Just under 30 minutes until the end of the close of equity trading. A big picture at across asset, equities, a little bit of a mixed picture, ftse 100 in the u. K. With a record high today. Dax and cac 40 trading sideways, a mixed picture in other industries and in the fx face, broad based weakness and the today,shed through 119 just below that now but up 3 10 of 1 . Cable meanwhile has gone above 134, slightly below that now, 133. 97. Up to 10 sub 1 . Fixed income space, the 10 year yields, generally yields moving lower. Metals on the front foot, let an aluminium moving higher with brent crude down 6 10 of 1 . One stock i want to highlight, the today chart for impact. Ams drop as much as 14 today, down a present or 9 , one of the apple stories. Concern over the past couple of days about apple and the iphone x. As the european markets have somened, we have seen companies drop. Looking at industries, tech stocks providing the biggest downward drag, down 3 10 of 1 . On the upside, materi
591,000 barrels last week. Rise compared to the estimate of 1. 3 Million Barrels that was expected to rise last week. Rise compared to thealso, a much smaller rise compared to the previous week of december 15, but still, a seventh week of gains for gasoline inventories. For reaction, lets bring in alix steel. The inventories in line with estimates, a bit of a bigger drawdown, but gasoline inventories rose less than expected. Alix that is the bearish tilt in the report. Refineries were working overtime, utilization of one 1. 6 , butent up the actual crude inventory is looking solid. We saw that with natural gas as well. The inventory is lower than expected, particularly when it comes to oil. It depends how you measure it. If you look at the fiveyear average globally, we are above that level, but when you look at demand covered versus how much you need to meet demand rather than a average an average stockpile, we are close. Slightly,rts were up so even more impressive that we were able t
Lets look for european equities are trading now. Not looking just at equities but at the gmm function which looks across asset across the spectrum in western europe. When it comes to equities, i said what is left of it in terms of equity trading because a lot of indexes closed early. The ftse 100 closed around lunchtime higher, up 9 10 of 1 and the dax closed lower on the day. Euro stock 50, down 5 10 of 1 and trading on the ftse in italy on the cac 40 in france. The ibex in spain a little bit lower. Today, fx face, weakness on the europe. Cable, up 6 10o of percent intraday. The sovereign bond space, downward pressure on the front and for germany, the twoyear yield down to basis points. Two basis points. 10 year treasury yield where it began twice 17. 2017. Here i am looking at the year to date, overall, towards the end of trading, stoxx 600 is not changed on the day. This year, stoxx 600 headed for its best year since 2013 and tech stocks and commodity producers have been the outperf
Year stocks falling for a third day. , luxembourg and portugal higher. As a whole, the stoxx 600 is down for a third day. We are seeing the euro rise to a threeyear high against the dollar. All these currencies rising against the dollar as yields are gaining across europe today. Fairly hawkish comments from the ecb about the qe program. We will talk to Richard Jones about that one a little later. We had some pmi manufacturing data out of the u. K. Today. Lets look at the eurozone equivalent, rising by a record in december, capping a solid year. 60. 6 was the figure. That is a big increase in line with flash estimates since the survey began in 1997. The performance in december was not a flash in the pan. The average reading for 2017, new orders rose the most in 17 years, export demand at or close to record levels in a number of countries as well. Eurozone manufacturing, this is u. K. House prices. Two coastal areas saw the biggest house price increases in the u. K. Last year. Cheltenham
Rising for the first day in four with european stocks rallying and volume 25 below the 30 day average. Falling against the dollar and the euro is down for the first day in six. After rising to a threeyear hide high yesterday. Sovereign bond yields are declining and commodities inflation is coming back. 2018 will see a decade of negative output gaps turn positive, if the imfs growth estimates are right. Gapone says a positive tends to stir inflation as labor costs and good prices rise in response to increased demand, accelerating inflation is likely to halt market rallies once right hikes intensified, expectations fall and Consumer Price gains will initially set off advances. Watch inflation in 2018. This is a wonderful chart highlighting the difference between developed market, stocks, and emergingmarket stocks. As you can see, the outlook for , that isarket stocks the blue line, this goes back to 1996. It narrows the gdp performance of emerging markets relative to developed markets, t