A roundup of key economic and financial market news for those looking at spread betting the markets today. Barclays Q1 has missed analysts’ forecasts, pre-tax profit fell 9% to £1.655bn on total income of £7.4bn a decline of 8%.BP Q1 replacement cost profit fell to $5.481bn with debt levels up $2.3bn to $27.5bn. The oil giant said higher taxes impacted profit with effective tax rate for Q1 of 37%. The board has declared a dividend of 7 cents per share.The FTSE 100 is down 12.2 points to 6,057.1 in early trading.Those who took a long spread betting position on the the Dow Jones yesterday will be sitting pretty after the index rose 115.5 points to 12,595.4 points after positive earnings reports.The Nikkei 225 jumped 133.2 points to 9,691.8 a gain of 1.39%.Brent crude oil has opened down 28 cents to $123.86 per barrel on continued unrest in Syria and Libya.Game Group has reported EPS of 4.51p and will pay a final dividend of 3.9p per share. G
Spread betting targets: Aviva and BP
Delta Index, the spread betting company, update us with what they see as potential spread betting targets this morning. Delta Index have picked Aviva and BP shares as potential spread betting targets as both have witnessed Bullish MACD crossover patterns. Aviva is a Buy at 439, a stop has been called for 427 and an initial target suggested at 463. BP is a Buy at 465, an initial take profit has been muted at 487 and a stop loss suggested at 454. Spread betting traders will not have been affected by what was a predictably light volume session in the UK.
Spread betting today: The state of the markets
The morning review from Spread Betting – designed for the spread betting trader. “The FTSE 100 is called to open higher this morning after global markets rallied overnight. This surge higher was on the back of comments from the Federal Reserve stating that the US is set to keep interest rates low for an extended period of time. The Fed sees inflationary pressures as “subdued” for the time being while changing its view of the US recovery to “moderate” growth. UK investors will be assessing a host of company announcements with a continued focus on comments on the outlook of the domestic and global economies,” says a morning call from SVS Securities.On the corporate spread betting front we see that:British American Tobacco Interim Management Statement saw organic revenue up 5% at constant rates of exchange for the three months ended 31 March 2011.
Spread betting targets: Apollo and BT Group
Delta Index provide Spread Betting with their morning targets. This morning Delta Index have their sights set on Apollo and BT Group. Both companies have given bullish chart indicators, and therefore could provide spread betting traders an opportunity for gains. Delta say: “Apollo – MACD Crossover. But Apollo at 4068 and set a stop at 3907, an initial target is set at 4364. “BT Group – MACD & Triple Moving Average Crossover. Signal: Buy @ 194, Stop 188, Initial target 207.”Elsewhere on the spread betting scene Spreadex had called the FSTSE 100 higher, spread betting companies are able to base these calls on stock futures action. “FTSE opens +20 at 6088 after the US surges on Bernanke’s statement. The new FOMC format offering transparency and a reassuring performance in the press conference appears to have bolstered confidence in Bernanke and the Fed’s strategy for managing the US recovery and this confidence spilled over into Asia overnight,” says a spread betting note from Spreadex. Mining stocks are leading the charge as the jump in metal prices overnight continues this morning; Antofagasta +2.65%, Fresnillo +2%, Kazakhmys +1.76%. Fallers this morning include Whitbread -4.5%, Unilever -2.86% and Astrazeneca -2%. All three companies reported earnings this morning with Unilever largely in line, Astrazeneca beating estimates and Whitbread perhaps disappointing the market though their statement suggests they are confident they will continue to outperform.
Oh, and also a lesson why the Stop Loss is your Friend !
Spread betting: IG Index looking for new project manager
Latest news from the world of spread betting. Spread Betting: Today we see that IG Group Holdings, the owner of the UKs largest spread betting company, IG Index, is recruiting. The company is on the lookout for a new Business Manager to co-ordinate IT and Marketing projects at IG Group. The role will see the successful applicant Working within the team of Business Managers at IG Group. The role provides an important link between the business and IT/Marketing departments.