The FTSE closed down just short of 69 points at 6228
Trading Floor News February 8, 2013 5:50 PM
<p>- The UK opened up 20 points higher today, giving a little upside after poor results from yesterday’s trading. Breaking its bullish trends, the FTSE […]</p>
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- The UK opened up 20 points higher today, giving a little upside after poor results from yesterday’s trading. Breaking its bullish trends, the FTSE closed down just short of 69 points at 6228 – it’s lowest since January –trading now around the 6258 mark.
- Fashion retailer Burberry led the losses, with traders taking note of reports from China of an impending embargo on the advertisement of luxury goods. The stock shed 93 pence on the close.
- UK trading was further dampened in yesterday’s session, with riskier asset, such as banks being shunned.
- Consequently, this decline has seen a fall in EUR/USD, closing lower for its second straight session at $1.3394.
- Mario Draghi of the ECB stipulated that the current strength in the EUR could likely pave the way for further interest rate cuts – which currently remains unchanged at 0.75%.
- Further to yesterday’s session: Germany’s DAX advanced 0.1 percent, while in France the CAC 40 lost 1.2 percent, erasing its year gain.
- Across the pond, US stocks dropped from their two-day advance, with the S&P 500 dropping 0.4 percent to 1,505.55; and the Dow Jones tumbling 62 points to 13,924.
- Traders remain anxious for news from the EU summit that has assembled to agree the nation’s budgets.
- Word from Brussels is an agreement of a spending ceiling of 960 billion EUR, down from 1.04 trillion has been proposed.
- Brent prices also fell yesterday from their two-week high, albeit trading 0.51% up in today’s trading at 117.50. Gold has also taken a blow, trading down at 1670, with news from the Fed that they intend on slowing down their QE efforts, with the dollar rising off the back.