A brief look at last week and the week ahead, the Weekly Review from IG Index.
Weekly Trading Report 14 June 2010 - Last Week's Trading Highlights
Oil spills, strikes and double-dip recession fears led to a difficult week for global markets, with the FTSE and Dow losing more than 1% on Monday, while the Nikkei suffered its biggest one-day fall in over a year.
Fitch Ratings’ warning on the UK deficit also made waves, pushing Sterling down to $1.46 against the Dollar on Tuesday.
BP’s oil spill crisis continued to dominate the headlines and batter indices as the oil firm’s share price declined steadily through the week. Nordic bank Nordea offloaded its BP shares on Monday, while Barack Obama publicly criticised BP chief executive Tony Hayward the following day.
Fears over Europe also remained vivid, as Finland became the first Eurozone nation to re-enter recession.
The International Air Transport Association provided some positive data for airlines on Monday, predicting that the industry will beat expectations to turn a profit of £1.7 billion this year.
The UK retail sector was also upbeat, with the BRC announcing that recent warm weather boosted UK retail sales in May, up 0.8% year-on-year.
Sportswear chain JD Sports and online fashion retailer Asos both announced increased sales on Wednesday. Less fortunate were BA and BT with the former facing further strikes as employees returned to work on Thursday and the latter struggling to stave off union action.
More positive signs emerged mid-week as Fed chairman Ben Bernanke released positive statements about the US economy. These were confirmed by Wednesday’s Beige Book which indicated that the European debt crisis is not impeding US growth.
Chinese export growth figures also helped boost commodity prices and indices worldwide. By Thursday, both the FTSE and Dow were in the black, with the Dow adding 273 points (+2.8%) to 10172.53.
On Friday, news that the spill cap was catching more oil in the Mexican Gulf had helped BP’s share price rebound to 395.55p (+8.22%), snapping a five-day trend and lifting it from its 13-year low.
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Weekly Trading Report 14 June 2010 - The Week Ahead
Indicators
On Tuesday analysts will be looking at May’s CPI and the latest employment data to get a grip on how the economic recovery is shaping up, followed by retail sales figures on Thursday.
In the US, manufacturing is the focus with the Empire State survey expected on Tuesday, followed by the Philadelphia Fed survey on Thursday.
Company Results and Reports
Major companies reporting this week are thin on the ground but keep an eye out for heavyweight grocer J Sainsbury when it releases first-quarter figures on Tuesday.
Over in the US, retailer Best Buy reports first-quarter earnings on Tuesday, followed on Wednesday by international freight and package delivery company FedEx’s fourth-quarter earnings.
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- Live Prices, Charts, Indices, Equities, Commodities, Forex and more >> read the
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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 14 June 2010', Review by D. Jones, last update: 14-Jun-10
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