Today's Main Events
- 08:00 ES Preliminary GDP
- 08:55 DE Unemployment
- 10:00 EZ Confidence Surveys
- 13:00 US S&P/CS Housing data
- 14:00 US Consumer Confidence
See Live Macro Calendar for all data, incl. consensus expectations
This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
UK 100 Leaders | Close | Chg | % Chg | % YTD |
Sage Group (The) PLC | 309.8 | 5.6 | 1.8 | 5.3 |
ARM Holdings PLC | 665.5 | 9 | 1.4 | 12.42 |
Hammerson PLC | 475.9 | 6.1 | 1.3 | 32.19 |
National Grid PLC | 708 | 6.5 | 0.9 | 13.28 |
Meggitt PLC | 386.5 | 3.5 | 0.9 | 9.55 |
Burberry Group PLC | 1163 | 10 | 0.9 | -1.86 |
CRH PLC | 1120 | 9 | 0.8 | -12.5 |
Serco Group PLC | 570 | 4.5 | 0.8 | 20.25 |
UK 100 Laggards | Close | Chg | % Chg | % YTD |
Hargreaves Lansdown PLC | 727.5 | -31.5 | -4.2 | 68.99 |
Admiral Group PLC | 1094 | -23 | -2.1 | 28.4 |
Antofagasta PLC | 1249 | -20 | -1.6 | 2.8 |
WPP Group PLC | 788 | -12.5 | -1.6 | 16.65 |
Old Mutual PLC | 170.5 | -2.7 | -1.6 | 25.83 |
BP PLC | 425 | -6.6 | -1.5 | -7.71 |
BT Group PLC | 213.9 | -3.2 | -1.5 | 12.05 |
G4S PLC | 259.8 | -3.7 | -1.4 | -4.42 |
Major World Indices | Mid/Close | Chg | % Chg | % YTD |
UK UK 100 | 5795.1 | -11.61 | -0.2 | 4 |
UK | 11920.7 | -5.23 | -0.04 | 17.99 |
FR CAC 40 | 3408.89 | -26.2 | -0.76 | 7.88 |
DE DAX 30 | 7203.16 | -28.69 | -0.4 | 22.12 |
US DJ Industrial Average 30 (closed) | 13107.2 | 3.53 | 0.03 | 7.28 |
US Nasdaq Composite 100 | 2987.95 | 1.83 | 0.06 | 14.69 |
US S&P 500 (closed) | 1411.94 | -1.03 | -0.07 | 12.27 |
JP Nikkei 225 | 8841.98 | -87.36 | -0.98 | 4.57 |
HK Hang Seng Index 48 | 21394.35 | -116.7 | -0.54 | 16.06 |
AU S&P/ASX 200 | 4485.69 | 8.83 | 0.2 | 10.58 |
Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
Crude Oil, US Light Sweet ($/barrel) | 85.36 | 0.07 | 0.08 | -13.78 |
Crude Oil, Brent ($/barrel) | 109.105 | -0.085 | -0.08 | 1.6 |
Gold ($/oz) | 1711.15 | 2.45 | 0.14 | 9.24 |
Silver ($/oz) | 31.865 | 0.045 | 0.14 | 14.73 |
Platinum ($/oz) | 1541.8 | 0.9 | 0.06 | 10.04 |
GBP/USD – US$ per £ | 1.605 | – | 0.13 | 3.35 |
EUR/USD – US$ per € | 1.2926 | – | 0.15 | -0.21 |
GBP/EUR – € per £ | 1.2418 | – | -0.02 | 3.5 |
See Live Macro Calendar for all data, incl. consensus expectations
UK 100 called to open +5pts, with Asian markets weak amid on-going Eurozone concerns (Greece and Spain as usual with uncertainty about receipt of more help for the former and request for help for the latter) and US disruption (markets still closed, widespread power outages and flooding) as Hurricane Sandy makes landfall (watch the insurance sector as damage estimates begin).
The Bank of Japan (BoJ) delivered an increase to its Asset Purchase Programme significantly (second month in a row), as was expected, although possibly not enough in the eyes of some and the old adage “Buy on rumour, Sell on fact” looks valid. Interest rates were left unchanged in Japan, as was the case in India, but the RBI has given reasonable likelihood of further policy easing in Q1 2013.
While on the subject of policy easing, note the record injection by the Peoples Bank of China (PBOC) via reverse repo, to ease financing squeeze, providing a boost to Shanghai and regional equities but the size of the intervention likely removes the chance of any more RRR cuts.
In macro data overnight, Aussie New Home Sales fell again in September (three months in a row, 18-year low; need more rate cuts?), although the decline slowed from August. Japanese Vehicle Production collapsed, Industrial Production weakened more than expected, but unemployment was stable and the UBS Swiss Consumption Indicator improved.
The UK flagship index continues to hover around the 5800 level, although with an absence of participation from the US, support may be a function of caution and low volumes rather than outright bullishness. Having broken below the Sept/Oct rising lows, potential for bigger correction to 5500 still exists, although note some support at 5750 from long candle wicks.
In FX, GBP/USD has ticked up again after safe-haven seeking cooled, and after an approached of the 1.60 level, but still remains in a 1-month downtrend with falling highs. EUR/USD also still in downtrend but found support at 1.288.
In commodities, Gold still looks under pressure from trendline of resistance from 5 Oct. US Crude Oil weakened a touch, but still with support around $85 with US market closures likely limiting price movements. Brent Crude off its highs of yesterday, but remains in 1-week uptrend. US Hurricane looks to have had limited impact although this may change over the next few days as US refining capacity disruption, poor Q3 earnings season and global growth worries return as drivers.
Q3 results out this morning from Imperial Tobacco and BP show beats for both at the EPS level. In Europe results from Deutsche Bank and UBS are less inspiring in terms of EPS, but the latter look set to benefit from restructuring plans (job and spending cuts).
Today’s focus will be on Spanish Q3 GDP which if much worse than expectations could see recent re-revised deficit to GDP figures out the window again. German Unemployment will be of interest in the core nation, with consensus pencilling in a slight deterioration. Eurozone confidence figures are seen worsening a touch (weaker after lacklustre German IFO data last week), while US Housing and Consumer Confidence data is seen delivering yet more good news.
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.
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research