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Futures

Blue Line Futures - Morning Express


E-mini S&P (June)

Yesterday’s close: Settled at 2862.50, up 35.50

Fundamentals: The opening bell rang yesterday, and lower price action turned higher as sharply as ever. Apple led the way after an analyst upgrades and took no prisoners gaining 3.68% on the day, Bill Baruch joined CNBC’s Trading Nation to discuss. Big tech followed suit and overnight the NQ traded to the highest level since it shed 2% on October 4th. The tables have begun to turn just a bit this morning after Eurozone Flash Manufacturing PMI whiffed with the German read coming in at 44.7, the worst since October 2012 (above or below 50.0 defines expansion or contraction). This is the fifth contraction in a row, and German 10-year Bund yields went into negative territory for the first time since October 2016. This data begins to explain how scared the ECB and Federal Reserve are in order to make such sharp policy U-turns over the last three months. Equity markets continue to love the accommodative Fed, but global economic data is clearly slowing, and first quarter earnings are expected to contract. This morning, we look to U.S. Flash PMIs at 8:45 am CT. Yesterday’s Philly Fed Manufacturing beat helped lift sentiment and contributed to the favorable tape, but this was the only beat in a string of U.S. Manufacturing misses.

Technicals: Yesterday was a rip your face off rally and once the bell rang, the market never looked back. Both the S&P and NQ traded to higher highs, but price action has come in a bit this morning. That higher high in the S&P, if it holds, displays a neat head and shoulders topping pattern. First key resistance comes in this morning at ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary basis and levels.

 

 

Crude Oil (May)

Yesterday’s close: Settled at 59.98, down 0.25

Fundamentals: Crude began slipping this morning when French Flash PMIs whiffed and saw further pressure on an abysmal German Manufacturing read, the worst since September 2012. This echoes slower global growth and begins to highlight those oversupply fears that the Saudi Oil Minister pointed to on Monday. Furthermore, it certainly highlights why Saudi Arabia is still trimming exports and production. Yes, on the surface they are buoying price action while there is a bullish seasonal tailwind, but they are clearly concerned growth continues to slow while the market is still oversupplied. The weak global data has also boosted the U.S. Dollar. The Dollar Index is more than 1% off Wednesday’s post-Fed low, which has added further pressure to commodities. Baker Hughes rig data is due at noon CT.

Technicals: Yesterday, we said, “Given a soft tape early in equity markets and Copper trading nearly four cents from the overnight high, both of which we find technically overvalued, we will again find value in fading the $60 region in Crude.” This morning, price action is below our ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary basis and levels.

 

 

Gold (April)

Yesterday’s close: Settled at 1307.3, up 5.6

Fundamentals: Gold is holding ground terrifically given the Dollar strength. The U.S. Dollar Index is more than 1% from its post-Fed low. However, we have called for lower sovereign debt yields around the world and this is our base case from being long Gold over the long-term. The German 10-year Bund is now negative for the first time since October 2016 after German Manufacturing PMI came in at 44.7, the worst since September 2012. U.S. Flash PMIs are due at 8:45 am CT and Existing Home Sales at 9:00. If these economic data points miss, Gold should gain $10 on the day and finish at a technically significant resistance. A better-than-expected read though will pressure Gold in the near-term as the Dollar gains further ground. Lastly, the Dollar is gaining against the Chinese Yuan, and Gold traders must keep a close eye on this. It is the wild card that can offset lower yields in the near-term.

Technicals: Gold failed at major three-star resistance yesterday and pared gains precipitously. On a positive note, it has held major three-star support at ... Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary basis and levels.

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Visit our website at www.bluelinefutures.com to open an account and stay up to date with our research.

Bill Baruch is President and founder of Blue Line Futures. Bill has more than a decade of trading experience. Working with clients he focuses on developing trading strategies that present a clear objective for both long and short-term trading approaches. He believes that in order to properly execute a trading strategy, there must be a well-balanced approach to risk and reward.

