Stock Market Indices Struggle on Downgrade to Chinese Growth Targets
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UK Market Comment, 5 March 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
The FTSE remains on the back foot in afternoon trading, down around 30 points in the first session of what is likely to be a quiet week.
Conflicting data from various sources has conspired to keep stock market indices on edge this afternoon, as traders attempt to weigh up the latest round of information on the global economy.
UK services sector figures were worse than expected, but US factory orders and an index of non-manufacturing industries were both ahead of forecasts.
Overriding all this was the downgrade of growth expectations by China, and markets have been unable to find anything capable of outweighing this particular news item.
Still, China's awareness of its slowing growth means it is perhaps less likely to be caught out by a sudden slowdown.
Overall it feels as if the market will continue to mark time ahead of Friday's Non Farm numbers. Everything else will provide only a fleeting distraction that will be easily forgotten as traders continue to weigh their options in advance of the figures.
For now, as has been the case for the past two weeks, markets continue to cling on to the 2012 rally.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
Stock Market Indices, where to find free charts, live pricing, how to trade etc >> Stock Market Indices 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
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UK Market Comment, 2 March 2012
Closing comments from Will Hedden, Sales Trader, IG Index:
The FTSE 100 looks set to end the day firmly within its 40-point trading range, finishing the week on a very quiet note.
It seems that most of the City has opted for an early finish this week, with an almost palpable sense of tedium pervading markets.
Bereft of real economic and corporate news, stock markets are directionless and the stand-off between bulls and bears has degenerated into trench warfare just above the 5900 level.
However, on the currency spread betting markets there has been far more movement, as a late flight to the dollar develops, causing heavy losses for both sterling and the euro.
Perhaps the most interesting development of the day has been Spain's decision to thumb its nose at Brussels and issue its own deficit targets. These aim for a higher ratio of debt to GDP than that prescribed by the mandarins at the EU Commission.
Reactions have been concentrated mainly in the bond markets, where Italian debt has closed at a lower level than its Iberian cousin for the first time in six months.
Looking to next week, there will be a couple of days of relative calm before important newsflow starts.
The coming week sees central bank meetings in Australia, Britain and Europe, while the latter half of the week will be dominated by US Non Farm Payrolls speculation.
Traders have been left kicking their heels of late as they wait for market-moving catalysts, but next week should provide plenty of excitement.
How and where to spread bet on:
Euro - Dollar, where to find free charts, live pricing, how to trade etc >> Euro - Dollar Spread Betting
Sterling - Dollar, where to find free charts, live pricing, how to trade etc >> Sterling - Dollar 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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'Stock Market Indices Struggle on Downgrade to Chinese Growth Targets' edited by AG, updated 05-Mar-12
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Daily Closing Market Comments Index
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