FTSE 100 Struggles to Hold Gains After SNB Intervention on the EUR/CHF
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UK Market Comment, 6 September 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
Approaching the close and the FTSE 100 is struggling to hold onto gains.
It may seem as if European equity markets have spent much of the day feeling their way in the dark. This theme has been little changed by the resumption of trade on Wall Street after the extended weekend break.
We did see a degree of support creeping in off the better-than-expected US ISM services reading which confounded analyst expectations, but this is already proving itself to be short-lived as the bears continue to dominate.
It also seems to offer some interpretation of the Swiss National Bank’s intervention from earlier - any suggestion that this marks the start of more intervention on a wider basis is failing to deliver a meaningful rally.
Looking ahead, UK and German industrial production data due tomorrow could deliver some direction in the near term, but earnings news is set to remain relatively low key.
So long as Eurozone uncertainty continues to linger then the air of caution is likely to prevail. It may now be the G7 meeting this coming weekend that has the potential to provide the next key piece of direction.
How and where to spread bet on:
FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
Wall Street, where to find free charts, live pricing, how to trade etc >> Wall Street 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
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UK Market Comment, 5 September 2011
Closing comments from David Jones, Market Strategist, IG Index:
Heading into the close, the UK 100 is down by more than 3%.
Anyone hoping for a gentle introduction to the week, with the US markets shut for Labour Day, was sorely disappointed from the start.
Blue-chips were under pressure from the open with the banking sector dragging shares lower due to the US government filing lawsuits against many major banks, claiming mis-selling of mortgage backed securities.
RBS has been the biggest loser on the day, down around 12%, despite saying it planned on a vigorous fight against the claims.
The problem is that whether any defence by the banks proves successful, this is likely to be a cloud hanging over the sector for some time, further deterring investors who have been out of love with UK banks for all of this year and more.
The afternoon brought more pressure as the all-too familiar worry about European sovereign debt raised its head again. Yields increased on Spanish and Italian Bonds; business confidence dropped at its fastest rate for three years and Italy stated it would not meet its GDP target.
With no chance of a boost from US markets, European investors stayed firm sellers into this news resulting in a very weak finish across the board.
Traders in London are bracing themselves for another volatile week, with out-of-hours futures on the Dow pointing to a start around 230 points lower when trading resumes on Tuesday.
How and where to spread bet on:
RBS, where to find free charts, live pricing, how to trade etc >> RBS Spread Betting
UK 100, where to find free charts, live pricing, how to trade etc >> UK 100 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 Struggles to Hold Gains After SNB Intervention on the EUR/CHF' edited by AG, updated 06-Sep-11
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