EUR / USD Spread Betting Market Weakens on Positive US Jobs Data
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The regular trading review of the main UK, US and European markets, plus a quick look at the commodities and forex markets.
For today's report see Financial Trading Review.
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ETX Capital
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Financial Trading Review - 03 February 2012
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UK Trading Review
UK markets finished higher yesterday, as reports of merger activities in the mining sector and better-than-expected drop in US jobless claims overshadowed disappointing corporate earnings.
Miners, Xstrata and Glencore jumped 9.9 and 6.9%, respectively, after reports confirmed that the two firms were in merger talks.
Vedanta Resources, Rio Tinto and Randgold Resources rose between 1.6% and 5.7%.
Imperial Tobacco gained 0.2%, after Nomura Securities upgraded the stock to “Neutral” from “Reduce”.
Anglo American gained 3.6%, amid speculation that the company would likely be a takeover target for the combined entity of Glencore and Xstrata.
International Power edged up 0.5%, amid speculation that Suez would acquire the remaining shares in the company.
Unilever, AstraZeneca and Royal Dutch Shell dropped between 1.2% and 4.4%, following disappointing earnings reports.
FTSE 100 rose 0.1% to end at 5,796.1, while FTSE 250 gained 0.6% to close at 11,086.5.
European Trading Review
European markets ended in the positive territory yesterday, as a higher-than-expected drop in US weekly jobless claims and corporate actions in the UK mining sector improved market sentiment.
Petroplus Holdings surged 73.4%, after private equity group Goldsmith stated that it was interested in acquiring all five refineries owned by the company.
Benetton Group added 17.1%, amid reports that Benetton family would buy the company’s outstanding shares.
Novo Nordisk added 4.3%, as the company posted net-income which surpassed market estimations.
Deutsche Boerse edged up 3.3%, amid reports that the company would pay a special dividend, following its failed takeover of NYSE Euronext.
Linde rose 0.7%, after Credit Suisse added the stock to its “Buy” list.
FTSEurofirst 300 index gained 0.2%, to close at 1,059.4. German DAX Xetra 30 edged up 0.6%, to 6,655.6, while the French CAC-40 advanced 0.3%, to settle at 3,376.7.
US Trading Review
US markets closed mostly higher yesterday, as upbeat corporate earnings and a drop in initial jobless claims buoyed market sentiment. Investors remained optimistic ahead of the key employment data on Friday.
Retailer, Gap surged 10.6%, after it reported higher-than-expected fourth-quarter earnings.
MasterCard jumped 6.7%, after it reported a 24% increase in fourth-quarter earnings.
Diesel engine maker, Cummins rose 7.1%, after it reported an increase in its profit for the fourth quarter.
Qualcomm rose 2.0%, after its fiscal first-quarter earnings and revenue exceeded expectations and as it raised its full year earnings forecast.
Abercrombie & Fitch dropped 13.7%, after its preliminary fourth-quarter earnings trailed expectations.
Cigna and Boston Scientific fell 3.4% and 4.1%, after disappointing quarterly reports from the companies.
DJIA slipped 0.1% to 12,705.4. NASDAQ gained 0.4% to 2,859.7. S&P 500 rose 0.1% to 1,325.5.
Forex Trading Review
At 0400 BST today, the GBP is trading marginally higher against the USD at $1.5809, 0.1% higher against the EUR at €1.2043, and marginally higher against the JPY at ¥120.45.
The EUR / USD currency pair is trading 0.1% lower at $1.3128. The USD gained against the EUR amid speculation that a report would show that US employers added more jobs in January.
The EUR is trading 0.1% lower against the JPY at ¥100.02, as finance ministers from Germany, Finland, Luxembourg and the Netherlands meet in Berlin today to discuss current issues.
The EUR is trading lower against all its major peers amid continued concerns about the Greece debt problems, as the country and its creditors struggle to reach an agreement on a debt swap deal.
The AUD and the NZD declined as lingering concerns about the eurozone, decreased demand for higher-yielding currencies.
The JPY traded flat against the USD, amid speculation that the country would intervene the markets to weaken it.
Yesterday, the GBP ended flat against the EUR after rising initially, amid speculation that the European leaders would fail to contain the region’s debt crisis boosting demand for the relatively safe UK currency.
Commodities Trading Review
In Asia, crude oil for March delivery is trading 0.1% or $0.08 higher at $96.44 per barrel.
Yesterday, crude oil for March delivery fell 1.9% or $1.84 to end at $95.75 per barrel. This came as investors remained concerned about demand after reports on Wednesday showed a higher-than-expected increase in US crude inventories.
Gold for immediate delivery is trading 0.1% lower today, at $1755.93 per ounce.
Gold for April delivery rose 0.6% or $9.80 to end at $1,759.30 per ounce yesterday, as demand for the precious metal as an alternative asset increased. This came amid lingering concerns about Greece’s debt write-downs and after US Fed Chairman Ben Bernanke supported US central bank’s decision to hold interest rates at record-low levels at a hearing before the House Budget Committee.
Financial Trading News
For more daily views, news and analysis of the markets also see:
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The above comments do not constitute investment advice and neither ETX Capital nor Clean Financial accept any responsibility for any use that may be made of them. Any prices or data are indicative and subject to change without notice; its accuracy is not guaranteed and should not be relied on.
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Risk Warning: Financial spread bets and CFDs are leveraged products and it is possible for losses to exceed deposits. Financial spread betting and CFD trading are not suitable for everyone so please seek advice if you do not understand the risks.
Article provided / approved by ETX Capital which is the trading name of Monecor (London) Limited, company number 00851820. Monecor (London) Ltd is authorised and regulated by the Financial Services Authority, registration number 124721.
'EUR / USD Spread Betting Market Weakens on Positive US Jobs Data' edited by ETX Capital, updated 03-Feb-12
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