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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks start the day on a negative note London's blue chips began the session on a weak footing ahead of what was expected to be a very busy week both at home and abroad in terms of economic data and events, particularly in the latter half.
Approximately an hour after the start of trading the Footsie was slipping lower by 22 points to 6,628.
"European markets are set for an incredibly busy week as we see the first week of the new month," said Alpari UK market analyst James Hughes.
He continued: "The story overnight is yet again the strength of the US dollar as Asian markets fell led by a thrashing in Hong Kong [...] However, if anything is going to shift investor opinion about the dollar it could well be this week as the data is incredibly heavy.
"This afternoon we will get the release of the personal consumption numbers [Stateside] as well as pending home sales figures. Investors will be yet again looking for any kind of positive number that could force Janet Yellen's hand into an earlier rate hike."
Petrofac leads gains on the FTSE 100
In company news, shares of oil field services outfit Petrofac was leading gains on the heels of an upgrade out Credit Suisse to 'outperform' from 'neutral'. The Swiss broker believes that the company's stock offers compelling value given that it is now at four-year lows.
Emerging markets focused asset manager Aberdeen saw assets under management (AuM) rise by 3% in the two months to 31 August, as the rate of net outflows moderated considerably. Net outflows over the last two months amounted to just £1.7bn, after a drain of £8.8bn in the two months prior. The largest decrease in AuM was seen at Aberdeen's fixed income unit. Executives at the fund manager also highlighted that the integration of Scottish Widows Investment Partnership (SWIP) was progressing as scheduled.
Despite the on-going, yet limited, disruptions to trading as a result of the 'sequestration' of US federal government expenditure, defence contractor BAE Systems maintained its full-year earnings outlook. In its latest interim management statement for the three months ended 28 September, the group revealed that its order intake for the year to 23 August was at £7.9bn, with £2.6bn of that originating from non-UK/US markets. |
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| | UK Event Calendar | | Monday September 29
INTERIMS
ACTA S.P.A, Camkids Group, CityFibre Infrastructure Holdings , GameAccount Network, GLOBO, Gusbourne, Oxford Pharmascience Group , Venture Life Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
Pending Homes Sales (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
FINALS
DX (Group), Gleeson (M J) Group, Inland Homes, International Ferro Metals Group
ANNUAL REPORT
Pacific Horizon Inv Trust
AGMS
Aortech International, Aurum Mining, Clipper Logistics , Hidong Estate, Maple Energy, Namibian Resources, Pinewood Shepperton, Speymill, Trafalgar New Homes
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed before slate of economic data European stocks were little changed ahead of the release of a batch of data including Eurozone consumer confidence, German inflation, US personal spending and US pending home sales.
The session will kick off with UK consumer credit figures for August, which is expected to show an easing back.
The Eurozone will then see the release of the consumer confidence report. Analysts forecast the sentiment index will fall to -11.4 in September from an earlier estimate of -10.
German inflation, on a harmonised basis, may have eased back to 0.7% year-on-year in September from 0.8% the previous month, according to analysts' predictions.
In the US later on, a report on personal spending which is projected to reveal a 0.4% increase in August following a 0.2% fall in July.
A separate release may show US pending home sales in August dropped 0.1% compared to a month earlier when they rose 3.3%.
The data comes as Federal Reserve weighs whether the US economy has improved enough to sustain an interest rate hike.
Fed official Chris Evans is due to speak in the afternoon, potentially offering hints on the central bank's next policy move.
After Europe markets close GfK will publish its UK consumer confidence data. Economists see the index falling to 0 in September from 1 in August.
UBS, Balfour
UBS advanced after the Swiss bank revealed profit for July and August already beats analysts' estimates for the third quarter.
Balfour Beatty slumped after saying it discovered a further profit shortfall in its UK construction services division.
Air France gained as the airline said it would look to resume a full flight schedule after a majority of pilots ended strikes.
Commerzbank dropped on reports the German lender is working to resolve an investigation into Iran sanctions violations. The group also reportedly faces a US inquiry into whether it broke anti-money-laundering laws.
The euro fell 0.4% to $1.2679.
Brent crude futures declined 0.62% to $96.40 per barrel, according to the ICE. |
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| | US Market Report | | US close: Janus shares surge, Apple bounces back, Boeing higher as well US equities finished the week lower across the board, although they did manage a good bounce on Friday, as investors tried to determine whether the selling was just the inevitable September 'hiccup' or a reflection of more deeply seated worries in the market - be they economic or geopolitical in nature.
The S&P 500 was to be seen 0.9% or 16.86 points higher on the day, at 1,982.85, while the Dow Jones Industrials stood down 1% on the week, but did recover 167.35 points or 1% in the last session of trading.
