FTSE 100 Spread Trading Market Falls Ahead of German Confidence Figures
In contrast to yesterday when we had almost nothing to get the markets moving, today we have both company news and economic data making an impact.
As a result, at 10am (London time) the FTSE 100 was down 21 points at 6160.
2013 is shaping up to be a very big year for Ocado, with its second distribution centre due to open in Warwickshire and give the grocery delivery company access to a larger slice of the English market.
Ocado has also announced that Sir Stuart Rose, once of M&S, will be joining as chairman in May, and these two factors could change market perception of the firm.
Meanwhile, SABMiller has announced revenue up 17% in the year, powered by some excellent figures in South America, albeit figures partially offset by disappointing European sales.
Fresnillo, the world’s largest silver miner, has announced a 15% increase to its exploration spend.
This afternoon, traders will be watching the US as both Google and Apple are reporting today.
This morning’s UK public sector borrowing figures were slightly better than expected, but the markets are nervously awaiting the German ZEW confidence figures.
This data will go a long way towards giving European stock markets a sense of direction today.
Later on, we have US existing home sales figures at 3pm which are expected to confirm the ongoing recovery in the US housing market.
Finally, at 6pm ECB president Mario Draghi will be updating the markets on how the last two days of the European finance ministers’ meeting have gone.
Looking ahead to the US open, at 10am (London time) the Dow is being called to open down 51 points at 13,598.
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Financial Market Comments from Alastair McCaig, 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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