Monthly Archives: April 2019

Market activity & European opening calls – 30/4/19

Yesterday – FTSE 100 +12 points at 7440 (+0.17%), DAX +0.10% at 12328, CAC +0.21% at 5580 –

DJIA +11 points (+0.04%) at 26554, S&P 500 +0.11% at 2943, NASDAQ +0.19% at 8161 – The Street of Dreams ruminated over benign inflation, satisfactory GDP and a mixed 1st quarter earnings season.

TODAY – ASX -0.56% at 6323, Shanghai +0.41% at 3075, Hang Seng -0.51% at 29739, Nikkei – closed Golden Week – Tokyo remained closed for Golden week as Asian markets remained mixed in early trading today, as a fresh round of U.S.-China trade talks were set to kick off in Beijing.

Bonds – Japan -0.05%, Germany -0.01%, France 0.37%, Spain 1.02%, Portugal 1.12%, UK 1.16%, US 2.54%, Italy 2.58, Greece 3.28%

Cable $1.2941, €/£0.8644, €/$1.1189, $/Y111.57 – Gold $1284.80 – Nymex $63.46, Brent $71.93 

UK companies posting results and trading Statements –  Tuesday – Standard Chartered Bank, Whitbread, BP, Coca-Cola EP, Glencore, Greene King, Wednesday – J Sainsbury, Avon Rubber, Inmarsat, Glaxo SmithKline, LSE, Next, Persimmon, Thursday – Reckitt Benckiser, Smith & Nephew, Lloyds Banking Group, Invidior, Paddy Power Betfair, Schroders, Royal Dutch Shell, Friday – HSBC, Intercontinental Hotels Group, Intu Properties

US companies posting results this coming week – Tuesday – Merck, Pfizer, GE, Tenet Healthcare, HCA Healthcare, Eli Lily, General Motors, KKR, Conoco Phillips, Denny’s, Apple, Wednesday – Pitney-Bowes, Yum! Brands, Estee Lauder, Qualcomm, Adobe Systems, Zynga, Metlife, Thursday – Dow-Dupont, Kellogg, Hyatt Hotels, Expedia

Economic data posted this week – Wednesday – UK & US PMI Manufacturing, FOMC Meeting, Thursday – MPC meeting, UK PMI Construction, US Factory orders, Friday – UK & US PMI Services, US Non-farm Payrolls (+180k) & unemployment (3.8% EST)

European opening calls – FTSE100 +5 points at 7445, DAX -18 points at 12310, CAC -7 points at 5573, DJIA FUTURES +8 points at 26562.

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Market activity & European opening calls – 29/4/19

INDEX 18th April 2019 26th April 2019 % Loss/Gain  
FTSE 100 7459 7428 -0.42%  
XETRA DAX 12222 12315 +0.76  
CAC 40 5580 5569 -0.19  
DJIA 26559 26543 -0.04%  
S&P 500 2905 2939 +1.12%  
NASDAQ 7998 8146 +1.85%  
HANG SENG 29963 29605 -1.19% *

 

SHANGHAI 3270 3086 -5.63% *
NIKKEI 225 22200 22258 +0.26% *

 

  • Denotes from 19th April 2019

TODAY – ASX -0.57% at 6349, Shanghai -0.11% at 3083, Hang Seng +0.73% at 29819, Nikkei -0.22% at 22258 – Asian markets were mixed today, following a bewildering U.S. GDP report on Friday and ahead of a new round of U.S.-China trade talks.

Bonds – Japan -0.04%, Germany -0.02%, France 0.35%, Spain 1.02%, Portugal 1.12%, UK 1.15%, US 2.50%, Italy 2.58, Greece 3.28%

Cable $1.2933, €/£0.8627, €/$1.1158, $/Y111.59 – Gold $1287.80 – Nymex $62.97, Brent $71.79 

UK companies posting results and trading Statements – Monday – Horizon Discovery, EVRAZ, Tuesday – Standard Chartered Bank, Whitbread, BP, Coca-Cola EP, Glencore, Greene King, Wednesday – J Sainsbury, Avon Rubber, Inmarsat, Glaxo SmithKline, LSE, Next, Persimmon, Thursday – Reckitt Benckiser, Smith & Nephew, Lloyds Banking Group, Invidior, Paddy Power Betfair, Schroders, Royal Dutch Shell, Friday – HSBC, Intercontinental Hotels Group, Intu Properties

