Well here we are – Thursday afternoon at 3.00pm with the FTSE 100 just short of the day’s high – up 55 points at 7485. London’s session followed in the wake of a positive session in Asia, with the BOJ doing little to destroy new found confidence, thanks to inflation being left in the in-tray in Japan until 2019 by Governor Kuroda-san. New York had previously enjoyed an upbeat session with the S&P 500 and the NASDAQ breaking new ground with fresh records. This is an amazing state of affairs as I keep tripping over people that feel equities are not only over-priced but also that financial Armageddon is just around the corner. I can cope with the former comment, but a financial meltdown may take a bit longer, though I am very wound up by the Chinese banking system, which appears to be hopelessly over-lent against a massive amount property, much of which is not habited.


Yes I accept that there are no alternative asset classes that are attractive and one must be bemused by the fact that Trump has delivered ‘diddly-squit’ in terms of a cut in regulation, healthcare or infrastructure spending. The DOW is down just 8 points as I speak.


Of those companies that reported today, Sports Direct grabbed the yellow jersey. Despite the profits for the last trading period falling 57%, there was sufficient encouragement in the figures for the future for the shares to rise like the proverbial grilse – up 16% at one time but settling recently +11%. Moneysupermarket also had a roller coaster ride, initially losing 13%, but I as scribe it is only down 3.5%. easyJet’s Dame Carolyn McCall posted her penultimate set of numbers, which analyst found holes in – down 6%. Unilever pleased its acolytes and the shares were 1.2% to the good. It’s amazing what can be done when shareholders stop being passive and insist on shareholder value.


Howden Joinery was up 1.9%, with the AA unchanged and SSE up just a smidgen b7y 0.25%. Premier Foods were 3% to the good and Ashtead were up 3%. Draghi tried to upset the applecart with unintelligible gobbledygook. It looked as if he might attempt to upset the applecart, but he consummately failed.  

TODAY’S FAYRE,- The Palace of Westminster , Retirement (whatever that means) & markets

TODAY’S FAYRE – Thursday, 20th July 2017

“Come, dear children, let us away;

Down and away below!

Now my brothers call from the bay,

Now the great winds shoreward blow,

Now the salt tides seaward flow;

Now the wild white horses play,

Champ and chafe and toss in the spray.

Children dear, let us away!

This way, this way!


Call her once before you go—

Call once yet!

In a voice that she will know:

“Margaret! Margaret!”

Children’s voices should be dear

(Call once more) to a mother’s ear;


Children’s voices, wild with pain—

Surely she will come again!

Call her once and come away;

This way, this way!

“Mother dear, we cannot stay!

The wild white horses foam and fret.”

Margaret! Margaret!


Come, dear children, come away down;

Call no more!

One last look at the white-wall’d town

And the little grey church on the windy shore,

Then come down!

She will not come though you call all day;

Come away, come away!”


Matthew Arnold – poet & author – 1822-1888


I had the most pleasurable of days yesterday, as the guest of Baroness Jenkin and also courtesy of my good friend James Max, with a guided tour of the Palace of Westminster including lunch in the House of Lords dining room, probably the most exclusive club in the country – What an exquisite emporium of history over the centuries! It was such a huge privilege; one that I shall treasure for a very long time. However the Palace is in a dilapidated state and in urgent need of reconstruction. Some of the facilities are anachronistically feudal. I understand that the renovation could cost £6 billion. Such is the decayed state of the whole building, I can believe it. This is money the country probably cannot afford. Perhaps, as my colleague Simon French has suggested, Parliament could be moved to Birmingham, if there is a purpose built building to house a thousand people. Maybe that would cost a great deal less than £6 billion and the Houses of Parliament could be renovated slowly as a museum for the great histories of this great democratic nation.


Many people muttering under their breath at the ignominy of having the retirement threshold raised to 68 by 2037-39 to qualify for OAP, need to wake up and smell the coffee. As we live to be older and whilst interest rates remain benign, there will be no money available. I genuinely believe that. I hope to be proved wrong. In the event of me being too pessimistic, I believe blue collar workers should have special dispensation, as physical work can takes its toll. They should be allowed to enjoy the twilight of their lives at 65.


Even though the Greenback remained weak, the Street of Dreams reached new records, with the S&P and the NASDAQ to the fore – DOW: 21,574 -0.25% +9.169% S&P: 2,460 +0.06% +9.906% NASDAQ: 5,880 +0.69% +20.90%. Yesterday’s earnings were better than expected, even though IBM was marginally disappointing – down 4.2% as were results from CSX – down 5.1%. The S&P 500 tech sector, which has been the best performing sector this year, broke its previous record closing high that it had held since March 2000. Vertex jumped as much as 26.4% to an all-time high of $167, a day after it reported positive results for its cystic fibrosis treatment. The stock ended up 20.8% at $159.69. Morgan Stanley added 3.3% after reporting better-than-expected numbers, with bond trading revenue declining only 4%. From the tech sector the usual suspects – Facebook, Amazon, Alphabet and Microsoft all enjoyed a bit of a run on the rails.


Simon French, Panmure’s chief economist made the following insightful observations on the Japanese economy post the BOJ meeting today. With Japan maintaining its 2.7% unemployment rate, -0.1% bank rate, QE on-going at Y80tn a year, it generates an inflation rate of just 0.4% YoY. Governor Kuroda has just revealed the BoJ thinks Japan’s inflation will now not hit 2% until FY2019, despite them injecting monetary heroin into every part of the economy. For example the BoJ now owns 45% of all JGBs and 71% of all Japanese equity ETFs. Easily dismissed as “well that is just Japan” the low inflation now being seen in the US, Eurozone is something that will worry the Fed/ ECB as in academic circles the Japan 90s case study is the precedent that no central banker wants to replicate.  Asian Markets headed towards the close in quite a buoyant mood as follows – NIKKEI: 20,020 +0.11% +4.657% HANG SENG: 26,646 +0.47% +21.165% CHINA: 3,699 +0.88% +11.793% ASX: 5,738 +0.91%, +1.257%.


