UK Shares are Largely Unmoved by Positive GDP Data: Spread Betting News
Financial Market Comments from Anthony Grech, Head of Research, IG Index.
Shares in London have made a cautious start to trading and are little moved by the latest GDP data.
This morning has seen the FTSE bobbling around the 5300 area, consolidating recent gains.
ARM Holdings is the standout performer, up by around 6% on the day so far and continuing the market-bucking run of strength it has enjoyed for much of this year.
It has once again found some drive on the back of a new licensing deal with Microsoft and remains a popular momentum play with traders.
UK GDP data has come in better than expected, showing 1.1% growth in the previous quarter, versus a general forecast of 0.6%, but as usual the effect is being felt more in the foreign exchange market rather than with the blue chips.
With the results of the European bank stress tests due after the close today, and bearing in mind the gains seen over recent days, it would not be a surprise to see a cautious market to finish the week off.
Looking ahead to the US open, we are expecting the Dow Jones to start off around 30 points higher than last night’s close.
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.
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.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.
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