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| UK 100 Leaders | Close | Chg | % Chg | % YTD |
| Shire PLC | 1855 | 44 | 2.4 | -17.3 |
| Admiral Group PLC | 1148 | 17 | 1.5 | 34.74 |
| Aviva PLC | 355.5 | 4.7 | 1.3 | 18.18 |
| Tesco PLC | 326.65 | 4.2 | 1.3 | -19.04 |
| Centrica PLC | 332.7 | 4.2 | 1.3 | 15 |
| RSA Insurance Group PLC | 120.7 | 1.4 | 1.2 | 14.73 |
| Royal Bank of Scotland Group (The) PLC | 295.7 | 3.1 | 1.1 | 46.53 |
| British American Tobacco PLC | 3319 | 34 | 1 | 8.62 |
| UK 100 Laggards | Close | Chg | % Chg | % YTD |
| Tullow Oil PLC | 1292 | -79 | -5.8 | -7.85 |
| Carnival PLC | 2445 | -77 | -3.1 | 15 |
| Randgold Resources Ltd | 6480 | -185 | -2.8 | -1.59 |
| Johnson Matthey PLC | 2353 | -44 | -1.8 | 22.33 |
| Fresnillo PLC | 1958 | -31 | -1.6 | 28.23 |
| BP PLC | 424.3 | -5.85 | -1.4 | -7.86 |
| Tate & Lyle PLC | 761.5 | -8.5 | -1.1 | 8.09 |
| ARM Holdings PLC | 762 | -8.5 | -1.1 | 28.72 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 5869.04 | -2.2 | -0.04 | 5.33 |
| UK | 12053.3 | 25.86 | 0.22 | 19.31 |
| FR CAC 40 | 3580.48 | 13.89 | 0.39 | 11.12 |
| DE DAX 30 | 7435.12 | -0.09 | 0 | 22.38 |
| US DJ Industrial Average 30 | 12951.8 | -13.8 | -0.11 | 6.01 |
| US Nasdaq Composite 100 | 2996.69 | -5.51 | -0.18 | 15.03 |
| US S&P 500 | 1407.05 | -2.41 | -0.17 | 11.88 |
| JP Nikkei 225 | 9468.84 | 36.38 | 0.39 | 11.99 |
| HK Hang Seng Index 48 | 22243.01 | 446.87 | 2.03 | 20.66 |
| AU S&P/ASX 200 | 4520.4 | 16.82 | 0.37 | 11.43 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, US Light Sweet ($/barrel) | 88.955 | 0.565 | 0.64 | -11.28 |
| Crude Oil, Brent ($/barrel) | 110.19 | 0.47 | 0.43 | 2.01 |
| Gold ($/oz) | 1706.65 | 10.05 | 0.59 | 8.57 |
| Silver ($/oz) | 33.22 | 0.295 | 0.9 | 18.35 |
| Platinum ($/oz) | 1590.7 | 7.7 | 0.49 | 13.14 |
| GBP/USD – US$ per £ | 1.6111 | – | 0.08 | 3.88 |
| EUR/USD – US$ per € | 1.3113 | – | 0.11 | 1.25 |
| GBP/EUR – € per £ | 1.2286 | – | -0.03 | 2.45 |
Click graph to enlarge
See Live Macro Calendar for all data, incl. consensus expectations
UK 100 called to open +30pts, with Asian markets higher thanks to Chinese stocks rebounding on stimulus speculation following a deterioration (although still growth) in the HSBC PMI Services reading for November. This helped regional stocks recover after a weak handover from the US as fiscal cliff progress (or lack of) continues to weigh on sentiment.
President Obama is holding firm on tax rises and the wealthy being part of the resolution, rejecting the proposal from the Republicans, but he remains upbeat that a deal will be reached. Well he has to really, doesn’t he? The House Speaker counters that the Presidents deal will not pass the house.
Overnight, macro data shows BRC UK Shop Price Inflation steady on the prior month, however, Australian Q3 GDP was a touch weaker than expected and slower than that recorded in Q2. In contrast to the risk-buoying speculation on stimulus from China, a China newspaper says reform rather than stimulus will be used to boost economic growth in the long-term.
Back in Europe, Finance ministers were unable to reach a deal on banking supervision – something billed as so key for so long – with Germany (and a few others) cautioning on moving too fast. The stumbling block appears to allowing the new body to supervise all 6000 European banks. Does Germany have something to hide within its big regional Landesbanken network?
The lack of progress on the fiscal cliff sees the UK 100 remain in a tight range, with support at 5850 and resistance at 5915. The potential is that the resistance holds and sees a correction after the summer rally and sideways trend since. On the flip side, a fiscal cliff breakthrough (Christmas present?) and or some more progress in Europe could lead to a breakout above long-term falling highs.
In commodities, Gold has regained the $1700 level after its foray below yesterday. This despite the USD weakening and scuppering the normal relationship. The Oils (US Light Crude and Brent Crude) have also maintained their rebound from yesterday, likely helped by the recovery in risk appetite in Asia. US Crude Oil nearing $89 and the latter is back above $110.
In focus today will be Eurozone’s PMI Services data where consensus is pretty dire on account of austerity biting hard in the region and slowing global growth. With growth a fair way away still, good news would be in the form of less bad contraction. The UK, however, is seen impressing with improvement to its existing growth figure.
Thereafter the focus will be on the UK Chancellor’s Autumn statement where he is seen pushing back is recovery horizon yet further. US ADP employment change seen lower than November, likely impacted by the October Storm. US Factory Orders and ISM-Non-manufacturing also seen deteriorating.
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