| | | | | | | | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Footsie slips as Russia threatens immediate retaliation The Footsie slipped quickly into the red after the start of trading on Froday, with US stocks having fallen deeper into the red for the month of September overnight amid on-going geopolitical concerns about both Russia and Iraq.
Vladimir Putin has demanded that the European Union re-open a trade pact with Ukraine, threatening immediate retaliatory measures should Kiev implement any part of the deal.
As of 09:08 the FTSE 100 was to be seen moving lower by 19 points to 6,620.
Also weighing on stocks at the margin was a weaker than expected print for Japanese consumer price inflation (CPI) in August. The headline inflation rate slowed to 3.3% year-on-year from 3.4%, with the ex-fresh food measure down to 3.1% from 3.3% (consensus: 3.2%).
"Softer Japanese CPI data reinforced fears of more BoJ easing and hurt the JPY," analysts at UnicreditResearch said.
For his part Alpari UK market analyst Joshua Mahony noted that: "with Japanese CPI pulling back, a German consumer confidence survey expecting to fall, and the UK likely to announce their willingness to act in Iraq, there is little to be positive about today.
"Stripping out the 2% rise that was attributed to the sales tax hike in April, the subsequent figure of 1.3% is the lowest level since October 2013 and proves that the recent trend is no short - term phenomenon."
Friday's focus will also be very much on an anticipated Commons vote on UK involvement in a war against the "Islamic State".
The outcome is widely expected to support participation and comes after Obama pledged the US's support earlier this week.
US gross domestic product (GDP) rose an annualised 4.6% in the second quarter, compared to an earlier estimate of 4.2% released 28 August, a report due out from the Commerce Department on Friday afternoon is expected to show.
Just yesterday Barlays Research raised its tracking estimate for US third quarter growth to 2.8% from 2.6%.
A separate report from the University of Michigan is expected to show an increase in US consumer confidence in September. The sentiment index may have risen to 84.8 from 84.6 a month earlier, according to analysts' estimates.
Precious metals miners lead gains, Sports Direct off
Fresnillo, Centamin, Polymetal and Randgold Resources began the morning session with slight gains as gold futures advanced in reaction to increased risk aversion on the back of geopolitical concerns.
Sports Direct is off by 4% a day after it was disclosed that executive deputy chairman Mike Ashley has essentially taken a punt on shares of Tesco, with Goldman Sachs on the other side of the trade no less.
Slower-than-expected growth in its solutions division and challenging market conditions in its currency division have forced Security documents designer and producer De La Rue to lower its expectations for the current and next financial year. The company said it expects operating profit and underlying profit before tax for the year to be £20m lower than originally estimated. JP Morgan has reduced its target from 862p to 600p and downgraded the stock to underweight. Numis cut its target to 540p downgrading from add to hold.
In other company news, ground engineering firm Keller Group has announced that Justin Atkinson, the company's chief executive (CEO), will retire from his role at the end of 2015. The group has confirmed it has already started a selection process to find a replacement for the outgoing CEO, who first joined the company in 1990.
The London Stock Exchange has obtained a take-up of 97.07 % on its rights issue to finance a planned $2.7bn takeover of US index compiler Frank Russell. |
| | FREE £20 to invest on our peer to business lending platform | | Lend to businesses and earn average gross yields of 16%.
