Rising Canadian Consumer Prices Drags USD/CAD Spread Betting Market Lower
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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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Sponsored by
ETX Capital
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Financial Trading Review - 30 June 2011
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UK Trading Review
UK shares markets closed higher yesterday, with the FTSE 100 index rising for the fourth consecutive session and registering its longest streak of gains in a month, after the Greek parliament voted in approval of the austerity measures.
Miners, ENRC, Kazakhmys and Rio Tinto, advanced between 1.7% and 5.2%, in line with a rise in base metal prices.
Oil producers, BG Group, Cairn Energy and BP, gained between 1.3% and 3.5%, as crude oil prices rallied.
Banks, Barclays, Standard Chartered and Royal Bank of Scotland, rose between 0.6% and 3.0%, as risk appetite increased among investors.
ICAP and ITV rallied 9.7% and 6.6% respectively, amid renewed bid speculation.
FTSE 100 gained 1.5% or 89.1 points to 5,856.0. FTSE 250 added 1.7% or 192.8 points to 11,799.2.
European Trading Review
European markets closed higher yesterday, after Greece approved a plan for additional austerity measures, paving the way for more financial aid and avoiding a debt default.
Banks, Commerzbank, Societe Generale and BNP Paribas, added between 1.7% and 2.6%, buoyed by positive news from Greece.
Insurer, Allianz, advanced 3.1%, after Morgan Stanley upgraded the stock to ‘Overweight’ from ‘Equal Weight’.
Steelmakers, ThyssenKrupp and Salzgitter, gained 2.8% and 1.6%, respectively, after the EU imposed high tariffs on pipes from China.
Automaker, Daimler, rose 1.1%, after it signed an agreement to invest about €2 billion in its joint venture with Chinese partner, Beijing Automotive Industry Corp.
Among chemical stocks, BASF rose 1.8%, after Fitch Ratings revised the outlook on the company to ‘Stable’ from ‘Negative’, while Wacker Chemie gained 2.8%, after UBS upgraded the stock to ‘Buy’ from ‘Neutral’.
FTSEurofirst 300 index rose 1.7% to 1,098.7. German DAX Xetra 30 gained 1.7% or 123.7 points to 7,294.1. French CAC-40 climbed 1.9% or 72.3 points to 3,924.2.
US Trading Review
US markets extended gains for the third consecutive day, boosted by the Greece’s approval of austerity measures to avert defaulting on its debt.
Bank of America added 3.0%, after the bank agreed to pay $8.5 billion to investors affected by fraudulent mortgage securities and keep aside another $5.5 billion to guard against future claims.
Credit card stocks, MasterCard and Visa, soared 11.3% and 15.0%, respectively, on news that the Federal Reserve passed a draft on debit card fee caps that was less harsh.
Steelmakers, AK Steel and US Steel, added 5.2% and 5.9%, respectively, as Deutsche Bank upgraded the stocks to “Buy” from “Hold”. The sector was also boosted by an upbeat note from Goldman Sachs.
DJIA edged up 0.6 % or 72.7 points to settle at 12,261.4. NASDAQ advanced 0.4% or 11.2 points to close at 2,740.5. S&P 500 gained 0.8% or 10.7 points to 1,307.4.
Forex Trading Review
At 0400 BST today, the GBP is trading 0.3% higher against the USD at $1.6107, marginally lower against the EUR at €1.1104 and 0.1% lower against the JPY at ¥129.55.
The EUR is trading 0.3% higher against the USD at $1.4507, on speculation that the European Central Bank would increase interest rates next week to curb inflation.
The EUR is trading 0.1% lower against the JPY at ¥116.68. The yen strengthened against the euro, on speculation that Japanese exporters would buy their currency after recent rally.
The USD is trading lower against most of currencies, on speculation of a retreat in an index, measuring the business conditions in the Chicago region for June.
The WON is trading higher against the USD, after Statistics Korea reported that South Korea industrial production surged 8.3% in May from last year.
Yesterday, the EUR ended higher against major currencies, after the Greek parliament approved a €78 billion ($112.2 billion) package of additional austerity measures and asset sales to avert debt crisis.
The USD/CAD rate fell as Statistics Canada reported that Canadian consumer prices climbed 3.7% in May from a year earlier, recording the largest increase since March 2003.
Commodities Trading Review
In Asia, crude oil for August delivery is trading 32 cents higher at $95.09 per barrel.
Yesterday, crude oil for August delivery closed 2% or $1.88 higher at $94.77 per barrel, after US Energy Department reported that crude oil inventories declined by 4.38 million barrels to 359.5 million barrels during the week ended 24 June.
Gold for immediate delivery is trading 0.1% higher today, at $1,513.4 per ounce.
Gold prices for August delivery added 0.7% or $10.20 to $1,510.40 per ounce yesterday, as the dollar weakened against the major currencies, increasing the demand for the precious metal as a hedge against inflation.
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.
'Rising Canadian Consumer Prices Drags USD/CAD Spread Betting Market Lower' edited by ETX Capital, updated 30-Jun-11
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