The morning note is a daily global markets overview for Thursday 27th April 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 -40pts at 7245
· Aggreko – Announces Q1 revenue +1% (Reuters)
· Airbus – Core profit falls 52% in Q1 although reaffirms its targets (Reuters)
· AstraZeneca – Reports Q1 revenue decline of 12%, however EPS rises 4% in dollar terms (Reuters)
· Cobham – Announces trading in Q1 in line with board’s expectations (Reuters)
· Countrywide Properties – Announces total group income of £162m in Q1 (Reuters)
· Deutsche Bank – Debt trading surge helps Q1 profit rise (Reuters)
· KAZ Minerals – Reports it is on track to meet production guidance in 2017 (Reuters)
· Lloyds – Sees statutory and underlying profit increase by 1% and 8% respectively, while impairments fall 44% (Bloomberg)
· Meggitt – Reports Q1 trading is in line with expectations (Reuters)
· N Brown – Expects market to remain challenging (Reuters)
· Persimmon – Reports average selling price +4%, while completions are also up by 11% (Reuters)
· Schroders – Assets under management rise to £416.3bn, a 5% rise in Q1 (Reuters)
· Taylor Wimpey – Announces a good start to 2017 (Reuters)
· Travis Perkins – Sees Q1 sales growth of 4.9%, although key plumbing and heating sales decline by 1.1% (Reuters)
· Weir Group – Reports FY profit to be in line with previous expectations as Q1 orders rise (Reuters)
· WPP – Believes US performance held back sales, but expects improving momentum (Reuters)
· Crude oil hugging support levels after larger than expected builds in official US gasoline and distillate inventories offsets a bullish crude inventory drawdown (Reuters)
· Copper trades virtually flat as the red metal remains rangebound alongside the US dollar. (Reuters)
· Gold challenging $1265 support as Trump tax reform disappoints investors while the Bank of Japan upgrade economic outlook for 2017 (Reuters)
· In focus today will be fallout from the disappointment of the Trump administration’s tax reform plan, with no extraordinary announcement (infrastructure spending) on top of the pre-released proposals. This may shift attention to the ECB’s monetary policy meeting and subsequent press conference at 1:30pm this afternoon, with markets looking for more information as to whether further QE tapering will take place as the removal of accommodative monetary policy begins in earnest.
· Macro data today consists of Eurozone Confidence, expected to be little changed, UK CBI Retail Sales, seen retreating, and German CPI, expected to fall in April although making further ground towards the ECB’s target of 2% in the annual figure. This afternoon, US Durable Goods Orders are expected to show continued slowing while Pending Home Sales normalise after a strong February. The Kansas Fed Index will attempt to repeat yesterday’s Richmond Fed upside yesterday and avoid the disappoinment of recent releases from Chicago and Philadelphia.
· US earnings results today come from Alphabet, Amazon, American Airlines, Dow Chemical, Expedia, Ford, Intel, J&J, Microsoft, Starbucks, Under Armour and UPS.
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.
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