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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 slide as investors weigh China CPI and await BoE policy London stocks were in the red on Thursday as a pick-up in China inflation was offset by the worst producer price index figure in six years.
China's consumer price index increased 2% in August from a year earlier following a 1.6% rise a month earlier, beating forecasts for a 1.8% gain.
The producer price index, however, fell 5.9% in August more than the 5.6% decline expected and July's 5.4% drop.
"China's inflation may have increased to 2%, but that is due to the increasing expense of food rather than any economic improvement; the country's producer price index, meanwhile, saw its worst drop in six years as it fell by 5.9%, adding yet another number to the tower of troublesome data coming from China," said Connor Campbell, financial analyst at Spreadex.
Trying to soothe concerns, Chinese premier Li Keqiang said China has the capacity to prevent its economy from falling apart and to succeed in its economic goals this year.
Speaking at the World Economic Forum in Beijing on Thursday, Li said China will allow foreign central banks to invest in the onshore currency market. China will establish the yuan's cross-border payment system before year-end, he added.
BoE policy announcement
The Bank of England is expected to keep interest rates and it asset purchase programme unchanged at 0.5% and £375bn respectively, when it announces its latest policy measures at 1200 BST.
Analysts see the Bank holding back on any changes amid weak inflation and global market turbulence caused by China's slowdown concerns.
Alongside the policy decision, the Bank will also release the minutes of the Monetary Policy Committee meeting that determined the outcome, with the focus on any hints of the timing of a rate hike.
"We expect the overall tone of the MPC minutes to be broadly unchanged, even though it may strike a somewhat more dovish tone in the face of increased uncertainties," according to Barclays analysts.
"We expect the BoE to keep its stance unchanged at its September MPC meeting as it discusses the consequences of the Chinese growth transition and market volatility for the UK."
Last month the BoE crammed in the policy announcement and meeting minutes in with the Inflation Report in what was dubbed 'Super Thursday'. This time round won't be as hectic, with the absence of the Inflation Report, but any change to the 8-1 vote within the MPC on an interest rate hike will spark interest. Ian McCafferty was the only policymaker within the MPC who voted in favour of a rate increase last month.
Companies
Dixons Carphone was a top riser after the company reported an 8% like-for-like increase in first quarter revenue, driven by market share gains in mobile phones.
Wm Morrison slumped after posting 35% drop in underlying first half pre-tax profit as revenue fell on the back of price cuts.
Next jumped after reporting a 7.1% gain in first-half pre-tax profit, with revenue up as the company sold more items at full price than it had expected.
Home Retail Group declined after saying like-for-like sales at Argos fell 2.8% to £897m in the second quarter due to a decrease in sales of electrical goods driven by TVs, tablets and white goods. |
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| Market Movers
techMARK 3,098.28 -0.39%
FTSE 100 6,178.36 -0.81%
FTSE 250 17,069.87 -0.49%
FTSE 100 - Risers
Dixons Carphone (DC.) 428.60p +2.07%
Next (NXT) 7,820.00p +1.89%
Barratt Developments (BDEV) 646.50p +1.33%
Ashtead Group (AHT) 1,001.00p +1.06%
Taylor Wimpey (TW.) 200.80p +0.96%
Marks & Spencer Group (MKS) 511.00p +0.69%
Persimmon (PSN) 2,113.00p +0.62%
Sky (SKY) 1,046.00p +0.58%
Inmarsat (ISAT) 1,028.00p +0.49%
Whitbread (WTB) 4,678.00p +0.36%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,071.00p -4.97%
Admiral Group (ADM) 1,535.00p -4.89%
