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JamesIG

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  1. JamesIG
    Trump tariffs now in effect, however markets have generally priced this in. Fed hints at last nights FOMC that it could raise rates twice more this year. Greenback gains removing some of the earlier gains from GBPUSD. Carney warns that Trumps trade tariffs could damage the global economy knocking up to 2.5 percentage points of global growth over three years, but has warned Trump that these tariffs will hurt the US the most. Carney still upbeat about UK growth. New figures show that UK high street retailers could suffer the ‘worst year on record’. Copper extends losses on worries about global growth. The metal, seen as a bellwether of economic health, has hit a fresh 11 month low in London's LME. This week alone the metal has shed nearly 5% which has put it on it's steepest weekly drop since mid November 2017. Asian overnight: Asian markets were in surprisingly positive mood overnight, as a dovish Fed meeting helped ease any fears over the ramp up in tariffs between the US and China today. The imposition of tariffs on $34 billion worth of goods in either direction have done little to market sentiment, with much of the implications seemingly priced in. However, we have since seen Donald Trump mention the possibility of adding another $300 billion on top of the $200 billion in goods already mentioned in the past. Markets are however gaining despite this trade war result, suggesting that perhaps the news has already been priced in. The rebound in global markets should be treated with caution as we await further retaliation from China and the suggested escalation from the US regarding this matter. Overnight data saw Japanese household spending fall, while average cash holding improved significantly.
    UK, US and Europe: A busy day for the US follows a relatively quiet economic calendar in Europe, with one of the main figures already released in the form of the German industrial production number (2.6% from -1.3%). The focus for most will be the US and Canadian jobs report, with markets set to see whether the headline NFP number will follow the ADP figure lower. With market expectations of a September already elevated, todays jobs figures will add another important piece of that puzzle for traders.
    South Africa: South Africa's local equity market is expected to initially follow gains in the US and Asia, although could trade tentatively into the US employment data releases this afternoon. South Africa's gold and foreign exchange reserves for June 2018 were reported to have been recorded at slightly lower levels than in the previous month. The rand has managed to claw back some strength today which is expected to aid gains in local banking and retail counters. BHP Billiton is trading 0.85% higher in Australia this morning suggestive of a positive start for local resource counters. Tencent Holdings is up 0.26% in Asia, suggestive of a marginally positive start for major holding company Naspers, although the stronger rand may temper some of these gains. 
    Economic calendar - key events and forecast (times in BST)

    1.30pm – US non-farm payrolls (June): payrolls expected to fall to 190K from 223K, while the unemployment rate holds at 3.8%. Average hourly earnings forecast to be 0.2% higher MoM, from 0.3%. Markets to watch: US indices, USD crosses

    1.30pm – Canada employment data (June): 17,500 jobs expected to have been created, from a 7500 fall in May. Unemployment rate to hold at 5.8%. Market to watch: CAD crosses

    3pm – Canada Ivey PMI (June, seasonally-adjusted): forecast to fall to 60.7 from 62.5. Market to watch: CAD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Glencore, the copper, nickel and iron ore mining specialist, announced it will initiate a $1bn share buy back scheme.
    Stobart said that it had started the year ‘satisfactorily’, and has also announced a new five-year lease partnership with Ryanair. 
    Rolls-Royce has sold its commercial marine business to Norwegian firm Kongsberg for £500 million. 
    Eurazeo upgraded to buy at HSBC
    ITV upgraded to buy at SocGen
    Petra Diamonds raised to buy at Panmure Gordon & Co
    Shell upgraded to buy at DZ Bank
    Daily Mail downgraded to sell at SocGen
    Direct Line cut to equal-weight at Barclays
    Esure downgraded to underweight at Barclays
    Pearson downgraded to hold at SocGen
    Featured Video from IGTV
    Please note: This information has been prpared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  2. JamesIG
    Tuesday the 15th will see a UK Parliamentary vote in the Commons regarding Brexit. There is considerable uncertainty surrounding the vote, however one thing is known: this could make or break Theresa May's Brexit deal. The political uncertainty has flowed over into the financial markets with a number of assets seeing significant volatility. A ratified deal is likely to display stability and confidence resulting in a strengthening GBP, and possibly a short term boost to British stock prices and indices such as the mid-cap FTSE 250. On the other hand, a rejected deal and an increase in uncertainty could signpost a bearish movement. 
     
    We have a live #IGBrexitChat on Wednesday 16th at 13:00 GMT
    IG’s Jeremy Naylor will be live in the studio with Alexandra Kellert from Control Risks and Peter Dixon from Commerzbank AG to analyse the possible effects on the markets. Ahead of the chat, he’ll also be speaking with Ben Habib from First Property Group, and the highlights from that interview will be played during the show.
     
    Submit your questions now
    A key talking point throughout the #IGBrexitChat will be the effect on the markets and how to uncover any trade ideas. We want your questions! Simply submit your questions using the comments section below, either before the chat or over the live show (we'll monitor IG Community and make sure we put your questions to the panel). Add your questions to some of the key areas we'll be covering such as...
    Which markets should you be watching? What direction is EUR/GBP likely to move in? What are the possible effects on the FTSE 100? How can you capitalise on market volatility following the vote? How will the EU react? (The video player below will auto configure 5 minutes before the live show at 13:00 on the 16th Jan)
     
     
    How do I view IGTV live in the platform?
    You can watch the broadcast above, however if you would like to watch in your dealing platform so you can watch the markets throughout the show...
    Click on the top right hand 'notifications' tab Click the IGTV prompt which will go live 5 minutes before the show Move the IGTV player anywhere in your workspace. If you already have the player open the show will start automatically. 
  3. JamesIG
    Exploring base metal markets
    Join us on Thursday 6th December at 1pm for the final #IGCommodityChat, when we will be talking to economist Daniel Lacalle and mining analyst John Meyer about base metal markets. Put your questions to the experts as part of the live Q&A by using #IGCommodityChat using the comments section below. 
     
    Submit your questions now
    There will be a live Q&A during the session, so you can put forward any topics you want answered. Post your questions to the #IGCommodityChat using the comments section below, and check out one of the latest #IGChats we recently posted on oil and gold to get a flavour of what to expect. The show will be broadcast live from within the dealing platform as well as via a special YouTube link and on various social channels. 
    How political unrest impacts base metal supply What the effect of the US-China trade war has been on base metal prices How global growth (or a lack thereof) is impacting global demand The base metal mining stocks to watch
  4. JamesIG

    #IGCommodityChat: Gold

    By JamesIG,

    What is the future of gold? 
    After the recent success of the #IGCryptoChat and #IGForexChat we'd love you to join us on Thursday 22 November at 1pm (UK time) to discuss the future of gold on our first in a three part series on commodities for our #IGCommodityChat. 
    We’re sitting down with professional investor Simon Popple and Ross Normal, CEO of Sharps Pixley, to discuss what the future might be for gold markets, and giving you the chance to ask him questions as part of a live Q&A.
    Gold discussion topics
    The discussion will cover a wide range of topics that relate to gold, including:
    Could companies halt operations if the cost of gold falls too low? How does a lack of new deposit discoveries impact the price of gold? Where is the demand for gold coming from? Why does the price of gold respond to market volatility? What is the relationship between gold and the US dollar? What are the gold stocks to watch at the moment?
  5. JamesIG
    Who has an interest in Emerging Markets? How would you like the opportunity to have direct access to a panel who will be able to answer your questions directly? You can be part of the latest IG chat by leaving your EM question on social media using the #IGEMchat hashtag, or by simply leaving a comment on this blog post. Even if you don't have an account with IG you can leave your comments below! The live broadcast will be available within the dealing platform, or on this page, on Wednesday the 6th of February at 1pm GMT. We would also look to post the video after the event, as well as here. 
     
