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| Yesterday’s UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| G4S | 335.9 | 14.7 | 4.6 | 42.9 |
| Glencore | 287.95 | 8.2 | 2.9 | 3.8 |
| Wolseley | 4884 | 119.0 | 2.5 | -1.6 |
| Standard Life | 398.6 | 9.3 | 2.4 | 7.2 |
| Sainsbury (J) | 258 | 5.7 | 2.3 | 3.5 |
| Yesterday’s UK Index Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| Hammerson | 594 | -8.0 | -1.3 | 3.7 |
| Paddy Power Betfair | 8525 | -95.0 | -1.1 | -2.8 |
| Pearson | 705.5 | -7.5 | -1.1 | -13.8 |
| easyJet | 1349 | -13.0 | -1.0 | 34.2 |
| Direct Line Insurance | 366.5 | -3.5 | -1.0 | -0.8 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 7,523.8 | 60.3 | 0.81 | 5.3 |
| UK | 19,873.3 | 56.9 | 0.29 | 9.9 |
| FR CAC 40 | 5,310.7 | 47.4 | 0.90 | 9.2 |
| DE DAX 30 | 12,889.0 | 136.3 | 1.07 | 12.3 |
| US DJ Industrial Average 30 | 21,529.0 | 144.8 | 0.68 | 8.9 |
| US Nasdaq Composite | 6,239.0 | 87.3 | 1.42 | 15.9 |
| US S&P 500 | 2,453.5 | 20.3 | 0.83 | 9.6 |
| JP Nikkei 225 | 20,268.9 | 201.1 | 1.00 | 6.0 |
| HK Hang Seng Index 50 | 25,876.2 | -48.3 | -0.19 | 17.6 |
| AU S&P/ASX 200 | 5,757.3 | -47.9 | -0.82 | 1.6 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, West Texas Int. ($/barrel) | 44.44 | -0.24 | -0.54 | -3.3 |
| Crude Oil, Brent ($/barrel) | 46.95 | -0.42 | -0.89 | -2.8 |
| Gold ($/oz) | 1246.65 | 1.55 | 0.12 | -1.8 |
| Silver ($/oz) | 16.53 | 0.07 | 0.41 | -3.8 |
| GBP/USD – US$ per £ | 1.2738 | – | 0.05 | 0.0 |
| EUR/USD – US$ per € | 1.1158 | – | 0.12 | -0.3 |
| GBP/EUR – € per £ | 1.1416 | – | -0.07 | 0.3 |
Click graph to enlarge
UK 100 Index called to open +5/10pts at 7530, holding onto yesterday’s gains and the 7520 breakout, its rebound still intact. Bulls want to see a break above 7545 overnight highs and shallow falling resistance. Bears need to see a troubling of twin support around 7510 before being able to consider the uptrend in jeopardy. Watch levels: Bullish 7545, Bearish 7520.
A positive opening call comes after US bourses closed higher (more Dow and S&P records) thanks to a Tech resurgence suggesting the recent sector sell-off may have been more ‘tech check’ than the ‘tech wreck’ some had forecast. A solid start to Brexit negotiations also calmed political nerves along with latest polling data putting Merkel’s Conservatives 11.5pts ahead of Social Democrat rivals 3-months before German elections that could deliver another anti-populist result.
Asian stocks are mixed overnight with tech gains offset by weakness in Banking and Energy and after a USD rally (hawkish comments by the Fed’s Dudley, countering a more dovish Evans) having tempered overnight as markets await news of whether MSCI will finally include China mainland stocks in its indices.
Japan’s Nikkei outperforms (fresh 22-month high) on a weaker Yen and investors embracing upbeat stateside sentiment, especially Tech. Gains for Telcos and Finance are also helping offset Energy weakness after another bout of weakness for oil prices.
Down under, however, a Moody’s downgrade for several banks (“elevated risks”) is punishing Australia’s ASX. There is no help from Energy, Miners or Housing with metals little changed, oil having dropped and solid House Price data being overshadowed by RBA ‘steady as she goes’ minutes
In UK Index news, the UK’s Serious Fraud Office charged Barclays and four individuals (incl. ex-Chairman Varley and ) with conspiracy to commit fraud and provision of unlawful financial assistance relating to Barclays’ 2008 capital raising arrangements with Qatar.
US equity markets closed at record highs on Monday as the Tech sector surged once again, leading the S&P500 to join its fellow blue-chip index the Dow Jones at a fresh record closing high. The large-cap 'FAANG' stocks - Facebook, Amazon, Apple, Netflix and Google parent Alphabet - all rallied, with Amazon trading a fresh all-time high shortly after the open. Unsurprisingly, the Tech-focused Nasdaq outperformed peers, up 1.4% in its best single session of 2017 so far.
Crude Oil prices have backtracked sharply from yesterday afternoon's highs inspired by Saudi Arabian production cut figures, with both Brent and US benchmarks falling from key levels. Brent pared gains after a failed test of June falling highs resistance at $47.60 while US crude failed to comprehensively break above the key psychological $45 mark, falling to fresh 7-month lows as a result. Both benchmarks are off their lows as US dollar weakness this morning aids sentiment.
Gold has bounced from fresh 4-week lows of $1243 overnight as yesterday's US dollar rally cools. The greenback has fallen back after trading at a fresh June high which in turn has lifted the precious metal from overnight 1-month lows. However, the non-yielding safe-haven asset remains under pressure as advancing global equities offer an attractive alternative.
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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.
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