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UK 100 called to open flat at 6871 after a mixed showing overnight in Asia. That's despite a solid showing overnight in the US, where the Dow Jones rose 66 points (16,698) and the S&P 500 advanced 10 points (1,920) on the back of encouraging housing and jobs data.
In Asia today, the Nikkei was recently down 53 points at 14,628 and the Hang Seng ahead 52 points at 23,062.
In focus today will be data from the US including personal income spending, ISM, Chicago PMI and University of Michigan Confidence (at 13:30/14:00/14:45 and 14:55 respectively). Other than that, very few company headlines or corporate action this morning. We are however starting to get more information on the upcoming TSB IPO so if you are interested, please get in touch.
In commodities, gold continued to trade higher as equity markets shrugged off weak US GDP data to push higher, damping demand for the safe haven. Currently set for monthly losses trading at $1257, it had hit intra-day lows of $1251, levels last seen early February. Having fallen almost $60 since highs of May we may see a short term rebound for bargain hunters soon. Silver followed suit trading below $19 an ounce, poised for a third monthly decline. Elsewhere for industrial metals, iron ore is heading for a sixth straight month of declines, the longest losing streak on record as increasing supplies spur a global surplus as demand growth in China slows.
WTI meanwhile was heading for its first monthly advance since February as crude inventories shrank trading at $103.5 a barrel.
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