Join today and get a £20 head start in this new financial market. Register your details here to receive £20 FREE |
| | Market Movers
techMARK 2,791.63 -0.30%
FTSE 100 6,625.94 -0.21%
FTSE 250 15,363.39 -0.41%
FTSE 100 - Risers
Fresnillo (FRES) 766.00p +2.41%
Randgold Resources Ltd. (RRS) 4,336.00p +2.05%
Standard Chartered (STAN) 1,182.00p +0.98%
Antofagasta (ANTO) 732.00p +0.69%
British Land Co (BLND) 695.50p +0.58%
Rio Tinto (RIO) 3,123.00p +0.58%
St James's Place (STJ) 722.50p +0.49%
Smith & Nephew (SN.) 1,028.00p +0.49%
HSBC Holdings (HSBA) 649.60p +0.48%
easyJet (EZJ) 1,356.00p +0.44%
FTSE 100 - Fallers
Sports Direct International (SPD) 620.50p -2.67%
Petrofac Ltd. (PFC) 1,004.00p -1.67%
Bunzl (BNZL) 1,569.00p -1.57%
Travis Perkins (TPK) 1,641.00p -1.56%
Associated British Foods (ABF) 2,507.00p -1.53%
Sainsbury (J) (SBRY) 254.10p -1.51%
3i Group (III) 383.10p -1.26%
Coca-Cola HBC AG (CDI) (CCH) 1,313.00p -1.13%
Imperial Tobacco Group (IMT) 2,665.00p -1.11%
Mondi (MNDI) 1,012.00p -1.08%
FTSE 250 - Risers
Balfour Beatty (BBY) 227.00p +3.09%
Centamin (DI) (CEY) 61.75p +3.09%
Rank Group (RNK) 165.90p +2.98%
Polymetal International (POLY) 487.40p +2.46%
IP Group (IPO) 211.40p +1.88%
Brit (BRIT) 247.20p +1.73%
Millennium & Copthorne Hotels (MLC) 551.50p +1.57%
Renishaw (RSW) 1,616.00p +1.51%
Betfair Group (BET) 1,155.00p +1.49%
Kazakhmys (KAZ) 270.00p +1.39%
FTSE 250 - Fallers
De La Rue (DLAR) 562.50p -25.89%
Ocado Group (OCDO) 263.50p -5.08%
Greencore Group (GNC) 245.00p -3.16%
Howden Joinery Group (HWDN) 332.70p -3.12%
Bwin.party Digital Entertainment (BPTY) 88.20p -2.97%
Berkeley Group Holdings (The) (BKG) 2,200.00p -2.87%
Daejan Holdings (DJAN) 4,900.00p -2.87%
Hochschild Mining (HOC) 139.80p -2.85%
Just Retirement Group (JRG) 135.30p -2.66% |
| | UK Event Calendar | | Friday 26 September
INTERIMS
Public Service Properties Investments Ltd (DI)
INTERIM DIVIDEND PAYMENT DATE
Acencia Debt Strategies Ltd., Brit , Capital & Counties Properties , Capital & Regional, Clarkson, Foxtons Group , Henderson Opportunities Trust, Hikma Pharmaceuticals, InterContinental Hotels Group, Kingspan Group, Maven Income & Growth 4 VCT, Mincon Group , Paddy Power, Polymetal International, Rotork, Stock Spirits Group , Ultra Electronics Holdings, Vesuvius
QUARTERLY PAYMENT DATE
Real Estate Credit Investments PCC Ltd, Total SA
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
GDP (Final) (US) (13:30)
U. of Michigan Confidence (US) (14:55)
GMS
Alent
FINALS
Asian Citrus Holding, Digital Globe Services Ltd (DI), Produce Investments
ANNUAL REPORT
Boohoo.com
SPECIAL DIVIDEND PAYMENT DATE
Foxtons Group , Hargreaves Lansdown, HGCapital Trust, Hikma Pharmaceuticals
EGMS
Industrial Mlulti Propety Trust
AGMS
African Copper, Boohoo.com, DJI Holdings, Filtronic, Fortune Oil
FINAL DIVIDEND PAYMENT DATE
Hargreaves Lansdown, NCC Group |
| | A New and Unique approach to Wine Investment... | | Our algorithm offers a unique relative-value assessment of wine investment, and has led to a demonstrable track record of significantly outperforming the market!
Don't believe us? See for yourself, here |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of US economic growth data European stocks were little changed ahead of a report that may show US economic growth was revised higher in the second quarter. US gross domestic product (GDP) rose an annualised 4.6% in the second quarter, compared to an earlier estimate of 4.2% released 28 August, according to forecasts.
A separate report from the University of Michigan is expected to show an increase in US consumer confidence in September. The sentiment index may have risen to 84.8 from 84.6 a month earlier, according to analysts' estimates.
The Federal Reserve is monitoring data to gauge the health of the world's biggest economy as it considers when to raise interest rates.
In the UK, the Parliament will debate whether to join the US in airstrikes against Islamic State (IS) militants.
Prime Minister David Cameron is seeking approval by the Parliament to endorse military action against IS.
He said during a speech to world leaders at the United Nations that IS is a "clear and present danger to the United Kingdom".
On the company front, miners, including Fresnillo and Randgold Resources, were higher as Russian President Vladimir Putin demanded a reopening of the European Union's recently-ratified trade pact with Ukraine. However, Ukraine President Petro Poroshenko said the worst of the war with pro-Russian separatists is over.
