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Twitter announces IPO plans

Four key markets in focus today.

Twitter Market Cap

Twitter has announced plans to IPO, with details emerging now of its profitability. There are some interesting statistics coming out, such as the fact the company made 87% of profits from advertising in 2013, up from 85% in 2012, while it has generated $317 million in revenue in 2012. Our grey market currently predicts a market cap on the close of its first day of listing of $17.75 billion (using the current mid-point).

USD/JPY

The pair continues to find sellers, trading to a low in US trade of 96.93. Goldman Sachs has detailed that it has gone tactically short USD/JPY at 97.30, targeting a move to 94.00, while exiting the trade on a daily close above 98.80. Certainly to us, the path of least resistance right now is lower; however we will be keen to keep an eye on the 200-day moving average at 96.63. In the afternoon (no set time) we get the BoJ meeting, although the market is not expecting anything major here.

US 500 cash

The S&P 500 fell 0.9% yesterday on a mix of poor US data and concerns around the debt ceiling. There have been some sizeable moves in the US T-bill market, with the bill maturing on October 24, two days after the US effectively runs out of cash (on CBO’s statistics), moving up five basis points to thirteen basis points. Bear in mind the yield on this instrument was negative a couple of weeks ago. The US market traded through the 50-day moving average, after finding good support here in recent times.

Leighton Holdings (LEI)

The stock was smashed through key support at $18.40 yesterday and should continue to find follow through selling today. With the stock closing at $17.54, traders will be waiting for a break of further support at $17.38 to $17.35 (a range of highs through August).

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