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EXCLUSIVE: Alastair Smith, Avacta Group CEO gives an Operational Update

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Morning Shot

Morning Shot

Mon, 2nd Oct 2017 - Author: Morning Shot

Major Asian bourses have followed the lead from the US last week opening on a high, we must remember Chinese equities markets are closed which does have an impact on many of our markets mainly the commodities focused companies. Another thing that could impact EU markets this week was the riots seen in Barcelona over the Calalan independence vote.

In commodities markets data from China has boosted metals before the Chinese public holiday week. Copper is trading higher by 0.61% while lead, zinc and aluminium all start the week on the front foot. Spot WTI has now found clear resistance at the $52/bbl level and is currently trading 50 cents shy of that area, $50/bbl looks to be a good support level so we may consolidate between the two for now. As the USD gains ground spot gold continues to retreat, the yellow metal us currently trading lower by 0.40% just below the $1275 support level. 

The EUR is under a little pressure this morning, as traders await to see further developments in Spain after the voting in Catalonia - deemed illegal by Spanish government.  EUR/USD is now edging back to the mid 1.1700's, and we sense a retest of the 1.1700 level, ahead of which traders were again using the range breakout as a base. From the UK perspective, the Tory party conference will be in focus to see whether PM May changes her rhetoric on Brexit after her speech in Florence. 

Morning Stories

The U.S. Federal Reserve has fined HSBC Holdings $175 million for "unsafe and unsound practices" in its foreign exchange trading business, the latest in a series of fines for banks that fail to prevent market manipulation.

Britain's Nisa Retail stated its chief executive had left the convenience retailer, which is in talks with the Co-operative Group to be taken over

James HalsteadRevenue at GBP240.8 million (2016: GBP226.1 million) - up 6.5%,  Profit before tax GBP46.6 million (2016:GBP45.5 million) - up 2.5% 

DMGT state “market conditions challenging” some areas and  “21% growth in digital adv.. 6% decline in print.. overall +3%”

What to look out for

German, US and UK Manufacturing data and FOMC Member Kaplan Speaks  



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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