FTSE 100 Futures See Heavy Losses Ahead of Key European Elections
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UK Market Comment, 4 May 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
As the week draws to a close, the FTSE is headed for a day of heavy losses, down around 100 points.
The morning’s nervous atmosphere has given way to a bout of full-blown selling.
Markets are digesting a mixed US jobs report and weighing up the possibilities that might ensue from the elections scheduled over the weekend in Europe.
The closely-watched Non Farm Payrolls report came in significantly below expectations, with only 115,000 jobs added in April instead of the forecast 160,000.
The prior month’s figure was revised up to 154,000 from 120,000, leading to a degree of choppy trading in the immediate aftermath.
However, as the news sank in, the selling began in earnest, with markets in the US, UK and Europe all slipping lower.
Coupled with the weaker ADP number earlier in the week and a poor services sector reading, the outlook does not particularly promising.
And with QE still off the cards in the US, markets have little that they can use as a support for further gains.
A downbeat atmosphere prevails as we head into the weekend.
It still looks as if Francois Hollande will end up owning the keys of the Elysée Palace come Sunday night, which might make for some entertaining conferences between Paris and Berlin, but in Greece the situation is much less clear.
Uncertainty could well persist further into next week about the new make-up of the government in Athens, which would raise the possibility of more losses for markets.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 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.
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UK Market Comment, 3 May 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
Heading into the close, the FTSE 100 has given up all its gains for the day and is now practically unchanged for the session.
Once again it has been poor US data that has scuppered this rally. The ISM non-manufacturing index fell to 53.5 for April, from a reading of 56 a month earlier.
This drop was far worse than expected, the index having been forecast to edge lower to 55.3.
Lower readings were recorded for employment, new orders and business activity.
US markets moved lower following the news, despite a drop in jobless claims last week.
It appears that, as we move towards Non Farms tomorrow, the outlook is firmly downbeat.
An ECB meeting provided little excitement, with the bank keeping rates unchanged at 1%, and providing no hint that there would be any major change in policy in either a hawkish or dovish direction in the coming months.
Outside of macro news, shareholders at Aviva became the latest to join the growing rebellion over executive pay, but the shares remained indifferent to this display of indignation.
Weaker numbers from Antofagasta and Randgold have conspired to push miners lower, while BG Group also lost ground on worries about production delays at one of its major fields.
A quiet start to Friday is likely given the presence of Non Farm Payrolls on tomorrow's schedule.
How and where to spread bet on:
BG Group, where to find free charts, live pricing, how to trade etc >> BG Group Spread Betting
Antofagasta, where to find free charts, live pricing, how to trade etc >> Antofagasta 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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'FTSE 100 Futures See Heavy Losses Ahead of Key European Elections' edited by AG, updated 04-May-12
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