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| UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| Taylor Wimpey PLC | 184.8 | 6.7 | 3.8 | 34.1 |
| Barratt Developments PLC | 579.5 | 20.0 | 3.6 | 23.0 |
| St James’s Place PLC | 1000 | 34.0 | 3.5 | 22.8 |
| Compass Group PLC | 1117 | 37.0 | 3.4 | 1.5 |
| Pearson PLC | 835.5 | 27.0 | 3.3 | -29.8 |
| UK 100 Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| Anglo American PLC | 417.2 | -34.8 | -7.7 | -65.3 |
| Glencore PLC | 90.58 | -3.4 | -3.6 | -69.7 |
| BHP Billiton PLC | 853.5 | -22.3 | -2.6 | -38.5 |
| Royal Mail Group PLC | 481.8 | -5.6 | -1.2 | 12.1 |
| Rio Tinto PLC | 2249.5 | -24.5 | -1.1 | -25.0 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 6,337.6 | 60.4 | 0.96 | -3.5 |
| UK | 17,111.3 | 161.3 | 0.95 | 6.4 |
| FR CAC 40 | 4,893.0 | 72.7 | 1.51 | 14.5 |
| DE DAX 30 | 11,169.5 | 235.5 | 2.15 | 13.9 |
| US DJ Industrial Average 30 | 17,813.5 | 1.3 | 0.01 | -0.1 |
| US Nasdaq Composite | 5,116.1 | 13.3 | 0.26 | 8.0 |
| US S&P 500 | 2,088.9 | -0.3 | -0.01 | 1.5 |
| JP Nikkei 225 | 19,944.4 | 96.8 | 0.49 | 14.3 |
| HK Hang Seng Index 48 | 22,510.0 | 12.0 | 0.05 | -4.6 |
| AU S&P/ASX 200 | 5,210.7 | 17.0 | 0.33 | -3.7 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, US Light Sweet ($/barrel) | 43.13 | 0.04 | 0.08 | -19.7 |
| Crude Oil, Brent ($/barrel) | 46.03 | 0.60 | 1.32 | -20.1 |
| Gold ($/oz) | 1072.80 | 2.70 | 0.25 | -9.3 |
| Silver ($/oz) | 14.19 | 0.04 | 0.27 | -9.6 |
| GBP/USD – US$ per £ | 1.513 | – | 0.01 | -2.9 |
| EUR/USD – US$ per € | 1.062 | – | 0 | -12.2 |
| GBP/EUR – € per £ | 1.424 | – | 0.02 | 10.6 |
Click graph to enlarge
UK 100 Index called to open +5pts at 6340, having retreated from a fresh test of 6350 overnight and another flirt with the 100-day MA which has been a hurdle since late October. While the uptrend from Tuesday’s lows, and indeed those of 6000 last Monday, continues, significant resistance in the form of May falling highs looms large around 6380. Watch levels: Bullish 6390, Bearish 6315.
The tepidly positive opening call comes after a largely positive Asian session as industrial metals rallied and Oil prices held their gains following a flat US close ahead of the Thanksgiving holiday. While geopolitical concerns simmer (Brussels in lockdown, Turkey-Russia still trading accusations, US accusing Syria of buying oil from ISIS) investor sentiment buoyed by hopes of ECB stimulus next week ahead of a potential Fed rate rise mid-month.
Asian stocks show Japan's Nikkei higher as the JPY gives up some of its recent gains to help exporters. Australia’s ASX boosted by an AUD pullback as business investment contraction worsened sharply, adding to hopes of more economic stimulus, although plans for future spending grew healthily. Miners and Energy still in the doldrums.
Chinese equities bucking the positive trend in Asia-Pacific with expected changes to bond collateral rules seen as a warning against an overheating debt market, offsetting optimism about sales of state-owned companies such as PetroChina. Copper rallied as Chinese smelters said they would convene on Saturday to discuss what to do with prices at 6yr lows.
The last full trading day of the week for US markets saw them little changed at close, with waning volumes ahead of Thanksgiving. Healthcare stocks battled their counterparts in the Energy sector, presumably on hopes that a bumper year for pharma M&A windfalls will continue well into 2016. Macro data was largely positive, leaving everything in place (bar inflation, but who even cares about that?) for a December Fed rate hike. Or not.
In focus today, amid a quiet US holiday session, we have Spanish final Q3 GDP seen confirmed at a nice clip, although German GFK Consumer Confidence is seen unchanged. Thereafter with an absence of US data, we have ECB chat from Linde and then Japanese inflation very late.
Crude prices staged a nice bounce overnight to regain yesterday morning’s levels after US inventories increased by less than expected. Off those levels this morning, however, with many contracts having been settled pre-Thanksgiving holiday. Levels to watch on oil: Brent $45.50, $44.90; WTI $42.50, $42.25 (if volume allows…)
Gold is heading towards the apex of a 10 day narrowing pattern with an eventual break to the downside the more probable of the two outcomes given the lack of US activity, USD strength and resistance at $1071.
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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research