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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: Strategists sound optimistic note Markets wavered slightly at the start of trading as investors continued to take stock of Thursday's much stronger than expected reading on the US economy and what it might mean for the Federal Reserve's monetary policy. As of 08:56 the Footsie was 1.66 points higher to 6,193.66 but Germany's Dax-30 off by 0.95% to 10,219.57. Overnight, the Shanghai Stock Exchange Composite Index finished the session with gains of 4.82% to reach 3,232.35 points.
Echoing the view of other strategies, strategists at Credit Suisse reiterated their "constructive" view on US and European equities as "too much of a slowdown in growth is being priced in" and "the normal pre-conditions for an equity bear market are not in place.
Nonetheless, they did lower their price targets for both the S&P 500 and Euro Stoxx 50.
In parallel, Moody's cut its forecast for economic growth in the G-20 space next year to 2.8% from 3.1%, reflecting the slowdown in China and the impact of lower commodity prices on producing countries.
Acting as a backdrop, traders were expected to keep an eye out for any remarks coming from the US Federal Reserve's Jackson Hole Economic Policy Symposium.
Governor Mark Carney is scheduled to participate on a panel on global inflation dynamics on Saturday.
Consumers in the UK were at their most upbeat in August since January 2000 according to consuktancy GfK, thanks to recent low inflation and improved wage growth.
Revised data on second quarter growth in gross domestic product in Britain will be released at 09:30, courtesy of ONS.
Rotork snaps up subsea specialist
Industrial components manufacturer Rotork took advantage of the depressed market environment by acquiring what it described as a leading manufacturer of components for the oil and gas industry. The Bath-based outfit will pay a total consideration of up to £125m for Manchester-based bifold, on a cash-free and debt-free basis, which has expertise in a number of niche sectors such as subsea and wellhead control systems.
888 Holdings reported a 41% drop in first-half pre-tax profit as the company was hit by new taxes, but said it remains confident of achieving its full-year expectations.
John Laing Infrastructure Partners registered a slight drop in its net asset value at the half-year stage but management waxed optimistic on the opportunities for growth and diversification which were now available to the company. In the six months ending on 30 June the company's net asset value dropped 1.4% to 10.7.8p per share, mainly due to negative exchange rate movements.
Rentokil Initial announced the acquisition of Chicago-based Anderson Pest Solutions for an undisclosed sum. The pest control company said the deal was in line with its strategy of continued acceleration of its pest control business and pursuing acquisition targets in higher growth markets.
Luxury shoe and handbag maker Jimmy Choo posted a significant hike in profit in the first six months of the year, boosted by growth in its retail division. In the six months to 30 June, the London-listed company reported a pre-tax profit of £20.3m, a remarkable rise from the £1.3m it reported at the same time last year, while revenue climbed 6.5% year-on-year to £158.5m.
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| | Market Movers
techMARK 3,050.31 -0.32%
FTSE 100 6,182.70 -0.15%
FTSE 250 16,915.97 -0.04%
FTSE 100 - Risers
Glencore (GLEN) 148.95p +2.48%
BG Group (BG.) 982.50p +2.15%
Royal Dutch Shell 'B' (RDSB) 1,684.00p +1.48%
Royal Dutch Shell 'A' (RDSA) 1,675.00p +1.30%
