Jump to content
​​​FTSE 100 hits new peak as rate cut hopes boost index ×

JamesIG

Administrators
 View Profile  See their activity

  • Posts

    2,301

  • Joined

  • Last visited

  • Days Won

    26

 Content Type 

Blog Entries posted by JamesIG

  1. JamesIG
    The US stock market opens from 2:30pm to 9pm London time, which means many UK-based trading companies only allow you to trade these individual stocks up until 9pm (with other regions having restrictions based on their local time zones). We know that many IG clients want to trade outside of these hours, especially over earning season, so we sought to offer you 'extended hours' on many of these major companies. 
     
    Trade the US FANG index 24 hours a day at IG
    This same concept applies for a bespoke IG index, available on the platform under "US FANG", which we now also offer 24/5 trading on. This means that you can take advantage of market movements after the main session closes, and better manage your risk with deal execution all the way up until 1am midweek, and up to 10pm on Friday (UK times - local times will vary). Check your local Help and Support pages for more information.
     
    Where next for the FANG?
     
    US earnings season schedule 2019
    Several major companies release their quarterly figures across similar months every year:
    January and February April and May July and August October and November See below for a list of major companies and the dates of their latest/upcoming earnings announcements.

    * Dates in square brackets [DD/MM/YY] are expected reporting dates; to be confirmed.
  2. JamesIG
    Asian stocks are broadly higher ahead of the Fed rate decision later today, whilst the NZ dollar is buoyed by higher business confidence.  Trump and Iranian President Hassan Rouhani came to a head at the UN General Assembly on Tuesday with the US President vowing more sanctions against Tehran, whilst President Rouhani suggested that Trump suffers from a "weakness of intellect." Trump is really trying to bring the price of oil into play before the midterms as high oil prices could hit the Republican vote. Oil pulls back after Trump's comments on OPEC whilst bonds and currencies are broadly steady. When it comes to trade wars it may be worth keeping an eye on the USDCNY pair. BCA research and the head of economic research at UBS both speculate that the Chinese renminbi could weaken to 7Rmb against the dollar before the end of the year. According to an internal document reported by reuters, EU negotiators are ready to offer Theresa May a free-trade area in Brexit, however they are adamant that there must be a customs border that will trade less than frictionless. The Argentinian peso, an EM currency which has seen news inches this quarter, slide as much as 5% as the central bank chief quits just three months into the job. Globally IPO’s have slide by nearly 1/5th this year amid geopolitical tensions, whilst money brought into via the process has increased by 10% according to accountancy firm EY. Asian overnight: Asian markets enjoyed a largely positive session, as trade concerns faded despite Trump’s UN speech which heralded an America first approach rather than rampant globalisation. The New Zealand dollar came into favour overnight, gaining ground in the wake of a strong business confidence figure. This despite a deterioration in their trade balance figure, with imports rising and exports shrinking.
    UK, US and Europe: Today sees all eyes turn to the Fed, with the FOMC due to announce their latest monetary policy decision. The simultaneous release of the latest FOMC economic projections should ensure volatility for the dollar and US stocks markets. Apart from the Fed, the European session sees little of note, with new home sales and crude inventories the other numbers to watch out of the US.
    Record breaking divergence between the US equity market and the rest of the world could see a significant movement of money out of Wall Street and into other markets in Europe and Asia. The S&P has gained 9% this year alone and has created the biggest difference between its continued all time highs and the rest of the world putting it at its most extreme levels since 1970. US consumer confidence is at a 17 year high whilst manufacturing activity reached a 14 year high. According to BoA ML analysts, investors have built up a significant level of US equity exposure over the last three years. A mass exodus could see significant movements. This could potentially provides an interesting trade opportunity if the flow into Asia and European markets tips as investors, traders and speculators search for greater returns - the players to keep an eye on however are the institutional investors and money managers. 
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    3pm – US new home sales (August): expected to rise 2.2% MoM. Market to watch: US crosses
    3.30pm – US EIA crude inventories (w/c 21 September): stockpiles forecast to fall by 480,000 barrels from a 2 million barrel drop a week earlier. Markets to watch: Brent, WTI
    7pm – FOMC decision (7.30pm press conference): the central bank is expected to raise rates to 2.25% from 2%, but this is all but a foregone conclusion, so the market impact will be in their projections for future rate rises, their assessment of the US economy and the impact (if any) from the US-China trade conflict. Markets to watch: US indices, USD crosses
    Corporate News, Upgrades and Downgrades
    SSP said that it expected like-for-like sales in its financial year to grow by 2-3%. Growth in Q4 was similar to Q3, driven by increased passenger numbers.   PZ Cussons expects overall results for the quarter to the end of August were in line with forecasts, as growth in Europe and Asia offset a poorer performance in Nigeria.  AA said that higher callouts due to bad weather and potholes hit pre-tax profit for the first half, which fell to £23 million from £64 million a year earlier.   Boohoo reported a 50% rise in first half revenue, to £395 million, with international revenues now 40% of the total. Sales growth for the full year is now expected to be 38-43%, from a previous guidance of 35-40%.  Bouygues upgraded to overweight at JPMorgan
    Next upgraded to neutral at Goldman
    Randgold upgraded to sector perform at RBC
    Scandic raised to equal-weight at Morgan Stanley
    Deutsche Boerse downgraded to sell at Bankhaus Lampe
    Grammer downgraded to sell at Quirin Privatbank AG
    Kier downgraded to neutral at JPMorgan
    Telenet downgraded to equal-weight at Barclays
    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. 
  3. JamesIG
    Asian stocks slide on further trade war tariffs. Yen, treasuries and gold gain as traditional safe havens. UK incomes for those in employment rise at the highest rate since the financial crisis according to IHS Markit yesterday. CYBG confirmed yesterday it had agreed a £1.7bn tie up with Virgin Money. Oil prices whiplash, but ultimately fall on expectations that OPEC and Russia will gradually increase output after withholding supply since 2017. Payment company Square has been awarded a BitLicence to operate in New York. BTC trades at $6700, and ETH at $515 Asian Overnight: Weakness in overnight markets came as no surprise after Donald Trump declared another $200 billion worth of goods that would be hit by a 10% tariff after China imposed a like for like $50 billion package of US goods to be targeted. This trade war is set to kick in on July 6, and instead of making progress towards a solution, it looks as if relations between the two biggest economies in the world are instead deteriorating. Meanwhile, crude prices rallied ahead of Fridays OPEC meeting, with rumours that a production hike will be smaller than expected.

