UK 100 Stock Market Index Weakens as German Data Slips
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Betting 23 November 2011
This morning we are seeing further weakness for the UK 100 stock market index as Asian indices traded lower despite the US containing losses.
Later on, we also have more PMI data due for release from Germany and the EU.
Europe's biggest economy, Germany, is no longer immune to the doom and gloom spelt out above and their services and manufacturing sectors are going into decline.
In particular, the manufacturing figure is sitting below the 50 level and set to get lower still.
Services are expected to remain above the 50 level, however don't be surprised if we see this number dip below too.
The EU number doesn't look any better with new orders continuing their decline and exports suffering. All in all not a pretty picture for the Eurozone.
Also today we have the release of the Bank of England minutes where the spread betting markets will want to see what the chances are of further QE. High is the basic answer.
Then US data comes in the form of durable goods, personal income and spending, the weekly initial jobless claims, a day early ahead of Thanksgiving tomorrow, and then we end up with Michigan confidence. No shortage of data before the North Americans go on holiday then.
The risk aversion continues to depress the euro which is hovering around its recent lows. EUR/USD is at $1.3450 at the time of writing and traders will be focusing on the PMI numbers from Germany and the EU.
Short term things still look negative from a technical point of view and support is seen at $1.3425/00 and resistance at $1.3540, $1.3615.
Gold has done well to attract some buyers back having dipped below $1700 yesterday.
Yesterday saw considerable weakness in the precious metal as it reached a low of around $1665, but overnight the Asians helped to push it back above $1700 and this morning we're at $1702.
Things have also turned negative from a commodities analysis point of view for the yellow brick as rallies don't last long. We can't rule out another test of the 200 day moving average which currently sits around $1600.
The above comments do not constitute investment advice and neither Financial Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'UK 100 Stock Market Index Weakens as German Data Slips' edited by SD, updated 23-Nov-11
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