Friday 23rd February 2018
February 23rd 2018: Michael van Dulken and Henry Croft at Accendo Markets report this morning that FTSE 100 Index called to open +15pts at 7310, still in a bearish rising wedge pattern, but at least now 7300, making a bullish challenge on 6/7 Feb highs of 7315 overnight, retracing more of that early month sell-off and breakdown. Bulls still need a break above 7325 overnight highs. Bears need to see 1-week rising support at 7300 in jeopardy. Watch levels: Bullish 7325, Bearish 7300. Calls for a positive start to the week come as Asian equities (excl. China and Hong Kong for Lunar New Year) built on last week’s global recovery, even if Wall St closed well off highs (Mueller Russia indictments) to close mixed on Friday into a long Presidents’ Day weekend that is likely to sap volumes today. FTSE is supported by the USD off three-year lows, helping GBP edge further from last week’s highs to offer less resistance for UK blue chips. Note Australia’s ASX higher, but miners in the red, as copper and gold trade off their highs, and despite oil trending higher -RWC Partners says Pierre Giannini will be joining the organisation as part of the ongoing growth RWC sees in Continental Europe. Giannini previously led Daiwa SB Investment’s business development efforts in Southern and Western Europe, where he focused on both institutional and wholesale channels - John Hardy, head of FX Strategy at Saxo Bank says in a client note this morning says, “The US treasury market faces an important test this week with three large auctions of 2-year, 5-year and 7-year treasuries on Tuesday through Thursday and the latest FOMC minutes on Wednesday. The big surprise many noted last week was the fresh highs in US yields failing to derail the ongoing equity market recovery. On the currency side, the narrative is that the US dollar can continue to fall as US interest rates rise because the rise in US yields reflects concerns on the US fiscal/current account balance sheet more than it reflects a strengthening US economy. The US 10-year benchmark came within hailing distance of the huge 3% level last week, widely considered a critical structural chart point – it is hard to believe, last week’s action notwithstanding, that a persistent rise above this level would be met with a shoulder shrug by asset markets, from equities to EM. The most interesting development this week would be strong US treasury auctions that see a sharp drop in US yields as a test of the recent weak USD trend - Aquaterra Energy, the offshore engineering solutions provider, has appointed Christian Berven as business development director, as it strengthens its EMEA operations by opening offices in Stavanger, Norway. Headquartered in Norwich, Aquaterra Energy UK, was the first to secure a multimillion pound investment from EV Private Equity, as part of its pledge last year to support fast-growing North Sea businesses. EV’s investment supports Aquaterra Energy’s global growth strategy and allows it to invest in capex. Berven joins the company following ten years as managing director of Norwegian oil service company, Toolserv - Alliance Etiquettes has merged with wine labeler Groupe Etienne. This is the sixth build-up for the Alliance Etiquettes “buy-and-build” platform created in 2015. Following the operation, Alliance Etiquettes will become the market leader in France of premium wine bottle labels, with turnover of €50m -- SendGold, a Gold-as-a-Service app that enables physical gold investment and payments in a digital environment, will launch its app in March in Singapore.. With the growing demand for gold across Asia, SendGold changes the way consumers can transact gold by allowing the user not only to buy and sell gold but also to send it as a payment or gift to friends or family members via their mobile devices, targeting the 2bn millennials who are in control of 16% of Asia Pacific's wealth -

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