Binary Options Markets Report 15/07
Closing Markets Summary
- Dow Jones: The Dow held on to finish in positive territory on Friday, helped by earnings from the financial sector beating expectations. The Dow finished at another all-time closing high, up 2.2% from last Friday’s close.
- Europe: The rally in European markets came to an end today (except for the DAX) as government bond yields in Portugal surged and Spanish utility firms suffered after news of an energy reform was released. The DAX bucked the trend and closed at a three-week high as good reports from automobile makers lifted sentiment.
- FTSE: The FTSE ended the day little changed as a slow start on Wall Street heralded an end to the rally. With stocks led lower by weakness amongst the mining community and concerns over a slowdown in China, at the close of business the FTSE was up just 1.53 points at 6,544.94 and the FTSE250 ahead 58.43 points at 14,699.38.
Pre Market Opening
European markets are expected to open slightly higher this morning following in-line economic data from China. The FTSE is expected to open around 20 points higher, CAC around 15 points up and DAX around 25 points higher.
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Softer-than-expected data released in Europe and the US on Friday helped strengthen the US$ which led to a weakness in the gold price. The Michigan Consumer Sentiment which was forecast to come in at 85.0 surprised with a drop to 83.9 in July compared to 84.1 in June. Important data on Chinese economic growth for the second quarter is due out and will hit screens before European markets open on Monday. This could dictate the opening levels for markets.
The Dollar rose against most major currencies on Friday recovering most of the week’s losses after weaker-than-expected data in the US and Europe. At the close on Friday the EUR/USD was at $1.3061, GBP/USD was $1.5102 and the US$ was higher against the Yen at ¥99.35.
Gold fell $17.40 to $1268.00 in early trading but then recouped most of its losses throughout most of the rest of trade and ended with a loss of just 0.07%. Silver slipped to as low as $19.64 before it also rallied back higher but it still ended with a loss of 1.44%. Both gold and silver moved up by just over 5% during the course of the last trading week.
Brent Crude held steady just below $108 per barrel on Friday after pulling back from a three-month peak the day before as concerns regarding the prospect of more supply from non-OPEC producers and China’s demand capped gains.
Binary Options Markets Overview
With the DOW closing at a record high at the end of last week and the FED never far from the scene (in essence still looking for the first opportunity to reduce their stimulus package), the market now has to take on board second quarter earnings. The likelihood is that stock prices are well up and the danger is that companies will miss or at best just make forecast numbers so the risk is on the downside for the Dow next week and there could be short term trading opportunities aplenty. Click HERE to start trading with OptionFair now!