Europe was expected to once again be in the red today
City Index May 31, 2012 2:46 PM
<p>After the DOW closed down 160 points last night and Asia mirroring the sell-off, Europe was expected to once again be in the red today. […]</p>
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- After the DOW closed down 160 points last night and Asia mirroring the sell-off, Europe was expected to once again be in the red today.
- However, despite fears over Spain potentially needing a bailout and Italian bonds failing to provide reassurance, the FTSE is up 25 points at 5320 and the DAX is up 14 points at 6298.
- With a look at the FTSE, we have InterContinental Hotel Group leading the pack, up an impressive 4% already.
- The financials are also a little stronger with Lloyds up 2%, Man Group up 2% and Barclays 1% higher.
- To the downside, we have ITV, they are off 3.8% as the technical’s point to a further retracement to the downside, according to trading central.
- We also have CRH, the building materials supplier, and the pharma firm Shire, both off around 1 ¼% this morning.
- With a busy day from a macro perspective, we have already had some positive data out from Germany and France.
- However, traders will be looking towards the US ADP figures at 1.15 as a precursor to tomorrows NFP.
- Also at 1.30, the US GDP figures will be posted alongside the weekly jobless claims.
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