The baton of the US rally was carried first by Asia overnight, rallying strongly and then by the UK and Europe as a relief rally took hold earlier in the trading day. However, enthusiasm started to fizzle as the day wore on possibly due to the continued strength in GBP against USD muted the rally in the UKX and NMX both up 0.3%, the MCIX managed to almost double that up 0.7%

Outperforming sectors included A&D (+2.2%), Construction (+1.8%), FS (+3.8%) and Mining up 1%

Utilities and electricity continued to underperformed with SSE losing another 3%. Tobacco closed down again by 0.7%

AIM was flat while the TechMARK closed up 0.6% driven in the main by the Pharmas rallying especially OXB

Oil has pulled back significantly from its recent touch on $80 owing to dissipating fears of the severity of Florence and it impact on US oil producers.

In the metals, copper took a break from its recent streak to close down 1% while iron ore gained almost 0.8%. Both gold and silver were down on the day as inflation fears seem muted

GBP touched $1.31 today before pulling back to close down almost 0.25%

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GBP strong rally today up another 0.5% suggest that a rally against USD is on the cards with GBP showing a bullish break-out pattern from the 1.3027 level. This will weigh on the FTSE 100 unless the inverse correlation starts to breakdown.  The likely catalyst for this was less the BoE or ECB rate announcements today but the lower than expected US inflation rate which may put the expected Fed rate hike on hold. The relative GBP strength was reflected in the UKX closing down 0.5% as did the NMX although the MCIX fared even worse down 0.7%.

The poorest performing sectors of note were Tobacco (-2%), Gen Retail and Media both -1.3%, Personal goods (-1.2%) while Pharm, A&D and O&G all underperformed the main index

AIM was relatively flat down -0.13% while the TechMARK also outperformed the main indices down only 0.35%

Oil also gave back 1.4% today although copper continued to rally.

The weakness in USD has given cheer to the US equity markets, this may translate to the UK and Europe tomorrow but for now the outlook remains muted for the main indices all of which remain below their 8,21, 50, 100 and 200 day moving averages. More green shoots are needed before taking anything other than strongly outperforming longs on an RSI basis

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As indicated yesterday, many of the indices were setting up for a firm relief rally and today saw a sea of green across the UK indices with UKX, NMX and MCIX all up by 0.7-0.8%. AIM was more lacklustre at +0.2% while the TechMARK lagged rising just 0.4%.

Today’s standout sector was Tobacco rallying almost 6% from a very oversold position (close to a bear correction of almost 20%). Mining came bouncing back rising 2.3% cheered by a sharp rebound in copper, zinc and many of the base metals rising over 2% on the day

An early rally in oil also lifted the O&G sector while T&L and Pharm also participated in today’s rally

Banks have continued to sell-off closing down 0.3% on the day while Insurance, Media and Utilities were all in the red with SSE falling over 8% on a profit warning

Oil closed up 0.4%, copper up over 2.5% and GBP flat against USD at $1.30

Despite today's rally all of the major indices remain bearish and below all moving averages with the exception of AIM which still above is 100 and 200 MAs.

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Mining slumped yet again weighing on the UUKX and NMX for much of today’s session before rallying into the close ending the day down less than 1% from intraday lows of over -2%. O&G reversed from being down almost 1% to close up over 1.2% in a bullish reversal that may signal the end of the current weakness. The rally in Brent, up over 1.8% on the day helped boost the sector.

Other notable sectors that caught a bid today included Services, Personal Goods and Pharm all ending the day in the green.

However, Banks, T&L, Tobacco and Media all joined Mining in closing firmly in the red today

Chart patterns across the UKX, NMX and MCIX all signal a reversal is now due so a rally is to be expected in the next few days from fairly oversold conditions.

AIM closed down -0.3% while the TechMARK ended the day in the green up o.2%

GBP continues to hover around the $1.30 level which has proven to be a magic number over the past few months. With today’s unemployment figures combined it wage increase and a firmer GDP from yesterday, the path for another rate rise does seem set for later in 2018. That combined with more dovish rhetoric for the EU on Brexit would suggest that GBP is set to rally further

In other commodities, copper is down on the day as is iron ore and all the base metals. Neither gold nor silver can seem to catch a sustainable bid in the face of the strong dollar and trade tensions.  Unless these conditions change, the mining sector remains too uncertain on any trading horizon until more clarity on macro conditions is available.

