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 down 21 points at 6776.
FX and commodities: GBP/USD is up five pips at $1.6978, EUR/USD is down seven pips at $1.3920 and USD/JPY is down 20 pips at ¥101.47. Brent crude is up 28 cents at $107.27 and gold is trading at $1310, up $2.25.
Stocks: Today’s figures from Sainsbury's have given a mixed message. Profits have increased at 5.3% but this is the slowest rate of growth the company has had for almost a decade. That being said, the company has increased its dividend to shareholders by 3.4p to 17.3p. Sainsbury’s also now has a market share of 16.8% of the UK food retail, its highest level since Justin King took control. Siemens has acquired €950 million of energy assets from Rolls-Royce. BAE Systems has reiterated it expects full-year profits to be down by up to 10% this year. Legal & General has seen improved returns in its retirement products, helping to improve cash on the books for 2014.
The day ahead: French industrial production and trade balance figures were both released and worse than expected, along with disappointing German factory orders. An hour after the open we are expecting the Eurozone retail purchasing managers index and trade balance figures. The afternoon session will be dominated by Janet Yellen’s testimony in front of the Joint Economic Committee of Congress.
All figures correct at 8.15am. All times London time.