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Apple was a standout gainer, recovering much of the previous day's losses, albeit not all. Given its hefty weighting on some of Wall Street's equity benchmarks it factored large in Friday's wider gains in the main market indices.
The most noteworthy move however was in stock of Janus Capital. The fund manager's shares leapt by 43% to give it a market capitalisation of $2.987bn. That came as star fund manager Bill Gross announced that he would jump ship to Janus from Pacific Asset Management Co. (PIMCO), the world's largest fixed income fund manager.
Writing in the FT Weekend John Authers reasoned that there might be advantages for Gross over the coming years in moving to a smaller outfit – PIMCO is the world's largest bond fund manager – as market conditions may favour active and nimbler managers, as volatility rises.
That duly sent shares of PIMCO's owner, Germany's Allianz, 6% lower and according to some market commentary may even explain the small up-tick seen in US Treasury yields. Gross was perhaps one of the most notorious "US bond bulls" after all.
Athletic apparel-maker Nike saw its own stock gain 12% in value after reporting better than expected quarterly figures on Thursday evening.
Chip manufacturer Micron Technology was another stand-out gainer, with its shares advancing 7.7% after a surge in quarterly sales exceeded analysts' estimates.
Boeing rose despite news that one of its Dreamliner jets was forced to make an emergency landing in Glasgow due to a fire alarm which went off mid-flight in the luggage compartment.
From a sector stand-point the best performance was seen in the following industry groups: Footwear (10.26%), Aluminum (3.58%) and Personal goods (2.79%).
Steady as you go
Meantime, and in the economic patch, the Thomson Reuters/University of Michigan final September index of consumer sentiment rose to 84.6 from 82.5 in August. That was slightly less than the 84.8 economists had penciled into their spread sheets. Nevertheless, a sub-index of consumer expectations did slip by less than anticipated to stand at 75.4, versus the prior reading of 75.6 (consensus: 75).
According to data released by the Commerce Department, the US economy grew at a revised 4.6% annualized pace in the second quarter, equalling its best performance since the recession ended in mid-2009, largely because of higher exports and business investment.
"A further rise in retail sales and upbeat consumer confidence data also indicate that the economy maintained strong momentum in the third quarter," said Markit chief economist Chris Williamson.
"Although official factory output data have been somewhat mixed and non-farm payroll growth slowed to an eight-month low, the overall picture, based on a model of all the available official and survey data, is of an economy growing at an annualised rate of around 3% in the third quarter."
Gold slips a tad
The US dollar finished the day below 1.27 versus the European single currency, very likely to the satisfaction of Brussels and Paris in particular.
Atlanta Fed President Dennis Lockhart was cited as saying a stronger dollar may weigh on US exports going forward. |
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| | Newspaper Round Up | | Monday newspaper round-up: Hong Kong, Royal Dutch Shell, BP Hong Kong's leader made a dramatic appeal for calm last night, seeking to quash rumours that China's army was preparing to intervene in the pro-democracy protests that brought chaos to the former British colony. With tens of thousands of people blockading the centre of the city last night, several leading banks operating in Asia's financial hub urged staff to stay at home today. The protesters have vowed to occupy the centre of Hong Kong for the rest of the week, or until their demands are met. – The Times
Royal Dutch Shell and BP are in the final running for a fiercely fought-over deal to operate some of the biggest onshore oil fields in the Persian Gulf, in what would be potentially a major triumph for British business in the region. Suhail Al-Mazrouei, minister of energy for the United Arab Emirates and a member of the Gulf state's powerful Supreme Petroleum Council, told The Telegraph that both British oil majors remained under consideration for the renewal of expired contracts to produce oil from Abu Dhabi's onshore fields. – The Daily Telegraph
George Osborne will scrap "punitive" levies on pensions today as he puts workers and savers at the heart of the Conservatives' tax-cutting election campaign. The chancellor will aim to steady the Tories with a string of promises to do more to reward employment after a disastrous start to the party's annual conference in Birmingham. – The Times
Virgin Money, the banking arm of Sir Richard Branson's corporate empire, is set to announce its IPO within days, making it the fourth bank this year to capitalise on solid demand for fresh shares. The financial services firm, which is 47%-owned by Sir Richard, was expected to float at a £2bn valuation next year, but according to reports its directors have been tempted to bring the date forward following a strong earnings report and a Scottish "no" vote. – The Daily Telegraph
Tesco chief executive David Lewis has ordered staff not to shred or delete documents as lawyers and accountants probing the huge profit shortfall at the supermarket giant conduct dozens of interviews. The investigation into the accounting scandal is likely to reach back into historic accounts and fears are mounting that the group could be forced to restate its results from last year.- Daily Mail | | |
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