Monthly Archives: November 2018

MARKET ACTIVITY & EUROPEAN OPENING CALLS

YESTERDAY –

FTSE -89 points -1.28% at 6960, DAX 0.94% at 11138, CAC -0.75% at 4938

DJIA unchanged at 24464, S&P 500 +0.30% at 2649, NASDAQ +0.92% at 6972

TODAY –

Asian markets very mixed with Chinese bourses concerned over global trade spat – ASX +0.44% – Shanghai -2.49%, Hang Seng -0.57% Nikkei +0.65% 

Bonds – Japan 0.09%, Germany 0.37%, France 0.75%, UK 1.42%, Spain 1.63%, Portugal 1.94%, US 3.07%, Italy 3.46%, Greece 4.52%

Cable $1.2866, €/£0.8866, €/$1.1411, $/Y112.84 – Gold $1225.70 – Nymex $53.38, Brent $62.10

UK companies posting results this week –

Economic data posted this week – Friday – US PMI services and manufacturing

 European opening calls suggest a flat reflective start to the week – FTSE -2 points at 6958, DAX -2 points at 11136, CAC -1 point at 4937, DJIA futures -111  points at 24353

75% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

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MARKET ACTIVITY & EUROPEAN OPENING CALLS 22/11/18

YESTERDAY –

FTSE +102 points +1.47%% at 7050, DAX +1.61% at 11244, CAC +1.03% at 4975

DJIA unchanged at 24464, S&P 500 +0.30% at 2649, NASDAQ +0.92% at 6972

TODAY –

Asian markets – ASX -0.86% – Shanghai -0.02%, Hang Seng +0.18% Nikkei +0.65% 

Bonds – Japan 0.09%, Germany 0.37%, France 0.76%, UK 1.39%, Spain 1.63%, Portugal 1.95%, US 3.07%, Italy 3.49%, Greece 4.61%

Cable $1.2789, €/£0.8914, €/$1.1405, $/Y113.04 – Gold $1228.60 – Nymex $54.53, Brent $63.31

UK companies posting results this week – Thursday – M&B, Euromoney International, Mitie, Mothercare, Centrica, Hill & Smith, Keller Group, Rotork, Majestic Wines, CMC Markets, Severn Trent

 

Economic data posted this week – Friday – US PMI services and manufacturing

 

 European opening calls suggest a flat reflective start to the week – FTSE -3 points at 7047, DAX +13 points at 11257, CAC +5 points at 4980, DJIA futures +50 points at 24514

75% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

MARKET ACTIVITY & OPENING CALLS 20/11/18

YESTERDAY –

FTSE – 52 points -0.76% at 6947, DAX -1.58% at 11066, CAC -1.21% at 4924

DJIA -2.21% at 24465, S&P 500 -1.82% at 2641, NASDAQ -1.70% at 6908

TODAY –

Asian markets – ASX -0.51% – Shanghai -0.12%, Hang Seng -0.15% Nikkei -0.43% 

Bonds – Japan 0.10%, Germany 0.35%, France 0.76%, UK 1.38%, Spain 1.64%, Portugal 1.98%, US 3.07%, Italy 3.61%, Greece 4.64%

Cable $1.2792, €/£0.8892, €/$1.1378, $/Y112.85 – Gold $1222.00 – Nymex $54.43, Brent $63.61

UK companies posting results this week – Wednesday – Countryside Properties, Marston’s. Babcock International, SSP Group, Sage Group, United Utilities, TalkTalk, Johnson Matthey, Thursday – M&B, Euromoney International, Mitie, Mothercare, Centrica, Hill & Smith, Keller Group, Rotork, Majestic Wines, CMC Markets, Severn Trent

 

US companies posting results this week –Wednesday – Deere & Co,

Economic data posted this week – Wednesday – UK PSBR, US Durable Gods, Friday – US PMI services and manufacturing

 European opening calls suggest a flat reflective start to the week – FTSE +16 points at 6960, DAX +34 points at 11100, CAC +20  points at 4944, DJIA futures +55 points at 24520

75% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

MARKET ACTIVITY & EUROPEAN OPENING CALLS

YESTERDAY –

FTSE –12 points -0.19% at 7000, DAX -0.85% at 11244, CAC -0.79% at 4985

DJIA -1.56% at 25017, S&P 500 -1.66% at 2960, NASDAQ -3.03% at 7028

TODAY –

Asian markets – ASX -0.48% – Shanghai -1.63%, Hang Seng -1.83% Nikkei -1.18%% 

Bonds – Japan 0.09%, Germany 0.37%, France 0.78%, UK 1.38%, Spain 1.65%, Portugal 1.98%, US 3.07%, Italy 3.62%, Greece 4.52%

Cable $1.2855, €/£0.8902, €/$1.1446, $/Y112.49 – Gold $1223.00 – Nymex $56.76, Brent $66.55

UK companies posting results this week – Tuesday – Compass Group, CYBG, easyJet, AO World, Entertainment One, Halma, Homeserve, Electrocomponents, Telecom Plus, Aveva, Wednesday – Countryside Properties, Marston’s. Babcock International, SSP Group, Sage Group, United Utilities, TalkTalk, Johnson Matthey, Thursday – M&B, Euromoney International, Mitie, Mothercare, Centrica, Hill & Smith, Keller Group, Rotork, Majestic Wines, CMC Markets, Severn Trent

 

US companies posting results this week – Tuesday – Target, L-Brands, Kohl’s, Best Buy, Campbell Soups, Barnes & Noble, TJX, Ross Stores, BJ Wholesale, Foot Locker, Gap, Autodesk, Wednesday – Deere & Co,

 

 

Economic data posted this week – Tuesday – CBI Industrial trends, US Housing starts, Wednesday – UK PSBR, US Durable Gods, Friday – US PMI services and manufacturing

 

 European opening calls suggest a flat reflective start to the week – FTSE -7 points at 6993, DAX -54 points at 11190, CAC -23  points at 4962, DJIA futures -32 points at 24985

75% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

WEEKLY FAYRE

 

TODAY’S FAYRE – Monday, 19th November 2018

 

“Remember me when I am gone away,
Gone far away into the silent land;
When you can no more hold me by the hand,
Nor I half turn to go yet turning stay.
Remember me when no more day by day
You tell me of our future that you plann’d:
Only remember me; you understand
It will be late to counsel then or pray.
Yet if you should forget me for a while
And afterwards remember, do not grieve:
For if the darkness and corruption leave
A vestige of the thoughts that once I had,
Better by far you should forget and smile
Than that you should remember and be sad.” 

Christina Rossetti – poet – 1830-1894

 

You may disapprove of her plans to extricate the UK from the EU in delivering BREXIT, but you must admire the Prime Minister for her tenacity, doggedness and stubbornness! She is relentless in her quest to achieve what she believes is the right deal for the UK’s economy. As the expression goes in terms of horseracing parlance – she gets four miles in a bog and stays forever!

 

However, those qualities may not be enough to satisfy many, particularly those who believe that the terms of the BREXIT negotiations are so watered down, the UK may well be better off staying exactly where it is. Before heading for Brussels next week, Mrs May MUST listen to her Cabinet and Parliament’s concerns. She must be prepared to go back and properly represent these concerns, however exasperated Merkel and other negotiators are!

 

However, it is my measured and humble opinion that it is now too late to toss the PM in to the long grass. The time to be forceful with a totally different plan has long passed. After the election and 1st June 2017, the EU has always been in the driving seat. However, getting angry because you have been outmanoeuvred by the EU, forceful as it has been in its negotiations, will serve little useful purpose.

 

I think the country should get behind Mrs May and make the best of a very bad job, provided she heeds the concerns. Let’s see if there is a conversation to be had with Messrs Leadsom, Gove et all on a few fundamental alterations, which might be submitted to the EU, but holding one’s breath might be folly. Messrs Merkel and Macron are no longer our friends; that is clear, but we must attempt to continue to cultivate them as trading partners and hopefully defence allies.

