European stock markets are quiet this morning, and we are seeing mixed movements across the major indices. The FTSE 100 is outperforming the eurozone benchmarks like the DAX and CAC 40, as mining companies are helping the London market.
Glencore (LON:GLEN), Anglo American (LON:AAL), Rio Tinto (LON:RIO) and BHP Billiton (LON:BLT) are some of the biggest gainers on the FTSE 100 as the price of iron ore moved higher in Asia overnight.
Even though we have seen some small loss in Europe this morning, it is encouraging to see the bulk of the gains that were made on Friday have been held onto.
Paddy Power Betfair (LON:PPB) announced the CEO, Breon Corcoran is to stepdown. Mr Corcoran will be replaced by Peter Jackson, who is the CEO of Worldpay Group (LON:WPG). The company stated that first-half revenue and underlying earnings would be up 9% and 21% respectively. The bookmaker said it is trading in line with expectations, and it will report its first-half numbers tomorrow. The share price is down 7.6%.
Brent Crude and WTI are weaker today as traders take cash off the table as the OPEC meeting gets underway in Abu Dhabi. The major oil producers are aiming to obtain greater compliance with the coordinated production cut. There is even talk of trying to get Libya to comply with production freeze.
According to the Halifax survey, UK house prices rose by 0.4% in July, and economists were expecting a rise of 0.2%, and that compared with a decline of 1% in June. The GBP/USD is largely unchanged on the day, and it is holding above the $1.30 mark.
We are anticipating the Dow Jones to open 28 points higher at 22,120, and we are calling the S&P 500 up 2 at 2478.
At 6.25pm, Federal Reserve member Neel Kashkari will be speaking in South Dakota. Neel Kashkari is known to hold a dovish view and even though Friday’s jobs report was strong, he still would like to see inflation pick up before increasing rates again.
At 8pm, the US will announce the consumer credit report for June, and the consensus is for $15.54 billion, and that compares with $18.41 billion in May.
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