Category Archives: Daily Fayre

Market activity 23/7/19

FTSE 100 +6 points (+0.08%) at 7514, DAX +0.24% at 12289, CAC40 +0.26% at 5567

DJIA +17 points (+0.07%) at 27171, S&P 500 +0.28% at 2985, NASDAQ +0.71% at 8204 U.S. stocks ended slightly higher Monday at the start of a crowded week for corporate earnings. Meanwhile, crude oil prices added to Friday’s gains as tensions escalated with Iran. This week, about 25% of S&P 500 component companies report second-quarter results. For companies that have reported so far, results have largely exceeded expectations. Earnings have beaten by 6.5%.

TODAY – ASX +0.51% at 6725, Shanghai +0.07% at 2888, Hang Seng +0.12% at 28403, Nikkei +0.99% at 21629 – Asian stocks edged higher today, with the chip sector leading the gains, tracking Wall Street moves, though trading remained thin ahead of the domestic earnings season for the April-June quarter and ahead of Wednesday’s FOMC.

Bonds – Japan -0.14%, Germany -0.34%, France -0.08%, Spain 0.38%, Portugal 0.45%, UK 0.72%, Italy 1.66%, US 2.06%, Greece 2.08%

Cable $1.2458, €/£0.8983, €/$1.1193, $/Y108.04 – Gold $1418.20 – Nymex $55.19, Brent $63.27

UK companies posting results this week – Tuesday – Unite Group, Beazley, IG Group, PZ Cussons, Fever-Tree, Wednesday – Segro, Drax Group, Tullow Oil, ITV, Glaxo SmithKline, Croda, Informa, Metro Bank, Britvic, Marston’s, Antofagasta, Rathbone Thursday – Unilever, Howden Joinery, Diageo, Astra Zeneca, Lancashire Holdings, Anglo-American, Bodycote, GoCompere, National Express, Relx, Vesuvius, Aveva, Brewin Dolphin, Compass, Countrywide, Inchcape, Kaz, Sage, Wizz Air, Friday – Pearson, Vodafone, Rightmove, Foxtons, AON, IMI

US companies posting results this week – Tuesday – Whirlpool, Biogen, Hasbro, United Technologies, Coca-Cola, Pulte, Harley-Davidson, Kimberly-Clark, Lockheed Martin, Texas Instruments, Swap, Visa, Wednesday – Knoll, AT&T, UPS, General Dynamics, Freeport McMoRan, Boeing, Caterpillar, Northrop Grumman, PayPal, Xilinx, Facebook, Ford Motor, Tesla, Thursday – American Airlines, Hershey, Comcast, 3Ms, Raytheon, KKR, BGC Partners, Valero Energy, Bristol Myers Squibb, Alphabet, Expedia, Mattel, Intel, BJ Restaurants, Starbucks, Amazon, Friday – Twitter, Zimmer, Abbvie, Goodyear, Weyerheuser, Colgate-Palmolive, McDonald’s

ECONOMIC data Posted this week – Tuesday – CBI Industrial trends, survey, US Existing Home Sales, Wednesday – UK Housing loans, US PMI Composite, US New Home Sales, Thursday – CBO Distributive Trade Survey, US Durable Goods & & Wholesale Inventories, ECB Meeting, Friday – US 2nd Quarter GDP estimate

 

European opening calls – FTSE100 +29 points at 7543, DAX +82 point at 12371, CAC +22 points at 5589, DJIA FUTURES +53 points at 27224.

 

 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.

