Home builders compete
In the ultimate demonstration of one-upmanship, Persimmon has posted profits up 49% for the year trouncing yesterday’s Bovis Homes profits growth of a mere 48%. Following this we can only speculate as to what Taylor Wimpey will announce on Wednesday.
Investment management firm St James's Place has increased its dividend by 50% following an increase in profits of 26%, giving the markets ample reason to move the shares up over 6% on the day.
US markets lose momentum
The S&P 500 surprised many with its intraday all-time high blip yesterday, but, like its European cousins, today it appears to have reacted with a touch of vertigo. This afternoon’s softer Richmond Manufacturing Index and weaker Conference Board Consumer Confidence figures have given traders no reason to embark on a swift return to these highs, either.
JPMorgan has updated the markets on its targets, following further cost-cutting measures and job cuts. They are now looking to increase last year’s profits from $18 billion up to $27 billion.
Home Depot has also given investors reason to cheer, with fourth-quarter estimate beating $1.01 figures.
Coffee and sugar continue rally
Gold’s momentum has come to a standstill following a particularly bullish move yesterday, as the price moves further into overbought territory.
GBP/USD best performer
The Chinese yaun has collapsed as traders speculate that the Chinese central government’s management of the currency could be loosened.
Gold has struggled to break out of a tight range, as it suffers from a lack of direction following recent economic data releases.
GBP/USD has been the most active of the major currency pairs, displaying a 55-pip gain by mid-afternoon.