Spreadex Market Update
FTSE dragged lower by RBS and Standard Chartered
"RBS was joined in the doghouse by Standard Chartered – despite shrinking its net loss from $2.36 billion to $478 billion year-on-year, an 11% plunge in revenue displeased investors"
The Royal Bank of Scotland posted a typically dreadful annual report, the company’s losses since the 2008 bailout now totalling an astonishing £58 billion; investors reacted as one would expect, leading the bank 3% lower as the day went on. RBS was joined in the doghouse by Standard Chartered – despite shrinking its net loss from $2.36 billion to $478 billion year-on-year, an 11% plunge in revenue displeased investors, the stock dropping nearly 5% after the bell.
Friday’s decline was even more pronounced over in the Eurozone, where the DAX and CAC both fell by 1%. It appears that the continued uncertainty surrounding the French election – and more specifically the chance of a Marine Le Pen victory and what that would mean for the EU – is driving the region’s indices lower.
Looking to the US open and the Dow Jones is set to follow the example set by Europe, the futures pointing to a near 60 point fall after the bell. There are only a couple of figures this afternoon that could shift sentiment in the US, with the revised UoM consumer sentiment reading (forecast to jump from 95.7 to 96.1) more likely to move the markets than the new home sales data.
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