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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 FOMC's decision on interest rates looms UK stocks declined as investors continued to digest the Bank of England's policy meeting minutes and looked ahead to the Federal Reserve's decision on interest rates next week. The BoE on Thursday voted 8-1 to keep interest rates and the asset purchase programme unchanged, pointing to weak inflation. The consumer price index rose 0.1% in July, well below the BoE's target of 2%, the minutes of the Monetary Policy Committee's policy meeting highlighted. Ian McCafferty was once again the only MPC member to argue a rate increase.
The market is now turning to the Fed as it votes at a 16-17 September policy meeting on whether to raise interest rates for the first time in nine years. Amid the recent turbulence in global stocks sparked by concerns about China's slowing economy, a rate hike this month seems less likely than previously anticipated.
"Markets feel on edge at the moment with the looming Federal Open Market Committee meeting next week creating an air of unease and a lack of conviction, particularly in equities," said Deutsche Bank analyst Jim Reid.
BNP Paribas analysts said they expected no action on rates, along with a dovish set of economic and interest rate projections. They see Chair Janet Yellen using her press conference to keep the Fed's options "wide open, keeping alive the expectation of a rate hike 'later this year', while emphasising data dependence".
"The markets still see a 20% probability of the Fed raising rates next week; simply not delivering the hike will send a dovish signal to the markets," they added.
Adding to the unease in the markets, Godman Sachs cut its forecast on oil prices, sending crude lower on Friday.
Goldman Sachs on Friday said it expected West Texas Intermediate prices would average $48.10 per barrel this year from an earlier estimate of $52 per barrel. The broker lowered the 2016 WTI price forecast to $45 per barrel from $57 per barrel earlier.
Brent prices this year are expected to average $53.70 per barrel, compared to an earlier projection of $58.20 per barrel earlier, while 2016 Brent prices are seen at $49.50 per barrel following a prior prediction of $62 per barrel.
Goldman's report sent Brent down 1.5$ to $48.14 per barrel and WTI down 1.7% to $45.11 per barrel at 0852 BST.
In economic data, GfK and BoE release a survey on the inflation outlook for the next 12 months at 0930 BST and the University of Michigan publishes its index on US consumer confidence for September at 1500 BST.
Ahead of the opening bell, Destatis confirmed Germany's consumer price index rose 0.2% year-on-year in August, unchanged from July.
In company news, shares in office retail giant Regus were up after a report the company could be the subject of a multi-billion pound bid from a major private equity firm.The Daily Mail reported, without citing sources, that Regus founder and chief executive Mark Dixon recently rejected a £3bn approach, said to be from Blackstone, but was open to an increased offer worth around £4bn.
Aldermore slumped following reports that two sellers, including AnaCap funds, were said to have sold 50.9m shares in the group via Deutsche Bank and RBC at 286p.
JD Wetherspoon gained despite reporting a 2% drop in full-year pre-tax profit to £77.8m. Chairman Tim Martin said: "We continue to anticipate a trading performance similar to, or slightly above, that achieved in the last financial year." |
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| | Market Movers
techMARK 3,084.30 -0.14%
FTSE 100 6,154.96 -0.01%
FTSE 250 17,043.46 +0.14%
FTSE 100 - Risers
Glencore (GLEN) 137.25p +3.27%
Rio Tinto (RIO) 2,420.00p +2.33%
Anglo American (AAL) 732.50p +2.16%
Antofagasta (ANTO) 615.00p +1.74%
Kingfisher (KGF) 365.40p +1.42%
BHP Billiton (BLT) 1,072.50p +1.18%
Bunzl (BNZL) 1,768.00p +1.09%
Admiral Group (ADM) 1,556.00p +1.04%
Next (NXT) 7,830.00p +0.71%
Diageo (DGE) 1,740.00p +0.67%
FTSE 100 - Fallers
Vodafone Group (VOD) 223.00p -1.81%
BT Group (BT.A) 425.35p -1.56%
Inmarsat (ISAT) 1,032.00p -1.53%