Prior to Blue Line, Bill was the Chief Market Strategist at iiTRADER which followed running a trade desk at Lind Waldock and MF Global.

Bill is a featured expert on CNBC, Bloomberg and the Wall Street Journal as well as other top tier publications. 

Blue Line Futures is a leading futures and commodities brokerage firm located at the Chicago Board of Trade. We work with clients that range from institutional to professional to novice and from self-directed to broker-assisted. No matter what type of trader you are, our mission is simple; to put the client first. This means bringing YOU strong customer service, consistent and reliable research and state of the art technology. 

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Blue Line Futures and is being posted with Blue Line Futures’ permission. The views expressed in this material are solely those of the author and/or Blue Line Futures and IBKR is not endorsing or recommending any investment or trading discussed in this material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


23275




Macro

Franklin Templeton - Can the EU's Extension Offer Really Break the Brexit Deadlock? - By David Zahn


After a nail-biting few hours, European Union leaders have agreed to the UK government’s request to delay Brexit, albeit the extension is less than Theresa May had requested. But our Head of European Fixed Income David Zahn believes the decision does little more than reset the clock, and he warns there is still a strong chance that the United Kingdom could still crash out without a deal.

After a good deal of brinkmanship, the European Union (EU) has agreed to offer the United Kingdom a short extension to Brexit preparations. But we’re skeptical that a short delay can fix the underlying problems that both sides face.

The EU has said if Prime Minister Theresa May cannot garner parliamentary support for her negotiated withdrawal agreement before March 29, it will offer to delay Brexit for two weeks. But in our view that represents little more than a postponement of the current situation.

The preferred outcome for both the United Kingdom and the EU remains a deal. But we think that would require some flexibility from the EU side, which it has so far been reluctant to offer.

So, a no-deal Brexit remains very much on the table—we’d estimate it has around a 30% possibility— and without any rapid progress, that likelihood will keep increasing.

Markets Likely to Remain Skittish

Despite the rhetoric, we’re not sure either side is ready for a no-deal Brexit. Neither the United Kingdom nor the EU seem to understand the full implications of the UK crashing out without a deal.

In recent days, a report from the Bank of Spain anticipated a Hard Brexit could reduce Spanish gross domestic product by 0.82 percentage points over the next five years,1 and we expect other EU economies could be similarly affected.

With uncertainty at elevated levels over the coming days, we think financial markets will remain skittish.

We’d expect sterling to remain range-bound, with the latest headlines dictating its movement. It should be a similar story for UK government bonds. We’d expect gilts to remain quite well bid until we get more certainty.


“Managed No-Deal”

The short delay could offer the opportunity for what has been termed a “managed no-deal Brexit.” In that scenario, the UK would leave the EU without a deal, but having had time for both sides to prepare contingencies.

We’d hope the negative impact on the wider economy would be less than a no-deal Brexit on March 29, as there should have been time for the likely shock to be managed.

A number of standstill agreements have been agreed to keep relationships on the same footing, at least temporarily. For example, Ireland and Northern Ireland have agreed not to erect a border on day one, and a number of regulators have agreed that certain financial market transactions will continue unaffected.

But these agreements will probably only remain in place for a short period of time. In due course, changes will have to be made and new arrangements put in place.

After all, even after Brexit, the UK should still be the sixth or seventh largest economy in the world. Its relationship with the rest of the world is likely to be problematic for a period of time, but it’s not going to disappear.

 

 

1. Source: Banco De España Brexit: Balance De Situación Y Perspectivas, March 19, 2019.

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Originally Posted on March 21, 2019

The comments, opinions and analyses expressed herein are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.

This information is intended for US residents only.

What Are the Risks?

All investments involve risks, including possible loss of principal. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in an investment portfolio adjust to a rise in interest rates, the value of the portfolio may decline. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments.

To get insights from Franklin Templeton delivered to your inbox, subscribe to the Beyond Bulls & Bears blog.