US companies posting results this coming week – Monday – Loew’s, Tuesday – Merck, Pfizer, GE, Tenet Healthcare, HCA Healthcare, Eli Lily, General Motors, KKR, Conoco Phillips, Denny’s, Apple, Wednesday – Pitney-Bowes, Yum! Brands, Estee Lauder, Qualcomm, Adobe Systems, Zynga, Metlife, Thursday – Dow-Dupont, Kellogg, Hyatt Hotels, Expedia

Economic data posted this week – Wednesday – UK & US PMI Manufacturing, FOMC Meeting, Thursday – MPC meeting, UK PMI Construction, US Factory orders, Friday – UK & US PMI Services, US Non-farm Payrolls (+180k) & unemployment (3.8% EST)

European opening calls – FTSE100 +10 points at 7438, DAX +5  points at 12320, CAC +2 points at 5571, DJIA FUTURES +4 points at 26547.

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European Banks have proved to be very poor investments in recent years!

Just look at the performance of a selection of European bank shares in isolation since just before the 2008/9 crash in 2007 to today – Barclays 731p to 163p (-77%), Deutsche Bank €107 to €9.71 (-91%), Credit Suisse CHF 88.94 to CHF13.62 (-86%), UBS 2011 to today CHF70.12 to CHF 13.55 (-81%), RBS (equivalent before split) 6056p to 251p (96%), HSBC 880p to 662p (-25%)  – excluding bail-outs and rights issues. As you can see, they make desperate reading, despite rights issues, recovery plans and a massive contribution from global quantitative easing. The performance of these banks against their peers in the US leaves a fair bit to be desired. I think it is generally acknowledged that that the US FED and Treasury put their policies in to place rather more quickly and resolutely that here in Europe. Also, in all fairness, the stringent cost of extra capital required to meet regulatory requirements and the low level of interest rates that has prevailed, have restricted the levels of profitability.

 

This week we have seen a slew of earnings from mainly European banks starting with Credit Suisse and UBS. Both these banks have been undergoing huge structural changes under the respective stewardship of Tijane Thiam and Sergio Ermotti, with the focus of their attention now being in the wealth management arena. This has been quite a tortuous and painful process, which has been reflected in their share prices which have struggled to rally. UBS going back to the dark days of the banking crisis lost over $50 billion in the US in sub-prime and derivative trading, plus significant fines paid to the US and EU over taxation issue, which did little for its reputation.

 

Credit Suisse unexpectedly boosted Q1 earnings. Its first-quarter net profit rose nearly 8% to CHF749 million as larger-than-expected wealth management gains offset investment banking declines. Tijane Thiam seemed satisfied with progress made. Investors were marginally underwhelmed. UBS’S Ermotti UBS posted a 27% fall in net profit after a ‘very challenging quarter.’ Net income for the first quarter came in at $1.1 billion, versus $848 million estimate. However, this was lower than the $1.57 billion reported this time last year in what was a strong quarter for the bank. UBS’S shares were up 2.6% in the past week – OK, but hardly electrifying.

Unsurprisingly the merger talks between Deutsche Bank and Commerzbank collapsed. Shareholders and staff resented the idea hugely. It would have meant 30,000 redundancies at least and the natural synergy was hard to see. Both banks have similar problems and putting them together may have compounded the issue. Deutsche still has far too large a commitment to derivative trading, which has been exacerbated by being the largest global participant for many years. Many of these trades are hard to unwind. So Christian Sewing, Deutsche’s CEO will have to go back to the drawing board and Commerzbank no doubt will be serenaded by UniCredit. A deal of that nature makes no sense to me at all. UniCredit really struggled with their last bond issue and if my memory serves me right some of it had a coupon of 8% on it! One thing is certain and that is Deutsche Bank will always be caressed and loved by the German Government, whatever happens!

Deutsche posted good bottom line numbers but from a pathetically low base – profits for the quarter were up 67% to €201 million! Return on capital was parsimonious in the extreme – 1.3%. Bond trading was down 19% and asset management portfolios dipped. There is much work to be done.

RBS has been grabbing most of the domestic deadlines this week, with Ross McEwan serving notice to leave in a year’s time. He has been in situ for 5.5 years and believes that the bank’s agenda is now in place and it is time to move on. Has he done a good job? In the circumstances bearing in mind that the job was always going to be a ‘poisoned chalice’, post the Stephen Hester regime, which ended with an acrimonious argument with George Osborne and complaints about his pay, which in the grand scheme of bank executive pay was modest.  