The euro was up 0.02% to $1.2753. |
| | Swissquote offers CFD Trading, an efficient mean of trading indices, commodities and currencies. | | You can trade on the market whether you think it will go UP or Down! Think the DAX will go Down? Short the DAX… Try CFD Trading with a Free Practice Account losses can exceed your deposit.
|
| | US Market Report | | US close: Sell on Rosh Hashanah and buy on Yom Kippur? US stocks slid on Thursday, sending the S&P 500 further into the red for the month of September, possibly as a result of the negative geopolitical newsflow, while investors continued to fret about the US Federal Reserve.
Might the US central bank act too soon? In that regard, it must be kept in mind how 5-year inflation breakevens Stateside hit 15-month lows on Monday. That comes as US 10-year Treasury yields are near seven year highs versus their G7 counterparts and the euro plumbs near two-year lows.
On the geopolitical front, meanwhile, Iraq's Prime Minister warned of the possible risk of attacks against the subway systems in New York and Paris. In parallel, a member of Russia's ruling party proposed legislation that would allow for the expropriation of foreign states' assets in the country - including those under diplomatic immunity.
Also weighing on sentiment, perhaps, was a mixed reading on US durable goods orders for the month of August, which fell by 18.2% month-on-month, or slightly more than the -18% drop forecast by economists, dragged down by lower orders for commercial aircraft.
Thus, the Dow Jones Industrial ended lower by 1.94% to 4,467 points, the S&P 500 off by 1.62% at 1,966 and the Dow Jones Industrials with losses of 1.53% to 16,946. The Chicago Board of Trade's index of options volatility (VIX) increased 18% to 15.64 points - still a historically low reading.
Nevertheless, and as far the economic data is concerned, Capital Economics had this to say: "Stripping out the aircraft related volatility, the underlying strength in capital goods orders and shipments in August indicates that business investment in equipment continues to expand at a healthy pace in the third quarter."
Another report showed jobless claims in the week to 20 September came in at 293,000 following 281,000 claims a week earlier. Analysts predicted 296,000 claims.
As well, US data on Friday is forecast to show gross domestic product grew 4.6% in the second quarter, more than the previous estimate of 4.2% released 28 August.
Sell on Rosh Hashanah and buy on Yom Kippur?
Seasonality is important, although not fail-proof when attempting to time the market. Thus, recent selling in US equities may have something to do with the fact that while the final stretch of the year tends to see stocks gain, September and October tend to be rather poor months for US equities.
Since 1971 the S&P 500 has fallen by an average of 0.47% in Septemer and the Dow Jones Industrials by 1.27% since 1929. However, over the last century in years when the latter was sporting a year-to-date gain going into September it has actually risen by 0.3% - rising as often as it has fallen - according to Ned Davis Research.
Another Wall Street trading pattern which is often invoked at this time of year is "sell on Rosh Hashanah (Jewish New Year) and buy on Yom Kippur".
Again, it may be worth bearing in mind that there are always seasonal factors at play. More importantly perhaps, however, some commentators have been warning - for some time now, admittedly - about stretched valuations on Wall Street.
Apple drags tech sector lower
In corporate news Apple slumped as it withdrew its first update for the new iPhone6's operating system, iOS8, after the new software caused some users to lose cellular service.
Contract electronics manufacturer Jabil Circuit fell 2% despite reporting quarterly figures that beat analysts' projections.
The industrial groups which registered the largest falls were: platinum&Precious metals (-4.56%), computer hardware (-3.44%) and technology hardware (-2.55%).
West Texas Intermediate crude futures for december delivery slipped 0.29% to $92.53 per barrel, according to the ICE.
The US 10-year yield dropped six basis points to 2.50%.
