FTSE Spread Betting Market Rises Ahead of US Non-Farms Despite Weak UK Manufacturing
The FTSE spread betting market has shrugged off the last two days of negativity and again ticked higher, up 30 points at 6310.
With so much important data out today, the markets are likely to tread water, although they appear to be clinging close to their recent highs.
UK manufacturing figures were a shade weaker, as were the official Chinese manufacturing numbers, but at least Eurozone manufacturing was in line with forecasts.
On the equity front, BT have seen third-quarter profits jump by 7% due to cost-cutting measures and an increase in broadband demand.
The drop in the Tate & Lyle share price indicates that the market was hoping for more from their third-quarter figures, despite them being in line with expectations.
Having finally seen the bad press die down following the Gulf of Mexico disaster, BP are again in the news for the wrong reasons.
This time a former trader is suing the company, claiming it tried to manipulate the US gas liquids market. So far, however, the shares are unaffected, up slightly this morning.
US Non-Farm Payrolls are on the agenda today, with 165,000 jobs expected to have been added, and this will probably cause most traders to sit on their hands for the morning session.
Looking ahead to the US open, the Dow is being called to open up 50 points, around 13,900.
Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
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.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.