Gold Spread Betting Market Advances on Decline in US Home Sales
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The regular trading review of the main UK, US and European markets, plus a quick look at the commodities and forex markets.
For today's report see Financial Trading Review.
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ETX Capital
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Financial Trading Review - 22 March 2012
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UK Trading Review
UK markets ended higher yesterday, after the Chancellor of the Exchequer, George Osborne presented his annual budget to Parliament, and on upbeat corporate earnings and broker upgrades.
Sainsbury, the top gainer on the FTSE 100 index, jumped 4.5%, as it posted better-than-expected like-for-like sales growth in the fourth-quarter.
Marks & Spencer gained 2.5%, amid a positive update from Spain's Inditex, owner of the Zara chain.
ARM Holdings added 1.5%, as a broker raised its rating on the stock to “Buy” from “Hold”.
Vodafone gained 0.3%, after Goldman Sachs reiterated its “Buy” rating on the stock. Intertek advanced 1.6%, after the company acquired its US peer, 4th Strand.
Plumbing major, Wolseley gained 2.6%, after Credit Suisse upgraded its rating on the stock to “Outperform”.
Debenhams rose 2.3%, after Citigroup upgraded the stock to “Buy” from “Neutral”.
FTSE 100 ended marginally higher at 5,892.0, while FTSE 250 gained 0.2% to end at 11,656.8.
European Trading Review
European markets finished mostly lower yesterday, led by losses in banking sector stocks, as the US Federal Reserve bought $4.03 billion in US debt and data showed that purchases of previously owned US houses unexpectedly declined.
Retailer, Adidas dropped 2.3%, after Morgan Stanley downgraded the stock to “Underweight” from “Equal weight”, while Metro declined 3.4%, after HSBC cut its rating on stock to “Underweight” from “Neutral”.
Telecommunications stock, TeliaSonera fell 3.7%, after the Finnish government sold 2.1% of its stake in the company.
Financial stocks, UniCredit, Banco Santander and Societe Generale lost between 1.8% and 3.3%, as risk aversion increased among investors.
Rieter Holding dropped 10.6%, after the company reported 2011 earnings that missed market expectations.
FTSEurofirst 300 index dropped 0.2% to settle at 1,091.7. German DAX Xetra 30 added 0.2% to end at 7,071.3. French CAC-40 finished 0.1% lower to end at 3,527.4.
US Trading Review
US markets closed mostly lower yesterday, as existing home sales declined more-than-expected in February, dampening optimism about the economy.
Hewlett-Packard slid 2.2%, after it unveiled a restructuring plan to reduce expenses amid declining sales and profit.
Oilfield services provider, Baker Hughes dropped 5.8%, as it lowered its first-quarter earnings outlook stating that a shift away from gas rigs would hurt earnings.
Food makers, General Mills slipped 0.5%, as it reported a drop in its fiscal third-quarter profit and lowered its full-year forecast.
Among financials, Comerica, Morgan Stanley, Fifth Third Bancorp and Genworth Financial declined between 1.5% and 2.2%, as risk appetite decreased among investors.
Hartford Financial gained 1.4%, after the company announced that it would exit from the annuity business.
LinkedIn soared 6.5%, after Goldman Sachs Group upgraded the stock to “Buy” from “Neutral”.
DJIA slipped 0.3% to 13,124.6. NASDAQ rose marginally to close at 3,075.3. S&P 500 fell 0.2% to 1,402.9.
Forex Trading Review
At 0400 BST today, the GBP is trading marginally lower against the USD at $1.5867, 0.1% lower against the EUR at €1.1994, and marginally lower against the JPY at ¥132.03. Chancellor of the Exchequer George Osborne cut the UK’s top 50% income-tax rate and set a levy on purchases of the most expensive houses in a budget.
The EUR is trading 0.1% higher against the USD at $1.3228, after Greece won parliamentary approval for a bailout and as Germany sold €5 billion of notes due in March 2014 and Portugal sold €1.61 billion of one-year bills.
The EUR is trading 0.1% higher against the JPY at ¥110.09.
The USD is trading higher against the GBP and the AUD, amid speculation that a report might show initial jobless claims dropped in the US last week.
The NZD is trading lower against the USD, after data showed that New Zealand’s economic growth slowed to half the pace in fourth-quarter.
The JPY is trading lower against the USD. Japan reported an unexpected trade surplus for February and higher-than-expected exports.
Yesterday, the USD ended higher against the EUR, after the Federal Reserve Chairman Ben Bernanke testified on the European sovereign-debt crisis, in front of the House Government Reform Committee and issued cautious comments on the Eurozone economy.
The GBP/EUR closed higher after the UK Office for National Statistics stated that the public sector net borrowing in the UK swung to a deficit of £12.9 billion in February. Bank of England’s March meeting minutes showed that two Monetary Policy Committee members voted for expanding the bank’s quantitative-easing program.
Commodities Trading Review
In Asia, crude oil for May delivery is trading 0.6% or $0.69 lower at $106.58 per barrel.
Yesterday, crude oil for May delivery advanced 1.1% or $1.20 to end at $107.27 per barrel. This came after the Energy Information Administration reported that US crude oil inventories declined 1.2 million barrels in the week ended 16 March.
Tensions between Iran and the West over Tehran's nuclear program continued to support crude oil prices. However, Saudi Arabia’s pledge on Tuesday, to increase crude oil supplies to meet any supply shortfall, if needed, kept gains under check.
Gold for immediate delivery is trading 0.1% lower today, at $1649.95 per ounce.
Gold for April delivery advanced 0.2% or $3.30 to settle at $1,650.30 per ounce yesterday. This came after a report showing an unexpected decline in sales of existing US homes in February, and as the dollar slipped against the euro initially.
Investors are focused on the upcoming manufacturing data from China and the Eurozone to assess the health of their economies.
Financial Trading News
For more daily views, news and analysis of the markets also see:
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The above comments do not constitute investment advice and neither ETX Capital nor Clean Financial accept any responsibility for any use that may be made of them. Any prices or data are indicative and subject to change without notice; its accuracy is not guaranteed and should not be relied on.
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Risk Warning: Financial spread bets and CFDs are leveraged products and it is possible for losses to exceed deposits. Financial spread betting and CFD trading are not suitable for everyone so please seek advice if you do not understand the risks.
Article provided / approved by ETX Capital which is the trading name of Monecor (London) Limited, company number 00851820. Monecor (London) Ltd is authorised and regulated by the Financial Services Authority, registration number 124721.
'Gold Spread Betting Market Advances on Decline in US Home Sales' edited by ETX Capital, updated 22-Mar-12
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