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The main indices churned sideways today, digesting the recent sharp sell-off and the mixed economic data today. While the GDP update was encouraging, up 0.6%, it was counterbalanced by the slip in in the PMIs for  manufacturing and industrial production.

Bullish comments from Barnier on Brexit helped to boost GBP which rallied above the significant $1.30 level: this also marks a close above the 50MA for the first time since April 2018. If this holds over the next few days then the worst could be over for sterling for now which will put pressure on the FTSE 100

While the UKX and NMX closed flat on the day, the MCIX rallied 0.4% while AIM closed down 0.2% and the TechMARK flat on the day

None of the price action today changes the overall bearish tone of the markets: the lack of any relief rally today may well be ominous and a preface to more selling to come

Today’s outperforming sectors of significance were Household and Home construction (+0.8%), Media (+0.5%) and Personal Goods (0.4%)

Mining continues to sell-off down 0.65% today and over 11% in the past month: , Tobacco lost an additional 0.7%

Looking across the sectors shows a sea of red across all timescales with most sectors having dropped below their 200MAs: only Pharm, Media and Support Services are clinging to their 200MA in the top 10 sectors

Failing a significant rally in the next couple of days, the most likely direction of travels seems to be downward with a bias to the short side

Brent rallied 0.5% on the day with the metals mostly flat on the day

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A spike in cable precipitated a raft of selling in the UKX and NMX during the UK morning session with the UKX shedding almost 1.2% at its lows as GBP rose above the $1.30 level. The haemorrhaging was stemmed by the recovery in USD following the NFP which then saw the UKX climb out of its depression to close the day down 0.6%.: an almost 50% recovery from the lows.

Mining (-1.7%) is yet again the underperforming sector which seems to be signalling more systemic global effects are in play. This is amplified by the developing markets economies crises: all are casualties of both a strong dollar and reduced liquidity as monetary policy across the globe adjusts and tightens.

Banks were also off almost 1.2% while O&G closed down 0.9%

The TechMARK managed to close the day in the green up 0.3%, the only UK index to close up.

Of the few green shoots in today’s sea of red were Mobile (+0.7%) ,A&D (+0.5%), Health Care Equip (+2.2%) with Software up over 1%

Oil closed down on the day by 0.7%, GBP up and the metals mixed: copper up 0.3% but gold down reflecting the stronger dollar. Silver rallied by 0.7% which, combined with a partial recovery in copper and iron ore, may be early signals that the worst is over for the miners. This is in turn would be bullish for the UKX and help shift market sentiment which is currently maudlin

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Today’s selling was a continuation of the bearish sentiment evident across the UK and European major indices. The UKX closed the day down 0.9% and close to its lows on the day while the NMX sold-off by 0.8%. The MCIX fared marginally better at 0.6% while AIM bucked the trend rallying 0.35% aided by the likes of FDEV rallying 14% while HZD gained 8% and TAP 6%
The TechAMRK lost over 0.8% with the biggest loser being GNS down almost 7% with SPT and MCGN down 3%
In terms of sectors, the biggest loser were Mining (-2.3%), O&G (-1.5%) and Pharm (-1.5%) and Banks (-1.3%)
Defensive sectors all posted gains including Utilities (+1.8%), Comms (+0.7%) and Construction (+0.7%)
Brent reversed heavily during the day from posting a pop by 0.3% to closing the day down almost 1.5%
GBP rallied against USD gaining 0.2% and approaching the $1.30 level
Neither the fall in oil nor the rally in GBP can offset the wholesale selling across the major indices. September is often a poor month for equities as traders return from holidays.

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Heavy selling continued today across all markets and sectors with the UKX and NMX becoming increasingly bearish. The major indices did close the day off their lows with the UKX finding support at 7360 from the May 18 lows. The MCIX has also slipped below its 200MA but again rallied off its lows into the close

AIM has finally taken a breather from its relentless upward climb closing down 0.6%. The TechMARK also closed down almost 1% and testing its 200MA before bouncing into the close.

