Spread Trading UK 13-16 August 2010
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UK Market Comment, 16 August 2010
Closing comments from Yusuf Heusen, Senior Sales Trader, IG Index:
Heading towards the close, UK equities are finding some support after an opening rally on Wall Street.
It had been another relatively quiet session for UK equities and aside from the Vedanta/Cairn India deal there was little around on the local agenda to provide much meaningful direction, with traders trimming positions as a result.
Instead attention was once again focusing on global macroeconomic factors and the risk of a double-dip recession.
Japan's economy has now been eclipsed by that of China and the US Empire manufacturing index for August has fallen short of expectations too, but the ECB has certainly been vociferous in suggesting they will avoid another bout of contraction.
That aside, the prospect of low yields continuing for some time yet seems to have spurred a new wave of buying, especially across the Atlantic.
US earnings data will be focusing on the retailers this week, while tomorrow's UK inflation data, Eurozone ZEW survey and US PPI readings will all add a bit more colour back into the market.
However, there is no escaping the fact that we're bang in the middle of August and so, with half the City on holiday, it could still end up being a somewhat lethargic week ahead.
How and where to spread bet on:
Vedanta, where to find free charts, live pricing, how to trade etc >> Vedanta 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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UK Market Comment, 13 August 2010
Closing comments from Will Hedden, Sales Trader, IG Index:
Approaching the close the FTSE is back in positive territory, but all told it's been a relatively uneventful session in London.
Some positive corporate news, insurers up on bid speculation and the big travel companies finding support off broker upgrades, essentially dominated in London this morning. However, it's been a case of all eyes on the US in recent hours as traders awaited further guidance over the health of the economy.
Retail sales figures fell short of expectations, despite the higher gasoline prices that had been seen during July, and although the Michigan consumer confidence reading posted some improvement it's not exactly resulting in a sustained wave of buying on this side of the Atlantic.
London is holding on to some very marginal gains, whilst Paris and Frankfurt are sliding as the ECB squares up to a dilemma over the outlook after some bumper GDP readings from core economies earlier in the day.
Looking into next week, the UK corporate calendar is set to remain relatively quiet although the likes of interims from ENRC should add some direction for the sector in what otherwise could be lacklustre trade.
UK inflation readings on Tuesday, followed by retail sales and public sector borrowing on Thursday, will also have the potential to add momentum, but right now we're in the dog days of August and meaningful direction could be difficult to come by.
I would suggest that it seems more likely we’ll see traders closing out their positions over the uncertain economic outlook.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE 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.
|
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 Trading UK 13-16 August 2010' edited by AG, updated 16-Aug-10
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Daily Closing Market Comments Index
Index of UK financial market trading articles - the regular closing market comments from IG Index...see Index.
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