UK 100 Market Slips as Post-Fiscal Cliff Rally Weakens
In mid-morning trading, the UK 100 is down around 30 points as enthusiasm for the latest market rally wanes yet further.
The jitters continue for a second successive day in London. The post-fiscal cliff rally has been looking weaker and weaker of late, as the bulls struggle to lift markets beyond recent highs.
Yesterday’s announcement from Facebook was not quite as earth-shattering as some had hoped, but then that is always a risk where such a keenly-awaited event is concerned.
Tesco is back in the news, but for the wrong reasons, after the news that horsemeat was found in some of its value burger range.
Fortunately newsflow will become rather more substantial today, as US bank season restarts following a brief hiatus.
Goldman Sachs and JP Morgan are among those taking their turn today, while eBay will add some variety to the scene as well.
Combine that with a raft of US data, including the Fed’s Beige Book survey, and there may be enough to tempt investors back to the market once more.
Ahead of the open we expect the Dow Jones to begin around 60 points lower, at 13,470.
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Financial Market Comments from Chris Beauchamp, Market Analyst, IG Index.
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