US consumer confidence worst since last December

Unconfirmed, and likely false, reports that Iranian forces seized a US cargo ship and redirected it to a port in Iran pushed Brent Crude and gold higher this afternoon whilst causing the dollar to sink against the euro and the pound.

These reports followed the news that US consumer confidence slipped to a dismal 95.2, its worst figure since last December, taking with it whatever tentative gains the US markets had been making. This weak consumer confidence figure added fuel to the dove fire and contributed to the dollar sell-off that occurred this afternoon.

It was a mixed day for earnings this Tuesday. After hitting an all-time record price of around $136, Apple failed to sustain its post earnings release gains as investors couldn’t justify pushing the mega-company beyond the heady-highs it had reached, leading Apple into the red as the day went on.

Despite the ever-increasing presence of its rival FedEx, UPS was a big winner this earnings season, besting EPS expectations by 3 cents to post $1.12 a share; this more than made up for missed, but still improved, revenue figures as the stock rose by around 2.5% as the day went on.

Ford had a mixed first quarter, with revenue matching analysts’ estimates by falling 5.6% to $44.9 billion, whilst the company saw a 3 cents miss in earnings per share, which came in at $0.23. However, the motor giant reaffirmed its full year expectations, which is more than can be said for Pfizer. The pharmaceutical company saw better than expected first quarter results, with $2.376 billion in net income and $0.38 earnings per share. Yet, the goodwill earned with this release was negated by the fact the company was forced to lower its full year guidance due to the pesky presence of the stronger dollar.

The rumour drum is beating louder in Greece, with reports suggesting a referendum could be on the cards. Despite Yanis Varoufakis trying to prove he is more than just a pretty face by announcing new measures to prompt Greeks to declare tax-avoiding Swiss assets, investors continue to be spooked by the lack of progress between Greece and its creditors, with the Eurozone indices more than doubling their losses as Tuesday began to wind down.

The FTSE was no different from its European and American cousins, sinking to below-and-around 7000 as a combination of GDP woes, election uncertainty and a waft of bad news from the Eurozone and US dragged it down by over a percent. Even BP, whose gains had been so strong this morning, slipped significantly into the red as the day went on.