US futures are pretty flat. European
futures look kind of mixed. But Asia's
been weak as a result of selling of tech
stocks apart from Alibaba. But there's a
lot of mixed signals going into today's
European session, I suppose. Moana.
>> Yeah. Well, we are definitely seeing um
a bit of a route there um coming over
from Friday um with the with the AI
stocks leading in the US and we're
seeing that um coming through in Asia
this morning um as well. Um I think one
of the things I've been looking at is
that I think that's going to be quite
good for the Footsie 100 because um we
saw them actually have a a pretty rough
week actually last week, but it's um
they outperformed European stocks. You
know, they dropped 1.4%. That was their
worst week since April, but it wasn't
nearly as bad as what we saw in Europe
and in the US. And actually um with this
sort of flight from risk that we're
seeing spread around with the
uncertainty um the UK's kind of uh
consumer heavy defensive heavy um stocks
are likely to benefit more um as well as
this big rise in gold and a lot of that
uncertainty that we're seeing
particularly from the US Fed. You know
what's happening with these tariff
policies helping precious metals which
again um helps some of those Footsie 100
listed um precious metal miners. Um so
you know after a difficult week this
week I think things have really aligned
for it to perhaps do a little bit better
um this week and perhaps return to that
ascent we'd seen to consecutive record
highs earlier.
>> We're just waiting for payrolls. Is that
is that what we're doing all week?
>> There is certainly that uncertainty and
that overhang and actually things are
also quite stagnant. I think um I think
when you're looking at the fixed income
market in particular, we've seen yields
um particularly longdated yields really
rising across the board. Um and so I
mean you know one of the things we've
been talking about is is France um you
know elevated political uncertainty
there but we're also seeing it in the
guilt market because um there's a lot of
uncertainty about what's coming up in
auton's budget but that's quite a way
away so there's generally a sense that a
lot of these catalysts are a little
further out and of course as you say
with the US we're waiting for payrolls
there's so much uncertainty about what's
happening with the federal reserve and
you know also with tariff policies um
that I think everybody's kind of in wait
and see mode, but at the same time,
nothing's really alleviating that
elevated risk profile.
>> We were just talking about how it's a
long time to wait until the budgets.
Good two months, isn't it now? I mean,
it might be roughly until we get We
don't know the date exactly, I think.
>> So, we got two months of waiting to find
out whether we get tax rises in the UK.
It feels like the narrative can't just
be that for two months.
>> No, absolutely. I think one of the
things we'll be watching closely though
is actually what the Bank of England
does this month. um you know they the
prospects of them cutting rates has been
um significantly reduced. Actually they
sounded a bit more hawkish in their last
meeting. Markets are now pricing in less
than a 30% chance of a rate cut. Um but
whatever is going to help that um bond
market um heightened risk um you know
could only really come from the Bank of
England because I think there's so much
uncertainty with regards to what's in
this budget and actually even though
usually um talks of tax cuts would be
beneficial perhaps and reassure the bond
market. I think when they seem so kind
of wide ranging that's actually creating
more anxiety just about the e economic
state that's faced by the government.
>> Well, great stuff. Thank you very much
indeed.