Europe US Technology shares were down yesterday, Asian tech shares were down this morning and you guessed it, European tech shares were down today. The UK was slow to catch up with the US in the tech stock boom, turns out it turned up just as the party was ending. While the likes of Google, Apple, Facebook and Twitter have been soaring, the UK didn’t have its equivalents. In the latest wave of IPO’s the UK had some its own offerings with the likes of Boohoo.com, Petsathome.com and Appliances Online. These companies are now all below their listing price after the recent rout in technology shares. Just Eat was the most recent example and at one hundred times earnings, compared with twenty times for domino’s pizza, this was a very high valuation. Arm holdings because of its prominence as a mobile phone chip maker has been a prime target in the UK’s sell-off and was one of the biggest losers again today. In a market without many winners, Unilever won out again as a high dividend safe haven. Easyjet and International consolidated airlines were both down over 5% today on weaker traffic from Heathrow airport. US JP Morgan Chase had a big miss with a drop in profits of 19% and earnings at $1.28 per share, below expectations of $1.39. Fixed income trading and mortgage divisions were blamed. This doesn’t speak well for other investment banks as low volatility in fixed income markets is something that all of them will have to have dealt with. Those banks with the biggest reliance on fixed income for revenues may be the ones needing closest attention. Positive data out of the US was not enough to get markets into positive territory but may have stemmed declines a little. Preliminary University of Michigan consumer sentiment came back from a four-month low on the last reading to beating expectations. This compliments the six-year high seen from the confidence board released late March. The producer price index rose much more than expected by 0.5% on the month ahead of the 0.1% expected, with core prices 0.6& against 0.2% expected. FX The US dollar was largely higher today on safe heaven flows directed towards the United States after a number days directed towards the yen and Swiss franc. Commodities Gold was relatively flat today and given the strength of declines in stocks, you might have expected to see a bigger rally. Oil and Copper were lower as China’s Premier Li indicated there would be no stimulus program in the near term. CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.