There is a substantial risk of loss in foreign exchange trading. The settlement date of foreign exchange trades can vary due to time zone differences and bank holidays. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign exchange trades. The interest rate on borrowed funds must be considered when computing the cost of trades across multiple markets.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Franklin Templeton and is being posted with Franklin Templeton’s permission. The views expressed in this material are solely those of the author and/or Franklin Templeton and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


23272




Macro

BlackRock - Move Over Sector Rotation: There's A New Strategy In Town - By Holly Framsted


What’s in a sector? Sectors have long been used to express market views but may not be the best tool available.

A recently released Greenwich Associates study identified 3 primary investor concerns heading into 2019:

1) the economy may enter a recession (63%),

2) interest rates will rise/credit will become scarce (63%), and

3) volatility will adversely impact portfolios (54%)[1].

While the survey focused on institutions, we see investors of all types making changes to their portfolios to position for resilience. These changes imply that investors believe they can shift their portfolio allocations around the economic cycle and maximize investment outcomes.  In fact, we believe this as well.  We would propose that investors, if equipped with the right tools, proper data, and a disciplined investment strategy, may have a greater opportunity to outperform the broader market over time by dynamically shifting allocations in their portfolios. The million-dollar question then turns to: “how?”

Sector Rotation – Familiar but troublesome

One of the most popular and familiar portfolio positioning strategies aimed at enhancing return has been sector rotation. These strategies time or tilt to sectors based on economic views and expected sector performance.

For example, in a typical economic contraction, business demand and consumer confidence decline, leading to decreased corporate profits, higher unemployment, and reduced consumer spending and capital investment. In this uncertain environment, individuals may forego purchasing a luxury car (such as a shiny red Ferrari!) but will most likely continue to purchase food or pay their electric bill. From an investment standpoint, investors might tilt towards defensive sectors such as consumer staples, utilities and health care as there will still be continued demand for those products and services despite the economic contraction. Similarly, investors may choose to be underweight those sectors that display more cyclical characteristics such as financials, technology and consumer discretionary, which are more dependent on underlying economic growth and consumer spending.

While sector tilting or sector rotation strategies, in theory, are built on economic foundations, they overlook some critical properties that could be detrimental to investors. Despite being familiar, sectors merely proxy a desired exposure; they are not proven long-term drivers of return. For example, technology should provide exposure to firms that do well in periods of economic growth. Health care should provide exposure to firms that will better weather an economic downturn. However, individual company characteristics, not sector classifications, are what will ultimately drive performance.

Some investors might argue that companies within the same sector have similar characteristics.  While this is broadly true (classifications do group companies with similar business lines, after all!), we would propose that if you look under the hood, many sectors are in fact far more diverse than you might think. The health care sector is a great example. While the overall sector may serve as a decent proxy for a defensive exposure, the characteristics of individual companies within the sector differ. These differences are observable through the performance of the various industries within the sector. We find that investors looking to sectors to achieve an outcome, such as a defensive posture, might find them to be a blunt instrument, containing stocks working against the desired result.


Factor Rotation: A Potential Solution

So, if investors are really after defensive exposure, wouldn’t it make more sense to invest directly in companies with defensive characteristics (stable business models, consistent earnings, and lower risk than the market), rather than try to proxy this exposure through a sector, which selects stocks simply by their broad industry categorization?  If only there were an efficient, simple way to directly access this exposure through companies with known defensive characteristics!

Oh wait, there is!

These desired defensive exposures can be directly captured through factor strategies. Quality Factor investing by design invests directly in companies that exhibit strong balance sheets and more stable earnings, and Minimum Volatility strategies are built to provide a defensive portfolio of stocks. Similarly, investors can more directly attempt to outperform in a rapidly expanding economy by focusing on factor strategies positioned to do well in a booming economy, such as Value and Size. Put simply, factors can be a more precise way to pursue outperformance based on economic shifts.