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INDEX 15th July 2019 19th July 2019 % loss/gain
FTSE 100 7505 7508 -0.03%
XETRA DAX 12323 12260 -0.51%
CAC40 5572 5552 -0.36%
DJIA 27332 27154 -0.65%
S&P 500 3013 2976 -1.23%
NASDAQ COMP 8244 8146 -1.19%
HANG SENG 28471 28765 +1.03%
SHANGHAI 2930 2924 -0.20%
NIKKEI 225 21685 21466 1.01%

 

TODAY – ASX -0.29% at 6681, Shanghai -0.76 at 2901, Hang Seng -0.74% at 28562, Nikkei -0.29% at 21404 – The continuing riots are not helping sentiment in Asia nor is the Iran crisis in Hormuz

Bonds – Japan -0.13%, Germany -0.32%, France -0.07%, Spain 0.38%, Portugal 0.44%, UK 0.74%, Italy 1.61%, US 2.06%, Greece 2.12%

Cable $1.2506, €/£0.8969, €/$1.1219, $/Y107.95 – Gold $1428.60 – Nymex $56.06, Brent $63.50

UK companies posting results this week – Monday – Tuesday – Unite Group, Beazley, IG Group, PZ Cussons, Fever-Tree Wednesday – Segro, Drax Group, Tullow Oil, ITV, Glaxo SmithKline, Croda, Informa, Metro Bank, Britvic, Marston’s, Antofagasta, Rathbone Thursday – Unilever, Howden Joinery, Diageo, Astra Zeneca, Lancashire Holdings, Anglo-American, Bodycote, GoCompere, National Express, Relx, Vesuvius, Aveva, Brewin Dolphin, Compass, Countrywide, Inchcape, Kaz, Sage, Wizz Air, Friday – Pearson, Vodafone, Rightmove, Foxtons, AON, IMI

US companies posting results this week – Monday – Halliburton, Tuesday – Whirlpool, Biogen, Hasbro, United Technologies, Coca-Cola, Pulte, Harley-Davidson, Kimberly-Clark, Lockheed Martin, Texas Instruments, Swap, Visa, Wednesday – Knoll, AT&T, UPS, General Dynamics, Freeport McMoRan, Boeing, Caterpillar, Northrop Grumman, PayPal, Xilinx, Facebook, Ford Motor, Tesla, Thursday – American Airlines, Hershey, Comcast, 3Ms, Raytheon, KKR, BGC Partners, Valero Energy, Bristol Myers Squibb, Alphabet, Expedia, Mattel, Intel, BJ Restaurants, Starbucks, Amazon, Friday – Twitter, Zimmer, Abbvie, Goodyear, Weyerheuser, Colgate-Palmolive, McDonald’s

ECONOMIC data Posted this week – Tuesday – CBI Industrial trends, survey, US Existing Home Sales, Wednesday – UK Housing loans, US PMI Composite, US New Home Sales, Thursday – CBO Distributive Trade Survey, US Durable Goods & & Wholesale Inventories, ECB Meeting, Friday – US 2nd Quarter GDP estimate

 

 

European opening calls – FTSE100 +3 points at 7511, DAX -1 point at 12259, CAC unchanged at 5552, DJIA FUTURES +11 points at 27165.

 

 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.

MARKET ACTIVITY – 19/7/19

 

FTSE 100 -42 points (-0.55%) at 7493, DAX -0.92% at 12227, CAC40 -0.38% at 5550

DJIA +3 points (+0.1%) at 27222, S&P 500 +0.36% at 2995, NASDAQ +0.27% at 8207 Investors cheered Federal Reserve Jerome Powell, implying that the central bank could cut interest rates in July, and continue to ease policy further in the second half of the year, during two days of testimony before Congress. The two decline on Wall Street abated.

TODAY – ASX +0.68% at 6694, Shanghai +1.01% at 2930, Hang Seng +1.09% at 28772, Nikkei +1.75% at 21415 – Asian bourses rallied on today after Federal Reserve’s John Williams almost sealed the chance of a U.S. rate cut later this month. The New York Fed President said policymakers need to act quickly and cannot wait for economic problems to materialise to add stimulus.