 

I suspect that over the months and years to come, a few careful and resolute ‘nip & tucks’ can be made to the ‘transition period’ intransigence on N Ireland, the single market and the customs union. That is diplomacy. It’s been like that for hundreds of years and there is unlikely to be much change to that pattern of negotiation. Throwing Mrs May to the wolves at this juncture in the current political cycle would be insane. Once a modified deal is done, I suspect she would love to head for the walking hills with husband Philip PDQ. The hard Brexiteers will achieve nothing with a vote of no confidence. If successful, the country would just be thrown in to a vortex of uncertainty which could lead to unnecessary economic despair for another two years and a change in government that may not be good for business prosperity.

 

Dominic Raab, the former Brexit Secretary, writing in the Sunday Times, is unequivocal in telling the PM that she must stand up to the Brussels bullies and toughen up, or Britain faces disaster. These comments will provide added resolve to those malevolently plotting her downfall with a ‘no confidence’ vote. Mr Raab is right; surrendering virtually permanent sovereignty to the ECJ, by having no end date to temporary single markets and customs union arrangements, would be totally unacceptable.

 

 

INDEX 12/11/18 16/11/18 % gain/loss  
FTSE 100 7105 7013 -1.29%  
XETRA-DAX 11591 11341 -2.16%  
CAC40 5130 5025 -2.05%  
DJIA 25959 25413 -2.10%  
S&P 500 2773 2736 -1.33%  
NASDAQ 7364 7247 -1.17%  
Hang Seng 25576 26183 +2.37%  
Nikkei 22121 21680 -1.99%  
Shanghai Comp 2593 2679 +3.32%  

 

INDEX YEAR TO DATE
FTSE 100 -8.3%
XETRA DAX -11.9%
DJIA +2.4%
S&P 500 +1.5%
NASDAQ +3.4%
HANG SENG -14.2%
NIKKEI 225 -7.8%
SHANGHAI COMP -20%

 

When looking at the performance of the main global indices for the last week, it tells you very little in isolation. The DAX and CAC only have 30 and 40 constituent stocks respectively. The uncertainty over BREXIT caused them to shed 2%+ last week, whereas the FTSE was only down 1.3% thanks to the gyrations of the Pound against the Dollar, as 60% of the constituent stocks are Dollar earners. Had that not been the case the damage may well have been greater, such was the level of despair expressed by both sides of the BREXIT argument. Both were clearly unhappy at the uncertainty that is likely to prevail for another 2 years. The proposals set out on Thursday were perceived as being truly dreadful.  In fact, it might be fair to say that what the EU and UK negotiators agreed in principle was hated by ‘Remainers’ and ‘Leavers’ alike.

 

Apart from the US, which initially benefitted from the Trump tax cuts, it has been a very discouraging year for global equities. Why? Concerns over bloated valuations, the threat of higher interest rates and an uncomfortable threat of trade war damage. Shanghai and Hong Kong have fallen sharply due to these worries and the situation for them has been exacerbated by concern about their banking system, the trade spat with the US and falling growth – down to 6.7% from 6.9% last year. In 2010 it was 10.6%. Many economists take these current official levels with a pinch of salt. As you can see from the above tables, reverses have been sharp in Asia.  In Europe, BREXIT is blamed for everything including the weather! However, Italy is in deep economic trouble and Germany’s and France’s economies are not quite as robust as many have made them out to be.  Germany’s car industry has had a few setbacks and in the case of President Macron, he is having problems with fresh labour legislation and is deeply unpopular.

 

The FTSE 100 is down 8% year to date and but for the foreign exchange trade-off, it might well be lower. Banks, telecoms and some mining stocks have dragged London’s leading index down. Couple them with BREXIT woes and the adverse effect has been easy to understand. 

 

On the Street of Dreams, after a very dispiriting start to the week, the three main indices regained some poise on Thursday and Friday, driven by revived interest in tech stocks, especially Apple and Amazon. However, these indices finished the 5-day trading period down between 1% and 2%. Apart from the usual Trump media frenzy and the most appalling human tragedy in Northern California, where these infernos of forest fires have to date cost at least 70 lives and possibly more, it was retail which caught investors’ eyes.

