UK Spread Betting Markets Drop as GlaxoSmithKline Results Disappoint
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UK Market Comment, 7 February 2012
Closing comments from Chris Beauchamp, Market Analyst, IG Index:
After a choppy day, the FTSE looks set to finish the session around 7 points lower, as Greek worries continue to weigh.
Yesterday, markets were breezily confident in their belief that a Greek deal would soon be on its way.
Today however, that confidence has been replaced by nerves, exacerbated by Eurozone leaders and officials.
Some have begun saying that, contrary to all their apocalyptic predictions of the past two years, the Eurozone could actually rub along quite well without Greece, and that the departure of this nation would not be such a bad thing after all.
This sounds awfully like a desperate attempt to play down the consequences of such an event, and investors seem to know it.
Despite all this however, markets still refuse to go much lower, even with comments from China about slowing industrial production, something that has taken a hefty chunk out of the mining sector today.
Markets dropped sharply around midday following news that pharma giant GlaxoSmithKline had missed consensus earnings expectations in its latest update.
But it recovered some of its ground as the Fed chairman began speaking to US lawmakers.
Even though he has merely reiterated most of last week’s comments, the cautiously positive tone of his remarks have helped to assuage jittery markets today.
However, these warm words might not help too much if Greece doesn’t make any progress in the next few days. Thursday is the next deadline, but few expect it to be kept.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
GlaxoSmithKline, where to find free charts, live pricing, how to trade etc >> GlaxoSmithKline 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 February 2012
Closing comments from Yusuf Heusen, Sales Trader, IG Index:
The FTSE has awoken from its slumber this morning and looks set to end the day around 15 points higher.
Markets have shaken off their Thursday morning torpor and have pushed into positive territory, helped by a decent reading on weekly US jobless claims and testimony from Fed chairman Ben Bernanke.
367,000 Americans claimed benefits last week, a lower than forecast figure, helping to keep investors broadly upbeat ahead of tomorrow's key Non Farm Payrolls figures.
Meanwhile, Ben Bernanke said that the US economy was showing signs of decent growth. He added that the future remained uncertain, evidently he's misplaced his crystal ball, and that the current debt path of the US government was unsustainable.
Taken with the improvement in US manufacturing seen yesterday, his comments will provide more succour for the bulls, although there continue to be those out there that believe that this market is simply going through yet another 'short squeeze'.
In London, miners continued to dominate the leaderboard following news of talks between Xstrata and Glencore. Xstrata itself has leapt 10%, with Vedanta and Anglo American following on behind with gains of 5% and 4% respectively.
This market continues to show remarkable resilience, making gains despite the absence of a Greek deal. Much now rests on the Non Farms tomorrow, perhaps the most important data point in the month.
How and where to spread bet on:
Xstrata, where to find free charts, live pricing, how to trade etc >> Xstrata Spread Betting
Glencore, where to find free charts, live pricing, how to trade etc >> Glencore 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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'UK Spread Betting Markets Drop as GlaxoSmithKline Results Disappoint' edited by AG, updated 07-Feb-12
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