Favourable Comments From ECB President Boost US Stock Markets
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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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Financial Trading Review - 26 July 2012
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UK Trading Review
UK markets closed lower yesterday, after UK GDP shrank the most since 2009 in the second quarter, raising concerns about the pace of economic recovery. Weak corporate earnings also dented market sentiment.
Tullow Oil slumped 6.3%, despite reporting robust second-quarter results, as it lowered estimated reserves for its various fields offshore Ghana and raised expected costs associated with its Lake Albert field in Uganda.
Johnson Matthey declined 1.7%, as it reported downbeat first-quarter results.
GlaxoSmithKline shed 1.3%, after the company posted weaker-than-anticipated second-quarter earnings.
Royal Bank of Scotland, Lloyds Banking, HSBC and Standard Chartered climbed between 0.9% and 3.5%, as risk appetite increased among shares spread betting investors following some positive developments in the euro region.
ARM Holdings rallied 8.6%, as its second-quarter results came in better-than-expected.
FTSE 100 eased marginally to settle at 5,498.3. FTSE 250 slipped 0.1%, to close at 10,873.4.
European Trading Review
European markets closed mostly higher yesterday, as a European Central Bank (ECB) member Ewald Nowotny signalled support for giving the European Union’s rescue fund, the European Stability Mechanism, a banking license.
Gains were capped however, after reports showed that German business confidence fell more-than-expected in July and US new house sales unexpectedly dropped in June.
Automaker, Daimler climbed 4.1%, after it posted a rise in its second-quarter sales and affirmed its full-year earnings outlook, while Peugeot fell 2.5%, after the company presented plans to raise capital, as it reported a loss in the first-half of the year.
Siemens added 0.5%, after it bagged an order for three power plants in South Korea.
Deutsche Bank slipped 4.1%, as its second-quarter earnings fell short of market expectations.
FTSEurofirst 300 index fell 0.1% to 1,017.9. German DAX Xetra 30 rose 0.3% to 6,406.5. French CAC-40 closed 0.2% higher at 3,081.7.
US Trading Review
US markets closed mixed yesterday, as upbeat outlooks from industrial-related firms led the DJIA higher, while the S&P 500 index erased gains in the final hour of trading.
The latter was dragged lower by losses in technology sector stocks and as an unexpected drop in new US homes in June from a two-year high, dented market sentiment.
Industrials, Boeing and Caterpillar added 2.8% and 1.4%, respectively, after both companies raised their earnings forecast.
Apple declined 4.3%, as it posted weaker-than-expected third-quarter results.
Homebuilders, Lennar, DR Horton and KB Home eased between 3.3% and 4.0%, after the Commerce Department reported that US new home sales tumbled in June.
Netflix plunged 25.0%, after its CEO stated that summer Olympics might weigh down on new customer growth.
DJIA added 0.5% to settle at 12,676.1, while the NASDAQ eased 0.3% to close at 2,854.2. S&P 500 slipped marginally to settle at 1,337.9.
Forex Trading Review
At 0400 BST today, the GBP is trading flat against the USD at $1.5482, marginally lower against the EUR at €1.2750, and slightly lower against the JPY at ¥120.95.
The EUR is trading marginally higher against the USD at $1.2143. The EUR is trading slightly higher against the JPY at ¥94.86.
The EUR is trading flat against its peers before data that is expected to show retail sales in Italy dropped and Spain’s unemployment rate climbed.
The JPY is trading higher against its major peers, as intensifying worries over the pace of economic recovery spurred demand for the safe haven currency.
The USD is trading lower against the JPY, ahead of reports which are expected to show a slowdown in US durable-goods orders and pending home sales for June, boosting speculations of further monetary easing by the US Federal Reserve.
Yesterday, the EUR ended higher against the USD, after an ECB council member Ewald Nowotny signalled support to leverage the Eurozone’s bailout fund by allowing it to apply for a banking license. However, gains were capped following dismal German business confidence data for July.
The GBP closed lower against the EUR and the USD, after the UK Office for National Statistics reported a higher-than-expected drop in UK second-quarter gross domestic product, spurring expectations of more monetary stimulus and less fiscal tightening.
The AUD ended higher against the USD, after a report revealed that Australia’s consumer prices rose in line with market expectations in the second-quarter of 2012.
The NZD closed higher against the USD, after New Zealand’s Reserve Bank left its official cash rate at 2.5% and stated that the economy should grow “modestly”.
Commodities Trading Review
In Asia, crude oil for September delivery is trading 0.3% or $0.28 lower at $88.69 per barrel.
Yesterday, crude oil for September delivery gained 0.5% or $0.47 in the final hours of trading to settle at $88.97 per barrel.
This came after the black gold tracked some gains in equity markets, and as the dollar traded lower against the euro, increasing the demand for the commodities spread betting markets as an alternative investment.
Escalating concerns about Middle East also supported oil prices. However, earlier in the session, oil prices were weighed down on report from the Energy Information Administration that US crude oil inventories had risen by 2.7 million barrels for the week ended 20 July.
Gold for immediate delivery is trading 0.1% higher today, at $1,604.40 per ounce.
Gold for August delivery settled up 2.0% or $31.90 at $1,608.10 per ounce yesterday.
The increase came after comments from an ECB council member increased speculation that European leaders might take additional measures to contain the region’s debt crisis, pushing the euro higher against the dollar.
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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'Favourable Comments From ECB President Boost US Stock Markets' edited by ETX Capital, updated 27-Jul-12
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