Of the Top 10 sectors, Banks, Mining, Tobacco and Life Insurance are below all of their short medium and long-term MAs including their 200MAs with Mining and Tobacco almost 10%b below their 200MA

While some relief in the selling may be on the cards, the overall timbre of the markets has turned bearish

Pharmaceuticals and Support Services remain the most resilient sectors in the top 10 while Non Life Insurance, O&G Services, Auto Parts and leisure Goods remain the most bullish

GBP reversed sharply on USD today on news that Germany may be more open to a Brexit deal.  Brent crude closed down almost 1% on the day which added to the UKX woes while metals were mixed with iron ore and copper rallying modestly

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A weaker than expected construction PMI sent the Household & Construction sector lower by over 3%. Meanwhile a further slide in metals impacted the Mining sector as copper , iron ore, gold and silver all fell.

With only Banks, Electricity and Beverages moderately in the green: the UKX and NMX ended the day down over 0.6% reversing much of yesterday’s gains and closing below the 200Mas again

The TechMARK closed down almost 0.9% with SGE down 2%,  AZN -1.8%, AVV -1.9%

AIM closed moderately in the green while Brent continued to rally up 0.4%.

GBP closed down over 0.4% against USD but this failed to boost the major indices

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GBP retreating almost 0.8% on the day once again dominated price action and boosted the resource heavy FTSE 100 which closed up almost 1%. The strength of this inverse correlation is both striking and very tradeable.

The UKX was also boosted by a rise in oil prices with Brent up 0.6% at pixel time. The NMX followed suit with the UKX closing up 0.8%. Both these indices recapture their 200MAs which is a positive result though they are firmly below their 100 and 50 MAs and their 21 and 8 EMAs so caution should be taken. That the 200MA has been recaptured may be significant although volumes were light. Confirmation of any rally would be needed in the next few days with prices closing above the 21EMA ideally on two consecutive days.

The MCIX by contrast remain better behaved following the 8 EMA and closing flat on the day unmoved by GBPs episodic spasms. AIM rallied 0.3% keeping tis upward trajectory though forming a doji on the day which may be signalling a pause in its rally

The TechMARK had a strong day up 0.9% buoyed in the main by SN, MCRO and a rebound in SGE

Today’s leading sectors of size were O&G up 1.7%,  Mobile (+1.2%), Health Care Equip (+1.2%), Life Insurance (+1.5)

Underperforming sectors included REITS (-0.7%), F&D Retail (-0.2%) and Utilities (-0.2%)

GBP down 0.8% on USD and EUR. Gold flat, Silver down 0.3%, copper down 1.5%

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The end of August has been greeted with significant selling in the major indices which received no respite despite a pullback in GBP below the $1.30 level. What is of concern is that both the UKX and NMX closed near their lows on good volume and below their 200MAs.  Even the 14% price rise in WTB on the Costa disposal failed to raise the indices.   SGE fell almost 8% as their CEO announced he was stepping down: this weighed on the techs with CC and SCT down over 4%.

Almost all sectors closed the day in the red with Software faring worst down 3.3%, O&G producers down almost 2% with Mining down 1.6% and Pharm 1.5%. Only T&L closed up 0.7% driven in the main by WTBs pop while Real Estate Investments also closed up 0.6%

The FTSE 250 closed flat on the day while AIM rallied 0.2%. These markets are relatively sheltered from GBP and international trade concerns which is probably reflected in their more bullish stances.

The TechMARK closed down over 1% in the main due to SGE’s tumble: XAAR by contrast recovered almost 9% on yesterday’s 30% drop. CCC, SDL and VEC all added to the index’s weakness

Oil continued to rally up a further 0.3% making a 5-day gain of over 4%. Copper and Iron ore closed down on the day

GBP pulled back against USD and is down 0.4% at pixel time holding the 1.29 level: GBP is up against EUR by 0.2% but remains unconvincing against the downward channel

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The shadow of the strong pound seems to still be weighing on the major indices as we head to month close with selling on the NMX and UKX,  both down 0.6% on the day.

The MCIX yielded only 0.2% supporting the notion that it is  GBP strength that is weighing on the major indices.