Hindsight is the ‘best trader in the World’ and I think if we all had our time back again, the Government of the day with advice from UK Investments chose the wrong course of action for RBS. The £45 billion bail-out was essential but there should have been a division of a ‘good and bad bank.’ All the toxic rubbish could have been dealt with over a few years and the ‘good bank’ would have thrived more quickly. It was always going to be a difficult task cutting the balance sheet down from eye-watering £2.2 trillion. The balance sheet has been about halved, but so many decent assets such as Citizens Bank, Direct Line and Clerical/Scottish Widows were sold – such a pity. Considering Ross McEwan had to fight fires with IT problems and GRG and probably was never his own master, I think he did an excellent job. The taxpayers’ holding has been reduced from 82% to 62%. However, the share price is at 250p – half the breakeven with the outlook for a sale no in discussion publicly with the government in a precarious position with little clarity over BREXIT.

This morning RBS posted a profit for the last quarter of £707m net EST: £546m. Return on capital 8.3% and Tier one capital extremely good at 16.2%. Income was down and impairments were £44 million higher than Q1 2018 reflecting lower provision releases and recoveries and an increase in the stage 1 and 2 charge, reflecting IFRS 9 predictive loss model adjustments in Q1 2019, following a slight deterioration in default rates. The clever money is on Alison Rose replacing McEwan. She is currently deputy CEO of NatWest Holdings.

I won’t dwell on Barclays. Suffice to say the figures were indifferent with investment banking revenues down 6.2% in comparison to an average of 14% with its peers in New York. Jes Staley needs to sharpen up with Barclays high street operation and for the share price to gains some momentum, it needs to have closure on its former executives’ fraud trial regarding Qatar’s equity participation. Barclays may well have staved off Edward Bramson’s quest for a seat on the board for the time being, but the ‘Bald Eagle’ will need to raise its game.

David Buik

Communications

Mobile – 07788 144 877

 

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Market activity European opening calls – 26/4/19

Yesterday – FTSE 100 -37 points at 7434 (-0.50%), DAX -0.25% at 12282, CAC -0.33% at 5557 –

DJIA -134 points (-0.51%) at 26462, S&P 500 -0.04 at 2926, NASDAQ +0.21% at 8188 –US consumer confidence rises. However, Street of Dreams closed lower mostly lower as weak industrials sector offsets tech rally

TODAY – ASX -0.04% at 6379, Shanghai -0.78% at 3099, Hang Seng +0.06% at 29567, Nikkei -0.71% at 22148 – Asian markets trended down in early trading today, following a pullback by the Dow Jones Industrial Average and a continued drop in oil prices.

Bonds – Japan -0.03%, Germany -0.01%, France 0.37%, Spain 1.09%, UK 1.15%, Portugal 1.18%, US 2.54%, Italy 2.68, Greece 3.28%

Cable $1.2903, €/£0.8629, €/$1.1137, $/Y111.62 – Gold $1281.80 – Nymex $64.91, Brent $74.18 

UK companies posting results and trading Statements – Friday – RBS, Astra Zeneca, AON, AJ Bell, Computacenter, Hastings, Pearson, Rotork, WPP

US companies posting results this coming week – Friday – Zimmer, Archer Daniels Midland, Exxon Mobil, Goodyear, Knoll, Weyerhaeuser, Chevron, Colgate-Palmolive

Economic data posted this week – Friday – UK housing Finance loans, US Q1 GDP estimates.

 

European opening calls – FTSE100 +3 points at 7437, DAX -17 points at 12265, CAC -6 points at 5551, DJIA FUTURES -27 points at 26435.

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Market activity & European opening calls – 25/4/19

Yesterday – FTSE 100 -51 points at 7471 (-0.68%), DAX +0.63% at 12313, CAC -0.28% at 5576 –

DJIA -59 points (-0.22%) at 26597, S&P 500 -0.22 at 2927, NASDAQ -0.23% at 8102 – U.S. stocks closed lower yesterday, following earnings from high-profile companies, including Dow components Boeing Co. and Caterpillar Inc., that offered a mixed picture of American corporations. However, Facebook & Microsoft rallied after hours

TODAY – ASX +0.99% at 6382, Shanghai -0.77% at 3177, Hang Seng +0.06 % at 29824, Nikkei +0.50% at 22311 – Asian markets mixed as Wall Street retreats from record highs

