A brief look at last week and the week ahead, the Weekly Review from IG Index.
Weekly Trading Report 19 July 2010 - Last Week's Trading Highlights
The FTSE surged 104 points (+2%) to 5271.02 on Tuesday, boosted by an increase in UK retail sales in June and news that BP’s efforts to stem the flow of leaking oil in the Gulf of Mexico were finally proving successful.
Positive data failed to keep the FTSE buoyant during the middle of the week, however, as weakness in the oil and gas sector outweighed news that UK unemployment had reached its lowest levels for a year, causing the index to pare some of its earlier gains.
Figures from China on Thursday, showing that growth has slowed, dragged mining stocks lower, sending the FTSE down 42.23 points (-0.80%) to 5253.52.
In Europe the mood was dominated by worries over banks and sovereign debt levels. The week opened with Italy’s biggest lender, UniCredit, proposing the launch of a financial rescue fund to help with future bail-outs.
Greece’s government bonds sale brought some relief to the country on Tuesday. The offer was oversubscribed, but this was accompanied by news that Moody’s had downgraded Portugal’s debt rating from AA2 to A1, putting more focus on the country's parlous debt situation.
Macroeconomic data was promising however, with industrial production in the 16-member Eurozone climbing 0.9% month-on-month in May.
In the US, the second-quarter earnings season helped propel financial markets higher. Alcoa set the tone on Monday, announcing a return to profit of $136m, versus a $454 loss over the same period a year ago.
JP Morgan also posted strong growth figures, including a net income increase of 75% year-on-year. Google earnings missed analyst expectations though, causing the internet giant’s share price to decline 4% on Thursday despite a sharp leap in profit.
At home, BP’s share price advanced daily, while luxury goods brand Burberry exceeded forecasts, announcing a first-quarter underlying revenue jump of 24%.
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Weekly Trading Report 19 July 2010 - The Week Ahead
Indicators
The Bank of England’s latest minutes will attract attention on Wednesday following last month’s split vote, while economists will closely monitor June retail sales numbers on Thursday.
Other significant UK data to look out for includes the first GDP estimate for the second quarter on Friday.
Across the pond, analysts will be examining the latest housing data on Tuesday and Thursday to see how the economic recovery is shaping up.
Company Results and Reports
The US financial services sector features prominently this week, with quarterlies from Bank of New York and Goldman Sachs on Tuesday.
Technology and internet stocks dominate both ends of the week with quarterlies from Yahoo and Apple on Tuesday, followed by Amazon and Microsoft on Thursday.
Back home significant blue-chip announcements include GlaxoSmithKline on Wednesday and Vodafone on Friday.
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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 19 July 2010', Review by D. Jones, last update: 19-Jul-10
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