    UK, US and Europe: Looking ahead, the current themes impacting markets are likely to remain in focus, with few major economic events of note. Appearances from ECB economist Praet, and Fed member Bullard will provide a central bank focus. Meanwhile, the US session sees a focus on construction with the release of building permits and housing starts data.
    South Africa: The local bourseis expected to open up significantly lower this morning following on from soft US Futures and a rampant decline in China (-3.45%) and Hong Kong (-2.76%). Emerging markets are bearing the brunt of the weakness today from the 'Trump Tariffs', as reflected in their respective currency declines. The rand looks to be fast approaching the R14/$ mark. Tencent Holdings is trading 3.17% lower on the Hang Seng, suggestive of a similar move in major holding company Naspers. BHP Billiton is trading 1.2% lower in Australia , which combined with weaker base metal prices is suggestive of an initial decline in local diversified miners. 
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    Featured video: 'Be wary’ of Carney’s guidance
    Corporate News, Upgrades and Downgrades
    Ashtead said that underlying pre-tax profit was 21% higher at £927.3 million for the full year, and revenues were up 21% at £3.42 billion. The dividend was boosted 20% to 33p.  McCarthy & Stone has issued a profit warning, downgrading its forecasts and announcing the departure of the CEO. Legal completions are forecast to be in the 2100-2300 range, compared to 2302 year-on-year.  Debenhams has issued another profit warning, saying that full-year pre-tax profit will now be £35-40 million, versus consensus forecasts of £50.3 million.  Beiersdorf upgraded to neutral at JPMorgan
    Ferrexpo upgraded to buy at HSBC
    Verbund upgraded to reduce at AlphaValue
    JP Morgan maintain overweight rating on Naspers (SA) with a target price of 450000c
    Edenred downgraded to neutral at MainFirst
    Galp downgraded to sector perform at RBC
    Hornbach Baumarkt cut to reduce at Commerzbank
    Informa downgraded to hold at Peel Hunt
    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.
  4. JamesIG
    Global equity markets are shining with the Japanese Nikkei hitting an 8-month high, Chinese shares on course to make their biggest weekly gains in 2 years, and a strong earnings outlook expected to continue. US stock market also looks to continue it's march to record highs are strong fund inflows support the market. Figures released on Thursday by EPFR Global quoted a $14.5bn inflow. The Hong Kong dollar (pegged to that of the USD) strengthened early Friday ahead of the US Federal Reserve meeting next week, and an expected rise in interest rates. Brent crude has its eyes on $80 a barrel and is currently trading at its highest level in 4 years, all despite efforts of Trump's Tweets for OPEC to "get prices down now". Crypto exchanges have hit back at a damning NY Attorney General report. Assets in the sector have rallied over the last session with bitcoin up around 5% in the last 4 days, and ether pushing a 17% gain in the same time period.  Join our #IGFXChat and put your currency
    questions to our expert panel now! Asian overnight: Asian markets are back on a positive footing, with the Chinese indices leading the gains amid widespread upside. This week has largely seen the markets take an optimistic outlook to US-China trade talks, and the gains seen overnight are an extension of that. On the data front, Japan was the centre of market focus, with national core CPI rising to 0.9% (from 0.8%), while the flash manufacturing PMI rose less than expected to 52.9 (from 52.5). Oil prices were mixed after falling in the previous session as President Donald Trump urged OPEC to lower crude prices ahead of its meeting in Algeria this weekend.  For many industrial buyers and energy companies out there it seems they are cautious and possibly expectant of higher prices in the future.
    UK, US and Europe: New data out recently has shown that the US has become the EU's largest supplier of soyabeans, with nearly 1.5 million tonnes supplied in the last quarter. This shows an increase of nearly 130% compared to the same period last year. This is seen as important by both Brussels and Trump, as it featured prominently in the President's plan for improving US-EU relations. Looking forward this could signal a success for both sides, as continued efforts to "reduce barriers and increase trade in services, chemicals, pharmaceuticals, [and] medical products".
    Europe is ending the week in busy fashion, with a raft of eurozone PMIs released throughout the morning. Manufacturing and services PMI readings from the likes of France, Germany, and the eurozone should keep the euro in focus. In the US session, we also see those same PMI readings released later in the day. Also keep an eye out for the Canadian retail sales and CPI numbers. Finally, given the current events surrounding oil, Trump and OPEC it's going to be increasingly important to stay up to date with figures out on the black gold. Baker Hughes should keep you in your chairs at 6pm BST today.
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    8am – 9am – French, German, eurozone mfg & services PMI (September, flash): French services PMI to rise to 56.1 from 55.4, and mfg fall to 53.4 from 53.5. German services PMI to rise to 55.1 from 55 and mfg to fall to 55.4 from 55.9. Eurozone services PMI to hold at 54.4 and mfg to fall to 54.4 from 54.6. Markets to watch: eurozone indices, EUR crosses
    1.30pm – Canada CPI (August), retail sales (July): CPI to be 2.8% YoY from 3% and 0.2% Mom from 0.5%. Core CPI to be 1.5% YoY from 1.6%. Retail sales to rise 0.4% MoM from -0.2%. Markets to watch: CAD crosses
    2.45pm – US mfg & services PMI (September, flash): mfg to fall to 53.8 from 54.7, and services to fall to 53.6 from 54.8. Markets to watch: US indices, USD crosses
    Corporate News, Upgrades and Downgrades
    Smiths Group said pre-tax profit for the year was down 28% to £435 million, while revenue fell 2% to £3.21 billion. Operating margin fell 110 basis points to 16.9%.  SIG reported a 28% drop in operating profit, to £26.9 million, while revenue was down 4% to £1.38 billion. Poor weather in the UK hit performance, but the trading environment was better in mainland Europe and Ireland.  EDF upgraded to neutral at Exane
    Enel upgraded to outperform at Exane
    Maersk upgraded to buy at HSBC
    Endesa downgraded to neutral at Exane
    Suedzucker downgraded to sell at Bankhaus Lampe
    Verbund downgraded to underperform at Exane
    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. 
  5. JamesIG
    Global equity markets falter on trade war talk. Turkish lira gains on a presidential win for Recap Tayyip Erdogan. Oil sheds it's gains as OPEC agree on output hike. Saudi Arabia lifts the ban on female drivers which could generate up to $90bn for their economy according to Bloomberg Finance Britain sees its two year anniversary from the Brexit referendum vote. GBP down 11% in that time helping buoy the FTSE and companies who generate the majority of their revenue from overseas. Asian Overnight: Asian markets traded in the red once again overnight, as trade wars fears continue to take their toll on global risk sentiment. With the US said to be preparing to restrict Chinese investment into US business, while warning they could place 20% tariffs on EU cars, there are no signs to say that the trade war is letting up any time soon. China has also announced plans to free up another $100bn in the banking system, perhaps another admission of a slowing economy. The weekend election in Turkey has seen the incumbent president win as expected, with sweeping changes being implemented that will now ensure he holds substantially more powers, and for an unlimited term. Nevertheless, the stability that this promises to bring over the near-term has helped boost the lira, which rose 2% overnight.
    UK, US and Europe: Looking ahead, the German Ifo business climate figure represents the biggest data point on a day that is light of any particularly significant releases. As such, there is likely to be a continue focus on trade considerations with the US.
    South Africa: Commodity prices are under pressure, including oil which has offset Fridays gains which followed the OPEC announcement to increase production by 1m barrels per day (Saudi Arabia and Russia had previously suggested raising output by 1.5m barrels per day). The rand has managed to claw back some strength after trading around oversold territory for the last few weeks. Tencent Holdings is trading 1.5% lower on the Hang Seng suggestive of a similar start today for major holding company Naspers. BHP Billiton is trading 1.4% higher in Australia, suggestive of a firmer start for local diversified resource counters.  
    Shares look ahead this week: Carnival in America will release second quarter earnings today, whilst Tuesday will see the UK listed Northgate release full year results and IHS Markit and the US Lennar will publish quarterlies. Costa Coffee owned Whitebread have a trading update on Wednesday which is worth looking out for, whilst America will yield General Mills and Bed, Bath and Beyond. Hunting and Tullow Oil have Thursday trading statements, whilst Walgreens Boots Alliance will report on Thursday. 
    Economic calendar - key events and forecast (times in BST)

