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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: FTSE opens flat ahead of inflation data The FTSE opened broadly flat on Tuesday ahead of the release of UK inflation data which is expected to show the consumer price index dipped to zero in August.
Analysts predict CPI fell to 0% year-on-year last month from 0.1% a month earlier, amid lower food and energy prices.
The Bank of England, which is targeting 2% inflation, cited weak CPI as part of the reason to vote in favour of keeping interest rates unchanged last Thursday. The BoE voted 8-1 on the decision, with Ian McCafferty the only policymaker to argue for an increase in rates.
However, officials including Martin Weale and Kristen Forbes have since said that a rate rise will need to come soon.
"With wage growth remaining firm, the tightening labour market means that inflation is likely to rise above target in two to three years time," Weale wrote in an article for The Scotland on Sunday newspaper.
"Policy needs to be set with reference to this, rather than the current rate of inflation. As a result, it seems likely to me that the Bank Rate will need to rise relatively soon."
Meanwhile, the Bank of Japan decided to hold on policy following it two-day meeting, as expected. The central bank also warned that slowing demand in emerging markets was hurting Japan's exports and outputs. The yen rose against the dollar following the report.
"With the next sales tax hike due the following April, BoJ Governor Haruhiko Kuroda isn't leaving himself much margin for error," said Craig Erlam, senior market analyst at Oanda.
"I still think we'll see an increase in asset purchases in the coming months though as the current package just isn't achieving its target, or even close to doing so."
Looking ahead, investors are eagerly awaiting the Federal Reserve's decision on interest rates on Thursday. Whether the Fed will raise rates remains unclear amid the recent turbulence seen in global stocks, with mixed forecasts from analysts. The release of US data on retail sales, industrial production and manufacturing production may provide further indication of the whether the economy is healthy enough to sustain a rate hike this week.
On the company front, ARM Holdings climbed as the chipmaker said investments in the company are likely to add about $40m in revenues in 2016, rising to $200m in 2020.
The London Stock Exchange edged lower after confirming the sale of Proquote, a UK market data vendor and retail trading provider, to Australia-listed financial technology group IRESS for an undisclosed amount.
British Land dipped as the company and Oxford Properties announced two new lettings at the Leadenhall Building to global energy company Petredec and Fidelis Insurance.
Ocado Group rose after reporting a 17% increase in sales at the supermarket delivery company.
Kingfisher dropped as it posted a 2.3% fall in pre-tax profits as like-for-like sales grew 2% at constant currencies. |
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| | Market Movers
techMARK 3,056.32 -0.19%
FTSE 100 6,068.35 -0.27%
FTSE 250 16,891.95 -0.20%
FTSE 100 - Risers
Experian (EXPN) 1,044.00p +0.87%
Associated British Foods (ABF) 3,070.00p +0.66%
ARM Holdings (ARM) 954.00p +0.63%
British American Tobacco (BATS) 3,441.00p +0.53%
Barclays (BARC) 255.80p +0.51%
easyJet (EZJ) 1,766.00p +0.46%
CRH (CRH) 1,893.00p +0.42%
Sports Direct International (SPD) 757.50p +0.40%
Relx plc (REL) 1,058.00p +0.38%
Severn Trent (SVT) 2,075.00p +0.34%
FTSE 100 - Fallers
Glencore (GLEN) 123.40p -3.52%
