MARKET UPDATE – HSBC HAS GIVEN THE MARKET AND ME THE HUMP!

I have found today’s equity session thoroughly irritating and dispiriting. I leapt out of bed with a spring in my heels, but by 6.00am I had the raving ache, thanks to HSBC. No excuses – that was a poor set of numbers. BREXIT, TRUMP and LE PEN used as part excuses! PLEASE! Mr Flint you’ll have to do better than that! That does not wash. Also HSBC account in Dollars – Sterling has fallen 19% against the Dollar since 23rd June 2016! Anyway greater luminaries than me have more insight in to these numbers than I have – shares are down 7% and that says it all. This morning HSBC’S shares were up by 58% since this time last year. Anyway that lame number had a modestly adverse effect on other banks which are down an average of 1% – By the by the FTSE at 1.35pm is down 19 points at 7281 – all attributable to HSBC!

 

Drugs bubbled away unenthusiastically – up 0.5% with Shire the best of the bunch. Tobacco was asleep – sector up 0.25%. Retail was fairly miserable – M&S unch, Next +0.5%, Dixon Carphone +0.75% with AO World the main loser on the day thanks to a negative note from Morgan Stanley – down 4%!

 

Of the other companies reporting today – Anglo American and BHP Billiton were up 2% at the opening and are now unchanged – a question of travelled and arrived. Galliford is 0.75% to the good and Intercontinental Hotel Group bounced out of the traps with profits up 4% triggering a 3% rise in its share price. It did not last – now up only 0.3%.

 

The DOW is set to open up 60 points. Wal-Mart posted reasonable results – eps $1 a share against expectations of 96 cents. Home Depot was also good with Macy’s also in fine form. Their respective shares are expected to open +3%, +2.5% and +2%.

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