Spread Betting News 1 Aug 2008

Spread Betting News 1 Aug 2008

UK Market Comment, 1 Aug

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

Going into the final few minutes of trading, the UK market is down on the day and back below 5400.

Today’s drag has been the mining stocks, with 5% falls from the likes of Rio Tinto and Xstrata weighing on the index and offsetting smaller gains in banking and retail. Mining has historically helped to prop the index up and give a somewhat artificial view of how the market was performing. However the recent weakness in commodities shows this cuts both ways and if there are further drops in these areas the FTSE 100 could find itself a lot lower in short order.

Data out of the US over the last couple of days has not helped. The employment figures were not as bad as expected but still pushed unemployment to its highest levels in four years. This combined with Thursday’s GDP figure has once again raised the recession discussion for the US economy and has done Wall Street no favours in early trading. All of this leaves the UK index back to the levels seen at the beginning of this week and traders thinking that we have now seen a shift of sentiment back to a more bearish view, and an increased risk for another dip down towards the 5000 levels.

How and where to spread bet on:

Rio Tinto, where to find free charts, live pricing, how to trade etc >> Rio Tinto
Xstrata, where to find free charts, live pricing, how to trade etc >> Xstrata

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, 31 Jul

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

Going into the last few minutes of trading the FTSE is near flat on the day after a volatile session.

Telecoms business BT Group was the day’s big news – and the biggest faller on the FTSE 100 with a drop of around 12% so far. The company’s first quarter results showed a profit slightly worse than expected, with competition and the possibility of lower margins for its corporate business taking its toll on the share price. This has put BT back to levels not seen since 2004.

The afternoon has been all about the USA – the GDP figures released at 13:30 UK time showed that the growth in the last quarter was positive but worse than what the market was expecting. A revision to the final number from the end of 2007 showed that GDP back then was actually negative. This double whammy has raised the recession worries again for America – and the numbers this time around could be said to be somewhat artificially polished up by the Federal Reserve’s tax rebate. The concern is that further deterioration in the housing market and overall economy is going to weigh on GDP figures later in the year, leaving today’s number looking like something of an over optimistic blip.

The reaction by the US stock market has been muted so far and we now have the Dow and the FTSE both trading just below the highs for July. Friday sees the main event of the week – the US unemployment numbers - and it could well be these that decide whether we are going to see these barriers broken – or whether once again the 5500 level proves to be a bridge too far for the FTSE.

How and where to spread bet on:

BT Group, where to find free charts, live pricing, how to trade etc >> BT Group
Dow Jones, where to find free charts, live pricing etc >> Dow Jones

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 News 1 Aug 2008' edited by TH, updated 01-Aug-08

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