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| UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| Ashtead | 891 | 31.5 | 3.7 | -20.4 |
| Shire | 4308 | 119.0 | 2.8 | -8.3 |
| Taylor Wimpey | 176.8 | 3.3 | 1.9 | -13.0 |
| Tesco | 185 | 3.0 | 1.7 | 23.8 |
| Royal Bank of Scotland | 253.6 | 4.1 | 1.6 | -16.0 |
| UK 100 Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| Anglo American | 747.3 | -44.7 | -5.6 | 149.6 |
| Sky | 985 | -43.0 | -4.2 | -11.4 |
| Sage | 605 | -22.5 | -3.6 | 0.3 |
| National Grid | 966.1 | -34.9 | -3.5 | 3.1 |
| Associated British Foods | 3227 | -103.0 | -3.1 | -3.4 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 6,381.4 | -28.8 | -0.45 | 2.2 |
| UK | 16,979.4 | -38.6 | -0.23 | -2.6 |
| FR CAC 40 | 4,582.8 | -9.1 | -0.20 | -1.2 |
| DE DAX 30 | 10,435.7 | 14.4 | 0.14 | -2.9 |
| US DJ Industrial Average 30 | 17,982.5 | -113.8 | -0.63 | 3.2 |
| US Nasdaq Composite | 4,945.9 | -2.2 | -0.05 | -1.2 |
| US S&P 500 | 2,091.5 | -10.9 | -0.52 | 2.3 |
| JP Nikkei 225 | 17,462.0 | 98.3 | 0.57 | -8.3 |
| HK Hang Seng Index 50 | 21,418.3 | -204.0 | -0.94 | -2.3 |
| AU S&P/ASX 200 | 5,236.5 | -36.2 | -0.69 | -1.1 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, West Texas Int. ($/barrel) | 43.87 | 0.24 | 0.55 | 18.4 |
| Crude Oil, Brent ($/barrel) | 45.17 | 0.03 | 0.06 | 20.2 |
| Gold ($/oz) | 1249.20 | -1.60 | -0.13 | 17.8 |
| Silver ($/oz) | 17.06 | 0.03 | 0.19 | 23.4 |
| GBP/USD – US$ per £ | 1.44 | – | 0.21 | -2.6 |
| EUR/USD – US$ per € | 1.13 | – | 0.11 | 4.1 |
| GBP/EUR – € per £ | 1.27 | – | 0.11 | -6.4 |
Click graph to enlarge
UK 100 called to open -15pts at 6365, but with a reversal of overnight weakness thanks to a bounce around 6350. This keeps the April uptrend on track and could mean that a consolidatory breather has been had before we resume the northerly march to retest Dec highs of 6420 on the way towards 6600. The Bulls will be looking for fresh multi-month highs today; the Bears still need a real drop below 6350 to put the April rally in jeopardy. Watch levels: Bullish 6385, Bearish 6330.
Expectations for a negative European open come after a mixed session in Asia which follows a down day in the US. This is in response to a general easing in commodities prices - oil in particular - from recent recovery highs after the USD gained in the wake of an ECB policy update that (thankfully for Draghi) held the EUR lower. Disappointing results from some tech giants also dented sentiment.
Japan’s Nikkei outperforming peers thanks to a weaker Yen (a welcome reversal, finally?) and reports of the BoJ mulling support for banks. Gains are in spite of a PMI Manufacturing read that delivered a surprise worsening of contraction likely due to recent earthquakes and currency strength. Australia’s ASX in the red as the majority of commodities (except iron ore) pull back on USD strength and BHP comments regarding rallies having run their course. China still bucking the global rally (ominous sign?)
US Markets are under pressure from some disappointing earnings from some big hitters in the tech space. Microsoft (MSFT), whose earnings missed forecasts and whose outlook for the current quarter was forecast by the company to also miss forecasts, saw shares fall by 5%. Alphabet (GOOGL), Google’s parent company, also missed expectations and saw its share price tank by 7% as a result. Verizon added to the woes, taking the telecoms sector lower as well. The Dow gave up 220pts amid all this, but futures are rallying this morning.
Crude prices also off their best levels overnight, but are likewise off their worst levels this morning. Pressure is rising, however, with a USD bounce likely to weigh on commodity prices today and little in the way of fresh fundamentals to drive prices either way. A similar tale for Gold, therefore, whose price should be kept well below $1260, with a test and breach of $1244 a distinct possibility today. Currently $1245.6.
In focus today will be European Manufacturing and Services PMI with small gains expected. This will be important in the context of a troubled Eurozone with France close to breakeven in comparison to Germany and the region still solidly in growth territory. The US print is expected to have improved in April. Results out from China barometer Caterpillar, industrial giants General Electric and Honeywell and big-McDonalds.
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