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Morning Report - 11 April 2019

Yesterday’s UK 100 Leaders Close (p) Chg (p) % Chg % YTD
Tesco PLC 242.3 8.4 3.6 27.46
Severn Trent PLC 1967 37 1.9 8.34
Mondi PLC 1811 34 1.9 10.87
Smurfit Kappa Group PLC 2318 43 1.9 11.34
Ocado Group PLC 1435 26 1.9 81.65
Yesterday’s UK 100 Laggards Close (p) Chg (p) % Chg % YTD
Reckitt Benckiser Group PLC 5992 -416 -6.5 -0.35
NMC Health PLC 2408 -63 -2.6 -11.99
Whitbread PLC 4894 -106 -2.1 6.88
Standard Life Aberdeen PLC 275.9 -4.7 -1.7 7.46
Schroders PLC 2180 -35 -1.6 5.57
Major World Indices Mid/Close Chg % Chg % YTD
UK UK 100 7,425.6 -26.3 -0.4 10.4
UK 19,433.8 -83.4 -0.4 11.0
FR CAC 40 5,436.4 -35.4 -0.7 14.9
DE DAX 30 11,850.6 -112.8 -0.9 12.2
US DJ Industrial Average 30 26,150.5 -190.5 -0.7 12.1
US Nasdaq Composite 7,909.3 -44.6 -0.6 19.2
US S&P 500 2,878.2 -17.6 -0.6 14.8
JP Nikkei 225 21,717.4 29.8 0.00 0.0
HK Hang Seng Index 50 29,894.6 -225.0 -0.01 -3.4
AU S&P/ASX 200 6,201.4 -22.2 0.00 6.4
Commodities & FX Mid/Close Chg % Chg % YTD
Crude Oil, Brent ($/barrel) 71.44 0.00 0.00 31.90
Gold ($/oz) 1307.65 0.00 0.00 1.95
Silver ($/oz) 15.14 -0.06 -0.39 -2.10
GBP/USD – US$ per £ 1.3101 0.00 2.74
EUR/USD – US$ per € 1.1279 0.00 -1.6
GBP/EUR – € per £ 1.1616 0.00 4.5
UK 100 called to open down 15 points at 7403

UK 100 : 5-week, 4-hours

Click graph to enlarge

Markets Overview:

UK 100 called to open down 20 at 7400, testing the bottom of the the tight 4-day range up to 7465. Consider whether a downside breakout is imminent, with a return to 7365 on the cards. Bulls need a clear break above yesterday’s 7460 region to extend the 3-month rising channel towards 7560. Bears require a breach of 7370 for a fall back towards the channel floor at 7240 Watch levels: Bullish 7460, Bearish 7365

Overnight, EU leaders agreed to postpone Brexit until Oct. 31, allowing Theresa May time to persuade U.K. Parliament to approve a withdrawal deal. (WSJ)

Concerns over economic growth forecasts dampen the rally in Asian shares overnight, as the US Dollar slips.

UBS says declining OPEC oil output and an improved seasonal demand should maintain the recent rally in oil prices. It sees Brent trading in a $70-80/barrel range for the next six months, expecting supply to lg behind demand this year.

 

In corporate news this morning:

BHP have seen profits improved by strong prices in iron-ore and coking coal markets. Macquarie is now increasing forecasts on expectations for oil prices even further, after a strong start to the year. BHP Shares in Australia have rallied 16% this year.

 Standard Chartered’s recent sanctions settlement of $1.1bn removes a significant uncertainty on capital-return, says Goldman Sachs. The bank almost doubles its forecast on stock-buyback to 2021 to $4 billion. STAN has a market cap of approximately $28 billion.

 National Grid said this morning that underlying EPS are in line with expectations in 2019. Higher U.S. operating costs were balanced by reduced financing costs.

 Man Group this morning released a trading statement for the quarter ended 31 March 2019. The company had funds under management of $112.3 billion at 31 March 2019 (31 December 2018: $108.5 billion). The company saw positive investment movement of $4.5 billion for the quarter, with net outflows of only $0.7 billion.

Gold inched down on Thursday, but was trading close to a two-week peak scaled in the last session as dovish U.S. and European central banks fanned concerns on economic slowdown and kept global bond yields and the dollar under pressure.

Oil prices fell on Thursday, pressured as U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production and as economic concerns cast doubt over growth in demand for fuel.

 

In focus today:

  • UK RICS House Price data
  • Euro CPI data (France/Sweden/Irish)
  • US Unemployment Data
  • US PPI data

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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.


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Prepared by Michael van Dulken, Head of Research
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