Even though we believe factors allow for a more precise and intuitive way to achieve desired exposure, we are still left with the question of investor ability. Accurately identifying where we are in the economic cycle is quite difficult even for the most experienced investor. For one, economic cycles do not often follow a smooth pattern like the visual depictions in economics classes often suggest. Thus, investors may be better served relying not only on expert active management to time economic regimes, but also a model that considers other elements such as factor valuations, dispersion or relative strength, as a way to inform when to tilt towards one factor vs another. This is an approach BlackRock has explored, implemented and tracked, and is now bringing to market to give investors access to factor tilting. And for those investors who still prefer to invest by themselves, we believe that factors such as quality and minimum volatility can be a far more intuitive way to capture investment sentiment as we continue to weather market uncertainty.

 

[1] Source: Greenwich Associates, Q1 2019. Based on interviews with 181 institutional investors.

Holly Framsted, CFA, is the Head of US Factor ETFs within BlackRock’s ETF and Index Investment Group and is a regular contributor to The Blog. Elizabeth Turner, Vice President and Christopher Carrano, Associate are members of the Factor ETF team and contributed to this post.

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Originally Posted on March 21, 2019

Carefully consider the Funds’ investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds’ prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risks, including possible loss of principal.

There can be no assurance that performance will be enhanced or risk will be reduced for funds that seek to provide exposure to certain quantitative investment characteristics (“factors”).  Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. In such circumstances, a fund may seek to maintain exposure to the targeted investment factors and not adjust to target different factors, which could result in losses.

There is no guarantee that the classification system used to determine the Factor Rotation model for the U.S. Equity Factor Rotation ETF will achieve its intended results. The fund may engage in active and frequent trading of its portfolio securities which may result in higher transaction costs to the fund. The fund is actively managed and does not seek to replicate the performance of a specified index.

This material represents an assessment of the market environment as of the date indicated; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular. This document contains general information only and does not take into account an individual’s financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of February 2019 and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with MSCI Inc.

©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

ICRMH0319U-766459-1/1

 

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from BlackRock and is being posted with BlackRock’s permission. The views expressed in this material are solely those of the author and/or BlackRock and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


23270




Technical Analysis

Bespoke Weather Services - Natural Gas Flat Following In-Line EIA Storage Number


Thursday, March 21, 2019 at 6:36PM

It was a rather slow day in the natural gas market, with the April contract settling just a tick higher in a 4.3-cent range. Bearish daily balances were canceled out by mixed weather forecasts and an in-line EIA print, keeping prices mostly range-bound.

natural gas commodity weather

Later contracts along the curve were stronger through the day, with April actually being the weakest overall.

natural gas commodity weather

The result is that the J/V April/October spread went out to recent wide levels.

natural gas commodity weather

These later contracts were firm enough to help the April contract defend the $2.8 support level. Our Morning Update was "Neutral" despite slight GWDD losses overnight. We we highlighted that, "it still seems hard to break below the $2.8 level..."

natural gas commodity weather

natural gas commodity weather

Then the Energy Information Administration announced a draw of 47 bcf from storage last week, which was just 1 bcf away from our estimate of 48 bcf.

natural gas commodity weather

They also announced a 4 bcf revision lower in last week's 204 bcf draw, indicating that the draw actually should have been 200 bcf.

natural gas commodity weather

Despite the revision, the market did not move much after the EIA number, as it was seen as generally confirming current expectations. Our EIA Rapid Release highlighted we saw the number as "Neutral," which verified well, and then our Afternoon Update took a look at natural gas price risk and expected weather changes headed into the weekend. To give this report a look, and begin receiving all our detailed weather-driven analysis,Try out a 10-day free trial here

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Bespoke Weather Services is the premier integrated weather forecasting service for natural gas traders, offering actionable trade ideas and market risk profiles from live weather modeling and pricing data to identify opportunities along the natural gas strip.  We combine fundamental supply/demand and technical analysis with our weather forecasts to provide numerous research reports through the day alerting traders to what we see driving price action and how risk appears skewed moving forward.  We offer market sentiment and analysis on an intraday, daily, weekly, and seasonal basis, providing research packages for both active short-term traders and longer-term investors and portfolio managers.