    What will we talk about?
    The discussion will cover a wide range of topics that relate to emerging market economies, including:
    The emerging markets to watch in 2019 The relationship between EMs and the US dollar The impact of the US-China trade war How to trade EM assets  
     
    Who's on the panel?
    Paul McNamara, Investment Director, GAM Investments: Paul McNamara is an Investment Director, and is the lead manager on emerging market bond and currency long only and hedge fund strategies. He joined GAM Investments following its acquisition of the fixed income and foreign exchange specialist, Augustus, in May 2009, where he started managing most of the funds he runs to date. He joined Augustus (then Julius Baer Investments Limited) in 1997 from the Export Credits Guarantee department of the UK Government Economic Service, where he was an economist. He began his career as a lecturer. Paul holds an MSc in Economics from the London School of Economics and is a CFA charterholder. He is based in London and you can get an insight into his journalistic style via Twitter or on the Financial Times.
    Gavin Serkin, Managing Editor, Frontier Funds Media & Intelligence: Gavin Serkin has been a prominent writer, broadcaster and commentator on emerging markets for over two decades. His book, Frontier: Exploring the Top Ten Emerging Markets of Tomorrow (Bloomberg/Wiley) – an investment travelogue across 10 countries – was acclaimed as a “must read” by the Financial Times. Serkin’s leadership of Bloomberg’s credit markets coverage and his focus on the derivatives that triggered the global financial crisis won him the Society of American Business Editors & Writers’ Best in Business Award and the Society of Professional Journalists’ Deadline Club Award. Subsequently creating and leading Bloomberg’s emerging markets team, Serkin founded Frontier Funds Media & Intelligence in 2015 to help deepen understanding of the opportunities and challenges in developing countries through his own writing, and through constant and proactive dialogue with journalists, investors and leaders.
  6. JamesIG
    We are hosting our third live IG Forex Chat on Thursday 1 November at 6.30pm (UK time), where we will be exploring what the year ahead could hold for emerging market (EM) currencies. You can watch the discussion live in the IGTV player within the web trading platform, or using the YouTube link below. The whole purpose of these talks is to give you direct access to our panel and provide a platform for you to ask any question you wish about the subject in hand. Submit your questions below now!
    With emerging market currencies having been exceptionally volatile in 2018, we take a look at what the next 12 months could hold for related forex markets. Our discussion will cover a broad range of topics, including:
    The emerging market currencies to watch over the next 12 months How the dollar’s valuation will affect EM currencies The effects of changing commodity prices How the value of the US dollar, Chinese renminbi and Russian ruble will change
      Who are the experts?
    Paul Bratby is a self-employed trader who specialises in Elliott wave analysis. As well as trading via his personal account, he runs My Trading Buddy (MTB) and Wave5trade (W5T), which provide a wealth of trading tools and information about the forex markets.
    Raj Dhall is a market analyst, whose content has appeared on TradingView, FX Daily, the Society of Technical Analysts, London South East, Interactive Investor and Zero Hedge. His writing focuses on the influence of macroeconomic and political events on the markets.
  7. JamesIG
    In a continued effort to increase the amount of trade ideas and strategy pieces in the web trading platform, I'm happy to announce both Live and Demo clients can now access Community threads from within the platform. This will specifically surface the very latest threads from the 'Strategy and Market Discussion' board based on the 'most recent new thread post' hierarchy. 
    This follows further efforts such as including Reuters news and video, IGTV live video, and analyst articles into the platform. This means we're at a stage where we can produce a single news page which will collate all these channels in single view (with granular insight available on the click through). I can update when this is live.
     
    To access Community from within the web trading platform
    News - from the left hand menu Community - from the top level navigation 'Add to workspace' - if you're looking to add the news section as a permanent feature
     
    Video on Community location in the left hand fly out
    news flyout.webm
  8. JamesIG
    Trade war worries offset the gains seen in Wall Street with the Asian equity market struggling overnight. The trillion dollar valuation race between Apple and Amazon continues with Amazon tipping the $900bn valuation yesterday. GBP continues to take a beating against major world currencies as CPI data yesterday remained unchanged, reducing the likelihood of a rate hike in August. US banking shares continue to do good in earning season as Morgan Stanley profit jump. Oil prices remain volatile but fall amid record U.S. output and stockpiling continues to build. Have your say on which new cryptocurrency IG offer in our community poll. Asian overnight: Asian markets traded largely lower, as a breakdown in talks between the US and China highlighted the potential longevity of this recent trade war. However, despite the lack of any developments in trade negotiations, markets have largely taken the news in their stride, with losses proving relatively minimal. The Australian ASX 200 index was the one gainer overnight, despite a simultaneous rise in the AUD thanks to a batch of jobs data. A sharp rise in the employment change figure saw it rise to the highest level of 2018 thus far.
    UK, US and Europe: Global equity markets are trading mostly lower this morning although losses are marginal. While there appears to be no immediate and new economic catalysts to drive market movements this morning, US earnings remain a primary driver of equity markets right now. The dollar is slightly firmer and commodity prices modestly weaker this morning.
    Looking ahead, yet another important UK economic reading comes out in the form of the retail sales figure. With underwhelming jobs and inflation data, the expectations of an August rate rise are gradually easing, driving the pound lower. With the retail sales number expected to tumble from 1.3% to 0.1%, we could see yet another warning sign for the BoE today. In the US session, keep an eye out for the Philly Fed manufacturing survey, alongside the latest unemployment claims figure.
    South Africa: BHP Billiton is trading flat in Australia suggestive of a similar start for the South African listing of the company. Tencent Holdings is trading 0.6% lower in Asia, suggestive of a soft start for major holding company Naspers. A weak trading statement is expectant of a soft open for Woolworths, following on from a negative reaction yesterday to Shoprites trading update. 
    Economic calendar - key events and forecast (times in BST)

    9.30am – UK retail sales (June): forecast to rise 2.4% YoY from 3.9% and 0.4% from 1.3% MoM. Markets to watch: GBP crosses
    1.30pm – US initial jobless claims (w/e 14 July), Philadelphia Fed mfg index (July): claims to rise to 217K from 214K, while the Philadelphia Fed index rises to 21.5 from 19.9. Markets to watch: US indices, USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    AO World said that Q1 revenue rose 8%, reflecting a strong start to the year in April and May, although demand was weaker in June. It remains on track to hit full-year expectations.   Unilever sales rose 1.9% in Q2, below the forecast 2.2%. A Brazilian transport strike and weak performance hit pricing.  Babcock expects low single digit underlying growth for the full year, versus a previous forecast of low mid-single digit growth. This was due to a slowdown in defence and marine work.  Sports Direct said that full-year core earnings rose 12.2% to £306.1 million, ahead of forecasts of £296 million. Core earnings are expected to rise 5-15% in the next financial year.   Buffet has won more power for share buy backs for Berkshire Hathaway if he feels the stock is undervalued. BRK gains 5.27% on the news. Lloyd’s loses market share in the uk mortgage space last year to RBS and HSBC. Although companies usually want to remain dominant in all forms of market share, reducing exposure, and therefore risk, to this particular market going into rising interest rates and Brexit may not be the worst thing. Adler Modemaerkte Upgraded to Buy at Oddo
    Salzgitter Upgraded to Buy at Goldman
    Ericsson Upgraded to Reduce at AlphaValue
    HelloFresh Upgraded to Buy at Bankhaus Lampe
    Alstria Office Cut to Underweight at JPMorgan
    BioMerieux Downgraded to Hold at HSBC
    Hypoport Downgraded to Hold at Berenberg
    Continental Downgraded to Hold at Bankhaus Lampe
    Featured Video from IGTV
      Please note: This information has been prpared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  9. JamesIG
    BoE raised rates yesterday in a universal vote for a 0.25 percent increase. Apple wins the race to the first trillion dollar company valuation in history closing up 3% on the day, 35c above the required $207.04 a share mark. Yes, that's trillion with 12 zeros as quoted in the title. US dollar at 2-week high as trade war dents confidence. Sonos Inc traded in a range as large as 35% (low to high) in debut IPO. Oil prices steady supported by speculators and traders placing new hedges in the futures market ahead of key US inventory data. Non-farm payrolls today at 1:30pm with an estimate of 192k, previously 213k. Average earnings expected to rise by 0.3%. Unemployment rate expected to drop to 3.9% from 4%.  Asian overnight: Trade fears continue to dominate in Asia, with the Chinese markets leading the losses as markets prepare for a potential raft of tariffs on a further $200 billion worth of Chinese exports to the US. Apple hit $1 trillion market cap yesterday, with the news boosting stocks across many of the region. However, that tech boost failed to translate through to the Asian session. Data-wise, Australian retail sales remained stable at 0.4%, despite expectations of a slight decline. We also saw the Chinese Caixin manufacturing PMI fall to 52.8 from 53.9.
    UK, US and Europe: Looking ahead, today sees the heavy hitters come out on the economic front, with the UK services PMI reading due to bring substantial speculation over the UK economy’s largest sector. This will also have a knock-on effect upon GDP expectations. This PMI theme also carries into the US session, where the ISM non-manufacturing PMI reading comes out for the US economy. However, the biggest event of the day comes in the form of the US jobs report, with markets expecting to see payrolls move slightly lower and earnings to tick higher. On the corporate calendar, watch out for earnings reports from the likes of Berkshire Hathaway, and Kraft Heinz to close out the week.
    South Africa: Gains in US equity markets last night are being tempered by mostly weaker Asian markets this morning, lending itself to the suggestion of a marginally positive start for the local bourse today. The US dollar has firmed to put some pressure on commodity prices, particularly that of gold which nears the psychological $1200/oz mark. The rand has weakened against the majors furthering losses in emerging market currencies, as the suggestion of a constitutional change by the ANC, in lieu of land expropriation without compensation, weighs on investor sentiment. BHP Billiton is down 1.7% in Australia alluding to a softer start for local resource counters. Tencent Holdings is up 2% in Asia, alluding to a similar start for locally listed major holding company Naspers. 
    Economic calendar - key events and forecast (times in BST)

