Weekly Trading Report 20 December 2010 - Last Week's Trading Highlights
Indices in the US and UK received a boost early last week with the news that Beijing policymakers would not be raising interest rates, despite China's CPI rising to 5.1% annually in November.
The Fed likewise kept rates frozen in its statement on Tuesday, while also reaffirming the commitment to QE2. This helped to further buoy markets, with the FTSE and Dow closing the day at 30 and 27 month highs respectively.
Eurozone contagion concerns tempered growth late in the week, however, as Moody’s put Spain’s credit rating under review on Wednesday, and then downgraded Ireland's rating by five notches on Friday.
With the party season in full swing, the company calendar had a bare look to it. Best Buy and FedEx reported on Tuesday and Thursday, but both disappointed with quarterly earnings of $0.54 and $1.16 per share respectively, behind analysts’ forecasts.
In the UK spread betting markets on Tuesday, Premier Inn and Costa Coffee owner Whitbread reported a 6.8% rise in like-for-like sales for the quarter to December, while it was another rollercoaster week for BP who, despite starting the week strongly owing to higher oil prices, learned on Thursday that the US government planned to sue for the Gulf of Mexico disaster.
The retail sector was in the spotlight last week, as the run-up to the festive season had investors eyeing a Santa rally. Retail sales in the UK edged higher in November, gaining 0.3% (or 1.1% for the year), while US numbers grew by 0.8%. Manufacturing figures in the US were also positive, as both New York and Philadelphia indices comfortably beat expectations, rising to 10.57 and 24.3 respectively.
At home, however, UK jobless claims fell by a smaller-than-expected amount in November, and unemployment increased to 7.9% in the three months to October, raising fears that the recovery is slowing.
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Weekly Trading Report 20 December 2010 - The Week Ahead
Indicators
Today, Eurozone current account figures and the producer price index for Germany are released. In the US we’ll see if the November Chicago fed activity index on Monday will match the positive data from New York last week, while Wednesday brings third-quarter GDP figures from both the UK and the US.
Company Results and Reports
The schedule is muted in the UK, with no major announcements scheduled until after the Christmas weekend. It’s quiet across the Atlantic too, but look out for quarterly figures from software manufacturer Adobe Systems on Monday, and clothing giant Nike on Tuesday. Walgreen, the largest drugstore chain in the US, reports first-quarter results on Wednesday.
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Remember that financial spread betting is a leveraged product and can result in losses that exceed your initial deposit. Spread betting may not be suitable for everyone, so please ensure that you fully understand the risks involved.
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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 20 December 2010', Review by D. Jones, last update: 20-Dec-10
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