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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 rise as China concerns ease UK stocks on Thursday dusted off the previous day's slump as concerns on China's shrinking economy persisted.
The rebound came on the back of a positive session in China's equity market following huge losses earlier in the week.
The market was uplifted by remarks from Federal Reserve official William Dudley who said the case for an interest rate hike in September seemed "less compelling" in light of the turbulence in global stocks, caused by China.
Following 'Black Monday' when international shares plunged on China slowdown woes, the People's Bank of China decided to slash interest rates, the deposit facility and the reserve rate ratio on Tuesday. The central bank went further on Wednesday to address the wailing economy by injecting 140bn yuan stimulus.
The measures initially failed to soothe the Chinese market. The PBoC's decision on 11 August to devalue the yuan raised a red alert on the country's flagging economy with the panic slowly building to reach breaking point on Monday.
Back on home turf, a report from Nationwide showed UK house prices cooled in August. The price of a home increased at a 0.3% month-on-month pace in August, bringing the year-on-year pace of inflation down to a 3.2% clip versus the 3.5% seen in July. Economists had been expecting a rise of 0.4% month-on-month and 3.1% year-on-year.
The average price of a home in the UK slipped to a non-seasonally adjusted value of 195,279 pounds in August, down from 195,621 pounds in July.
Across the pond, US gross domestic product data is due at 1330 BST with economists expecting a pick-up in growth by annualised 3.2% in the second quarter, accelerating from the previous quarter's 2.3% gain.
The US will also see the release of weekly jobless claims figures and pending home sales at 1330 BST and 1500 BST respectively.
The Fed is monitoring economic data as it figures out the best timing for the first interest rate increase in nine years.
Among corporate stocks, CRH surged after the building materials group posted a 3% rise in first half pre-tax profit to €61m and said it would buy US firm C.R Laurence Co for $1.3bn.
Lonmin gained after the platinum miner said it has cut 1,400 jobs so far out of an estimated target of 6,000 in an effort to address lower commodity prices.
Other miners including Anglo American and BHP Billiton advanced on the pick-up in China stocks and an increase in gold, silver and copper prices.
Heading the other way, Playtech's shares went south despite reporting a 19% rise in adjusted first-half net profit as revenues increased amid growth across its businesses.
John Laing Group declined after reporting a 68% drop in pre-tax profits in the first half, as earnings were hit by forex headwinds. |
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| | Market Movers
techMARK 3,022.32 +1.80%
FTSE 100 6,101.77 +2.05%
FTSE 250 16,823.16 +1.34%
FTSE 100 - Risers
CRH (CRH) 1,882.00p +4.56%
Anglo American (AAL) 693.10p +4.34%
Standard Chartered (STAN) 737.70p +4.30%
BHP Billiton (BLT) 1,045.50p +3.57%
Associated British Foods (ABF) 3,197.00p +3.23%
ARM Holdings (ARM) 903.00p +3.20%
Weir Group (WEIR) 1,401.00p +3.17%
HSBC Holdings (HSBA) 511.70p +3.12%
Ashtead Group (AHT) 930.00p +3.10%
Barclays (BARC) 259.65p +3.04%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 2,238.00p -0.22%
FTSE 250 - Risers
Aldermore Group (ALD) 301.20p +8.35%
Premier Oil (PMO) 101.00p +7.73%
Grafton Group Units (GFTU) 716.50p +5.91%
Tullow Oil (TLW) 199.60p +5.72%
Petrofac Ltd. (PFC) 835.50p +5.23%
Allied Minds (ALM) 447.90p +4.16%
Fidelity China Special Situations (FCSS) 117.70p +4.07%
Ophir Energy (OPHR) 91.45p +3.98%
Scottish Mortgage Inv Trust (SMT) 248.40p +3.98%
Lonmin (LMI) 35.71p +3.60%
FTSE 250 - Fallers
OneSavings Bank (OSB) 341.90p -6.05%
Hunting (HTG) 419.50p -3.12%
Phoenix Group Holdings (DI) (PHNX) 839.00p -2.72%
Playtech (PTEC) 874.00p -1.91%
Centamin (DI) (CEY) 56.75p -1.73%
Stagecoach Group (SGC) 359.70p -1.45%
Fisher (James) & Sons (FSJ) 1,020.00p -1.45%
Dechra Pharmaceuticals (DPH) 916.50p -1.45%
