FTSE Sees Gains Ahead of Greek Confidence Vote
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UK Market Comment, 21 June 2011
Closing comments from David Jones, Chief Market Strategist, IG Index:
Despite the nail-biting over Greece, equities are eyeing an upbeat finish to Tuesday’s session.
Traders could have been forgiven for wanting to batten down the hatches with the confidence vote in the Greek government fast approaching, but the FTSE is now sitting around 60 points higher as we approach the close.
Admittedly the banks are lagging, but a better-than-expected existing home sales reading from the US has injected sufficient cheer to bring the buyers out in force.
Looking to the vote in Greece, the fact remains that the Greek parliament failing to find confidence in the government tonight would be akin to turkeys voting to make Christmas a weekly event, the longer term outlook may remain difficult but there’s little reason for the lawmakers to accelerate what some see as inevitable.
Assuming there are no surprises from Athens tonight, from either the Greek government or any other Eurozone members, traders will be looking for the next directional information.
Full year earnings from Kesa will be scrutinised given the pressures the company finds itself under with discretionary spending reduced and online competitors able to work margins more aggressively, whilst further afield clothes retailer H&M and logistics player FedEx are slated to report updates too.
Despite Bank of England meeting minutes, Eurozone consumer confidence and the FOMC rate verdict all adding to the pointers available during Wednesday’s trade, sovereign debt is bound to remain top of the agenda for the time being.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
FedEx, where to find free charts, live pricing, how to trade etc >> FedEx 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.
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UK Market Comment, 20 June 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
The FTSE has rallied off earlier lows but is still set for a negative finish.
The London stock market has seen the odd flash of positive sentiment today, but, as we have got used to in recent weeks, these have proved short-lived.
When the UK 100 dropped back towards the lows from the end of last week in the 5650 area there was clearly been an appetite amongst traders to buy for the bounce but any forays through 5700 have proved short-lived.
The elephant in the room is clearly Greece. With the weekend seeing a delay by EU finance ministers in providing the next tranche of aid, this was enough to keep markets subdued.
The vote of confidence in the Greek government tomorrow and the EU meeting in Brussels later this week remain factors to watch out for, all have the potential to provide markets with the odd downside surprise.
With this hanging over indices spread betting investors, there really is no compelling reason to go loading up on risk in the next couple of days.
How and where to spread bet on:
UK 100, where to find free charts, live pricing, how to trade etc >> UK 100 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,
24 hour spread betting ..." » read
IG Index review.
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'FTSE Sees Gains Ahead of Greek Confidence Vote' edited by AG, updated 21-Jun-11
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