The UK referendum tide may have turned following the callous murder of a defenceless pro-Europe MP. Bookies say the event has revived the chances of a ‘Remain’ vote next Thursday. Traditional last-minute decisions by polling-day voters to maintain the status-quo could well intensify. Markets like the UK 100 of UK blue-chip equities and Pound Sterling…
Oil prices are now 10% from their 2016 highs and the declines have accelerated But why? Below is a selection of possible drivers contributing to prices barrelling south. The list is non-exhaustive, but hopefully covers most of the possible drivers. USD strength The US Dollar basket is testing 95.5 and a hitherto resistant trendline of falling highs…
The UK Index housebuilders aren’t part of today’s market bounce after Berkeley Group (BLG) suggested that reservations had fallen 20% before the UK votes on whether or not to stay in the EU next week. Although some of this can be explained by a planned reduction in launches in anticipation of the event, the statistic…
Shares in professional networking/dating/narcissism website LinkedIn (LNKDN) are called to open around 40% higher at the US open after confirmation it has welcomed a mammoth takeover approach from Microsoft (MSFT) constituting a nigh on 50% premium over Friday’s share price close. Shares in Microsoft were understandably suspended from trading in the lead-up to this bit…
Macro observations The USD Basket has recovered much of last week’s losses ahead of this week’s FOMC meetup. Expectations the Fed will raise interest rates are very low – almost non-existent in fact – since the likelihood of the UK voting to leave the EU has increased again, that being just one of a few international headwinds facing…
It’s no surprise to see last week’s winners (Fresnillo; FRES and Randgold Resources; RRS) topping the UK Index again this morning. Markets remain cautious with sovereign bond yields at highs (even negative), UK Index equities have fallen back to May lows and the safe havens Silver and Gold maintain their strong rebounds. Last week’s cocktail…