Weekly Trading Report 15 November 2010 - Last Week's Trading Highlights
Last week began with US Fed Chairman Ben Bernanke defending the $600 billion ‘QE2’ package against criticism from developing countries that it was against the spirit of multilateral cooperation.
With renewed concerns over Europe’s budget troubles, investors flocked to the traditional safe haven of gold, sending the price of bullion to another record high on Tuesday, briefly up above $1420 per ounce. The price of oil soared similarly during the week, reaching a 25-month high above $88 on Wednesday, leading to speculation of a return to triple-digit barrels
A report on Tuesday showed that the UK’s trade deficit narrowed slightly in September, although a slowdown in manufacturing output in August and disappointing quarterly housing data dampened any positive sentiment. The US trade deficit also shrank in September, but China’s trade surplus grew to $27 billion in October, and inflation hit a new two-year high of 4.4%, sparking fears that China could increase interest rates again.
Some progress in the ‘currency war’ was made at the G20 meeting on Thursday, as leaders agreed to address trade imbalances affecting world growth. Investors appeared unconvinced, as global shares markets tumbled on Friday morning, with Europe’s main indices opening between 1% and 2% down, following even sharper drops in Asia.
On Tuesday M&S reported half-year pre-tax profit of £348.8 million, a 13% improvement on last year, and fellow retailer Associated British Foods announced that Primark had a ‘truly outstanding’ year, with annual operating profit up 26% to £341 million. J Sainsbury followed on Wednesday, revealing an 8.1% leap in six-month pre-tax profit to £332 million, marking a good week for retailers.
Vodafone reported 43% profit growth for the six months to September on Tuesday, while telecoms giant BT topped the FTSE leader board on Thursday after announcing that quarterly profit had beaten expectations, up 13% compared to 2009.
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Weekly Trading Report 15 November 2010 - The Week Ahead
Indicators
Central to a busy week of economic data at home will be the latest unemployment figures, alongside November’s MPC minutes on Wednesday. With no change in the base rate once again, the minutes may shed some light on the direction of future monetary policy following the budget cuts.
If you're looking to spread bet online, you should keep an eye on the latest inflation readings on both sides of the Atlantic, while retail sales are announced in the US on Monday and in the UK on Thursday.
Company Results and Reports
Another busy week for companies sees retailers in the spotlight, particularly in the US, where third-quarter earnings from Home Depot and Wal Mart on Tuesday will be closely monitored. At home, Burberry and Mothercare release six-month figures, while pub company Enterprise Inns, and brewers SABMiller and Fuller’s release updates on Tuesday, Thursday and Friday respectively.
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 15 November 2010', Review by D. Jones, last update: 15-Nov-10
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