Morrison (Wm) Supermarkets (MRW) 168.50p -4.21%
Glencore (GLEN) 139.25p -3.43%
Standard Life (SL.) 412.40p -2.92%
Standard Chartered (STAN) 727.60p -2.20%
Hargreaves Lansdown (HL.) 1,170.00p -1.93%
Tesco (TSCO) 187.55p -1.91%
Weir Group (WEIR) 1,253.00p -1.65%
British American Tobacco (BATS) 3,413.00p -1.63%
FTSE 250 - Risers
PayPoint (PAY) 1,053.00p +3.24%
Just Retirement Group (JRG) 192.90p +2.39%
Rank Group (RNK) 264.00p +2.17%
Bellway (BWY) 2,594.00p +2.05%
Polymetal International (POLY) 506.50p +1.97%
Vectura Group (VEC) 187.50p +1.74%
Crest Nicholson Holdings (CRST) 587.50p +1.64%
TalkTalk Telecom Group (TALK) 308.60p +1.31%
Supergroup (SGP) 1,384.00p +1.24%
Spire Healthcare Group (SPI) 353.00p +0.97%
FTSE 250 - Fallers
Tullow Oil (TLW) 198.00p -4.67%
Premier Oil (PMO) 86.35p -4.43%
Lonmin (LMI) 24.62p -2.96%
NMC Health (NMC) 753.00p -2.84%
AO World (AO.) 156.70p -2.67%
Ashmore Group (ASHM) 250.00p -2.65%
William Hill (WMH) 347.50p -2.58%
Entertainment One Limited (ETO) 278.50p -2.52%
Laird (LRD) 372.20p -2.16%
Henderson Group (HGG) 259.60p -2.07%
FTSE TechMARK - Risers
Gresham Computing (GHT) 113.00p +2.73%
KCOM Group (KCOM) 96.25p +2.39%
Promethean World (PRW) 40.00p +1.59%
NCC Group (NCC) 260.25p +1.07%
Spirent Communications (SPT) 79.75p +0.95%
Dialight (DIA) 627.50p +0.72%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 200.98 +0.13%
E2V Technologies (E2V) 246.25p +0.10%
FTSE TechMARK - Fallers
SDL (SDL) 365.00p -3.38%
Oxford Instruments (OXIG) 645.50p -3.01%
Skyepharma (SKP) 361.00p -1.63%
XP Power Ltd. (DI) (XPP) 1,590.00p -1.24%
Oxford Biomedica (OXB) 8.10p -0.98%
Sepura (SEPU) 180.00p -0.83%
Ricardo (RCDO) 886.25p -0.81%
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities in the red on the back of weak Asia data European stocks fell in early trade, taking their cue from downbeat sessions in the US and Asia following a strong US jobs report and weak economic data out of China and Japan.
At 0845 BST, the benchmark Stoxx Europe 600 index was down 1%, France's CAC 40 was 0.9% weaker and Germany's DAX was down 0.5%.
"Just when investors though it was safe to get back in to the market, weak Chinese data has sapped confidence once again," said Mike McCudden, head of derivatives at Interactive Investor. "Furthermore, with a raft of data releases lying in wait today, investors may be well advised to head for the sidelines. However, more evidence of a weakening Asia may dissuade the Fed from being too hasty with a rate hike and offer investors some scope to buy on the dips."
Stocks in Asia ended lower after figures showed core machinery orders in Japan - a key indicator of capital expenditure - fell 3.6% in July, compared with expectations for an increase. In China, the producer price index dropped 5.9% in August, its biggest fall since 2009 and an indication that deflation remains a risk.
The consumer price index rose to 2% in August from a year ago.
Over on Wall Street, meanwhile, a report showing a jump in job openings in July reignited fears of a rate hike in September.
In corporate news, shares in supermarket retailer Wm Morrison slumped after it posted a drop in underlying first-half pre-tax profit as revenue declined on the back of price cuts. The company also warned that the turnaround would take time. Pre-tax profit for the half year to 2 August fell 35% to £117m in the same period last year, missing market expectations, while total sales were down 5.1% to £8.1bn.
On the upside, clothing retailer Next rallied after reporting a 7.1% jump in interim pre-tax profit, with revenue up as the company sold more items at full price than it had expected. |
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| | US Market Report | | US close: Dow tumbles over 200 points as Apple falls after new product launch US stocks relinquished early gains to close down on Wednesday after data showing a record rise in job openings in July fuelled fears a September rate hike might still be on the cards.
