This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
FX and commodities update: GBP/USD is down two pips at $1.5494; EUR/USD is down ten pips at $1.3331; USD/JPY is up 22 pips at ¥96.44. Oil - Brent Crude is up 26 cents at $108.15 and Gold is up $17.10 at $1330.
This morning in London: The FTSE 100 is up five points at 6588.
Latest news: Today could be a thin one as far as equity volumes are concerned, with limited corporate or economic data to give a sense of direction. We could find traders looking to keep their powder dry ahead of tonight’s US Federal Reserve comments, which are likely to at least touch on tapering, as well as tomorrow’s EU GDP figures.
Stocks: Business secretary Vince Cable, who has not always sung from the coalition party hymn sheet, has stated that Royal Bank of Scotland will not be sold off until 2018, long after the next election. Tesco has to defend itself over its employment policies after claims that it is choosing cheaper Eastern European staff over British workers. Prudential will post first-half figures at 9.15am (London time).
The day ahead: The only economic data out in Europe or the US today is the Federal budget reserve at 7pm (London time). All figures as at 8.30am (London time).