got out of bed this morning, dropping about 18 points to around the 5295 level.
It’s been a cautious start for the FTSE 100 today as investors wait for the US Commerce Department’s advance report on GDP this afternoon.
A Bloomberg survey has forecast an annual growth rate of 2.6% for the second quarter, which would be down on the 2.7% pace generated in the first quarter.
The decline is expected to be attributed to increased imports and declining consumer spending and follows weak data on durable-goods orders and consumer confidence during the week.
However, London’s blue chips still managed to find time to decline around 18 points in early trading, as Dublin-based biopharmaceuticals company, Shire, dropped 2.75% after an analyst downgrade.
British Airways revealed a pre-tax loss of £164 million for the three months from April to June. This is larger than the £148 million loss the airline recorded for the same period last year. Despite this, there was enough that was positive about BA’s report that shares were in fact up 2.45% at 10am in London.
Samsung Electronics unveiled record quarterly net profits of £2.3 billion, an 83% rise on the same period in 2009.
But all eyes will be on Washington today to see just what sort of a statement the Commerce Department will make about the economic recovery in the US.
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Good Luck!
DB
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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