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| UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| Anglo American PLC | 323.35 | 26.9 | 9.1 | -73.1 |
| Glencore PLC | 93.09 | 7.3 | 8.5 | -68.9 |
| BHP Billiton PLC | 778.1 | 50.1 | 6.9 | -44.0 |
| BG Group PLC | 988.1 | 58.4 | 6.3 | 14.2 |
| Rio Tinto PLC | 2014.5 | 116.0 | 6.1 | -32.9 |
| UK 100 Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| Sports Direct International PLC | 561 | -2.0 | -0.4 | -21.1 |
| SABMiller PLC | 4045 | 2.5 | 0.1 | 20.4 |
| Provident Financial PLC | 3283 | 9.0 | 0.3 | 33.4 |
| Berkeley Group Holdings (The) PLC | 3678 | 12.0 | 0.3 | 48.3 |
| Next PLC | 7220 | 25.0 | 0.4 | 5.9 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 6,241.0 | 157.9 | 2.60 | -5.0 |
| UK | 17,392.0 | 225.7 | 1.31 | 8.1 |
| FR CAC 40 | 4,674.5 | 106.9 | 2.34 | 9.4 |
| DE DAX 30 | 10,727.6 | 238.9 | 2.28 | 9.4 |
| US DJ Industrial Average 30 | 17,602.5 | 185.3 | 1.06 | -1.2 |
| US Nasdaq Composite | 5,045.9 | 44.8 | 0.90 | 6.5 |
| US S&P 500 | 2,064.3 | 25.3 | 1.24 | 0.3 |
| JP Nikkei 225 | 18,789.7 | -97.0 | -0.51 | 7.7 |
| HK Hang Seng Index 48 | 22,138.1 | 97.5 | 0.44 | -6.2 |
| AU S&P/ASX 200 | 5,207.6 | 65.8 | 1.28 | -3.8 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, West Texas ($/barrel) | 34.83 | 0.07 | 1.03 | -29.8 |
| Crude Oil, Brent ($/barrel) | 37.62 | 0.66 | 1.79 | -34.7 |
| Gold ($/oz) | 1073.05 | 1.85 | 0.17 | -9.3 |
| Silver ($/oz) | 14.32 | 0.01 | 0.05 | -8.7 |
| GBP/USD – US$ per £ | 1.487 | – | -0.01 | -4.5 |
| EUR/USD – US$ per € | 1.093 | – | 0.2 | -9.7 |
| GBP/EUR – € per £ | 1.361 | – | -0.21 | 5.7 |
Click graph to enlarge
UK 100 Index called to open flat at 6240 after an encouraging rally yesterday that saw the index power through 6125 and climb up onto its 100- and 50-day MAs, where it’s been resting since. Technical indicators remain bullish, just about, and a re-visit to 6300 may materialise but note today is a half day. Watch levels: Bullish 6350, Bearish 6125.
The flat opening call comes as a wholly understandable pause following the apparent arrival of Santa on his oil-fuelled sled yesterday (we are of course in the 21st century now, reindeer technology being a thing of the past), and a mixed Asian session where continued economic meddling by the Chinese government is failing to instill confidence in the shanghai composite and the Nikkei is suffering on a stronger Yen that’s hurting Japanese exporters, that coming on the back of BoJ chat indicating no change in its QE tactics, even though markets don’t think they’re working.
Materials and Energy led gains on Wall St. too yesterday, as crude stockpile data was reinforced by a lower Baker Hughes Rig Count (really? you can just switch them on and off just like that?!). We also saw some encouraging macro data stateside which added yet more Christmas cheer into the mix.
Keep an eye on criss-crossing crude prices as WTI & Brent engage in some sort of Christmas dancing ritual. Potential for some mean reversion trading opportunities there?
In focus today will be UK BBA loans for house purchases seen up (see UK housebuilders), US jobless claims looking for a small improvement and Japanese inflation data this afternoon seen not doing much at all!
Gold still has rising support, having pulled back yesterday amid the equity market rally and is currently trading just below resistance $1075. If equities continue north, expect that level to hold.
Happy Christmas!
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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