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Tue, 5th Dec 2017 - Author: Morning Shot

In the US, the indices traded mixed with the Dow (+0.24%) trading higher and S&P (-0.11%) and Nasdaq (-1.05%) lower. Equity markets in the Asia-Pac region followed suit as the Nikkei traded lower by 0.35% and the ASX by 0.23%. 

On the balance of play commodities had a weaker session overnight. Lead was the only base metal in the black, copper is threatening to take out the recent consolidation low of $3.022. This would make a lower high and a lower low and produce a technical bearish pattern.

Gold is stubbornly sideways at the moment, whenever it moves lower it seems traders remember the political risk of having Trump in office and as soon as it get close to the top of the range stocks push higher in a risk off tone. Silver however has broken the consolidation low of $16.42 and hovers around that level now.

Spot WTI is looking bearish at the moment, remember in today's session we will be looking out for API inventory data but it seems as the OPEC effect has worn of for now. 

In FX Markets, early signs this morning that GBP longs are ready to trim some of their gains based on fresh uncertainty over the Brexit talks.  Both the EU and UK are convinced they can find resolution over the talks for round one to get to round two on trade ahead of the 14/15 Dec EU Summit.  Strong intent on both sides bolstering support for now. 

 

Morning Stories:

 

Scottish lawmakers will debate a motion calling for Royal Bank of Scotland to halt planned cuts to its branch network, which opponents say will damage the remote communities they are meant to serve.

Cineworld Group plc Proposed acquisition of Regal Entertainment Group

 

Fevertree - 

"The North American premium mixer market is still at a relatively early stage but the trend towards spirits premiumisation and the increasing focus on simple long drink mixability is accelerating and represents a significant opportunity for Fever-Tree, as the pioneer of the premium mixers segment.'' and the go on to say 

"I am delighted that Charles Gibb has agreed to lead our operations in the region.''

 

Micro Focus International confirms it will release its interim results for the six months ended 31 October 2017 on Monday 8 January 2018.

Vodafone and SoftBank Corp. today jointly announced they have entered into a strategic alliance in mobile services for enterprise customers.

 

Wizz Air Holdings -

NOVEMBER 2017 TRAFFIC STATISTICS

WIZZ AIR GROWS PASSENGER NUMBERS BY 22%

LOAD FACTOR INCREASES 1.5 PPTS TO 88.3%

 

IG Group - Net trading revenue in the first half is expected to be around 9% higher than in the same period a year ago. Operating costs excluding variable remuneration in the first half of FY18 are expected to be around 7% lower than in the same period a year ago, primarily reflecting a lower level of advertising and marketing spend. IG maintains the guidance given in July that operating costs excluding variable remuneration for the full year are expected to remain at a similar level to FY17.

 

WYG Half Year Report -

Key points -

-- Revenue* up 3.8% to GBP76.2m (H1 2016: GBP73.5m)

-- Adjusted operating profit before tax** GBP1.0m (H1 2016: GBP2.8m)

 

Horizon has extended its industry-leading gene editing IP portfolio through expansion of CRISPR license rights with ERS Genomics

-- Breadth of research use rights now expanded to include multiple new species

-- Grant of rights to have products made and sold by partners

-- Grant of sub-licensed rights to one spin-out company

 

Cerillion had announced that it has signed a significant new contract with a European telecommunications provider, worth an initial GBP5.0m and a total of GBP8.4m over five years.

Sirius Petroleum had announced that Guarantee Petroleum, its partner in the Ororo Field, has confirmed it has received the Environmental Baseline Studies ("EBS") revalidation from the Department of Petroleum Resources ("DPR").

Metal Tiger announce that Kingsgate Consolidated Limited (Kingsgate) has confirmed Kingsgate shareholders will be given an opportunity to elect a new board at a meeting in Sydney on 9 January 2018.

 

What to look out for:

 

More Brexit talks, EU and UK Services PMI, US ISM Non-Manufacturing PMI and weekly Oil API data.

 

Kind Regards

Rajan Dhall

 

 

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.



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