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FTSE Trades Firmly In The Red Leading Up To Wednesday's Close

ByIG
Published 11/28/2012, 11:05 PM
Updated 01/01/2017, 02:20 AM

The FTSE is trading firmly in the red as we enter the last hour of today’s session, with price action remaining steadfastly below the psychological 5800 level.

European indices have taken much of their cues from the main US equity markets which closed lower last night. The current sell-off can in part be attributed to comments made by Senate majority leader Harry Reid, in respect of the fiscal cliff and the lack of any real progression. The markets have also had some time to digest the Greek debt deal which will need to be approved by Germany’s national parliament this Friday before any monies can be released.

Commodity prices have experienced a great downside pressure, which exacerbated investor risk-off attitude with oil and mining stocks firmly in the red. Defensive stock United Utilities has topped the FTSE leaderboard today following news that revenue in the first-half had risen from £793m to £823m. Arm Holdings also enticed demand following rumours of a potential bid from tech giant Intel.

US Markets have by no means bucked the trend with all the benchmarks opening lower, leaving the S&P 500 on track to post its third consecutive decline this week. New home sales disappointed, declining by 0.3% in October and missing consensus forecasts of 390,000 with a 368,000 print. Given that recent economic data from the US has been fairly positive, it’s unlikely that this will inspire the Fed to embark on additional quantitative easing. The Fed's Beige Book will be released later this evening and may well shed more light on the fiscal and monetary intentions of the FOMC.

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