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| Yesterday’s UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| Ferguson PLC | 5478 | 344 | 6.7 | 2.8 |
| GlaxoSmithKline PLC | 1351 | 62.8 | 4.9 | 2.2 |
| Shire PLC | 3070 | 116.5 | 3.9 | -21.3 |
| Scottish Mortgage Investment Trust PLC | 455 | 15 | 3.4 | 1.3 |
| Glencore PLC | 363.5 | 11.2 | 3.2 | -6.8 |
| Yesterday’s UK 100 Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| Next PLC | 4797 | -78 | -1.6 | 6.0 |
| Randgold Resources Ltd | 5916 | -80 | -1.3 | -20.2 |
| Fresnillo PLC | 1251 | -12 | -1.0 | -12.5 |
| Royal Bank of Scotland Group PLC | 257.6 | -0.9 | -0.4 | -7.3 |
| GKN PLC | 430.3 | -1.2 | -0.3 | 34.7 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 6,999.9 | 111.2 | 1.61 | -9.0 |
| UK | 19,389.0 | 202.0 | 1.05 | -6.5 |
| FR CAC 40 | 5,115.7 | 49.5 | 0.98 | -3.7 |
| DE DAX 30 | 11,970.8 | 183.5 | 1.56 | -7.3 |
| US DJ Industrial Average 30 | 23,857.8 | -344.8 | -1.42 | -3.5 |
| US Nasdaq Composite | 7,008.8 | -211.7 | -2.93 | 1.5 |
| US S&P 500 | 2,612.6 | -45.9 | -1.73 | -2.3 |
| JP Nikkei 225 | 20,834.0 | -483.4 | -2.27 | -8.5 |
| HK Hang Seng Index 50 | 30,200.3 | -590.6 | -1.92 | 0.9 |
| AU S&P/ASX 200 | 5,789.5 | -42.8 | -0.73 | -4.5 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, West Texas Int. ($/barrel) | 64.65 | -0.63 | -0.96 | 7.6 |
| Crude Oil, Brent ($/barrel) | 69.62 | -0.50 | -0.71 | 4.5 |
| Gold ($/oz) | 1342.24 | -0.47 | -0.03 | 3.0 |
| Silver ($/oz) | 16.51 | -0.25 | -1.49 | -2.2 |
| GBP/USD – US$ per £ | 1.4200 | – | 0.16 | 5.2 |
| EUR/USD – US$ per € | 1.2406 | – | -0.02 | 3.4 |
| GBP/EUR – € per £ | 1.1445 | – | 0.18 | 1.7 |
Click graph to enlarge
UK 100 Index called to open -55pts at 6945, after an extension of the reversal of yesterday’s rally having fallen foul of intersecting resistance (dating back to Feb lows). Overnight resistance at 6960 is what Bulls need to break back above, while Bears require a test of 3-day rising lows at 6935. Watch levels: Bullish 6965, Bearish 6935
Calls for a negative open come a tech sell-off on Wall St - fuelled by fears of onerous regulation on the increasingly influential sector being on its way, in the wake of the Facebook data scandal - was emulated on Asian bourses overnight to extend yesterday's reversal from highs.
This offset an easing of trade war concerns which had engineered the market bounce, although talk of the US weighing up using an emergency law to curb Chinese takeovers was taken negatively. Not even news of North Korea confirming April/May summits with US and South Korea and, more importantly, genuine appetite for denuclearisation, has been enough to revive bullish sentiment.
Oil prices off highs after a surprise build in API Crude inventories ahead of official US data this afternoon, further hampered by the USD index trading off its lows, hurting metals prices and Miners too. Financials dented by US bond yields at 7-week lows.
Corporate news this morning, in terms of M&A, Melrose announces full terms and detailed mechanics of the GKN post-offer undertakings agreed with UK Takeover Panel and will address any concerns regarding national security direct with the UK’s Ministry of Defence.
OFCOM cuts price BT Openreach can charge for entry-level superfast broadband access but won’t regulate prices of fastest wholesale offering; must allow rivals access to telegraph poles and tunnels.
Paddy Power says Jonathan Hill (currently at Saga) will be appointed CFO in the autumn. The FCA is responding to enquiries about market abuse regarding Aviva's plan to cancel preference shares and then the decision not to. Go-Ahead Group to use CPI rather than RPI for annual increases in pensions payable; reduces financial risk and liabilities and increases plan’s long-term sustainability.
Premier Oil awarded 3 blocks in Gulf of Mexico. DFS Furniture H1 underlying revenues and profits fall; seen strengthening trading in H1 and through Feb into March, confident in modest FY EBITDA growth and strong cash flow (in-line with expectations) despite current challenging market conditions, interim div flat.
In focus today will be US Q4 GDP (final reading, 1.30pm) forecast slightly higher (2.7%) than the most recent reading (2.5%), but still down versus Q3 (3.2%), at its lowest for three quarters. With the pace of US Fed interest rate hikes in such focus, GDP Price Index and Core PCE may steal the limelight as valuable metrics of inflationary outlook.
Later in the afternoon, US Pending Home Sales (3pm) will be looked to for support of yesterday’s positive Case Shiller prints and, after a surprise build in API Crude oil inventories last night, official US oil inventories (3.30pm) may result in oil price volatility should they confirm or dispel. The Fed’s Bostic (5pm) participates in an "Armchair Chat" with the "Atlanta Society of Finance and Investment Professionals".
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