AIM rallied 0.3% bucking the trend of the other indices

The TechMARK sold-off the heaviest down 0.8% with almost all of this decline owing to Xaar losing 30% on the day on a profit warning.  CCC and OXIG were also down 2% on the day

Oil continues to rally and looks set to retest the $80 level: this lifted the O&G Services sector (+0.8%) and the O&G Producers (+0.4%). These were among the few green sectors in an otherwise sea of red today . VOD dropped over 3% taking down the Mobile Sector while Banks, Tobacco and Mining all underperformed the index

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Today’s big move was in the pound rising strongly against both USD and EUR on bullish commentary from both sides in the Brexit negotiation

The boost to GBP reflected in a sell-off in FTSE 100 and the 350  down 0.7 and 0.6% respectively slipping back below their tightly aligned moving averages

AIM pulled back just 0.25% while TechMARK lost 0.5%

The biggest sector moves were in O&G Services -2.8%,  F&D Retail -2.1%, Ind Trans -2% with most sectors down on the day. Only Food Producers (+0.8%), Software (+0.6%) and REITs (+0.4%) were up on the

Brent rallied almost 1% with day copper and gold flat on the day

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MCIX has finally broken out of the long sideways channel in place since June: this should signal a move north potentially to challenge the olds highs.  MCIX closed up 0.8% with the UKX up 0.5% and the NMX up 0.6%.

The move was lead in the main by Miners (+2.1%), FS (+1.4%), Personal Goods (+1.4%) with almost all sectors in the green on the day

Only Food Producers (-1.1%), Tobacco, Construction, O&G and Mobile closed down on the day

AIM broke out strongly up over 1% with TechMARK up 0.6%.

Brent was up 0.3% but may be at the top of the sideways channel and may well pull back from here

GBP lost ground against USD continuing tis downward trajectory and making a new low for the year against EUR

Copper continues to base while iron ore was flat on the day

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NMX continues to roll sideways  with lower daily volumes closing today up 0.2% bolstered by the US making another new high with the S&P
The MCIX rallied a mere 0.1% but may well be preparing to breakout north from a bullflag in place since the 12 June high: next week may well prove pivotal

AIM was flat on the day but remains bullish on all time scales and is the outperformer in 2018 for the UK. The brief visit to the 50MA on 21 Aug has been received with strong buying

The TechMARK continues to forge ahead adding another 0.4%: this index has been clinging to its 50DMA since late June and looks set to break north. Given the leadership role of technology this may well be bullish the overall markets

Oil remains range-bound in its sideways channel and look set to revisit the top channel line around $78 . If this is broken then new highs above $80 would be expected

GBP continues to be subdued by USD with price action upper bound by the 21EMA since July. A close above the 21EMA would be bullish and may signal a relief rally.  By contrast GBP made a new low against Euro sinking to €1.10 today

Gold may well have bottomed making a strong engulfing up thrust today rising almost 2% to close above $1200. Silver made an even stronger rebound up almost 2.5%

Iron ore seems to be bottoming while copper staged a recovery

The relative dollar weakness and strength in commodities and metals helped the Mining sector to recover over 2% today though the sector remain pretty beaten up down almost 10% ytd

O&G services continues its rally up another 1.2% making a 5 day rally of almost 15%: O&G producers also rallied along with Pharm and T&L

The losing sectors today included Tobacco (-3%), Utilities and Household/Construction

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Flat day across all major markets with only AIM rallying by over 0.8%

The main indices are bearish across short, medium and long timescales and remain below 50 and 100 MAs with 200MAs checked recently

Given it is low volume during the holidays, the return to full volume over the next week or two will confirm the direction but currently this is firmly downwards

Outperforming sectors included O&G Services (+1.6%) for the third day running rising over 12% in 5 days and almost 20% in the past month. O&G was up 0.6% with support services up 0.5%

Underperforming sectors included Tobacco down another 1.4%., Pharm (-0.7%) Mining (-0.6%)

Oil pulled back marginally from the recent large moves as did cable

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NMX closed flat up less than 0.1% while the MCIX  was also unchanged

AIM rallied a mere 0.2% while the TASX was similarly flat

In sectors O&G Services stood-out rallying another 5% as WG continued to power higher. Mining, O&G, F&D retail all rallied close to 1%

Underperforming sectors included Utilities, A&D, Tobacco and Food Producers

Today’s rallying sectors were driven by improvements in commodities with Brent up almost 2.5% at pixel time and base metals holding recent gains

GBP was flat against USD on the day

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Despite further weakness in GBP and am increase in Brent, all of the UK markets sold-off heavily today with almost 1% losses in the NMX and UKX. The NMX is not negative on the year and dropped below is 50MA again.  Selling was spread across sectors in a fairly concerted downward movement.