Bonds – Japan -0.04%, Germany -0.01%, France 0.35%, Spain 1.11%, Portugal 1.19%, UK 1.18%, US 2.52%, Italy 2.63, Greece 3.30%

Cable $1.2906, €/£0.8641, €/$1.1115, $/Y111.92 – Gold $1276.90 – Nymex $65,82, Brent $74.64 

UK companies posting results and trading Statements –Thursday – Barclays Bank, Taylor Wimpey, Ferrexpo, Acacia Mining, Anglo-American, Cobham, Kaz Minerals, Relx, Tullow Oil – Friday – RBS, Astra Zeneca, AON, AJ Bell. Computacenter, Hastings, Pearson, Rotork, WPP

US companies posting results this coming week – Thursday – Hershey, DR Horton, 3Ms, Raytheon, Altia, Freeport-McMoRan, Bristol Myers Squibb, Mattel, Starbucks, Intel, Amazon, Ford Motor, Friday – Zimmer, Archer Daniels Midland, Exxon Mobil, Goodyear, Knoll, Weyerhaeuser, Chevron, Colgate-Palmolive

Economic data posted this week – Thursday – CBI Industrial trends, US Durable Goods, Friday – UK housing Finance loans, US Q1 GDP estimates.

 

European opening calls – FTSE100 +9 points at 7480, DAX -5 points at 12318, CAC unchanged at 5576, DJIA FUTURES -17 points at 26580.

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MARKET ACTIVITY & EUROPEAN OPENING CALLS – 24/4/19

Yesterday – FTSE 100 +63 points at 7523 (+0.85%), DAX +0.11% at 12235, CAC +0.20% at 5591

DJIA +145 points (+0.55%) at 26656, S&P 500 +0.88 at 2933, NASDAQ +1.32% at 8120 –The S&P 500 and Nasdaq closed at record highs Tuesday as investors cheered the latest batch of solid corporate earnings, including those from blue-chip Coca-Cola Co. and social-media brands such as Twitter Inc.

TODAY – ASX +0.92% at 6377, Shanghai -0.92% at 3169, Hang Seng -0.74% at 29742, Nikkei -0.08% at 22241 – As oil prices continue to rise, Asian markets were mixed in early trading today, surrendering early gains, despite the Street of Dreams’ ebullient performance.

Bonds – Japan -0.03%, Germany 0.04%, France 0.39%, Spain 1.11%, Portugal 1.19%, UK 1.22%, US 2.57%, Italy 2.68, Greece 3.30%

Cable $1.2935, €/£0.8667, €/$1.1211, $/Y111.78 – Gold $1271.20 – Nymex $65.94, Brent $74.13 

UK companies posting results and trading Statements – Wednesday – AB Foods, Centamin, Antofagasta, Boohoo, Thursday – Barclays Bank, Taylor Wimpey, Ferrexpo, Acacia Mining, Anglo-American, Cobham, Kaz Minerals, Relx, Tullow Oil – Friday – RBS, Astra Zeneca, AON, AJ Bell. Computacenter, Hastings, Pearson, Rotork, WPP

US companies posting results this coming week – Wednesday – MaxCyte, Biogen, AT&T, General Dynamics, Boeing, Caterpillar, Visa, Facebook, Tesla, Microsoft, Thursday – Hershey, DR Horton, 3Ms, Raytheon, Altia, Freeport-McMoRan, Bristol Myers Squibb, Mattel, Starbucks, Intel, Amazon, Ford Motor, Friday – Zimmer, Archer Daniels Midland, Exxon Mobil, Goodyear, Knoll, Weyerhaeuser, Chevron, Colgate-Palmolive

Economic data posted this week – Wednesday – UK PSBR, Thursday – CBI Industrial trends, US Durable Goods, Friday – UK housing Finance loans, US Q1 GDP estimates.

 

European opening calls – FTSE100 -18 points at 7503, DAX -42 points at 12193, CAC -17 points at 5574, DJIA FUTURES -31 points at 26625.

