Disappointing corporate earnings and concerns over Spanish debt
City Index July 23, 2012 9:55 PM
<p>Disappointing corporate earnings and concerns over Spanish debt triggered a sell off in the US session on Friday dragging wall street down about 120 points. […]</p>
The video cannot be shown at the moment. Please try again later.
- Disappointing corporate earnings and concerns over Spanish debt triggered a sell off in the US session on Friday dragging wall street down about 120 points. The cost to finance Spanish 10 year debt has increased to 7.50% as two indebted regions of Spain seek financial aid from the Spanish government. There is also concerns that Greece may not receive further financial assistance from the IMF.
- Taking all of the above into consideration we have not had the best start to the week.
- Nikkie finished down 161 – Hang Seng down 587 (3%) FTSE – 95 @ 5557 – DAX – 90 6540 CAC is down 50 3141 and the US futures are currently down 100.
- Aviva is todays biggest faller down 4.75% after JPMorgan analysts cut their price target.
- Economic data is pretty thin today – looking ahead we have manufacturing data from china over night and Euro zone tomorrow morning. On Wednesday we are looking at UK GDP figures.
- The most recognizable companies to report their earnings today are McDonalds and Coca-Cola.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.