    9am – German IFO index (June): business climate index expected to fall to 101.7 from 102.2. Market to watch: EUR crosses
    1.30pm – US Chicago Fed index (May): forecast to fall to 0.1 from 0.3. Markets to watch: US indices, USD crosses
    3pm – US new home sales (May): expected to rise 0.5% MoM from -1.5%. Market to watch: USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Stobart Group has said that it has issued a note convening an EGM next month relating to its boardroom dispute. It has recommended that investors vote against the resolution to change the chairman.  IWG has confirmed that it has received an approach from Terra Ferma.  Petards Group has won a contract renewal for provision of software licences and support services for Network Rail.  Accor upgraded to hold at Berenberg
    BinckBank upgraded to hold at Kepler Cheuvreux
    Rexel upgraded to buy at HSBC
    Rolls-Royce upgraded to hold at Kepler Cheuvreux
    Heidelberger Druck downgraded to reduce at AlphaValue
    Suedzucker downgraded to sell at Goldman
    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.
  6. JamesIG
    MSCI Asia-Pacific index down more than 1% Turkey has doubled tariffs on some U.S. imports, notably alcohol and tobacco, as a response on what is allegedly deliberate US attacks on the Turkish economy. Trade war squabbles continue with China saying that US solar tariffs violate trade rules and lodge a WTO complaint.  Dollar rises to a 13 month high which pressures commodities, forcing gold to hit an 18 month low. Asian overnight: Asian markets traded in the red overnight, with Australian stocks providing the one bright spark over the session, closing out the session in positive territory. Chinese markets were chief amongst the losers once more, with yesterday’s data highlighting a slowdown in growth of several economic metrics. Emerging market stability remains a concern, with the Turkish Lira declining against the greenback as markets shift into the dollar as a safe-haven play.
    Ongoing trade tensions and emerging market fears (induced by the crisis in Turkey) are among the key themes in the market place right now. The dollar has resumed its strengthening trend and in turn we are seeing metal prices under pressure, with gold now trading well below $1200/oz and platinum trading below $800/oz.
    UK, US and Europe: European trading is likely to be lessened in volumes today, with French and Italian markets respecting a national holiday. However, the UK remains the centre of focus, with the latest inflation data released this morning. Market expectations of an upward shift would put further pressure on the Bank of England, despite the recent rate hike. The US focus will be upon the release of retail sales and industrial production figures, alongside the empire state manufacturing survey. Crude traders will also be keeping a close eye on the inventories data released later in the day.
    South Africa: The rand has also started to weaken after clawing back some strength yesterday. Tencent Holdings is trading 3.3% lower in Asia amidst a selloff in technology stocks and news that Chinese regulators halted the approval of game licenses. Tencent Holdings is also set to release results today. Naspers, a major holding company of Tencent, is expected to trade lower in lieu.  
    Economic calendar - key events and forecast (times in BST)

    9.30am – UK CPI (July): expected to be 0.2% MoM and 2.6% YoY, from 0% and 2.4% respectively. YoY core CPI to be 2.2% from 1.9%. Market to watch: GBP crosses

    1.30pm – US retail sales (July): forecast to grow 0.3% MoM from 0.5%. Markets to watch: US indices, USD crosses

    3.30pm – US EIA crude inventories (w/e 10 August): forecast to see stockpiles rise by 750,000 barrels, from a 1.35 million barrel drop a week earlier. Markets to watch: Brent, WTI
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Balfour Beatty said that first-half pre-tax profit rose to £50 million from £29 million a year ago, but total revenues dropped to £3.22 billion from £3.54 billion. Revenue is expected to be flat in the second half of the year.  Admiral reported a 9% rise in first-half pre-tax profits, to £211 million, while turnover was up 14.5% at £1.7 billion. More home insurance policies helped drive the performance, while the motor insurance business saw an 11.3% rise in profits to £249.5 million.  Amundi upgraded to overweight at Morgan Stanley
    Mitchells & Butlers upgraded to buy at HSBC
    Esure upgraded to hold at Berenberg
    Greene King upgraded to hold at HSBC
    Bayer downgraded to hold at Jefferies
    Valeo downgraded to hold at HSBC
    Curetis downgraded to neutral at Ladenburg Thalmann
    Leifheit downgraded to sell at Berenberg

    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.
  7. JamesIG
    As per the Bloomberg article, the market for Turkish Lira is in dislocation. Volatility in the Lira has posted the biggest four-day surge since 2004 as officials adopt measures to create a scarcity of the currency to prevent a slump in its value days before local elections this weekend.
    The cost of borrowing Lira overnight on the swap market exceeded 1000% because local banks are under pressure to not provide liquidity to foreign investors who want to bet against the currency.
    Consequently, spreads across all TRY crosses have blown out with some banks refusing to make a swap price. We have therefore gone to 'closings only' across all TRY crosses for the time being until we consider the market to have stabilized and will not be accepting new trades for the time being. Minimum Controlled Risk (i.e. guaranteed stop distances) for all pairs has been set to 20%, with non CR (normal stops) set at 1%. You can still trade to close.
    Given volatility it’s impossible to give an accurate indication of the cost of holding TRY positions overnight.
    To all clients holding TRY positions
    Please ensure that you are happy with your positions in TRY going into 10pm GMT, and please remember that swap points are unstable. If you have any questions regarding this please review the "Where to find overnight funding charges on FX pairs" article along with the worked examples on that page. Any additional questions, please add them as a comment below. 
    Where can I keep an eye on swap rates? 
    You can see an indicative overnight swap rate within the IG dealing platform. 'Swap Bid' / 'Swap Offer' rates as shown below can be toggled on/off and show the expected rate for that day. I.e, to view what the expected rates you'll pay or receive on a currency pair at 10pm (GMT) would require you to check the specific currency row at any point on that same day (prior to 10pm). You can read more about that here.

    Further reading
     USD/TRY volatility returns ahead of Sunday's elections
  8. JamesIG
    The Turkish lira crashes yesterday as the central bank decided to keep rates unchanged despite soaring inflation. The UK housing market looks to remain stagnant as figures released by HMRC showed housing transactions slipped last month by as much as 3%. House sales were down nearly 6% YoY. Housing market data in the US set to release today, so keep an eye out at 12 midday and 3pm for mortgage apps and new home sales figures.  Banking shares continue to gain globally. Metro bank has said profits have quadrupled YoY in the first half, driven by continued strong growth in deposits, whilst UBS gave better than expected results yesterday. There are a number of prominent European banks set to release results this week, so keep an eye out for trade opportunities.  Oil gained yesterday as traders factored in an expected Chinese stimulus package, as well as concerns on the US/Iran tensions which could significantly disrupt oil supplies. For energy traders this would be a story to keep an eye on, along with weekly inventories at 3.30pm. Bitcoin jumps to its highest level since May on reports the SEC is set to approve a crypto ETF. Asian overnight: A mixed affair overnight saw gains in Japan and Hong Kong counterbalanced by losses throughout Chinese and Australian indices. Asian Markets are trading mostly firmer this morning although gains on the  Shanghai Composite are modest and the Australian All Ordinaries Index is slightly lower on the day. Considering the gains seen in US markets off the back of Alphabet earnings-fuelled tech stocks, the underlying momentum for global markets should be positive. The announcement from Chinese authorities that they would raise spending and bring some projects forward certainly provided a boost earlier in the week, yet the effects seems to be waning today. Data-wise, Australian CPI came in as expected, remaining at 0.4%.
    UK, US and Europe: US Index Futures are trading lower this morning to partially offset gains on major US Indices last night. Looking ahead, we look set for a somewhat quiet economic calendar, with German business climate representing the only event of note through the European session. The US session will likely focus on the latest US crude inventories numbers, while new home sales could also figure for some traders. Instead we see a significant impact from earnings, with Facebook, GM, Ford, Boeing, and Qualcomm ensuring that the corporate influence remains elevated.
    South Africa: Asian Markets trading mostly firmer this morning leads to the suggestion that the South Africa Top 40 Index is set to have a relatively flat open today, in what is a relatively quite day of economic news flow. Base metal prices have continued to rebound on optimism that the Chinese government will pursue stimulus measure to help offset the trade war risks to the market place. Precious metal prices are flat on the day. BHP Billiton is up over 2% on the Australian All Ordinaries, suggestive of a positive start for local diversified resource counters, although a firmer rand could temper these gains somewhat. Local banking and retail counters should find the strengthening domestic currency a partial catalyst for gains this morning. 
    Economic calendar - key events and forecast (times in BST)

