Index Spread Betting Markets Fall as Bundesbank Report Raises Greek Exit Fears
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UK Market Comment, 23 May 2012
Closing comments from Ben Critchley, Sales Trader, IG Index:
Heading into the close the FTSE has slumped once again, down more than 100 points as a Greek exit from the euro looms on the horizon.
A bleak morning for European markets has become even bleaker this afternoon, as the FTSE gives back yet more of its gains from Monday and Tuesday.
The trigger appears to be a report from the Bundesbank which lays bare the frustrations felt in Berlin about the apparent ingratitude of the Greeks.
The report said that a failure to implement the agreed austerity measures would jeopardise further assistance; essentially Germany is laying its cards on the table and instructing Athens to follow orders or leave the currency union.
We have talked about and expected a Greek exit for many months now, but the prospect, or rather the consequences, of a departure still frighten many in global markets.
The retreat from risky assets has become a rout, as the euro revisits levels not seen since August 2010 and the Dow returns to the point at which it started 2012.
In the middle of all this, and having smirked at the steady decline of the stock since its debut, it would be remiss of us not to point out that Facebook is finally enjoying a real up day.
The share price is at $32.23, still far below its listing price, but at least it's off 'all time lows'.
Whatever happens to the price now, however, the shine has well and truly come off this particular tech stock.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
Facebook, where to find free charts, live pricing, how to trade etc >> Facebook 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.
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UK Market Comment, 21 May 2012
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the last part of the trading day, the FTSE is near its highs for the session.
The FTSE 100 has spent most of the day back above the 5300 level, providing a rare break from the relentless selling we have seen over the past week and more.
While it is usually relatively easy to come up with a rational reason as to why a market went up or down, it’s not so clear cut today.
It seems that, just for one day, traders believed that the falls, which have wiped off around 500 points this month, have gone too far. At least for now.
Of course one swallow does not make a summer and there are plenty of hurdles along the way if this recovery wants to push further.
There are plenty of burnt fingers out there from those who attempted to pick the bottom during May, and many of these will have to unload equities before we see more upside.
Helping the rally was perhaps some relief that nothing too outrageous came out of the weekend’s G8 summit.
Politicians were making familiar noises, nothing different to that which we have heard for the last few months, but there were no surprises.
With the Greek election still a few weeks away, it does feel like markets are in limbo at the moment, so maybe the best we can hope for is some sideways stability down at these levels.
How and where to spread bet on:
FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
Stock Market Indices, where to find free charts, live pricing, how to trade etc >> Stock Market Indices 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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'Index Spread Betting Markets Fall as Bundesbank Report Raises Greek Exit Fears' edited by AG, updated 23-May-12
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