European Equities Rally as EU Leaders Agree Debt Package
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UK Market Comment, 27 October 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
The Eurozone crisis has seemingly turned a corner and it has been a hallmark day for European equities.
A deep blue sea has flooded across trading screens in the wake of the Eurozone decision overnight. The gains in France and Germany are particularly eye-watering, with major indices there adding over 5%.
Sovereign-debt exposed banks are lapping up the risk on sentiment; French lenders Credit Agricole (+22%), Societe Generale (+19%) and BNP Paribas (+15%) have moved like penny stocks on the news.
In London, our own banks are thriving too. Barclays (+16%) leads the FTSE 100 (+2.5%) comfortably, and there is a sense of optimism surrounding UK banks that they are already in a much better capital position than many of their European peers.
Sceptics are already out in force, doubting the small print, which we don’t have yet, and also highlighting that halving Greece’s debt doesn’t change the DNA of their economy but just buys the Euro a little more time.
What would have been the main talking point of the day on a normal occasion, the first release of US GDP for the third quarter of 2011, came in bang on expectations, with growth of 2.5%.
The best reading for a year, and well up from the 1.3% growth seen in Q2, the markets there are understandably patting themselves on the back and joining in the European party (helped of course by strong financials because of said party).
Having spent the last few weeks with one eye on Europe and one eye on earnings, investors across the Atlantic would certainly like to focus solely on their own market, where growth is perhaps better than other data suggest, especially when compared back to Europe.
That all said, we have moved comfortably up to levels not seen since the start of August. Some consolidation and profit-taking should be expected, given that this month looks like one to remember, all be it coming off a very low base.
How and where to spread bet on:
Barclays, where to find free charts, live pricing, how to trade etc >> Barclays Spread Betting
Credit Agricole, where to find free charts, live pricing, how to trade etc >> Credit Agricole 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.
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UK Market Comment, 26 October 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
The FTSE has reversed earlier gains as optimism about tonight's European summit turns to nervousness.
European shares edged forward after Germany approved the suggestion of increasing the bailout fund, and the mood across the Eurozone was cautiously optimistic. But the afternoon has seen spirits dampen as concern mounts that the crisis talks are stalling.
After an initial climb, the euro slipped 0.6% against the dollar by 3pm London time, and the S&P's early rally also sunk into a 0.3% loss. The yen stormed forward to its highest levels since the Second World War against the dollar, signalling the desire for a safe haven in the midst of uncertainty.
The FTSE's performance made for an uncertain session, hopping between positive and negative territory and sitting almost exactly on yesterday's closing level by 4pm (London time).
The Dow Jones opened higher as durable goods orders beat forecasts and aircraft giant Boeing released positive earnings, but the initial buzz was soon tempered and gains reversed.
Investors will be hoping for some conclusion tonight after six days of negotiation among key heads of state and financial experts. Greece’s second bailout, the recapitalisation of banks and the repackaging of the 440 billion-euro rescue fund into a workable strategy make for a packed and critical agenda.
How and where to spread bet on:
Boeing, where to find free charts, live pricing, how to trade etc >> Boeing Spread Betting
Dow Jones, where to find free charts, live pricing, how to trade etc >> Dow Jones 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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'European Equities Rally as EU Leaders Agree Debt Package' edited by AG, updated 27-Oct-11
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