City Index’s team of spread betting experts have extensive experience of the financial markets. Here, Nick Serff gives his EU market update for October 14th.
Greater London, England-- (SBWIRE) -- 10/26/2010 -- Nick Serff, Market Analyst at spread betting provider City Index commented:
"Stock indexes pared this morning gains going into the European close after some slightly weaker than expected U.S. macroeconomic data. Initial Jobless Claims released by the U.S. Labor department showed that citizens claiming for first time unemployment benefit rose by 13,000 to 462,000 last week. Also unsettling investors was a slight jump in inflation expectations after a bigger than expected monthly rise in U.S. Producer Price Index to 0.4 percent.
Bank shares in the UK and Europe remained downbeat on continued fears that Standard Chartered’s rights issue could spread to other cash calls from some of the major high street names. Bank shares on Wall Street are also weighing on market sentiment as the U.S. mortgage foreclosure crises rumbles on. The S&P banking sector lost over 3.5 percent on concerns that the investigation into some home foreclosures could once again unsettle the already fragile U.S. housing market.
Shares in Google, which is due to report after the bell tonight have been underpinning the modest gains seen in the tech sector today. The internet giant expects to report earnings largely in line with the consensus earnings per share of $6.69. However some analysts believe that revenues could surprise to the upside coming in 2 percent above forecasts."
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