Weekly Trading Update
French election first round in focus
Theresa May’s snap election announcement caused some volatility, but a Le Pen victory this Sunday should provide real movement.
UK
The main source of movement in the UK could come from the French election first round. But after this week saw a strong pound but weak FTSE due to May’s shock announcement on Tuesday, as manifestos are slowly released, we could see some volatility as the lead up to the UK’s general election takes shape.
Once again, there is little substantial data announcements for the FTSE and pound to deal with. It’s not until Friday when the preliminary GDP figures are released.
US
Also just like last week, the US markets have quite a few things to contend with. As with the last Tuesday of every month, the Conference Board consumer confidence figures are released; Wednesday sees the core retail sales figures as well as the crude oil inventory figures; on Thursday unemployment claims and core durable goods orders and finally on Friday estimated GDP data is released.
Eurozone
Monday is likely to be the busiest day in the week as the first round of the French election falls on Sunday 23rd April. While there is a high chance it could go to a second round of voting, as we have seen in the past year, a shock result could easily be on the cards.
In terms of economic announcements, the week kicks off with the German Information and Forschung business climate announcement. This is followed by a busy Thursday that sees the minimum bid rate; the ECB press conference; the core durable goods orders and the unemployment claims all within 45 minutes of each other.
Stock of the week: Sports Direct International
News has been released that Sports Direct have bought 50 stores in the US for $101m. Bob’s and Eastern Mountain’s previous operator – Vetis Retail Group – had recorded a loss of around $26m in the last financial year, this is a perfect opportunity for this UK based company to break into the US. As a large majority of Sports Direct’s revenues mainly come in the UK, this is a clear signal of their intent to branch out internationally.
Open (Tuesday)
7335.9
Close (Thursday)
7105.3
Change
-3.14%
High
7347.8
Low
7090.2
Open (Tuesday)
20628.5
Close (Thursday)
20589.5
Change
-0.19%
High
20649.5
Low
20376.1
Open (Tuesday)
1.25589
Close (Thursday)
1.27864
Change
+1.81%
High
1.29060
Low
1.25154
Open (Tuesday)
1285.9
Close (Thursday)
1283.4
Change
-0.19%
High
1294.4
Low
1275.6
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