Weekly Trading Report 13 December 2010 - Last Week's Trading Highlights
On Monday the British Chambers of Commerce forecast that UK economic growth in 2011 would be less than expected, and downgraded its estimate to 1.9% from the 2.2% predicted in September.
There was positive news on Tuesday, however, as official figures showed that manufacturing output grew by 0.6% in October, the fastest rate of growth in the industry for seven months. On Thursday the BoE announced that interest rates would remain at 0.5%, as expected, and that no further quantitative easing measures would be undertaken.
The week closed with news that the US trade deficit had narrowed sharply in October, as consumer spending remains subdued.
A meeting of EU officials on Tuesday didn’t result in any further bailout action or funding. However investors seemed unperturbed by the apparent uncertainty from policymakers as European indices advanced and the euro soared to $1.3388.
On Wednesday morning, however, the euro reversed the previous day’s gains despite Ireland’s harshest ever budget passing its first parliamentary vote on Tuesday afternoon. Sterling hit a near ten-week high against the euro on Wednesday and it was a fairly solid – if unspectacular – week for the FTSE 100, with no major spikes or troughs.
On Tuesday there were positive signs of consumer recovery in the UK, as Tesco reported an increase of 1.5% in third-quarter like-for-like sales. HMV’s disappointing sales figures on Thursday, however, suggesting the consumer is still a little unsure.
Shares plummeted 16.1% after the retailer reported a pre-tax loss of £41.3 million in the six months to 23 October, while like-for-like sales fell 11.5%. There was further disappointing news from BAE Systems, as the defence firm announced on Thursday that it would be shedding 1400 jobs as a result of the government spending review.
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Weekly Trading Report 13 December 2010 - The Week Ahead
Indicators
This week brings a number of important economic indicators, with inflation and retail sales data in the spotlight at home and in the US.
On Tuesday, the latest FOMC rate decision will be announced, while on Wednesday, the UK and Eurozone release employment figures, followed later in the day by the influential Empire State manufacturing survey. On Thursday, look out for US housing starts and Philadelphia Fed manufacturing data.
Company Results and Reports
As the year grinds towards its close, company news is thin on the ground. In the UK financial spread betting markets, Premier Inn and Costa Coffee owner Whitbread releases Q3 results on Tuesday, while transport giant Arriva is set to publish year-end data on Thursday. In the US, retailer Best Buy releases Q3 figures on Tuesday, before FedEx and Oracle unveil quarterlies 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 13 December 2010', Review by D. Jones, last update: 13-Dec-10
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