Coca-Cola HBC AG (CDI) (CCH) 1,313.00p -1.13%
SSE (SSE) 1,455.00p -0.75%
National Grid (NG.) 855.00p -0.74%
Centrica (CNA) 230.60p -0.69%
British American Tobacco (BATS) 3,417.00p -0.65%
Barratt Developments (BDEV) 655.00p -0.61%
United Utilities Group (UU.) 861.50p -0.52%
FTSE 250 - Risers
Regus (RGU) 306.50p +4.00%
Clarkson (CKN) 2,275.00p +3.79%
Premier Oil (PMO) 87.40p +3.19%
PayPoint (PAY) 1,027.00p +2.60%
Fidelity China Special Situations (FCSS) 119.90p +2.48%
Kaz Minerals (KAZ) 164.80p +2.04%
Tullow Oil (TLW) 195.90p +1.82%
Countrywide (CWD) 509.00p +1.80%
Vedanta Resources (VED) 520.50p +1.56%
Acacia Mining (ACA) 245.10p +1.53%
FTSE 250 - Fallers
IP Group (IPO) 230.00p -4.33%
Drax Group (DRX) 257.80p -3.08%
Aldermore Group (ALD) 286.40p -2.85%
Petra Diamonds Ltd.(DI) (PDL) 112.70p -2.68%
Ophir Energy (OPHR) 89.75p -1.86%
Cable & Wireless Communications (CWC) 57.00p -1.81%
TalkTalk Telecom Group (TALK) 302.10p -1.63%
Just Retirement Group (JRG) 188.30p -1.62%
AL Noor Hospitals Group (ANH) 818.00p -1.45%
Zoopla Property Group (WI) (ZPLA) 215.20p -1.28%
FTSE TechMARK - Risers
Spirent Communications (SPT) 81.50p +4.15%
Skyepharma (SKP) 364.25p +1.04%
NCC Group (NCC) 258.50p +0.98%
KCOM Group (KCOM) 94.25p +0.80%
Consort Medical (CSRT) 963.00p +0.31%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 200.81 +0.09%
Dialight (DIA) 622.50p +0.08%
FTSE TechMARK - Fallers
Oxford Biomedica (OXB) 7.80p -4.76%
Oxford Instruments (OXIG) 636.00p -0.70%
Innovation Group (TIG) 39.75p -0.62% |
| | UK Event Calendar | | Friday September 11
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Producer Price Index (US) (13:30)
FINALS
Wetherspoon (J.D.)
IMSS
SThree
GMS
Totally
INTERIM DIVIDEND PAYMENT DATE
4Imprint Group, BG Group, Direct Line Insurance Group, Informa, Law Debenture Corp., Moneysupermarket.com Group, Pearson, RM, Spirent Communications
QUARTERLY PAYMENT DATE
Carnival, M Winkworth
SPECIAL DIVIDEND PAYMENT DATE
Lindsell Train Inv Trust
AGMS
Adams, Schroder Real Estate Investment Trust Ltd, SVM UK Emerging Fund, Sweett Group
FINAL DIVIDEND PAYMENT DATE
Creston, Latchways, Lindsell Train Inv Trust, Maven Income And Growth VCT 6 , New Century AIM VCT, Severfield |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities slip as jitters over next week's Fed meeting creep in European equity markets slipped in early trade, unable to hold on to opening gains as a lack of fresh catalysts meant investors shifted their focus to next week's US Federal Reserve meeting. At 0850 BST, the benchmark Stoxx Europe 600 index was down 0.4%, France's CAC was 0.2% lower and Germany's DAX was down 0.4%.
"Looks set to be a quiet day on the market as investors play the waiting game," said Mike McCudden, head of derivatives at stockbrokers Interactive Investor.
"Data from China over the weekend should give some direction but investors are firmly focused on the US rate decision next week. The 'will they, wont they' debate should usher in some more volatile sessions next week, but the likelihood of a rate hike, given the current state of the global economy, is very low."
Investors are likely to be increasingly jittery ahead of the Fed meeting next week, as it could be the first time in nearly a decade that the central bank hikes interest rates.
Societe Generale's chief strategist Albert Edwards said, "The clamour for the Fed not to enact the long-awaited 25 basis points rate hike next week is growing by the day. Misgivings come not just from reputable mainstream commentators, but now also the World Bank has repeated the IMF's recent words of caution in advising delay.
"What a load of nonsense! My esteemed colleague Kit Juckes characterises the current consensus thinking as 'If the Fed hikes, pestilence, plague and never-ending deflation will follow'. Well even those like me who see a deflationary bust awaiting think the Fed should hike next week - because the longer you leave it, the bigger the financial market excesses become, and the bigger the risk of financial dislocation and global recession ensuing. Have we learned nothing from the 2008 Great Recession? Just get on with it!"
