May coughs up another £2bn for affordable housing

May coughs up another £2bn for affordable housing

Mike van Dulken, head of Research at Accendo Markets commented to clients this afternoon:

“UK equities are mixed at half time (both for the day and week). The FTSE is flat, hindered by lower oil prices and a stronger GBP, derived from more stronger than expected UK PMI Services and USD weakness (US debt concerns) although the latter is helping buoy its many commodity sensitive names. The German DAX is being dragged lower by similar EUR strength as well as disappointing Eurozone Retail Sales and concerns about Catalonia declaring independence. TheUK’s FTSE 100 sees gains for Asia-reliant financials (HSBC, STAN) and Miners (RIO, AAL, BLT) welcoming USD weakness, and DGE extending a last September bounce, being offset by oil majors (BP, RDSb) suffering from persistent oil price weakness, CNA & SSE down on concerns about new UK energy policy and TSCO Q2 results getting a mixed reception. The German DAX underperforms due to losses for ThyssenKrupp (equal representation for Tata employees after merger), E.On (UK policy concerns) and Banks (Spanish banks lower after Catalan referendum) overpowering gains for Fresenius and Autos (poor sales figures from US peers) and property name Vonovia (Fidelity positive). The FTSE 100 is holding steep rising support at 7460. The DAX 30 has made a fresh record high of 12975, but may be tiring. Dow Jones Futures have extended the bullish flag we highlighted yesterday. Gold has broken above falling highs resistance to re-test $1280.”

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