Upbeat Chinese Retail Sales See FTSE 100 Spread Betting Index Break Losing Streak
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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 - 28 June 2012
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UK Trading Review
UK markets rebounded yesterday, with the FTSE 100 spread betting index snapping a four-session losing streak, amid speculation that China could introduce “more proactive” policies and following upbeat domestic retail sales data.
Stocks also extended gains, as the EU accepted Cypriot and Spanish bailout requests and following robust US economic data.
Royal Dutch Shell, BP and BG Group rallied between 1.4% and 3.8%, as crude oil prices rose.
Lloyds Banking Group gained 3.5%, after the Financial Times reported the company might sell 630 branches to Co-Operative Group, while Standard Chartered rallied 3.1%, after it reiterated its double digit income growth forecast for the full year.
US-exposed firms, Wolseley and CRH jumped 3.7% and 4.2%, respectively, following better-than-expected US housing data.
FTSE 100 surged 1.4% to settle at 5,523.9, while FTSE 250 gained 0.8% to close at 10,752.0.
European Trading Review
European markets closed higher yesterday, as upbeat US economic data and mounting hopes that China would introduce additional economic stimulus to boost the nation’s economy, cheered investors.
Among financial sector stocks, UniCredit rose 4.7% as concerns about the Italian banking sector eased, while Bankia gained 6.9%, after the European Commission temporarily approved assistance from the Spanish state to BFA group and its subsidiary Bankia.
Portugal Telecom climbed 3.1%, after the company announced a €200 million share buyback plan for the fiscal years 2012 to 2014.
Chemicals industry stock, K+S rallied 5.4%, after Bank of America upgraded its ratings on the stock. Utility stock, E.ON climbed 3.3%, after HSBC upgraded the stock to “Overweight” from “Neutral”.
FTSEurofirst 300 index rose 1.4% to 1,000.1. German DAX Xetra 30 gained 1.5% to 6,229.0. French CAC-40 closed 1.7% higher at 3,063.1.
US Trading Review
US markets closed higher yesterday, as better-than-expected pending home sales and durable goods orders data buoyed market sentiment, ahead of a key two-day European Union summit meeting.
Goldman Sachs and JPMorgan Chase rallied 2.5% and 3.0%, respectively, on news that News Corp had appointed them as advisers on its plans to split into two separate companies.
Exxon Mobil added 1.0%, tracking a rise in crude oil prices. Drug-maker, Bristol-Myers Squibb added 1.7%, as it doubled the size of its share buyback programme.
Home-builder, Lennar climbed 4.8%, as its second-quarter profit soared from a year earlier, while seed company, Monsanto gained 3.9%, as it posted higher-than-expected third-quarter earnings.
Arena Pharmaceuticals surged 28.7%, as it gained FDA approval for its anti-obesity drug Locaserin.
DJIA gained 0.7% to end at 12,627.0. NASDAQ rose 0.7% to settle at 2,875.3. S&P 500 added 0.9% to close at 1,331.9.
Forex Trading Review
At 0400 BST today, the GBP is trading 0.1% higher against the USD at $1.5586, 0.1% lower against the EUR at €1.2478, and 0.2% lower against the JPY at ¥123.76.
The EUR is trading 0.2% higher against the USD at $1.2491. The EUR is trading 0.2% lower against the JPY at ¥99.19, ahead of an Italian debt auction and an EU summit later today.
The currency was also trading lower amid speculation that data due to be released might show economic confidence in the Eurozone deteriorated in June, the lowest since October 2009.
The USD is trading lower against most of its major counterparts as a rise in equity markets supported demand for high-yielding assets.
The AUD is trading higher, amid mounting optimism that the Reserve Bank of Australia would keep its key interest rates unchanged at its policy meeting next week.
Yesterday, the EUR finished lower against the USD and the JPY, after German Chancellor Angela Merkel’s statements dimmed expectations that European policymakers would resolve the region’s debt crisis.
The currency also lost value, following a rise in Italian borrowing costs at a debt auction. The USD closed higher against most other currencies following encouraging domestic housing and durable goods orders data.
The AUD ended higher against the USD, after the Bureau of Resources and Energy Economics announced that gold exports from Australia would increase on higher demand from global central banks.
The GBP closed lower against most of its major peers, amid mounting speculation of further monetary easing by the Bank of England, after mortgage approvals in the country fell to their lowest level in more than a year.
Commodities Trading Review
In Asia, crude oil for August delivery is trading 0.5% or $0.41 higher at $80.62 per barrel.
Yesterday, crude oil for August delivery advanced 1.1% or 85 cents to $80.21 per barrel, after the Energy Information Administration report showed a 100,000 barrels decline in the US crude oil inventories for the week ended 22 June.
Additionally, upbeat US economic reports countered fading hopes that the upcoming European Union summit meeting would make progress in resolving the euro area debt crisis.
Gold for immediate delivery is trading 0.1% higher today, at $1,575.68 per ounce.
Gold for August delivery added 0.2% or $3.50, to settle at $1,578.40 per ounce yesterday. The metal lacked clear direction during the session, as investors awaited the outcome of a key European Union summit due later this week.
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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'Upbeat Chinese Retail Sales See FTSE 100 Spread Betting Index Break Losing Streak' edited by ETX Capital, updated 28-Jun-12
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