St James's Place (STJ) 942.00p +1.07%
Standard Chartered (STAN) 764.00p +0.92%
Sky (SKY) 1,048.00p +0.87%
BHP Billiton (BLT) 1,110.50p +0.73%
Ashtead Group (AHT) 944.00p +0.69%
BP (BP.) 353.50p +0.65%
FTSE 100 - Fallers
Antofagasta (ANTO) 603.00p -1.39%
Admiral Group (ADM) 1,521.00p -1.36%
Marks & Spencer Group (MKS) 516.50p -1.34%
Coca-Cola HBC AG (CDI) (CCH) 1,312.00p -1.28%
Morrison (Wm) Supermarkets (MRW) 166.20p -1.13%
Shire Plc (SHP) 4,960.00p -1.10%
SABMiller (SAB) 2,985.50p -1.08%
Tesco (TSCO) 189.40p -1.07%
Next (NXT) 7,850.00p -1.01%
Intertek Group (ITRK) 2,508.00p -0.99%
FTSE 250 - Risers
Marshalls (MSLH) 335.60p +6.03%
Lonmin (LMI) 34.59p +4.72%
Tullow Oil (TLW) 212.80p +4.11%
Dunelm Group (DNLM) 921.00p +2.91%
Pennon Group (PNN) 750.00p +2.67%
Centamin (DI) (CEY) 59.65p +2.67%
Petrofac Ltd. (PFC) 876.00p +2.64%
Zoopla Property Group (WI) (ZPLA) 261.90p +2.63%
Premier Oil (PMO) 104.00p +2.56%
Worldwide Healthcare Trust (WWH) 1,929.00p +2.44%
FTSE 250 - Fallers
Debenhams (DEB) 77.55p -4.85%
Go-Ahead Group (GOG) 2,480.00p -3.84%
PayPoint (PAY) 973.00p -3.18%
Card Factory (CARD) 365.10p -2.38%
Ladbrokes (LAD) 97.90p -2.30%
Wizz Air Holdings (WIZZ) 1,805.00p -2.17%
Restaurant Group (RTN) 665.50p -1.92%
Jimmy Choo (CHOO) 163.50p -1.86%
Betfair Group (BET) 3,175.00p -1.61% |
| | UK Event Calendar | | Friday August 28
UK ECONOMIC ANNOUNCEMENTS
GDP second estimate (output, income & expenditure) (09:30)
Index of Services (09:30)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Business Climate Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
U. of Michigan Confidence (Final) (US) (14:45)
INTERIMS
888 Holdings, Bank Audi S.A.L. GDR (Repr 1'Com'Shr Lbp1650)(Reg S), BBGI SICAV S.A. (DI), British Polythene Industries, Bwin.party Digital Entertainment, Cathay International Holdings Ltd., Charles Taylor, Chesnara, Computacenter, Exova Group , Harworth Group, Henry Boot, Huntsworth, John Laing Infrastructure Fund Ltd, Joint Stock Company Rosseti GDR (Each Repr 200 Ord) Reg S, Kenmare Resources, Lavendon Group, Matomy Media Group Limited (DI) , MHP SA GDR (Reg S), Nord Gold NV GDR (Reg S), PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S), PJSC RusHydro ADR , Restaurant Group, UTV Media
INTERIM DIVIDEND PAYMENT DATE
Entu (UK) , Independent Inv Trust, Jupiter Fund Management , Kennedy Wilson Europe Real Estate , Maven Income & Growth 3 VCT, Maven Income and Growth VCT 5, Microgen, Nichols, Relx plc
QUARTERLY PAYMENT DATE
City of London Inv Trust, Ediston Property Investment Company, Picton Property Income Ltd
QUARTERLY EX-DIVIDEND DATE
Canadian General Investments Ltd.
Q2
Nord Gold NV GDR (Reg S), PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S)
ANNUAL REPORT
Renishaw
AGMS
Biofrontera AG (DI), Naspers Ltd. ADR, Phorm Corporation Ltd (DI), Stagecoach Group, The Fulham Shore
TRADING ANNOUNCEMENTS
Computacenter
FINAL DIVIDEND PAYMENT DATE
Bilby, Blue Planet Investment Trust, GB Group, Halfords Group, Hargreave Hale AIM VCT 2, Hayward Tyler Group, Latham (James), Northern Bear, Plastics Capital, TechFinancials (DI), UK Mail Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drop amid caution after turbulent week European stocks fell into the red, unable to hold on to early gains as investors erred on the side of caution following a turbulent week and ahead of some key US data releases. At 0910 BST, the benchmark Stoxx Europe 600 index was down 0.6%, France's CAC was 0.5% lower and Germany's DAX was down 0.9%.
Despite the heavy losses seen this week and ongoing concerns over a slowdown in China, Credit Suisse said in an equity strategy note that it remains constructive on European equities, which it rates at 'overweight'.
