Spread Betting Markets 11-12 November 2008
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UK Market Comment, 12 Nov
Closing comments from David Jones, Chief Market Strategist, IG Index:
Going into the last hour of trading in London, it has been another day of losses for the UK market.
Today’s focus has been back on the broader economy, with the Bank of England’s quarterly inflation report pouring cold water on any hopes that the economic slowdown is going to be just a short term blip.
The Bank has turned more pessimistic since Augusts’ update. That is no great surprise. However this, coupled with unemployment rising to an 11 year high, was never going to do anything for market sentiment which we all know has been fragile at best in recent weeks.
While we all still expect an ongoing steady stream of gloomy economic news in the months to come, the question for investors is still how much of this has already been factored in by markets?
Today has seen the FTSE 100 slip back to late October levels. After a couple of weeks of calmer trading, the UK index is once again starting to peek over the edge of the abyss, with some traders expecting a move sub-4000 once again sooner rather than later.
The direction in the short term is arguably not too important – it is more about the reaction of investors to this weakness. If the market holds above the lows seen earlier in October it does suggest that despite the continuing dire outlook, stock markets may be signalling the worst has now been seen for share prices.
How and where to spread bet on:
FTSE 100, where to find free charts, live pricing etc >> FTSE 100
FTSE 250, where to find free charts, live pricing, how to trade etc >> FTSE 250
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,
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UK Market Comment, 11 Nov
Closing comments from Tim Hughes, Head of Sales Trading, IG Index:
Moving into the final moments of trading and the FTSE has had another gloomy session, down more than 3.5% on the day.
Mining companies were among the biggest fallers this morning, handing back yesterday's gains made off the back of the Chinese government's stimulus package.
Financials also weighed down on the UK's blue-chip index, with Lloyds TSB and HSBC continuing yesterday's falls.
Mobile phone giant Vodafone bucked the trend with a rise of more than 8% after announcing a new strategy initiative, but the FTSE was not for the turning, especially after the Dow plunged over 2% by mid-morning trading.
The FTSE looks likely to shed the gains made over Friday and Monday, as the lack of any strong news meant traders didn't have much to play with today. The negative state of the current economic climate is clearly still lurking in the minds of many investors though, with poor mining and banking sector performances adding to the inevitable downturn.
As the FTSE tumbles, it seems investors are still raising doubts over whether the Chinese economic injection has produced any new information, with the long-term outlook still bleak. The mining sector's swift turnaround in fortune today could be an indicator that even this colossal monetary boost will not be enough to console the markets any time soon.
How and where to spread bet on:
HSBC, where to find free charts, live pricing etc >> HSBC Spread Bets
Lloyds TSB, where to find free charts, live pricing, how to trade etc >> Lloyds TSB Spread Bets
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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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 11-12 November 2008' edited by DJ, updated 12-Nov-08
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Daily Closing Market Comments Index
Index of UK financial market trading articles - the regular closing market comments from IG Index...see Index.
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