Bonds – Japan -0.14%, Germany -0.31%, France -0.06%, Spain 0.44%, Portugal 0.46%, UK 0.75%, Italy 1.55%, US 2.07%, Greece 2.11%

Cable $1.2546, €/£0.8977, €/$1.1262, $/Y107.56 – Gold $1444.10 – Nymex $56.14, Brent $63.13

UK Companies posting results this week – Friday – Close Brothers, SSP

US companies posting results this week – Friday – Schlumberger, BlackRock, American Express, Citizens Financial, Charles Schwab

ECONOMIC data Posted this week – Thursday – US Housing Starts, US Beige Book, EU New Car Registration, Friday – UK PSBR

European opening calls – FTSE100 +29 points at 7526, DAX +85 points at 12312, CAC +27 points at 5577, DJIA FUTURES +87 points at 27309.

 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.

Market activity – 18/7/19

 

FTSE 100 -41 points (-0.55%) at 7535, DAX -0.72% at 12341, CAC40 -0.76% at 5571

DJIA -115 points (-0.42%) at 27219, S&P 500 -0.65% at 2984, NASDAQ -0.46% at 8185 – U.S. stocks slipped yesterday as investors digested mixed earnings results and economic data, while the lack of progress on the trade dispute with China remained a concern expressed in Beige Book comments. Retail sales positive – Netflix loses 125 after hours

TODAY – ASX -0.30% at 6653, Shanghai -0.65% at 2912, Hang Seng -0.49% at 28453, Nikkei –1.72% at 21098Trump’s impatience over lack of progress on Chinese trade deal, plus the robustness of US economy reflected in the Beige Book, suggesting a delay in a FED rate cut put Asia in a ‘risk-off’ mood

Bonds – Japan -0.12%, Germany -0.29%, France -0.04%, Spain 0.44%, Portugal 0.50%, UK 0.75%, Italy 1.59%, US 2.06%, Greece 2.20%

 Cable $1.2437, €/£0.9036, €/$1.1239, $/Y107.69 – Gold $1424.30 – Nymex $56.82, Brent $63.84

UK Companies posting results this week – Thursday – Moneysupermarket, Anglo American, easyJet, Royal Mail, SSE, Thos Cook, Friday – Close Brothers, SSP

US companies posting results this week – Thursday – Morgan Stanley, Honeywell, UnitedHealth, Blackstone, Philip Morris, Microsoft, Friday – Schlumberger, BlackRock, American Express, Citizens Financial, Charles Schwab

ECONOMIC data Posted this week – Thursday – US Housing Starts, EU New Car Registration, Friday – UK PSBR

 

European opening calls – FTSE100 -29 points at 7506, DAX -89 points at 12232, CAC -30 points at 5541, DJIA FUTURES -72 points at 27147.

 

 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.

“NO DEAL, we’re serious this time!”

“Helen Thomas Knows exactly how many beans make four!”

No Deal, we’re serious this time

  1. He’s not even officially PM yet, but Boris is ramping up the No Deal rhetoric
    • He dismisses any changes to the backstop with “the problem is very fundamental. It has been devised by our own country as an instrument of our incarceration
    • It’s leaked that the Brexit Secretary went to Brussels to tell them Theresa May’s Deal was dead, five times over in case they didn’t quite hear it
    • It’s leaked that his team are considering plans to suspend Parliament for two weeks by organising the Queen’s Speech for early November
  2. So much, so Brexiteer. Which should come as no surprise as he needs to seal the deal with the Conservative membership with as big a margin as possible in order to ensure he moves into Number 10 next Monday
  3. But he didn’t need to go in quite this hard at quite this moment. Is it just over-excitement from the Brexiteers now that they’re closer to the levers of power?
  4. Or is it part of a bigger plan to talk tough now, in order to ensure any later climbdowns demonstrate to Brexiteers that he tried hard, but it wouldn’t work?
  5. Or just to allow all parties to compromise at the last minute, but forcing more from Ireland/EU and thus emerging as #winning #bigly?

Boris is clever, that’s for sure. We think the explanation is clearer than all of this.

Provoking opposition allows for you to see the white’s of your opponents eyes. What do they really want and what are they prepared to sacrifice to achieve it?

