Wednesday morning snapshot

A snapshot of the early morning's equity news and key market movements.

Last night in the US: The Dow Jones closed down 21 points at 16,722 the NASDAQ finished down three points at 4234 and the S&P 500 ended the day down one points at 1924.

This morning in London: The FTSE 100 is currently down two points at 6833.

FX and commodities: GBP/USD is down 38 pips at $1.6709, EUR/USD is down 20 pips at $1.3606 and USD/JPY is up 68 pips at ¥102.68. Brent crude is up 11 cents at $108.88 and gold is trading at $1245, up $1.

Stocks: The big corporate story of the day is Tesco posting its worst quarterly drop in sales for a decade. The leading UK food retailer continues to struggle with falling market share and reducing profit margins. Lloyds has pulled out of a financing deal to cover $2 billion for Rosneft due to uncertainties over Russian firms.  

The day ahead: The G7 (Not G8 no Russia) kicks off in the re-convened Brussels today. Today will see the release of the eurozone quarterly GDP and monthly PPI figures. In the afternoon we have US trade balance figures, final service PMI, ISM non-manufacturing PMI and the Federal Reserve Beige book.

All figures correct at 8.20am. All times London time.

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.

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