    10am – eurozone retail sales (June): expected to rise 1.7% YoY from 1.4%. Market to watch: EUR crosses

    1.30pm – Canada trade balance (June): expected to see deficit narrow to C$2.05 billion from C$2.77 billion. Market to watch: CAD crosses

    1.30pm – US non-farm payrolls (July): payrolls forecast to fall to 195K from 213K, while the unemployment rate falls to 3.9% from 4%. Average hourly earnings to be 0.3% MoM. Markets to watch: US indices, USD crosses

    3pm – US ISM non-mfg PMI (July): forecast to fall to 59 from 59.1. Markets to watch: US indices, USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    RBS saw an attributable profit of £96 million in the three months to June, beating pessimistic forecasts of a £741 million loss. This brings first half profits to £888 million. Total revenues for H2 also beat market expectations, coming in £200 million above expectations, at £3.4bn. The firm payed their first dividend since being bailed out by the government, with an interim dividend of 2p per share due once they confirm the size of the US Department of Justice fine. IAG saw a sharp rise in half-year profits after tax and exceptional items, rising to €1.41 billion compared with €607 million. EPS also surged higher, rising to 65.9 cents from 27.5 cents. Total revenue gains were more muted, rising 3.1% to €11.2 billion. Looking ahead, the firm expects to see operating profits rise on a year-on-year basis at current fuel prices and exchange rates. Mondi Ltd Interim results showed basic underlying earnings of 89.2 euro cents per share, up 26% Rolls-Royce upgraded to buy at SocGen
    HelloFresh upgraded to overweight at JPMorgan
    Intesa upgraded to buy at SocGen
    Metro AG upgraded to hold at HSBC
    Macquarie upgrades AECI to outperform with a target price of 12800c
    Renaissance Capital upgrade  African Rainbow Mineralsto buy with a target price of 15000c
    H&R downgraded to sell at DZ Bank
    MorphoSys cut to neutral at Oddo BHF
    Saipem downgraded to hold at HSBC
    Valneva downgraded to reduce at Kepler Cheuvreux
    Featured Video
    Please note: This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  10. JamesIG
    Asian stocks have slumped to a 14 month low on the back of China worries. USD edges higher as trade tensions keep markets on edge, whilst oil rises as new production in US drilling stalls. Slightly higher dollar causes gold to fall, along with rate hike views and trade war worries. Asian overnight: Fresh tariff concerns hit Asian markets overnight, with Apple suppliers particularly hard hit thanks to the US president’s tweets regarding the tech giant moving production to the US. Chinese stocks were lower, while Australia was broadly flat and Japan managed a small rise. Equities rebounded in the US after a better jobs report, with strength in wages particularly encouraging for US consumer spending.
    UK, US and Europe: UK trade data is the main event of the morning, while a busier week for retailers kicks off with numbers from Associated British Foods. Expect plenty of focus on Sweden after an indecisive election result there, with the incumbent centre-left government likely to spend the next two weeks trying to form a coalition. 
    South Africa: Global markets are trading mixed this morning with US Index Futures trading marginally higher, while most Asian markets (excluding Japan) are trading lower this morning. The Jse Allshare Index is expected to trade flat to marginally lower om open. The dollar continues to trade firmer and in turn we see commodity prices under marginal pressure this morning. Tencent Holdings is down 0.76% in Asia suggestive of a similar start for major holding company Naspers. BHP Billiton is down 0.32% in Australia suggestive of a softer start for locally listed resource counters. 
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    9.30am – UK trade balance (July), GDP (July):trade deficit forecast to widen to £2.3 billion from £1.8 billion. GDP to rise 0.1% MoM. Market to watch: GBP crosses
    Corporate News, Upgrades and Downgrades
    AVI Ltd FY18 results showed headline earnings to have increased by 7% from the prior year. Afrox Ltd Interim results showed diluted core headline earnings per share to have increased by 11.5% from the previous year's interim period. Associated British Foods said that its full-year outlook was unchanged, as Primark profits offset lower sugar prices. Sales were down 2% like-for-like at Primark for the year to 15 September.  RPC Group has said that it is in discussions regarding a sale of the company with Apollo and Bain Capital. Aurubis Upgraded to Neutral at Goldman
    Rio Tinto Upgraded to Overweight at JPMorgan
    Norsk Hydro Upgraded to Overweight at JPMorgan
    Nornickel GDRs Upgraded to Overweight at JPMorgan
    Danske Bank Cut to Hold at Kepler Cheuvreux
    Scor Downgraded to Hold at Jefferies
    IGTV featured video
    Information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary. 
  11. JamesIG
    Trump to impose an additional 10% tariff duty on China rising to 25% next year if no deal is reached. China's yuan down on the back of trade war talks, whilst a stimulus package helps support the equity market. Gold's typical 'safe haven' status isn't re enforced this time around, with flow seen into the USD over the precious metal. Nickel, aluminium and bellwether metal copper hit on the LME by the $200bn tariff. Oil drops on the same news. Mining shares also hit as a result and its likely we’ll see some FTSE and European shares gap down on the open.. In the EM space political uncertainty is driving down coffee prices, whilst the Indian rupee drops to near record lows despite PMs best efforts. Elon Musk's SpaceX has named a Japanese billionaire as its first tourist they’ll fly around the moon.  Saudi Arabia’s sovereign wealth fund has invested $1bn in a Tesla rival, Lucid motors.
    Asian overnight: Asian markets performed remarkably well overnight, with the Hang Seng and ASX 200 providing the two sour notes on an otherwise resilient session. Chinese markets rose despite Trump implementing 10% tariffs on $200bn worth of Chinese goods which will will start on September 24. The decision comes in spite of China's warning that they would not engage in scheduled trade talks if the US implemented these tariffs. This would rise to 25% next year if no deal is reached, and the US has further warned that if China retaliates, it would pursue tariffs on another $267bn worth of imports from China. 
    To an extent this largely writes off any hopes of a resolution in the near-term and instead heightens the risk of Chinese retaliation. However it seems today’s news was largely baked into the price, thus muting the effect. While US markets were weaker overnight, US Index futures are trading marginally firmer this morning and Chinese equity markets significantly firmer today. Elsewhere, the RBA minutes pointed towards a bank which has no inclination to raise rates anytime soon.
    UK, US and Europe: Looking ahead, there are precious few notable economic releases of note, thus shifting the focus back onto the Chinese trade concerns alongside Brexit.
    South Africa:  Commodity prices are under some pressure this morning while the rand has managed to claw back some further strength against the greenback. BHP Billiton is trading 0.4% lower in Australia suggestive of a weaker start for local diversified resource counters. Tencent Holdings is up 0.2% in Asia, suggestive of a marginally positive start for major holding company naspers. 
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Spire Healthcare said that pre-tax profit fell 7.9% for the first half, to £8.2 million, while revenue was down 1.1% to £475.6 million. Full-year guidance was also cut, to £120-£125 million.   Ocado reported an 11.5% rise in retail revenue for Q3 to £349 million, while average orders per week rose 11.4% to 283,000.  Centrica upgraded to buy at Goldman
    Fresnillo upgraded to top pick at RBC
    Merlin upgraded to buy at SocGen
    Polymetal upgraded to outperform at RBC
    Investec maintain buy on Barloworld with a target price of 14400c
    Investec upgrades Distell to buy with a target price of 15000c
    CYBG downgraded to hold at Berenberg
    NCC downgraded to hold at SEB Equities
    Vifor Pharma cut to neutral at JPMorgan
    Moody's has placed MTN on review for downgrade 
    IGTV featured video
    Information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary. 
  12. JamesIG
    Asian overnight: A wildly varied session overnight saw losses for the likes of the Nikkei 225 and ASX 200 counterbalanced by strong gains in the Shenzhen composite (2%) and Hang Seng (1.3%). The euro gained sharply overnight, as an agreement at the EU summit over immigration was seem to appease hard line anti-immigration leaders, and crucially ease the pressure on Angela Merkel. On the data front, a raft of Japanese economic figures saw improved inflation, unemployment, industrial production, and housing starts.

