A busy day ahead from a macro perspective
- With the FTSE bouncing off a two-month intra-day low yesterday to end the session positive, weakness late on in the US and overnight in […]
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- With the FTSE bouncing off a two-month intra-day low yesterday to end the session positive, weakness late on in the US and overnight in Asia has led to an early fall here in Europe.
- With dividend adjustments taking 10.7 points off the FTSE with heavy weights GlaxoSmithKline and Royal Dutch Shell A and B, as well as Marks & Spencer, all losing their dividend attraction, we currently find the index down 19 at 5755 .
- In Europe we see the Dax is down 25 at 7145 while elsewhere, things are mixed.
- Unsurprisingly we see the ex-dividend stocks as the biggest fallers with Shell A and B shares the biggest fallers, both down around 1.6%.
- GSK are also down 1.25% while building material supplier CRH plan more cost cutting measures as they face the uncertainties of the US fiscal cliff and further disruption in the eurozone to leave them down over 1%.
- On a more positive note we have AMEC as the biggest gainer, who note their year to date trading is in line with expectations – they are up 2.25%.
- An upgrade to neutral from Nomura has also boosted Weir Group who find themselves 1.4% higher.
- A busy day ahead from a macro perspective has traders watching UK unemployment figures at 9.30am and the BoE inflation report at 10.30am.
- There is plenty to digest this afternoon with the US retail sales at 1.30pm and PPI data as well as the FOMC meeting minutes at 7pm.
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