Zak Mir, technical analyst for shareprophets.com, and Mike Ingram, strategist for BGC Partners, opened the Tip TV Finance show today, discussing the global outlook on markets, and the impact of Greece opening its stock market.
Nikkei 225 stand out performer whilst FTSE 100 way behind
Ingram commented on the outstanding performance by the Nikkei 225, with sales up 5% and earnings up a substantial 41%. Conversely, Ingram noted the respective poor performance of the FTSE 100, which experienced sales being down 21% and earnings down similar 19%. In the middle of the range, he continued by adding that the S&P 500, had sales contract by 5% and earnings contracting 2%. Meanwhile, he finished by expressing how Europe faced the top line contracting 8% while earnings remained flat.
16% fall in Greek stock market
Ingram continued, highlighting the 16% fall experienced by the Greek stock market after its reopening yesterday, and Mir also mentioned the limited effect it had on European markets. Ingram continued on to discuss the volatility in markets, with most remaining high due to threats of rate hikes in the US and UK, but he noted the falling volatility in equity markets.
Oil to $35?
To finish, Ingram noted the influence Iran had on the oil market, with it set to ramp up capacity by around 2 million barrels a day. Whilst Mir expressed his technically based oil predictions, with $35 becoming a real possibility.
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