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MARKET ACTIVITY & EUROPEAN OPENING CALLS – 23/4/19

INDEX 15th April 2019 18th April 2019 % Loss/Gain  
FTSE 100 7437 7459 +0.30%  
XETRA DAX 11999 12222 +1.86%  
CAC 40 5502 5580 +1.42%  
DJIA 26412 26559 +0.56%  
S&P 500 2907 2905 -0.06%  
NASDAQ 7984 7998 +0.17%  
HANG SENG 29909 29963 +0.18%  
SHANGHAI 3188 3270 +2.57% *
NIKKEI 225 21870 22200 +1.51% *

 

  • Denotes 19/4/19

TODAY – ASX +0.76% at 6307, Shanghai -0.35% at 3203, Hang Seng -0.05% at 29949, Nikkei -0.07% at 22201 – Asian markets were largely down in early trading Tuesday as oil prices surged to nearly six-month highs after the U.S. said it would soon impose sanctions on all buyers of Iranian oil.

Bonds – Japan -0.03%, Germany 0.02%, France 0.37%, Spain 1.06%, Portugal 1.15%, UK 1.19%, US 2.59%, Italy 2.60, Greece 3.29%

Cable $1.2987, €/£0.8662, €/$1.1254, $/Y11.83 – Gold $1277.40 – Nymex $65.86, Brent $74.32 

UK companies posting results and trading Statements –  Wednesday – AB Foods, Centamin, Antofagasta, Boohoo, Thursday – Barclays Bank, Taylor Wimpey, Ferrexpo, Acacia Mining, Anglo-American, Cobham, Kaz Minerals, Relx, Tullow Oil – Friday – RBS, Astra Zeneca, AON, AJ Bell. Computacenter, Hastings, Pearson, Rotork, WPP

US companies posting results this coming week – Monday – Halliburton, Kimberly-Clark, Tuesday – Whirlpool, Twitter, Hasbro, Procter & Gamble, United Technologies, Verizon, Pulte, Coca-Cola, State Street, Harley-Davidson, Jetblue, Lockheed Martin, Snap, eBay, Wednesday – MaxCyte, Biogen, AT&T, General Dynamics, Boeing, Caterpillar, Visa, Facebook, Tesla, Microsoft, Thursday – Hershey, DR Horton, £Ms, Raytheon, Altia, Freeport-McMoRan, Bristol Myers Squibb, Mattel, Starbucks, Intel, Amazon, Ford Motor, Friday – Zimmer, Archer Daniels Midland, Exxon Mobil, Goodyear, Knoll, Weyerhaeuser, Chevron, Colgate-Palmolive

Economic data posted this week – Monday – US Existing Home Sales, Wednesday – UK PSBR, Thursday – CBI Industrial trends, US Durable Goods, Friday – UK housing Finance loans, US Q1 GDP estimates.

 

European opening calls – FTSE100 +21 points at 7480, DAX +8 points at 12230, CAC +3 points at 5583, DJIA FUTURES -50 points at 26509.

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Market activity & European opening calls – 18/4/19

Yesterday – FTSE 100 +1 point at 7471 (+0.02%), DAX +0.43% at 12153, CAC +0.62% at 5563

DJIA -3 points (-0.11%) at 26449, S&P 500 -0.23 at 2900, NASDAQ -0.05% at 7996 – Yesterday stocks rose early doors as investors keyed into the next round of first-quarter corporate earnings, though volumes were at their lowest level for a month, while showing little interest in China’s robust economic data.

TODAY – ASX -0.04% at 6253, Shanghai -0.23% at 3255, Hang Seng -0.61% at 29939, Nikkei -0.47% at 22172 – Asian markets were mixed in early trading Thursday, tracking Wall Street’s lack-lustre trading day.

 

Bonds – Japan -0.01%, Germany 0.08%, France 0.43%, Spain 1.10%, Portugal 1.20%, UK 1.24%, US 2.59%, Italy 2.61, Greece 3.30%

Cable $1.3040, €/£0.8660, €/$1.1292, $/Y111.90 – Gold $12 – Nymex $63.71, Brent $71.52 

UK companies posting results and trading Statements –Thursday – Moneysupermarket, Polymetal, PZ Cussons, Rentokil, Unilever

US companies posting results this coming week – Thursday – American Express, Honeywell, Schlumberger, Philip Morris, Citizens Financial

Economic data posted this week – Thursday – UK & US Retail Sales, BOE Credit Conditions, US PMI Index, Friday – US Housing data

European opening calls – FTSE100 -18 points at 7452, DAX -18 points at 12135, CAC -8 points at 5555, DJIA FUTURES -80 points at 26369.

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MARKET ACTIVITY & OPENING CALLS – 17/4/19

Yesterday – FTSE 100 +33 points at 7469, DAX +0.67% at 12101, CAC +0.36% at 5528

DJIA+67 points (+0.26%) at 26452, S&P 500+0.05 at 2907 NASDAQ +030% at 8000 – Street of Dreams keeps its head above water in reasonable earnings – NETFLIX made decent progress with its earnings but outlook was a little cautious.

