This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
| UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| ITV PLC | 271.5 | 7.7 | 2.9 | 26.2 |
| Glencore PLC | 83.05 | 2.2 | 2.7 | -72.2 |
| InterContinental Hotels Group PLC | 2591 | 68.0 | 2.7 | -0.2 |
| Antofagasta PLC | 425.2 | 8.9 | 2.1 | -43.5 |
| Carnival PLC | 3722 | 74.0 | 2.0 | 27.5 |
| UK 100 Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| Coca-Cola HBC AG | 1453 | -47.0 | -3.1 | 18.3 |
| Associated British Foods PLC | 3236 | -91.0 | -2.7 | 2.6 |
| Smith & Nephew PLC | 1143 | -29.0 | -2.5 | -3.8 |
| Ashtead Group PLC | 1095 | -15.0 | -1.4 | -5.0 |
| Royal Dutch Shell PLC | 1450.5 | -18.5 | -1.3 | -35.0 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 6,034.8 | -17.6 | -0.29 | -8.1 |
| UK | 17,077.0 | -29.0 | -0.17 | 6.2 |
| FR CAC 40 | 4,565.2 | -60.1 | -1.30 | 6.8 |
| DE DAX 30 | 10,497.8 | -110.4 | -1.04 | 7.1 |
| US DJ Industrial Average 30 | 17,251.5 | 123.0 | 0.72 | -3.2 |
| US Nasdaq Composite | 4,968.9 | 45.8 | 0.93 | 4.9 |
| US S&P 500 | 2,021.2 | 15.6 | 0.78 | -1.8 |
| JP Nikkei 225 | 18,886.7 | -29.3 | -0.16 | 8.2 |
| HK Hang Seng Index 48 | 21,796.2 | 4.5 | 0.02 | -7.7 |
| AU S&P/ASX 200 | 5,116.7 | 7.6 | 0.15 | -5.4 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, West Texas ($/barrel) | 34.83 | 0.07 | 1.08 | -32.9 |
| Crude Oil, Brent ($/barrel) | 36.46 | 0.28 | 0.77 | -36.7 |
| Gold ($/oz) | 1078.45 | 1.55 | 0.14 | -8.9 |
| Silver ($/oz) | 14.25 | 0.00 | 0.02 | -9.2 |
| GBP/USD – US$ per £ | 1.489 | – | -0.04 | -4.4 |
| EUR/USD – US$ per € | 1.091 | – | 0.01 | -9.8 |
| GBP/EUR – € per £ | 1.364 | – | -0.04 | 6.0 |
Click graph to enlarge
UK 100 Index called to open +40pts at 6073 after yesterday’s early morning rally yet again got retraced later in the day, courtesy of what can only be described as a textbook multiple top reversal (five tops, to be precise!). Overnight rising lows are encouraging, while potential falling resistance around 6095/7000 levels could stifle gains. Watch levels: Bullish 6120, Bearish 6020.
The positive opening call comes after Chinese leaders signalled more stimulus measures overnight with Chinese copper smelters yesterday vowing to control their activities in support of prices - both these factors helping the UK benchmark index being that it is highly sensitive to China and commodities.
Asian bourses are nonetheless volatile as markets work out, as they always do, whether this is all good or bad. There are always two ways of looking at things! Japan’s Nikkei still under pressure from the BoJ adjusting its easing program in a somewhat unsatisfying manner (a bit like Draghi’s disappointment a few weeks back…) last Friday.
Gains or no gains, global markets are undoubtedly being rocked by rock bottom oil prices, which are hurting some of the world’s biggest and weightiest companies. Apart from in the US, that is.. “Ah, to hell with oil. Let’s just be hopeful that interest rates won’t go up too quick.”
In focus today we have US GDP data and New Home Sales all seen a tad softer than previous.
Crude prices edged up technically overnight. A lack of fresh, non-technical supply/demand drivers shouldn't make for sour trading conditions though. Not much cause to keep checking the news here, just simple support, resistance and stockpile data (the latter due out tomorrow). At least one analyst is attempting to call a bottom to oil, saying that it’s so cheap it can’t go any lower. Well, it can go lower!
Gold still supported by an off-highs USD. However, tanking oil prices and their deflationary effect on inflation will no doubt cap significant upside for the yellow metal, demand for which comes in no small part from those looking to hedge against inflation.
For any help you may require placing trades or in terms of market information, put a call in to our trading floor – it’s all part of the service.
Vast Resources names Pierre Joubert as chief financial officer
Cape signs maintenance contract with BP in Azerbaijan
Shanks says reached full service on its £750mn contract with Wakefield Council
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