    UK, US and Europe: Looking ahead, the economic calendar looks to set up a busy day, with the release of the final UK GDP reading, alongside the flash eurozone CPI reading for June. With yesterday’s GDP reading from the US was revised lower from 2.2% to 2.0%, there is going to be of particular interest for this UK figure. Meanwhile, with the ECB heavily reliant upon the trajectory of inflation, traders should be watching out for the CPI figure as a driver of euro volatility. In the US session, watch out for the release of US personal income and spending, which will be hugely important given the influence of domestic consumption as a driver of US growth.
    Economic calendar - key events and forecast (times in BST)


    Source: Daily FX Economic Calendar
     
    Corporate News, Upgrades and Downgrades
    Serco said that it expects underlying trading profit for the first half to rise by 20%, but that revenue for the period would be around £1.35 billion, down from £1.51 billion a year earlier.  
    BAE Systems has won a $35 billion contract to provide nine new frigates for the Royal Australian Navy. Production is expected to begin in the early 2020s. 
    Allianz raised to overweight at JPMorgan
    BAE upgraded to neutral at JPMorgan
    Swatch upgraded to buy at Citi
    Ageas downgraded to hold at SocGen
    Amer Sports downgraded to reduce at Inderes
    Bpost cut to equal-weight at Morgan Stanley
    Hunting cut to underweight at Morgan Stanley
    Please note: This information has been prpared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  13. JamesIG
    Asian overnight equity markets broadly subdued for central banks data test.  Dollar steady and range bound before key central bank meetings this week. Oil is mixed, however brent has eased as trade tensions continue to weigh. Gold prices have eased on the slightly stronger dollar. With Facebook, Twitter and Intel results all disappointing last week, the street may be cautious with the release of Apple's end of year tomorrow. Asian overnight: Overnight markets have started the week in a downbeat fashion, with losses across Chinese, Hong Kong, Japanese, and Australian markets amid a week of possible monetary tightening from the BoE and (potentially) the BoJ. The Nikkei is down 0.75%, as we lead into this week's Bank of Japan (BOJ) monetary policy meeting. With US tech stocks failing to perform on Friday, that uncertainty has carried through into this new week, with earnings season likely to continue dominating sentiment. Data-wise, Japanese retail sales rose to 1.65; marginally lower than the 1.7% expected.
     
    UK, US and Europe: Global markets are trading softer this morning with US Index Futures continuing Friday's decline which was led by the US Tech sector (after Twitter results disappointed). Looking ahead, today represents a very quiet day on the economic calendar, with little to no major events to keep an eye out for. As we enter the start of a new month, this lull will not last long, with events coming thick and fast towards the second half of the week. The dollar has firmed since Friday's strong GDP print. On the corporate front, watch out for earnings figures from Caterpillar, Loews Corp, and Electronic Arts. More results listed below.
    South Africa: Precious metals and base metals trade softer this morning after gains on Friday. The rand is slightly weaker although still well its worst levels of the month. BHP Billiton is down 0.6% in Australia, suggestive of a lower start for local diversified mining counter. Tencent Holdings is down 2.57% suggestive of a similar start for major holding company Naspers. 
    Earnings look ahead: Catapillar look to releases results today, follower by Standard Chartered, Coats Group, Ralph Lauren, Pfizer, Procter and Gamble and Apple tomorrow. Wednesday will see Capita, BAA Aviation, BAE Group, Molson Coors, Metlife and TripAdvisor releases results, with a trading statement coming from Next.Aviva, the LSE Group, Inmarsat, Duke Energy, MGM Resorts and Yum! Brands will be on Thursday, whilst Heinz, Essentra and Noble Energy see off the end of the week. 
    Economic calendar - key events and forecast (times in BST)

    10am – eurozone business confidence (July): forecast to rise to 1.4 from 1.39. Market to watch: EUR crosses

    1pm – German CPI (July, preliminary): expected to fall to 1.9% YoY from 2.1%. Market to watch: EUR crosses

    3pm – US pending home sales (June): forecast to fall 1.5% YoY from -2.2%. Market to watch: USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Hiscox saw a strong start to 2018, with the insurance firm seeing a 21% growth in gross premiums written for H1. They saw profit before tax rise 21%, to $154 million, with the firm on track to exceed over 1 million customers in 2018. Senior posted a 31% rise in pre-tax profit compared with last year, with the firm trading slightly ahead of expectations. The Group delivered another strong cash performance, with good margin progression in both Aerospace and Flexonics. Interim dividend increased has been raised by 6.8%, to 2.19p per share. Hulamin headline earnings per share for the interim period declined by 77% from the prior years comparative period. Massmart An updated interim trading statement showed headline earnings expected to be between 16% and 26% lowr than the prior years comparative period.  Featured Video
    Please note: This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  14. JamesIG
    Poor EoY results helped  pushed the FTSE lower yesterday as miners sold off, whilst the White House threat for further Chinese tariffs had a negative impact on the S&P energy and industrial sector which also suffered. In the US the Fed decided to hold rates ahead of a likely September hike. Range remains in the 1.75 to 2 per cent channel. According to a US trade representative, the refusal of China to meet US demands, along with implementation of retaliatory tariffs on US goods, spurred the decision to increase the 10% tariff to 25% on $200bn worth of Chinese imports. After consecutive losses for the previous couple of days, oil prices rose over the last session as speculators look for a bounce.  BoE widely expected to raise interest rates today. If a hike is confirmed from Threadneedle Street later today, this would only be the second this decade. Video from IGTV talking about the banks interest rate rises is below. Asian overnight: Trade war concerns have come back into focus to see Asian markets on the decline once again. Losses in Asian equity markets are substantial with China's Shanghai Composite down over 2% on the day. Chinese and Hong Kong stocks were the big losers amid a sea of red overnight, as markets reacted to the potential of the US to raise a 25% tariff on $200 billion worth of Chinese imports. Recent tones of dissatisfaction from the Chinese over US blackmail seem to have a basis in this threat, and with the Chinese importing nowhere near $200 billion worth of US goods, this raises questions over what their response will be. The main data point overnight came from Australia, where a sharp rise in the trade balance surplus highlighted the sharp deterioration in imports (-1% from 3%) rather than anything major on the exports side (3% from 4%).
    UK, US and Europe: Looking ahead, the UK PMI focus continues, with the construction sector under the microscope in the morning. That UK theme continues at midday, with the Bank of England widely expected to raise rates for the first time this year. A relatively quiet US session means that there will be a greater focus on wider economic issues and corporate earnings reports. With Caterpillar, Apple, and Tesla all out of the way, today sees reports from the likes of GoPro, Kellogg, and AIG.
    South Africa: US Index futures are also lower but to a lesser extent, and in turn we are expecting a soft start on the Jse Top40 Index today. The dollar has firmed and precious metals remain at depressed prices. Base metals trade mixed this morning. BHP Billiton is down 3.3% in Australia suggestive of a weak start for local diversified resources. Tencent Holdings is down 3% in Asia suggestive of a soft start for major holding company Naspers. 
    Economic calendar - key events and forecast (times in BST)

    9.30am – UK construction PMI (July): expected to fall to 52.5 from 53.1. Market to watch: GBP crosses

    12pm – BoE rate decision: an increase in interest rates to 0.75% is possible, and would be expected, but given recent weakness in UK data the bank may yet demur once again. Markets to watch: FTSE 100/250, GBP crosses