Yesterday the FTSE 100 gained 40 odd points to 7431 with house builders leading the charge, aided and abetted by the Reckitt/McCormick deal. This morning the moderately upbeat mood filtered in to this morning’s opening salvos– up 35 points at 7466 at 10.00am. Though Moneysupermarket did not pass muster – down 13%, there were solid or encouraging numbers out there. Unilever saw sales up 3% and turnover by 5.5% in the last quarter, with net profits up 22%. It’s amazing how shareholder objection on failing to deliver adequate shareholder value can truly have the desired effect – shares up 0.8%. easyJet’s efforts were solid with passenger numbers increasing by 10.8% to 24 million with profits guidance for the year posted at between £380-£420 million. Now finally for Sports Direct’s Mike Ashley’s 10th anniversary since this high street cheap and cheerful outfitter came to the market with its shares priced at 330p. These shares hit 836p in 2014. Since then the company has been dogged by bad corporate governance, employment issues at its warehouse culminating with a court case of whether Mr Ashley promised Jeff Blue of Merrill a bonus of £14 million if SD’S share price reached a certain level. Anyway today’s profits for the last trading period fell by 57.8% to £113 million thanks mainly to currency vagaries. However Mike Ashley was quick to dismiss this number as a blip and was quick to point out that the company had paid £1.8 billion in tax as well as distributing £320 million of bonuses to 4,800 staff in the last decade.


UK Retail Sales were posted at 9.30am today. Simon French said – “These numbers were reasonable UK retail sales print. In the 3 months to June 2017, the quantity bought (volume) in the retail industry is estimated to have increased by 1.5%. The growth for Quarter 2 (Apr to June) 2017, follows a decline of 1.4% in Quarter 1 (Jan Mar) 2017. June itself was a 0.6% MoM increase – with online sales (16.2% of all sales hitting a new all-time record and up 15.9% YoY). We are not boom times as it was for retailers in 2016 but the wallets have not been slammed shut consistent with decent credit availability and a strong labour market.


UK companies posting numbers this week – Thursday – Sports Direct, Moneysupermarket, Unilever, Howden Joinery, Premier Foods, Anglo-American, SSE, EasyJet, Friday – Acacia Mining, Euromoney, Close Brothers, Vodafone.


US companies posting results this week – Thursday – Omnicom, Bank of New York Mellon, Travelers, Abbott Labs, Microsoft, eBay, Snap-on Inc, Philip Morris


Economic data posted this week – Thursday – CBI Industrial Order Expectations, US Initial Jobless Claims, Friday – UK PSBR, US PMI Manufacturing


 David Buik


Market Commentator – Panmure Gordon & Co

  +44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF ​


TODAY’S FAYRE – Wednesday, 19th July 2017



There is a Smile of Love

And there is a Smile of Deceit

And there is a Smile of Smiles

In which these two Smiles meet


And there is a Frown of Hate

And there is a Frown of disdain

And there is a Frown of Frowns

Which you strive to forget in vain


For it sticks in the Hearts deep Core

And it sticks in the deep Back bone

And no Smile that ever was smild

But only one Smile alone


That betwixt the Cradle & Grave

It only once Smild can be

But when it once is Smild

Theres an end to all Misery”


William Blake – poet & painter – 1757-1827


I am not a massive fan of musicals.  However I was generously entertained at the Theatre Royal Drury Lane to see the latest production of “42nd Street.” – AMAZING! What a vibrant, enthusiastic and wonderfully colourful production with tap dancing of the highest possible calibre by the whole cast with great individual performances put in by Sheena Easton, and Clare Halse! We loved every minute of the entire production.  Great songs revived such as “You’re getting to be a habit with me!”, “We’re in the money!”, “Lullaby of Broadway” and the “42nd Street” chorus itself! – A truly memorable evening!


The Street of Dreams has seen its investors surprisingly supportive of the long-term cause as all indices have either achieved record levels or consistently flirt with them. There has been little of no volatility, which is surprising as President Trump has pushed through next to nothing in terms of legislation – healthcare infrastructure spending or tax cuts! The lack of volatility was clear for all to see with the bank results posted on Friday and yesterday. JP Morgan and Citibank reflected this trend last week and Goldman Sachs’s numbers were even more explicit in terms of a dramatic downturn in trading income. Fixed income plunged 40%, investment banking 3% and general trading by 17% ($3.05 billion). Total revenue was down 1% at &.89 billion. Profits of $1.73 billion beat expectations.  Shares fell by 2.6% but since the Presidential Election Goldman’s share price has rallied by 26%. Bank of America and Johnson & Johnson pleased their acolytes but it was technology that proved to be the largest percentage gainer among the 11 S&P 500 sectors. Healthcare ended up less than 0.1%.
The NASDAQ was largely boosted by Netflix (NFLX.O). The movie streaming company added 13.5% a day after it crushed Wall Street forecasts by reporting 5.2 million new streaming customers in the second quarter. The DOW was down slightly on the session, with the S&P 500 all but flat with the NASDAQ up 0.47%. Despite a strong Yen Asian markets were in positive territory. Towards the close markets were looking to close as follows plus YTD achievements
– NIKKEI: 20,020 +0.11% +4.657% HANG SENG: 26,646 +0.47% +21.16% CHINA: 3,699 +0.88% +11.793% ASX: 5,738 +0.91% +1.257%.


UK companies posting numbers this week – Wednesday – Drax,  Wizz Air, RPC Group, Evraz, TalkTalk, Severn Trent, Thursday – Sports Direct, Moneysupermarket, Unilever, Howden Joinery, Premier Foods, Anglo-American, SSE, EasyJet, Friday – Acacia Mining, Euromoney, Close Brothers, Vodafone.


    US companies posting results this week – Wednesday – Northern Trust, Alcoa, American Express, Thursday – Omnicom, Bank of New York Mellon, Travelers, Abbott Labs, Microsoft, eBay, Snap-on Inc, Philip Morris


Economic data posted this week – Thursday – CBI Industrial Order Expectations, US Initial Jobless Claims, Friday – UK PSBR, US PMI Manufacturing


 David Buik


Market Commentator – Panmure Gordon & Co

+44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF​



TODAY’S FAYRE – Tuesday, 18th July 2017


“This is the night mail crossing the border,

Bringing the cheque and the postal order,  


Letters for the rich, letters for the poor,

The shop at the corner, the girl next door…  


Letters of thanks, letters from banks,

Letters of joy from girl and boy,

Receipted bills and invitations

To inspect new stock or to visit relations,

And applications for situations,

And timid lovers’ declarations,

And gossip, gossip from all the nations,

News circumstantial, news financial,

Letters with holiday snaps to enlarge in,

Letters with faces scrawled on the margin,

Letters from uncles, cousins, and aunts,

Letters to Scotland from the South of France,

Letters of condolence to Highlands and Lowlands

Written on paper of every hue,

The pink, the violet, the white and the blue,

The chatty, the catty, the boring, the adoring,

The cold and official and the heart’s outpouring,

Clever, stupid, short and long,

The typed and the printed and the spelt all wrong.”



