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 declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold slumps below $2,300 as US yields rebound
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.