    9am – German IFO index (July): business climate index to rise to 102.2 from 101.8. Market to watch: EUR crosses
    3pm – US new home sales (June): forecast to fall 2.8% MoM from a 6.7% rise. Market to watch: USD crosses
    3.30pm – US EIA crude inventories (w/e 20 July): stockpiles forecast to fall by 2.7 million barrels, from a 5.8 million increase a week earlier. Markets to watch: Brent, WTI
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Tullow Oil reported a pre-tax profit of $55 million for the first half of the year, from a $348 million loss a year earlier. Revenue was up 15% to $905 million and net debt fell to $3.08 billion. The firm said that it did not yet believe a dividend was appropriate.  Vodafone reported a 4.9% fall in revenue for the first quarter, but annual organic adjusted earnings guidance was left unchanged at 1-5%.  ITV said that first-half adjusted pre-tax profit fell 7% to £354 million, but revenue was 8% higher at £1.85 billion.   AECI Ltd Interim results showed headline earnings per share to have increased by 19% from the prior year's comparative interim period.  Applus Upgraded to Overweight at JPMorgan
    UBS Upgraded to Buy at SocGen
    B&M European Upgraded to Buy at Citi
    Kingfisher Upgraded to Neutral at Citi
    boohoo Downgraded to Neutral at Citi
    BT Downgraded to Sector Perform at RBC
    Peugeot Upgraded to Hold at DZ Bank
    Ryanair Downgraded to Reduce at AlphaValue
    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.
  9. JamesIG
    Earnings solid coming from the US continues to push futures up overnight. Oil prices held steady, supported by a report of rising U.S. crude inventories as well as the introduction of sanctions against Iran. Elon Musk tweeted last night regarding taking Tesla private. Stock up as he quoted a $420 price target. Crypto markets slump following SEC bitcoin ETF delay. Today there’s a 39.1 point FTSE div (updated from 39.0 on the dividend adjustment post) and a 25.8 Dow div. Asian overnight: Another good session for US markets helped to drive Asia higher, while oil prices continued to rise thanks to Iran tensions. Tokyo, Hong Kong and Australia rose, but Shanghai fell 0.6% as trade war fears continued to hit equities there. The US has said that it would be implementing a further 25% in tariffs on $16bn of Chinese imports in two weeks time. Trade balance data from China showed a smaller than expected surplus although exports increased more than expected in July as did imports into the region. While the S&P 500 failed to hit a new record, the index is now within easy distance of a fresh record, proving that bullish sentiment remains strong despite trade war rhetoric.

    UK, US and Europe: UK earnings from key firms such as Prudential, Glencore, and G4S help to offset a lighter macro calendar, although we do have a speech from FOMC member Barkin, plus weekly crude inventories and a New Zealand rate decision.
    South Africa: The Jse Top 40 Index is expected to open flat this morning tempering overnight gains with this mornings losses in global equity markets. Tencent Holdings is trading 1.74% firmer in Asia suggestive of a positive start for major holding company Naspers. BHP Billiton is up 0.95% in Australia suggestive of a positive start for local diversified miners. 
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Paddy Power Betfair said that pre-tax profit rose to £106 million for the first half, while revenue was up 7%. The dividend was raised 3% to 67p. However, it downgraded its annual earnings guidance, to £460-480 million, from a previous £470-495 million.  Glencore reported a 13% rise in net income for the first half, to $2.8 billion, with a strong performance from metals and minerals and its energy products segments.  PageGroup saw first-half profit rise 18% to £67.2 million, while revenue was up 12% to £751.6 million. The dividend was raised by 5.1% to 4.1p per share, while a special dividend of 12.73p was also declared.  Countrywide upgraded to neutral at Credit Suisse
    Rio Tinto upgraded to add at AlphaValue
    Ibstock upgraded to buy at Goodbody
    Pendragon upgraded to neutral at JPMorgan
    Alstria Office cut to hold at Kepler Cheuvreux
    Maersk downgraded to hold at SEB Equities
    Rotork downgraded to hold at SocGen
    Spire Healthcare downgraded to sell at Berenberg
    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
    European shares seen opening slightly higher Interest rates and details of asset purchases by the ECB remain unchanged after yesterdays meeting. No mention of protectionist policy or further details on the supposed resolution of aluminium and steel tariffs were given by Draghi. Prescription cannabis for medical use is now legal in the UK after a reclassification of the drug. Amazon smash forecasts of $2.54 EPS with a healthy $5.07 for their end of years. Sky broadcaster and broadband provider profits are soaring amidst the Comcast and 21st Century Fox bidding war. Copper is looking to gain this week for the first time in seven. After three days worth of gains oil slipped on a quieter trading day, however the black gold remains supported by Saudi transport disruption. Asian overnight: A somewhat steady, if indecisive session overnight saw moderate gains across the Japanese and Australian indices, while Chinese and Hong Kong markets drifted lower throughout the session. Asian markets are trading marginally lower this morning although the Australian All Ordinaries is up nearly 1%. Yesterday’s Facebook driven losses on the Nasdaq had a limited impact on tech shares in Asia, with Hong Kong the only market to see downside for their tech sector. On the data front, Japanese Tokyo core CPI rose to 0.8% (from 0.7%), in a welcome continuation of the rare rise seen last month.
     
    UK, US and Europe:  US Index Futures are staging a partial rebound this morning after yesterday's Nasdaq led decline following worse than expected results from Facebook.  The dollar has softened overnight and in turn we have seen some marginal gains in commodity prices. Looking ahead, a quiet day from Europe means the focus will be firmly fixed on the US GDP figure, which is expected to rise sharply to over 4%. Trump’s excitement at the ‘best financial numbers on the planet’ could possibly be another lead on the potential release, given his announcement about “looking forward to the jobs numbers” on the day of a massive NFP outperformance back in June.
    The corporate calendar remains busy, with Twitter earnings maintaining the focus on tech stocks today. Meanwhile, we also have the likes of Exxon Mobil, Chevron, Colgate, Merck, and American Airlines numbers to look out for.
    South Africa: The rand is slightly firmer against the majors. BHP Billiton is up 2.2% in Australia, suggestive of a positive start for local diversified miners. Tencent Holdings is down 0.75% in Asia, suggestive of a similar start for major holding company Naspers. Markets are expected to trade cautiously into this afternoons US GDP data release where consensus estimates predict an economic expansion of more than 4% q/q in the worlds largest economy. 
    Economic calendar - key events and forecast (times in BST)