 

Walmart posted numbers on Thursday that topped analysts’ expectations and raised its forecast for the full year heading into the holiday season – Thanksgiving (22/11/18) and Black Friday (23/11/18). Walmart shares ended the day down nearly 2%, but the stock is up more than 10 percent from a year ago, bringing Walmart’s market cap to roughly $291.5 billion. Earnings per share: $1.08, adjusted, vs. $1.01 expected. Revenue: $124.89 billion vs. $125.55 billion expected. Same-store sales: up 3.4% in the U.S. vs. growth of 3.1% expected.

 

Here in Old Blighty a surprisingly stable inflation rate of 2.4% for October was posted with clothes and food prices lower than expected. Unemployment in the same month rose a pip to 4.1% with the loss of 21000 jobs – some to retail and others to changes in universal credit arrangements. Retail sales were down 0.5% last month. Any thoughts of an MPC rate rise can remain in the in-tray, whilst BREXIT issues remain unresolved to anyone’s satisfaction. It will be interesting to see what sort of momentum will be behind ‘Black Friday’ on 23rd November. I fear the ‘High Street’ will have a very average Christmas. On the earnings front last week, Vodafone saw some measurable improvements. Premier Food have started hoarding food to be sure it is not caught short by a NO DEAL on Brexit. Flybe is up for sale and there were disappointing efforts from Royal Mail and Aston Martin, after its recent IPO.

Johnston Press has finally put up the ‘red flag.’ CEO David King has put the company in to administration.  Its shares – 2.5p on Friday (share capital valued at £3m) down from 400p in 2104 – will not be quoted on Monday.  It is hoped that a new holding company will be able to sell or save such brands as Yorkshire Post and the Scotsman and many local papers. The ‘i’ may be sold to DMGT. Debt of around £220 million is unsustainable. Some pensions may be adversely affected. It seems that Johnston Press did not grasp the digital and social media world quickly enough.

 

 

UK companies posting results this week – Tuesday – Compass Group, CYBG, easyJet, AO World, Entertainment One, Halma, Homeserve, Electrocomponents, Telecom Plus, Aveva, Wednesday – Countryside Properties, Marston’s. Babcock International, SSP Group, Sage Group, United Utilities, TalkTalk, Johnson Matthey, Thursday – M&B, Euromoney International, Mitie, Mothercare, Centrica, Hill & Smith, Keller Group, Rotork, Majestic Wines, CMC Markets, Severn Trent

 

US companies posting results this week – Monday – Urban Outfitters, Tuesday – Target, L-Brands, Kohl’s, Best Buy, Campbell Soups, Barnes & Noble, TJX, Ross Stores, BJ Wholesale, Foot Locker, Gap, Autodesk, Wednesday – Deere & Co,

 

 

Economic data posted this week – Monday – RightMove house prices, Tuesday – CBI Industrial trends, US Housing starts, Wednesday – UK PSBR, US Durable Gods, Friday – US PMI services and manufacturing

 

David Buik

Communications

Mobile – 07788 144 877

 

Financial spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Click here to read the full risk warning.

TODAY’S FAYRE

TODAY’S FAYRE – Thursday 15th November 2018

Never—
Beloved!
While I am I, and you are you,
So long as the world contains us both,
Me the loving and you the loth
While the one eludes, must the other pursue.
My life is a fault at last, I fear:
It seems too much like a fate, indeed!
Though I do my best I shall scarce succeed.
But what if I fail of my purpose here?
It is but to keep the nerves at strain,
To dry one’s eyes and laugh at a fall,
And, baffled, get up and begin again,—
So the chace takes up one’s life ‘ that’s all.
While, look but once from your farthest bound
At me so deep in the dust and dark,
No sooner the old hope goes to ground
Than a new one, straight to the self-same mark,
I shape me—
Ever
Removed!

Robert Browning – poet – 1812-1889

 

 

Every now and again one is privileged to see some culture or a theatrical or a musical performance that can only be described as sublime, even if you are not an especially enthusiastic fan of what is on the menu.  Such was the case for me last night at the Vue Cinema in Putney. I watched the Royal Ballet’s production of ‘La Bayadere’ danced to music of the little-known Austrian composer Ludwig Minkus.