    1.30pm – US initial jobless claims: expected to rise to 220k from 217k. Market to watch: USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Barclays saw their H1 profits whittled away amid huge litigation costs and settlements eroded what would have been a 20% rise in pre-tax profits for the firm. Instead, pre-tax profits fell to £1.6 billion, from £2.3 billion after a circa £2 billion pay-out, which includes a £1.4 billion settlement with the US DoJ. Looking behind those charges, the company saw a strong performance, with the UK arm raising pre-tax profits by 30%. Aviva reported a 2% fall in operating profits compared with last year, with the firm citing the impact of disposals, tough market conditions in Canada and higher weather related claims for the fall. Despite this, they expect to see these trends to reverse in H2, with the firm remaining on track to hit their 5% growth target for the year. Their EPS number came in above market estimates, with an operating EPS of 26.8p (vs 25.1p expected). The dividend was increased by 10% to 9.25p per share. Rolls-Royce expects their 2018 earnings results to come in towards the upper end of its guidance range, following a stronger than expected showing from their civil aerospace and power systems businesses. This comes despite a £554 million charge for issues relating to their Trent 1000 engine, which has been shrouded by issues over their durability. That figure will cover the Trent 1000 issues up until 2022. On the earnings side, the firm saw underlying revenues jump 14%, with underlying profits rising by £205 million, to £141 million. Liberty Holdings (SA) Interim results showed normalised headline earnings per share to have increased by 6%  Elementis upgraded to overweight at JPMorgan
    Asos rated new outperform at Wells Fargo
    Gamma Communications rated new buy at Citi
    Norma upgraded to buy at HSBC
    Macquarie upgrades AECI to outperform with a target price of 12800c
    Renaissance Capital upgrade  African Rainbow Mineralsto buy with a target price of 15000c
    Shell cut to equal-weight at Morgan Stanley
    Sodexo downgraded to market perform at Bernstein
    Subsea 7 downgraded to underperform at Macquarie
    WDP downgraded to neutral at Kempen & Co
     
    Featured Video
    Please note: This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  15. JamesIG
    Asian markets broadly subdued to to global tech sell off. BoJ pledged to keep it's interest rates 'very low' and added flexibility measure to its stimulus package. This decision leads the way with the big IR decisions taken by the leading central banks this week. U.S. Federal Reserve concludes its policy meeting on Wednesday and the Bank of England is seen raising interest rates on Thursday. Dollar ends up paring losses against the yen after the BoJ meeting. Oversupply concerns cause oil to drop by it's largest daily amount in 2 years. Gold is slightly firmer but nothing to write home about at $1,222/oz. If you're looking for a big macro day, today is the one. Calendar below only shows high importance events.  Asian overnight: A largely negative session overnight saw marginal gains in the Nikkei and ASX 200 provide the only respite from a wider trend of downside for stocks. Following on from yet another bearish session in the US, we are seeing continued uncertainty despite the overnight BoJ decision to largely retain their monetary policy in similar shape. Monetary policy has been kept extremely accommodative. The bank’s shift in purchases of exchange-traded funds toward assets linked to the Topix index did little to help the index over the course of the session, yet for the most part market fears proved unfounded. A busy economic calendar saw a largely bearish picture for the Japanese economy, with a rise in unemployment coming alongside fall in industrial production and consumer confidence. Chinese PMI figures did little to enable a more bullish outlook, with a deterioration in both services and manufacturing readings.
     
    UK, US and Europe: Looking ahead, the economic and corporate calendar really picks up, with the Germany starting in earnest with a better-than-expected retail sales figure of 1.2% (from -2.1%). The morning will largely focus in on the eurozone CPI and GDP figures, with core inflation expected to tick higher to 1%. On the GDP front, the only expected change comes in the year-on-year figure, with markets looking for a tick lower to 2.4% (from 2.5%).
    The afternoon sees another important GDP figure, with the Canadian growth reading predicted to rise sharply to 0.3% from 0.1%. Elsewhere, the US economy comes into focus, with the core PCE measure of inflation released alongside personal spending. Also keep an eye out for the consumer confidence figure. On the corporate calendar, earnings from Apple will no doubt grab the headlines as traders look out for any negative fallout from the recent trade war.
     
    South Africa:  Commodity prices are relatively flat this morning with gold remaining at depressed levels, base metals mixed and oil marginally lower although still  around multi-week highs. The rand is pretty much unchanged against the majors this morning. BHP Billiton is however up 2.25% in Australia suggestive of a firmer start for local resource counters. Tencent Holdings is down 2.6% in Asia, suggestive of a similar start today for major holding company Naspers. In turn we expect the Jse Top 40 Index to open flat to marginally lower this morning. 
    Economic calendar - key events and forecast (times in BST)

    8.55am – German unemployment (July): unemployment expected to fall by 17,000 from a 15,000 drop in June. Unemployment rate to hold at 5.2%. Markets to watch: eurozone indices, EUR crosses
    10am – eurozone CPI (July, flash), employment (June), GDP (Q2, flash): CPI to be 2% YoY, unchanged from last month, and core CPI to rise to 1.1% YoY from 0.9%. Unemployment rate to rise to 8.5% from 8.4%, and GDP to be 2.5% YoY and 0.5% QoQ. Markets to watch: eurozone indices, EUR crosses
    1.30pm – US personal income & spending (June): income and spending to both be 0.4%, from 0.4% and 0.2% respectively last month. PCE prices, the Fed’s preferred measure of inflation to be 0.2% MoM. Markets to watch: US indices, USD crosses
    2.45pm – Chicago PMI (July): forecast to fall to 63 from 64.1. Markets to watch: US indices, USD crosses
    3pm – US Conference Board consumer confidence (July): expected to rise to 126.5 from 126.4. Markets to watch: US indices, USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Just Eat saw a 30% increase in orders compared with H1 2017, after the firm successfully integrated Hungry House into the business. While the firm saw revenues rise 45%, the short-term costs associated with Hungry House meant pre-tax profit fell 3% to £48.1 million. Thomas Cook played down expectations for full-year profitability, as a growing demand for low-margin budget Spanish holidays reduced demand for more profitable packages. The firm saw revenue rise 10%, yet profits fall 3% for the three months to June 30, as many delayed plans to book a holiday given the warm weather at home. BP saw better-than-expected earnings figures, as higher oil prices and increasing production boosted profitability. The Gulf of Mexico disaster payoff continues to drag profitability, with $700 million paid out over the quarter. BP raised their dividend by 2.5%, while also buying $200 million worth of ordinary shares back, totalling 29 million. Anglo American Plc In the sixth sales cycle of the year, demand for De Beers rough diamonds was in line with expectations during the seasonally quieter summer period for the industry’s midstream sector. Abcam upgraded to buy at Berenberg
    Aegon upgraded to neutral at Mediobanca SpA
    DNO upgraded to buy at DNB Markets
    Tamburi Investment Partners raised to buy at Kepler Cheuvreux
    Macquarie upgrades AECI to outperform with a target price of 12800c
    Renaissance Capital upgrade  African Rainbow Mineralsto buy with a target price of 15000c
    Heineken downgraded to hold at Jefferies
    Wacker Chemie cut to hold at DZ Bank
    Featured Video
    Please note: This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
     
  16. JamesIG
    Asian session solid on reduced trade war fears. UK equity markets follow suit, along with a strong bidding war emerging for Sky, giving a green day for the FTSE yesterday and a positive start to the day today.  However data from China today showing a record trade surplus risks further inflaming trade tensions.  Trump is visiting the UK and has said that PM May is executing Brexit incorrectly. Trump's comments suggest May's Brexit plan is likely to kill hopes of a US trade deal. Brent crude sees it's biggest decline in 2 years, dropping as much as 6.9% yesterday. Earning season is kicking off in the US. Featured IGTV video below.  Asian overnight: Trade fears continue to recede, as they have done ever since Tuesday night’s brief panic, with a solid session from Asian markets following on from a good day for US equities.  A softer tone from China and their willingness to resume trade talks with the US is helping a risk on environment as most markets extend near term gains at present. While global equity markets are trading mostly firmer overnight, China's Shanghai Composite has given up 0.4% in early trade. Trade balance data from the region saw a larger than expected surplus realised as exports grew while imports slowed. A new record high for the Nasdaq confirmed the strength of this market, representing an interesting ‘safe haven’ from trade concerns. Australian stocks bucked the trend however, as financials dropped 0.7% to see the index drop 0.3% overall.
    Brent crude has seen it's biggest decline in 2 years dropping as much as 6.9% yesterday, a huge move for the black gold, on the back of Libya's state owned oil company saying that it is planning on increasing supply to match the current demand increase. They have also said they are looking at opening all four export channels that have been closed for the last month. This comes on the back of significant worries for energy traders with the Trump tariffs constantly knocking on the door, increasing fears that a knock on to global growth is just around the corner. Today sees the weekly Baker Hughes rig count from the US which is worth keeping an eye on.
    UK, US and Europe: President Trump has been causing mayhem in Europe already this week, and now he brings his special brand of magic to the UK. Having dined with the PM last night, today he is in the papers decrying her Brexit deal, setting us up for a fascinating press conference. The economic calendar is sparse today, but US earnings season gets underway in earnest with the release of bank earnings from Citigroup, JPMorgan and Wells Fargo.
    South Africa: The Jse AllShare index is expected to open up modestly firmer this morning in line with the mostly positive short term global market sentiment. The rand has clawed back further strength against the majors, which should aid initial gains on local banking and retail counters. BHP Billiton is down 0,7% in Australia suggestive of a softer start for local diversified resource counters. Tencent Holdings is trading more or less flat in Asia, suggestive of a flat start for major holding company Naspers. 
    Economic calendar - key events and forecast (times in BST)