Mining performed the worst of the major sectors off over 2%: A&D,  Telecoms, O&G Gen Retail and FS all suffered more than 1% losses

Only Utilities, Ind Transportation and Leisure Goods (GAW) showed any green today

GBP is now at the 1.28 level against USD, a level not seen in over a year. Clearly the markets are concerned on Brexit and several other macro concerns including trade wars and the Turkey-European jitters. However, light volume and empty trading desk also contribute to volatility at this time of year

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NMX sold-off today following yesterday’s up thrust dropping -0.35% but rallying off intraday low: volume was lighter than usual reflecting the holiday period.
The drop was largely architected by O&G (-1.8%), Bevs (-1%) A&D (-0.6%) with Mobile and Household Good also contributing to the fall.
Outperforming sectors of note included T&L (+0.6%), Gen Retail (+0.7%), F&D Retail (+0.8%)
By contrast, MCIX rallied 0.2% and AIM +0.6% while the TechMARK pulled back from recent gains losing 0.3%.
Oil was flat on the day as was GBP against USD

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NMX bounced back today on the back of a weaker pound with Mining, Pharm and O&G lifting the index 0.6% while the resource heavy UKX rallied 0.7%
The MCIX was more muted with a mere 0.2% while AIM lost 0.2%. The TechMARK continued to outperform rallying 0.25%
Outperforming sectors were Mining (+2.2%), O&G Equip (+1.8%), Pharm (+1.5%) and O&G (+1.3%)
Underperforming sectors were Support Services (-0.6%), Bevs (-0.4), A&D (-0.3%)
Share movements of note included ITRK (-10%), DOM (-10%) while AAL, BLT and GLEN all closed up over 3%
Oil rallied today helping the oilers and services sectors. GBP recovered some lost ground and regained the $1.30 as USD weakened.
A bounce in base metal prices helped the Miners while Gold and Silver had a muted rally

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A flat day across all UK major indices with little or no movement in the headline indices with the exception of the TechMARK which advanced almost 0.4%.
Sectors advancing included Comms (+1.6%), O&G Equip (+1.5%), Food (+0.7), O&G Producers (+0.7)
Underperforming sectors of note were Mining (-1.3%), Banks (-0.6%)
The most bearish sectors are Utilities, Ind Trans, Mining, Construction
The most bullish sectors are O&G equip, Chemicals, Pharm, Personal Goods
Germany announced a fall in Factory Outputs which may be an impact of trade wars while Brexit fears and a follow-on from the BoE and Carney’s caution last week sent GBP below the $130 with the pound making a new low for 2018 .Oil rallied almost 1% which helped oilers but overall the markets lack direction and seem to be biased to the downside.

Gold and silver sold-off as did copper retracing may of its recent gains to recheck support around the $2.70 mark

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All UK markets staged a recovery today after two days of intense selling. The NMX closed up almost 1% though on lower than average volume. Mining led the charge recovering 2% from it recent sell-off although it is still down over 4% on the last month and remains bearish on all timescale. Bank put in a good show thanks in part to RBS’s good results and return to divis. Every sector was in the green on the day except Auto PartsThe MCIX was less effuse rallying just 0.4% while AIM gained only 0.3%The TechMARK bounced back over 1% with COB, SGE, KCOM, MCRO and AVV all rallying over 2%Brent was up almost 1% which helped the oilers while GBP continued its sell-off against USD which helped the UKX outperform all the UK indices.

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Markets continue in sell mode for the second day of August with Mining sliding another 3%. Some huge losses on earnings from the likes of FXPO (-20%), Kaz (-30%) while the UKX miners were all down more than 3% except BLT (-2.2%). The sea of red was pretty widespread with Insurance down over 2% and most of the major sectors down over 1% including O&G, T&L, BanksThere were a few green shoots in the mix with A&D up over 2% helped by RRs rally of over 6%. SGE helped to list Software by 1% while Utilities staged a bit of of a comeback presumably on a safety playThe MCIX suffered a larger loss down almost 1.4% and closing on its lows which is foreboding. Hit by the junior miners like KAZ and FXPO there was little shades of green across a very red heatmap. ISAT, TCG, MAB, EMG and GNK all lost around 5% or more on the day AIM was off 0.5% whilst the TechMARK suffered the same Brent rallied almost 1% today while the base metals continued to sellIn terms of narrative, BoE raised rate to 0.5% but maintained a steady-as-she-goes stance on further rises: this softened GBP which had front run a more hawkish outlook resulting in GBP dropping 0.7% to revisit the $1.30 level. Give the ferocity of selling over the past few days, a relief rally tomorrow would not be unsuprising
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Trade tensions and increased threats from the Trump administration put a kibosh on the rally in commodities and the resulting lift to the NMX and UKX. This resulted in a day of red across the UK indices as commodity prices plunged bringing resource-heavy markets with them. Oil fell 2%, Copper almost 3% with all the base metals trading in the red. The result was the Mining sector fell over 3% while O&G lost almost 2%. O&G now joins Mining, Banks , T&L, Services, Insurance and Media as all being below their 8, 21 and 50 DMAs. This means that the indices are increasingly being propped up fewer sectors and shares. Either the lagging sectors rally or the overall markets drop. Selling was widespread today so only Forestry, Fin Services, Bevs and Gen Inds gave a flicker of green to an otherwise red wash across the board. Only AIM peeped above the parapet, closing up 0.1%
GBP closed flat on the day ..treading water before tomorrow’s BoE rate decision and the narrative for Britain's economic outlook