 

The ballet was choreographed by probably the greatest ballerina of all time – Natalia Makarova – not even I am old enough to have seen Anna Pavlova! I did see Margot Fonteyn, who was perfection, though not in Makarova’s class, as techniques have improved vastly. The orchestra was conducted by Sergei Levetin.  The principal dancers were the two great Russian dancers – Vadim Muntagirov and Natalia Osipova, and the glorious Argentine Marianela Nuñez.

 

It was a scintillating performance.  The music was divine and though I am not an acolyte of ballet, the dancing and almost in importance, the acting was subliminal.  I would not have missed this experience for the world!  If you get a chance to go or download the performance, I believe, like me, you will think it very worthwhile.

 

 

This BREXIT DEAL, still leaves significant questions and principles remaining and in my humble opinion can the country rally behind it or will the citizens show their disdain? The resignation by Brexit Secretary Dominic Raab endorses the hostility towards the deal and the futility of it. Notable individuals and groups don’t like it – Remain or Leave – does it tick the requisite boxes for either of them? An important aspect to be considered, for me, is that it appears to leave the UK in the orbit of the single market’s and ECJ’S jurisdiction.

 

The country is now at the crossroads. It may be likely that Parliament will throw the deal out. Labour will do so on a matter of principle. The DUP will be down-cast and Scotland will be less than enamoured. I suggest the Commons has a long hard think before doing so. Why? The alternative, perhaps, is ‘NO DEAL’ and straight in to a WTO situation. At this late juncture that could be economically damaging. It would have worked 2 years ago, but another 2 years of uncertainty would be very bad for business, industry and commerce.

 

Throwing the deal out could mean a ‘NO CONFIDENCE’ vote followed by a General Election and a Corbyn Government. Though the deal on the table raises serious questions, it will be possible over the years to adopt a “revising approach”, whilst nipping and tucking to change the emphasis of the legislation. Governments have been doing this for thousands of years. No reason to stop now. Maybe Mrs May needs to present another alternative to the EU, though the prospect of acquiescence seems very remote to me.

 

 

Sovereignty and democracy are being viewed in wholly new context in the light of this deal. Discussions of another referendum would bring another vanguard to the debate and deal being offered.  However, emotions are running so high, I believe ‘NO DEAL’ cannot be ruled out! “Tin hats” to the fore!

 

Meanwhile back in the world of finance, stock markets remain in turmoil. The three main US indices remain just above the Plimsoll line for the year, but the FTSE 100 (-8%), DAX (-11.3%) and CAC (4.2%) are way under water, with the Shanghai Composite easier by over 20%! The Trump impetus at the beginning of the year has petered out after the tax cuts.  The loss of his majority in Congress may see further legislation thwarted. The US/Sino trade spat is still smouldering. US interest rates are on the rise. However, US earnings remain very buoyant and growth looks positive, which may not be the case in Europe and Asia.   Uncertainty over President Trump’s mood, very modest growth in Europe and unsatisfactory BREXIT negotiations continue to spike massive levels of volatility on a daily basis, with dealers running around like headless chickens.

 

Yesterday, the DJIA was down over 300 points at one time closing down 205 points at 25080. The S&P was down 0.76% and the NASDAQ easier by 0.90%. The FTSE was also volatile in a narrower range finishing down 19 points at 7033. This morning Chinese stocks bounced out of the doldrums with the Shanghai Composite up 1.36% heading towards lunch and the Hang Seng was 1.70% to the good. The Nikkei was light by 0.20%. Cable was stronger at $1.30.  At 9.40am the FTSE 100 stood at 7,050.86 +17.07 (+0.24%), though banks and retail were coming under modest pressure!

 

David Buik

Communications

Mobile – 07788 144 877

 

Financial spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Click here to read the full risk warning.

