UK Shares Spread Betting Markets Rally on German Investor Confidence
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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 - 18 April 2012
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UK Trading Review
UK markets rallied yesterday, after data showed that German investor confidence rose for the fifth month in a row in April and as a healthy demand for Spanish bonds eased investor concern over the European debt crisis.
Further, the IMF raised its outlook for global economic growth in 2012 and 2013, boosting investors’ sentiment.
Barclays, Royal Bank of Scotland and Lloyds Banking Group surged between 3.8% and 4.6%, following the results of the bond auction and after Morgan Stanley issued a bullish note on the UK banking sector.
Miners, Antofagasta, Xstrata and Anglo American rallied between 2.7% and 5.0%, as metal prices rebounded on improved economic prospects.
ITV surged 3.9%, as Exane BNP Paribas raised its rating on the stock from “Neutral” to “Outperform”.
FTSE 100 surged 1.8% to close at 5,767.0, while FTSE 250 soared 1.5% to end at 11,426.3.
European Trading Review
European financial spread betting markets finished sharply higher yesterday, after Spain sold more debt than anticipated at an auction and German investor confidence unexpectedly advanced in April.
Carmaker, Daimler gained 3.1%, after the company denied interest in acquiring Ducati Motor Holding from Invest industrial.
Financial stocks, Deutsche Bank, Banco Popolare and BNP Paribas soared between 3.5% and 9.3%, a strong Spanish bond auction eased worries about the Eurozone debt crisis.
Carrefour rose 4.5%, after ING upgraded the stock to “Hold” from “Sell”.
Saint-Gobain rallied 6.4%, after Credit Suisse upgraded it to “Outperform” from “Neutral”.
Danone climbed 2.9%, after the company’s first-quarter sales surpassed market expectations.
Aker Solutions surged 7.4%, after the company bagged a $1.9 billion rig contract from Statoil.
FTSEurofirst 300 index rose 2.0% to end at 1,053.1.
German DAX Xetra 30 gained 2.7% to 6,801.2. French CAC-40 finished 2.7% higher at 3, 292.5.
US Trading Review
US markets rallied yesterday, as higher global growth forecasts from the IMF, successful Spanish bond auctions and a rise in German investor confidence in April, outweighed disappointing data on US housing starts and factory output in March.
Coca-Cola rallied 2.1%, after its first-quarter earnings and revenue exceeded market expectations.
Citigroup gained 3.2%, after Meredith Whitney Advisory Group upgraded its rating on the stock to “Hold” from “Underperform”.
Clean-energy provider, First Solar surged 10.3%, after the company announced that it would cut about 30% of its work force.
Apple surged 5.1%, amid optimism that sales of iPhone and iPad would exceed estimates when the company delivers quarterly results next week.
Johnson & Johnson added 0.4%, as it posted higher first-quarter earnings.
DJIA gained 1.5% to close at 13,115.5.
NASDAQ surged 1.8% to settle at 3,042.8. S&P 500 soared 1.5% to finish at 1,390.8.
Forex Trading Review
At 0400 BST today, the GBP is trading 0.1% lower against the USD at $1.5920, 0.1% higher against the EUR at €1.2142, and 0.3% higher against the JPY at ¥129.57.
The Bank of England would publish today the minutes of its April 5 meeting, when officials maintained its quantitative-easing program at £325 billion.
The EUR is trading 0.2% lower against the USD at $1.3111.
The EUR is trading 0.2% higher against the JPY at ¥106.71.
The AUD and the NZD are trading higher against most of their major peers, as Asian equity markets traded higher.
However, gains in the NZD were limited, amid speculation that a report this week would show consumer price inflation remained within the Reserve Bank of New Zealand’s target of 1.0% to 3.0%.
The JPY is trading lower against most of its major peers, amid speculation that a US data due to be released might show fewer people registered for jobless benefits in the week ended April 14.
Yesterday, the EUR closed higher against the USD, as an unexpected increase in German consumer confidence, positive results of a Spanish bond auction and a boost in global growth forecasts by the IMF, spurred the purchase of the Eurozone currency.
The GBP closed higher against the USD, after reports showed that UK consumer prices climbed 3.5% in March from a year earlier and house prices rose in February.
The JPY closed lower against the USD, after data showed that Japan’s industrial production declined in February.
Commodities Trading Review
In Asia, crude oil for May delivery is trading 0.18% or $0.19 higher at $104.39 per barrel.
Yesterday, crude oil for May delivery added 1.2% or $1.27 to $104.20 per barrel, amid expectation of increase in future energy demand. This came after the IMF raised its global growth forecast for the first time in more than a year, German investor confidence rose in April and a successful Spanish bond sale.
However gains were limited, after the American Petroleum Institute reported that US crude oil supplies rose 3.41 million barrels to 369.3 million last week.
Gold for immediate delivery is trading marginally higher today, at $1,651.14 per ounce.
Gold for June delivery advanced 0.1% or $1.40 to $1,651.10 per ounce yesterday, as the euro climbed against the dollar, after a successful Spanish debt auction eased fears about the Eurozone debt crisis.
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 Rally on German Investor Confidence' edited by ETX Capital, updated 18-Apr-12
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