It focuses attention on their inability to agree on anything to stop you. (Note that arch Remainer and legal guru Dominic Grieve admitted yesterday that it’s almost impossible to actually stop No Deal).

Boris doesn’t need a plan at this point. He just needs to smoke out what he’s dealing with. With everyone then revealing their hands, he can set it up so that they wear the blame for whatever happens. If Brexit is stopped, it’s because others took that decision out of his hands. If Brexit isn’t stopped, and we tip into No Deal, it’s because others wouldn’t compromise, taking the decision out of his hands.

By taking a tough consistent line, the blame will land elsewhere.

No surprise then that the Times leads today with Team Boris plans to hold an election before summer next year, “while Jeremy Corbyn is still around”. And if Boris is forced into one before then? Well then that’s everyone else’s fault for bringing a Vote of No Confidence in him.

The entire Brexit process has been hallmarked by the sheer unwillingness or capability of anyone to lead it. We have been astonished by no-one stepping into this vacuum of power. But why would they, with the country divided down the middle? That’s lose-lose for any politician.

How to step in and emerge victorious? Let the stalemate move the process inexorably along to exiting the EU, while looking like you tried everything to manage it properly. With 50% of the population angry whatever happens, it’s vital that the blame falls somewhere else.

Teflon Tony becomes Bacofoil Boris. 

Get your tin hats ready, as it appears the market is – yet again – only just coming around to the idea that it’s very possible we slide towards No Deal. Not only possible, but pre-programmed by the politicians.

In summertime markets, we are much more likely to hit those pockets of short gamma. That’s what took a slug out of GBP yesterday. See how 3 month GBP/USD volatility has been heading higher as spot triggers through psychological big figures:

That doesn’t usually happen as you head into the quietest period of the year, not least when volatility is collapsing everywhere now that stocks can keep going higher on those promised Fed rate cuts. Someone has to cover their position and will find it hard to do so as liquidity disappears. We expect GBP can fall even further, even quicker from here, with volatility rising as it does so.

And all because the truth is dawning. We are headed to No Deal and we are about to get a new Prime Minister with an entirely new way of managing the process. Sure, he might fold in the end. But equally likely, he might not. He will simply take up his position, “We are out, do or die”, and see what everyone scurries around to do to stop him.

Market activity – 17/7/19

FTSE 100 +45 points (+060%) at 7577, DAX +0.35% at 12430, CAC40 +0.65% at 5614

DJIA -23 points (-0.09%) at 27335, S&P 500 -0.34% at 3004, NASDAQ -0.43% at 8222 – Wall Street closed lower yesterday after President Trump said an agreement with China on trade tariffs had “a long way to go,” in a briefing with reporters. The fade came a day after major equity indexes eked out a round of all-time closing highs and as Wall Street digested a fresh, bank-heavy round of earnings reports.

TODAY – ASX +0.50% at 6674, Shanghai -0.05% at 2936, Hang Seng -0.31% at 28531, Nikkei -0.39% at 21451 – Asian equities were treading water today, as investors await clarity on trade, rate cut and earnings

Bonds – Japan -0.12%, Germany -0.26%, France 0.01%, Spain 0.48%, Portugal 0.54%, UK 0.81%, Italy 1.61%, US 2.12%, Greece 2.21%

 Cable $1.2414, €/£0.9030, €/$1.1212, $/Y108.15 – Gold $1406.40 – Nymex $57.61, Brent $64.51

UK Companies posting results this week – Wednesday – Hochschild Mining, BHP Billiton, Galliford Try, GVC, Premier Oil, Severn Trent, TalkTalk, Thursday – Sports Direct, Moneysupermarket, Anglo American, easyJet, Royal Mail, SSE, Thos Cook, Friday – Close Brothers, SSP

US companies posting results this week – Wednesday – Comerica, Bank of America Merrill, Bank of New York, Mellon, Abbott Labs, US Bancorp, Alcoa, eBay, Netflix, Thursday – Morgan Stanley, Honeywell, UnitedHealth, Blackstone, Philip Morris, Microsoft, Friday – Schlumberger, BlackRock, American Express, Citizens Financial, Charles Schwab

ECONOMIC data Posted this week – Wednesday – UK Inflation, US Housing Starts, US Beige Book, EU New Car Registration, Friday – UK PSBR

European opening calls – FTSE100 -19points at 7558, DAX -20 points at 12410, CAC -8 points at 5606, DJIA FUTURES -15 points at 27350.

