Stocks Subdued As Trade Tensions Persist

Italy's Gold Sale A Distraction; Central Banks Are Buyers Not Sellers

Stocks Subdued As Trade Tensions Persist

By CMC Markets (David Madden)Stock MarketsJul 04, 2018 11:48

uk.investing.com/analysis/stocks-subdued-as-trade-tensions-persist-200202352

Stocks Subdued As Trade Tensions Persist

By CMC Markets (David Madden) | Jul 04, 2018 11:48

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Stocks are subdued this morning as traders remain cautious about the state of global trading relationships. Volatility is expected to be low today as US stock markets are closed for Independence Day holiday celebrations.

Sainsbury's (LON:SBRY) shares are in demand this morning after the company confirmed it has agreed financing on its proposed merger with Asda. The company announced the supermarket sector is still competitive, but the merger will create a dynamic new player in UK retail. Sainsbury’s revealed a 0.8% rise in total retail sales excluding fuel, but on a like-for-like basis, sales only increased by 0.2%. The stock has been rising since March, and if the positive move continues, it could target 244p.

Micro Focus (LON:MCRO) shares are in the red after the tech sell-off in the US last night. Micron Technology (NASDAQ:MU) shares tumbled on Tuesday after it was reported that a Chinese court had temporarily banned the sale of their chips in China. Micro Focus shares have slipped to a two-month low due to the sector-wide decline.

Anglo American (LON:AAL) shares are a touch higher this morning after it was reported that Vedanta Resources (LON:VED) are contemplating a merger with the South African firm. There was speculation about this potential deal earlier this week after Anil Agarwal, the majority shareholder in Vedanta, made a move to acquire the remaining shares in the firm.

EUR/USD lost ground overnight, but has edged up slightly on the back of mixed services data from France and Germany. The French services PMI report ticked up from 54.3 to 55.9 in June, though economists were expecting a reading of 56.4. The German report came in at 54.5, which comfortably topped the consensus estimate of 53.9.

GBP/USD received a small boost from the firmer UK services PMI report. The reading was 55.1, while traders were anticipating a lower figure of 54.

US equity markets are shut today due to Independence Day.

DISCLAIMER: CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed.

No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The inherent concept of such investments means that they are not suitable for the investor seeking income from such investments, and are only suitable for those who have the required experience and understand the market risks. You should carefully consider your investment objectives, level of experience, and seek advice from an independent financial advisor if you have any doubts.

Central Banks

Interest Rates

Next Meeting

BOE

0.75%

Mar 21, 2019

ECB

0.00%

Mar 07, 2019

FED

2.50%

Mar 20, 2019

SNB

-0.75%

Mar 21, 2019

RBA

1.50%

Mar 05, 2019

BOC

1.75%

Mar 06, 2019

RBNZ

1.75%

Mar 27, 2019

BOJ

-0.10%

Mar 15, 2019

CBR

7.75%

Mar 22, 2019

RBI

6.25%

Apr 04, 2019

PBOC

4.35%

BCB

6.50%

Mar 20, 2019

FTSE 100	7,219.47	-17.21	-0.24%
DAX	11,299.20	-0.60	-0.01%
Euro Stoxx 50	3,244.79	+3.54	+0.11%
S&P 500 Futures	2,775.12	-1.88	-0.07%
Nasdaq Futures	7,069.25	+5.50	+0.08%
Nikkei 225	21,323.50	+41.65	+0.20%
Euro Index	92.46	-0.05	-0.06%
Bitcoin Futures	3,862.5	-2.5	-0.06%

Brent Oil	66.28	-0.22	-0.33%
Crude Oil WTI	56.20	+0.22	+0.39%
Gold	1,327.15	+5.05	+0.38%
Silver	15.748	+0.005	+0.03%
Copper	2.830	-0.006	-0.21%
London Cocoa	1,772.00	+11.00	+0.62%
London Wheat	165.55	-0.80	-0.48%
Natural Gas	2.657	+0.027	+1.03%

GBP/USD	1.2902	-0.0019	-0.15%
EUR/USD	1.1297	-0.0011	-0.10%
USD/JPY	110.62	+0.01	+0.01%
EUR/GBP	0.8757	+0.0009	+0.10%
USD/CAD	1.3264	+0.0024	+0.19%
GBP/JPY	142.72	-0.19	-0.13%
AUD/USD	0.7114	-0.0016	-0.22%
GBP/EUR	1.1419	-0.0002	-0.02%

BTC/USD	3,970.8	+173.0	+4.56%
ETH/USD	149.33	+8.50	+6.03%
BCH/USD	145.37	+14.89	+11.41%
IOT/USD	0.30230	+0.01740	+6.11%
LTC/USD	47.000	+3.060	+6.96%
BTC/GBP	2,592.5	-122.2	-4.50%
XRP/USD	0.32135	+0.01279	+4.15%
XLM/USD	0.08350	+0.00331	+4.13%

Stocks Subdued As Trade Tensions Persist

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