WH Auden – poet – 1907-1973



There wasn’t a great of comment in the press about Marin Cilic capitulation against Roger Federer in the Wimbledon final. From my perspective I think Cilic was completely overawed by the occasion, which caused him to freeze, dissolving him into tears.  Croatians are an emotional race so I venture to suggest that raw emotions were his downfall rather than some spurious blister on his left foot! Anyway, take nothing away from Federer’s amazing achievement. I cannot see that record ever being superseded.


Perhaps I am just feeling a little vulnerable, but I am finding the aggression, arrogance and excess of confidence being adopted by Messrs President Emanuel Macron, PM Edouard Philippe, Pascal Lamy, Christian Noyer and Michel Barnier towards the UK nauseating in the extreme. For the avoidance of doubt, Paris, to date, is a Mickey Mouse financial centre in comparison to London.  It will be a task of Herculean proportions to compete on level terms with London. If I know the City, it will be up for the fight, regardless of remedial action to be taken by JP Morgan, UBS, HSBC, Goldman, Citbank and others! France’s attitude slightly concerns me as it could lead to other reprisals in our relationship, which could be damaging all the way around as sovereignty in the UK’S case and Federalism in the case of France and the EU take a firmer vice like grip. The UK has no major issues with France, though ‘entente cordial’ seems to be dissipating very quickly. The UK’S problems are with the EU. My hopes and dreams all presuppose that the UK Government and its dissenters start to grow up and behave in a manner expected from people in positions of authority.


There was an interesting piece in the Guardian yesterday on cyber security inspired by comments made by Inga Beale the CEO of Lloyds of London. She has warned that unless cyber security is tightened up, it could cost the world $120 billion (worst guess). ‘Hurricane Katrina’ cost $108 billion in 2005 as the largest single natural disaster. M/S Beale has indicated that a hack on a cloud service could cost as much as $53 billion and attacks on computer operating systems could create havoc to the tune of $28 billion. Governments, business, computer makers and security firms you are on your metal.


Wall Street had one of those nondescript sessions, thanks in the main to Congress failing to acquiesce to Trump’s Healthcare plans to replace Obamacare as well as the plunging Dollar. The main indices closed as follows with YTD performances – DOW: 21,629 -0.04% +9.448% S&P: 2,459 -0.01% +9.84% NASDAQ: 5,839 +0.03% +20.07%.


Health stocks on the S&P 500 slipped in yesterday’s rather anaemic session, partly weighed down by a delay in the US Senate’s consideration of healthcare legislation. The S&P health sector fell 0.3%. Procter & Gamble added 0.5% as investor Nelson Peltz actively seeks a seat on P&G’s board. BlackRock shares fell 3.1% after the world’s biggest asset manager’s quarterly profit came in below expectations.

After the closing bell, Netflix shares jumped nearly 10% following better than expected subscriber growth – up 5.2 million against expectations of 3.23 million taking the total to 36.3 million (29 million in US). 190 countries have access to Netflix and the other piece of good news is that Netflix will spend $6 billion on fresh content. Meal-kit operator Blue Apron Holdings fell 10.5% after an Amazon unit filed a trademark for a competing meal-kit service earlier this month. M&A activity continued to bubble over with diamond producer Dominion Diamond agreed to be bought by Washington Cos. for $14.25 a share, or about $1.2 billion. The company’s stock gained 59 cents, or 4.4%.


Despite better than expected GDP numbers in China up from 6.7% to 6.9% posted on Monday, markets were somewhat somnolent in Asia as the headed to the close as follows plus YTD – NIKKEI: 19,993 -0.62% +4.593% HANG SENG: 26,436 -0.13% +20.115% CHINA: 3,643 -0.56% +9.944% ASX: 5,682 -1.26%, +0.383%



In London yesterday the FTSE 100 gained 25 points. The initial headlines were grabbed by Reckitt Benckiser’s plans to sell food division for circa £2.2 billion to either Unilever or Hormel Foods or McCormick or Pinnacle Foods. I suspect Unilever is in the driving seat. Then it was all about Dame Carolyn McCall serving notice to leave easyJet as CEO to replace Adam Crozier as CEO of ITV next January. Lady McCall knows about the consumer and what she/he requires. She did a good job as easyJet despite scraps with Stelios over her bonuses – She is alleged to have made £30 million during her stewardship. easyJet’s shares in the 7 years she was CEO have rallied from 427p to 1400p today. Her energy and knowledge of the consumer make her a great choice. Her other quality is her strength of character. Just watching her terrifies me to death! Finally Dame Karen Brady is to chair Sir Philip Green’s operations which include Arcadia. What a portfolio – the Apprentice, West Ham United colleague of Davids Sullivan & Gold and chief barker for the King of Gowns & Blouses! Financially she is not about to suffer the slings and arrows of outrageous fortune!


Today at 9.45am the FTSE 100 is down points. There were decent trading statements from British Land (+2.5%), IG group (+6%), Headlam (+6%) and Royal Mail – revenues up 1% shares up 3.5%.


At 9.30am Inflation came in lower than expected – down from 2.9% to 2.6%. According to Simon French, Panmure’s chief economist tells me this trend is in line with the US and EU – on its way down from its zenith.



UK companies posting numbers this week – Tuesday – NCC Group, IG Group, Headlam, BHP Billiton, British Land Wednesday – Drax,  Wizz Air, RPC Group, Evraz, TalkTalk, Severn Trent, Thursday – Sports Direct, Moneysupermarket, Unilever, Howden Joinery, Premier Foods, Anglo-American, SSE, EasyJet, Friday – Acacia Mining, Euromoney, Close Brothers, Vodafone.



