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| UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| ARM Holdings PLC | 963 | 16.5 | 1.7 | -12.4 |
| Admiral Group PLC | 1285 | 7.0 | 0.6 | -1.9 |
| TUI Travel PLC | 452.2 | 2.2 | 0.5 | 9.5 |
| Friends Life Group Ltd | 381.8 | 1.3 | 0.3 | 7.9 |
| Bunzl PLC | 1820 | 6.0 | 0.3 | 25.5 |
| ITV PLC | 213.9 | 0.7 | 0.3 | 10.3 |
| Ashtead Group PLC | 1104 | 3.0 | 0.3 | 45.3 |
| IMI PLC | 1222 | 3.0 | 0.3 | -29.9 |
| UK 100 Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| Weir Group PLC | 1741 | -97.0 | -5.3 | -18.3 |
| easyJet PLC | 1705 | -56.0 | -3.2 | 11.0 |
| Hargreaves Lansdown PLC | 962.5 | -28.5 | -2.9 | -28.9 |
| Marks & Spencer Group PLC | 483.5 | -13.4 | -2.7 | 11.8 |
| Royal Dutch Shell PLC | 2171.5 | -59.0 | -2.7 | -4.8 |
| BHP Billiton PLC | 1437 | -37.0 | -2.5 | -23.1 |
| CRH PLC | 1544 | -35.0 | -2.2 | 1.4 |
| SABMiller PLC | 3350 | -72.0 | -2.1 | 8.0 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 6,672.2 | -70.7 | -1.05 | -1.1 |
| UK | 15,952.5 | -50.4 | -0.31 | 0.1 |
| FR CAC 40 | 4,375.5 | -44.0 | -1.00 | 1.9 |
| DE DAX 30 | 10,015.0 | -72.1 | -0.71 | 4.8 |
| US DJ Industrial Average 30 | 17,852.5 | -106.3 | -0.59 | 7.7 |
| US Nasdaq Composite 100 | 4,740.7 | -40.1 | -0.84 | 13.5 |
| US S&P 500 | 2,060.3 | -15.1 | -0.73 | 11.5 |
| JP Nikkei 225 | 17,813.4 | -122.3 | -0.68 | 9.3 |
| HK Hang Seng Index 48 | 23,623.4 | -424.3 | -1.76 | 1.4 |
| AU S&P/ASX 200 | 5,282.7 | -90.0 | -1.68 | -1.3 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, US Light Sweet ($/barrel) | 62.68 | -0.23 | -0.36 | -36.3 |
| Crude Oil, Brent ($/barrel) | 65.41 | -1.13 | -1.69 | -39.9 |
| Gold ($/oz) | 1202.65 | -0.55 | -0.05 | -0.1 |
| Silver ($/oz) | 16.35 | -0.03 | -0.18 | -15.7 |
| Platinum ($/oz) | 1230.90 | 7.30 | 0.6 | -10.4 |
| GBP/USD – US$ per £ | 1.566 | – | 0.03 | -5.4 |
| EUR/USD – US$ per € | 1.233 | – | 0.15 | -10.4 |
| GBP/EUR – € per £ | 1.269 | – | -0.12 | 5.4 |
Click graph to enlarge
See Live Macro Calendar for full data line-up, incl. consensus expectations
UK 100 Index called to open -26pts at 6636, having broken below support at 6670 and 6640 yesterday and the former serving as resistance amid a brief overnight recovery attempt. This opens up the possibility for further retracement of the Oct/Nov rally with the 3-week sideways move having lost momentum. Watch levels: Bullish 6670 and Bearish 6590.
The negative opening call stems from a weak close for European and US equities yesterday, which was exported to Asia overnight and has been reinforced by German Trade Data this morning and another Tesco (TSCO) profits warning with steps taken to restore financial health impacting short-term profitability. Shares called down 5 to 10% (every little hurts!).
US equities closed lower on a revival of global growth concerns after recent Asia/Europe data disappointments, Crude Oil suffering another sharp drop, weighing on US energy stocks and the Fed’s Lockhart saying the US Central bank should still be on track for a H2 2015 rate rise, but with economic weakness in Europe and Japan a risk to US outlook.
Overnight, Asian stocks hurt by US losses on continued oil price weakness, exacerbated by weak Australian Business Surveys (confidence + conditions), which saw both mining and energy stocks give up ground downunder. Note China’s Shanghai giving up 5.4% (most since 2009) on volatile and record trading (7x average 2014 turnover) and State media reporting the government potentially cutting its GDP growth target to 7% from 7.5%.
Japan’s Nikkei the outperformer despite JPY strength and improvement in the nation’s Manpower survey, with Economy minister Amari saying oil price fall likely to offset JPY weakness-led rise in import prices.
After yesterday’s global growth concerns revival, we may have more of the same with this morning’s German Trade Balance solidity showing a similar make-up to China's, benefiting from slowing exports and plunge in imports which is not what we want to hear for either nation, hopes pinned on the former to help global growth and the latter to help the eurozone region.
In focus today; UK Industrial and Manufacturing Production are seen posting slower growth in October, while US Small Business Optimism is forecast to edge higher. In the afternoon, US Wholesale Sales and Inventories are expected to deliver slower growth and contraction respectively, while US Economic Optimism ticks up. The latest NIESR UK GDP estimate will be eyed for progress.
In commodities, Gold continued to hover around $1200, demand for the metal torn between interest for a safehaven as equities fall and a strong USD as we factor in a US rate rise and higher borrowing costs next year. Support and resistance unchanged at $1186 and $1220.
Oil continues to leak to fresh 5yr lows, with US Light Crude now at $62.5 and Brent at $65 (down 36.3% and 39.9% year-to-date respectively) hurt by OPEC’s refusal to react to higher US production and falling global demand, even making it worse by offering even deeper discounts to US/Asia to try and counter US self-sufficiency and defend market share.
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See Live Macro Calendar for full data line-up, incl. consensus expectations
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