MARKET ACTIVITY & EUROPEAN OPENING CALLS – 12/11/18

The outcome to these BREXIT negotiations is beginning to look like an ‘absolute shambles.’ It is only fair to wait and see what is finally on the table, before passing judgement. However, ‘Leave’ or ‘Remain’ – it seems very hard to fathom that any one will be happy with the outcome, if the UK is still married to the single market, the customs union and most of all the ECJ! Parliament is unlikely to accept ‘Chequers’ or NO DEAL as the options

What sporting fayre we have enjoyed this weekend, particularly the dramatic rugby match at Twickenham, when the All-Blacks were lucky to win 16-15, after England were unfortunate to have a try by Underhill disallowed in the dying moments of the game. Man City & Liverpool

 

INDEX 5/11/18 9/11/18  % gain/loss  
FTSE 100 7094 7105 +0.15%  
XETRA-DAX 11533 11529 -0.03%  
CAC40 5110 5106 -0.11%  
DJIA 25261 25989 +2.92%  
 S&P 500 2726 2781 +2.02%  
NASDAQ 7344 7406 +0.84%  
Hang Seng 26050 25601 -1.72%  
Nikkei 22022 22250 +1.04%  
Shanghai Comp 2665 2598 -2.51%  

 

After the outcome of the ‘midterm’ elections, when the GOP and President Trump lost control of Congress, but increased its majority in the Senate, markets experienced quite a strong relief rally.  However, by Friday it had petered out in the US and in Europe, with China and Hong Kong ending the week sharply in reverse. After a temporary setback, the Greenback strengthened last week. A measured fall in commodity prices certainly took its toll on global indices with the price of oil threatening to enter ‘bear’ territory – down almost 20% since its peak, which ventures to suggest there may be an over-supply for the moment.   Though the Sino/US trade spat shows signs of abating, the ominous runes in the sand have yet to be washed away.

 

Though the FOMC left rates unchanged, FED Chairman Jay Powell left the World at large in no doubt that the US economy was looking robust, which may result in one more rate hike in December and at least two next year, provided progress is maintained with wage inflation looking more robust than it has done since the banking crisis

 

Asian markets have been broadly better though the price of oil is being carefully monitored on the back of an OPEC warning on output – ASX +0.25% – Shanghai +0.61%, Hang Seng +0.14% Nikkei +0.13% 

Bonds – Japan 0.12%, Germany 0.41%, France 0.79%, UK 1.49%, Spain 1.59%, Portugal 1.94%, US 3.19%, Italy 3.40%, Greece 4.34%

Cable $1.2926, €/£0.8756, €/$1.1322, $/Y113.99 – Gold $1210.70 – Nymex $60.91, Brent $$71.31

UK companies posting results this week – Monday – Dignity, Tuesday – Taylor Wimpey, Vodafone, Premier Foods, McCarthy & Stone, BTG, DCC, Experian, FirstGroup, Land Securities, Flybe, Aggreko, Meggitt, Melrose,  Wednesday – British Land, AB Dynamics, Grainger, SSE, Workspace, Cobham, Hays, Smiths Group, Thursday – Investec, Royal Mail, Manchester United, TBC Bank Group, Great Portland Estates, Qinetiq, Aston Martin, Bovis Homes, Bodycote, Card Factory, Close Brothers, Premier Oil, Cineworld, Safestore, Tullow Oil

 

US companies posting results this week – Tuesday – Tyson Foods, Home Depot, Wednesday – Macy’s, Cisco Systems, KB Homes, Thursday – Walmart, Nordstrom, JC Penney, Applied Materials, Nvidia, Friday – Viacom, America’s Car-Mart

 

 

Economic data posted this week – Tuesday – UK unemployment & Wage Growth, Germany’s ZEW, Wednesday – UK PPI & CPI, US CPI, UK House Prices, EU GDP, Thursday – US & UK New Car sales

 

Sunday’s Alibaba’s Singles’ Day shopping total $30.8 billion eclipsed the previous record of $25 billion although the company recorded its lowest-ever annual growth rate for the event. The figure makes the spending bonanza more than twice the size of cyber Monday & black Friday combined in 2017, as consumers scooped up everything from consumer electronics, luxury items and even cars the moment the clock struck midnight. This year’s Singles’ Day is expected to be Alibaba’s largest ever, as it hopes to achieve a record 1 billion orders at the end of the 24-hour event. As things stand sales totalling US$24,027,167,655 have been made. It might be folly to forget JD.com took a record $24.7bn in sales during its annual 6.18 shopping festival.