    1.30pm – US GDP (Q2, first reading): growth forecast to be 2.1% QoQ. Markets to watch: US indices, USD crosses
    3pm – US Michigan confidence index (July, final): forecast to fall to 97.1 from 98.2. Markets to watch: US indices, USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Reckitt Benckiser saw an outperformance in its infant formula business, with a 7% rise in sales for that segment helping drive a 4% increase in like-for-like sales for the business as a whole over the second quarter. It was that bullish development in their infant formula business, particularly in China, which helped raise their full-year sales outlook. Pearson are on track to return the business to profitability this year, after a rise in demand in US and online helped deliver an outperformance for what is traditionally a quiet first half of the year. The second half of the year is usually where the company makes the bulk of its profits, and with first-half adjusted operating profit of £107m, this was well ahead of the £85m expected. BT Group saw a 1% rise in core earnings for the first quarter, thanks largely to cost savings, and strong business in its EE mobile unit. However, the firm also saw underlying revenue down 2%, which fell in line with market expectations. Rightmove saw pre-tax profit rise 12% in the six months to June, with revenue up 10% as their revenue per advertiser rose to £987, from £911. The number of agents using the platform remained largely flat despite housing market struggles, helping enable a 14% rise in their interim dividend, to 25p a share. Oando Plc  Interim results showed turnover increased by 11%, N297.3 billion compared to N267.0 billion (H1 2017). Gross Profit increased by 53%, N51.0 billion compared to N33.4 billion (H1 2017).  Royal Bafokeng Platinum anticipates a loss per share ("LPS") for the six months ended 30 June 2018, of between 13.5 cents and 10.5 cents (representing an improvement of between 10% and 30%), compared to a LPS of 15 cents for the previous corresponding period (the six months ended (30 June 2017). A headline loss per share (“HLPS”) of between 7.5 cents and 4.5 cents (representing an improvement of between 51% and 70.6%) is anticipated, compared to a HLPS of 15.3 cents for the previous corresponding period.  William Hill Upgraded to Hold at Peel Hunt
    Tekmar Group Rated New Buy at Berenberg
    NCC Upgraded to Buy at Berenberg
    Rosneft GDRs Upgraded to Buy at Goldman
    Amerisur Resources Cut to Sector Perform at RBC
    Inchcape Downgraded to Hold at HSBC
    SSE Downgraded to Hold at HSBC
    Ebro Foods Downgraded to Neutral at Haitong
     
    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.
  11. JamesIG
    Oil prices dropped after an industry group reported that U.S. crude inventories rose last week, defying analyst expectations for a significant reduction. Wage growth in Britain is slowing according to new data out yesterday, casting a shadow on the likelihood of a BoE rate hike in August. All eyes should be on UK CPI data later today. Feds Powell said the “best way forward”, despite an impending trade war, was to continue to gradually increase rates. IBM have backed a ‘stable coin’ supposedly pegged to the USD and running on the Stellar blockchain network. You can have your say on which new cryptocurrency IG offer in our community poll. Asian overnight: A mixed bag for Asian markets has seen losses throughout Chinese and Hong Kong indices, while Japanese and Australian markets enjoyed a more positive session. Japanese stocks in particular enjoyed a boost from a weakening yen, with USDJPY reaching a five-month high.
    UK, US and Europe: Last nights positive speech on the US economy by Federal Chair Person Jerome Powell, combined with some better than expected results from the financial sector to help stage a rebound in US equity markets.
    European concerns turn to the UK once more, with the latest inflation data due out this morning. Coming off the back of a somewhat underwhelming UK jobs report yesterday, the market expectations for a strong rise in CPI could be a key determinant of BoE sentiment ahead of their August meeting. Also look out for the eurozone CPI reading, although this is a final revision. In the US, building permits and housing starts push the agenda onto the housing market, yet with Jerome Powell set to give his second monetary policy testimony in as many days, there is a chance he will grab the headlines. With crude price showing significant volatility over the past week, traders should watch for the US crude inventories figure, following the substantial drawdown in stocks announced last week.
    South Africa:  The positive sentiment is echoing into US Futures this morning and expected to translate into our local Index on open as well. The dollar has strengthened to weigh on precious metal prices. The rand has also weakened against the greenback. BHP Billiton is trading 3.29% higher following an upbeat FY18 operational update this morning, with gains expected to be replicated on the company's JSE listing. Tencent Holdings is up 0.3% in Asia, suggestive of a marginally firmer start for major holding company Naspers. Miners of precious metals are expected to underperform our market today on account of the softer pricing of the underlying commodity. 
    Economic calendar - key events and forecast (times in BST)

    9.30am – UK CPI (June): YoY inflation to rise 2.5% YoY from 2.4%, and core CPI to be 2.3% from 2.1% YoY. MoM CPI to be 0.4%, in line with May. Markets to watch: GBP crosses
    10am – eurozone CPI (June): final YoY figure to be 2% from 1.9%, and 0.1% MoM from 0.5%. Markets to watch: EUR crosses
    1.30pm – US housing starts & building permits (June): starts to be down 4% MoM from a 5% rise, and permits to be up 0.7% MoM from a 4.6% fall. Markets to watch: USD crosses
    3.30pm – US EIA inventories (w/e 13 July): stockpiles forecast to fall by 1.9 million barrels, from a 12.6 million decrease a week earlier. Markets to watch: Brent, WTI
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    GVC said that net gaming revenues had risen 8% on a constant currency basis, for the first half of the year. Online business grew 20% over the same period. The World Cup and warm weather boosted performance.  Premier Foods said that sales rose 1.7% in the 13 weeks to 30 June, with good performances from the Mr Kipling and Batchelors brands.  easyJet expects headline pre-tax profit to be £550-590 million for the year to the end of September, up from previous forecasts of £530-580 million. Revenue rose 14% to £1.6 billion for the third quarter. Full-year headline costs per seat, excluding fuel, are expected to be 3% higher, from a previous 2% forecast rise, due to higher levels of industrial action.  Aker BP Upgraded to Buy at Norne Securities
    Ascential Upgraded to Buy at Goldman
    Brenntag Upgraded to Buy at Commerzbank
    Proximus Upgraded to Hold at Jefferies
    Bonava Downgraded to Reduce at Kepler Cheuvreux
    De’ Longhi Cut to Hold at Kepler Cheuvreux
    Fresnillo Cut to Sector Perform at Scotiabank
    Schibsted Downgraded to Hold 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.
  12. JamesIG
    Asian markets move lower on the rather tedious reiteration of trade war fears. Huge volatility spike sees Turkish Lira dropping 13.5% against the USD. Oil prices edged up on worries that reimposed U.S. sanctions against Iran would tighten supplies. UK growth (Q2), trade (June) and production data (June) later today. Asian overnight: Asian markets followed their US counterparts lower, as trade fears continue to impact market sentiment. Japanese markets where the biggest loser over the session, with a big outperformance in the Q2 GDP figure (0.5% from -0.2%) paving the way for a push higher for the Yen. Elsewhere, the Russian ruble and Turkish lira continue to fall amid strained relationships with the US and political concerns.
    UK, US and Europe: Looking ahead, GDP remains a focus, with the UK figures to watch out for. Given the new monthly growth readings, watch for that figure alongside the wider quarterly one. With UK manufacturing production, trade balance, and industrial production also being released, it is likely that the pound is set for a volatile morning. In the US session, keep an eye out for the Canadian jobs data alongside the US CPI inflation reading.
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    9.30am – UK growth (Q2), trade (June) and production data (June): Monthly GDP reading expected to rise from 0.2% to 0.3%, YoY GDP 1.3% expected from 1.2%, and MoM expected to rise from 0.2% to 0.4%. Balance of trade expected to see a larger deficit of -£3 billion, from -£2.79 billion. Manufacturing production expected to fall from 0.4% to 0.3% (MoM), while industrial production is expected to rise from -0.4% to 0.4%. Markets to watch: GBP crosses, UK indices