Corporate news flow was scarce. Shares in Swiss pharmaceutical company Actelion slid into the red after it announced late on Thursday that it's in preliminary talks with US biotech firm ZS Pharma about an acquisition.
B&Q owner Kingfisher rose after UBS upgraded the stock to 'buy' from 'neutral' and lifted its price target to 400p from 360p.
Elsewhere, the oil and gas sector was in the spotlight after Goldman Sachs cut its 2016 Brent oil price forecast to $49.5 a barrel from $62, noting that OPEC production has surprised sharply on the upside and Iran has the potential to ramp up in 2016.
However, the bank said it expects oil prices to bottom in the coming six to nine months, with two key drivers. The first is that US production falls sufficiently to start rebalancing the market. The second is that the market sees US production growth is again going to be needed to rebalance the market from 2017.
In terms of individual stocks, BP and Total edged higher after Goldman upgraded their ratings. |
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| | US Market Report | | US close: Stocks end up as oil bounces, but uncertainty over Fed hike caps gains US equities ended in the black but off highs, as a jump in oil prices was somewhat offset by uncertainty over the timing of a Federal Reserve rate hike, following a batch of mixed economic data. The Dow Jones Industrial Average and the S&P 500 closed up 0.5%, while the Nasdaq rose 0.8%.
US import prices slump
According to figures released by the Labor Department, unemployment claims fell by 6,000 to 275,000 in the week to 5 September, in line with expectations and down from the two-month of 282,000 recorded the prior week.
"Consistently low readings for initial and continuing jobless claims suggest that the separations side of the labour market remains healthy, and we see little reason to expect a meaningful shift in labour market dynamics in the near term," analysts at Barclays said in a note.
Meanwhile, US import prices slumped 1.8% month-on-month in August compared with a 0.9% decline in July and with analysts' expectations for a 1.6% drop.
On a year-on-year basis, import prices tumbled 11.4%, the biggest fall since the 2009 crisis, from a 10.5% decline in the previous month and against analysts' expectations of 11.1% drop.
Apple shares rebound
In company news, Apple rallied 2.2% as the technology giant recouped some of the losses it registered on Wednesday after unveiling a business-oriented iPad Pro, new iPhone models and a revamped Apple TV.
Elsewhere, Freeport-McMoRan rose 5.2% as copper prices advanced.
GoPro climbed 0.7% after plummeting 10.3% in the previous session, while Krispy Kreme Doughnuts tumbled nearly 12% after it lowered its full-year guidance late on Wednesday.
Athletic apparel Lululemon Athletica plunged 16.4% and sports-clothing retailer Zumiez Inc. fell 3.6% after the companies' second-quarter earnings missed expectations.
The dollar was 0.3% firmer against the yen and 0.6% weaker against the euro and the pound, while gold futures climbed 0.7% to $1,110.
Oil prices bounced, with West Texas Intermediate up 3.2% to $45.58 a barrel and Brent 2.3% higher at $48,65 a barrel.
S&P 500 - Risers
Freeport-McMoRan Inc (FCX) $11.29 +5.22%
KLA-Tencor Corp. (KLAC) $51.48 +4.32%
Keurig Green Mountain Inc (GMCR) $60.89 +3.93%
Whole Foods Market Inc. (WFM) $33.06 +3.34%
Gilead Sciences Inc. (GILD) $107.25 +3.30%
Biogen Inc (BIIB) $312.62 +3.01%
Kroger Co. (KR) $35.42 +2.97%
Assurant Inc. (AIZ) $75.47 +2.93%
Southwestern Energy Co. (SWN) $15.32 +2.58%
Cabot Oil & Gas Corp. (COG) $23.05 +2.44%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $1.77 -11.94%
Avon Products Inc. (AVP) $4.10 -9.49%
QEP Resources Inc (QEP) $12.40 -5.05%
Wynn Resorts Ltd. (WYNN) $69.67 -4.61%
Williams Companies Inc. (WMB) $44.27 -3.80%
Joy Global Inc. (JOY) $17.94 -3.65%
Graham Holdings Co. (GHC) $620.57 -3.16%
Dollar General Corp (DG) $69.90 -2.89%
Dollar Tree Inc (DLTR) $66.06 -2.77%
Cablevision Systems Corp. (CVC) $27.30 -2.71%
Dow Jones I.A - Risers
Apple Inc. (AAPL) $112.57 +2.20%
Pfizer Inc. (PFE) $32.62 +2.07%
Merck & Co. Inc. (MRK) $52.71 +1.50%
Unitedhealth Group Inc. (UNH) $116.76 +1.46%
Cisco Systems Inc. (CSCO) $26.26 +1.23%
