Spread Betting Markets Weaken on Dexia Banking Bailout Rumours
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UK Market Comment, 3 October 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
A new quarter may be underway, but there’s no getting away from the same old stories for equity markets.
Any hope that a weekend of autumnal sunshine would lighten the mood of traders in London, and draw a line under what was a dismal Q3 was short-lived this morning, as markets absorbed the news that Greece was setting a course to miss austerity targets.
What’s more, concern that the Franco-Belgian banking group, Dexia was on the verge of requiring yet more government support seemed to lock in the dour mood that has prevailed throughout the session.
Some cheer may have been seen off the back of slightly better-than-expected economic data from the US, but this is now being seen as little more than a brief flicker of hope in what remains an otherwise distressed shares spread betting market.
Further word from Greece is arguably set to dominate the agenda in the coming days, although we do also have a flurry of economic announcements that cannot be overlooked either.
Revised UK GDP figures on Wednesday, the ECB and BoE rate verdicts on Thursday – which may well result in some action from Frankfurt – plus the non-farm payrolls on Friday, all have the potential to serve up some meaningful direction.
That said, with Ecofin ministers convening in Luxembourg, and word now circulating that more banks across the Eurozone may be facing liquidity problems, it really does seem as if the short-term focus is going to be on trying to ensure we don’t tumble into the abyss.
How and where to spread bet on:
Shares, where to find free charts, live pricing, how to trade etc >> Shares Spread Betting
Indices, where to find free charts, live pricing, how to trade etc >> Indices Spread Betting
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, 29 September 2011
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the close, the FTSE 100 looks set to finish a little lower on what has been something of an uneventful day for a change.
Clearly the unseasonably hot weather has had an effect on energy levels amongst traders in London, as the FTSE 100 has struggled to find momentum in either direction.
Germany’s vote on extended powers for the bailout fund passed as expected this morning, generating little in the way of market reaction despite receiving slightly more support than expected.
The afternoon brought slightly better-than-expected US jobless and GDP data, sparking some interest for markets heading into Wall Street. But concerns about a possible "hard landing" for the Chinese economy has weighed on mining stocks and ultimately led to a directionless session.
It is difficult to see a catalyst for further gains in the short term given that gains seen at the beginning of the week have pushed the FTSE 100 within a couple of percent from the recent top of the range at 5400.
Although we have had plenty of triple digit swings on a daily basis in recent weeks, it feels as if traders are happy to stay in this well defined 6 week trading range for now.
How and where to spread bet on:
FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100 Spread Betting
Wall Street, where to find free charts, live pricing, how to trade etc >> Wall Street Spread Betting
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.
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'Spread Betting Markets Weaken on Dexia Banking Bailout Rumours' edited by AG, updated 03-Oct-11
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