Spread Betting Markets w/c 5 Nov
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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.
Last update: 5 Nov 07
We'll have to start calling this the Weekly Echo. 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 the risks of higher inflation and slower growth. Everyone read that as “don’t expect further rate cuts unless something changes”.
Although US GDP for the third quarter was a surprisingly strong 3.9%, US Consumer Confidence hit a two-year low.
On Thursday fears that Citigroup might have to cut its dividend to meet its capital ratio requirements smashed the banking sector. Further concerns over banks’ exposure to bad loans and consequently their reluctance to lend to other banks led to the Fed’s injection of $41bn to ease pressure on the money markets; the largest amount since September 2001.
Indices
The Hong Kong and Indian exchanges reached new highs at the start of the week, but equities finished on a low note with FTSE –2.0%, Dow –1.5%, S&P –1.7% and Dax –0.3%. The Nikkei held up better at +0.1%.
Equities
Having only recently broken through $600 Google broke through $700 per share for the first time.
Company results were mixed, with BG, BAT, Chloride Group, Schroders and Unilever all pleasing investors, but poor results from Exxon Mobil, Imperial Tobacco, Michelin, Proctor & Gamble, UBS and US Steel having a greater effect on the market.
FX
The EUR v USD hit further highs, finishing the week at $1.4510. Sterling reached $2.0897, a 26-year high, and improved against the Euro to £0.6960.
Crude Oil
A second consecutive week of falling inventory figures helped oil to a new high of $96.24 on Wednesday. Brent Crude finished the week up over $3 at $92.08.
Gold
Further weakness in the Dollar and uncertainty in equity markets saw gold power through the $800 level to a 28-year high of $807.30.
Bonds
UK government bonds were barely changed on the week.
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'Spread Betting Markets w/c 5 Nov' by DB, updated 05-Nov-07
For related pages also see:
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