THE majority of global equity markets are fast approaching year to date highs, but the story doesn’t hold true in Italy. The Eurozone sovereign debt worries certainly aren’t going away, Italian banks are struggling and the Mib has dropped over 6 per cent during the last week. Add to the mix the fact yields on Italian government debt continue to rise and it paints a rather bleak picture for the months ahead. IG Index price on the Italy 40 is 19,402-19,412.
Despite Friday’s wobble, the FTSE 100 has seen remarkable strength in the last couple of weeks, smashing through resistance levels on its way to nearly testing the highs of the year. Clients don’t believe the index has the momentum to carry on, but sellers seem to be “short and caught” at the moment. Capital Spreads quotes the FTSE 100 index at 6,050.0-6,051.0.
Retailer Marks and Spencer has a busy day on Wednesday as it reports its full year dividend, holds its AGM, and gives a trading statement to the market. The share price has done well since the start of the month and it would seem while many other retailers out there are struggling, M&S may be more slightly more comfortable in current conditions. Its most recent sale was launched two weeks earlier than last year. However, it was noted that actual volumes of stocks were quite low, possibly suggesting it wasn’t that desperate to get stock out there. Capital Spreads quotes 381.4p-382.0p.
Michael Page International fell on heavy volume last week on the back of a weak set of results from Hays and a gloomy prognosis for the UK jobs market, only to rebound well off the 100-day moving average. Michael Page reports earnings today and its share price is heading back towards the top of the 510p-540p range it has been in for seven months. Look to play the edges of this range with sell orders around 550p and buy orders around 510p-515p. Spread Co offers Michael Page at 543.1p-544.9p.