Try a 10-day free trial to our unique integrated weather and natural gas-driven analysis here.

Disclaimer: Bespoke Weather Services, LLC believes all information contained in this note to be accurate, but we do not guarantee its accuracy.  None of the information in this post or any opinions expressed constitute a solicitation of the purchase or sale of any securities or commodities.

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Bespoke Weather Services and is being posted with Bespoke Weather Services's permission. The views expressed in this material are solely those of the author and/or Bespoke Weather Services and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


23269




Stocks

Edison - UK Sparks: Royal Mail Names New Chairman; Smiths Group to Spin Off Medical Business


Royal Mail has named Keith Williams chairman, replacing Les Owen after six months in the job. Williams, currently deputy chairman of the postal service, succeeds Owen on May 22 after the full-year results are released. The former chief of British Airways joined the board of Royal Mail in January last year. Owen replaced Peter Long on a short term basis after investors voted against his re-election as chairman.

Smiths Group has confirmed plans to spin-off its Smiths Medical business and separately list the company in the UK. The demerger, it says, will create “two stronger, industry-leading companies with distinct strategies and focus”. The spin-off is expected to be completed in the first half of 2020. Smiths Group is also recruiting for a chief executive officer of the new company.

Separately, Smiths reported a 2% increase in half-year underlying revenue to £1.6bn, which included a £21m boost from foreign exchange translation. Meanwhile, underlying headline operating profit was down 2% to £246m. CEO Andy Reynolds Smith reaffirmed the company’s outlook for 2019, saying he expects the company to deliver sustainable underlying revenue growth of at least 2%.

Senior Plc’s aerospace division has been officially selected by Saab to supply components for the Boeing T-X advanced pilot training system. The US Air Force selected the purpose-built aircraft and simulation system after a multi-year competition. Senior Aerospace SSP is based in California where it designs and manufactures high pressure/high temperature ducting systems.

Finally, packaging company Robinson has posted a 10% increase in full year revenue to £32.8m and an operating profit before exceptional items and amortisation of intangible assets at £1.5m, up from £1.3m in 2017. Chairman Alan Raleigh said the company expects to achieve double-digit sales growth again in 2019 and a “marked step-up in profitability, ahead of market expectations.”

Sarah Jones

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Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.  Visit www.edisoninvestmentresearch.com for more information.

Edison is authorised and regulated by the Financial Conduct Authority. Our research is a marketing communication as defined by the FCA, this communication only contains information that is an acceptable minor non-monetary benefit as defined under COBS2.3A19(5).

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Edison and is being posted with Edison’s permission. The views expressed in this material are solely those of the author and/or Edison and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


23268




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Disclosures

We appreciate your feedback. If you have any questions or comments about IB Traders' Insight please contact ibti@ibkr.com.

The material (including articles and commentary) provided on IB Traders' Insight is offered for informational purposes only. The posted material is NOT a recommendation by Interactive Brokers (IB) that you or your clients should contract for the services of or invest with any of the independent advisors or hedge funds or others who may post on IB Traders' Insight or invest with any advisors or hedge funds. The advisors, hedge funds and other analysts who may post on IB Traders' Insight are independent of IB and IB does not make any representations or warranties concerning the past or future performance of these advisors, hedge funds and others or the accuracy of the information they provide. Interactive Brokers does not conduct a "suitability review" to make sure the trading of any advisor or hedge fund or other party is suitable for you.

Securities or other financial instruments mentioned in the material posted are not suitable for all investors. The material posted does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before making any investment or trade, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. Past performance is no guarantee of future results.

Any information provided by third parties has been obtained from sources believed to be reliable and accurate; however, IB does not warrant its accuracy and assumes no responsibility for any errors or omissions.

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