MARKET UPDATE – REPEAL BILL, THE PM & MARKETS

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.

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