Kingfisher (KGF) 351.10p -2.55%
BHP Billiton (BLT) 1,044.00p -2.29%
Sainsbury (J) (SBRY) 224.90p -2.05%
Antofagasta (ANTO) 580.50p -2.03%
Rio Tinto (RIO) 2,349.00p -2.02%
Fresnillo (FRES) 580.00p -1.94%
Morrison (Wm) Supermarkets (MRW) 154.80p -1.90%
Anglo American (AAL) 704.30p -1.76%
Legal & General Group (LGEN) 247.80p -1.55% FTSE 250 - Risers Ocado Group (OCDO) 325.40p +3.01%
Thomas Cook Group (TCG) 116.10p +1.75%
Saga (SAGA) 205.40p +1.53%
Card Factory (CARD) 373.20p +1.52%
Vesuvius (VSVS) 387.80p +1.44%
Virgin Money Holdings (UK) (VM.) 399.60p +1.42%
Synergy Health (SYR) 1,579.00p +1.35%
Bank of Georgia Holdings (BGEO) 1,824.00p +1.28%
Shawbrook Group (SHAW) 326.00p +1.24%
UDG Healthcare Public Limited Company (UDG) 496.50p +1.02%
FTSE 250 - Fallers
Stagecoach Group (SGC) 345.00p -2.76%
Premier Oil (PMO) 80.60p -2.66%
Kaz Minerals (KAZ) 148.90p -2.49%
Fidelity China Special Situations (FCSS) 113.00p -2.16%
Home Retail Group (HOME) 130.30p -1.88%
FirstGroup (FGP) 101.00p -1.46%
Close Brothers Group (CBG) 1,487.00p -1.39%
Debenhams (DEB) 74.65p -1.39%
Acacia Mining (ACA) 240.30p -1.35%
John Laing Group (JLG) 207.00p -1.33%
FTSE TechMARK - Risers
Oxford Biomedica (OXB) 8.99p +6.39%
XP Power Ltd. (DI) (XPP) 1,640.00p +4.13%
BATM Advanced Communications Ltd. (BVC) 18.75p +2.04%
SDL (SDL) 365.25p +1.46%
Dialight (DIA) 643.50p +1.34%
Consort Medical (CSRT) 968.50p +0.83%
Sepura (SEPU) 179.50p +0.56%
KCOM Group (KCOM) 92.00p +0.27%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 201.05 +0.03%
FTSE TechMARK - Fallers
Oxford Instruments (OXIG) 571.00p -3.22%
Promethean World (PRW) 38.75p -1.59%
NCC Group (NCC) 255.00p -0.97%
Gresham Computing (GHT) 115.50p -0.86%
Innovation Group (TIG) 39.75p -0.62% |
| | UK Event Calendar | | Tuesday 15 September
INTERIMS
Accesso Technology Group, Bango, Centralnic Group , HaloSource Inc. (DI / REG S), Hydrogen Group, IQE, Manx Telecom , Netplay TV, Restore, Synety Group, TLA Worldwide , TP Group
INTERIM DIVIDEND PAYMENT DATE
Fidessa Group, Mondi
QUARTERLY PAYMENT DATE
Canadian General Investments Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Business Inventories (US) (13:30)
Capacity Utilisation (US) (14:15)
Industrial Production (US) (14:15)
Manufacturing Inventories (US) (15:00)
New Car Registrations (EU) (10:00)
Retail Sales (US) (15:00)
Retail Sales Inventories (US) (13:30)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
FINALS
Gateley (Holdings) , Wilmington
EGMS
Public Joint Stock Company Severstal GDR (Reg S)
AGMS
Aberdeen Private Equity Fund Ltd. Sterling Part Shares, Ebiquity, Enteq Upstream, NCC Group, VietNam Holding Ltd
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed in cautious trading; ZEW, US retail sales eyed European stocks were mixed in early trade as investors continued to exercise caution ahead of the Federal Reserve's rate announcement later in the week.
At 0900 BST, the benchmark Stoxx Europe 600 index and Germany's DAX were up 0.4%, but France's CAC 40 was off 0.2%.
The US central bank's two-day meeting will culminate in a rate decision on Thursday, but analysts are divided over whether the Fed will move on rates, with some arguing that mixed US data and global market volatility will prevent a September hike.
"The waiting game will go on until the Fed delivers its verdict on Thursday," said Societe Generale. "Our economists are looking for slightly soft US retail sales and industrial production data on Tuesday. This obviously won't support the case for a hike, though the key issues are how much weight to give to the global downturn and financial market volatility."
