The Monday note - 16 April 2018

• The FTSE 100 closed on Friday at 7,263.8, up over 80 points from last Monday’s open. The ten year Gilt yield stood at 1.44%. 
• Cyber security firm, Avast, has chosen London over New York for its stock market listing. The floatation will value the company at $4 billion, and provides a vote of confidence in London’s future as a financial market. 
• US banking giant, JP Morgan Chase announced a 35% rise in Q1 2018 profits to $8.7 billion. Market volatility boosted trading revenue. 
• Jaguar Land Rover said it planned to axe 1,000 jobs in the UK. The carmaker said that falling demand for diesel vehicles and Brexit uncertainty had hit sales. 

Chief Economist comments: 

The last decade has been tough on the financial sector, however its fortunes are now improving. Rising interest rates are drawing money into the coffers of banks, while market volatility is keeping stock brokers busy. The US banks are expected to report strong figures for Q1, but UK institutions still have Brexit to contend with. Hopefully, other tech firms will follow Avast’s lead and list in the UK, or Britain could miss out on some of the new cycle for the financial sector.