DAX Index Spreads Fall as Investors Fear Greece Will Exit the Euro
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UK Market Comment, 14 May 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
Heading into the close, the FTSE remains firmly in the red for the day as a wave of selling engulfs markets around the world.
It has been a day of relatively little news but that has not stopped a widespread rout on indices, as traders abandon markets for the safety of the US dollar and government bonds.
Uncertainty is driving markets at present, with the main fear being that Greece will leave the Eurozone.
Comments from Angela Merkel this afternoon didn't help matters. The German Chancellor expressed full support for Greece staying in the EU but significantly failed to mention its remaining in the Eurozone.
The pain is widespread, with Spanish and Italian bond yields on the rise once again as investors attempt to determine the potential impact of a Greek departure on other struggling Eurozone members.
Most Greeks might want to stay in the euro, but voting for anti-bailout parties seems a strange way to go about it.
It seems almost certain that the Greek problem will remain the centre of attention for the rest of the week, with all other news subsumed into the general morass of worry.
Risk aversion is likely to dominate the short-term view, given that any new Greek government is weeks away at best.
How and where to spread bet on:
DAX, where to find free charts, live pricing, how to trade etc >> DAX Spread Betting
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
IG Index » "With IG Index you get all the normal advantages of
Spread Betting plus 8000 markets, narrow spreads, advanced charting,
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UK Market Comment, 11 May 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
As the week draws to a close the FTSE has staged a rather impressive turnaround, using positive US data as an excuse to end around 15 points higher.
After a week in which Athens has been omnipresent, it was a pleasant change to have some US data to take our minds off the deepening crisis in Europe.
Most of today was spent in the doldrums, but a stronger-than-expected Michigan consumer confidence reading provided a point from which markets could advance.
This unexpected increase in confidence among ordinary Americans is a welcome relief, but might just be a brief interlude before the Eurozone crisis reasserts itself.
Greek politicians continue to squabble about forming a government, and there is more than an outside chance that a second round of elections will be held in June.
Meanwhile JP Morgan is having a very bad day, down 8% in the wake of the highly embarrassing revelations about a $2 billion loss.
Unsurprisingly this is hurting other banks as well, with Goldman Sachs and Citigroup both down 3%.
US markets are showing their customary resilience, however, with the Dow and S&P 500 straining every nerve to make gains this afternoon.
Heading into next week, we will remain at the mercy of every new development that comes out of Athens, as the sword of Damocles continues to hang over the Eurozone.
How and where to spread bet on:
JP Morgan, where to find free charts, live pricing, how to trade etc >> JP Morgan Spread Betting
S&P 500, where to find free charts, live pricing, how to trade etc >> S&P 500 Spread Betting
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
IG Index » "With IG Index you get all the normal advantages of
Spread Betting plus 8000 markets, narrow spreads, advanced charting,
24 hour spread betting ..." » read
IG Index review.
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'DAX Index Spreads Fall as Investors Fear Greece Will Exit the Euro' edited by AG, updated 14-May-12
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