Weekly Trading Report 11 October 2010 - Last Week's Trading Highlights
The global financial system remains the biggest challenge to economic recovery, according to a report released by the IMF on Tuesday. The report highlighted recent turmoil in Europe and labelled the last six months a significant setback, prompting the IMF to downgrade its forecast for global economic growth from 4.3% to 4.2%.
On Friday, IMF Chief Dominique Strauss-Khan further warned that currency disputes, most recently between China and the US and Europe, and regarding Japan’s devaluing of the yen, showed a lack of cooperation between countries and could pose a real threat to recovery.
Supermarket giants Tesco and Sainsbury’s went head-to-head this week, each reporting improved half-year sales figures on Tuesday and Wednesday respectively. On Thursday, Marks and Spencer reported that like-for-like sales in the UK were up 5.3% for the three months to October.
Ted Baker and Halfords added to the positive mood in the sector on Thursday, reporting 25% and 12% growth in half-year profit respectively. Airlines made a comeback this week – on Tuesday British Airways saw its shares jump 6.4% to a two-year closing high after better-than-expected September traffic, and on Wednesday Easyjet's share price increased by 10% as the company upgraded its full-year profit expectations.
The UK services PMI rose unexpectedly on Tuesday, while in the US both the services and construction industries grew faster than expected in September. This data prompted the FTSE to surge on Tuesday, adding 1.44%.
Elsewhere in the spread betting markets, there was some disappointing data on Wednesday, however, as job vacancies grew at the slowest rate in almost a year, while Halifax reported on Thursday that UK house prices fell by 3.6% in September, the biggest month-on-month retreat since 1983.
A week of mixed economic data closed with UK industrial production figures for August up 0.3% on July and 4.2% compared to the previous year, while news on Friday that the US economy shed 95,000 jobs in September raised expectations that the Fed will step in to boost the flagging economy.
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Weekly Trading Report 11 October 2010 - The Week Ahead
Indicators
A double dose of housing data kicks off the UK economic schedule, before all eyes then turn to Tuesday’s inflation figures. On Wednesday, trade balance and quarterly unemployment data will be in the spotlight.
Highlights from across the Atlantic include Tuesday’s FOMC minutes, followed by Wednesday’s trade balance data. CPI and RPI figures are out on Friday, along with influential opinion polls from Empire State manufacturing and the University of Michigan.
Company Results and Reports
The US earnings season picks up speed this week, where quarterlies from Intel, JPMorgan, Google and General Electric in particular will be monitored with interest. At home, pub operator Punch Taverns unveil annual numbers on Tuesday, with high-street retailer WH Smith following suit on Thursday.
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For previous weeks see below.
Note - Spread Betting carries a high level of risk to your capital and you can lose more than your initial investment, it may not be suitable for all investors. Ensure you only speculate with money that you can afford to lose and that you fully understand the risks involved and seek independent financial advice where necessary.
'Financial Spread Betting 11 October 2010', Review by D. Jones, last update: 11-Oct-10
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