FTSE Spread Betting Index Slumps Despite Spanish Bank Rescue Plans
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UK Market Comment, 18 May 2012
Closing comments from Will Hedden, Sales Trader, IG Index:
As the week draws to a close the FTSE spread betting index is down 50 points, after a week of unrelenting losses for London's market.
Bulls will doubtless be glad to put this week behind them, having had to endure a wave of selling that has its origins in Europe.
A modest attempt to recover during the afternoon was sparked by news that the Spanish government was hiring advisers to assist with bank rescue plans, and this helped Spanish and Italian markets to push into positive territory.
However, the effect of this soon faded and the selling began anew as US markets opened.
The story remains identical to that seen throughout the week, namely a Greek exit from the euro and the possible repercussions.
So long as this continues to weigh on markets, it seems unlikely that we can find any reasons to get enthusiastic about a rebound.
A G8 meeting is scheduled for the weekend, but it is highly unlikely that anything of real importance will emerge, so Monday morning will probably find us in very much the same position in which we are now.
At the time of writing, Facebook shares are yet to emerge into the cold light of day, so there is still all to play for.
However, we continued to see interest in the grey market by buyers, with the market cap hitting a high of $148 billion.
Gremlins in the system meant that the shares had not started trading by the final 15 minutes of the London session.
How and where to spread bet on:
FTSE Futures, where to find free charts, live pricing, how to trade etc >> FTSE Futures
Facebook, where to find free charts, live pricing, how to trade etc >> Spread Betting on Nasdaq Shares
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,
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UK Market Comment, 17 May 2012
Closing comments from Ben Critchley, Sales Trader, IG Index:
Heading into the close it looks like another weak finish is in store for the FTSE, with the leading index down 50 points.
Wednesday now seems a distant memory, as the FTSE 100 goes back to lows last seen in December 2011.
The weather in London might be similar, but this time around a Greek exit from the euro appears almost a certainty.
Markets could only muster a feeble attempt this morning to gain ground and have quickly given up the ghost, with the US dollar once again a major beneficiary of this flight to safety.
US markets nudged higher after opening, but an eight-month low for the Philly Fed index rapidly soured the mood and US markets are declining for a fifth consecutive session.
In the wake of this reading there was a sharp turnaround in gold, which briefly entered bear market territory yesterday as it hit $1530 an ounce.
The weaker Philly Fed reading prompted a renewal of the ‘QE trade’, i.e. buying gold in anticipation of money printing by the Federal Reserve, and gold surged back to $1570/ounce.
The ascent of Facebook’s market cap on our grey market continues unabated, with the social networking company now valued in the region of $129/$131 billion.
Can Facebook, which has had such an effect on society around the world, provide the catalyst for markets to shake off their Eurozone-related despondency?
It's a tall order, but Zuckerberg’s gang of bright young things might just be up to the task.
How and where to spread bet on:
Gold, where to find free charts, live pricing, how to trade etc >> Gold Spread Betting
Euro - Dollar, where to find free charts, live pricing, how to trade etc >> Euro - Dollar 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 Spread Betting Index Slumps Despite Spanish Bank Rescue Plans' edited by AG, updated 18-May-12
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