TODAY – ASX -0.19% at 6265, Shanghai unchanged at 3253, Hang Seng -0.22% at 30062, Nikkei +0.27% at 22281 – Asian markets were rather somnolent as Japan logged its first trade deficit in three years for the financial year ended in March, amid concerns of a broad slowdown in the global economy which dented its exports. For the month of March, Japan’s trade surplus fell by 33% as exports slumped 2.4% from a year ago.

 

Bonds – Japan -0.02%, Germany 0.07%, France 0.42%, Spain 1.08%, Portugal 1.19%, UK 1.22%, US 2.59%, Italy 2.59, Greece 3.29%

Cable $1.3056, €/£0.8655, €/$1.1303, $/Y111.94 – Gold $1279.70 – Nymex $64.45, Brent $71.96 

UK companies posting results and trading Statements –Wednesday – Mediclinic, Countryside Properties, Bunzl, Segro, Hays, Thursday – Moneysupermarket, Polymetal, PZ Cussons, Rentokil, Unilever

US companies posting results this coming week – Netflix, JNJ, BOA, Wednesday – PepsiCo, Bank of New York, Mellon, Morgan Stanley, Abbott Labs, Alcoa, US Bancorp, Thursday – American Express, Honeywell, Schlumberger, Philip Morris, Citizens Financial

Economic data posted this week – Wednesday – UK Inflation, UK House Price Index, FED Beige Book, US Wholesale Inventories, Thursday – UK & US Retail Sales, BOE Credit Conditions, US PMI Index, Friday – US Housing data

European opening calls – FTSE100 -9 points at 7460, DAX +5 points at 12106, CAC +2 points at 5530, DJIA FUTURES -7 points at 26445.

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EUROPEAN OPENING CALLS UPDATE – 15/4/19

INDEX 8th April 2019 12th April 2019 % Loss/Gain  
FTSE 100 7446 7437 -0.10%  
XETRA DAX 11979 11999 +0.16%  
CAC 40 5471 5502 +0.56%  
DJIA 26312 26412 +0.38%  
S&P 500 2888 2907 +0.66%  
NASDAQ 7924 7984 +0.76%  
HANG SENG 30119 29909 -0.70%  
SHANGHAI 3271 3188 -2.54%  
NIKKEI 225 21900 21870 -0.13%  

 

TODAY – ASX +0.03% at 6253, Shanghai +1.11% at 3223, Hang Seng +0.58% at 30083, Nikkei +1.46% at 22190 – Asian markets were broadly higher Monday in the hope that the U.S. and China were closing in on a trade deal after months of negotiations.

 

Bonds – Japan -0.04%, Germany 0.06%, France 0.40%, Spain 1.04%, Portugal 1.16%, UK 1.21%, Italy 2.55, US 2.56%, Greece 3.27%

Cable $1.3089, €/£0.8637, €/$1.1305, $/Y111.90 – Gold $1291.50 – Nymex $63.58, Brent $71.33 

UK companies posting results and trading Statements– Monday – Rio Tinto, Tuesday – Card Factory, JD Sports, Ashmore, BHP Billiton, Wednesday – Mediclinic, Countryside Properties, Bunzl, Segro, Hays, Thursday – Moneysupermarket, Polymetal, PZ Cussons, Rentokil, Unilever

US companies posting results this coming week – Monday – Citibank, Goldman Sachs, Tuesday – Comerica, Bank of America, Merrill, Omnicom, Johnson & Johnson, Blackrock, UnitedHealth Group, CSX, Netflix, Wednesday – PepsiCo, Bank of New York, Mellon, Morgan Stanley, Abbott Labs, Alcoa, US Bancorp, Thursday – American Express, Honeywell, Schlumberger, Philip Morris, Citizens Financial

Economic data posted this week – Monday – Rightmove House Prices, Tuesday – UK Labour Market Data, US Industrial Production, Wednesday – UK Inflation, UK House Price Index, FED Beige Book, US Wholesale Inventories, Thursday – UK & US Retail Sales, BOE Credit Conditions, US PMI Index, Friday – US Housing data

European opening calls – FTSE100 +8 points at 7445, DAX +16 points at 12015, CAC +6 points at 5508, DJIA FUTURES -3 points at 26410.

73% 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