Spread Trading UK 7-8 October 2009
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UK Market Comment, 8 October 2009
Closing comments from David Jones, Chief Market Strategist, IG Index:
Heading into the close, UK shares look set to finish positive for another day.
The FTSE 100 looks set to finish up, although significantly off earlier highs. Once again the mining sector has dragged the market higher with numbers from Vedanta showing production was at maximum capacity over recent months.
The Bank of England kept rates on hold, so no surprise there – but markets are less than clear as to which way quantitative easing may be headed in the months to come.
With some members of the Monetary Policy Committee concerned that the most recent economic strength could just be something of a “dead cat bounce”, the Bank may still feel they need to give the UK a boost.
But back to the present: markets were kept positive in the afternoon by news from the US that initial jobless claims dropped more than expected and the response was maybe not as positive as it could have been following last Friday’s worse-than-expected September payrolls data.
Overall, stock markets still remain positive and the next test for the FTSE 100 will be whether it can break through the 5200 level.
This put the brakes on momentum in the middle of September so a move through here would help to instil confidence among traders that there is more upside to come.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >>Spread Bets FTSE 100
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,
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UK Market Comment, 7 October 2009
Closing comments from Anthony Grech, Market Strategist, IG Index:
Heading toward the close the FTSE looks set to end the day lower.
Supermarket groups were the UK index’s lead balloon today. If indeed it was the upbeat economic outlook statement from the chief of Tesco and the Nationwide Building Society’s positive consumer confidence report that had helped give the markets oxygen yesterday, it only took a slow growth forecast from Sainsbury’s today to turn the valve off.
InterContinental Hotels Group and Smith & Nephew found themselves at opposite ends of the table – the former rising after receiving a broker upgrade, the latter falling on a downgrade.
Platinum miner Lonmin and oil group BP also fell after recent highs. US investors woke up today like they had the weight of the world’s gold on their shoulders with stocks slipping 30 points in early trading.
Negative sentiment is perhaps understandable as analysts and journalists mull the reasons for bullion’s rise and point to the fear of inflation and huge government debt.
The rumour of a weakened Dollar being usurped as the currency for crude oil trading has clearly spooked many too.
Long-term, investors and analysts alike will be looking out for clearer signs of growth during the new US company earnings window; Aluminium giant Alcoa Inc. will kick things off later today.
In the short-term, European investors will be looking to the interest rate decisions from the ECB and the BoE tomorrow for direction.
It’s likely that both sets of interest rates will stay the same though, so expect investor sentiment to remain changeable but defiantly bullish for now.
How and where to spread bet on:
Tesco, where to find free charts, live pricing, how to trade etc >> Tesco Spread Betting
Crude Oil, where to find free charts, live pricing, how to trade etc >> Crude Oil Trading
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 7-8 October 2009' edited by AG, updated 08-Oct-09
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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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