UK Spread Betting: M&S Breaks Out of Downtrend on Takeover Rumours
The week has got off to a very quiet start, with the FTSE only 10 points higher in mid-morning trading.
After last week’s action-packed schedule, an eerie calm has descended on London markets, as UK spread betting investors pause for breath.
A trio of central bank meetings kept everyone on edge, with last week rounded off by an unexpectedly upbeat set of US Non-Farm Payrolls.
Add to that Team GB’s sparkling performance in the Olympics over the weekend, as well as the usual calm that reigns in August, and you have all the ingredients for a fairly uneventful day.
Corporate news is also thin on the ground, with the only story being the return of bid talk for Marks & Spencer, which at least has helped the shares to break out from their recent downtrend.
Interestingly, Friday’s stronger jobs report does not seem to have dampened expectations that we will see action from the Fed in September.
In addition, with the ECB expected to return to bond markets in force sometime next month, we may see this quiet period extend for some time.
An uneventful day for economic data means that we expect the S&P 500 to open around 3 points higher at 1392.
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Financial Market Comments from Chris Beauchamp, 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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