A brief look at the markets over the course of the last week, supplied and sponsored by paddypowertrader.
For the latest weekly round-up see: Online Trading News.
Weekly Market Review: 7 Apr 08
Equities continued their positive tone from last week as investors shrugged off weak economic data, including further US job losses. Appropriately, the catalyst for 4 straight days of gains was April Fools Day.
Markets opened lower as first UBS, and then Deutsche Bank warned of further write-downs. First Direct halted mortgage lending to non-customers and Lehman Brothers announced it was seeking at least $3 billion of funding. However, the early fall in prices was met with strong demand as traders reckoned the worst was over in the banking sector. Banks rose by between 5-10% on the day, pushing the Dow up by nearly 400 points. The better mood continued through the week with investors using market weakness as a buying opportunity. Even Ben Bernanke conceding that the US might fall into recession had little effect.
The FTSE piled on a further gain of 4.5%, rising 8% in the past 2 weeks. The S&P and Hang Seng made similar gains on the week, whilst the Dow, Dax and Nikkei were close behind with rises of over 3%.
Equities
British Energy rose 7% on reports of possible bid discussions with several European energy companies. UBS combined the announcement of a further $19 billion in write-downs with news that the chairman would be free to spend more time with his family. Shares in HSBC fell after its subsidiary, First Direct, halted new mortgage lending. Woolworth's 30% rise in profits beat estimates, but this wasn't enough to prevent a gloomy outlook and a 66% cut in the final dividend. Merrill Lynch shares bounced after their chairman told a Japanese paper that the firm had no need to raise further capital, but US monoline insurer FGIC had its credit rating downgraded to junk. Bank of Ireland, Tate & Lyle and Severn Trent provided satisfactory trading updates.
FX
Weak retail sales from the Eurozone and further write-downs from UBS and Deutsche Bank saw the Euro retreat from its recent highs. On top of this, Fed members played down the prospect of further cuts in US rates. This gave a further boost to the Dollar, which ended the week at $1.5720 against the Euro and $1.9930 against Sterling. The Euro also fell against Sterling, ending the week at £0.789.
Commodities - Gold and Crude Oil
The stronger Dollar led to further weakness in gold. The precious metal spent much of the week below $900, but edged up to finish at $905.85.
Oil prices continued higher after an Exxon Mobil refinery caught fire. There were also worries about petrol supplies ahead of the summer months when most Americans jump in their hummers to drive to another part of America. The 'driving season' as it's known, is an annual concern to oil traders.
Vietnam extended an export ban on rice until June, sparking a 10% rally on Friday. Rice prices have risen 50% over the past fortnight.
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'Spread Betting Markets w/c 7 Apr' by paddy power trader, updated 07-Apr-08
For related pages also see:
Online Trading News, updated 17-Nov-08
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Spread Betting Markets: Officials in Japan have finally admitted that the country has probably entered a recession. This has allowed the USD / JPY to gain 2.3%...read article. Spread Betting Markets w/c 4 Aug, updated 04-Aug-08
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Spread Betting Markets: The weaker Euro reflected numbers confirming the deterioration in business confidence across the Eurozone. The Euro fell to EUR / USD $1.570 and...read article. Spread Betting Markets w/c 21 Jul, updated 21-Jul-08
Spread Betting Markets: A whle bevy of US companies beat pessimistic analysts forecasts, including Citigroup, Intel, JP Morgan, Johnson and Johnson...read article. Spread Betting Markets w/c 14 Jul, updated 14-Jul-08
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Spread Betting Markets: The nightmare on Wall Street continued as the Dow officially became a bear market, defined as a fall of 20% from the peak. The FTSE 100 has so far survived official recognition with a fall of only 19.6%, but both the FTSE 250 and Smaller Companies indexes are now 20% below year-end levels. Inflation fears sent...read article. Spread Betting Markets w/c 30 Jun, updated 30-Jun-08