The bank said many of the worries in the market are overdone and insisted this is not the start of a bear market. It added that investors are pricing in too much of an economic slowdown.
"We see global growth modestly accelerating, further supported by European data releases over the past week. Moreover, further slowdown in China would, in our view, result in more monetary easing globally (and no rate hike in the US this year)," said Credit Suisse.
On the corporate front, shares in French luxury goods maker Hermes fell despite the company reporting a 20% jump in first-half operating income.
On the upside, drillship company Seadrill surged after its second-quarter earnings beat expectations.
On the data front, Eurozone consumer confidence is at 1000 BST. In the US, personal income and spending and the PCE deflator are due at 1330 BST, while University of Michigan consumer confidence is at 1500 BST. |
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| | US Market Report | | US close: Stocks rally as oil prices hit biggest one-day gain in six years US stocks rallied on Thursday, as Wall Street fed off a global recovery and strong GDP data. The Dow Jones Industrial Average closed up 369 points to 16,654.77, while the S&P 500 and the Nasdaq were 47 and 115 points higher respectively.
"Today's strong revision to US GDP made the Fed's job even harder when they reconvene for September's meeting, which has all but been written off as a source of a rate hike given this week's volatility," said Joshua Mahony, market analyst at IG.
"Contradictory statements from Fed members has muddied the picture as much as the data, but the size of today's GDP reading has done enough to revive expectations of a hike in September for just the second time in as many weeks."
Thursday data
According to the Commerce Department, the US gross domestic product was revised to have grown 3.7% in the second quarter, compared with an initial estimate of 2.3% and ahead of analysts' expectations calling for a 3.2% increase.
Consumer spending was also revised upward, rising from 2.9% to 3.1%, while corporate profits climbed 2.4% in the second quarter after declining 5.8% in the previous three months.
"We don't think a September rate hike is completely off the table, but we'll just have to wait and see what officials have to say at this weekend's Jackson Hole gathering," said Paul Ashworth, chief US economist at Capital Economics.
Meanwhile, in the week ended 22 August initial claims declined by 6,000 to reach 271,000, according to figures published by the Department of Labor, falling below the 275,000 level analysts expected.
The figure marked the 25th consecutive week initial claims have remained below the 300,000 level, the longest stretch in 15 years.
The index from the National Association of Realtors (NAR) climbed 0.5% month-on-month in July, reversing the previous month's decline and climbing 7.3% year-on-year.
Both figures, however, were below the 1.0% month-on-month gain and the 8.4% increase on a yearly basis analysts had expected.
Oil prices clinch biggest one-day gain since 2009
Elsewhere, Chinese shares led markets around the region upwards, as a late rally saw the Shanghai Composite rise by 5.35% to snap a five-day rout, while European stocks were also higher.
The dollar edged higher against the main currencies, gaining 0.82% against both the yen and the euro and climbing 0.42% against the pound, while gold futures shed 0.08% to $1,123.70,
Oil prices surged, as both West Texas Intermediate and Brent surged over 9% to $42.68 a barrel and $47.45 a barrel respectively, notching their biggest one-day gain since 2009.
In company news, shares in St Jude Medical jumped 4.44% after reports that Abbott Laboratories could buy the maker of medical devices.