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.

Market activity – 16/7/19

FTSE 100 +25 points (+0.34%) at 7531, DAX +0.52% at 12387, CAC40 +0.10% at 5578

DJIA +27 points (+0.10%) at 27359, S&P 500 +0.02% at 3014, NASDAQ +0.17 at 8258 – U.S. stocks ended slightly higher yesterday as investors saw results from Citigroup kicking off the unofficial start of earnings season for the second quarter. The S&P 500, DJIA and the NASDAQ made modest gains with the latter two closing at record levels.  

 

TODAY – ASX +0.11% at 6660, Shanghai -0.11% at 2939, Hang Seng +0.15% at 28598, Nikkei -0.64% at 21550 – Asian markets remain flat today, as investors await a likely U.S. rate cut by the end of this month, as well as U.S. retail sales data due later in the day and more corporate earnings to further gauge the health of the economy.

Bonds – Japan -0.12%, Germany -0.25%, France 0.02%, Spain 0.51%, Portugal 0.59%, UK 0.80%, Italy 1.64%, US 2.10%, Greece 2.26%

 Cable $1.2514, €/£0.8997, €/$1.1258, $/Y107.98 – Gold $1414.60 – Nymex $59.56, Brent $66.54

UK Companies posting results this week – Tuesday – Burberry, Experian, Hays, Rio Tinto Wednesday – Hochschild Mining, BHP Billiton, Galliford Try, GVC, Premier Oil, Severn Trent, TalkTalk, Thursday – Sports Direct, Moneysupermarket, Anglo American, easyJet, Royal Mail, SSE, Thos Cook, Friday – Close Brothers, SSP

US companies posting results this week – Tuesday – JP Morgan Chase, Johnson & Johnson, Goldman Sachs, Wells Fargo, CSX Group, Wednesday – Comerica, Bank of America Merrill, Bank of New York, Mellon, Abbott Labs, US Bancorp, Alcoa, eBay, Netflix, Thursday – Morgan Stanley, Honeywell, UnitedHealth, Blackstone, Philip Morris, Microsoft, Friday – Schlumberger, BlackRock, American Express, Citizens Financial, Charles Schwab

ECONOMIC data Posted this week – Tuesday – UK wage growth and unemployment data, US Retail Sales and Industrial Production, ZEW Index Wednesday – UK Inflation, US Housing Starts, US Beige Book, EU New Car Registration, Friday – UK PSBR

 

European opening calls – FTSE100 unchanged at 7531, DAX +19 points  at 12406, CAC +6 points at 5584, DJIA FUTURES  points at 27361.

 

 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.

Market activity – 15/7/19

INDEX 8th July 2019 12th July 2019 % loss/gain
FTSE 100 7553 7505 -0.64%
XETRA DAX 12568 12323 -0.43%
CAC40 5593 5572 -0.38%
DJIA 26922 27332 +1.52%
S&P 500 2990 3013 +0.77%
NASDAQ COMP 8161 8244 +1.02%
HANG SENG 28774 28471 -1.05%
SHANGHAI 3011 2930 -2.69%
NIKKEI 225 21746 21685 -0.28%

 

TODAY – ASX -0.41% at 6668, Shanghai +0.76% at 2952, Hang Seng +0.22% at 28532, Nikkei +0.20% at 21685 Chinese shares rose and the yuan strengthened on today as investors were relieved after economic growth data met market expectations, while encouraging retail sales and factory output numbers pointed to some stabilisation. China’s economy grew 6.2% in the second quarter of 2019, its slowest pace in at least 27 years, amid weak domestic and external demand and a damaging trade war with the United States.

