A brief look at last week and the week ahead, the Weekly Review from IG Index.
Last Week's Trading Highlights
The shortened Christmas week started positively, with the CBI predicting a 'fragile' recovery for the UK economy in the fourth quarter of 2009.
London's blue-chip index remained strong throughout the week despite figures released on Tuesday 22 that indicated the UK economy had shrunk in the third quarter.
Bank stocks were buoyant after the OFT decided to drop the high-profile investigation into the fairness of unauthorised overdraft fees.
The Pound fell to a two-month low against the Dollar on Wednesday 23 after the minutes of the BoE’s monetary policy committee revealed that all nine members voted to keep interest rates as they are.
As investors returned to the markets on Monday 28, they made the best of thin trading conditions to push European stocks up, despite the FTSE being closed for a bank holiday.
The FTSE 100 would continue to strengthen during the week, breaching the 5400 barrier – a level last seen before the collapse of Lehman Brothers.
At its 2009 close, the UK's leading share index stood at 5412.88, its biggest yearly gain since 1997. With global stocks set for their biggest annual gain since 2003 and the news on New Years Eve that UK house prices had risen by 5.9% in 2009, the outlook for 2010 is an optimistic one.
Company Results and Reports
There was little festive goodwill for three of the world’s most well-known companies. Microsoft were told that they could no longer sell the current versions of Word and Office, and were ordered to pay $290m in damages to a small Canadian software company for a patent infringement.
Google were sued by a Chinese author for a rights violation, before losing a court case to the company behind Groovle.com.
On Tuesday 29 Nokia announced that it had filed a complaint with the US ITC against Apple, alleging that the much-loved American brand 'infringes Nokia patents in virtually all of its mobile phones, portable music players and computers.' The Finnish mobile company's stock rose 0.5% as a result of the announcement.
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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 4 January 2010', Review by D. Jones, last update: 4-Jan-10
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