Over the weekend we have seen SAB Miller rebuffed in its attempts to woe Heineken, with the Danish brewer’s major shareholder preferring to remain independent. If the M&A activity witnessed in the pharmaceutical sector this year is anything to go by then this will not be the last we hear about this. The recent rejection from EE, coming swiftly after Vodafone declined to renew its contract, has seen Phones4U go into administration. This news will no doubt strengthen the growing following that the amalgamated Dixons Carphone is gaining. In an effort to finally end investor confusion, TUI Travel and TUI AG have decided to merge and form under just one banner.
Last week saw both Westminster politicians and major corporations finally get more fully involved in the Scottish referendum vote. With the polls still running close both currency and equity traders are preparing themselves for a particularly frenetic end to the week. The IG binary on the Scottish referendum is indicating a lead for the 'No' party, inferring an 81% chance of Scotland voting to remain part of the Union.
Today see’s the launch of IG offering stockbroking facilities to both existing and new clients. IG has decided to take advantage of the excellent institutional trading relationships that it has built up over almost 40 years and broaden the products available to its clients.
Ahead of the open we expect the Dow Jones to start 42 points lower at 16,945.
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Editors’ Picks
EUR/USD consolidates gains below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery below 1.0700 in the European session on Thursday. The US Dollar holds its corrective decline amid improving market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD clings to moderate gains above 1.2450 on US Dollar weakness
GBP/USD is clinging to recovery gains above 1.2450 in European trading on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold price shines amid fears of fresh escalation in Middle East tensions
Gold price rebounds to $2,380 in Thursday’s European session after posting losses on Wednesday. The precious metal holds gains amid fears that Middle East tensions could worsen and spread beyond Gaza if Israel responds brutally to Iran.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.