IG Markets: Midday market update, 14 April

Global markets are generally weaker, following U.S. markets after company earnings missed guidance, providing excuse for equity markets to take profit from the current elevated levels.

The Industrial and Financial indices are 0.5% and 0.31% lower respectively while the resource index outperforms in morning trade having added 1.17%.

In Company News Evraz Highveld Steel and Vanadium Limited has guided the suspension of its listing and a cautionary announcement.

The company has guided that it does not have adequate funding to meet its short term obligations. The Board has accordingly resolved that it will be in the best interest of Highveld and its stakeholders to commence with voluntary business rescue proceedings in terms of section 129 of the Companies Act, 2008.

On the commodities front Gold is trading at $1190/oz, Platinum at $1150/oz and Brent Crude trading  at $58 per barrel.

In currencies the Rand is Trading at R12.13 to the Dollar, R17.76 to the British Pound and R12.82 to the Euro.

On the economic front in the U.K. CPI data showed inflation to be flat at 0% y/y. In the U.S. we are expecting m/m Core Retail and Retail sales data as well as PPI data at 2:30pm.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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