Two different views of the spread betting markets for you today:

According to BetOnMarkets:

• Stock market futures are indicating a positive start to the day after a weak session yesterday.
• Chinese Manufacturing numbers came in slightly above expectations, while Australian GDP smashed estimates to come in at 1.2%.
• The mood has shifted to glass half full again with the yen under pressure and the Aussie dollar in demand. The AUD/JPY is up 1.12% and the AUD/USD up 1%.
• Traders are also taking some money off the table on the Swiss franc as the currency gives back some of yesterday’s gains. The EUR/CHF is up 0.44% and the USD/CHF up 0.15%.
• Gold is still in demand, trading above $1,250 briefly this morning. Gold has closed above this level only twice before.
• Coming up today we have UK manufacturing PMI at 09.30. A slight dip is expected.
• Following this we start the monthly jobs merry go round once again at 13.30 with the release of US ADP employment data. This is often (not always) a good steer for Friday’s more important Non Farm Payrolls.
• We also have US ISM manufacturing at 15.00.

And according to Spreadex:

A positive start to the day, with FTSE up currently 80 points, starting its positive drive from around 9.30am onwards and now broken the 5300 mark.

Top riser is Cable and Wireless, up near 11% followed by the miners.

Chinese manufacturing picked up after a downward trend and Australia’s economy grew at the fastest rate in 3 years. However, manufacturing in Europe appears to be cooling and UK PMI came out below forecasts.

Markets are still data driven at the moment and very fickle, so today’s gains could easily turn depending on data from the US.

ADP employment data will set the tone for the afternoon, and there is the continual manufacturing theme at 3pm, the markets will be cheering any signs that the US Economy isn’t grinding to a halt as recent data as would suggest.

Dow Futures are up 97 so it looks like the markets are expecting it to be a good day for the markets.

Spread betting is a leveraged product. It carries a high level of risk to your capital and, as it is possible to lose more than your initial investment, it may not be suitable for all investors. Therefore, ensure you understand the risks involved and seek independent advice if necessary. The tax treatment of spread bets may be subject to change in the future

The above should not be construed in any circumstances as a recommendation or offer to sell or recommendation or solicitation of any offer to buy any security or other financial instrument.

Investors continued to flee risky asset classes on Tuesday, using yesterday’s small gains as an opportunity to close out positions at higher levels, causing European Indices to slump 2.5%.

Worries about the potential for high sovereign debt to destabilise growth is weighing down any appetite for risk. One prime example of this is the fact that the mining sector, one of the strongest sectors in yesterday’s session, is the heaviest faller today, with investors using yesterday’s gains as a chance to exit trades at higher levels.

When investors use market bounces as opportunities to sell and not market dips as opportunities to buy, it paints a picture that sentiment is very weak.

Investors continue to sell out of the heavyweight miners and banking stocks causing Lloyds shares to hit a new 2 month low.

Most of the buys we have seen have been to invest in the typical safe haven assets such as the US dollar and Gold.

The Dollar Index has risen over 2% this week already and is nearing a new 14 month high, which exemplifies the depth of the recent flights to safe havens.

UK GDP revised to 0.3% as expected

The markets reacted little to the upward revision of UK GDP, which came in largely expected by traders. However, there remains growing concerns that recent headwinds both at home and abroad could stunt the UK recovery.

Investors are likely to watch carefully both the details of the emergency budget in late June and the sovereign debt crisis within the Eurozone, which accounts for approximately 60% of UK exports, to assess its potential impact on UK growth going forward.

Please remember that Spread Betting and CFD Trading are leveraged products that carry a high level of risk to your capital and can result in losses that could quickly exceed your initial outlay. These products may not be suitable for everyone, so please make sure you fully understand the risks involved.

By Joshua Raymond, Market Strategist, City Index.

The above should not be construed in any circumstances as a recommendation or offer to sell or recommendation or solicitation of any offer to buy any security or other financial instrument.

Neither City Index not Spread-Betting.org warrant or represent that the material is accurate, complete, not misleading, or fit for the purpose which it is intended and it should not be relied upon as such.