UK Stock Market Indices Advance Despite Spanish Banking Concerns
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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 - 29 May 2012
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UK Trading Review
UK markets advanced yesterday, as results of Greek opinion polls eased concerns over its exit from the Euro-bloc. However, continued worries over the health of Spanish banking system weighed on market sentiment.
BHP Billiton, Antofagasta and Rio Tinto rose between 0.8% and 2.2%, tracking higher copper prices and as Citigroup upgraded its short-term view on the copper industry from “Bearish” to “Neutral”.
Outsourcing group, Capita added 3.0%, as UBS upgraded the stock from “Neutral” to “Buy”, while Aggreko inched up 0.8%, following a broker upgrade on the stock from “Sell” to “Add”.
Aero-engine maker, Rolls Royce added 1.0%, amid news that its contract worth £100 million had been extended by the Royal Air Force. Packaging major, Rexam climbed 2.1%, as the company moved a step closer to a deal for the sale of its personal-care unit.
FTSE 100 edged up 0.1% to close at 5,356.3, while FTSE 250 ticked up 0.9% to settle at 10,515.3.
European Trading Review
European spread trading markets slid yesterday, as early gains following Greek opinion polls that showed support for pro-austerity parties were erased on continued concerns about Spanish banking sector.
Bankia tumbled 13.4%, as UBS downgraded the stock to “Sell” from “Neutral”, while Nomura and JP Morgan Cazenove trimmed their price targets on the stock, after the company, late Friday, asked the government for €19 billion of state funds.
Among other financial stocks, Banco Popular and Bankinter, sank 4.3% and 7.5%, respectively, after S&P’s Ratings Services cut the debt rating of these companies to “Junk” status on Friday.
Utilities, EON and RWE dropped 1.8% and 2.5%, respectively, following report that the German Environment Minister would push forward the country’s switch away from nuclear energy. Total eased 0.3%, despite a rise in crude oil prices.
FTSEurofirst 300 index eased 0.1% to 984.0. German DAX Xetra 30 declined 0.3% to 6,323.2. French CAC-40 closed 0.2% lower at 3,043.0.
US Trading Review
US markets were closed yesterday on account of a public holiday.
Forex Trading Review
At 0400 BST today, the GBP is trading marginally higher against the USD at $1.5673, 0.1% lower against the EUR at €1.2506, 0.1% lower against the JPY at ¥124.51.
The EUR is trading 0.1% higher against the USD at $1.2533.
The EUR is trading 0.1% lower against the JPY at ¥99.56.
The AUD and NZD are trading lower, amid fears that Eurozone problems would hurt the region’s economic growth, lowering the demand for high-yielding assets.
The AUD is also trading lower against most of its major peers, amid speculation that Eurozone data due to be released might show consumer confidence remained weak in May and jobless rate rose in April.
Elsewhere in forex spread betting, the EUR is trading lower against the JPY, as Italy sells €3.5 billion of five-year notes and €2.75 billion of 10-year debt tomorrow and ahead of key economic data from the Eurozone this week.
Yesterday, the EUR closed higher against the USD and CHF, after Greek polls showed support for pro- bailout parties, easing concerns that Greece might the exit from the Euro- bloc.
The JPY ended higher against the USD, after a report showed that average monthly household spending in Japan rose 2.6% to ¥301,948 in April on an annual basis.
Moreover, it was helped by minutes of the Bank of Japan’s meeting held on 27 April which dampened speculation that officials would increase monetary easing to achieve a 1% inflation goal.
The GBP finished lower against most of its major peers, amid speculation that UK reports this week would show consumer confidence worsened in May and manufacturing shrank.
Commodities Trading Review
In Asia, crude oil for July delivery is trading 0.6% or $0.51 higher at $91.17 per barrel.
Yesterday, crude oil for July delivery rose 0.3% or 28 cents to $91.14 per barrel in electronic trading on the New York Mercantile Exchange, as talks over Iran’s nuclear program faltered, increasing concerns about Middle East oil supply.
Crude oil also traded higher after Greek opinion polls showed support for a pro-austerity government in Greece. Floor trading was closed yesterday on account of the US Memorial Day holiday.
Gold for immediate delivery is trading marginally lower today, at $1,574.46 per ounce.
Gold for June delivery rose $4.10 or 0.3%, to $1,573 per ounce in electronic trading yesterday, as the dollar depreciated against the euro, increasing the demand for the yellow metal as an alternative investment.
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 Stock Market Indices Advance Despite Spanish Banking Concerns' edited by ETX Capital, updated 29-May-12
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