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Wed, 4th Oct 2017 - Author: Morning Shot

Asian bourses traded mostly higher overnight after another record breaking session in the US as all three major indices posted fresh highs. The only corporates that struggle overnight were the ones in the energy sector due to the fall in crude prices. 

In commodities markets, as the USD retraced most of the commodities enjoyed gains. Silver, platinum and palladium performed well overnight and gold is also up 0.30% after finding support at around $1270/oz

Lead leads the way in industrial metals trading higher by 0.60%, closely followed by zinc. Copper is also performing well but look out for intra-day resistance at $2.907.

Spot WTI fell through the $50/bbl last night after the API's last night despite a draw being produced there was a build in both Cushing stock and Gasoline. 

In FX markets, EUR/USD pushing higher again this morning, but this is a USD move to a large degree, with EUR/CHF still in the mid 1.1400's for now. A weaker tone to GBP of recently, but modestly so with EUR/GBP coming into resistance ahead of 0.8900. Cable has also hit a base ahead of the 1.3205-10 area we highlighted, but sellers expected on the way. The interest rate driver looks to have run its course as the curve prices in as much as it can at this stage - 10yr Gilts topping out ahead of 1.40%. The mood in Brexit is souring a little, after the press conference(s) last week.   EU Juncker and Barnier still concerned over progress, and Trade Sec Fox reiterating the no deal/walk away mantra if nothing is agreed by Mar 2019.  

Morning Stories 

 Tesco H1 18 Earnings Results: Revenue: GBP28.3B (est GBP27.62) Dividend: 1p and UK LFL Sales Up 2.2%. 

Two members of Tesco's financial team resigned in 2014 because they were concerned that their professional integrity was being compromised by what they were being asked to do by their bosses, a court heard on Yesterday.

Glencore is set to buy a further stake worth at least $531 million in Peru's largest zinc miner, Volcan Compania Minera SAA, the company said on Tuesday.

Ireland's Gov will raise Dublin's concerns over the impact a trade dispute between the United States and Canada's Bombardier could have on Northern Ireland's peace process when he meets Commerce Secretary Wilbur Ross this week.

Royal Dutch Shell stated it has cancelled a $900 million deal to sell its gas field stakes in Thailand to Kuwait Foreign Petroleum Exploration Company (KUFPEC).

Balfour Beatty have been awarded a contract worth $260 Million (c. £193m) US commercial and residential scheme in Miami

Topps Tiles report - Revenues for the 52 week period are expected to be in the region of £211.6 million (2016: £215.0 million). Like-for-like revenues in the 52 weeks decreased 2.9% on the prior year (2016: +4.2%). Like-for-like revenues in the 13 weeks ended 30 September 2017 decreased by 3.0%.


What to look out for

UK Services PMI, ADP Non farm payrolls, US Manufacturing data, DOE Oil inventories, Fed's Yellen, Fed's Bullard and ECB's Draghi 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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