US companies posting results this week – Tuesday – IBM, Johnson & Johnson, Bank of America Merrill Lynch, Harley-Davidson, Goldman Sachs, UnitedHealth, Lockheed Martin, CSX Corpn, Wednesday – Northern Trust, Alcoa, American Express, Thursday – Omnicom, Bank of New York Mellon, Travelers, Abbott Labs, Microsoft, eBay, Snap-on Inc, Philip Morris



Economic data posted this week – Tuesday – UK PPI, CPI & Retail Price indices, Thursday – CBI Industrial Order Expectations, US Initial Jobless Claims, Friday – UK PSBR, US PMI Manufacturing


 David Buik


Market Commentator – Panmure Gordon & Co

  +44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF


TODAY’S FAYRE – Sunday, 16th July 2017


“Behold the apples’ rounded worlds:
juice-green of July rain,
the black polestar of flowers, the rind
mapped with its crimson stain.

The russet, crab and cottage red
burn to the sun’s hot brass,
then drop like sweat from every branch
and bubble in the grass.

They lie as wanton as they fall,
and where they fall and break,
the stallion clamps his crunching jaws,
the starling stabs his beak.

In each plump gourd the cidery bite
of boys’ teeth tears the skin;
the waltzing wasp consumes his share,
the bent worm enters in.

I, with as easy hunger, take
entire my season’s dole;
welcome the ripe, the sweet, the sour,
the hollow and the whole.”


Laurie Lee– poet – 1914-1997


You have to admire President Macron’s judgement in inviting President Trump and his wife to Bastille Day celebrations. Admittedly the invitation coincided with the 100 year anniversary when the US joined WW1. The reception given to President Trump was respectful and the occasion passed without incident and one can have little doubt that it will be to France’s long-term benefit.


Sadly the same cannot be said or guaranteed of UK’s crowds in similar circumstances. Had President Trump paid a state visit to GB, the feisty, liberal-minded anarchists would have massed their troops and unnecessarily embarrassed the monarchy and government. Football hooliganism seems to have infiltrated across aspects of society. No one minds a peaceful demonstration but there seems to be an excess of violence that always accompanies demonstrations on these occasions!


With unemployment at its lowest rate since 1975 (4.5%), interest rates in the lowest cycle in living memory and the stock market within 150 points of its record, who would have believed that the U.K. would be in such a vortex of political uncertainty and despair? However, as was confirmed on Saturday morning living standards, with the exception of the wealthy, are lower than they were fifteen years ago. That of course what is not taken in to account from the Resolution Foundation’s Report is the fact that the top 1% have doubled their share of income. Their share of the income pie is 11% but their tax share is 28%! It is fair to say that the divide between those that have and those that have not is unacceptable. I am more than convinced that if the government threw the kitchen sink at the housing crisis, the gap would be measurably alleviated. Affordable housing in the current economic climate, when BREXIT could temporarily slow down the economy, is a prerequisite.


We have had a galaxy of wonderful of sporting fayre this weekend. The women’s Wimbledon final was a disappointing one-sided affair, with Venus Williams completely out of sorts, though take nothing away from Garbiñe Muguruza – perhaps the first of a few championships for this talented 23-year-old, who also won at Roland Garros in May. The test match at Trent Bridge was riveting. A peach of a cameo innings from Joe Root and some fine bowling by Anderson and the well-balanced South African attack. Many hope that Roger Federer wins his 7th Wimbledon title this afternoon and I am wholly ambivalent about the Grand Prix, though I expect Hamilton to win!


The content of Wednesday’s and Thursday’s Humphrey Hawkins lecture, delivered by FED Chairman Yellen to Congress was sufficiently upbeat about the US economy as well as dovish enough in regard to interest rate policy in the months and years to come, to allow US equities to crack on last week – the DOW was +1.8% on the week (its best week for 2 months), another record and the S&P 500 by 1.29% and the NASDAQ by a spirited 2.5% thanks to the resurgence of Amazon, which had an impressive week for its Prime service (+2.5%) and momentum from Apple (+3.4%) and Alphabet (+3.3%). Not surprisingly the Dollar retreated by 0.5% to a ten month low. Bond yields drifted back from recent sharp rises. M/S Yellen told Congress that any rate rises would be slow and gradual and that the FED would be looking to taper quantitative easing when appropriate.


Friday saw the start of earnings season, with three of the main banks setting down their respective stalls – JP Morgan, Citibank and Wells Fargo. Though JP Morgan recorded its highest quarterly profit of $7 billion, its trading revenues were down 19% due to lack of volatility. CEO Jamie Dimon was not very subtle when criticising the US government for its lack of innovation in terms of education, regulation and taxation reforms. Citibank also beat expectations with a profit of $3.9 billion with decent investment banking results, though revenues for foreign exchange, commodities and fixed income were down 6% and activity in equities was 11% lower for the quarter. Wells Fargo numbers were adequate but concern was expressed about costs. Wells Fargo has been taking measures to cut $4 billion from its annual expenses by 2019 and there was more work to do! Its net income rose 4.5 percent to $5.40 billion, or $1.07 per share, in the quarter, topping the average analyst estimate of $1.01. The respective shares fell as follows on Friday – JP Morgan -0.9%, Citibank -0.3% and Wells Fargo 1.1% – not a bad effort considering the incredible rally of the sector since Presidential Election day – JP Morgan up by 35%, Citibank by 37% and Well Fargo not so spectacularly by 23%. The earning season gathers momentum next week and by Friday we should have a decent idea as to the quality of the results.


The FTSE 100 meandered along adding a rather parsimonious 0.37% on the week, with mining and oil stocks attempting to sit up and take nourishment with BT (+4% on the week) and Vodafone (+2% until Thursday, when its share price gave up the ghost to end flat on the week) promising to improve their respective broadband services. Stephen Rowe, M&S’S CEO whispered sweet nothings in investors’ ears, about the fact that general merchandise sales were not as bad as many thought (-1.2% like for like in the last quarter) and food -0.1% in the same period.  However, even despite reassurances from the arrival of Jill McDonald from Halfords, investors were having none of it – shares down over 5% on the week to 325p, Carillion had a shocker and lost nearly 70% in value last week thanks to an awful profits warning and eye-watering level of debt (£700 million). Access to funds will need to be dealt with, sooner rather than later, to appease the market’s cynics. Carillion employs 50,000 people world-wide.  European stocks enjoyed some ebullient gains last week, with bank, drug and oil sectors all performing with some aplomb – up 1.7%. The Nikkei added a short 1% – it might have been more but for a relatively strong Yen.


