Oil/mrkts...24 Jul 2018 05:11
London started lower and cont that way throughout the session.
Ftse(-23), 250(-155) & S/c(-21).
Risers inc Ocado & WPP both (+5%) while airways went south, Ryan(20%) lower Q1 profits/pilot strikes and Easy Jet off in sympathy. Broker downgrades hit Hargreaves(-2%) and Banks were generally lower (LLOY -0.5%). Meanwhile on the trade front J-C Junker is off to Washington for trade and security talks with Trump. As of yet no full scale teade war has broken out or civil unrest! Stupid comment by Amazon....there will be plenty of unrest from the populace if their parcels don't turn up, I can tell you. TM got a politic boost from a German minister who saw Mays white paper as 'workable.'
Dull session in N.Y saw S&P and Nsdq close higher, the Dow off 14.
Banks along with techs supported the relevant indices. Trumps hot air tirade re Iran largely ignored as the mrkt has become inured to Chumptweets effecting traders moves (see his comments re the Fed policy helping to boost the $). Meanwhile the Fed Atlanta forecasts 2Q expansion to be over 4%.
So while the economic background is positive, the mrkt stable and his Republican base supportive he looks set to carry out his trade threats. However if any of the three turn against him he will back off or so say BOA analysts. Stocks catching the eye were Tesla and Papa Johns the latter falling 10% on an ill advised racial slur from Co founder & Google jumping 5% on excellent Q1 nos.
Finally chartists see the S&P breaking out and heading towards 2900 having started 2018 at 2674.
Quiet session in the Far East, no lead from the 'street' saw Tokyo gaining 140 (weaker yen) (conglomerates/motors/finance), HK(+286) & SH(+38) / local factors, heading towards lunch. China large caps boosting sentiment across the region
Oil was little changed $72.85 and sterling $1.3103, Gold $1223, Vix 12.62. The ftse seen up 30, the Dow (+80) early doors. Morning all.