Indices Rise as Wall Street Chief's Ask White House to Avoid Default
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UK Market Comment, 28 July 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
It’s another day closer to 2 August, with markets putting up a better fight today.
Despite experiencing a subdued performance for much of the day, the FTSE 100 headed into positive territory just before the close. Support has come from an unlikely place as the banking sector benefits from some short term bargain hunting.
However, it would not be a surprise for this to change should the US default become a reality next week. US markets have taken their eye slightly off the debt issue and are taking solace in the first sub-400K weekly jobless claims number since April.
Equity markets have walked back from the edge of the cliff after yesterday's opening of the floodgate, but we are definitely entering unknown territory here. This is clearly playing on investors' minds as nobody is quite sure how big a deal the effect of a US default will be.
One thing we learned today is that the yield on ten year UK debt is now lower than the US equivalent, and that the yield of the Italian 10 year bond has jumped to a risky 5.77%. These changes in bond yields have not gone unnoticed around the world, and the thought of US contagion is not out of the question.
The widespread circulation of an open letter from some of Wall Street's biggest chiefs to the White House asking them to avoid a default at all costs would suggest things are much more serious than the market is letting on.
How and where to spread bet on:
FTSE 100, where to find free charts, live pricing, how to trade etc >> FTSE 100 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.
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UK Market Comment, 27 July 2011
Closing comments from Will Hedden, Sales Trader, IG Index:
Events in the US continue to steer the rudder of market focus and London's equities have suffered as a result.
Crisis...deadlock...stalemate...at loggerheads. We are running out of words to describe the situation in Washington.
Markets in Europe are down over 1%, with the benchmark S&P 500 index giving away 0.8%.
The extra selling that has materialised this afternoon has not been helped by Fitch stating it sees short term volatility as a result of a US credit rating downgrade.
The world's main safe havens, what should be perhaps named the "risk-off basket", Gold, Swiss Franc and the Yen, are all having another bumper afternoon.
Autonomy (+3.86%) are the stand out blue chip again today, but it is the banks that continue to be the biggest drag.
24% of today's FTSE 100 fall can be attributed to the five banks that reside in the leading index.
In fact there was very little cheer at all today, the market will be looking for some help from earnings tomorrow, with BT, BAE Systems and AstraZeneca all expected.
Otherwise the downside remains in focus, as today's close at 5856 is on the edge of support, and a run down to July lows at 5750 could be on the cards.
How and where to spread bet on:
Gold, where to find free charts, live pricing, how to trade etc >> Gold Spread Betting
S&P 500, where to find free charts, live pricing, how to trade etc >> S&P 500 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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'Indices Rise as Wall Street Chief's Ask White House to Avoid Default' edited by AG, updated 28-Jul-11
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