After a very successful week for its Prime service, Amazon seems hell bent on challenging the US’S $780 billion grocery market with a plan to deliver meal-kits to peoples’ homes – so the Sunday Times tells us.  There are rumours that some key investors in Barclays want the bank to be broken up in to a retail bank and an investment bank, There is no chance of this happening until the outcome of the Qatar share transaction trial. Unilever is locked in negotiations to buy Reckitt Benckiser’s food division, which includes Coleman’s mustard and spam. If a sale takes place it might be a precursor to RB selling its homecare division as its prepares to buy Mead Johnson for $18 billion.


There is little doubt that the UK has a potential consumer debt crisis. 24% of lenders reported that there was a rise in credit card default payments and 30.3% of lenders say that there has been a marked increase in the default of servicing car loans and personal debt loans. This is a worrying trend, which the Bank of England will be more than aware of and has started implementing ways of controlling lending.  With a view to alleviating the pain of debt some lenders have given as much as 43 months of interest relief.  


UK companies posting numbers this week – Monday – Rio Tinto, Tuesday – NCC Group, IG Group, Ideagen, BHP Billiton, Wednesday – Drax,  Wizz Air, RPC Group, Evraz, TalkTalk, Severn Trent, Thursday – Sports Direct, Moneysupermarket, Unilever, Howden Joinery, Premier Foods, Anglo-American, SSE, EasyJet, Friday – Acacia Mining, Euromoney, Close Brothers, Vodafone.


    US companies posting results this week – Monday – Blackrock, Brown & Brown, Netflix, Tuesday – Johnson & Johnson, Bank of America Merrill Lynch, Harley-Davidson, UnitedHealth, Lockheed Martin, CSX Corpn, Wednesday – Northern Trust, Alcoa, American Express, Thursday – Omnicom, Bank of New York Mellon, Travelers, Abbott Labs, Microsoft, eBay, Snap-on Inc, Philip Morris



Economic data posted this week – Rightmove Housing Index, Tuesday – UK PPI, CPI & Retail Price indices, Thursday – CBI Industrial Order Expectations, US Initial Jobless Claims, Friday – UK PSBR, US PMI Manufacturing


 David Buik


Market Commentator – Panmure Gordon & Co

+44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF​


In the wake of yesterday’s euphoric daily rally – the best single day rally in London for a couple of months and with the DOW nudging record levels, London held on to its gains this morning adding 6 points at 7422 at 11.20am. Most people were preoccupied with the Repeal Bill on changing legislation from EU law to UK, due to be presented to the House of Commons – a bill that will cause the Government no end of grief. PM May was interviewed this morning by BBC 5-Live’s Emma Barnett. Mrs May seemed to open up to M/S Barnett, who is a good inquisitor but a tough scout. However the sound on the TV was turned down so I have no idea how the PM went down, with her body language appearing less than comfortable. It is fair to say that the BBC, to date, is not exactly a standard bearer for the PM, nor for that matter HM’S Government! So I doubt the Daily Mail’s Quentin Letts will give it 5-star ratings in tomorrow’s edition.


Banks were strong with both Barclays and Lloyds both adding 2%. HSBC was the laggard as it had enjoyed great sessions in recent days. BT, on a promise of a policy shakeup re broadband and its Italian operation roared ahead from lower levels by 3% to 300p – They stood at 406p a year ago! Vodafone was 2% to the good on the back of BT. Astra was down 4.5% on rumour that Phillipe Soirot the CEO is off to Israel to join Teva. Of those companies reporting today Dart Group did not pass muster with a profits warning – down 12.49%. ASOS did well and its shares were all but unchanged and Babcock International was just a smidgen below the Plimsoll line -0.27%. Dow futures were up 20 points as I speak. Markets will be waiting to see what goodies President Trump comes away with from the Bastille Celebrations.

TODAY’S FAYRE – Thursday, 13th July 2017


“Can I find True-Love a gift

In this dark hour to restore her,

When body’s vessel breaks adrift,

When hope and beauty fade before her?

But in this plight I cannot think

Of song or music, that would grieve her,

Or toys or meat or snow-cooled drink;

Not this way can her sadness leave her.

She lies and frets in childish fever,

All I can do is but to cry

‘Sleep, sleep, True-Love and lullaby!’


Lullaby, and sleep again.

Two bright eyes through the window stare,

A nose is flattened on the pane

And infant fingers fumble there.

‘Not yet, not yet, you lovely thing,

But count and come nine weeks from now,

When winter’s tail has lost the sting,

When buds come striking through the bough,

Then here’s True-Love will show you how

Her name she won, will hush your cry

With ‘Sleep, my baby! Lullaby!’


Robert Graves– poet, author & playwright – 1895-1985


To see tennis icons like Messrs Murray and Djokovic knocked out of Wimbledon through nagging injuries sadly does not do justice to the greatest grand slam tennis tournament on the planet, though take nothing away from the likes of Querry and Berdych, whose form has been inspired!  In the circumstances I think it would be great if Roger Federer, to me sport’s greatest and most perfect gentleman (I’m no particular tennis fan) were to win his 8th championship.


I really would like to know what official role Messrs Corbyn and Sturgeon play in the BREXIT negotiations. Apart from looking and behaving like the quintessential Frenchman, born on the right side of the sheets, Michel Barnier’s arrogance and disdain of this country goes before him. If my assessment is incorrect then the EU’S chief negotiator has a peculiar way of expressing diplomacy. The EU/UK has got off to a depressingly negative start to negotiations. Frankly Barnier is just stirring the pot of political uncertainty with great deftness and duplicity. Unless there is a change of heart we are heading for no deal – a disaster!

Though my personal choice to be Chairman of the Treasury Select Committee would have been Jacob Rees-Mogg or Richard Bacon, no one can be unhappy about Nicky Morgan, the former Treasury and Education Minister being elected. Her industrious nature coupled with commercial experience as a City lawyer with Travis Smith on M&A activity makes her well qualified to do a decent job in challenging circumstances, despite being an obsessive ‘remainer.’


I loved the way Mayor Khan set down his stall inviting the British Grand Prix to come to London after Silverstone. Perhaps he would like to deal with the acute housing issues of London where in his first year only 17k were built against 21k the year before inhaling the razzamatazz of F1. This is lamentable and after promising 50k house, the Mayor should be deeply ashamed.



