Yet again stronger earnings news has helped to push US markets in well into positive territory after initially suffering early on.

It seems we may yet again be set for a mixed bag as the major indices remain undecided of their next big move. Earnings news from Apple could well be the catalyst for a positive start this morning as the maker of the iPad and iPhone saw numbers smash through Wall Street expectations.

On the other side of the fence was a weaker performance by Yahoo who missed Wall Street expectations. Today could well be a little quieter than yesterdays session as the economic calendar is looking a little lighter than it has done. This could well leave many breathing a sigh of relief as recent weak numbers from the US has led to some much weaker performances by the major indices.

Despite it being quiet the today will see the release of the minutes from the July meeting of the Bank of England’s MPC and these will be the most eagerly awaited for some time now. We also know that one member, Andrew Sentance, voted in the June meeting for a small increase in interest rates. The market is expecting Sentance to have been the sole dissenting voice from the preservation of the status quo on interest rate policy, especially as a couple of MPC members went public with opposing views to Sentance’s. The entire committee is likely to have been in favour of leaving the quantitative easing policy unchanged.

Tuesday’s results from Enterprise Inns should provide something of a read across for fellow pub operator Mitchells & Butlers, which brings out an interim management statement on Wednesday.

As has been the case for the other pub groups, the company is likely to have enjoyed the FIFA World Cup somewhat more than England fans though the group has a higher proportion of restaurants disguised as pubs than its peers, so the boost from the football might not be so noticeable. Later today there are also numbers from GlaxoSmithKline.

Ahead of the open we expect to the FTSE to open up 50 points at 5,189, the DAX up 52 at 6,019 and the CAC up 54 at 3,512.

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Article by James Hughes, Analyst, CMC Markets.

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