Sunday, 26th February 2017

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Morning traders' note

RBS notches ninth annual loss in a row

24 Feb 2017, by Henry Croft.

The morning note is a daily global markets overview for Friday February 24th 2017 from the analyst team at Accendo Markets, providing a bullet-point snapshot of what can be expected in financial markets  today and overnight activity. The information is straight from the traders’ desks, with news and insights on equities markets, commodities, and forex.

 

FTSE100 currently -10pts at 7260

 

Outperformers:

IAG +2.4%
FRES +1.9%
BT.A +1.3%
EZJ +1.0%

Underperformers:

MCRO -2.4%
RBS -2.2%
AHT -1.6%
RSA -1.4%

 

Equities:

·         UK Copper Miners (Anglo American, BHP Billiton, Glencore, Rio-Tinto) – Copper prices on course for 2% weekly decline after a large fall on Thursday night due to Chinese demand doubts (Reuters)

·         Bank of Ireland – Delays resumption of dividend as bank remains cautious (Reuters)

·         IAG – Underlying operating profit +8.6%, resulting in proposed 500m euro share buyback scheme (Reuters)

·         Pearson – Will look to sell assets after £2.3bn loss (Reuters)

·         Rightmove – FY profit increases (Reuters)

·         Royal Bank of Scotland – Reported its ninth annual loss in a row as legacy issues and one-off costs once again weigh. Expects to return to profitability in 2018 (Reuters/Bloomberg)

·         Standard Life – FY operating profit +9% while assets under administration +16% (Bloomberg)

·         William Hill – FY net revenue misses forecasts, coming in at lower end of forecasts (Bloomberg)

·         Workspace Group – Purchases £98.5m of London property (Reuters)

 

FX/COM

·         Crude oil falling as bearish sentiment continues from yesterday’s reported US crude oil inventories build (Reuters)

·         Copper price bouncing from 2-week lows as dollar weakens on conflicting Trump administration comments on China FX (Reuters)

·         Gold continues breakout to fresh 3-month highs of $1254 having overcome $1239 weekly and $1243 monthly resistance yesterday (Reuters)

 

Macro outlook:

·         In focus today, top tier macro data lacking, will be the fallout to RBS’s 9th consecutive annual loss, with the company likely to make it 10 as it reports it is not expecting to return to profitability until 2018.

·         Data wise, UK Mortgage Approvals are seen falling back in January, both US data releases this afternoon, House Sales and the University of Michigan Consumer Sentiment, are both seen strengthening. The Baker Hughes Rig Count at 6pm will likely provide crude oil markets with some direction heading into the weekend given the importance of US crude production.

CFDs, spreadbetting and FX can result in losses exceeding your initial deposit. They are not suitable for everyone, so please ensure you understand the risks. Seek independent financial advice if necessary. Nothing in this article should be considered a personal recommendation. It does not account for your personal circumstances or appetite for risk.

City News

London close: FTSE 100 dragged down by banks and miners

Thu, 1st Jan - * (ShareCast News) - Banks and miners led the FTSE to a lower close Friday, in a session awash with blue-chip news including disappointing annual results from Royal Bank of Scotland and Standard Chartered, among other stocks reporting.

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