Spreadex Market Update
US provides its latest disappointment, Afren gets greener
The news that manufacturing had fallen immediately caused the Dow Jones to shed points, and with factory orders likely to follow the same trend tomorrow, the US markets look set to be heartbroken in the month of love.
Despite Exxon Mobil missing its targets, BP set to reveal more than a 50% drop in revenue tomorrow and both the US and China suffering manufacturing shocks, oil itself is still looking at day-on-day gains. However, whilst still in the green the commodity has begun to retrace this morning’s eager steps, with Brent Crude dropping from a high of $55 per barrel to around $53.
As oil calmed down from its excitable movement this morning, and the US released more dismal data in the world, the FTSE started to look a little pale as the afternoon went on. It now looks like any gains the UK index posts will be very slim indeed, despite a solid performance from its much-beleaguered energy sector. In particular, investors have decided a week’s worth of punishment was enough for Afren, with share prices increasing nearly 90% as the day went on. Afren is now less than a pound away from its pre-fall opening price from last Tuesday. However, it still has long road to recovery, and it is likely to have a lot more instability in its future; with Afren the trouble appears to have been delayed rather than solved.
The meeting of minds that occurred in London earlier today doesn’t appear to have been a resounding success with Osborne calling the Greek-debt-issue the biggest risk to the global economy, urging all sides to act responsibly. Yet it was unlikely the austerity-heavy Osborne was going to be the best bedfellow for Varoufakis’ left wing (fire)brand of Greekonomics. So far the Greek ‘Don’t Make Us Pay Our Debts’ Tour 2015 isn’t yielding many supporters in the right positions; however, if rumours are correct, a meeting with Juncker on Wednesday could be the breakthrough Syriza need.
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.
