Spread Betting Markets 19-20 June 2008

Spread Betting Markets 19-20 June 2008

UK Market Comment, 20 Jun

Closing comments from Tim Hughes, Head of Sales Trading, IG Index:

Once again the struggling banking sector and rising oil prices have provided a headache for the UK's blue-chip index as we enter the final hour of trading.

The FTSE 100 shed 72.7 points to 5635.7 by 3.00pm, smashing through the psychological 5700 barrier, with the banking sector and weaker mining stocks leading the downhill charge. HBOS was among the worst hit in the banking sector thanks to several earnings downgrades from brokers including Panmure Gordon. HBOS' rivals followed suit, dragging the FTSE down, while rising oil prices added their own grease to the wheels and helped weigh on the likes of British Airways. Investors then seemed determined to pummel the sell button this afternoon as Wall Street offered little consolation, with the Dow having its own prop kicked away and dropping through the 12000 barrier after slipping on rocketing oil prices in early trading.

The FTSE is now moving steadily into lows last seen in March, with mid-May's peak of more than 6350 seeming a distant memory. The 5600 barrier is the next to be tested after a distinctly gloomy week for stocks, with concerns over the outlook for bad debts and the prospect of further write-downs in the banking sector weighing on the minds of investors.

And, with all eyes watching the fluctuating oil prices, investors appear determined to bail out of banking and fuel-linked stocks rather than risk sitting it out for any short-term rewards.

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, 19 Jun

Closing comments from David Jones, Chief Market Strategist, IG Index:

After a choppy start to the day, the UK market has weakened in the afternoon to leave the FTSE in the red in the final half hour of trading.

Further slides in the US markets this afternoon have not helped sentiment in London. The Dow briefly traded below 12,000 and it remains to be seen whether this is going to act as a psychological prop to the market. For now, 5700 is continuing to stem any deeper slides for the FTSE 100 and it will be this level that remains in focus for Friday.

The shock news today in the UK was the fact that retail sales rose by the largest amount since records began back in 1986. The 3.5% jump in May was put down to the warmer weather but was markedly against expectations considering the weakness we have seen recently in the rest of the economy. The numbers would seem to suggest that when the going gets tough, the tough go shopping. However it will do little to calm nerves amongst policy-makers on inflation and may add fuel to the fire for a rate hike.

How and where to spread bet on:

The FTSE 100 where to find free FTSE charts, real-time prices etc >> FTSE 100
Wall Street and where to find free Wall St charts, real-time prices etc >> Wall Street

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.

Risk Warning: Financial Spread Trading and CFDs carry a high level of risk to your capital. You may lose more than your initial investment. They may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.

Article provided / approved by IG Index which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 114059.

'Spread Betting Markets 19-20 June 2008' edited by TH, updated 20-Jun-08

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Daily Closing Market Comments Index

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Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.

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