    3pm – US Michigan consumer confidence index (July, preliminary): forecast to fall to 98.1 from 98.2. Market to watch: USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Workspace Group has seen lettings fall 5% in Q1, though enquiries have risen. Three refurbishment projects completed in June, and six more are expected in this financial year.  DCC said that Q1 profits were in line with expectations, and that it continues to expect profit o be weighted towards the second half of the year. It has also acquired two firms, Stampede and Kondor, with a combined enterprise value of £110 million.  Experian has started the year well, in line with forecasts, with overall revenue growth of 10% in Q1 (at constant exchange rates).  Ashmore saw assets fall $2.6 billion to $73.9 billion for the quarter to 30 June. Despite net inflows, a seasonal slowdown and a stronger US dollar had hit emerging markets hard.  Dawn (SA)  Revenue for FY18 declined by 19/1% to R3.5bn. In H1 F2018 revenue declined by 19,8% and in H2 F2018 revenue declined by 18,3%. Volumes in F2018 declined by 19,1% and price inflation remained flat. Diageo upgraded to buy at Goldman
    Evraz upgraded to buy at Renaissance Capital
    IMI upgraded to buy at HSBC
    Norwegian Air upgraded to buy at SEB Equities
    Featured Video from IGTV
    Please note: This information has been prpared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  17. JamesIG
    A lack of trade war news is jumped on by Asian equity markets which rally for a third consecutive session. Boris Johnson follows David Davis and resigns from his position of Foreign Secretary sparking speculation of a rebellion. Oil dropped yesterday after Merkel and Li commit to Iran nuclear deal, before supply shortages and strikes in of oil workers in Norway aided the reversal for brent and WTI to finish up. Gold prices inch up amid the continued Brexit uncertainty, whilst subdued dollar assists commodities.  Asian overnight: Asian markets failed to sustain their overwhelmingly positive start to the week, with the overnight session seeing gains in Japanese and Hong Kong markets counteracted by weakness in China and Australia. Energy stocks were in focus amid a rise in crude prices, while the pound recovered much of the losses seen in the wake of yesterday’s political rollercoaster ride. On the data front, Chinese inflation data moved higher as expected, with CPI rising from 1.8% to 1.9%, while PPI jumped from 4.1% to 4.7%.
    UK, US and Europe: Despite two years of hashing out a brexit plan and continued discussions with the EU, and a confirmation by May that she had secured an agreement on Britains biggest foreign and trading policy in nearly 50 years, two UK MP's quit citing a change of heart in something the cabinet had agreed on last week.  Looking ahead, the UK remains in focus, with the first monthly GDP reading from the ONS set to be released. This comes amid the release of goods trade balance data, industrial, and manufacturing production figures, ensuring the pound remains in focus. Finally, watch out for the ZEW economic survey from Germany, with eurozone sentiment in the spotlight.
    South Africa: Global markets are trading mixed this morning as US Futures continue overnight gains in US equity markets, while the Shanghai Composite and Australia All Ordinaries Indices trade lower today. While the trade war narrative remains in markets investor focus will now find a further catalyst in the US earnings season which commences this week. Precious metal prices are trading relatively unchanged this morning, although base metal prices looked to have commenced with a rebound. The rand has firmed, particularly against a weakening pound following yesterday's resignation of UK ministers. Tencent Holdings is trading 2.3% lower in Asia, suggestive of a similar start today for major holding company Naspers. BHP Billiton is trading 1.09% higher this morning in Australia, suggestive of a positive start for local diversified miners. 
    Economic calendar - key events and forecast (times in BST)

    9.30am – UK trade balance (May): deficit forecast to narrow to £1.2 billion from £5.3 billion. Market to watch: GBP crosses
    10am – German ZEW economic sentiment (July): forecast to rise to -14 from -16.1. Market to watch: EUR crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Ocado has seen a first half loss of £9 million, compared to a £7.7 million profit a year ago. Revenue was up 12.1% to £800 million. 
    Kier said that it expected underlying profit to be in line with forecasts, and while poor weather has hit activity, volumes have returned to levels in line with expectations. 
    TP ICAP has downgraded earnings forecasts for the year, due to rising costs and lower-than-forecast benefits from the recent merger. Finance costs will rise, as will staff compensation. 
    Tsogo Sun Holdings - Further to the cautionary announcements issued by Tsogo, the last of which was issued on  SENS on 31 May 2018, the board of directors of Tsogo  is pleased to announce that Akani Egoli Proprietary Limited, Silverstar Casino Proprietary Limited, Tsogo Sun Casinos Proprietary Limited, Tsogo Sun KwaZulu Natal Proprietary Limited and Tsogo Sun Newcastle Proprietary Limited, all  of which are wholly-owned subsidiaries of Tsogo and Tsogo, Listed Investments Proprietary Limited and Cassava Investments Proprietary Limited, have entered into a sale of shares and subscription agreement with Hospitality Property Fund Limited and its wholly-owned  subsidiary Merway Fifth Investments Proprietary Limited for the disposal by the  sellers to Hospitality of a portfolio of seven mixed-use casino precinct properties  for an aggregate purchase consideration of R23 billion.
    Acacia Mining upgraded to overweight at Barclays
    Ascential upgraded to add at Peel Hunt
    Chemring Group raised to overweight at Barclays
    UBS upgrade Barclays Africa from sell to neutral with a target price of 19700c
    Computacenter cut to underweight at Barclays
    Straumann cut to market perform at Bernstein
    Temenos cut to underweight at Barclays
    Featured Video from IGTV
    Please note: This information has been prpared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  18. JamesIG
    David Davis resigns from his poll position as Brexit secretary. Sterling feels the pinch.   Global equity markets rally on US jobs relief, whilst dollar falters.  Balanced U.S. jobs data suggest Fed can stay gradual on hikes  Oil inches up whilst gold gains on the weaker dollar. NYSE technology chief has jumped ship to join the Winklevoss ‘bitcoin billionaires’ cryptocurrency venture as their first CTO for Gemini. Asian overnight: Asian markets have seen substantial gains overnight, as we see a continued feedback from Friday’s strong US jobs data and easing fears over the US - China trade war. The US non-farm jobs report alluded to an improving labour market with 213 000 people being added t the payroll last month, where expectation was for 195000 people to have been added. The dollar has softened somewhat lifting commodity prices, in particular that of precious metals.
    UK, US and Europe: The overnight resignation of UK Brexit Secretary David Davis had added a focus onto the pound, with the weekend gap higher erased as markets seek to find answers of what this means for negotiations with the EU. British Chambers of Commerce believe forward looking indicators predicting the growth of the economy are not strong enough to warrant a rate rise at the next MPC meeting on August 2nd. A poll conducted by the group reviewed more than 6000 firms from the UK.
    The economic calendar looks relatively quiet for the day ahead, and that bullish theme overnight seems likely to carry through into European trade. Look out for appearances from ECB governor Mario Draghi, alongside BoE member Broadbent. 
    South Africa:  The rand has managed to claw back some of its recent losses, as outflows from emerging markets halt for the time being. We are expecting broad-based gains on the JSe initially, with a stronger rand aiding a rebound in local banking and retail counters. BHP Billiton is up 2% in Australia suggestive of a positive start for resource counters. Tencent Holdings is up 2.53% suggestive of a positive start for local holding company Naspers.   
    Company earnings: Pepsi will report second quarter results tomorrow, whilst fashion house Burberry and America's Delta Airlines will follow on Wednesday and Thursday respectively. We also see big banknames Wells Fargo, JP Morgan Chase and Citigroup finish the week on Friday.
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Centamin said that gold production fell 25% in Q2, due to low metal grades at its Egypt mine. Production was expected to be 505,000 to 515,000 ounces for the full year. 
    Purplebricks has completed the acquisition of Canadian estate agency Duproprio/Comfree, for £29.3 million.
    Murray & Roberts Holdings (SA) - Shareholders are referred to the announcement released on SENS today by Aveng regarding a notification received from ATON on Thursday, 5 July 2018, indicating that ATON and its wholly owned subsidiary ATON Austria Holdings GmbH, have in aggregate, acquired an interest in the ordinary shares of Aveng, such that the total interest in the ordinary shares of Aveng now amounts to 25.42% of the total issued ordinary shares of
    Aveng. 
    Beazley upgraded to top pick at RBC
    G4S upgraded to top pick at RBC
    Meggitt upgraded to buy at Berenberg
    TalkTalk upgraded to neutral at JPMorgan
    UBS upgrade Barclays Africa from sell to neutral with a target price of 19700c
    Nedbank Limited’s (SA) national scale rating was upgraded to ‘zaAA+’ from ‘zaAA’ by S&P
    Hargreaves Lansdown cut to underweight at JPMorgan
    Virgin Money cut to equal-weight at Barclays
    Featured Video from IGTV
    Please note: This information has been prpared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  19. JamesIG
    IG Product Update July 2018
    We recently made a post on Community showcasing a number of ways you can leave feedback and suggest improvements regarding our products and services. I wanted to follow up with our first ever ‘Product Update’ post so you can see some of the recent improvements we have made on the back of our continued two way communication which has helped IG become the global leader. 
     
