Disappointing import/export data from China overnight took the steam out of the recent rally at the European open, with markets generally taking a breather after a week of rapid gains. The more cautious tone hasn’t held back Burberry early on, with the stock trading 5% on a surprise sales beat in Q1, with the board continuing to emphasise the opportunity they see for sales growth in the far east.Barratt Developments kept up the recent trend for strong numbers from the house building sector, publishing an update that saw the stock forge fresh 5-year highs at the open before pulling back to trade flat on the day as traders took profits after what has been a meteoric rise. Investors brave enough to chance their arm during the worst of the crisis in 2008 would now be sitting on 600% gains as the UK housing market recover continues apace.ICAP shareholders will be in less ebullient mood, with the broker’s stock trading down over 6% despite the board reiterating full year earnings guidance, volume growth in certain markets and plans for further cost reductions in 2013. The analyst community was unimpressed by the update with turnover in key credit and commodity markets declining, but even in this context the sell-off does look a little harsh… In the absence of any significant macro data this afternoon, clients may well focus on crude inventories at 15:30 as commodity prices remain in the spotlight after the volatility of recent weeks. We’ve seen big sellers of the US WTI benchmark ahead of the figures, though clients continue to take a more bullish view on Brent with the spread between the two now under $4 having been closer to $25 not long ago…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.


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