Mrkts...13 Apr 2018 05:25
London eased from the off on crude falling back from $73 (BP u/c) & ( Shell+4) - and drifted aimlessly throughout the morning session. News of weaker house prices on lack of demand surprised no-one. Tesco cont its good run post results leading the gainers though overtaken by Microfocus (+7%) when activist investor Elliott Management reported stake building following the near 50% drop on recent results. Bitcoin surged past $8000 briefly as wealthy Russians are said to be using the service to covertly send money abroad. Syria was in the forefront, May sending one of our subs into firing range following war preparations conducted via Trumpton tweetings (we will - we won't - its a guessing game). At close the ftse gained a point (7258) the 250 saw most of the days action (+118) and S/caps added 9. Heavy vols from the off saw the Dow gain 300 as London closed. Breaking news, Syrian tweets, Trumps lawyer in the firing line, trade wars, Hush money Daniels, Russian election probes and House Speaker Ryan quitting, Trump is fighting wars on multiple fronts. No wonder he's paranoid! With up coming earnings expected to be strong its erratic politics buffeting mrkts almost minute by minute that's giving investors a hard time trying to find direction in this shifting environment. Investors stayed on the sidelines for the afternoon finding little to get involved and with no updates on Syria it was put away the cheque books. Broad gains (24/30) on the Dow ahead of the banks reporting led by financials saw the Dow close the day 294 ahead -- the S&P (6/11) sectors were gainers added 22 and the techs up 71. To date the Dow is just 1% down a remarkable performance given all the dark clouds on the horizon. By contrast the 100 is off 6% ytd. The nos: Oil $71.77 - Gold $1338 - Vix 18.50 - £$ 1.423 - £€ 1.155 - Bcon $6942 - FF (-2) & DF (-58). A better day for G adding the 10 it lost yesterday but given its Friday expect some profit taking to pare back gains seen this week. I make the 185-190s as the likely Friday Club winners. Good morning all.
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