Spreadex Market Update
Commodities continue to weigh on FTSE; Nasdaq suffers post-Apple hangover
The FTSE remained firm in its position as the day’s worst performing major market, with the big losses for stocks like BP, Shell, Rio Tinto and Anglo American creating a downward spiral that the index stood little-to-no hope of escaping, at least as long as Brent Crude, copper and gold kept up their current dismal run. If this commodity calamity continues into Thursday, then the UK’s retail sales, really the only thing the country has had to offer up all week, will likely pass without much fanfare unless a spectacularly good/bad figure is announced; one suspects the mild increase expected, from 0.2% to 0.4%, isn’t the kind of thing the FTSE is crying out for.
The ECB was in a generous mood this afternoon, giving Greece another €900 million injection of ELA to help tide its banks over for a few more days. This little gift from the central bank won’t be enough to see the country lift capital controls (which really have been going on for a rather long time now) but it importantly keeps the Greek banks alive, something that in the past few months hasn’t necessarily been guaranteed. This was enough good news to help lift the DAX and the CAC away from some of their more excessive intraday lows, but not enough to fully reverse the day’s losses, perhaps because of the increasing likelihood of another disruptive Greek election sometime in September.
Despite the much-talked about ‘disappointment’ of Apple’s third quarter results last night, and the drag this caused on the markets, the US indices (well, the Dow and the S&P) managed to err on the flatter side of red after the bell. The Nasdaq understandably suffered a bit more, with the aforementioned losses for Apple joined by sizable declines for Yahoo and Microsoft.
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.
