Spreadex Market Update
Snooze-worthy Monday morning sees FTSE dominated by oil and mining losses
Despite the rare appearance of a bit of green in the commodity sector, Brent Crude is still holding firm at 6 month lows whilst copper isn’t too far away from last week’s 6 year nadir. Of course, this spelled more bad news for the FTSE’s oil and mining stocks, with BP, Shell and Rio Tinto leading the latest losses for the division. As usual this had a negative knock on effect for the FTSE itself, which saw its initial morning decline widen to around a 1% loss as the day went on. Add into the mix the current wave of red coating the banking sector, and the UK index hasn’t stood chance of posting any growth since its initial sniff of gains in the pre-market.
Those reports of an impending, and successful, end to the third bailout negotiations appear to have helped the DAX and CAC maintain their mild growth as the day went on. However things aren’t all sewn up just yet, with German government spokesperson Steffen Seibert suggesting that Merkel and co. might not be the biggest fans of the pace of the deal’s progress, favouring thoroughness over hast.
Though this week will eventually bring with it some data of note, Monday is incredibly sparse across the board, with the US no exception. However, unlike the Eurozone, and the UK especially, the US does have the chance for some news in the form of speeches by Stanley Fischer and Dennis Lockhart. Both are voting members of the Federal Open Market Committee, meaning their talks this afternoon will be scrutinised for signs of hawkish- or dovish attitudes towards a September rate hike, arguably the current hot topic on the global markets.
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.