 

 Opening calls FTSE +53 points at 7158, DAX +61 points at 11590, CAC +30 points at 5136, DJIA futures +80 points at 26069

75% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

MARKET ACTIVITY & EUROPEAN OPENING CALLS

As far as European bourses were concerned the fair left town yesterday and investors seemed to be left to just pick the trash up though there was a slew of earnings to ruminate over – FTSE +23 POINTS at 7140 – +0.33%, DAX -0.45% at 11527, CAC -0.13% at 5131 –

 

J Sainsbury +1.54%, Burberry+3.15%, Halfords -2.32%, Astra Zeneca+1.40%, Inmarsat -7.82%

 

The news from the high street remains discouraging with retailers having shut 2,700 shops in first half of the year

 

On Wall Street the main indices surrendered a little value on the day thanks to guidance from the FOMC with DJIA +10 at 26191 +0.04%, S&P 500 -0.25% at 2808, NASDAQ -0.53% at 7530.  FOMC – no change in rates – However Jay Powell the FED Chairman said “The Committee expects further gradual increases in the target range for the federal funds rate.” It also said the risks to the economic outlook “appear roughly balanced” and noted that inflation remains near its 2% target. The FED plans to raise interest rates in December and plans three hikes next year, in line with market expectations.

 

DR Horton -8.97%, Liberty Media 0.99%, Walt Disney +2.03% after hours – The media giant announced the plans as it reported a record financial year, boosted by box office hits such as the Incredibles 2 and Ant-Man and the Wasp.

Executives cited the Star Wars series as an example of the new investments they are making in content as the firm shifts its focus to online streaming.

 

 

Asian markets saw little reason to maintain the recent rally and some went sharply in to reverse in places, as jitters and nervousness prevailed – ASX -0.11% – Shanghai -1.07%, Hang Seng -2.21% Nikkei -0.84% 

Bonds – Japan 0.11%, Germany 0.46%, France 0.82%, UK 1.57%, Spain 1.60%, Portugal 1.93%, Italy 3.40%, US 3.42%, Greece 4.29%

Cable $1.3049, €/£0.8692, €/$1.1345, $/Y113.90 – Gold $1219.50 – Nymex $60.54, Brent $70.68

UK companies posting results this week – Friday – Informa

 

 

US companies posting results this week

 

 

Economic data posted this week – Friday – UK GDP 3rd Quarter estimate circa +0.3%, UK industrial production and manufacturing output, UK trade balance – imports and exports

 

Opening calls FTSE -25 points at 7115, DAX -20 points at 11507, CAC -10 points at 5121, DJIA futures +26 points at 26217

75% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

POEM – ANTHEM FOR DOOMED YOUTH

What passing-bells for these who die as cattle?
Only the monstrous anger of the guns.
Only the stuttering rifles’ rapid rattle
Can patter out their hasty orisons.
No mockeries now for them; no prayers nor bells;
Nor any voice of mourning save the choirs,
The shrill, demented choirs of wailing shells;
And bugles calling for them from sad shires.
What candles may be held to speed them all?
Not in the hands of boys, but in their eyes
Shall shine the holy glimmers of good-byes.
The pallor of girls’ brows shall be their pall;
Their flowers the tenderness of patient minds,
And each slow dusk a drawing-down of blinds.

 

Wilfred Owen – soldier & poet – 1893-1918

Commemorative poem – John McCrae 1872-1915

In Flanders fields the poppies blow
Between the crosses, row on row,
    That mark our place; and in the sky
    The larks, still bravely singing, fly
Scarce heard amid the guns below.
We are the Dead. Short days ago
We lived, felt dawn, saw sunset glow,
    Loved and were loved, and now we lie,
        In Flanders fields.
Take up our quarrel with the foe:
To you from failing hands we throw
    The torch; be yours to hold it high.
    If ye break faith with us who die
We shall not sleep, though poppies grow
        In Flanders fields.
John McCrae – Canadian Soldier & poet – 1872-1915