FTSE Futures Slip Lower as Poor US Manufacturing Data Weighs
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UK Market Comment, 24 July 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
Heading into the close the FTSE 100 is slipping inexorably lower, hurt by weak data from the US that has pushed the index below the 5500 mark.
After yesterday's Eurozone-inspired sell-off, some in financial markets would have been hoping for a brief respite. They have been disappointed however, as US data appears to provide further reason for concern.
Surveys of US manufacturing showed that growth remains elusive, and with QE still not on the horizon there is little comfort to be taken from today's news.
Meanwhile, Spanish and Italian bond yields continue to rise, as signs build that these two countries will find it more and more difficult to fund themselves in the short term.
Spain today mooted that it might request a temporary loan from the EU in order to help it with funding until the end of the year
However, barring major and decisive action from the ECB it will be an uphill task to restore investor confidence.
US earnings season is still underway, with UPS dropping after it cut its full-year forecast due to weakness in overseas markets.
The big event of the day will be Apple's numbers. While the tech giant usually breezes past estimates, it may offer a more cautious outlook before releasing its latest gadgetry further along in 2012.
How and where to spread bet on:
FTSE Futures, where to find free charts, live pricing, how to trade etc >> FTSE 100 Futures
Dow 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, 23 July 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
The FTSE is hurtling towards the close like a runaway train, down more than 100 points after a day of intensive selling.
A bright sunny afternoon in London has failed to lift the mood of spread betting investors, as London markets add to their losses.
The Eurozone crisis is back with a vengeance, just in time for the summer. Eurozone leaders hoping for a quiet few weeks will be sorely disappointed.
Short-selling bans on banking and insurance stocks by financial authorities in Rome and Madrid are a sure sign that all is not well, although I fear that these restrictions will only offer the most temporary of respites.
After the summit in June that provided a brief burst of euphoria, there were mutterings that the crisis was not over, and the pessimists have now been proved right.
Spanish economy minister Luis de Guindos may have declared that his country won't need a full bailout, but those words may come back to haunt him in the weeks to come.
We may rapidly be approaching a decisive moment for the Eurozone; previous bailouts were of smaller countries that were of manageable size.
Spain is a different order of magnitude entirely, and it may not be possible to rescue this economy in the same way that Greece, Ireland and Portugal were bailed out.
Eurozone leaders will likely hold yet another summit, but they will need more than fine words if they are to truly save the single currency.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
Forex, where to find free charts, live pricing, how to trade etc >> Spread Trading FX
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 Slip Lower as Poor US Manufacturing Data Weighs' edited by AG, updated 24-Jul-12
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