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The NMX put in a good performance today after a desultory start to the day and closed up over 0.5% though off its intraday highs of over 1% . Mining did most of the heavy lifting up over 2% on the hopes that the US-China trade spat will be resolved.
Tobacco, Pharma and F& D retail all had a solid day in the green up over 1% trailed only marginally by O&G and Personal Good also in the green .Lagging sectors included Gen Retail down 1.3% (JE -6%, KGF -4%) , Support Services taken down by TPK (-10%) and ESNT (-5%)NMX is looking increasingly bullish with a potential break to new highs in the coming week: this is driven in the min by the FTSE100 components which in turn have been boosted by a drop in GDP which continues its downward trajectory but still holds above $1.31. Thursday’s BoE meeting will decide the future direction but markets appear to be sanguine on the outcome.By contrast the MCIX was flat on the day with many of the larger caps losing over 5% to offset good gains in the like of VED, IMI, PFG and GRG all up over 5%Brent retraced some of its recent rallies off over 0.7% at pixel time while gold and iron ore rallied. Copper rallied over 1% and seems to be signalling that trade tariff tensions may be easing.

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The major UK indices flat-lined today with only the MCIX making a modest gain. AIM sold off almost 0.7% while the TechMARK was slightly negativeIn the sectors, the biggest underperformers were Software (-2.5%) mainly due to SGE dropping over -5%. Bevs off 1.4% with utilities suffering losses of 1% or more. Outperformance in Mobile (+3.4%), Insurance (+1.7%) and T&L (+0.5%) kept the main indices above water.
GBP was unchanged while oil closed slightly in the red. Copper continues to rally which may well be signalling a leg-up in the markets. However, the tech slump in the US which has accounted for almost all the gains in 2018 doesn't auger well for markets overall. If Apple disappoints this week on earnings there may more selling to come.
Markets will likely find direction with the slew of earnings later in the week and the BoE announcement and outlook on Thursday

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A day in green across all the UK markets with a bounce back in Household Goods, Telecoms , Mining and O&G helping to lift the major indices

Lagging sectors included Tobacco, Gen Retail and Construction

Oil was flat on the day while copper continued to rally

In currencies GBP held solid against USD into next week's BoE interest rate decision

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Flat day across all the UK markets despite Trump announcing a détente with Europe on trade tariffs. Only the TechMARK moved more than 0.1% rallying 0.4%.Tobacco rallied over 4% on the day as BATS gained almost 6%. FXPO rallied over 5% helping to lift Ind Metals. Pharm also outperformed up over 1.4%Electricity plunged over 5% with SSE going ex-div. O&G was down 2.3% dragged down by RDSB’s reporting which disappointed closing down almost 4%. Bevs, A&D , F&D Retail and Fin Services all had a day in the redIn commodities, oil was flat, copper rallied slightly, iron ore was up over 3% (trade tariff news) while gold and silver sold-offGBP continued to weaken against USD while crude was also flat on the day

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NMX gave back most of yesterday’s gains dropping 0.63% where Life Insurance (-25), Travel and leisure (-1.5%) while Mining Banks and Mobile Comms all lost over 1%.
Outperforming sectors included |Tobacco (0.25%), beverages (+0.4%), F&D Retail (+0.55%)
Wizz Air, INDV and FRES all sank 7% or more on poor results
Meanwhile AIM popped over 1% making new highs for the decade. TechMARK pulled back almost 0.9% weighed down by SXS, BA and BTG
Brent closed flat while copper continued to rally modestly which may be signalling and easing on trade tariff concerns.. GBP was flat on the day

