UK 100 Spread Betting Market Slips as Diamond Appears Before the Treasury Select Committee
A quiet morning’s trading sees the UK 100 edge back slightly, as caution predominates over the US Independence Day holiday.
Financial spread betting investors are eagerly awaiting the final two days of this week, when central bank meetings and Non Farm Payrolls will provide plenty of excitement.
The current expectation is that both the Bank of England and the ECB will undertake policy actions as a result of the recent weak economic data.
The hope is that the BoE will add £50 billion to the current asset purchase scheme and the ECB will cut interest rates by 25 basis points.
Nothing, however, is certain and last month’s disappointment surrounding the Fed’s failure to act could easily be replicated.
With US investors on holiday, trading was always likely to be quiet today, with UK shares traders preferring to keep their powder dry.
The main event today will be the appearance of former Barclays CEO Bob Diamond in front of the Treasury Select Committee.
Yesterday, Barclays raised the tension of the situation by releasing information that suggested both government figures and regulators were closely involved with Libor rates during the financial crisis.
It will be interesting to see how Mr Diamond handles this during his questioning.
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Financial Market Comments from Rupert Osborne, Futures Dealer, 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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