Equity markets in London have been frustratingly dull, though the news flow has been almost electric – political, economic, corporate and sporting prowess, in no particular order! Funnily enough the least interesting news came from stock markets with the FTSE 100 down 36 points at 717 at 2.45pm, mainly down to the strength of the Pound – $1.3950 thanks to Trump irrationally hosing Tillerson (he read it on Twitter) for Mike Pompeo and hinting that Kudlow would replace Cohn as his economic advisor. Then, just to ‘muddy the waters’ a little more, it could all go off with Russia ‘squaring up’ to the US in Syria. Chancellor Hammond’s neutral budget comment of no change in policy had as much affect as a stale scone at a vicarage tea party. Obviously, miners, oil and dollar related earnings have seen some cream skimmed off the top.
Of those companies reporting today they performed as follows – Antofagasta +2.3%, Cairn Energy -3.8%, Fever Tree -4.2% (profit taking after a great run) TP ICAP -9.6% (profits warning) and Computacenter (profits warning) -7.6%. Across the pond the DJIA is up 81 points with little activity. GE was down 4% before dealing started due to a negative note from JPM and JC Penney was 2% light.
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