Spreadex Market Update
FTSE 100 down as German competition eats into UK supermarkets market share.
The FTSE 100 had a down morning today indicating an end to the six-day winning run. The fall can be attributed to Supermarkets such as Sainsbury and Morrison after growing fear that German competitor’s such as Aldi and Lidl and their discount prices are cutting into the main UK supermarkets market share.
The Dow Jones opened up this afternoon ahead of pending home sales data released at 3. The S&P 500 however opened slightly down however still looks to finish the year up 29% the highest annual gain since 1997.
Gold has continued its slump today dropping closer to the 1200 mark again. The news yesterday that Gold miners will have to face a cut in reserves after it has become too costly to extract gold from previous reserves could trigger yet another slump in price Gold. The previous rise in gold prices meant that it was economically viable to mine tough areas due to the high price of gold however with the price slumping, ounces that were previously counted as reserves are no longer worth mining. This means smaller gold companies could suffer severely as they struggle to replace what they sell.
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