    The recent updates include,
    Partially close positions via charts Market name watermarks for all charts New ether/bitcoin (ETH/BTC) crypto pair (and vote on which NEW crypto asset you are most interested in) Changes to weekend overnight funding An improved way to get in contact with Trading Services  
    Partially close positions via charts
    This brand new feature is now available on charts for both the web trading platform and on mobile. When ‘1-click dealing’ is not enabled you will be able to confirm whether or not you want to close the whole position, or to partially close via a pop up dialogue box. To use this functionality click 'close' (1) on the chart, change the 'Sell' value (for example in this screenshot you can change 4 to 2 to only close half the position), followed by 'Submit'. The window will show the ‘Closing P&L’ as well as the ‘Margin Returned’. 

     
    Market name watermarks for all charts
    To add clarity and ease of use it is now possible to display the name of the market in the background of the charts. This feature is disabled by default but can be activated from the “customise appearance” menu which is brought up by right clicking on the chart, ticking the “show watermark” checkbox, and clicking 'Apply'. Once activated every charts will start showing the market name. The watermark will also be displayed on the image produced using the “export chart” option.
    This should be an incredibly useful feature for those who have a number of charts open at the same time, as well as those who share their chart set ups online, with friends, and on IG Community.

     
    New ether/bitcoin cryptocurrency pair
    The ETH/BTC pair has been a tradable cryptocurrency asset on the IG platform for a couple of months and is calculated by taking the mid-price of ether and dividing it by the mid-price of bitcoin. We then adjust the decimal (in much the same way as we do for our FX pairs) to make the number easier to trade on the IG platform. A single point is anything to the left of the decimal.
    For example;
    Ether price:   440 USD
    Bitcoin price:   6150 USD
    ETH/BTC:   440 / 6150 = 0.07154
    IG platform price:   715.4
    One point means:   A price move from 715.4 up to 716.4 (or down to 714.4) would be one point.
     
    This is a great addition to our cryptocurrency offering as it gives a new way to gain exposure to the sometimes volatile market conditions of virtual currencies. Unlike trading other highly correlated cryptos, the ETHBTC pair gives a different trading opportunity which trend followers, technical analyst, and fundamental traders alike may enjoy. 
    We are also looking to our IG Community members and other IG clients to see which new crypto asset they are interested in (which IG doesn't currently offer). You can check out this poll to vote on which new crypto asset you are most interested in. Feel free to add comments and questions to the post if you would like to chat further. 

     
    Changes to weekend overnight funding
    We have also changed overnight funding on cryptocurrency positions held over the weekend. Previously, we were charging three nights funding on Wednesday to account for the weekend (in the same way as the majority of conventional FX pairs are calculated on a T+2 basis), but seeing as we offer these markets on Saturday and Sunday it is more appropriate to charge on a daily basis.
    We will also begin charging overnight funding for weekend index positions held through 10pm (UK time) Saturday and Sunday. The charges will be calculated in exactly the same way as our weekday indices. It’s also worth noting that anyone with AUD denominated contracts will be charged based on their positions at 10pm (UK time).
     
    An improved way to get in contact with Trading Services
    If you have ever had a query relating to your IG account, your trade activity, or the financial markets then it’s likely you’ve spoken to one of our Trading Services representatives. Over the last couple of years we have also rolled out IG Academy, a Help and Support Centre, and a new IG Community to better answer your questions.
    Recently we have rolled out a brand new ‘Contact Us’ page on IG.com. This page contains a web browser contact form which will automatically allocated your contact query to the correct department, increasing the speed of a resolution and reply.  
     
    I hope you find the above updates useful.
    You can find out how to submit feedback to IG here if you want to continue to help shape the future of IG.
    Any questions, just ask. 
     

  20. JamesIG
    Asian market gain whilst Chinese shares hit a 1 month high on hopes of a government stimulus package.  Hedge funds bet on higher government bond yields extending the USD gains, and prompting a gold sell off. Oversupply worries continue with oil causing a drop in prices.  Despite Google's Alphabet multibillion dollar fine, shares jump on results to a record breaking all time high. Crypto markets currently up but generally trading in a range.  Asian overnight: A positive session overnight saw gains across Japanese, Chinese, Hong Kong and Australian indices. Government bonds added to a sense of stability, with yesterday’s BoJ-fuelled volatility easing to give way to a move stable session. However, that Japanese theme continued on the data-front, with a weak manufacturing PMI (51.6 from 53.0) and BoJ core CPI (0.4% from 0.5%) adding to the difficulty for Japanese central bankers. It is clear that despite a whole raft of loose monetary policies, strong growth and high inflation remains elusive. 
    UK, US and Europe: The PMI theme looks set to continue into the European session, with a whole raft of eurozone PMI surveys due out throughout the morning. Particular attention is likely to be paid to the manufacturing sector (particularly German) amid the trade war with the US. Once again, PMI surveys will be key in the US session, with both manufacturing and services PMI surveys providing the main economic releases of the day.
    Economic calendar - key events and forecast (times in BST)

    8am – 9am – French, German, eurozone PMIs (July, flash): eurozone services PMI to fall to 53.7 from 55.2, and mfg PMI to rise to 55 from 54.9. Markets to watch: eurozone indices, EUR crosses
    2.45pm – US mfg & services PMI (July, flash): mfg expected to rise to 55.5 from 55.4, and services to fall to 56.3 from 56.5. Markets to watch: US indices, USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Hammerson said that full-year profits had fallen 81% to £55.7 million, although adjusted profit was up 0.5% to £120 million. Net rental income was down 3% to £178.5 million. The firm plans to sell £1.1 billion of property by the end of 2019.  PZ Cussons said that pre-tax profit slipped 23% to £66.6 million, while the annual dividend was left unchanged at 8.28p per share. Tough conditions in Nigeria hurt performance. Fevertree said that it expects full-year results to be ‘comfortably ahead’ of forecasts, as earnings rose 35% to £34 million for the first half. Revenue was up 45% at £104.2 million.  Featured Video from IGTV
      Please note: This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  21. JamesIG
    I'm happy to announce that you can now add drawings to the indicator study area both on desktop and mobile of the IG charts. This new functionality has been developed on the back of client feedback submitted to Community, from within the dealing platform, and directly with our Trading Services and client facing teams. If you have any other requests, please add them in the comment section below and we'll make sure the charting dev team and product owners see them.
    You can now draw on indicators
    For instance, get more insight from your RSI indicator by drawing a trendline directly on the study area. The ability to draw on these indicators, such as MACD and volume, opens up a number of new options for technical analysis. Trends, for example, can add granular insight into market dynamics and can help improve the accuracy of your TA and strategy. 

