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Thu, 5th Oct 2017 - Author: Morning Shot


US stocks only traded marginally higher yesterday and Asian indices trade flat this morning in a very lackluster session.

Yesterday agri commodities are performing well with orange juice futures trading higher by nearly 2%, this means for the week a total rise of 7.74%. Sugar is also posting similar results with a rise of just over 1% yesterday and a weekly rise of 7.41% and this is largely due to the hurricane approaching Florida.  In industrial metals, copper is doing its best to bounce back currently up 0.25% with the next big resistance at the psychological $3 level. Nickel is also still bouncing back this week it trades higher by 1.50% but overall for the month the metal is still down just over 13%. Lead, tin and zinc are all trading lower so far this morning. After pushing through $1280/oz yesterday gold came right back after some strong US data. The yellow metal is still higher this morning trading around the $1275 level as it tries to retrace back after some previous losses. Spot WTI continues to trade below $50/bbl despite a draw in DOE's yesterday and OPEC's best efforts to talk it back up. 

More range bound trade ahead as EUR/USD continues to hold up and away from the low 1.1700's, deterred by the strong demand we saw on the dip under the figure earlier in the week. GBP has lost its shine in the last week or so, with relaxed Brexit concerns premature and scepticism over BoE intentions. A weak set of retail sales figures in Australia overnight, falling 0.6% over Aug and putting household income (and debt?) into focus again.


Morning Stories 

New car registrations in the UK fell by 9.2%t in Sept, making it highly likely that sales this year will be down for the first time since 2011, according to preliminary numbers from an industry body.

Thorpe park owner Merlin Entertainments Plc has approached marine park operator SeaWorld Entertainment Inc about a potential deal, according to a sources.

BP stated it began evacuating non-essential workers from the Thunder Horse and Na Kika platforms in the Gulf of Mexico due to the strengthening of Tropical Depression 16.

Royal Dutch Shell stated it was minimizing staff working offshore at its eastern Gulf of Mexico assets due to forecasts that Tropical Depression 16 will move close to the region over the weekend.

DFS increase their dividend and pay a special dividend but state 'very challenging conditions' and modest returns expected

Vodafone produce their largest new ad campaign in 33 years and new tech, digital services are announced

Aviva today made an agreement to acquire a majority shareholding in Wealthify Group Limited

BTG announces it has acquired Roxwood Medical and the Co. state they have delivered a good performance in the first half of the year, with double-digit CER product sales growth.


What to look out for

ECB Publishes Account of Monetary Policy Meeting, ECB's Coeure Speaks, Initial Jobless Claims, Canadian and US Trade Balance, FOMC Members Powell, George, Harker & Williams Speak and BoE MPC Members Haldane & McCafferty Speak



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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