Spread Betting 3 Mar 2010
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For today's update see Spread Betting.
The Daily Update from Anthony Grech, Research Analyst, IG Index.
Spread Betting 3 March 2010
UK stocks stuttered to a disappointing start this morning, despite news that February saw the fastest expansion rate in UK services for three years.
Investors have approached the good news with caution, holding fire before the BoE's interest-rate announcement and ECB rate decision tomorrow.
The FTSE 100 has gained some momentum after a weak opening, down 3.91 points (0.07%) against last night's close to 5480.15 by 10.45am (London time). Meanwhile, the FTSE 250 was 19.68 points (0.21%) below its previous close at 9578.97.
In Europe, the Dax and the CAC 40 slowed their losses, as Greece's government passed measures to cut its deficit by a further €4.8 billion .
By 10.45am (London time) the Dax was down 7.90 points (0.14%) to 5768.66 and the CAC 40 had dropped 6.06 points (0.16%) to 3805.86.
The FTSE's top five losers were a mixed bag this morning. RSA Insurance Group lost 5p (3.84%) at 125.20p after estimating the cost of Chile's earthquake at £30 million.
Real Estate company Hammerson was down 8.3p (2.06%) to 393.80p and British Airways also performed poorly after yesterday's spike, down 4.6p (2.04%) to 220.90p in early trading.
Financial companies fared better, occupying four of the top five spots. Legal & General Group leads the way this morning, up 2.4p (3.28%) at 75.65p, while Standard Chartered enjoyed positive trading after listing 2009 as its seventh successive year of record profits. At 10.45am the emerging-markets bank was up 39p (2.45%) at 1629p.
Also in the top five were Prudential, up 9.4p (1.93%) to 496.90p; and Lloyds banking group, up 0.82p (1.60%) at 52.23p. Broker ICAP also showed strength this morning after UBS recommended buying the shares, advancing 7.10p (2.07%) to 350.10p.
ITV climbed 2.3% this morning after clawing back previous years' losses and returning to profit. The UK's largest private television company expects to collect more advertising revenue as clients build on their marketing budgets.
In economic news, Nationwide Building society has released positive consumer confidence data, showing that confidence in the economy's six-month outlook has climbed to the highest since records began in 2004.
Also welcome is the news that the economy's tiptoeing recovery is positively affecting employment. A report from KPMG and the Recruitment and Employment Federation showed that hiring for permanent jobs grew in February at the fastest pace since July 2007.
Looking ahead to the US open, investors will be keeping a sharp eye out for the latest Federal Beige Book release at 7pm (London time).
Pre-emptive whisperings from economists suggest that US service industries expanded at a faster pace in February than originally estimated, signalling a pick-me-up from manufacturing to the rest of the economy.
The EIA crude oil inventory report may also be of interest. This is scheduled for release at 3.30pm (London time).
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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Spread Betting 3 March 2010: 6am Update
In US trade, most stocks rose for the third consecutive session. Markets were boosted by gains among raw materials, prospects for higher earnings at banks, more corporate takeovers and a further thawing of concerns over Greece.
However, during the last trading hour markets pulled back from intraday highs as investors pared their spread bets heading into a data-packed three days, including US employment figures.
The technology-based NASDAQ was the best performer, up 0.3%, while the broad-based S&P 500 index rose 0.2% and the Dow Jones Industrial Average was flat.
In Asia, regional markets are all modestly higher this Wednesday, as of 5:30am UK time, thanks to greater optimism over Greece, while strong moves among resource stocks are bolstering gains.
The Shanghai Composite is the best performer, adding 0.4%, while the Kospi, Hang Seng and Nikkei 225 are all up between 0.1% and 0.2%.
The Australia 200 closed firmer by 0.8% at 4737.50, slightly off earlier highs of 4745.70. The underlying strength is coming from the materials and industrial sectors today on strong volumes, with consumer discretionary names shrugging off yesterday’s interest rate hike.
Upside momentum in base metals markets, instigated by the Chilean earthquake, is driving robust gains at the stock-specific level, with many of the pure play miners following in the footsteps of the larger, more diversified ones.
For example, a 4% rise in nickel prices overnight has pushed it to 16-month highs, driving strong gains in the likes of Panoramic Resources, Minara Resources, Western Areas and Mincor. Meanwhile, a spike in the gold price above US$1130 per ounce is seeing the likes of Lihir Gold up more than 4%.
This morning’s stronger than expected year-on-year Australia GDP supports the RBA’s rhetoric that growth is returning to trend and in our view justifies yesterday’s hike.
Looking to the European session, the likes of London and Frankfurt are expected to start a little lower at today’s open although there are some key data points due for release in the coming hours that could yet offer meaningful direction.
German retail sales data is expected to dip significantly month-on-month so any improvement here could certainly help overall sentiment on the upside, whilst earnings news continues apace out of London with Standard Chartered amongst those headlining today.
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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IG Index Spread Betting - No Fees, No Commissions, Free Charts and Live Prices.
Spread Bet on Indices, Forex, Commodities, Shares and more. For details see IG Index.
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"Spread Betting 3 Mar 2010" last update by AG, 03-Mar-2010
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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