Muted price action today as the NMX sold-off initially but rallied into the close and held onto the 50DMA. This resilience does suggest a bullish bias though price action is lacklustreAll of the major UK markets closed flat with many sectors trading in-line with the indices. Tobacco rallied 2% with Personal Goods up another 0.6% along with Utilities. Mining construction and Pharm all sold off to varying degrees though all in the -0.5-0.7% regionOil continued sideways digesting tis huge drop early in the week while GBP gained slightly against USD and held the 1.31Metals put in a brief rally with gold retracing some of its losses as USD pulled back. Iron ore is showing some green shoots of recovery although the whole metal complex is prone to the vagaries of the US trade threatsNext week should be decisive in terms of earnings

O&G and Personal Goods (ULVR) propped up the main indices on an otherwise lack lustre day. Many of the sectors closed in the red with Mining giving back 1.6% as AAL sank over 4% on results. All of the miners were lower on the day despite more weakness in GBP. However, the NMX closed above the 50DMA which is a bullish indicator. ULVR results pushed Personal Goods higher by 2.4% while O&G gained 1.3%The MCIX unwound 0.4%. brought lower in part by BAB (-9%), SPD (-7%) while AIM rejected its previous year-to-date high and sold off 0.4%. The TechMARK also paused in its march north but look bullish.
In general, the markets remain bullish but lacking in conviction as is often the case during summer months where liquidity is lower: Brexit uncertainty and trade tariff tit-for-tat counters weigh on what would otherwise be positive momentum. We would expect a breakout if significant progress is made on either or both fronts. Brent paused in its sell-off but a trend change seems to be in evidence on the medium term: a break of $71 would be bearish. Meanwhile continued USD strength pushes GBP back to the 1.30 level and prices not seen since last Sep. The prevailing trend suggest we will see a 1.2 handle in the coming few days or weeks unless there is a Brexit breakthrough to change the narrative. Gold may have found a bottom in the face of strong USD winds although we favour a recheck of the 1200 level before affirmative action

Another day in the green for all UK markets with the resource sectors fighting a comeback and lifting the UKX and NMX. GBP’s drop was a significant driver in the rally which followed a lower than expected inflation reading at 09.30 …casting an interest rate hike in doubt for August .
Mining did a lot of the lifting rallying 1.7% while Insurance (+1.4%) Financial Service and Banks also outperformed the index along with Beverages, and Tobacco
This now places the NMX back at the top of the channel line in place since late May and closing back above the 50MA. This may well signal a break out and a move further north to new highs: the next few days maybe be pivotal. If GBP weakness persist then the path of least resistance is higher from here
The domestic focused MCIX rallied above tis 50DMA but closed just shy of it: one to watch
Meanwhile AIM continued to power on and probed new highs not seen since 2007
The TechMARK also had a good day and is firmly in breakout mode with A&D and Software powering the index higher
Oil staged a further recovery which relieved the oilers and at time of writing is up almost 2% on the day. Metals remain moribund though relatively becalmed compared to the recent falls

Markets took a more bullish tone today with the NMX staging a recovery and an “inside day” which may signal more rallying to come. A lower support line in evidence now suggest that the consolidation period of the past few weeks may be drawing to a close with a potential move north. The NMX, UKX and MCIX all closed above their 8 and 21 EMAs today with almost every market including the AIM and the TechMARK moving by an almost identical 0.35-0.4%. Typically, two or more closes above the 8 and 21 EMS can be taken as a bullish sign. That said, all the major UK indices remain below their 50DMAs so a recapture of this important level with reasonable volume would be a welcome signal. That should eb achieved relatively easily given how close price has been tracking the 50DMA over the past few weeks.
In terms of sectors moving the markets, the outperformers today were Mining (+1.4%) , Beverages (+1.5%) with Pharm (+0.9%) and O&G (+0.5%) outperforming the indices. O&G services (-1.5%) and Tobacco (-1.3%) were among the underperformers with Construction, Telecoms, banks and Food Producers.
Oil had a brief bounce today while GBP weakened against USD which strengthened against the EUR as well. Yen is bucking the trend and moving to test 2018 highs
Metals have continued to sell with gold falling over 1% today testing lows not seen since July of last year

NMX sold-off closing down almost 0.7% though not quite at the day's lows. Oils drop of almost 4% on the day brought O&G down over 2% and Oil Services down over 3%. The Mining sector also underperformed the index dropping 1.3% adding to recent woes brought about in part by trade tensions but make worse by China’s lower than expected GDP data today. The mining index is bearish on all timescale and has dropped almost 20% from recent highs.