With such down in the mouth political sentiment prevailing here in Old Blighty who would ever have believed that yesterday the FTSE 100 had its best day for four months in adding 87 points to 7416 with oil stocks on a roll thanks to perkier oil prices, a lower Pound and the best UK employment data seen since 1975. Just 1.49 million are unemployed – down to 4.5% – with the only blot being derisory wage inflation coming in at an anaemic 1.8%. The afternoon session was bolstered by a rather dovish presentation on the outlook for US interest rates by FED chairman Janet Yellen on the first day of her Humphrey Hawkins 2-day testimony to Congress, though it appears that QE will be tapered before too long. Burberry under new leadership – Marco Gobetti – posted better than expected sales particularly in China – shares up 2.5% and in the past year they are up 32%. Carillion’s shares fell another 29% yesterday – a total of 70% in the past 3 days. JD Wetherspoon’s shares took a breather despite decent sales (-1.3%). This news gave CEO Tim Martin the opportunity of delivering the Government and regulatory bodies a rollicking for their negative approach to BREXIT. The ‘yellow jersey’ went to Premier Oil whose shares popped 30% on news of a Mexican Oil find.


On the Street of Dreams shares reacted in a similar manner to London, with the DOW flirting yet again with record levels. Stocks held their gains after the Fed’s latest Beige Book report showed that the US economy grew at a “slight to moderate” pace over the last several weeks across all regions. The rate-sensitive S&P 500 real estate index was among the strongest in the benchmark index, posting a 1.3% gain. Technology shares also rose sharply, with the tech index also up 1.3%. PayPal gained 3.3%, Nvidia rose 4.3% and Activision Blizzard added 5.2%. An index of airline stocks was up 2.3% after the No. 1 US airline, American Airlines Group Inc (AAL.O), reported quarterly results that beat expectations and its shares rose 4.2%. The market waits with trepidation on Wells Fargo, Citibank and JP Morgan who post interim results tomorrow.  Here is how US Markets closed yesterday & YTD – DOW; 21,532 +0.57% +8.954% S&P: 2,443 +0.73% +9.131% NASDAQ 5,778 +1.21% +18.82%. Asian markets were buoyed by Yellen’s testimony and headed to the close as follows – NIKKEI 20,102 +0.02% +5.196% HANG SENG: 26,318 +1.04% +19.669% CHINA: 3,682 +0.66% +11.302% ASX: 5,740 +1.18% +1.246%


This morning ASOS posted decent sales but the shares had travelled and arrived – down 1.5%. Dart’s shares were throttled – down 7.9%. Astra Zeneca saw punters take 4% off its shares as news filtered through that CEO Soriot was on his bike to Teva. Sport’s Direct Mike Ashley has been to the well again and bought 25% of Game technology. At the time of writing the FTSE is up 4 points at 7420 with very thin volumes of trade. In closing hats off to Lloyds Banking Group for finding a sensible formula for its 20 million customers on temporary overdrafts not attracting a fee and for an overall charge for agreed overdrafts. RBS’S $5.5 billion fine for the miss-selling of mortgages in the US Federal Housing Finance Agency is sadly not the last of its misdemeanours. The DOJ still has its say to come and that may cost between $5billion and $8 billion. Overall the banking sector has paid the FHFA in excel of $30 billion in fines for miss-selling mortgages backed securities.






US companies posting results this week – Thursday – Delta Airlines, Friday – Citibank, Wells Fargo, JP Morgan Chase



Economic data posted this week –Thursday – Yellen 2-day Humphrey Hawkins lecture, US PPI, US initial jobless Claims, Friday – US Retail Sales, US Industrial Production

 David Buik


Market Commentator – Panmure Gordon & Co

  +44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF ​


TODAY’S FAYRE – Tuesday, 11th July 2017

“Through long nursery nights he stood

By my bed unwearying,

Loomed gigantic, formless, queer,

Purring in my haunted ear

That same hideous nightmare thing,

Talking, as he lapped my blood, In a voice cruel and flat, S

aying for ever, “Cat! … Cat! … Cat!…”


That one word was all he said,

That one word through all my sleep,

In monotonous mock despair.

Nonsense may be light as air,

But there’s Nonsense that can keep

Horror bristling round the head,

When a voice cruel and flat

Says for ever, “Cat! … Cat! … Cat!…”


He had faded, he was gone

Years ago with Nursery Land,

When he leapt on me again

From the clank of a night train,

Overpowered me foot and head,

Lapped my blood, while on and on

The old voice cruel and flat

Says for ever, “Cat! … Cat! … Cat!…”


Morphia drowsed, again I lay In a crater by High Wood:

He was there with straddling legs,

Staring eyes as big as eggs,

Purring as he lapped my blood,

His black bulk darkening the day,

With a voice cruel and flat,

“Cat! … Cat! … Cat! … Cat!…” he said, “Cat! … Cat!…”


When I’m shot through heart and head,

And there’s no choice but to die,

The last word I’ll hear, no doubt,

Won’t be “Charge!” or “Bomb them out!”

Nor the stretcher-bearer’s cry,

“Let that body be, he’s dead!”

But a voice cruel and flat

Saying for ever, “Cat! … Cat! … Cat!” 


Robert Graves– poet, author & playwright – 1895-1985


What has been written up about the successful British & Irish Lions’ tour of New Zealand has virtually solved unemployment issues in the wood/paper mill sector.  I cannot and would not attempt to compete with the iconic luminary scribes of the game founded by William Webb-Ellis.  However, in passing suffice to say that in the modern era of professional rugby, the Lions’ achievement is off the scale.  To compete with New Zealand with a scratch team that had less than a months to gel, after a gruelling eight month season for club and country, is breath-taking in its achievement. Rugby is a contact sport with hits of bone-shattering magnitude.  The players’ bodies have hardly had time to recover, prior to taking on the best side in the world, which is relatively fresh in comparison.  Let me ‘doff my titfer’ to Warren Gatland and his incredible squad of truly committed warriors. The pleasure you have given thousands of fans knows no bounds.


Rarely have I enjoyed three consecutive days of remorselessly competitive cricket than the first three days of the test match at Lord’s against South Africa. Virtually every player made a contribution to England’s emphatic win, though the accolade as man of the match rightly went to Moeen Ali for his all-round performance – bat, ball and in the field! So please for Joe Root in his first match as captain. Making 190 was momentous, particularly as England was in a spot of bother at the time!


