Banking Sector Falls on Osbourne Plans to Ring-Fence Retail Banks
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UK Market Comment, 15 June 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
Heading into the close and the FTSE 100 is heading into negative territory.
The banking sector has been hit by news that Chancellor George Osborne is backing plans to ring-fence retail banking, protecting savers from riskier investment banking units.
Whilst all of the 'big five' high street banks are down on the news, Barclays (-1.06%) and RBS are worst hit.
Elsewhere, news that unemployment has seen its biggest drop in the last ten years has failed to pick the markets up, with sceptics pointing to a rise in claimant count.
Also weighing on market sentiment is the ongoing Greek debt saga, as the ailing country teeters on the edge of bankruptcy. Eurozone ministers continue to debate the details of a multi-billion euro bailout package amid a backdrop of protests, police clashes and a general strike.
With Prime Minister Papandreou’s parliamentary majority in favour of further austerity measures now down to five, the outcome of the debt crisis is anything but certain.
This uncertainty, combined with weak economic data from the US, has left Wall Street losing ground following the opening bell and investors wondering where next for the market.
How and where to spread bet on:
Barclays, where to find free charts, live pricing, how to trade etc >> Barclays Spread Betting
RBS, where to find free charts, live pricing, how to trade etc >> RBS 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
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UK Market Comment, 14 June 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
Approaching the close, the FTSE is holding its earlier gains, helped by a solid start from Wall Street.
There’s still a lack of momentum in equity markets, but appetite for buying does seem to be creeping back in right now, aided by better than expected retail sales data out of the US.
With the Dow Jones currently sporting triple-digit gains, and many anticipating more M&A activity to come in the weeks ahead, the doom and gloom, and prospect of a retracement on the FTSE back to the March lows, is certainly fading.
However, sentiment is crucial right now, and there’s no shortage of potentially negative factors floating around. The Eurozone sovereign debt issue is still looming after that Greek downgrade yesterday, while the US borrowing predicament is also giving cause for concern.
Looking ahead, UK unemployment, plus US inflation and industrial production data, will be amongst the numbers under scrutiny tomorrow, although earnings news is looking thin on the ground with Sainsbury being the only really notable release tomorrow, not least given Tesco’s shortfall this morning.
This lack of data could serve to keep volumes light and in turn push volatility higher, but with the summer season taking hold of the market in London, this theme could become rather common in the days and weeks that lie ahead.
How and where to spread bet on:
Sainsbury, where to find free charts, live pricing, how to trade etc >> Sainsbury Spread Betting
Dow Jones, where to find free charts, live pricing, how to trade etc >> Dow Jones 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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'Banking Sector Falls on Osbourne Plans to Ring-Fence Retail Banks' edited by AG, updated 15-Jun-11
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