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Spread Betting Markets: After producing better than expected earnings Goldman Sachs turned on the market with a forecast that US banks may need to raise a further $65 billion of...read article. Spread Betting Markets w/c 16 Jun, updated 16-Jun-08
Spread Betting Markets: Barratt Development plunged 38% over the week on fears that failure to renegotiate bank financing would lead to a debt for equity swap. There was no pleasing shareholders in Carphone Warehouse; investors ignored the rise in profits and 31% dividend increase and sold the shares down 12% on the companys cautious outlook. British Energy rebuffed an...read article. Spread Betting Markets w/c 9 Jun, updated 09-Jun-08
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Spread Betting Markets: On Monday the Aussie Dollar rose to a 24-year high against the US Dollar; the Aussie was boosted by strong commodity prices and news that the central bank had discussed...read article. Spread Betting Markets w/c 19 May, updated 19-May-08
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Spread Betting Markets: The week that Gold smashed through the $1,000 barrier. The continuing collapse of the Dollar, together with contrasting fears of both higher inflation and collapsing asset prices, saw investors scrambling for safety. Both oil and gold benefited from their 'safe haven status'. Gold ended up $24 on the week at $999.75, having previously hit $1007; Brent Crude climbed...read article. Spread Betting Markets w/c 10 Mar, updated 17-Mar-08
Spread Betting Markets: Following predictions that US rates could fall below 2% this year the Dollar fell to $1.5340 and $2.0140 against the Euro and Sterling respectively. The Euro also reached a new high against Sterling, though profit taking saw it end the week at £0.7620. Risk aversion trades helped the Yen to an 8-year high of ¥101.44 against...read article. Spread Betting Markets w/c 3 Mar, updated 03-Mar-08
Spread Betting Markets: The growing conviction that European interest rates would, at best, remain unchanged whilst US rates would continue to fall boosted the Euro. Traders piled in, pushing the Euro to record highs of $1.5238 and £0.7678 against the Dollar and Sterling respectively. Sterling also gained ground against the Dollar, rising to...read article. Spread Betting Markets w/c 25 Feb, updated 25-Feb-08
Spread Betting Markets: Commodities fired back into life with Crude oil repeatedly breaching the $100 mark and gold hitting a new high of $953.60. Brent Crude finished the week up $2.5 at $97 and gold rose $35 to end at $943.65. These moves were partly a reaction to higher US inflation, but also due to an increased flow of...read article. Spread Betting Markets w/c 18 Feb, updated 18-Feb-08
Spread Betting Markets: The week ended with the FTSE 100, Dow and S&P 500 all falling by over 4%, but the Dax and Nikkei faring slightly better at -2.9% and -3.6%....read article. Spread Betting Markets w/c 11 Feb, updated 11-Feb-08
Spread Betting Markets: The Dollar fell against most currencies on strong hints of further rate cuts next month. The EUR - USD rate rose to $1.4670 and GBP - USD rose but then fell to $1.9580. Sterling was boosted by suggestions that interest rates would not fall as...read article. Spread Betting Markets w/c 4 Feb, updated 04-Feb-08
Spread Betting Markets: Microsoft stole the headlines with its $45 billion bid for Yahoo. Further sub-prime write-downs saw a record loss for UBS and a $2.3 billion loss for bond insurer MBIA. Friends Providents strategic review produced writedowns, a cut in dividend and the proposed sale of the holding in...read article. Spread Betting Markets w/c 28 Jan, updated 28-Jan-08
Spread Betting Markets: After falling, somewhat surprisingly, at the start of the week Gold prices rose to a new record high of $923.4. Small profit taking left it $30 up on the week at $912.5. Brent Crude Oil improved $1...read article. Spread Betting Markets w/c 21 Jan, updated 21-Jan-08
Spread Betting Markets: US banks took the headlines again with Citigroup, Merrill Lynch and Wells Fargo recording losses of mind boggling size, accompanied by a mixture of dividend cuts and announcements of overseas funding. The gloom was widespread with investors ignoring IBM...read article. Spread Betting Markets w/c 14 Jan, updated 14-Jan-08
