David Buik, Senior Market Commentator for Panmure Gordon, joined Zak Mir and James Hughes on the Tip TV Finance Show to discuss the outlook for the markets in October and the supposed direction they may travel in.
Need to wait for Q3 results before moving forward
Buik highlighted the need to see the Q3 earnings and results before the market could take a direction for Q4, and he added that they are believed to be down by around 5% from the corresponding quarter last year. Buik also noted that asset classes are garbage and that a US interest rate hike by the Federal Reserve isn’t going to happen this year.
FTSE 100 to 6500 by years end
Buik outlined that over the last 4 years, earnings per share on the FTSE have dropped 31%, meanwhile, 65% have been upgraded in terms of earnings during that period. He continued that earlier this year, when the FTSE 100 was at 7100, it was clear that it wasn’t staying there, with 6500 being his end pf year prediction. However, Mir noted that from our current position, 6500 on the FTSE will still be hard to achieve.
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