Sterling Weakens on Poor UK GDP Figures
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A quick commet on the spread betting markets, supplied and sponsored by Spreadex.
Spread Betting Comment - 23 October 09 - 9:45am
Sterling is taking a hit on surprisingly weak GDP figures which means that the UK is not following France and Germany out of recession; however, miners and financials are still holding up a resilient FTSE.
Given the disappointing retail sales data earlier in the week, it seems that it is too early to talk about the Government removing stimulus packages.
It may also seem that interest rates could still remain low for a while and the recovery may indeed turn out to be the “W” shape that forecasters have been warning about.
By Arifa Sheikh-Usmani
Spread Betting Comment - 23 October 09 - 8:35am
Pretty stable start to the markets this morning as investors wait for UK GDP figures to show that minimal growth in the 3rd quarter means the UK is out of recession.
This may push the market higher again once the figure is released.
Further Sterling strength against the Dollar this morning, due to that expectation, is also helping to push commodity markets slightly higher which, in turn, is helping the mining sector.
By Arifa Sheikh-Usmani
Spread Betting Comment - 21 October 09 - 7:20am
A lower start expected this morning mirroring losses on Wall Street and in Asia overnight as weaker than expected US housing data weighed on sentiment. Today’s major focus will be the Bank Of England minutes at 9.30 as investors look for further clues on the outlook for interest rates and quantitative easing.
Home Retail Group and an interim management statement from Cadbury's will be the main corporate highlights from the UK, whilst earnings are also expected from Morgan Stanley, Keycorp, Wells Fargo and eBay later in the day.
Traders will see the Dow Jones' rally towards the close last night and the fact it closed above the psychological 10,000 level as a strong sign.
UK CBI Quarterly Industrial Trends Survey due at 11.00.
By Simon Rossington
Spread Betting Comment - 20 October 09 - 8:45am
Barclays is dominating the market movers this morning as we see clients following the Qatari’s lead and taking profits.
UK public borrowing figures are also out this morning which is unlikely to make cheerful reading but the market will probably concentrate on the corporate news from Barclays and Apple.
Gold continues to trade strongly this morning as the Dollar weakens slightly again overnight, however, we may also see some Sterling weakness creep in depending on where the public borrowing figure comes in.
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.
"Sterling Weakens on Poor UK GDP Figures" last update by Spreadex, 23-Oct-2009
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