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FTSE 100 down in early trading

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The FTSE is down around 20 points in early trading after a mixed US session, hindered in part by it’s financial sector, developed into losses for Asian stocks overnight.

In FTSE corporate news, British Land has issues £300m 12 year bonds with a 2.375% coupon as part of its financing strategy while Greene King’s 18-weeks like-for-like sales growth dropped 1.2% as tougher trading conditions bite. In addition, Trinity Mirror is in talks to acquire rival Express publisher, Northern & Shell.

Over in the Eurozone, the DAX and CAC were both lower early in the session, dropping 6 points and 10 points respectively, no doubt hindered by the strength of the Euro which has rallied on ECB President, Mario Draghi’s announcement that there will be a QE tapering decision soon.

The FxPro Analyst team commented “The ECB Rates decision was no surprise to the markets, keeping rates unchanged, on Thursday. However, ECB President Draghi commented that the ECB was looking at how to wind down its €60 billion a month buying program, indicating the decision will be made in October. With no foreseeable end to Eurozone stimulus, Eurozone Bonds were bought, along with EURUSD which surged higher”

US equity markets closed around breakeven on Thursday “as investors digested falling treasury yields, corporate guidance and analyst recommendations” commented Accendo Markets Analyst, Mike van Dulken. “The Nasdaq was the only major index to close higher, rallying thanks to positive sessions for Amazon, Facebook and Microsoft.”

“The S&P 500 and the Dow Jones, however, closed lower as Financial names suffered from falling yields and Disney suffered on disappointing guidance from its CEO.”

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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