City of London will be hosting its annual Wealth Management awards next month.

We hope your experience with Accendo Markets over the past 12 months warrants a vote in the following category;  “BEST EXECUTION ONLY CFD PROVIDER”

VOTE NOW

____________________________________________________________________________

Markets Overview: (Source: Bloomberg, FT, Reuters, DJ Newswires)

UK 100 called to open -15pts, after a mixed session for Asia, which itself had little lead from a muted performance by European bourses, many US markets closed for Presidents Day and a light macro data slate to provide catalysts. Caution prevails.

Japanese equities, after their post-G20 ‘no currency manipulating finger-pointing at Japan’ rally, pulled back a touch, dented by slight firming in JPY following finance minister Aso’s dismissal of comments made by PM Abe (considering buying foreign bonds as another measure of monetary easing, considering change of BoJ law) and refusal to comment on JPY FX rate (likely fearful of G20 criticism).

Both Japan and Australia published minutes from recent central bank policy meetings, however, the BoJ’s were overshadowed by politicians (as is the case so much of the time, everywhere) while the RBA’s were slightly less dovish than expected, helping AUD, but door for more easing left open helping equities to  fresh 4.5yr high.

Overnight data comprised little of great worth, with Japanese Sentiment indices unchanged, although Department Store Sales did return to growth, while in Europe New Car Registrations saw less contraction in January, with some significant weakness by Peugeot, Fiat and Ford, but Daimler doing well with growth

In focus today, Eurozone Construction Output will likely show continued contraction, dented by the austerity and reduced GDP growth across the region. ZEW surveys for Germany and the Eurozone are hoped to show continued improvement after the significant and surprising rebound in January.

The Spanish short-term bond auction will be looked to for any signs of stress, especially with concerns rising over Italian election outcome and possibility of return of contagion risk, and Draghi’s reiteration of accommodative stance on account of region al risks remaining to the downside.

UK 100 still holding 6300 but any attempts at rebound have become increasingly weak. Some of that is linked to US being close yesterday, but caution looks to be growing. Still potential for descending triangle pattern to complete with break to the downside and 6220 the next level of likely support.

In FX, GBP/USD still weak and below 1.55 with comments from the BoE’s Weale weighing on Sterling (“may need to weaken further in order to benefit UK economy”) and USD still in demand on recovery optimism. As we said yesterday, the topic of currency wars and competitive devaluation still has legs. Support 1.53, resistance 1.565. EUR/USD moving further into apex of rising and falling trendlines, hovering around 1.33. Potentially more support than resistance in near-term.

In Commodities, Gold retained its bounce back from below $1600, however, concerns out there that this could just be a pause before a second leg down to lows of $1550, completing bearish flagpole. In Oil, US Light Crude remains around Feb lows of $95 after rise in USD and traders weighing prospects for demand and supply. Brent Crude started losing momentum after topping out around $118. Support at $116.25

For any help you may require placing trades or in terms of market information, put a call in to our trading floor – all part of the service.

Overnight Macro Data: (Source: Reuters/DJ Newswires)

• Japan               Leading Index                          Unchanged
• Japan               Coincident Index                     Slight decline
• Japan               Nationwide Dept Store Sales  Back to growth
• Europe             New Car Registrations                        Weak, but less so
• See Live Macro calendar for all details

UK Company Headlines: (Source: Reuters/DJ Newswires)

• Brammer posts record revenue, ups dividend
• Eurotunnel’s Seafrance ferry deal anti-competitive-UK regulator
• Pendragon names Mel Egglenton chairman designate
• Severfield Rowen lowers expectations for 2013, 2014
• AZ Electronic Materials FY adjusted pretax flat
• Competition Commission approves reduced Rank acquisition of Gala
• Dairy Crest reorganises senior management
• Dairy Crest renews milk contract with Sainsbury
• InterContinental says positioned for good 2013 performance
• InterContinental posts 11 percent profit rise
• Drax Group FY earnings in line with views
• Morgan Sindall profit falls 15 percent
• Xstrata axing operator of loss-making Australia coal mine