Spread Betting Markets 3-4 July 2008

Spread Betting Markets 3-4 July 2008

UK Market Comment, 4 Jul

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

As we enter into the final hour of trading, the FTSE 100 is nursing a fresh blow after falling over 1% on the back of negative banking news.

UK bank Bradford & Bingley has been the problem child today – trading almost 20% down at 4pm after announcing that its £400 million fundraising plan has been rescued by a group of UK investors. Talks of emergency FSA dealmaking over B&B was more than enough to provide excitement in London on a day Wall Street was out of action for the 4 July celebrations.

The FTSE had given up yesterday’s gains by midday, falling 41.7 points to 5434.9 by midday and seeing the psychological 5400 level broken in the final hour. Mining stocks suffering from poor metals prices held back mining firms, while the banking sector once again contributed its own brand of negativity to complete a topsy-turvy week for the UK blue-chip index.

Some traders may feel that the markets have been on the rollercoaster for a rather long time now, but it seems investors are still preparing themselves for another few stomach-churning ups and downs before there is any sense of stability. So far the FTSE has shed almost 16% already this year, and with thin-skinned banks ever susceptible to negative sentiment, it is not unimaginable to see real test of the year's lows in the 5300 region moving into next week. The banking sector seems as risky as ever, with investors only too happy to abandon ship at any hint of bad news – financials are more than likely to take the brunt of any downbeat sentiment, as they have been since the credit crunch really began to bite almost a year ago.

How and where to spread bet on:

Bradford & Bingley and where to find B&B charts, real-time prices etc >> Bradford and Bingley

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, 3 Jul

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

Going into the final few minutes of trading the London market is up on the day after yet another volatile session.

The term 'rollercoaster' could be applied to many of the recent days we have seen for the stock market – but this afternoon has seen the FTSE 100 travel a massive 300 points as sentiment has swung from positive to negative and back to positive again. The break through the 5400 mark set up a run to near to the 5500 level, before a weaker US saw a move back below 5400 and then, so far, a late rally. US jobless numbers came in as expected, which was initially seen as something of a relief by markets but - as seen so often over recent weeks - the light at the end of the tunnel was viewed as a train by some traders and markets quickly reversed.

UK traders are maybe somewhat relieved that the Americans are having a half day today ahead of Friday’s 4 July holiday. Once again, the Dow Jones briefly moved to fresh lows for the year in today’s session and while so far this has tempted the buyers back in, it still shows that the main pressure on markets remains to the downside. The FTSE 100 continues to just about hold above the lows for the year in the 5300 area but with the broader FTSE 250 and FTSE All Share indices already having set new 2008 lows, you would have to be a committed optimist to feel that further weakness next week is going to be any sort of a surprise.

How and where to spread bet on:

The FTSE 250 and where to find free FTSE 250 charts, real-time prices 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,
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 3-4 July 2008' edited by TH, updated 04-Jul-08

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Daily Closing Market Comments Index

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