UK Shares Spread Betting Markets Close Lower on Greek Default Fears
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The regular trading review of the main UK, US and European markets, plus a quick look at the commodities and forex markets.
For today's report see Financial Trading Review.
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ETX Capital
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Financial Trading Review - 21 June 2011
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UK Trading Review
UK shares spread betting markets closed lower yesterday, amid persisting fears of a Greek debt default, after European Finance Ministers postponed a decision on paying Greece the next payment of a bailout package, citing the need for more tough austerity measures.
Banks, Royal Bank of Scotland Group, Lloyds Banking Group and Barclays, lost between 1.8% and 4.4%, as risk aversion increased among investors.
Miners, BHP Billiton, Antofagasta and Kazakhmys, declined between 0.2% and 1.1%, as base metal prices retreated.
Oil producers, Essar Energy, Cairn Energy and Tullow Oil, fell between 1.4% and 1.7%, as oil prices slipped to an intraday low of $91.14 per barrel.
FTSE 100 dropped 0.4% or 21.6 points to 5,693.4. FTSE 250 slipped 1.1% or 123.9 points to 11,537.8.
European Trading Review
European markets ended lower yesterday, amid concerns about Eurozone debt, after the European Finance Ministers delayed a decision to release further aid for Greece.
Banks, Commerzbank and BNP Paribas dropped 1.2% and 0.9% respectively, amid fears that Greece might default on its payments.
UniCredit fell 2.2%, after Moody’s Investors Service stated that it might downgrade Italy’s credit rating, citing economic growth challenges and a likely rise in interest rates.
Banca Popolare di Milano dropped 7.4%, after Banca Popolare dell’Emilia Romagna indicated that it was not planning a venture with the bank.
Among utilities, Gamesa Corp Tecnologica slumped 7.1%, after ING recommended selling the stock.
FTSEurofirst 300 index fell 0.5% to close at 1,081.2. German DAX Xetra 30 slipped 0.2% or 13.8 points to 7,150.2. French CAC-40 declined 0.6% or 24.1 points to settle at 3,799.7.
US Trading Review
US markets closed higher yesterday, as worries over Greece’s debt crisis eased.
Industrial stock, Caterpillar rose 2.3% and emerged as the top gainer in the DJIA index, after it reported a 52.0% rise in its three-month sales.
The stock also rose, as Raymond James & Associates upgraded the stock to “Strong Buy” from “Outperform.”
Retailer, Wal-Mart rose 0.4%, after US Supreme Court ruled in favour of the company in a sex-discrimination class-action lawsuit.
J.C. Penney added 2.6%, as it announced the timeline for a change in its CEO slot.
Automaker, Ford advanced 1.3%, as it announced investment of $1 billion to overhaul its struggling Lincoln brand.
Coal stocks, Consol Energy, Peabody Energy and Patriot Coal posted gains between 0.5% and 1.8%, as Goldman Sachs upgraded the stocks, amid rising oil prices.
DJIA edged up 0.6% or 76.0 points to 12,080.4. NASDAQ added 0.5% or 13.2 points to close at 2,629.7. S&P 500 advanced 0.5% or 6.9 points to settle at 1,278.4.
Forex Trading Review
At 0400 BST on the FX spread betting markets today, the GBP is trading 0.1% lower against the USD at $1.6218, 0.1% higher against the EUR at €1.1314 and 0.1% lower against the JPY at ¥130.01.
The EUR is trading 0.2% lower against the USD at $1.4334. The currency is trading 0.2% lower against the JPY at ¥114.91.
The USD is trading lower against the JPY, amid speculation of a fall in US existing home sales in May.
The AUD is trading higher against the USD, after the minutes of this month’s Reserve Bank of Australia’s meeting revealed that policymakers remained concerned that Europe’s debt crisis would worsen, and added that they were “prudent” to keep interest rates unchanged.
The TWD is trading higher against the USD, as Taiwan’s Ministry of Economic Affairs reported that orders for overseas shipments climbed 11.5% in May from a year earlier, compared to a 10.1% gain in April.
Yesterday, the GBP rose against the USD, as deadlock over releasing a loan payment to Greece prompted investors to purchase UK assets. The currency also rose, as Rightmove stated that average prices in London rose 1.8% in June from May to £438,622.
The EUR gained against the USD, as fears of Greek debt default eased.
Commodities Trading Review
In Asia, crude oil for July delivery is trading 39 cents higher at $93.65 per barrel.
Yesterday, crude oil for July delivery closed 25 cents higher at $93.26 per barrel, as the dollar gave back its gains against the euro, increasing the demand for the commodities as an alternative investment. However, concerns about Greece debt kept the gains in check.
Gold for immediate delivery is trading marginally lower today, at $1540.45 per ounce.
Gold prices for August delivery rose 0.2% or $2.90 to $1,542.00 per ounce yesterday, as a delay in negotiations for a Greek bailout increased the demand for the precious metal as a safe haven asset.
Financial Trading News
For more daily views, news and analysis of the markets also see:
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The above comments do not constitute investment advice and neither ETX Capital nor Clean Financial accept any responsibility for any use that may be made of them. Any prices or data are indicative and subject to change without notice; its accuracy is not guaranteed and should not be relied on.
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Risk Warning: Financial spread bets and CFDs are leveraged products and it is possible for losses to exceed deposits. Financial spread betting and CFD trading are not suitable for everyone so please seek advice if you do not understand the risks.
Article provided / approved by ETX Capital which is the trading name of Monecor (London) Limited, company number 00851820. Monecor (London) Ltd is authorised and regulated by the Financial Services Authority, registration number 124721.
'UK Shares Spread Betting Markets Close Lower on Greek Default Fears' edited by ETX Capital, updated 21-Jun-11
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