AM Analysis
Shares in Asia slightly clawed back some of their losses
Shares in Asia slightly clawed back some of their losses overnight after a negative session on Tuesday. Market action was relatively quiet throughout the night, following on from the Dow Jones which flicked between gains and losses after investors tried to find confidence in the limited economic data. American CB Consumer Confidence, which is a leading indicator of consumer spending, came in at 78.1 – worse than the expected figure of 80.2. Macy’s reported mixed results yesterday with January sales lower than expected which was blamed on “unusually harsh winter weather”.
Looking towards the day ahead, the FTSE 100 is set to open down around 20 points with investors closely watching data released such as the second estimate GDP and New Home Sales from across the pond throughout the day.
– Sam Fox
PM Analysis
Buyers have once again made their afternoon appearance for the equity market
The buyers have once again made their afternoon appearance for the equity market, helping indices significantly off their lows into the close. Risk appetite improved once better-than-expected home sale numbers landed from the US. The S&P 500 trades 1,848.5, the FTSE 100 at 6,810.
Elsewhere, buyers came to the rescue of television giant ITV. After announcing strong preliminary results, investors rushed for the exits shortly after the open sending the shares some 5 percent lower by midmorning. But by the afternoon appetite had picked up and trading above 200p resumed. This type of initial severe exit for outperforming stocks around earnings news flow has become not uncommon for this market.
– David White
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