FTSE 100 Index Reaches Month Highs on EcoFin Debt Talk
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UK Market Comment, 16 September 2011
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the close, the FTSE 100 looks set to enjoy its fourth straight day of gains.
The FTSE 100 index has briefly flirted with its best levels since the beginning of the month.
The European finance meeting in Poland has produced encouraging noises about the debt problem, but reports suggesting that the next stage of the Greek bailout will be delayed are taking some of the shine off the day.
With the meeting continuing into the weekend and rumours of a potential downgrade from Italy looming, it’s not much of a shock to see traders exiting positions in the last minutes of the day.
This is the fourth time in as many weeks that the FTSE 100 has pushed back to the 5400 level, so far it has lacked the conviction to push much higher.
It’s difficult to see any immediate catalysts for fresh buying, although the Federal Reserve’s policy meeting next week has prompted some speculation of further central bank assistance in the form of Q3.
At the moment, it would take some sort of surprise assistance to drive stock market indices meaningfully higher from here, the risk is that the familiar down pressure will return on Monday.
How and where to spread bet on:
FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
Stock Market Indices, where to find free charts, live pricing, how to trade etc >> Stock Market Indices 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, 15 September 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
Heading into the close, it looks set to be a strong finish for UK shares thanks to the actions of various central banks.
Traders were somewhat distracted during the morning session by news of the discovery of a rogue trader at Swiss Bank, UBS, having run up a loss of $2 billion.
It was a fairly quiet couple of hours for the FTSE 100 shares, although Kingfisher found favour on the back of good six monthly results.
The main jolt for markets was just ahead of the US open.
A coordinated intervention by various central banks, led by the ECB, with the aim of providing liquidity, gave European stock markets a sharp boost.
It was the French banks where the effect was clearly seen with the likes of BNP Paribas up by 20% in short order as these institutions would have appeared to have struggled to borrow on capital markets in recent weeks.
It’s the biggest intervention since the co-ordinated rate cut by various central banks in October 2008, and comes on the three year anniversary of the demise of Lehman Brothers.
Although it has lifted markets in the short-term the next few days will be telling to see if investors feel that it is more a pre-emptive strike in an attempt to slow down the crisis in the short-term, without actually offering a real solution.
How and where to spread bet on:
Kingfisher, where to find free charts, live pricing, how to trade etc >> Kingfisher Spread Betting
BNP Paribas, where to find free charts, live pricing, how to trade etc >> BNP Paribas 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 Index Reaches Month Highs on EcoFin Debt Talk' edited by AG, updated 16-Sep-11
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