Ger30, UK100 and SP500 are CFD’s, written over the Dax30, Footsie100 and S&P500 Index futures:
European markets resumed trading under selling pressure. The bottom line of this downward movement is more about more technical factors (the profit taking after strong gains in recent weeks) than on macro or microeconomic issues. The session was also marked by the market reaction to the results of some companies. Allianz reported a quarterly profit of 1670 M. € on analysts’ forecasts. However, the operating result was slightly lower than expected. Shares of the biggest European insurer have declined by about 0.60%. Arcelor Mittal reported a quarterly EBITDA of 1920 M.USD against 1880 M.USD forecasts. The company proved to be quite confident in the future of the steel market. Arcelor Mittal shares rose 3.37%. The market reacted negatively to the announcement of fears expressed by Richemont (which owns the Cartier and Montblanc brands), with shares declining about 4%.
US markets traded at modest losses, thus extending the negative trend of the previous day. If this downward movement continues through to the end of this session, it will have been the first negative week of the S & P and Dow Jones in the last nine. As in Europe, as observed during the Asian session, investors continued to realize the gains made in recent weeks.