Spread Trading UK 20-21 July 2010
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UK Market Comment, 21 July 2010
Closing comments from Yusuf Heusen, Senior Sales Trader, IG Index:
Heading into the final hour of trading, the FTSE 100 is up 1.33% to 5207.66, pushed higher by miners, banks and oil.
It was miners who dominated the upper echelons of the index today, with Kazakhmys, Antofagasta and Xstrata all adding 5% to 6.7% thanks to improved metal prices.
BHP Billiton wasn’t too far behind, up 2.5% as it reported a 16% increase in quarterly iron ore output.
After announcing last night that US firm Apache Corporation had agreed to buy $7 billion worth of its assets, and with rumours circulating that CEO Tony Hayward would be resigning in October, BP gained 3.3%. This came as investors grew in confidence about the prospects of the company rebuilding its battered reputation.
Banks also fared well, with Barclays (up 2.2%) the sector’s leading performer.
Across the pond, US earnings season is still in full swing and some big-hitters stepped up to bat before the Wall Street open, with Coca Cola reporting a net income jump of 16% and Morgan Stanley beating expectations with a second-quarter net income of $1.96 billion.
Apple also announced better-than-expected results yesterday, so today all eyes will be on fellow cool Californian techie Google when it reveals numbers after the close.
Ben Bernanke’s bi-annual speech to Congress will also be scrutinised closely for clues to the Fed’s next move.
How and where to spread bet on:
Google, where to find free charts, live pricing, how to trade etc >> Google Spread Betting
Coca Cola, where to find free charts, live pricing, how to trade etc >> Coca Cola 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,
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IG Index review.
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UK Market Comment, 20 July 2010
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the last hour of trading the FTSE remains negative for the day after disappointing corporate news in London and New York.
Trading got off to a muted start today after disappointing numbers from IBM after the bell in New York on Monday.
The mood has not improved as the day has gone on with investors hit with reminders that business recovery across all sectors is going to have few bumps along the way at the very least.
Cable & Wireless Worldwide revealed a profit warning as a result of the new UK government’s austerity plans hitting its public sector business. The shares were down by around 16%, trading at levels last seen in May.
Back then, the price was bringing the value buyers out but with some tough times ahead for the public sector the current share price may not have the same effect as investors take a more cautious view.
The gloom from US earnings continued today when the latest numbers from Goldman Sachs were worse than anticipated.
This has left the Dow Jones index flirting with the 10,000 mark and we now seem to have a market that lacks conviction in the short term.
We shouldn’t be surprised to see more nervous trading as the week goes on with plenty more data due out from both UK and US companies.
Investors are just not seeing any reassurance of stability in growth in the medium term at the moment.
How and where to spread bet on:
Goldman Sachs, where to find free charts, live pricing, how to trade etc >> Goldman Sachs Spread Betting
Cable & Wireless, where to find free charts, live pricing, how to trade etc >> Cable & Wireless 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 20-21 July 2010' edited by AG, updated 21-Jul-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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