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Accounting Blip, Japan Summit Lift FTSE

By City Index (Fiona Cincotta)Market OverviewJun 28, 2019 17:17
uk.investing.com/analysis/accounting-blip-japan-summit-lift-ftse-200430817
Accounting Blip, Japan Summit Lift FTSE
By City Index (Fiona Cincotta)   |  Jun 28, 2019 17:17
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The FTSE is trading higher led by property firms and miners helped by a slightly more optimistic sentiment in Europe ahead of the key Trump-Xi summit in Japan this weekend. Also, through some clever revision at the Office of National Statistics Britain’s economy has just gained GBP 26 billion. Though the number will do very little other than make statisticians feel better, it is a bit of positive news at a time when Britain’s economic growth is grinding to a halt.

House builders are the main gainers in London led by Berkeley Group (LON:BKGH) which has attracted some speculative trading after a positive analysts’ note. Home builders are in a delicate position in that many have relatively healthy balance sheets from an extended period of rising prices but the housing market especially in and around London remains difficult and is eroding those same balance sheets with declining profits. A short term speculative buy at best, house builders could face more difficulties ahead particularly if the Bank of England really opts for further rate increases.

Cable undecided ahead of the G20 meet

Sterling traders remain very, very cautious and currency moves especially against the dollar are barely palpable. On the pound side of the equation the wait for the outcome of the Tory leadership race is preventing more serious position taking, on the dollar side the market is also in a limbo ahead of the G20 meet between the Chinese and US presidents.

There could be some last minute volatility late Friday ahead of the G20 meeting on Saturday which, if it is successful, could undo weeks of hostility between China and the US.

OPEC meet around the corner, oil weaker

At this stage the outcome of the OPEC meeting in Vienna on Monday seems to be a done deal. Most of the major players have already indicated that the group plans to extend production cuts put in place in December and there has been no major dissenting voice among the oil producers.

Still, Brent crude is a touch lower ahead of the meeting as the market has already factored further cuts into the price. The bigger unknown is the outcome of the tense situation in the Gulf which will prevent a more serious decline in oil prices in the short term.

Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient.

Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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Accounting Blip, Japan Summit Lift FTSE
 

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Accounting Blip, Japan Summit Lift FTSE

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