FTSE Spread Betting Market Sinks as Fed Minutes Reduce Likelihood of QE3
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UK Market Comment, 12 July 2012
Closing comments from David Jones, Chief Market Strategist, IG Index:
Losses on global markets have mounted this afternoon, with the FTSE down more than 60 points and the Dow Jones losing almost 100 points.
The usual safe havens are in demand once again, as investors opt to abandon equity markets, commodities and some currencies due to fears about slowing global growth.
While hopes for QE3 will linger on, last night's Fed minutes have, for the moment, put the possibility of central bank action in the US on the back burner.
As a result, the US dollar has strengthened, while bond yields for the US, UK and Germany are dropping.
The reluctance of the Fed to engage in more ambitious easing measures removes that small crumb of comfort, and means that attention is now fixed on the earnings season, which is so far proving to be less than encouraging.
Bank earnings come into focus tomorrow, as JP Morgan and Wells Fargo present their figures, but the general downbeat tone is unlikely to end any time soon.
EU finance ministers might have opted to wait until September before embarking on real work on a banking union, but if progress is not made soon, the July-August period of 2012 could perhaps be as volatile as its equivalent in 2011.
How and where to spread bet on:
Dow Jones, where to find free charts, live pricing, how to trade etc >> Dow Jones Spread Betting
Euro / US Dollar, where to find free charts, live pricing, how to trade etc >> Euro / US 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
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UK Market Comment, 11 July 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
As the session winds down the UK 100 remains in negative territory, having failed to make real upward progress all day.
The 'Slough of Despond' is dragging markets down today, as the US earnings season provides more evidence of how the Eurozone crisis is holding back the global economy.
An auction of German ten-year bonds saw yields drop to a record low, as investors scrambled for safety, even if Spanish and Italian yields have eased slightly.
A set of sweeping austerity measures from Spain has failed to provide much reassurance, and has provoked clashes in Madrid that are eerily reminiscent of the Greek riots last year.
Drinks supplier Britvic is dropping fast today, as bad weather and a faulty product will put a significant dent in its full-year results.
This evening's Fed minutes should provide some small element of excitement, but it is unlikely that we will be any the wiser about whether more Fed easing is on its way.
Big names are fairly absent from the earnings calendar today and tomorrow, so the focus moves to Friday when JP Morgan and Wells Fargo herald the arrival of bank earnings.
How and where to spread bet on:
Britvic, where to find free charts, live pricing, how to trade etc >> Britvic 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 Spread Betting Market Sinks as Fed Minutes Reduce Likelihood of QE3' edited by AG, updated 12-Jul-12
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