The run on global equities continues for another day as US and Asian futures have again lead Europe in lower this morning. The market endured a backlash from yesterday afternoon’s big ISM manufacturing miss which set the tone for the overnight move, sending Asian shares (ex Japan) to a 5 month low. With little on the calendar for the rest of the day, we may well have set the tone for the rest of the day unless we are thrown a fresh piece of positive news to help sentiment. Looking at the long term FTSE trend we are getting dangerously close to being forced to concede this might not just be a mere correction to the long term bullish trend. It seems a very rare day that Ocado heads the wrong way, but the stock was knocked down over 4% this morning after full year losses widened to £12.5m despite its marquee Morrisons deal. There is no doubt that Ocado sits in an online market that has grown substantially in recent years and it continues to increase investment substantially, but a market cap of £3bln for a stock that has never made a pound of annual profit does seem a little rich, although that logic has failed miserably in the last 12 months. Another stock heading the wrong way early doors was Arm holdings, despite posting an in line 19% hike in full year profits. That news was soured by a miss in Q4 royalty revenue from its chip use in Apple and Samsung phones, which had been a major focus heading into the release. BP shares have come under a bit of pressure as well after a drop in Q4 earnings, sparked by weaker margins and lost revenues from asset sales. The company has sold off $38bln in assets to fund compensation payouts which continue to flow out to this day, and plans to sell another $10bln by the end of next year. BG group moved higher despite swinging to a loss for Q4, with today’s move indicating the bad sentiment had unsurprisingly been absorbed in the 2 profit warnings seen prior to today’s numbers and the subsequent 24% battering they have had since the highs of mid-January. 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.