The FTSE is looking pretty flat this morning at 5658
City Index July 16, 2012 10:05 PM
<p>The FTSE is looking pretty flat this morning at 5658 with some big losers being offset by strong banks and commodity stocks get a boost […]</p>
The video cannot be shown at the moment. Please try again later.
- The FTSE is looking pretty flat this morning at 5658 with some big losers being offset by strong banks and commodity stocks get a boost from the price of copper.
- In France, the CAC is also flat at 3175 and the picture’s rosier in Germany with the DAX up 16 points at 6557.
- In the states Wall Street finished up 204 points or 1.6% at 12777, again lead by strong banks buoyed by Chinese GDP data indicating that the slowdown in their economy is not as sharp as expected.
- This morning, however, there have been some more negative comments from Chinese premier Wen Jiabao so it will be interesting to see what happens to those previous gains on the open.
- Security company G4S gapped down nearly 10% on the open. This is after it has emerged that its inability to completely fulfil its Olympic contract to provide 10,000 people for the games could cost it up to £50m. It has since recovered slightly settling around 6.5% down for now. Due to the proximity of the Olympics and how late this shortfall was spotted, it would be fair to say they’re not out of the water yet.
- Looking back to the US we also have Citigroup reporting pre-market today.
- Important data today, we’ve got European CPI (a key yardstick for the level of inflation) coming in soon at 10am and US retail sales at 1.30pm.
- Finally, don’t forget about the unfolding Libor scandal which still has the potential to do some more damage especially after an ominous internal memo alluded to Barclays by no means being the only bank at fault.
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.