Shaftesbury (SHB) 888.50p -1.39%
Wizz Air Holdings (WIZZ) 1,843.00p -0.91%
FTSE TechMARK - Risers
SDL (SDL) 380.00p +3.05%
Skyepharma (SKP) 300.00p +2.92%
Oxford Instruments (OXIG) 868.00p +2.66%
E2V Technologies (E2V) 230.25p +1.43%
Spirent Communications (SPT) 77.50p +1.31%
Ricardo (RCDO) 900.00p +0.78%
KCOM Group (KCOM) 90.50p +0.56%
FTSE TechMARK - Fallers
Filtronic (FTC) 5.75p -25.81%
Oxford Biomedica (OXB) 8.50p -6.59%
DRS Data & Research Services (DRS) 12.50p -3.85%
NCC Group (NCC) 227.50p -1.41%
Innovation Group (TIG) 34.50p -0.72%
Sepura (SEPU) 161.00p -0.31%
Consort Medical (CSRT) 935.00p -0.21% |
| | UK Event Calendar | | Thursday August 27
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
GDP (Preliminary) (US) (13:30)
Initial Jobless Claims (US) (13:30)
M3 Money Supply (EU) (09:00)
Pending Homes Sales (US) (15:00)
INTERIMS
Aldermore Group, Allied Minds , Amec Foster Wheeler, Arrow Global Group, Atlas Mara Limited (DI), Churchill China, CRH, Evraz, Grafton Group Units, Gulf Keystone Petroleum Ltd.(DI), Hansteen Holdings, Hunting, IFG Group, Irish Continental Group Units, John Laing Group , Lamprell, Lenta Ltd GDR (Each 5 Repr 1 Ord) (144A) , Macfarlane Group, Oxford Biomedica, Petropavlovsk, Playtech, PPHE Hotel Group Ltd, Public Power GDR SA (Reg S), Servelec Group , Signet Jewelers Ltd., STV Group, TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S), The Renewables Infrastructure Group Limited, Xaar
Q1, Q2
Cairn Homes, Signet Jewelers Ltd.
FINALS
Hays
INTERIM DIVIDEND PAYMENT DATE
Polar Capital Global Financials Trust
INTERIM EX-DIVIDEND DATE
Acacia Mining, BlackRock World Mining Trust, British Smaller Companies VCT 2, Croda International, Devro, Henderson Group, Hikma Pharmaceuticals, InterContinental Hotels Group, Lancashire Holdings Limited, London Stock Exchange Group, Low & Bonar, LPA Group, Marshall Motor Holdings, Maven Income & Growth 4 VCT, Mincon Group , Phoenix Group Holdings (DI), Polypipe Group , Rexam, Rights & Issues Inv Trust Income Shares, Robinson, Rotork, Stock Spirits Group , Ultra Electronics Holdings, Virgin Money Holdings (UK) , Wood Group (John)
QUARTERLY EX-DIVIDEND DATE
Alpha Real Trust Ltd., Canaccord Genuity Group Inc., HICL Infrastructure Company Ltd, Imperial Tobacco Group, Premier Energy & Water Trust, Real Estate Credit Investments PCC Ltd
SPECIAL DIVIDEND PAYMENT DATE
Aberforth Geared Income Trust
SPECIAL EX-DIVIDEND PAYMENT DATE
Premier Energy & Water Trust
EGMS
Aseana Properties Ltd.
AGMS
Albion Enterprise VCT, Globalworth Real Estate Investments Limited, Minera IRL Ltd., TP10 VCT , Trafalgar New Homes
FINAL EX-DIVIDEND DATE
Bloomsbury Publishing, Carclo, Cohort, Dixons Carphone , Downing Four VCT DSO 'D' Shs, Fletcher King, Hazel Renewable Energy VCT 1, Hazel Renewable Energy VCT 2, NCC Group, Park Group, Safeland, Sepura, Stagecoach Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities push higher, tracking gains in the US and Asia European stocks pushed higher in early trade, tracking gains in the US and Asia as fears of a September rate by the Federal Reserve receded. At 0900 BST, the benchmark Stoxx Europe 600 index was up 2.5%, France's CAC 40 was 2.4% higher and Germany's DAX was up 2.9%.
Comments on Wednesday by chair of the New York Federal Reserve Bill Dudley, suggesting that a September rate hike is now "less compelling", helped to underpin the mood.
At a press briefing on the regional economy, Dudley, who is a well-known dove among the rate-setters, said that given recent market turmoil, a rate hike next month may not be appropriate.
A positive session in Asia, which took its cue from Wall Street, also helped to lift sentiment. The Shanghai Composite ended up more than 5% while the Hang Seng closed 4.1% higher and the Nikkei 225 finished up 1.1%.
"For now there is quite a bit of relief that stocks in China are finally staging a moderate and long awaited bounce-back," said Markus Huber, senior analyst at Peregrine & Black. "Confidence seems to be returning that if more needs to be done by the PBoC and the Chinese government in order to support the Chinese stock market and the economy that it will be done.
