DAVY VIEW

Equity markets closed up marginally on Monday as the rally in US regional banks petered out and the US Senior Loan Officer Survey weighed on sentiment. Overnight, Asian markets were down as a surprise 7.9% fall in imports raises fresh concerns on the pace of China’s recovery. Ahead of Thursday’s Bank of England rate decision, this morning’s British Retail Consortium (BRC) data point to UK household spending still under pressure in April. Also, the Halifax index of UK house prices fell 0.3% last month.