European indices trade cautiously after hitting five-year highs last week
Trading Floor News May 13, 2013 5:59 PM
<p>- This morning, European indexes were trading cautiously after rising to their five-year highs last week. – The DAX was at 8250, the CAC at […]</p>
The video cannot be shown at the moment. Please try again later.
- This morning, European indexes were trading cautiously after rising to their five-year highs last week.
- The DAX was at 8250, the CAC at 3946 and the Eurostoxx at 2777 just before 9am today.
- As for currencies, GBP/USD was at 1.5362, EUR/USD at 1.2963 and USD against JPY was at 101.8990 at 9am today.
- In the UK the FTSE opened 0.1% lower at 6620. The top gainers were Antofagasta and Weir Group as opposed to Standard Chartered and Anglo American, whose share value declined. BT has reported pre-tax profits of 2% for the year to date.
- Later on today, eurozone finance officials are due to meet in Brussels. The main aim of the meeting is to approve the first €3 billion bailout package for Cyprus and the last round of rescue funds for Greece. Depending on the outcome, it may have impact on the strength of euro against other currencies as well as the indexes.
- Also, at 1.30pm today we have a couple of retail sales figures from the US which are expected to decline. However, experts predict a drop in gas prices, which will benefit consumers.
- So it is interesting what the investors’ reaction will be to the announcement. US futures are expected to open 45 points lower.
GAIN Capital UK Limited (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.