Trading Log

Buyers remain cautious. Berkeley reiterates April’s around-25% production reduction while maintaining its £1.4bn four-year pre-tax profit plan.

Profit guidance cut again and the covenant timetable slips, but net debt is £30m better than guided. My 160.97p asset valuation is unchanged.

The NASDAQ off around 2.6% overnight and Korea hit hard, but the names at the centre of it were not expensive going in. A positioning flush, not a re-rating.

Barclays downgrades several UK housebuilders on a second wave of cost inflation, with price targets cut 26% to 49%. Berkeley is the sole overweight. The market barely moved.

The Nasdaq has bounced off the same support three times in three weeks. A small long at 24,373 with a tight stop at 24,139.