A brief look at last week and the week ahead, the Weekly Review from IG Index.
Weekly Trading Report 1 March 2010 - Last Week's Trading Highlights
The FTSE stuttered before rallying to close almost where it started on Monday, at 5354.52.
In the latest round of UK banking results, RBS announced a better-than-expected loss of £3.6 billion for 2009 on Thursday.
This came the day before Lloyds Banking Group reported a disappointing £6.3 billion operating loss, set against a £6.7 billion deficit in 2008.
Meanwhile the UK's largest builders' merchant Travis Perkins announced a profit fall of 11% in 2009, while discount retailer Primark again defied the economic downturn, reporting an 8% rise in like-for-like sales for the past six months.
On Friday, UK Q4 GDP growth was revised upwards, from 0.1% to 0.3%, strengthening the claim that the UK emerged from recession.
The Greek tragedy played on during the week, as analysts scrutinised both cause and effect.
Guilt-edged knives have been drawn on whether Goldman Sachs' debt swap deal with Greece in 2001 was a major contributing factor to the current situation. In addition, the fear of an unfavourable adjustment in Greece's credit rating consigned the Euro to a nine-month low against the Dollar on Thursday.
Elsewhere, in Germany this week business confidence fell for the first time in 10 months, while the country's unemployment rate rose marginally from 8.6% to 8.7%.
Addressing Congress on Wednesday, Fed chairman Ben Bernanke said that interest rates will remain low 'for an extended period'. Bernanke was speaking a day after his predecessor Alan Greenspan had labelled the US economic recovery 'extremely unbalanced'.
Also unveiled on Tuesday, February's US consumer confidence slumped to a ten-month low, well below expectations, while US business investment continued to fall in January.
On Thursday, gold broke its three-day decline to rise a full percent in reaction to reported Chinese demand.
Oil traded above $80 on Monday, but the breach was not sustained as the Dollar strengthened later in the week.
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Weekly Trading Report 1 March 2010 - The Week Ahead
Indicators
In the UK this week all eyes are on the BoE's interest-rate announcement on Thursday, particularly after recent inflation rises and the upward adjustment in Q4 UK GDP growth to 0.3%. The ECB rate decision follows at 12.45pm.
In the US, the Fed's Beige Book provides a focal point to a week that closes with the influential non-farm payroll figures on Friday.
Company Results and Reports
Companies reporting annual results at home this week include HSBC on Monday, while Balfour Beatty and investment management firm Schroders report on Thursday.
In the US, office supplier Staples and retail warehouse giant Costco announce quarterlies on Tuesday and Wednesday respectively.
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IG Index
- Live Prices, Charts, Indices, Equities, Commodities, Forex and more >> read the
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For previous weeks see below.
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'Financial Spread Betting 1 March 2010', Review by D. Jones, last update: 1-Mar-10
Risk Warning:
Spread Betting carries a high level of risk
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it may not be suitable for all investors. Ensure you only
speculate with money that you can afford to lose and that you fully
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