Chevron Corp. (CVX) $75.64 +0.96%
Visa Inc. (V) $70.16 +0.80%
JP Morgan Chase & Co. (JPM) $62.65 +0.76%
International Business Machines Corp. (IBM) $146.13 +0.74%
Exxon Mobil Corp. (XOM) $72.51 +0.71%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $64.12 -1.54%
Caterpillar Inc. (CAT) $72.39 -0.78%
E.I. du Pont de Nemours and Co. (DD) $48.62 -0.45%
United Technologies Corp. (UTX) $91.55 -0.34%
Procter & Gamble Co. (PG) $68.31 -0.25%
McDonald's Corp. (MCD) $95.23 -0.21%
3M Co. (MMM) $140.77 -0.06%
Nasdaq 100 - Risers
KLA-Tencor Corp. (KLAC) $51.48 +4.32%
Keurig Green Mountain Inc (GMCR) $60.89 +3.93%
Whole Foods Market Inc. (WFM) $33.06 +3.34%
Gilead Sciences Inc. (GILD) $107.25 +3.30%
Biogen Inc (BIIB) $312.62 +3.01%
Expedia Inc. (EXPE) $115.94 +2.28%
Apple Inc. (AAPL) $112.57 +2.20%
Vimpelcom Ltd Ads (VIP) $4.67 +1.97%
Symantec Corp. (SYMC) $20.02 +1.93%
Intuit Inc. (INTU) $88.30 +1.92%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $69.67 -4.61%
Sba Communications Corp. (SBAC) $111.72 -2.93%
Dollar Tree Inc (DLTR) $66.06 -2.77%
Nxp Semiconductors Nv (NXPI) $86.88 -2.24%
Baidu Inc. (BIDU) $146.75 -2.24%
Seagate Technology Plc (STX) $49.22 -1.76%
Western Digital Corp. (WDC) $81.24 -1.40%
Dish Network Corp. (DISH) $58.15 -1.16%
Yahoo! Inc. (YHOO) $31.16 -1.14%
Garmin Ltd. (GRMN) $36.36 -0.87% |
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| | Newspaper Round Up | | Friday newspaper round-up: EU work ruling, banks surcharge, Primark US Peter Sands, the former Standard Chartered chief executive, is in talks to provide informal policy advice to Downing Street, in the latest sign of senior business figures' expanding influence in government. The 53-year-old, who stepped down from the bank in June, is to work on issues such as how the UK should respond to labour market changes. It is understood that the role is informal and unpaid, and that Sands will not have a direct role in regulation of the financial industry. - Financial Times The EU's top court was accused of "tormenting" business after ruling that workers without fixed offices should be paid for the journey time to and from their first and last customers. The case was brought to the European Court of Justice by employees of a Spanish security company, who argued that the time they spent travelling from home to their first appointment should be classed as work, in accordance with the EU's working time directive. - Financial Times
George Osborne has received a new warning about the potential impact of his new tax on banks amid concerns it will impede new entrants to the sector. Andrew Tyrie, chairman of the Treasury select committee, raised the potential competition threat on the eve of a meeting between Treasury officials and representatives of the challenger banks, such as Metro and Secure Trust, about the tax which was announced in July's budget. - Guardian
Shops and banks could face a bill of up to £236m to ensure they are able to accept and dispense the new polymer bank notes, it has been claimed. The Bank of England will begin rolling out the new notes next year. The notes, which are 15% smaller than the current cotton notes, will be more durable and harder to counterfeit than current notes as they have new security measures. - Guardian
Cheap socks came to the home of the Red Sox yesterday as, to the evident delight of Boston's bargain-hunters and fast-fashion lovers, Primark opened its first store in the United States. Attracted, no doubt, by the bold promise to show Americans how shopping for bargains is really done, large crowds gathered outside the new store downtown before the doors opened at 11am and the staff broke into a rendition of Neil Diamond's Sweet Caroline, the song traditionally sung by fans of the Boston Red Sox baseball team in the middle of the eighth inning. - The Times
Plans to hold an emergency summit of world leaders to discuss the collapse in oil prices have been torpedoed by Saudi Arabia, the de facto leader of the Opec cartel of oil exporters. Venezuela, a fellow Opec founder member, had proposed the summit for leaders of producer nations to address a 60% slide in crude prices to less than $48 a barrel. - The Times |
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