This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Traders in the UK have started in optimistic mood following a great sporting weekend, with the British and Irish Lions winning a series down under against Australia, and Andy Murray ending a 77-year wait for a British male winner of Wimbledon. This has gone some way to helping the FTSE jump 68 points in the first 30 minutes of trading.
The Eurogroup are meeting in Brussels to discuss, among other things, the latest €8.1 billion bailout package for Greece. With German elections looming it is unlikely that too much flexibility will be afforded to the embattled Greek population, as any sign of weakness will be counter-productive to Angela Merkel’s re-election hopes.
Once again Alcoa kicks off the US reporting season, with the mining and manufacturing company reporting its latest figures this afternoon. After traders have been so focused on the macro state of the global economy it will make a pleasant change to focus on company earnings, and having seen a slow, steady improvement in US economic data over the last six months, it will be interesting to see if earnings data reinforces this view.