"There is also speculation that the ECB possibly as early as next week might announce an extension and upping of their QE program. No doubt things are looking a bit brighter for stocks compared to earlier in the week however it still needs to be seen if the worst is indeed behind us or if we are just in the middle of a 'technical' bounce with more downside to come soon."
On Tuesday, the People's Bank of China announced that it was lowering its benchmark lending and deposit rates by 25 basis points with effect from 26 August and cutting its reserve requirement ratio by 50 basis points, starting from 6 September. The following day, it announced that it would inject 140bn yuan into the financial system via short-term liquidity operations.
Asian markets appear to have stabilised somewhat on the back of these measures, although market commentators said investors will likely continue to tread carefully as underlying worries about growth prospects in China remain.
In corporate news, French telecoms company Bouygues rallied as it reported a 51% jump in first-half operating profit and lifted the 2015 profit target for its phone operations.
Fresenius also posted strong gains after the healthcare group said it would increase its 2015 dividend by more than 20%. Shares in Irish construction group CRH rose sharply after it posted a 3% increase in interim profit on revenue of €9.4bn. up 13% from last year. |
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| | US Market Report | | US Close: Main benchmarks rise to snap losing streak US stocks closed higher on Wednesday as the country's main benchmarks snapped a six day losing streak due to sentiment recovering across the board. The Dow Jones Industrial Average picked up steam to close 3.95% higher. Similarly the S&P 500 rose by 3.90% and the Nasdaq was lifted by 4.24%.
Stocks fluctuated throughout the day, spiking on comments from New York Federal Reserve President William Dudley that a September rate hike looks "less compelling."
Wednesday data
According to the Commerce Department, orders for durable goods rose 2% in July compared with the 0.6% reading analysts had forecast.
Excluding transportation, however, orders rose 0.6%, while orders for core capital goods rose 2.2% to reach their highest level in 13 months.
Meanwhile, the Mortgage Bankers Association said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, climbed 0.2% in the week ended 21 August.
The seasonally adjusted sub-index of refinancing applications fell 1%, while the index of loan requests for home purchases, a key indicator of home sales, rose 1.7%.
The dollar rose by 1.06% against the yen, dropped by almost 2% against the euro and fell by 1.19% against the pound, while gold futures dropped by 1.3% to $1,123.00.
Oil prices were mixed, with West Texas Intermediate losing 0.9% to $38.96 a barrel, while Brent went the other way, gaining 0.826% to $43.57 a barrel.
Clothing retailers climb
In company news, clothing brand Abercrombie & Fitch Co's shares surged by 9.5%, after the company beat earnings and sales estimates for the second quarter.
Fellow fashion company Express Inc rose by 19.82% to close at $20.25 after reporting better than expected second quarter results.
Going the other way, offshore drilling firm Transocean fell by 7.95% after the company said it wanted to cancel upcoming dividend payments. |
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| | Newspaper Round Up | | Thursday newspaper round-up: Barclays, Facebook, China A district court judge in the US has thrown out investor lawsuits against Barclays and a host of exchanges, dismissing claims that the bank rigged its "dark pool" trading venue in favour of high-frequency traders. The multi-district litigation was part of a litany of claims set off by Flash Boys: A Wall Street Revolt, Michael Lewis's best-selling book published last year. In it, Mr Lewis argued that high-frequency traders were able to gain an unfair advantage because stock exchanges and "dark pools" - broker-run trading venues that allow buyers and sellers to swap shares with greater anonymity - had enabled those traders to obtain and trade on market data faster than other investors. - Financial Times Facebook has created a virtual assistant powered by artificial intelligence that can do everything from organising birthday parties to calling companies so users do not have to spend hours on hold. The M service - which will run inside Facebook Messenger - is the company's attempt to challenge Apple's Siri and Microsoft's Cortana, virtual personal assistants that communicate using voice recognition software. - Financial Times
Towergate and its majority owner face a £20 million bill after settling a breach of contract claim over its poaching of several executives from its broking rival Arthur J Gallagher. The group, one of Britain's biggest independent insurance brokers to small and medium-sized businesses, has agreed to pay £8 million to Gallagher in two instalments, the first this month followed by another payment in April. - The Times
China has embarked on a criminal pursuit of rogue banks and brokerages in a crackdown designed to stop money fleeing the country as it struggles to stave off a stock market collapse. Authorities are investigating five of the country's biggest brokers and have launched a probe against "underground banks" for financial malpractice, which they claim has helped trigger record levels of capital flight. - Telegraph
England's enterprise zones got off to a slow start from their launch in 2012 but according to government figures published on Thursday they have now created 19,000 jobs and attracted 540 companies and £2.2bn of private investment. The 24 zones, which offer companies business rate discounts and tax reliefs, were launched by the coalition government with the aim, subsequently scaled down, of creating 54,000 jobs by 2015. - Financial Times |
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