It felt like rather a nebulous session on the Street of Dreams yesterday, though the Dollar hit a two-month high against the Yen, thanks to indifferent Japanese Machinery orders. Amazon shares rose 1.8%, at the start of its 30-hour sales charge akin to Black Friday, resulting in the NASDAQ adding 0.8%. Fed Chairman Janet Yellen’s starts her Humphrey Hawkins semi-annual testimony to Congress on Wednesday and Thursday. It may be the highlight this week for investors looking for cues on further interest rate hikes. Shares of Best Buy fell 6.3% on news that Amazon was planning to roll out a Geek Squad competitor. Abercrombie & Fitch Co. shares lost 20% of their value after the embattled retailer said it terminated a potential buyout of the company. Wall Street closed as follows with YTD performances for the year – DOW 21,408 -0.03% +8.328% S&P: 2,427 +0.09% +8.424% NASDAQ: 5,694 +0.67% +17.076%. In Asia, most bourses attempted to ride on Wall Street’s coattails helped by a softer Yen, helping export stocks in Japan – NIKKEI 20,196 +0.58% +5.656% HANG SENG 25,871 +1.46% +17.636% CHINA 3,688 +0.95% +11.368% ASX: 5,726 +0.03% +1.041%.


Profit forecasts for several of the biggest US banks including Citigroup, Goldman Sachs and Morgan Stanley have taken a fall as concerns mount that a dearth of dealing in markets is leaving trading desks idle. Wall Street is anticipating a mixed batch of earnings, in spite of a boost to banks from higher interest rates and recent success in the Federal Reserve’s stress tests. Among the six largest US banks, Goldman may have had the steepest decline since the start of the year. Estimates for Citibank, which also has a global retail banking business and helps kick off the reporting season on Friday, may be 8% weaker than at the start of the year. Morgan Stanley’s consensus forecasts are down 5%. Earnings expectations are higher for US banks with retail divisions. They in particular are set to benefit from tighter monetary policy, because higher interest rates allow lenders to profit by increasing charges for borrowers. JPMorgan’s adjusted net income is expected to leap by a tenth from a year ago to $5.7bn and Bank of America’s 19% to $4.7bn according to the FT. Yet for these banks, too, the forecasts are less punchy than they were earlier in the year. Analysts have also cautioned that tepid demand for loans could offset some of the benefit from higher rates. Yet the cautious estimates show some of the buzz in the sector has fizzled. The more sober tone is in contrast to the mood following the election of Donald Trump, which spurred hopes of a profits boost from lower taxes and lighter regulation. Wells and JPMorgan join Citibank in kicking off the results season on Friday about two weeks after the Fed gave banks the green light to make their highest cash distributions to shareholders since the financial crisis. Since 8th November 2016 US Election day – shares in the following have performed well – JP Morgan +18%, Citibank +39% & Wells Fargo +22% – all report Friday. Have these banks run out of steam?


It was another rudderless sector in London yesterday, with the FTSE 100 finishing just above the Plimsoll line. Carillion – the road/airport/railway builder attracted significant interest. The shares fell 39% on an atrocious profits warning, horrendous borrowing requirements, resulting in a £845 million right off and CEO Richard Howson leaving the company with indifferent haste. Hedge funds are alleged to have made £80 million shorting this stock, leaving the likes of Marshall Wace, BlackRock and Naya Capital and another dozen predators smiling like Cheshire cats at the pain inflicted on Carillion.


This morning Page Group posted adequate progress, Young’s making great progress, with M&S posting marginally less than awful numbers. Clothes and merchandise like-for-like sales in the last quarter fell by 1.2% with food dropping by 0.1%. It could have been a great deal worse – sales were down 5.9% last quarter. In isolation the food sales were disappointing. CEO Steve Rowe and Jill McDonald, fresh from Halfords really are on their metal to deliver, as retail may not be a happy hunting ground for some, as inflation flirts with 3% leaving consumers with less disposable income. Shares have fallen form 395p in the last 2 months to 338p today 9-0.9%).


UK companies posting numbers this week – Tuesday – Callogen, Galliford Try, M&S, PageGroup, Wednesday – Micro-Focus, JD Wetherspoon, Ophir Energy, Burberry, Barratt Development, Robert Walters, NEX Grou 

US companies posting results this week – Tuesday – PepsiCo, AAR, Thursday – Delta Airlines, Friday – Citibank, Wells Fargo, JP Morgan Chase


Economic data posted this week – Tuesday – RICS House Prices, BRC Retail Sales, US Federal Budget, Wednesday – US Yellen’s 2-day Humphrey Hawkins lecture,  UK Employment data, US Beige Book, Thursday – US PPI, US initial jobless Claims, Friday – US Retail Sales, US Industrial Production



 David Buik


Market Commentator – Panmure Gordon & Co

  +44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF ​


TODAY’S FAYRE – Sunday, 10th July 2017


The cruel Moon hangs out of reach 
Up above the shadowy beech.
Her face is stupid, but her eye
Is small and sharp and very sly.
Nurse says the Moon can drive you mad?
No, that’s a silly story, lad!
Though she be angry, though she would
Destroy all England if she could,
Yet think, what damage can she do
Hanging there so far from you?
Don’t heed what frightened nurses say:
Moons hang much too far away.” 


“The Cruel Moon”


“Are you shaken, are you stirred
By a whisper of love,
Spellbound to a word
Does Time cease to move,
Till her calm grey eye
Expands to a sky
And the clouds of her hair
Like storms go by?

Then the lips that you have kissed
Turn to frost and fire,
And a white-steaming mist
Obscures desire:
So back to their birth
Fade water, air, earth,
And the First Power moves
Over void and dearth.

Is that Love? no, but Death,
A passion, a shout,
The deep in-breath,
The breath roaring out,
And once that is flown,
You must lie alone,
Without hope, without life,
Poor flesh, sad bone.” 


“A Kiss”


Robert Graves– poet, author & playwright – 1895-1985


Though Friday had its highlights in the form of Andy Murray’s fighting win at Wimbledon and England’s relatively commanding display at Lord’s – a veritable theatre of dreams – the rest of the day left little, for many, to be desired. YouGov published its most recent poll putting Labour 8 points in the lead – Jezza/Worzel is on a roll – and probably has sufficient support to form an administration. It matters not what the quality of the pearls of wisdom or the philosophical gems that drip from his lips or those of John McDonnell, the angry, mostly well-educated and social media driven young are lapping it up.  Who cares if the UK cannot afford it?  ‘Anything is better than what we have’ and when the country goes ‘to hell and a handcart in a few years – so be it! It’s depressing, but the Tory Government have brought it upon themselves with a desperate election campaign, spear-headed by a manifesto, which must have been written by a couple of 7-year olds!  


