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FTSE flat as traders eye Bernanke – Barclays/ABF earnings disappoint
Joshua Raymond of spread betting provider City Index (http://www.cityindex.co.uk/) takes a look at the financial activity shaping the markets on 27th April 2011.
The FTSE 100 traded largely flat, swinging between small gains and losses, into the close on Wednesday with traders eyeing the early evening FOMC rate decision and inaugural press conference with Fed Chairman Ben Bernanke to determine the next phase of US monetary policy.
A near 2% drop in the price of Copper triggered selling in heavyweight mining shares whilst earnings from Barclays and Associated British Foods disappointed investors, dragging both companies shares to the bottom of the FTSE 100 performers list today.
The Barclays earnings, which fell 8% quarter on quarter, came in under market consensus and considering that there had been a rally of 6% in the bank's share prices in anticipation of today's results, it is no surprise that prices have come off today. Shares lost 4% on the day as a result.
It was earnings from Associated British Foods however that were worst hit, with prices losing as much as 6% on the day and hitting a new 4 week low in the process. The owner of budget fashion retailer Primark was hit by spiralling costs triggered by rises in the price of cotton and further input costs. The retailer is having to cut profit margins to help absorb these heightened costs in a tactic to maintain demand at a time when consumers are feeling the pinch. Naturally investors react badly to any cut in profit margins and the reaction to this one has been no different, even though some may have expected it considering peer Hennes & Moritz suffered a similar fate last month with their respective earnings having employed a similar tactic.
UK earnings continue in full flow tomorrow with investors focusing on Royal Dutch Shell, who are expected to report a rise of 22% in first quarter profits. Earnings from WPP, Unilever and Hammerson will also warrant attention, as will US GDP later in the afternoon.
Tomorrow will also give investors a chance to react to the FOMC rate decision and of any clues Fed Chairman Ben Bernanke gives towards an exit strategy from the Fed's $600bn asset purchasing programme which ends in June.
See how you can start spread betting with City Index at http://www.cityindex.co.uk/spread-betting/
Spread betting and CFDs are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks.
* Spread betting and CFD trading are exempt from UK stamp duty. Spread betting is also exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. Please seek independent advice if necessary.
About City Index:
Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.
As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. We provide access to a wide range of instruments including margined foreign exchange, CFD trading and, in the UK, financial spread betting.
We constantly look to widen the range of assets we offer, improve the performance of our platforms and expand the range of services we provide. The result is that our customers benefit from innovative trading tools with transparent pricing, competitive spreads, and a high standard of customer service and support. Visit http://www.cityindex.co.uk/ for more information.
About the Author
Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.
As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. We provide access to a wide range of instruments including margined foreign exchange, CFD trading and, in the UK, spread betting.
We constantly look to widen the range of assets we offer, improve the performance of our platforms and expand the range of services we provide. The result is that our customers spread bet using innovative trading tools with transparent pricing, competitive spreads, and a high standard of customer service and support.
Contracts for differences ("CFD") trading and financial spread betting carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary. Visit http://www.cityindex.co.uk/ for more information.
Spread betting and CFD trading are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks. Both spread betting and CFD trading are exempt from UK stamp duty and spread betting is also exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. Please seek independent advice if necessary.
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