Abbott Laboratories, which denied the report just before the opening bell, saw its shares climb 3.77%. Software maker Workday rose 4%, even though a weak billings forecast left analysts unimpressed, while Tiffany & Co lost 2.17% after disappointing quarterly report.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $2.28 +49.02%
Freeport-McMoRan Inc (FCX) $10.19 +28.66%
United States Steel Corp. (X) $16.89 +15.68%
Denbury Resources Inc. (DNR) $3.95 +15.16%
CONSOL Energy Inc. (CNX) $13.86 +13.79%
QEP Resources Inc (QEP) $13.01 +12.54%
Nabors Industries Ltd. (NBR) $10.77 +12.19%
Noble Corporation plc (NE) $12.39 +12.13%
Transocean Ltd. (RIG) $12.93 +11.47%
Chesapeake Energy Corp. (CHK) $7.02 +10.73%
S&P 500 - Fallers
Patterson Companies Inc. (PDCO) $45.94 -6.30%
Dollar General Corp (DG) $74.31 -3.13%
Tiffany & Co. (TIF) $83.26 -2.14%
Tesoro Corp. (TSO) $90.64 -1.22%
Valero Energy Corp. (VLO) $58.35 -0.85%
Dollar Tree Inc (DLTR) $76.79 -0.71%
Nordstrom Inc. (JWN) $73.32 -0.65%
Brown Forman Corp. Class B (BF.B) $97.74 -0.54%
Cerner Corp. (CERN) $61.44 -0.31%
Southwest Airlines Co. (LUV) $37.31 -0.29%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $77.64 +6.23%
General Electric Co. (GE) $25.01 +4.16%
Unitedhealth Group Inc. (UNH) $117.77 +3.80%
Nike Inc. (NKE) $112.62 +3.55%
Exxon Mobil Corp. (XOM) $74.85 +3.24%
Walt Disney Co. (DIS) $102.17 +2.96%
Apple Inc. (AAPL) $112.92 +2.94%
Microsoft Corp. (MSFT) $43.90 +2.79%
E.I. du Pont de Nemours and Co. (DD) $52.02 +2.68%
Goldman Sachs Group Inc. (GS) $189.21 +2.61%
Dow Jones I.A - Fallers
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $15.67 +8.67%
Avago Technologies Ltd. (AVGO) $126.21 +8.61%
Tesla Motors Inc (TSLA) $242.99 +8.07%
Netflix Inc. (NFLX) $117.62 +6.80%
Sandisk Corp. (SNDK) $52.84 +6.73%
Baidu Inc. (BIDU) $151.91 +6.68%
Wynn Resorts Ltd. (WYNN) $78.51 +5.68%
Mattel Inc. (MAT) $22.82 +4.92%
Applied Materials Inc. (AMAT) $15.95 +4.66%
Liberty Global plc Series A (LBTYA) $49.06 +4.61%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $76.79 -0.71% |
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| | Newspaper Round Up | | Friday newspaper round-up: Tesco, First-time buyers, consumer confidence The ousted chief executive of Tesco is to be interviewed by the Serious Fraud Office over the supermarket group's £326m accounting scandal. Philip Clarke, who left Tesco last year after a series of profit warnings, is to be interviewed under caution, Bloomberg reported, citing people with knowledge of the investigation. - The Times The threat of rising interest rates has helped the number of first-time buyers to jump to its highest level since 2007, despite the increasingly hefty deposits needed. Completed property transactions by first-timers reached 29,700 in July, which was 5% higher than in June and the highest since August 2007 when the number stood at 35,300, according to the latest first-time buyer tracker report from Your Move and Reeds Rains, the estate agents. - The Times
UK consumer confidence climbed to its joint highest level in 15 years in August, as rising house prices, a brighter jobs market and low inflation underscored Britain's recovery. GfK's latest confidence barometer showed optimism about personal finances as well as the wider economy rose in August compared with July, pushing its index up three points to 7. This matched June's reading, which was also the highest since January 2000. - The Daily Telegraph
The US government has approved a massive deal to modernise Britain's fleet of Apache attack helicopters with the latest American technology, removing a major hurdle that could have otherwise seen the aircraft upgraded in the UK. The US State Department said it had approved a request from the Ministry of Defence for a $3bn deal for the "remanufacture" of 50 Apache WAH-64 Mk I helicopters to turn them into advanced AH-64E Guardian models. - The Daily Telegraph
The number of millionaires in the UK has shot up by 41% over the past five years, with one in 65 adults now classed as having a seven-figure fortune thanks to booming house prices and stock market gains. There are now 715,000 millionaires living in Britain compared with 508,000 in 2010, with London having the highest concentration of wealthy individuals. The capital has 191,000 millionaires, followed by the south-east with 157,000, according to data from the wealth management arm of Barclays bank. - The Guardian |
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