S&P 500 - Risers
Motorola Solutions Inc (MSI) $62.24 +0.71%
AutoNation Inc. (AN) $49.98 +0.66%
HCP Inc. (HCP) $39.72 +0.63%
Ventas Inc. (VTR) $61.43 +0.47%
FirstEnergy Corp. (FE) $33.87 +0.36%
Broadcom Corp. (BRCM) $40.32 +0.35%
Duke Energy Corp. (DUK) $73.96 +0.34%
Newmont Mining Corp. (NEM) $23.91 +0.29%
Centerpoint Energy Inc. (CNP) $23.94 +0.29%
Public Storage (PSA) $163.50 +0.23%
S&P 500 - Fallers
Allegheny Technologies Inc. (ATI) $38.86 -4.82%
Apple Inc. (AAPL) $97.87 -3.81%
Biogen Idec Inc. (BIIB) $333.40 -3.73%
Avon Products Inc. (AVP) $12.88 -3.52%
Peabody Energy Corp. (BTU) $12.29 -3.38%
Teradata Corp. (TDC) $41.76 -3.38%
E TRADE Financial Corp. (ETFC) $22.70 -3.36%
TripAdvisor Inc. (TRIP) $91.19 -3.33%
CIGNA Corp. (CI) $91.72 -3.27%
Akamai Technologies Inc. (AKAM) $59.51 -3.24%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $60.15 -2.40%
Unitedhealth Group Inc. (UNH) $86.18 -2.30%
Microsoft Corp. (MSFT) $46.04 -2.21%
American Express Co. (AXP) $86.76 -1.99%
Goldman Sachs Group Inc. (GS) $184.09 -1.98%
Cisco Systems Inc. (CSCO) $24.54 -1.76%
Intel Corp. (INTC) $34.14 -1.76%
Visa Inc. (V) $210.71 -1.73%
International Business Machines Corp. (IBM) $189.01 -1.72%
Caterpillar Inc. (CAT) $99.51 -1.67%
Nasdaq 100 - Risers
Broadcom Corp. (BRCM) $40.32 +0.35%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $7.71 -4.16%
Apple Inc. (AAPL) $97.87 -3.81%
Biogen Idec Inc. (BIIB) $333.40 -3.73%
TripAdvisor Inc. (TRIP) $91.19 -3.33%
Nxp Semiconductors Nv (NXPI) $69.81 -3.32%
Akamai Technologies Inc. (AKAM) $59.51 -3.24%
Celgene Corp. (CELG) $93.16 -3.17%
Sandisk Corp. (SNDK) $96.99 -2.99%
Avago Technologies Ltd. (AVGO) $86.46 -2.88% |
| | PROVEN Trading Strategy - Currently running at 70% success rate | | Earn a tax free income trading, from just 20 minutes a day – no experience needed. Our powerful trading software will help you decide when to enter trades and how to maximise profits.
Register for a FREE brochure and trading guide, Click Here. |
| | Newspaper round-up | | Lloyds, TSB, Tesco, Sainsbury's, Putin Lloyds Banking Group has kickstarted a share sale in its TSB banking division, which will leave the bailed-out bank with a 50% stake in TSB, The Daily Telegraph reported on Friday.
Lloyds sold 38.5% of TSB in June, with shares priced at 260p each, and has announced it will sell an additional 11.5%.
The banking giant is in the process of rebranding 631 of his branches to TSB in order to meet conditions imposed at the time of the bailout and kickstarted the share sale by giving £1.2m shares to 11 of its most senior staff, including chief executive Antonio Hora-Osorio.
Tesco's former finance director, Laurie McIlwee will receive a £1m farewell payoff next week, despite the latest scandal surrounding the retail giant, The Guardian reported.
McIlwee, who left Tesco in April and was told to stay away from the office, will receive his payoff as stipulated in his contract, even though he received over £400,000 during the six months after his resignation.
Sainsbury's customers will no longer receive money-back vouchers if they could find the same branded goods at a cheaper price at rival chain Tesco, The Times reported.
The London-based chain said it will now match its prices against Asda, the cheapest of the four main supermarket chains in the UK, a decision which is set to trigger a "supermarket war", according to City analysts.
Sainsbury's is expected to report a sales downturn of about 4% and it was bracing itself for potentially drastic price cuts from Tesco, which is desperate to win back customers after a tumultuous 2014.
Russian president Vladimir Putin has demanded a reopening of the agreement between the European Union and Ukraine, The Financial Times reported.
Putin said Moscow could take "immediate and appropriate retaliatory measures" if Kiev decides to implement the newly-ratified treaty with the EU, which aims to accelerate Ukraine's integration within the 28-country bloc.
In a letter sent to EU Commission President Jose Manuel Barros, Putin argued that a 15-month delay in implementing parts of the deal should be considered as it would allow Ukraine, Russia and the EU to establish "negotiating teams". | | |
New ADVFN Service - FREE Reports Get your free report on Isa's, Investment Trusts, Funds,
Sipps Travel and Cars - FREE and Easy service CLICK HERE
To advertise in the Euro Markets Bulletin please contact patrick@advfn.co.uk |
| | | | | | | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
No comments:
Post a Comment