    But that's not all...
    We also;
    added the measure tool to the mobile charts and made it persistent on your screen so that it does not disappear when you tap or click away. improved the usability of the charts so that you cannot move your drawings by mistake when moving your charts sideways. To move a drawing, you would need to explicitly select it first. improved the general rendering performance of these drawings. Coming very soon!
    we've added the option to activate or deactivate the snapping on the candles. This should be rolled out around mid October.  All the best and happy trading
    IG Community Moderator Team
  22. JamesIG
    Asian equity markets are mixed, however some pushed higher overnight over a volatile trading session as the Chinese yuan bounced off a one year low. Trump showed displeasure towards the Fed's hikes, criticising policy and highlighting concerns on the potential impact of rising interest rates on the US economy causing the Dollar to sag. The Comcast / Disney bidding war for 21st Century Fox ended yesterday with the former pulling out of the race. Comcast still plan on pursuing Sky. 70% of Royal Mail shareholders opposed a pay package deal for their new incoming CEO. Airbus and Boeing have seen combined orders of nearly 1000 aircraft as this years Farnborough Air Show. This week has shown strength in the aviation industry with the UK government also unveiling plans for its 6th gen fighter jet, the ‘Tempest’. A new test network has been launched for Raiden, an Ethereum payments channel project introduced as a potential solution for the cryptocurrencies scalability issues. Have your say on which new cryptocurrency IG offer in our community poll. Asian overnight: Markets in Hong Kong struck a ten-month low yesterday, as Asian shares continued to suffer thanks to concerns about global trade wars. Australia was the sole point of light, rising 0.3%, with only materials stocks lower. China’s currency continued to weaken as well, crossing the Rmb6.8 mark against the dollar for the first time in a year. Markets are speculating that the Peoples Bank of China (PBOC)  will look to intervene in currency markets in lieu of the Yuan's recent decline.
    The yuan against the dollar, down to 6.8211 after sliding as much as 0.7 percent, is currently at its weakest level in a year.  It is now trading above the 6.7 mark, which historically has proved to be a strong support level for the yuan.
    UK, US and Europe: UK monthly retail figures disappointed yesterday forcing GBP lower and the chance of an August rate hike continuing to slide. High street retail is facing serious problems at the moment with Poundworld closing the last 190 of its stores as early as August 10th, and Goucho Groups ‘Cau’ chain set to go as the group heads into administration. Online competition, high rents, and a shifting discretionary consumer spending habit are the primary factors as Brexit and potential rising interest rates (and therefore larger mortgage repayments) weigh on many spenders minds. Premium ‘restaurant style’ deals at supermarkets, which really came into their own after the 2008 debacle, continue to be a cost efficient, easy alternative for many, whilst large online retailers such as Amazon (which saw its market cap nudge past $900bn a couple of days back) continue to thrive.
    The International Monetary Fund warns that a "no deal" Brexit would also be economically harmful to Eurozone countries, not just the UK. All goods and services would have to undergo stricter checks by the EU at its borders, complicating the systems currently in place. Estimates say that a "no deal" Brexit would cost the EU 1.5% of its GDP, or 250 billion euros.
    Looking forwards, the losses seen in the Asian market are expected to continue in Europe, with small drops for indices expected. Canadian CPI is the sole macro point of interest, while on the earnings front General Electric and Schlumberger report figures. The US dollar will also be in focus after President Trump commented that further rate increases could derail the economic boom in the US.
    South Africa: The rand slid even further than its emerging market currency peers yesterday after the South African Reserve Bank lowered its forecast for economic growth in 2018 to 1.2% from 1.7% previously. The rand has however posted a modest recovery this morning, although the longer term trend appears to remain that of weakening. Precious metal prices remain subdued , although palladium looks to have bucked the trend posting a near 2% gain. Crude prices are slightly firmer this morning. BHP Billiton is 2% lower in Asia this morning suggestive of a softer start for local diversified miners. Tencent is flat on the day, suggestive of a flat start for major holding company Naspers, which accounts for around a 20% weighting in the JSE Top40 index. 
    Economic calendar - key events and forecast (times in BST)

    1.30pm – Canada CPI (June): forecast to be 2.5% YoY from 2.2%, and 0.3% MoM from 0.1%. Core CPI to be 1.5% from 1.3% YoY. Markets to watch: CAD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Beazley reported pre-tax profit of $57.5 million for the first half, down from $158.7 million a year earlier. Gross premiums were up 25% to $1.32 billion. Homeserve said that growth prospects for FY 2019 are good, thanks to in-line performance for the 1 April to 19 July period.   Unilever has commenced the second half of its €6 billion share buyback, which is expected to finish prior to the year-end.  Corem Property Upgraded to Buy at Kepler Cheuvreux
    NP3 Fastigheter Raised to Buy at Kepler Cheuvreux
    Recordati Upgraded to Buy at Goldman
    Orion Upgraded to Hold at Jefferies
    Deoleo Downgraded to Underperform at BBVA
    EON Cut to Equal-weight at Morgan Stanley
    Kone Downgraded to Hold at DNB Markets
    Outokumpu Downgraded to Hold at SEB Equities
    Featured Video from IGTV
    Please note: This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  23. JamesIG
    On the back of recent client feedback you can now customise the Stochastic and KDJ indicator levels on IG charts. Once you have added either of these indicators (which you can do by right clicking > indicator > stochastic) simply click the label in the bottom left of the chart and the option window will appear. You should be able to amend the Overbought and Oversold levels here along with some other variable to customise further. 

  24. JamesIG
    Expected index adjustments 
    Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 8 Oct 2018. If you have any queries or questions on this please let us know in the comments section below. For further information regarding dividend adjustments, and how they affect  your positions, please take a look at the video. 

    NB: All dividend adjustments are forecasts and therefore speculative. A dividend adjustment is a 
    cash neutral adjustment on your account. Special Divs are highlighted in orange.
    Special dividends 
    You can see the special dividends listed below. Unfortunately we do not have granular insight on the effect on the index for the index in question, however the below maybe helpful for some. Please note the dates below are the stock adjustments in the underlying individual instrument, whilst the index div adjustments are taken out the day before on the IG platform at the cash close.
    Index
    Bloomberg Code
    Effective Date
    Summary
    Dividend Amount
    UKX
    BDEV LN
    11/10/2018
    Special Div
    17.3

    How do dividend adjustments work? As you know, constituent stocks of an index will periodically pay dividends to shareholders. When they do, the overall value of the index is affected, causing it to drop by a certain amount. Each week, we receive the forecast for the number of points any index is due to drop by, and we publish this for you. As dividends are scheduled, public events, it is important to remember that leveraged index traders can neither profit nor lose from such price movements.
    This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
  25. JamesIG
    Expected index adjustments 
    Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 2nd July 2018. If you have any queries or questions on this please let us know in the comments section below. For further information regarding dividend adjustments, and how they affect  your positions, please take a look at the video. 


    NB: Special Divs are highlighted in orange 
    Special Dividends
    You can see the special dividends listed below. Unfortunately we do not have granular insight on the effect on the index for the index in question, however the below maybe helpful for some. Please note the dates below are the stock adjustments in the underlying, whilst the index div adjustments are taken out the day before on the IG platform at the cash close.
    How do dividend adjustments work? 
    As you know, constituent stocks of an index will periodically pay dividends to shareholders. When they do, the overall value of the index is effected, causing it to drop by a certain amount. Each week, we receive the forecast for the number of points any index is due to drop by, and we publish this for you. As dividends are scheduled, public events, it is important to remember that leveraged index traders can neither profit nor lose from such price movements.
    This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.

CFD accounts provided by IG Markets Ltd, spread betting provided by IG Index Ltd and share dealing and stocks and shares ISA accounts provided by IG Trading and Investments Ltd. IG is a trading name of IG Markets Ltd (a company registered in England and Wales under number 04008957), IG Index Ltd (a company registered in England and Wales under number 01190902) and IG Trading and Investments Ltd (a company registered in England and Wales under number 11628764). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. IG Markets Ltd (Register number 195355), IG Index Ltd (Register number 114059) and IG Trading and Investments Ltd (Register number 944492) are authorised and regulated by the Financial Conduct Authority.

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