MCIX fared better on the day down 0.2% buoyed in part by Construction and Homebuilders

Both AIM and the TechMark closed down around 0.4% : MCRO, SHP and SN  weighing heavily on the tech index

With Banks, Mining, Life Insurance and Financial Services bearish across 8 to 200 MA timescales; and with Oil and Gas looking set to follow, the overall sentiment is one of risk-off. Gold has remained stubbornly low, often a sign of flight to safety while the VIX trundles along around 12 indicating market participants see little to be of concern.

In currencies GBP close flat on the day while the JPY pared some of its recent gains against USD but remain in a break-out move which may be significant. The slew of inflation data this week across  the UK , EU  and  JP combined with retail sales from many of the major economies should make for some volatility in the major pairs

While the NMX opened strong today and was up over 1% in the early am, the rally faded as the day proceeded before closing on the day’s lows though still up a modest 0.1%. The MCIX was similar lacklustre and this despite further weakness in GBP against USD. These markets still appear to be range bound and may well sell off further if the current channel persists. A close above 4300 for the NMX may herald a further move north while continued weakness may see a revisit of channel lows around 4150 and the 200MA. That the UKX, NMX and MCIS are all below their 50MAs does suggest caution

AIM rallied a further 0.5% and remains the most bullish UK index although it may be showing signs of fatigue with a double top  to the June highs. Similarly bullish is the TechMARK  which rallied a further 0.4% and may be setting up for a breakout north. This would be an overall bullish sign for all indices

GBP is remains in a sideways consolidation against USD as markets digest the recent economic good news with the dark clouds of Brexit uncertainty. While the overall trend is firmly downwards, a relief  rally is not off the table.

Brent recovers somewhat today but remains bearish in the short to medium terms with the most likely direction being downwards. This is likely to be negative the O&G and Oil services sectors and may weigh on the UKX. All of the metals are a sea of red across all major timescales which will weigh on the miners . This is unlikely to change unless trade tariff tremors subside.

The rally in the JPY suggest an element of risk-off as the Yen breaks out from a downward channel that has been in play since 2015: this may be a signal of more weakness to come.

Markets yo-yo back with a bullish bent as the NMX reverses many of yesterday’s sudden and dramatic losses. This level of skittishness is often evident when markets are struggling to find direction following several weeks of consolidation. Today’s rally of 0.8% in the NMX with participation by much of the MCIX and supported by over 1% gains in tech suggest that the bullish bias is winning. We would expect the overall market to rally from here unless trade tariffs rhetoric worsens.

Sectors outperforming today included Software (+2.7%) driven mainly by a 10% rise in CCC, Pharm (INDV +8%, AZN +3.5%), while Media T&L, A&D , Tobacco and Bevs all outperforming the index and rising more than 1%.

Oil sank over 1% following yesterday’s almost 6% drop which depressed O&G while metals continues to languish with copper losing over 1%: this weighed on Mining.  The resource sectors have tended to be a barometer of trade tensions with mining companies reacting dramatically to increased threats. Oil may well have double topped on the $80 this may depress oilers if continued weakness is seen. Dr Copper is not yet signalling and end to the recent softness. A rally in copper would support the bullish sentiment

What a difference a day can make, trade war escalations now look set to get beyond sabre rattling to much more damaging levels as Trump threatens hundreds of billions of goods in line for tariffs from China while simultaneously alienating Germany as “under Russian control”. The inherent stability of one individual seems to have echoed in global markets with European and UK markets ending heavily in the red. The NMX and UKX sank by over 1.2% owing mainly to heavy losses in Mining (-3.6%) , O&G (-2.5%) with losses across most sectors.
The dramatic nature of today’s losses may well call into question the nascent summer rally: price action over the next few days will clarify
Some stand-out losses on the day include INDV down almost 35% and MCRO down almost 10% on the day.
AIM fared best on the day off only 0.5%. TechMARK was off over 1.2%
Oil tumbled almost 3% while GBP was flat on the day .

Copper is staging a relief rally which may well auger well for overall market health. However the huge sways in commodities are direct echoes of trade tensions and their global impact