    1.30pm – Canadian jobs report (July): Employment change expected to fall from 31.8k to 24k. Unemployment exected to fall to 5.8% from 6%. Market to watch: CAD crosses

    1.30pm – US CPI (July): YoY expected to remain flat at 2.9%, while MoM figure is expected to rise from 0.1% to 0.2%. Market to watch: USD crosses
    Corporate News, Upgrades and Downgrades
    SSP has launched a $175 million US bond offer to pay down existing debt. Private placement notes will be issued in October in five series, maturing between 2025 and 2028.  Moneysupermarket.com has completed the acquisition of Decision Technologies, a home communications and mobile phone comparison business.  BMW upgraded to equal-weight at Morgan Stanley
    Paddy Power Betfair upgraded to neutral at Credit Suisse
    Renault upgraded to overweight at Morgan Stanley
    Telefonica upgraded to buy at Jefferies
    Bakkafrost downgraded to hold at SEB Equities
    Basic-Fit cut to equal-weight at Morgan Stanley
    Rolls-Royce cut to underweight at JPMorgan
    Hill & Smith downgraded to hold at Berenberg
    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.
  13. JamesIG
    The Asia equity market ex-Japan are looking at their lowest levels since July last year. Tech sector as a whole was hit by a drop in chip stocks yesterday as well as a knock to social media. Investors are cautious that new U.S. tariffs on China could come into play at any time. Yen and Swiss franc are looking to be bid up for those looking at safe harbours. Non-farm payrolls are out later today. Asian overnight: Yet again trade concerns weighed on Asian markets, with the Hang Seng posting its worst week since February. Tech stocks remain under pressure in both the US and China, with the momentum trade in the Nasdaq seeing a stark turnaround. A rise in US gasoline reserves hit oil prices and helped drive energy stocks lower.
    UK, US and Europe: Yesterday’s ADP numbers were weaker than forecast, so there will be some nervousness among dollar bulls ahead of NFPs this afternoon, while before this we have eurozone GDP figures. Trade war concerns remain front and centre, as the US and China ramp up the tensions.
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    10am – eurozone GDP (Q2): expected to be 0.4% QoQ and 2.2% YoY, from 0.4% and 2.5% respectively. Market to watch: EUR crosses
    1.30pm – US non-farm payrolls (August): NFPs expected to come in at 187K from 157K, while the unemployment rate holds at 3.9%. Average hourly earnings to be 0.3% MoM, in line with last month. Markets to watch: US indices, USD crosses
    1.30pm – Canada employment data (August): 15,900 jobs forecast to have been created, from 54,100 a month earlier. Market to watch: CAD crosses
    Corporate News, Upgrades and Downgrades
    Playtech said that it has sold its 10% stake in Plus500 for £176 million. The proceeds will be used or general corporate purposes and to reduce net debt.  AstraZeneca said that the FDA had granted a breakthrough therapy label for its asthma treatment.  Aixtron upgraded to hold at Baader Helvea
    BioMerieux upgraded to buy at Kepler Cheuvreux
    Equinor upgraded to buy at SEB Equities
    Idorsia upgraded to hold at Berenberg
    Burberry cut to neutral at Goldman
    MorphoSys downgraded to hold at Berenberg
    Safran downgraded to hold at SocGen
    Shire downgraded to hold at Berenberg
    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.  
  14. JamesIG
    Asian overnight: Another bearish session overnight saw Chinese and Hong Kong indices lead the decline, with the first round of tariffs on Chinese goods set to take effect on Friday. The recent decline in the yuan was arrested, with strong dollar selling pressure from Chinese banks looking like intervention from the Chinese authorities. Australian data came in mixed, with a strong retail sales reading counteracted by a lower than expected trade balance figure. Meanwhile, the Chinese Caixin services PMI rose sharply, driving the measure to rise from 52.9 to 53.9.

    UK, US and Europe: The services PMI theme looks set to continue, with European nations releasing their own version throughout the morning. The big focus will be upon the UK services PMI figure, with the release playing a key part in dictating GDP estimates for Q2. Meanwhile, the US markets are closed as the country celebrates Independence Day.
    Economic calendar - key events and forecast (times in BST)

    9.30am – UK services PMI (June): expected to fall to 53 from 54. Markets to watch: FTSE 100/250, GBP crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Sainsbury’s said that sales rose 0.8% in Q1, and were up 0.2% on a like-for-like basis. Price cuts had helped to boost performance. 
    SIG reported a 0.6% rise in first-half revenue, with currency improvements offsetting bad weather. Revenue was flat on a like-for-like basis. 
    National Express has secured a €1 billion contract to operate buses in Morocco, with 500 buses carrying 109 million passengers a year across 61 routes.  
    Topps Tiles suffered a 2.3% drop in like-for-like sales in the 13 weeks to 1 July.
    BN FP upgraded to outperform at RBC
    GFT upgraded to hold at Kepler Cheuvreux
    Petra Diamonds upgraded to outperform at RBC
    Brunello Cucinelli downgraded to hold at Berenberg
    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.
     
  15. JamesIG
    Asian equity markets mixed overnight on better than expected Trump trade talks, but poor US futures - notably Facebook results. Saudi Arabia is suspending the shipment of oil via the Red Sea following an attack from Yemeni Houthi. Gold steady as dollar eases after US and EU trade talks. Big results day for the European market with Shell, Diageo, Nestle, Daimler, and AB InBev set to give trading updates. The corporate focus remains crucial for US markets of late, with Amazon, Intel, McDonald’s, and Starbucks all reporting their latest figures today. Asian overnight: Overnight markets traded in somewhat indecisive fashion, with weakness in Chinese and Hong Kong indices coming amid strength in the Japanese Topix index. The Nikkei traded marginally lower, while the ASX 200 was flat on the session. This comes amid a session of mixed messages over in the US, with disappointing Facebook earnings driving a sharp decline in tech stocks. However, with the US and EU striking a truce and promise to bring down tariffs across the board, there is also a bullish theme to be seen.
    UK, US and Europe:  The move in the US is led by the Nasdaq following a poor reception to Facebook results. The ongoing trade war narrative remains in the market place as Donald Trump meets with EU leaders.
    European data has kicked off with the release of the German Gfk consumer climate number, which ticked moderately lower from 10.7 to 10.6. The eurozone focus will be maintained through the day, with today’s monetary policy decision from the ECB bringing heightened volatility and focus on the euro. We are unlikely to see any move from Draghi & co, yet this may not necessarily mean that we see the meeting pass without any fireworks. The US focus will be upon the impact of the EU-US trade deal, with many hoping this would become a blueprint for future dealings with China. On the calendar front, look out for core durable goods unemployment claims, and crucially the US trade balance data. 
    South Africa: Markets are expected to trade cautiously ahead of this afternoons ECB meeting and tomorrows Advance GDP data out of the US. Metal prices are trading flat to lower this morning. The rand is slightly weaker this morning although, trades near its best levels of the last few weeks. BHP Billiton is 0.3% lower in Australia, suggestive of a softer start for local diversified resource counters. Tencent Holdings is 2% lower in Asia, suggestive of a similar start for local holding company Naspers which has a 20% weighting in the Top40 Index.
    Economic calendar - key events and forecast (times in BST)

