Spreadex Market Update
Wednesday’s losses intensify as HSBC, Sir Sorrell and Airbus warn of Brexit-impact
With Iran labelling last week’s Saudi Arabia/Russia output freeze agreement as ‘ridiculous’, and the Saudi oil minister adamant that any potential freeze would not lead to a cut, Brent Crude kept falling this morning, sliding to its lowest price in around a week with the latest US oil crude inventories data still to come. Already that spells a rough day for the FTSE, its oil and mining stocks in a bloody state; however, that wasn’t even the most notable bad news of the morning.
Warnings from a variety of sources, including HSBC, Sir Martin Sorrell, Airbus and hedge-fund Man Group, about the pound-plaguing, growth-sapping issues the UK would suffer if the ‘out’ vote prevails in June’s referendum have only exacerbated the nascent jitters that appeared during yesterday’s trading, helping send the FTSE nearly 80 points lower. If anything the Eurozone indices were even nervier than their UK counterpart, the DAX and CAC plunging 230 and 90 points respectively. Of course the main causality in the increasingly heightened debate over Britain’s place in the EU is sterling, the currency hitting levels not seen since March 2009 as Wednesday continued.
Sadly for the markets things look unlikely to improve this afternoon, the Dow Jones set for a 120 point drop at the open. Given the uniform negativity currently coating the markets it seems that the flash services PMI (expected at 53.4 against last month’s downward revised 53.2) and new home sales (forecast at 522k against 544k last month) will be released without much fanfare once the American session gets underway.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
