In mid-morning trading the FTSE 100 is down 30 points as British banks bear the brunt of the Scottish uncertainty.
The FTSE 100 has opened lower, financial stocks have been hit hardest, and even though the polls are showing a 'No' vote it is likely nobody wants to stick their neck out and buy banks and insurers ahead of the Scottish referendum on Thursday. AG Barr, which owns Irn Bru, will report its half-year figures next week. Some Scottish-headquartered businesses have suggested relocating to England if a 'Yes' vote goes ahead, but I suspect AG Barr will be staying put either way. Today is the anniversary of 'Black Wednesday' when the pound collapsed in value. The Scots go to the polls on Thursday, and we could have a 'Black Friday' on our hands depending on which way the vote goes. Our binary bet is now pricing in a 22% chance of Scotland voting 'Yes'. The binary has seen a spike in trading volumes this week with both outcomes being heavily traded.
Galliford Try revealed record profits on an annual basis and the company's business, Linden Homes, announced an increase average selling price of 15%. Galliford Try's CEO Greg Fitzgerald will step down next year after 33 years of service at the company. ASOS has issued two profit warnings in six months and the downbeat update this morning has compounded the share price decline. The stock has dropped 65% in the past six months, as seen on traders' screens.
In the US, we are expecting the Dow to open 40 points lower at 16,991 as the Fed meeting draws nearer. Our grey market is suggesting a market capitalisation of $213 billion for Alibaba's IPO which will begin trading on Friday. It is almost a given that it will be a record IPO.
The FTSE 100 has opened lower, financial stocks have been hit hardest, and even though the polls are showing a 'No' vote it is likely nobody wants to stick their neck out and buy banks and insurers ahead of the Scottish referendum on Thursday. AG Barr, which owns Irn Bru, will report its half-year figures next week. Some Scottish-headquartered businesses have suggested relocating to England if a 'Yes' vote goes ahead, but I suspect AG Barr will be staying put either way. Today is the anniversary of 'Black Wednesday' when the pound collapsed in value. The Scots go to the polls on Thursday, and we could have a 'Black Friday' on our hands depending on which way the vote goes. Our binary bet is now pricing in a 22% chance of Scotland voting 'Yes'. The binary has seen a spike in trading volumes this week with both outcomes being heavily traded.
Galliford Try revealed record profits on an annual basis and the company's business, Linden Homes, announced an increase average selling price of 15%. Galliford Try's CEO Greg Fitzgerald will step down next year after 33 years of service at the company. ASOS has issued two profit warnings in six months and the downbeat update this morning has compounded the share price decline. The stock has dropped 65% in the past six months, as seen on traders' screens.
In the US, we are expecting the Dow to open 40 points lower at 16,991 as the Fed meeting draws nearer. Our grey market is suggesting a market capitalisation of $213 billion for Alibaba's IPO which will begin trading on Friday. It is almost a given that it will be a record IPO.
Recommended Content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.