UK Spread Betting Markets Slip as Spain Cuts Growth Forecasts
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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 - 23 July 2012
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UK Trading Review
UK markets closed lower on Friday, amid renewed concern about Spain’s debt problems, after the country cut its growth forecast and as the region of Valencia sought an emergency loan fund.
Banking sector stocks, Royal Bank of Scotland, Barclays, HSBC and Lloyds Banking Group plunged between 1.0% and 3.6%, amid concern Spain’s debt crisis is worsening.
Evraz fell 6.4%, after its US peer, Nucor posted weaker than expected earnings. Resolution slumped 5.4%, after the company cancelled plans to return £250 million to shareholders, citing economic and regulatory uncertainty.
Segro dropped 3.0%, after Bank of America downgraded its rating on the stock to “Neutral” from “Buy”.
Vodafone declined 1.7%, after it posted a weaker-than-expected slump in its quarterly revenue.
London Stock Exchange Group eased 1.6%, after Singapore Exchange denied being in talks to acquire the company.
FTSE 100 fell 1.1 %, to settle at 5,651.8. FTSE 250 eased 0.7%, to close at 11,168.9.
European Trading Review
European markets closed lower on Friday, as rising concern over the impact of the banking sector bailout on public debt in Spain pushed Spanish 10-year government bond yields to euro-era highs.
Banks, BBVA, Banco Santander and Intesa Sanpaolo plunged between 6.5% and 7.8% respectively, after the region of Valencia stated that it would apply to the government for help.
Nokia slipped 7.4%, after Fitch Ratings cut the company’s debt rating by two notches as the company’s second-quarter loss widened.
Utility stocks, RWE and Electricite de France dropped 6.0% and 5.7% respectively, after UBS downgraded its rating on both the stocks to “Sell” from ”Neutral”.
Industrial and branded goods company, Orkla shed 3.8%, after the company reported weaker-than-anticipated second-quarter earnings.
FTSEurofirst 300 index shed 1.5% to 1,049.0. German DAX Xetra 30 declined 1.9% to 6,630.0. French CAC-40 closed 2.1% lower at 3,193.9.
US Trading Review
US markets slid on Friday, snapping a three-day winning streak, amid mounting concerns about Spain’s ability to control its debt problems and after a mixed bag of corporate earnings reports soured market sentiment.
Also in shares spread betting, Microsoft fell 1.8%, as it posted its first quarterly loss in its 26 years as a public company.
Freescale Semiconductor dropped 6.5%, after its third-quarter revenue forecast missed market expectations, while Advanced Micro Devices slipped 13.2%, after reporting dismal second-quarter results and forecast third-quarter revenue below market expectations.
Chipotle Mexican Grill tumbled 21.5%, after it posted lower than expected revenue for second-quarter.
Financials, JPMorgan Chase, Bank of America, Citigroup and Morgan Stanley declined between 1.6% and 3.6%, as risk appetite decreased amongst investors.
DJIA fell 0.9% to settle at 12,822.6. NASDAQ tumbled 1.4% to close at 2,925.3. S&P 500 slumped 1.0% to end at 1,362.7.
Forex Trading Review
At 0400 BST today, the GBP is trading 0.3% lower against the USD at $1.5576, 0.1% higher against the EUR at €1.2858, and 0.6% lower against the JPY at ¥121.80.
The EUR/USD is trading 0.4% lower at $1.2113. The EUR is trading 0.7% lower against the JPY at ¥94.71.
The EUR is trading lower against its peers, amid renewed concern over Eurozone debt crisis, and ahead of report which is expected to show that consumer confidence in the Eurozone fell to three-year low in July.
The USD is trading higher against its major counterparts, as demand for safe haven increased.
However, gains in the USD were limited, ahead of data due this week which is expected to show US economic growth slowed in the second quarter, spurring speculation that the US Federal Reserve would ease monetary policy further.
On Friday, the EUR ended lower against its major peers, after Spain's Valencia region stated that it would seek central government help to repay its debts, intensifying speculation that Spain might not be able to avoid a full-scale international bailout.
However, the euro found little support, after euro-zone Finance Ministers formally backed an agreement to provide funding up to €100 billion to Spain.
The CAD ended lower against the USD, after a report revealed that on monthly basis, Canadian consumer prices fell more-than-expected in June.
Commodities Trading Review
In Asia, crude oil for September delivery is trading 1.4% or $1.32 lower at $90.51 per barrel.
On Friday, crude oil for August delivery dropped 1.3% or $1.22 to $91.44 per barrel, snapping its winning streak of seven consecutive sessions.
This came amid concerns about supply disruption from the Middle East eased and as the euro traded lower against the dollar, as well as escalating concerns that an aid package for Spain’s ailing banking system would not stem the region’s financial crisis.
Gold for immediate delivery is trading 0.3% lower today, at $1,579.10 per ounce.
Gold for August delivery settled up 0.2% or $2.40 at $1,582.80 per ounce on Friday, as investors’ mounting concerns about the pace of the economic recovery spurred investment in the precious metal as a safe haven.
Gains were capped however, as the dollar traded higher against the euro.
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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'UK Spread Betting Markets Slip as Spain Cuts Growth Forecasts' edited by ETX Capital, updated 23-Jul-12
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