Until the Tories start to pull together and cease from their visceral infighting and stop briefing against each other, the situation will only get worse. If the current mood prevails, the UK is staring down the barrel of dramatic unemployment and a deep recession! It’s really hard to believe that this possibility or likely outcome is an attractive alternative. Just in passing it was deeply depressing to watch ITV’S James Mates rubbish the UK’s standing on the World stage. Surely the public is only interested in having the news reported and not having the correspondent’s personal interpretation of his/her contempt of the current political scene as an arch “REMAINER!”


Carolyn Fairbairn, who in my opinion and until recently has been a bit like a toothless tiger as Director General of the CBI, in terms of her role in the BREXIT debate, managed to mass some of her troops down to Chevening for a pow-wow with the BREXIT Secretary, David Davis over postponing exit from the single market and the customs Union.   This meeting, which included such luminaries as Ian Conn from Centrica, Alison Brittain of Whitbread Inga Beale from Lloyds of London, Carolyn McCall of EasyJet, Douglas Flint from HSBC, Jes Staley from Barclays and Emma Walmsley of GSK apparently lasted 4.5 hours.   M/S Fairbairn’s group, I am afraid, drew a blank. Even Chancellor Hammond, a fervent believer in restraint and accommodation supported Mr Davis that their proposal was unworkable.  There would be no political appetite for this compromise and totally cow-towing to the ECJ may just prove to be a “bridge too far” as in essence it would mean the UK postponing its quest to leave the EU? However the tone of the meeting was apparently much more conciliatory than some expected, with Mr Davis telling this powerful gathering of business opinion; it was NOT being ignored. However the BREXIT Secretary of State was very clear in stating that membership of the single market was not what the country voted for! PM May is in a weak position and the CBI knows this; hence its attempt to capitalise on the situation.

The more Michel Barnier stresses that “There is no punishment for Brexit. And of course no spirit of revenge” the more we know this is just disingenuous rhetoric. Many believe that he speaks with forked tongue! He elaborated his comments by saying “A trading relationship with a country that does not belong to the European Union obviously involves friction,” Yet UK FCA chief Andrew Bailey warned Brussels not to use Brexit as an excuse to restrict “freedom of location”. He reiterated: “When I hear people say that firms need to relocate in order to continue to benefit from access to EU financial markets, I start to seriously wonder: Does Brexit have to mean abandoning the benefits of free trade and open markets in financial services? It should not.” It was good to hear Barclays Chairman John Macfarlane, supported by LSE Xavier Rolet and Catherine McGuinness, enforce the view that moving some clearing from London back to the EU out of spite, was purely political and that it made little economic sense. Dismembering the status quo would only make the US the beneficiary.

I very much want to take the entente cordial between Donald Trump and PM May on face value.  Let’s hope a trade agreement can be agreed with the US soon after BREXIT.  But it would be folly to underestimate Congress’s ability to stall negotiations. It knows no bounds; so I am not about to hold my breath.

Better than expected Non-farm payrolls posted on Friday (+222K EST: 154k) together with other employment data was probably the final signal the FED’S Janet Yellen and her colleagues needed to not only implement another 0.25% rate in increase in September, despite unemployment rising a pip from 4.3% to 4.4%, but more to the point for the FED to start tapering QE. Inflation is the US is not a real issue, though it would have been very encouraging to see hourly wages rally by more than 0.2% in June to 2.5% annually.  Nonetheless the US economy is starting to look robust. Mario Draghi also hinted that the ECB may start to consider tapering QE too and maybe once the clouds of concern surrounding BREXIT start to disappear the Bank of England will consider jumping on the band wagon. The net result of Friday’s data was to give US equities a much needed but modest boost. The S&P 500 ended +0.10% on the week, with the FTSE +0.52% thanks to the mining and drug sectors. European bourses were sluggish and added an average of 0.12% with the NIKKEI easing by 0.53% on the week.

This past week saw decent numbers from Sainsbury, though we shall need to see a follow through. Lloyds Banking Group confirmed that Antonio Horta-Osario will be staying on as CEO.  Fund managers will approve.  HSBC have said goodbye to Douglas Flint as chairman, whilst welcoming Mark Tucker from AIA and previously from Prudential to succeed him. The question as to who takes over from Stuart Gulliver after 37 years of service as the new CEO remains a divisive issue. Some want an internal candidate to keep continuity going.  Others would prefer that someone like Peter Hancock, ex CEO of AIG to take over. He is the jolly at present. Apple have incensed employees, management and shareholders of Imagination Technology, whose chips they are ceasing to buy, by setting up premises in St Albans close to Imagination to compete with them! Staff must be vulnerable. I smell litigation in my nostrils. Having just been sold for £7.7 billion to US’S Vantiv, WorldPay’s Chairman and ‘arch-Remainer’, Sir Mike Rake has blamed BREXIT for the sale as a result of the fall in Sterling.  That’s business Sir Mike, free markets, charge what the traffic will bear! Iconiq Capital, which Mark Zuckerberg is associated with, is considering a £1 billion takeover of Spurs?!. France’s Schneider Electric is supposedly considering another bid for Aveva.  M&S posts a trading statement on Tuesday.  Rumour has it that sales may have improved and that they may only have dropped 2% as against 5.9% the previous quarter.


   UK companies posting numbers this week – Tuesday – Callogen, Galliford Try, M&S, Carillion, PageGroup, Wednesday – Micro-Focus, JD Wetherspoon, Ophir Energy, Burberry, Barratt Development, Robert Walters, NEX Group, Friday – Citibank, JP Morgan Chase, Wells Fargo


    US companies posting results this week – wD-40, Tuesday – PepsiCo, AAR, Thursday – Delta Airlines, Friday – Citibank, Wells Fargo, JP Morgan Chase



Economic data posted this week – M0nday – US Consumer Credit, Tuesday – RICS House Prices, BRC Retail Sales, US Federal Budget, Wednesday – UK Employment data, US Beige Book, Thursday – US PPI, US initial jobless Claims, Friday – US Retail Sales, US Industrial Production

 David Buik


Market Commentator – Panmure Gordon & Co

+44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF