CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

US markets subdued on interest rate and Greek jitters

Article By: ,  Financial Analyst
February 9, 2015 3:26 PM

US markets closed lower on Friday as fears of looming interest rates and Greek concerns affected market sentiment. The Dow Jones Industrial Average lost 60.34 points to close at 17,824.29, the S&P 500 Index dropped 7.05 points to 2,055.47 both down 0.34 per cent, while the Nasdaq lost 20.70 points closing at 4,744.40.

However, it wasn’t all bad news as the drop on Friday (February 6th) didn’t stop US stocks clocking up their best week since December, according to the FT.

Brent crude rose 9.5 per cent to US$58.03 per barrel, while WTI climbed 7.8 per cent to US$52.01 (£34) a barrel on Friday, with prices rising today following Opec’s latest monthly report which predicts a drop in US supply.

Economic news

The US markets are trading weaker, with continued concerns about Greece and the Ukraine crisis. While data released on Sunday showed that China’s trade performance fell in January with exports down 3.3 per cent and imports slumping 19.9 per cent on the prior year; much worse than analysts had predicted. Reuters reported that the import slump is the worst seen in China since May 2009 during the global financial crisis.

The US dollar was trading flat at $1.522 against the pound as at 13:00 GMT.

Company news

Expedia tumbled almost ten per cent on Friday, after it reported a 30 per cent drop in profits in the last quarter largely attributable to the stronger dollar. While bookings grew 24 per cent, these had slowed from 29 per cent in the previous quarter. Competing travel sites Priceline, owners of popular brands such as Booking.com and Kayak, and Orbitz also felt the heat dropping more than three per cent and one per cent respectively.

On Sunday HSBC announced “compliance and control failures” in the operation of its Swiss private bank, which was largely acquired as part of its purchase of Republic National Bank of New York and U.S. private bank Safra Republic Holdings. Investigations are expected to continue with the bank facing criminal investigation in the US, UK and Europe, reported The BBC.

US toymaker Hasbro announced Monday that its board had approved a buyback programme of up to US$500 million. This followed a jump in fourth-quarter profits to US$169.9 million, up from US$129.8 million in the same period last year.

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.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024