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

Equities remain positive with the German DAX and Wall St outperforming a flat UK FTSE100. The latter is in spite of GBP off its highs, as USD finds support to inspire profit taking in the commodity space, coupled with mixed inflation prints, a plethora of corporate results and an absence of risk appetite favouring defensives. The DAX benefits from EUR weakness amid fresh German coalition talk uncertainty. Wall St retains a bullish bias, set to open higher after a long weekend. The UK FTSE is being held back by BP (bigger Deepwater Horizon bill), Miners (stronger USD, base metals lower, HSBC downgrades), RDSB (oil off highs) and Banks (Carillion fallout, potential bad loans; US peer results risk) overshadowing the positivity from HSBC/BARC (rebound), BATS (weaker GBP), VOD (defensive) and AB Foods (broker upgrade). Germany’s DAX outperforms thanks to the weaker EUR giving a boost to exporters, notably Autos and Industrials. The FTSE 100 holds above recent 7763 lows. The DAX 30 is making an upside test of 13350. Dow Jones Futures look set to reopen above 26000, extending the rally. Gold’s pullback has found support at $1332 prior highs.”

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