By Connor Campbell, Financial Analyst, Spreadex
You’d be forgiven for falling asleep this morning, the markets continuing to snooze their way through the early part of the week.
The FTSE remained the wrong side of the red/green divide, though the UK index only dipped by 5 or so points. There were a couple of factors keeping the FTSE subdued. Firstly the miners were broadly lower following the disappointing trade balance data from China overnight. Then there was the 3% fall from InterContinental Hotels Group (LON:IHG) (LON:IHG), investors choosing to focus on the quarter-on-quarter slowdown in revpar rather than the 9.4% jump in pre-tax profit and 10% increase in interim dividend.
Sterling fared no better as the morning went on. It couldn’t find any momentum against the dollar, failing to recover the losses it suffered in the aftermath of the Bank of England/non-farm jobs report double whammy at the end of last week. Against the euro things were even more troubling, the pound dipping another 0.1% to sink to a fresh 10 month nadir.
Having hit its latest all-time high yesterday evening the Dow Jones seems set for a breather this afternoon, the futures currently pointing to a 10 point dip when the bell rings on Wall Street. There’s not much to change that beyond the JOLTS job openings reading, expected to rise to 5.74 million from 5.67 million last month.
Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.
In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved. In relation to fixed odds, Spreadex Ltd is licensed and regulated by the Gambling Commission under licence number.