08:25am    Away soon on a 4-day break so no trading today or Monday but I shall be back here on Tuesday morning.

Market Update:

Financial markets are expected to be quite bullish today after a surprise move by the Bank Of Japan last night, they introduced negative interest rates to try and stimulate corporate borrowing so expanding the economy so effectively they now have a 0.1% fee payable on bank and savings deposits thus encouraging people to spend or lend  rather than save.   This move was controversial as it divided the Japanese bank’s board by  5 votes to 4 in favour but the markets are enjoying it and the Nikkei 225 ended up nearly 3% at 17,515.30 (+476.85) with other Asian indices also finishing Friday’s session ahead.  UK and European indices have opened higher this morning with U.S. futures following suit at the moment.

The oil market is still enjoying a bullish move up and the U.S. benchmark WTI Crude reached a high of $34:80 during yesterday’s session although it has fallen back slightly this morning ($33:77 currently)  Although this recent move up has been due to rumours of a deal between Saudi Arabia and Russia on output, the fundamentals are still all wrong with high production, low demand and nightmare storage situation so the view is still quite bearish I believe.