Weekly Trading Report 7 March 2011 - Last Week's Trading Highlights
FTSE 100 shares struggled last as the UK index plummeted to a one-month intraday low of 5866 on Wednesday, but recovered to finish the week just below 6000, as instability in the Middle East continued to influence markets.
On Tuesday, Brent crude oil pushed back up above $113 a barrel, but prices eased on Thursday following speculation of a peace plan for Libya. Gold reaffirmed its safe-haven status on Tuesday, meanwhile, hitting a new high of $1434.50 an ounce in London.
Also on Tuesday, sterling hit a 13-month high against the US dollar on speculation that a UK rates increase might come sooner than previously thought.
There was some support for the global recovery last week as US and Eurozone manufacturing activity advanced from the previous month. Housing data was less encouraging, however, with January’s US pending home sales dropping for a second month on Monday, while on Friday Halifax revealed UK house prices fell 0.9% month-on-month in February.
Adding to concerns, the UK services sector slowed last month, a fact that may impact on any Bank of England rates decision. The latest non-farm payroll figures capped a volatile week for markets, coming in better-than-expected at 192,000 new jobs.
Europe’s biggest bank, HSBC, reported on Monday that pre-tax profit had doubled in 2010, but the £11.8 billion figure fell short of analysts’ expectations. Banking peer Standard Chartered reported full-year profit ahead of expectations on Wednesday, however, quoting a 19% rise and a record start to 2011.
On Tuesday, HMV Group shares dropped 22% after the retailer warned that annual profit would miss expectations, but homebuilder Persimmon doubled its full-year profit to £153.9 million, with revenue growth of 10.5%. On Thursday, insurer Aviva was buoyed by sales of life assurance to post a 35% increase in its yearly profit to £2.4 billion.
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Weekly Trading Report 7 March 2011 - The Week Ahead
Indicators
In a fairly quiet week, spread betting analysts will be examining trade balance figures on Wednesday and industrial and manufacturing production data released on Thursday for indications that UK GDP has picked up.
However, with inflation spiralling and growing hawkish sentiment from last month’s MPC minutes, the spotlight focuses on the Bank of England’s interest-rate announcement on Thursday. US economic indicators are in short supply, but the University of Michigan consumer sentiment survey rounds off the week on Friday.
Company Results and Reports
Although US corporate reports are thin on the ground, blue-chips look livelier this side of the Atlantic as Antofagasta and financial services peers Standard Life and Prudential unveil full-year figures on Tuesday and Wednesday.
The nation’s drinking habits will also be in focus as pub chains Punch Taverns and JD Wetherspoon release six-monthlies on Thursday and Friday respectively.
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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 7 March 2011', Review by D. Jones, last update: 7-Mar-11
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