    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    Tullow Oil reported a pre-tax profit of $55 million for the first half of the year, from a $348 million loss a year earlier. Revenue was up 15% to $905 million and net debt fell to $3.08 billion. The firm said that it did not yet believe a dividend was appropriate.  Vodafone reported a 4.9% fall in revenue for the first quarter, but annual organic adjusted earnings guidance was left unchanged at 1-5%. ITV said that first-half adjusted pre-tax profit fell 7% to £354 million, but revenue was 8% higher at £1.85 billion. Royal Bafokeng Platinum (SA) anticipates a loss per share ("LPS") for the six months ended 30 June 2018, of between 13.5 cents and 10.5 cents (representing an improvement of between 10% and 30%), compared to a LPS of 15 cents for the previous corresponding period (the six months ended 30 June 2017). A headline loss per share (“HLPS”) of between 7.5 cents and 4.5 cents (representing an improvement of between 51% and 70.6%) is anticipated, compared to a HLPS of 15.3 cents for the previous corresponding period.  Anglo American Plc (SA) a half year financial update showed earnings per share to have decreased by 6%. 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 markets fall for the fourth day and major currencies are generally trading in a tight range.  MSCI Asia-Pacific index down 0.5% whilst Japan's Nikkei (the Japan 225) loses 1%. USD slightly softer going into US Initial Jobless Claims and FOMC minutes later today. Gold is holding steady before Fed minutes, whilst copper and zine are stuck near their one year lows on trade woes. Oil prices fall as Trump slams OPEC on twitter and blames the cartel for rising gas prices. This issue has been raised a number of times over the last few weeks as it could cause a major issue for the 'Trumphouse' going into the November midterms. Meanwhile China's duty on U.S. crude looms. Goldman Sachs are still bullish on Commodities as a whole and believe trade war fears have been overdone. "All of these concerns have been oversold. Even soybeans, the most exposed of all assets to trade wars, is now a buy." Clarification by the FCA on PPI compensation could means UK banks may have to add to the £45bn they’ve already set aside for claims. FMOC later today. Asian overnight: Asian markets traded lower once more, as market sentiment continues to suffer in anticipation of the impending Sino-US tariffs on $34 billion worth of goods. Yesterday’s tweet from Donald Trump calling for lower oil prices has had a knock on effect to the equity markets and tempered some of the gains seen through the week thus far.
    UK, US and Europe: Looking ahead, the focus shifts from the UK to the US, with yesterday’s Independence Day meaning we will see markets on the other side of the Atlantic play catch up with Europe. Appearances from BoE governor Carney and ECB member Mersch will be the highlights for Europe, with markets more focused on the plethora of data points out of the US. ADP payrolls data, composite, manufacturing and services PMI figures in the afternoon pave the way for the latest FOMC minutes. Keep an eye out for the dollar for the impact of the days economic releases, while stock markets will be closely followed for how much they will follow yesterday’s lead in Europe.
    South Africa: After yesterdays public holiday, US futures are trading flat this morning while Asian markets continue to find short term pressure lending itself to a flat to lower start on our local bourse this morning. The dollar is trading relatively flat while commodity prices, which have a relatively large impact on the local SA index, trade mostly lower ahead of the US implementation of trade tariffs on China. BHP Billiton is trading 0.54% lower in Australia furthering the notion that we will see a softer start on locally listed resource counters today. Tencent Holdings is trading 0.5% lower on the Hang Seng, suggestive of a similar start for major holding company Naspers this morning. 
    Economic calendar - key events and forecast (times in BST)

    1.15pm – US ADP employment report (June): expected to rise to 180K from 175K. Markets to watch: US indices, USD crosses
    1.30pm – US initial jobless claims (w/e 30 June): forecast to be 221K from 227K. Markets to watch: US indices, USD crosses
    3pm – US ISM non-manufacturing PMI (June): forecast to fall to 58.2 from 58.6. Markets to watch: US indices, USD crosses
    4pm – US EIA crude inventories (w/e 29 June): expected to see stockpiles fall by 1.6 million barrels. Markets to watch: Brent, WTI
    7pm – FOMC minutes: these will provide further insight into the Fed’s decision to raise rates, as well as the shift on the committee that resulted in the dot-plot suggesting four rate hikes in 2018, from the previous three. Markets to watch: US indices, USD crosses
    Source: Daily FX Economic Calendar
    Corporate News, Upgrades and Downgrades
    China’s ZTE has received a 30 day trade ban relief from Trump. The US provide a third of the components needed by the smartphone manufacturer who have seen a 60% decline in share price wiping off $11bn from the company valuation since the trade war talks.
    Anglo American sees volatility spikes on take over rumours.
    Anglo American Platinum Limited (SA) has accepted an offer from Royal Bafokeng Platinum Limited ("RBPlat") to purchase its 33% interest in the Bafokeng Rasimone Platinum Mine joint venture (“BRPM JV") for a total purchase consideration of R1.863 billion.
    Associated British Foods said its full-year outlook was unchanged, as improvement at Primark is cancelled out by weakness in its sugar division. Group revenue for the 40 weeks to 23 June was up 3% overall, and 2% at actual exchange rates. Primark sales were up 6% on last year, but AB Sugar revenue was 17% lower. 
    Purplebricks suffered an adjusted operating loss of £21.3 million, despite strong growth in the UK and Australia. This compares to a £5.1 million loss in 2017. 
    Glencore has announced a $1 billion share buyback, which will run from today until the end of the year. 
    EasyJet carried 7.9 million passengers in June, up 2.3% from a year ago, while the load factor rose to 95.4% from 94.8%. 
    Aegon upgraded to buy at HSBC
    Bauer upgraded to buy at Kepler Cheuvreux
    Tullow upgraded to overweight at Barclays
    Daimler upgraded to buy at Bankhaus Lampe
    Hapag-Lloyd downgraded to neutral at Citi
    Kappahl downgraded to reduce at Kepler Cheuvreux
    Munich Re downgraded to neutral at JPMorgan
    Soco downgraded to underperform at RBC
    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
    The IG web trading platform has several alert functions which can be used to notify you of potential trading opportunities and market volatility.
    We have different alerts for all types of traders, from the technical analyst to the long-term investor. Before we get into the different alert types it’s worth making sure your Notification Preferences on MyIG are set up correctly and notifications are turned on within your mobile settings area. The blog article on the right may be of help if you would like a walk through of turning on notifications.
     
    Setting up Price Change alerts
    A Price Change alert will notify you of either a percentage move or a points-based movement over a set time frame. These alerts are great for applying to assets in your open positions window, as well as markets you are looking to trade on.
    Percentage or points-based movement Variable time frame of 5 minutes, 1 hour or 1 day Add a message if you wish These will continually trigger until you remove them from the ‘Alerts’ fly out on the left-hand side. Therefore, if you set up an alert to be notified if Spot Gold moves by 1% in a day, and there are three days’ worth of 1% movements back to back, you’ll be alerted for each of these moves. Price Change alert ideas
    Set up a Price Change alert for a 2% move in a day for a major index such as the S&P or Wall Street. This sort of move in a single day would probably suggest a key market event has happened. Set up a Price Change alert for an x% move in a stock you have on your watch list. Maybe a significant move would present a swing trade opportunity.  
     
