DAILY TRADING STRATEGY

Monday, Oct 16

UK OVERVIEW

Sterling bounced back from Thursday's underwhelming performance, although this was bad news for the FTSE 100, which traded 0.3% lower at 7,534 around midday. Approximately 70% of the FTSE's constituents derive earnings overseas, meaning a stronger pound can have a negative impact. Among the biggest fallers was British Gas owner Centrica (CNA), down 1.2% at 176.8p. Miners were in demand this morning thanks to positive data from China, which revealed imports grew by 18.7%, up from 13.3% in August. Glencore (GLEN) and BHP Billiton (BLT) are up 1.1% and 1% to 372p and £13.88. Brent crude oil rallied 2.2% to $57.51 per barrel. Gold and copper were flat at $1,291 per ounce and $3.10 per pound. TV and entertainment stocks were in focus on Wall Street after AT&T revealed it lost 90,000 customers over the last quarter. This raised fears that people were choosing streaming services such as Netflix and Amazon over traditional cable.


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