Spread Trading Markets Tumble on Greek Bailout Referendum Decision
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UK Market Comment, 1 November 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
Halloween may have been yesterday but ghastly goings on in markets have bubbled over into today's trading.
The continuing soap opera of the Greek debt crisis has bathed trading screens in red today. European and US indices 'record gains' in October seem like a very distant memory now, with the headline index in Greece down almost 9%, losses of 2.5% for the FTSE 100 and over 5% for the German DAX.
All of this must feel like a low blow to Germany and France, whose efforts to reach a solution have seemingly been undone in one action, with critics arguing the move has more political than economic motivation.
Switching channels over to prime time UK programming and it was all about Q3 GDP, except for that bleak manufacturing data. A slightly better-than-expected GDP figure of +0.5% QQ growth for Q3 (and remember we have no excuses for Q3 á la the bank holiday-fest that was Q2) was cancelled out by the more worrying slowdown in manufacturing PMI.
The 'contractory' figure of 47.4, well below the stagnant 50 level that was expected, suggests that we are statistically facing a 'winter of discontent', and we are now facing the stark realisation of this in our already fragile real-world environment.
That said, we have moved up comfortably to levels not seen since the start of August, so some consolidation and profit-taking should be expected. This month certainly looks like one to remember, all be it coming off a very low base.
How and where to spread bet on:
DAX, where to find free charts, live pricing, how to trade etc >> Dax Spread Betting
FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100 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, 28 October 2011
Closing comments from Yusuf Heusen, Sales Trader, IG Index:
Shares spread betting markets are eyeing a muted end to the week’s trade.
After Thursday’s excitement, it was perhaps all too easy to imagine either the party running full steam into the weekend break or a hangover creeping in to dull emotions.
However, a theme of consolidation appears to be prevailing, at least for the time being, with the FTSE sitting marginally negative on the day.
The fact that we’ve had a relatively limited flow of fundamentals is again perhaps helping to reign in sentiment, rather than break into a quick bout of profit-taking as the month-end looms.
Looking into next week, there’s still time for the analysts to pick over the detail of the European package.
There are certainly some potential pitfalls here, so again at first glance it’s surprising how much the show of unity is left counting for.
We’ve also got the US Non Farm Payrolls expected, and after the run of mixed US economic data that we’ve seen in the last few weeks, some meaningful direction here would no doubt be welcome.
Earnings news is set to remain upbeat as well, with a raft of high-profile British companies due to release numbers, but it’s difficult to escape that big macroeconomic story.
We may have turned another page but it’s difficult to think we’re getting much closer to the end of the book.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
Shares, where to find free charts, live pricing, how to trade etc >> Shares 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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'Spread Trading Markets Tumble on Greek Bailout Referendum Decision' edited by AG, updated 01-Nov-11
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