    Setting up Price Level alerts
    A Price Level alert will notify you when a specific price point has been breached by the market. You can be notified if either the buy or sell price passes your desired threshold.
    Be alerted to a specific price movement, e.g. If the buy price of gold reaches 1290 Add a short message if you wish These are only triggered once Price Level alert ideas
    Set a Price Level alert on the VIX Volatility Index if the price reaches 17, 20, and 25. A VIX movement above 20 generally suggests market volatility and potentially opportunity to trade. Historically the median of the VIX is around 17, and anything below this suggests markets are likely to be a little flat. Setting up support and resistance levels but want to re-evaluate the markets when those price points are reached? Use a Price Level alert.  
    Setting up Indicator alerts
    You can set up indicator alerts from the dealing platform under the alerts tab. You need to pick a resolution and price for the alert to look at, and then you can start adding indicators.
    Use indicator alerts to be notified of your criteria being hit from your technical analysis Choose to be alerted once, or multiple times Add up to 4 indicators from a choice of 11 to the same alert Add indicators on the charts by right clicking to get a rough idea of when/if your alert will trigger. Indicator alert ideas
    These alerts can be as simple or as complicated as you like. You can find a lot of information on technical analysis on IG.com, YouTube, or by searching for strategies related to ‘x’ indicator. For example;
    A crossover strategy: when two moving averages cross, for example the short term 50 MA moving above the 200 MA, it may indicate an upward price trend.  

     
    Setting up macroeconomic alerts from the Economic Calendar
    You can access IGs Economic Calendar from within the dealing platform down the left hand fly out. Once the calendar has opened in a new tab select the date and use the ‘check’ tick column if you want to be notified about an event. Clicking the cog at the top of the column allows you to set the specific notification preferences for these alerts (for example, notify before or after the event, and how you want to be notified).
    Try it out by searching for the next Non-Farm Payroll (NFP) figure and set the alert to be notified 15 minutes before the event, as well as on the event. You should receive a notification with expectations, along with the actual results afterwards.

     
  18. JamesIG
    Hey all.
    On the back of client feedback our charting team have just delivered a new feature on mobile and desktop. You can now quickly and easily see the percentage movement on any given period for any market. This is accessible from the 'Other Options' drop down, or by right clicking on the chart, and selecting 'Percentage' from the 'Scale' option. The percentage scale will then be reflected on the Y axis for the 1st candle (close) visible on any chart to the last. In other words, the percentage change for the visible candles on the chart.  
    As you zoom in or out the scale will adjust automatically. You can see an example of this below.
    Any questions, please add them to the comments section below.
     
     Right click > Scale > Percentage


      Percentages applied down the right hand Y axis

  19. JamesIG
    IG is hosting the first #IGForexChat on Thursday 4th October at 6.30pm
    You can watch the live broadcast using the video player below (with the broadcast starting just before the above time), or from within the dealing platform. We want to hear your questions so we can put them to the panel, opening up a two way channel between you and a group of experts which you may not usually have access to. The first two guests will be Raj Dhall at tradingview.com and Samuel Morton at lovethepips and forexcfdsignals.com. You can read more about the #IGForexChat here, or simply submit your questions below!
     
  20. JamesIG
    In a similar manner to our position preview feature you can now see your working order shaping up on the charts as you start creating orders from the ticket.
    Simply input your order direction, size and level and you will be able to see a preview on the chart. You can then decide to drag you Stop and/or Limit from the chart to define their absolute level and see the related Risk/Reward Ratio. Once you are happy with this just place your order from the ticket et voila!
    If you have any comments, feedback, or questions on this please add your thoughts to the comment section below. Client feedback is a driving force behind platform improvements and all suggestions are forwarded to the appropriate project management and product ownership teams.
    NB: You will need to make sure 'position preview' is on - you can toggle this by right clicking on the charts and navigating to 'show'.

  21. JamesIG
    Why your feedback matters
    Here at IG we want to make sure your suggestions help shape our direction and future. We appreciate that the best businesses are built around two-way communication with clients. That's why we provide a number of different ways for clients to quickly and easily talk to us. There is nothing worse than submitting feedback and feeling like your comments and suggestions have been jettisoned into the void of some unread inbox.
    We want to take this opportunity to lay out how you can easily submit feedback, a few things we do on a daily basis with those communications, and finally a few recent instances of how we're reacted to things our clients have told us. 
     
    How to submit feedback to IG
    Dealing Platform: If you're logged into the platform you'll notice a 'quick feedback' option in the top right hand corner under 'Help'. When you submit your comments our systems will automatically book that against your account and file it in a report which we periodically collate and send to the relevant parties. 
    Community: One of the easiest ways to submit feedback is via the IG Community. If you head over to the forums page you'll notice a 'Suggestions' section where you can have a search to see if your idea has been submitted before. If it hasn't you can simply start a new topic, pop in your request, and post it publically on Community.
    The best thing about this being public is that if other clients are also looking for the same thing, they can up vote your suggestion or add a comment. The more clients that want something, the higher the likelihood of it happening. Reports will be collated and passed to the relevant teams. 
    Direct Message: While the methods described above are generally easier, you may sometimes want to send us a direct message. You can check out our Contact Us page to send a message via a browser contact form.
     
    A few things we do with your feedback
    Daily feedback reports: When a feedback item comes into our client facing trading services team we first see if any immediate action is required (e.g. if there is an easy resolution or different way to get the same desired result). We then tag the contact with a 'feedback' tag. All items tagged in this way are collated daily and sent to the appropriate business owners. Staff with various specialisms, from those who deal with user experience to our charting developers and data scientists, receive these reports. 
    Steering committees: Client feedback is also fed directly back to the appropriate areas within the business via meetings set up to decide the rollout roadmap for specific products. We also regularly meet with third party vendors such as Pro Real Time or Signal providers to discuss feedback points and figure out how to resolve any client pain points. 
    Client communication meetings: Every couple of weeks our communication teams meet with client-facing managers. Both trading services and our dealing desk give an update regarding inbound contacts and the wider market movements, and any client feedback (direct or implied) is discussed. 
     
    Examples of recent changes due to client feedback
    All-sessions chart data: A pain point for clients was the bad spikes on all session pre-market data for big stocks like Apple, Amazon etc. A working group including representatives from the shares desk, our trading services technical support team, and pricing, implemented some solutions to filter the bad data, and correct historical data.
    Almost all chart updates on the new platform: The charts roadmap is strongly influenced by client feedback. Things like customisable colours, new drawings, extra Fibonacci levels, and features like the dark theme, have all been implemented thanks to feedback from our clients.
    PRT Wizards: We get a lot of clients telling us that using Pro Real Time for the first time can be quite difficult because of the flexibility, complexity, and customisation options of the charts. Pro Real Time has now implemented walkthrough wizards to guide clients through using PRT for the first time (and for specific features like customising deal templates). 
     
    Keep an eye out for product updates
    Not every suggestion we receive can be implemented as we need to balance the business roadmap with client feedback and requests, but every feedback item will be documented and reviewed by the appropriate team.
    We also have a brand new 'Products Update' blog on Community where we will be updating all clients on recent rollouts and additions to the IG platform. Some of these changes will be implemented as a direct result of your feedback, so please make sure you keep your comments coming using the above methods. 
     
    All the best
    IG Community Moderator Team
     

Markets

Forex

Indices

Shares

Other markets

IG services

Spread betting

CFD trading

Share dealing

Trading platforms

Web platform

Trading apps

Advanced platforms

Compare features

About Us

How we support you

What we do with your money

How does IG make money?

Professional trading

Contact us

Post topic on Community

Browse Help and Support

Education on Academy

Tweet us @IGClientHelp

UK

IG | Sitemap | Terms and agreements | Privacy | How to fund | Cookies | About IG

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.

The information on this site is not directed at residents of the United States, Belgium or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

© 2003 - 2020

IG | Terms and agreements (UK) | Privacy (UK) | Cookies | Investors | Careers | Marketing partnership

×
×
  • Create New...
us