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. See full non-independent research disclaimer and quarterly summary.
This morning in London: The FTSE 100 is currently up 16 points at 6528.
FX and commodities: GBP/USD is up eight pips at $1.4874, EUR/USD is six pips higher at $1.2788 and USD/JPY is down 57 pips at ¥100.35. Brent crude is up ten cents at $107.92 and Gold is $1.80 higher at $1247.
Latest news: Trading floors are readying themselves for a busy day, no doubt enhanced for many with the start of the Ashes series between England and Australia which gets underway a couple of hours after UK markets open. The other important issue today take place after the European close, with the minutes of the latest Federal Open Market Committee (FOMC) meeting, after which Federal Reserve chairman Ben Bernanke is due to talk.
Stocks: Burberry has announced an 18% increase in first-quarter sales, boosted by its spring and summer range. The retailer’s Asian diversification has been the major stabilising factor. Halfords are still benefiting from last summer’s London Olympics and the changing sentiment towards bicycle riders, after revealing a first-quarter sales rise of 7.5%, driven by a 15.5% increase in like-for-like cycle sales.
The day ahead: All eyes will be on tonight’s FOMC minutes from its last meeting and the possible implications for the Fed’s quantitative easing policy, at 7pm, followed by Ben Bernanke’s speech at 9pm (all London times). All figures as at 8.30am (London time).