The Dow Jones Industrial Average closed down 239.11 points to 16,253.57, while the S&P and the Nasdaq finished 27 and 50 points lower respectively.
Apple unveils new products
In company news, Apple shed 1.92% after unveiling a business-oriented iPad Pro, which boasts a larger 12.9 inches screen and an increased focus on productivity.
"We asked ourselves, 'how could we take iPad even further?'," said chief executive Tim Cook at the launch on Wednesday.
"Now we have the biggest news in iPad since the iPad - the iPad Pro the most powerful and capable iPad we've ever created."
United Continental Holdings climbed 0.28% and could be in focus after the airline revealed its chief executive stepped down amid a federal probe.
Yahoo! rose 2.01%, even though analysts at Nomura cut their target on the stock from $48 to $40, while digital media producer Barnes & Noble nosedived 27.6% as quarterly results missed targets
Asian stimulus
Japan's Prime Minister Shinzo Abe pledged to make tax cuts, which led the Nikkei to rally 7.7%, its biggest one-day percentage gain in over seven years.
"The restatement of loose fiscal and monetary policy measures dissipated the grey clouds over the Japanese markets," said Brenda Kelly, head analyst at London Capital Group.
"Although the conviction in Abenomics is on declining path on inability to bring the second and third arrows in the game, the promises of more liquidity and lower taxes could always make a shiny kneejerk boost."
Meanwhile, the Shanghai Composite rose 2.29% after China's Ministry of Finance promised to accelerate tax reforms and increase infrastructure spending in a bid to shore the country's economy.
Wednesday data
According to figures released by the Labor Department, job openings increased from 5.32m in June to 5.75m in July, comfortably beating expectations for a 5.30m reading and the highest figure since records began in December 2000.
The job openings rate rose to 3.9% after staying at 3.6% throughout the previous quarter.
"Combining these data with figures from the Labor Department's employment report suggests that labor market slack continues to diminish," analysts at Barclays said in a note.
"The ratio of unemployed job seekers to job openings fell to 1.44 in July, the lowest on record since 2000.
"On balance, the July JOLTS data suggest labor demand held up solidly at the beginning of the third quarter."
Meanwhile, the Mortgage Bankers Association said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, declined 6.2% in the week ended 4 September.
The seasonally-adjusted sub-index of refinancing applications tumbled 10%, while the index of loan requests for home purchases, a key indicator of home sales, fell 1% but remained 41% higher year-on-year.
Elsewhere, European equities closed higher on the back of strong performances in Asian markets, while oil prices slid sharply, with West Texas Intermediate losing 3.72% to $44.29 a barrel and Brent tumbling 3.88% to $47.67.
The dollar was broadly flat against the euro and gained 0.22% and 0.37% against the pound and the yen respectively, while gold futures slid 1.25% to $1,107.00.
S&P 500 - Risers
Netflix Inc. (NFLX) $99.23 +4.51%
Freeport-McMoRan Inc (FCX) $10.73 +3.17%
Transocean Ltd. (RIG) $14.48 +2.04%
Yahoo! Inc. (YHOO) $31.52 +2.01%
Ecolab Inc. (ECL) $110.55 +1.80%
Valero Energy Corp. (VLO) $61.65 +1.35%
Windstream Holdings Inc (WIN) $7.55 +1.21%
Facebook Inc. (FB) $90.44 +1.02%
Seagate Technology Plc (STX) $50.10 +0.99%
Phillips 66 Common Stock (PSX) $80.65 +0.96%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $2.01 -10.89%
Marathon Oil Corp. (MRO) $14.93 -8.52%
Denbury Resources Inc. (DNR) $3.08 -7.78%
Stericycle Inc. (SRCL) $136.25 -6.43%
Noble Corporation plc (NE) $11.77 -5.46%
Nabors Industries Ltd. (NBR) $10.12 -4.98%
Apache Corp. (APA) $41.29 -4.51%
National Oilwell Varco Inc. (NOV) $38.80 -4.48%