Bonds – Japan -0.12%, Germany -0.21%, France 0.05%, Spain 0.56%, Portugal 0.64%, UK 0.83%, Italy 1.73%, US 2.12%, Greece 2.31%

 Cable $1.2565, €/£0.8970, €/$1.1271, $/Y108.02 – Gold $1413.20 – Nymex $60.04, Brent $66.64

European opening calls – FTSE100 +1 point at 7506, DAX +29 points  at 12352, CAC +8 points at 5580, DJIA FUTURES +13 points at 27345.

 

 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.

Market activity – 12/7/19

YESTERDAY – FTSE 100 -20 points (-0.28%) at 7509, DAX -0.33% at 12332, CAC 40 -0.28% at 5551

DJIA +227 points (+0.85%) at 27088, S&P 500 +0.23% at 2999, NASDAQ -0.08% at 8186 – Investors clearly find the U.S. stock market an attractive haven in a world of incredibly low (or negative) interest rates. The S&P 500 Index closed up 0.23%, hitting an all-time intra-day high, breaching 3K, before closing at 2,993.07, its second-highest close. The Dow Jones Industrial Average +0.85  and the Nasdaq Composite Index  also hit all-time intraday highs that same day (+0.08%).

 

TODAY – ASX -0.08% at 6710, Shanghai +0.46% at 2931, Hang Seng +0.50% at 28574, Nikkei +0.11% at 21665 Asian stock markets traded in a tight range on Friday as investors awaited a slew of key important economic data from China and elsewhere in the region. 

 

Bonds – Japan -0.15%, Germany -0.26%, France 0.03%, Spain 0.47%, Portugal 0.56%, UK 0.84%, Italy 1.71%, US 2.12%, Greece 2.23%

 

Cable $1.2542, €/£0.8985, €/$1.1270, $/Y108.41 – Gold $1409.80 – Nymex $60.54, Brent $66.92

UK Companies posting results this week – Friday – Ashmore, The Gym

ECONOMIC data Posted this week – Friday – US PPI

European opening calls – FTSE100 +31 points at 7540, DAX +42 points  at 12375, CAC +19 points at 5570, DJIA FUTURES  points at 27175.

 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.

MARKET ACTIVITY – 11/7/19

YESTERDAY – FTSE 100 – -5 points (-0.08%) at 7530, DAX -0.51% at 12373, CAC 40 -0.08% at 5567

DJIA +76 points (+0.29%) at 26783, S&P 500 +0.45% at 2993, NASDAQ +0.75% at 8202 U.S. Treasury yields came sharply off their highs on Wednesday after Federal Reserve Chairman Jerome Powell’s remarks in his semi-annual testimony to Congress spurred bets that the U.S. central bank would go forward with interest rate cuts in July. S&P 500 hits an intraday milestone of 3,000 for the first time in its history.

 

TODAY – ASX +0.43% at 6718, Shanghai +0.33% at 2924, Hang Seng +1.19% at 28539, Nikkei +0.42% at 21624 Most Asian stock markets rose today, with HK leading the way, as investors cheered U.S. Federal Reserve Chairman Jerome Powell’s comments, bolstering prospects of an interest rate cut.

Bonds – Japan -0.13%, Germany -0.31%, France -0.17%, Spain 0.43%, Portugal 0.49%, UK 0.77%, Italy 1.74%, US 2.06%, Greece 2.24%

Cable $1.2532, €/£0.8996, €/$1.1274, $/Y107.92 – Gold $1426.00 – Nymex $60.67, Brent $67.18

UK Companies posting results this week – Thursday – Workspace, Friday – Ashmore, The Gym

US companies posting results this week – Thursday – Delta Airlines

ECONOMIC data Posted this week – Thursday – RICS Housing Data, US CPI, Friday – US PPI

European opening calls – FTSE100 +29 points at 7559, DAX  points +55 at 12428, CAC +20 points at 5587, DJIA FUTURES +145 points at 26928.

 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.