Trading Update
11-Nov-13, 9:14am: Good US Jobs Data Causes Market Confusion

Here is a quick update on the markets this morning:



Update by Ishaq Siddiqi, Market Analyst,
11-Nov-13, 9:14am: Gold on the way to $1,270?

EUR/USD is still looking weak but focusing on gold, we can see the market is looking very soft.

With a risk-on mode in the markets and a strong dollar, the metal is looking weak and could be on its way to $1,270. If it breaks through that support then the next technical support level all the way down at $1,181.



Update by Craig Inglis, Head of Product Development,
11-Nov-13, 9:15am:

Questor Tips Morrisons Shares



According to the Questor column, “the supermarket has fallen behind in terms of online capability and was slow to adopt the local mini store format but that looks priced into shares.

“With plans to address both those issues in the next 2 months, it remains a solid defensive option. The slump in third quarter like for like sales of 2.4% was worse than even the most pessimistic of City scribblers expected.

“The retailer expects like-for-like sales to increase in the final quarter of the year, which would suggest that they have already had something of a recovery throughout October.

“Management confirmed that the first online food deliveries will begin in Warwickshire in January 2014 and expects to deliver to more than half of its UK customers by the end of 2014.

“With disposable incomes feeling the squeeze, general retailing is a very difficult place to be right now. However, for investors it offers very defensive returns. Morrisons shares have traded within a range of about 250-300p for the past 5 years. The company pays a dividend with a forecast yield of 4.7%, which is expected to rise 10% in the next two years. The forecast dividend is covered 1.9 times by earnings and almost twice by free cash flow, making it relatively secure. Wm Morrison at 280p-1. Questor Says BUY”

For full details see Telegraph.co.uk.

Update by Gordon Childs, Editor,
11-Nov-13, 5:37pm: This week’s Look Ahead video, discusses expectations for the UK and European inflation data as well as the rest of the week’s upcoming economic figures.



Update by Hannah Slowther,