Market News & Analysis
FTSE slips despite influx of corporate news
Fiona Cincotta November 6, 2019 8:34 PM
The FTSE is in a wait-and-see loop this morning with some gloom coming from Asia where markets stalled because of a lack of visible progress in the Sino-US trade relations. Imperial Brands has recovered from yesterday’s post-results decline as the dip made the stock prices appealing to investors. BAE Systems is also on the rise, trading up 1.85%.
M&S - mysterious adjustment
M&S shares are trading 5.4% higher after the company released its half year results. Looking at the M&S balance sheet more closely it is actually impossible to say if the company made a profit during that period or not as it has added a mysterious adjusting item that has not been explained yet. What is certain though is that the company is still struggling with lower clothing and home sales while food sales remained nearly flat and that it is planning further store closures and cost cutting to counteract the in-store sales decline.
Euro bounces on German factory orders
The euro has strengthened against the dollar and the pound after the German economy saw a glimmer of hope in the shape of rising factory orders. After several months of declines orders, from outside of Europe have risen, giving German manufacturing a much needed fillip. All the recent manufacturing PMI numbers have shown that the sector has been contracting. This morning the euro is trading up 0.14% against the dollar and 0.15% against the pound.
The pound has stabilised against the dollar after a fall late yesterday and is trading at $1.2887. The $1.30 level remains difficult to breach – barring any fresh political news – and for the time being sterling looks set to trade just below that level.
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.