In mid-morning trading the FTSE is 20 points higher, as excitement surrounding the ECB eclipses the situation in Ukraine.
In London, traders are already focused on Thursday’s ECB meeting. If anybody is going to move the market in this climate it would be Mario Draghi. The meeting between Draghi, the ECB president, and French president Francois Hollande yesterday, suggested that both men are on the same page when it comes to the eurozone’s finances. The tension between Ukraine and Russia remains but the story has been put on the back burner for now. Unless there is flare up in violence we are unlikely to see stocks react. Mark Carney is right to be worried about the British property market — the UK construction PMI jumped to 64 in August. Homebuilder Redrow posted a 91% rise in full-year pre-tax profits, and the stock is up 1% today.
Things are heating up north of the border; the gap between the ‘Yes’ and ‘No’ vote is narrowing but our market suggests that there is an 81% chance of a ‘No’ vote. However, that has come back from an 85% chance before the latest YouGov poll. Alibaba is gearing up for its stock market listing which could be as soon as 18 September. Our grey market suggests a market capitalisation of $214 billion, up 4% from yesterday as the IPO looms.
In the US, we are expecting the Dow to open higher after being shut yesterday due to Labor Day. We are calling the Dow up 34 points at 17,132.
In London, traders are already focused on Thursday’s ECB meeting. If anybody is going to move the market in this climate it would be Mario Draghi. The meeting between Draghi, the ECB president, and French president Francois Hollande yesterday, suggested that both men are on the same page when it comes to the eurozone’s finances. The tension between Ukraine and Russia remains but the story has been put on the back burner for now. Unless there is flare up in violence we are unlikely to see stocks react. Mark Carney is right to be worried about the British property market — the UK construction PMI jumped to 64 in August. Homebuilder Redrow posted a 91% rise in full-year pre-tax profits, and the stock is up 1% today.
Things are heating up north of the border; the gap between the ‘Yes’ and ‘No’ vote is narrowing but our market suggests that there is an 81% chance of a ‘No’ vote. However, that has come back from an 85% chance before the latest YouGov poll. Alibaba is gearing up for its stock market listing which could be as soon as 18 September. Our grey market suggests a market capitalisation of $214 billion, up 4% from yesterday as the IPO looms.
In the US, we are expecting the Dow to open higher after being shut yesterday due to Labor Day. We are calling the Dow up 34 points at 17,132.
Recommended Content
Editors’ Picks
EUR/USD hovers around 1.0700, eyes on US first-quarter GDP data
EUR/USD hovers around the 1.0700 psychological level on Thursday during the early Thursday. The modest uptick of the major pair is supported by the softer US Dollar. Later in the day, Germany’s GfK Consumer Confidence Survey for April will be released.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.