UK 100 Index Looks Weaker
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A quick commet on the spread betting markets, supplied and sponsored by Spreadex.
Spread Betting Comment - 28 August 09 - 9:45am
UK 2nd quarter GDP pretty much in line with expectations, which will provide some relief to the market after the poor Business Investment figures.
FTSE was trading strongly ahead of the number and so far has not had much of a reaction.
Looking ahead to this afternoon, Personal Income and Michigan sentiment figures in the US will be key to setting the tone ahead of the weekend.
By Arifa Sheikh-Usmani
Spread Betting Comment - 28 August 09 - 8:30am
The mining sector trading strongly this morning after a round of upgrades for Kazakhmys and Xstrata which has helped pushed the FTSE higher in the early session.
The index is likely to trade fairly quietly for the first hour or so whilst we wait for the 2nd quarter GDP figures out in the UK.
Given the poor Business Investment figures, investors may well be bracing themselves for a worse than expected GDP number.
By Arifa Sheikh-Usmani
Spread Betting Comment - 26 August 09 - 8:20am
A slightly downbeat start to the FTSE this morning as WPP gives the Markets a reality check as to the pace and longevity of any potential recovery.
Durable goods figures and Home Sales out in the US later today may provide a bit of stimulus and direction for markets that are still suffering from thin volumes.
By Arifa Sheikh-Usmani
Spread Betting Comment - 25 August 09 - 8:30am
Slight sell off this morning in the FTSE as investors bank some of their recent gains, particularly in the mining, oil and gas sectors.
An upgrade on the Telecoms sector by JP Morgan is boosting Vodafone in the early session.
The US consumer confidence figure, however, will be the one that really grabs the markets attention so we may see light volumes and quiet trading until that figure comes out.
By Arifa Sheikh-Usmani
Spread Betting Comment - 25 August 09 - 7:35am
Having broken major resistance levels the markets are in a bit of no mans land, with the next major resistance levels unlikely to be breached in the next week.
The markets feel like they are due a pullback and clients that missed the rally are desperate for a significant drop to get onboard on the long side.
The 5% drop overnight in China could be the spark they and current shorters have been waiting for.
The drop overnight has also impacted oil, which has retraced over a dollar and could retest the previous resistance area of $73 a barrel.
By Ian Horsely
Spread Betting Comment - 24 August 09 - 8:45am
The strong Home Sales data out of the US on Friday continues to spur on global markets as investors view this as a sign the US may be taking tentative steps out of recession.
The continued rally in commodities is also helping hold up the FTSE as the Mining and Oil sectors continue to rise.
Markets will now be looking to tomorrow’s US consumer confidence figures for further signs of a recovery.
By Arifa Sheikh-Usmani
These comments do not constitute investment advice and neither Spreadex nor SpreadBets accept any responsibility for any use that may be made of them.
Article approved / provided by Spreadex which is authorised and regulated by the Financial Services Authority, register number 190941.
"UK 100 Index Looks Weaker" last update by Spreadex, 28-Aug-2009
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