Ensco Plc. (ESV) $15.64 -4.40%
Helmerich & Payne Inc. (HP) $50.66 -4.32%
Dow Jones I.A - Risers
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $74.92 -2.50%
Procter & Gamble Co. (PG) $68.49 -2.13%
Home Depot Inc. (HD) $114.00 -2.09%
Exxon Mobil Corp. (XOM) $72.01 -2.03%
Walt Disney Co. (DIS) $101.92 -2.01%
Apple Inc. (AAPL) $110.15 -1.92%
Wal-Mart Stores Inc. (WMT) $65.12 -1.90%
Microsoft Corp. (MSFT) $43.07 -1.87%
Caterpillar Inc. (CAT) $72.96 -1.80%
Johnson & Johnson (JNJ) $92.25 -1.80%
Nasdaq 100 - Risers
Netflix Inc. (NFLX) $99.23 +4.51%
Yahoo! Inc. (YHOO) $31.52 +2.01%
Baidu Inc. (BIDU) $150.18 +1.35%
Facebook Inc. (FB) $90.44 +1.02%
Seagate Technology Plc (STX) $50.10 +0.99%
Viacom Inc. Class B (VIAB) $44.32 +0.68%
O'Reilly Automotive Inc. (ORLY) $239.23 +0.31%
Tesla Motors Inc (TSLA) $248.91 +0.30%
Keurig Green Mountain Inc (GMCR) $58.60 +0.10%
Altera Corp. (ALTR) $50.24 +0.08%
Nasdaq 100 - Fallers
Stericycle Inc. (SRCL) $136.25 -6.43%
Monster Beverage Corp (MNST) $132.36 -3.32%
Micron Technology Inc. (MU) $16.95 -3.31%
Alexion Pharmaceuticals Inc. (ALXN) $171.70 -2.96%
Dish Network Corp. (DISH) $58.83 -2.84%
Regeneron Pharmaceuticals Inc. (REGN) $527.74 -2.77%
Vimpelcom Ltd Ads (VIP) $4.58 -2.76%
Xilinx Inc. (XLNX) $41.59 -2.74%
Garmin Ltd. (GRMN) $36.67 -2.64%
Analog Devices Inc. (ADI) $56.27 -2.60% |
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| | Newspaper Round Up | | Thursday newspaper round-up: BT, House prices, Minimum wage BT has been accused of fudging its figures to avoid penalties over the installation of fibre-optic cables after the telecoms regulator launched an investigation into its excuses when it fails to connect lines in time.Openreach, the engineering division of BT, is set stringent targets for completing the installation of fibre-optic cables for consumers and those needed by BT's rivals to run superfast broadband services for businesses and to link mobile phone towers to the main network. - The Times
House prices in the UK will end the year 6% higher than they started it, a group of surveyors has predicted. The strong jobs market and low mortgage rates have supported demand from buyers, while the number of homes coming on to the market remains at its lowest level in at least three decades, the Royal Institution of Chartered Surveyors (Rics) said. - The Guardian
John Cridland, the outgoing director general of the CBI, believes the government's plan to push up the minimum wage for the over-25s is a gamble. The flagship policy of George Osborne's summer budget was his "national living wage" - a 50p increase in the statutory minimum pay rate for the over-25s from April, to £7.20 an hour, followed by a series of stepped increases expected to take the rate above £9 an hour by 2020. - The Guardian
Consumers could end up paying more than £40bn in subsidies to support Hinkley Point C, Britain's first new nuclear power station in 20 years, an expert on Europe's nuclear industry has warned. Antony Froggatt, senior research fellow for energy at Chatham House, the international affairs think tank, said that the figure was based on a forecast of the extra payouts made by households to EDF Energy, the French state-controlled energy group, during the 35-year lifespan of a contract signed by the government in 2013. - The Times
Global rules for foreign exchange traders will make it easier for the authorities to root out the bad apples in the market, central bankers have said, as they seek to clean up the industry in the wake of a series of scandals. Banks have been fined a total of more than £6bn so far by British and US regulators for manipulating foreign exchange benchmarks - the prices on which large numbers of trades in the $5.3trn-per-day market are based. - The Daily Telegraph |
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