Weekly Trading Report 20 September 2010 - Last Week's Trading Highlights
The FTSE 100 started the week positively thanks to the Basel III proposal's new rules aimed at increasing banks' capital reserve requirements. This led to a sharp rise in banking shares, including Lloyds, Barclays and Royal Bank of Scotland. The news helped take the FTSE up in excess of 1% to 5565.53 on Monday.
Data on Tuesday was less upbeat however, as surveyors announced they expect a fall in property values over the next three months, while the UK's inflation rate failed to come any closer to the Bank of England's 2% target, remaining stubbornly at 3.1%.
The UK's latest unemployment figures on Wednesday failed to meet consensus estimates, after the claimant count for August rose by 2300, despite a minor overall reduction in unemployment, which remains at 7.8%.
US markets fared better, with acquisition rumours from Kraft and Hewlett-Packard boosting technology stocks, while August US retail sales recorded their biggest growth in five months. Meanwhile on Tuesday the yen reached a 15-year high against the US dollar after the Japanese Prime Minister survived a leadership challenge, prompting the Bank of Japan to take intervention measures to weaken its currency. Measures include the possibility of selling as much as one trillion yen.
Retail sales in the UK were not so well received, with month-on-month figures unexpectedly falling by 0.5% in August, despite retailers such as Next, John Lewis and B&Q owner Kingfisher posting better-than-expected numbers during the week.
Banking and commodity shares galvanised the UK's blue-chip index again on Friday, while stronger-than-anticipated earnings from Research in Motion and Oracle, and news of a lucrative deal between engineering group Invensys and Chinese manufacturer CSR, boosted stocks around the globe and pushed the FTSE above 5600. Approaching the week's close though, the resurfacing of eurozone debt concerns dampened optimism as worldwide stocks retreated.
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Weekly Trading Report 20 September 2010 - The Week Ahead
Indicators
After kicking off with official mortgage approvals data, attention at home will shift to Tuesday's public finances release and then the Bank of England's August meeting minutes on Wednesday.
The Fed's latest minutes are also out on Tuesday, followed by both existing and new home sales towards the end of the week. A busy schedule in the Eurozone brings consumer confidence figures on Wednesday, PMI data on Thursday and second-quarter GDP at the end of the week.
Company Results and Reports
Elsewhere in spread betting, it's a relatively quiet few days for company updates, but keep an eye out in the US for quarterlies from Nike, Carnival and technology firms Adobe Systems and Red Hat.
Back home blue-chips United Utilities Group and Imperial Tobacco Group also announce quarterly figures.
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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 September 2010', Review by D. Jones, last update: 20-Sep-10
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