RBS Weakens on Suggestion of Distributing Shares to the Public
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UK Market Comment, 23 June 2011
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the close the FTSE is nursing triple digit losses.
It is difficult to know where to start on a day like today, as the bad news continued to bludgeon already punch-drunk investors. After Fed chairman Ben Bernanke’s speech on Wednesday fanned the flames of worry about medium-term prospects for the US economy,
ECB President Trichet’s comments this morning about the risk to financial stability in the Eurozone have kept equities in a steep nose dive all day long.
Banks have been some of the bigger losers in London today, although the market does not appear to be taking too seriously the idea of distributing free shares in RBS and Lloyds to the UK public.
We shouldn’t be too surprised by the weakness seen once again today, it has been a pattern played out now since early May. European sovereign debt continues to hang over sentiment, but the daily economic news is doing little to counter balance this with today, for example, seeing a higher-than-expected increase in US jobless claims.
Earlier this week, when the FTSE was trading at these levels, sentiment did shift and buyers were stepping in.
If the major indices move to fresh lows for the year once again over the next couple of days, it could well tempt more to throw in the towel for a poor performance so far this year for stocks, particularly with the economic backdrop doing little to encourage optimism at the moment.
How and where to spread bet on:
RBS, where to find free charts, live pricing, how to trade etc >> RBS Spread Betting
Lloyds, where to find free charts, live pricing, how to trade etc >> Lloyds 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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UK Market Comment, 22 June 2011
Closing comments from Ben Critchley, Sales Trader, IG Index:
After an unsettled morning, London equities are now nudging their way higher as we approach the close.
The early part of the day’s trade was overshadowed by an air of collective relief that the Greek confidence vote had come in as expected
However, this is clearly just the start of a rather long and uncertain route that still cannot guarantee we won’t see a developed nation defaulting on its sovereign debt.
With little in the way of surprises on the economic agenda, it was down to matters like the dovish tone at the Bank of England to drive the pound lower, but it’s worth noting that the banks are still dragging on the performance of the London index as a whole.
Market rumour mid-afternoon over a possible nuclear incident in France saw the local energy companies move lower, but with nothing to substantiate the claims, and a denial from EDF, the bulk of these losses were rather short lived.
Rising commodities prices are going to have the potential to help the mining and oil stocks, while in the coming hours attention will shift to the central banks.
ECB and BoE chiefs speak at the European systemic risk board, something which is certainly front of mind right now, and the latest FOMC rate verdict and press conference will also give some valuable insight as to the pace of recovery in the US.
Anything that talks up tighter monetary policy towards the end of the year should bring with it a positive connotation, but with risk appetite likely to remain somewhat lacking, any cheer here could still be somewhat limited.
How and where to spread bet on:
EDF, where to find free charts, live pricing, how to trade etc >> EDF Spread Betting
Commodities, where to find free charts, live pricing, how to trade etc >> Commodities 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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'RBS Weakens on Suggestion of Distributing Shares to the Public' edited by AG, updated 23-Jun-11
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