FTSE Futures Rise as Spanish and Italian Bond Yields Fall
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UK Market Comment, 11 April 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
Heading into the close, the FTSE is ending Wednesday in a far better shape than it did on Tuesday, up around 40 points.
At first sight, it seems that yesterday’s problems have disappeared as swiftly as they reared up yesterday.
Spanish and Italian bond yields are lower, although not by too much, and Rome was able to flog off some of its sovereign debt without too much trouble.
In addition, Spanish ministers have gone on the offensive to restore confidence in Madrid’s austerity efforts. At the same time, the ECB has piped up to suggest that it might step in to buy up Spanish bonds if that becomes necessary.
Still, nervousness lingers, as shown by the increased yields at today’s Italian bond auction, and it feels from here as if today is a short-term bounce on the current journey lower for markets.
The ECB might pledge to defend Spain, but most know that it still doesn’t have the firepower to act as a shield for any significant length of time, and that it cannot protect Spain and Italy at the same time.
With the memory of Friday’s non-farm payrolls dissipating, the next piece of information on the US economy emerges this evening in the form of the Fed’s Beige Book survey.
This set of anecdotal updates from the regional Fed boards is not as closely-watched as the non-farms, but a positive tone could help markets recover some of their lost ground.
How and where to spread bet on:
FTSE 100 Futures, where to find free charts, live pricing, how to trade etc >> FTSE 100 Futures
Dow Jones Futures, where to find free charts, live pricing, how to trade etc >> Dow Jones Futures
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, 10 April 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
Heading into the close, the FTSE is down almost 100 points, as the sell-off in global markets continues for a second successive day.
Today has been a tale of rising Eurozone bond yields, and falling markets.
European indices have been particularly badly hit, with the Milan exchange registering a fall of nearly 5%.
The FTSE itself has not escaped, as banks drop on European debt concerns and miners fall as a race to safety takes a bite out of commodities and riskier currencies.
Dow futures began the day quietly, but even there, the selling has gained pace, as more traders return to their desks after the Easter weekend.
Spanish ten-year bond yields now reside just below the 6% level, with Italian yields not far behind, undoing all the good work of the ECB’s refinancing operations.
Hope now turns to Alcoa’s results this evening, and optimists will be looking to the company’s first-quarter figures for some positive comment about the global economy.
A weak outlook, however, could be just the thing to nudge markets lower yet again, as the rally of Q1 2012 becomes an increasingly distant memory.
How and where to spread bet on:
FTSE Futures, where to find free charts, live pricing, how to trade etc >> FTSE Futures
Dow Futures, where to find free charts, live pricing, how to trade etc >> Dow Futures
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 Futures Rise as Spanish and Italian Bond Yields Fall' edited by AG, updated 11-Apr-12
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