A brief look at last week and the week ahead, the Weekly Review from IG Index.
Last Week's Trading Highlights
Positive results from a trio of US banking giants helped drive European financial markets higher in a week which saw a series of mixed signals over the global recession.
Banking
Goldman Sachs kick-started a number of heavyweight quarterlies on Monday, unveiling a better-than-expected $1.8 billion net profit, having revealed its first-ever quarterly loss for the fourth quarter of 2008. On Thursday JP Morgan's figures also came in above predictions at $2.1 billion, though 12.5% lower year-on-year. Citigroup continued the positive sentiment on Friday, posting a net profit of $1.6 billion in the first three months of 2009. The part US government-owned bank also confirmed employee numbers have fallen by 65,000 since peak levels to 309,000.
The upbeat reports had a positive effect on banking shares throughout the week in London, with Barclays and Lloyds Banking Group both adding more than 10% on Tuesday before further gains over the week.
Indices
After a sluggish start to post-Easter trading, the UK's blue-chip FTSE 100 Index added 84.58 points (+2.13%) to 4052.98 on Thursday. Across the Atlantic, however, the Dow fell by 137.63 points (-1.71%) to 7920.18 on Tuesday, with sentiment hit by weaker-than-expected March retail sales numbers despite comments from President Barack Obama and Fed chairman Ben Bernanke that the US economy was showing signs of recovery. The Dow rallied later in the week though, climbing back through the 8000 level.
Wednesday's Fed Beige Book reported that some regions in the US were showing signs of stabilising, reaffirming President Obama and Mr Bernanke's comments. Despite this, overall economic activity continues to contract, with midweek data evidencing a further slide in industrial production; 1.5% down month-on-month in March.
UK and US Housing
Then on Thursday, official data showed construction levels of new US homes fell 10.8% in March from February, to the second lowest level since records started 50 years ago. At home, however, signs of a pick-up in the housing market emerged. On Tuesday the CML's monthly survey showed a 4% rise in new mortgage lending to 24,300, while the next day RICS reported a fifth consecutive monthly rise in new homebuyer enquiries. The news helped sterling climb to a three-month high above $1.50.
Chancellor Alistair Darling's budget announcement will be the key factor driving market sentiment at home midweek, while in the eurozone the latest current account figures will garner interest on Thursday. Back home, keep an eye out for the latest labour market data and minutes from the BoE's last rate-setting meeting on Wednesday.
Company Results and Reports
In companies, a busy US earnings schedule comprises quarterlies from Dow components Bank of America and IBM on Monday, DuPont and Coca Cola on Tuesday, and Boeing and McDonald's on Wednesday. In the UK this week full-year figures come from Tesco, and half-year figures come from Associated British Foods and high-street retailer Debenhams. The week closes in the US with quarterlies from 3M and the iconic Xerox Corp on Friday.
The above content does not constitute investment advice. Neither Online-Spread-Betting.com nor IG Index accepts any responsibility for any use that may be made of the above.
For previous weeks see below.
'Financial Spread Betting 20 Apr', Review by D. Jones, last update: 20-Apr-09
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Spread Betting 2 Jun, 2-Jun-08,
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