Dow Jones Rises as Eurozone Leaders Renew Greek Aid Pledge
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For today's update see Spread Betting Daily.
The Daily Update from Anthony Grech, Research Analyst, IG Index.
Spread Betting 15 September 2011: 6.00am Update
In the US overnight, the major indices all logged their third straight gains, although they finished well off their highs, after Greek, French and German leaders renewed their pledge on Greek aid.
This helped soothe recent speculation that a Greek default was imminent. The Nasdaq was the best performer, rising 1.6%, while the S&P 500 and Dow Jones both added 1.3%.
Asia & Australia
Across Asia, regional markets are mainly higher as investors grapple with the continuing volatility and uncertainty emanating out of the Eurozone.
The Kospi and the Nikkei 225 are the best performers, higher by 1.7% and 1.5% respectively, while the Hang Seng is seeing a more modest advance of 0.4%. The Shanghai Composite is trading flat.
In Australia, the ASX 200 is currently 0.6% firmer at 4029, but well off its earlier session highs of 4101. Gains for the day are broad-based but are being led by the heavyweight financial, energy and materials sectors who are all seeing advances of more than 1%.
Europe and Greece
One day further down the line and the financial spread betting markets are once again warming to Europe, with French and German assurances that they simply won't let Greece tumble out of the Eurozone.
Wall Street rallied hard on the news yesterday, but even this didn't make it to the end of the session, with some opportunistic profit-taking seen just ahead of the closing bell.
Furthermore, Greece’s ongoing support from better capitalised members of the Eurozone hinges on Greece successfully implementing the reform plans.
With unions taking an increasingly militant approach, once again it's difficult not to wonder just how long this latest burst of positivity can be practically sustained for.
There are a handful of key economic releases due in the short term including UK retail sales, plus US and Eurozone CPI readings, but with traders undoubtedly jittery the risk here would seem to be very much sitting on the downside.
Earnings news is fairly quiet, with London listed retailer Kingfisher and the Canadian maker of BlackBerry mobiles, RIM, amongst the highlights.
All told, we could have been left looking at a completely different scenario had Merkel and Sarkozy done the unthinkable and called time on Greece. However, ahead of Thursday’s open in Europe we're calling the FTSE up 47 at 5274, the DAX up 60 at 5400 and the CAC up 24 at 2973.
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The above comments do not constitute investment advice and neither IG Index nor SpreadBets.org.uk accept any responsibility for any use that may be made of them.
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"Dow Jones Rises as Eurozone Leaders Renew Greek Aid Pledge" last update by AG, 15-Sep-2011
Warning: Financial spread betting carries a high level of risk. You can lose more than your initial investment or stake. Financial spread betting may not be suitable for all investors. Only trade with money that you can afford to lose. Make sure you fully understand the risk involved. If necessary, seek independent financial advice.
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