Spread Betting Markets: Despite no change in UK rates, Sterling fell to a record low against the Euro, finishing at £0.7550, and hit $1.958. The Euro was little changed against the Dollar, ending the week at $1.4790. Gold was the major beneficiary of the weeks moves as risk averse investors switched...read article. Spread Betting Markets w/c 7 Jan, updated 07-Jan-08
Spread Betting Markets: Inspired by plenty of M and A talk, equities started the week in good form with FTSE trading breaking above 6500. However, the US in particular was unsettled by talk of further sub-prime write-downs as the week progressed. Confidence in shares suffered another blow when US data suggested that the manufacturing sector was no longer growing, and the weak payrolls figures on Friday proved...read article. Spread Betting Markets w/c 31 Dec, updated 31-Dec-07
Spread Betting Markets: The Euro was the main beneficiary of weak economic numbers from both the US and UK. It finished at a record close against Sterling of £0.7380 and the EUR USD trading returned to above $1.47. Sterling hit a one and a half year low against...read article. Spread Betting Markets w/c 17 Dec, updated 17-Dec-07
Spread Betting Markets: Oil rose by 3.5% as inventory levels fell, with Brent Crude finishing at $92.67 and by contrast, and despite repeated attempts, gold failed to hold above $800 and ended the week down $7 at $790 but unexpectedly high inflation numbers and unwinding of short...read article. Spread Betting Markets w/c 10 Dec, updated 10-Dec-07
Spread Betting Markets: Last week, investors shook off worries over falling house prices, weaker economic growth and rising money market rates to pile into equities in anticipation of lower official interest rates.The Bank of England duly...read article. Spread Betting Markets w/c 3 Dec, updated 04-Dec-07
Spread Betting Markets: Despite increasing hopes of a rate cut the Dollar rose in value against both the Euro and Sterling, ending the week at $1.4630 and $2.0580 respectively. A greater appetite for risk saw the Yen weaken on switching into higher-yielding currencies, falling to Y111.18 against the Dollar...read article. Spread Betting Markets w/c 26 Nov, updated 26-Nov-07
Spread Betting Markets: The small change on the week gave a false impression of the stomach churning 300-point move in FTSE and nearly 500-point move in the Dow. Low volumes allowed traders to push markets down ahead of Thanksgiving, before a move back up towards the end...read article. Spread Betting Markets w/c 19 Nov, updated 19-Nov-07
Spread Betting Markets: In what appeared to be a tough week for equities, the FTSE was barely changed and US markets were marginally higher. Asia fared worse with Japan down nearly 3% and Hong Kong losing 4%. Despite UK inflation moving back above its target rate, the Bank of England, in its Quarterly Inflation Report, signaled the probability of two 0.25% rate cuts next year. Mervyn King, with eye...read article. Spread Betting Markets w/c 12 Nov, updated 12-Nov-07
Spread Betting Markets: Across markets the falls ranged from a barely changed Dax -0.5% to the harder hit Asian markets with the Nikkei and Hang Seng falling by 5.5%. The FTSE and S and P 500 fell by around 3.5% with the Dow faring worse at -4.1%...read article. Spread Betting Markets w/c 5 Nov, updated 05-Nov-07
Spread Betting Markets: Once again the week ended with record highs in oil, gold and EUR/USD as sub-prime jitters returned to take the gloss off the equity markets. The US Federal Reserve delivered the expected 0.25% cut in interest rates to 4.5%, but ruined the party by saying they attached equal weight to...read article. Spread Betting Markets w/c 29 Oct, updated 29-Oct-07
Spread Betting Markets: In Europe, France Telecom, Pearson, Home Retail, BP and Shell all beat estimates. In the US, American Express, Apple, Dupont, Microsoft, Motorola and UPS all gave favourable reports. Figures from Amazon, Electrolux, Glaxo and...read article. Spread Betting Markets w/c 22 Oct, updated 22-Oct-07
Spread Betting Markets: America was worst hit, with the Dow ?4.1%, S and P ?3.9%, but other markets fared little better with FTSE and Nikkei ?3.0% and the Dax...read article. Spread Betting Markets w/c 15 Oct, updated 15-Oct-07
Spread Betting Markets: Risk appetite returned to the markets with equities reaching new highs and higher yielding currencies benefiting from a return to the carry trade. Minutes from the last US Federal Reserve meeting showed that...read article.
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