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Strong non manufacturing figure came out of the US yesterday

Article By: ,  Financial Analyst
August 6, 2013 11:30 AM

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Overnight, the Japanese Nikkei finished up 1% whilst other Asian indices displayed weakness. The reason for the pull back was the strong non-manufacturing figure that came out of the US yesterday afternoon. The result came in at 56 versus the expectation of 53.2 which increases the likelihood that the FED will begin tapering sooner rather than later.

Dollar Yen made a low early this morning at 97.84 and since then the dollar has strengthened and is currently trading at 98.37.

In shares, Intercontinental hotels group is one of the strongest performers in the FTSE 100 this morning, up 2.5%. This is after they announced that their profit for the first half of the year increased by 20% to $338m.

Legal and General was another riser, the company announced this morning that their pre-tax profit increased by 13% to £592 million. On the other end of the scale, Fresnillo announced that their pre-tax profit had fallen significantly to $249.8m versus $608m a year earlier. Their shares are currently pricing down 7% at around 966p.

The FTSE is currently trading down 17 points at 6599 and the Dow and Dax futures are both slightly lower versus yesterdays close.

Figures to look out for today are Manufacturing production from the UK at 9:30am and the US Trade balance at 1:30pm.

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