Dutch electronics group Philips rose after saying it expects modest sales growth for 2015.
RWE and E . ON were both firmly in the red after Spiegel Online said the German energy companies were short of as much as €30bn needed to build a disposal site for nuclear waste as part of the country's exit from nuclear power.
On the data front, Eurozone trade balance is at 1000 BST, along with the German ZEW survey. In the US, retail sales and Empire manufacturing are at 1330 BST, while industrial production is at 1415 BST and business inventories are at 1500 BST. |
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| | US Market Report | | US close: Stocks edge lower as investors tread carefully ahead of FOMC meeting US stocks retreated on Monday as investors remained jittery ahead of the all-important Federal Reserve meeting later this week. The Dow Jones Industrial Average closed down 62 points to 16,370.96, while the S&P 500 and the Nasdaq were eight and 14 points lower respectively.
Chinese data drags Asian stocks lower
Asian markets were dragged lower by a decline in Chinese stocks, after data on Sunday showed the country's factory output and fixed-asset investment both missed forecast in August.
The National Bureau of Statistics said industrial production rose 6.1% in August compared to a year ago, falling short of analysts' expectations for a 6.5% increase and following the previous month's 6% gain.
Separately, retail sales climbed 10.8% in August, more than the forecast for a 10.6% rise and a 10.5% jump a month ago.
"With Chinese industrial production and retail sales rising, the numbers were relatively positive despite some missing estimates," said Joshua Mahony, market analyst at IG.
"However, given the sheer amount of measures taken by the Chinese government and PBoC, it is clear that the positive impacts have yet to be felt."
West Texas Intermediate lost 1.22% to $44.09 a barrel, and Brent shed 3.51% to $46.51 a barrel.
The dollar climbed 0.16% against the euro and rose 0.12% against the pound but declined 0.52% against the yen, while gold futures gained 0.44% to $1,108.20.
It was a soft start to the week on the economic data front, with no major reports released on Monday, although investors will have plenty to digest later in the week.
The Federal Reserve's two-day meeting ends on Thursday, when the US central bank will reveal whether it intends to hike interest rates or whether it plans to stay on hold.
"Muddying the waters further with respect to a rate rise has been a significant cooling in some of the rhetoric of some FOMC members in recent weeks, most notably the New York Fed's Bill Dudley who said that a September rate rise was now "less compelling"," said Michael Hewson, chief market analyst at CMC Markets.
In company news, Apple climbed 0.96% after revealing it expects first-weekend sales of its new iPhone 6S to exceed last year's debut of 10m units following "very strong" pre-orders.
The iPhone 6S Plus has already sold out online as orders have exceeded in-house estimates.
Solera Holdings jumped 8.51% after the software company agreed to a $6.5bn takeover from an affiliate of Vista Equity Partners.
Going the other way, Alibaba slid 3.14% after a story published by Barron's warned the Chinese e-commerce giant's shares could fall 50%.
Alibaba has responded that it takes "strong issue" with Barron's reporting. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: NS&I rate, Corbyn, bank branches, Hastings More than 400,000 savers are to have their incomes reduced after National Savings & Investments bucked the trend of rising savings rates and unexpectedly cut the interest rate on its tax-free cash ISA. The Treasury-controlled savings body said that it had taken the "difficult" decision to reduce the rate on its Direct Isa by a quarter of a percentage point from 1.5% to 1.25%, effective from November 16. - The Times
One of the UK's biggest steel plants is locked in a desperate bid for survival following a series of missed debt repayments to its banks, putting 2,000 jobs at risk. The Thai owners of the historic Redcar plant on Teesside failed to pay back several loans totalling around £80m to lenders in June and were given a short-term stay of execution until the end of September to find the money. - The Telegraph
As many as 2,400 bank branches could close over the next five years, taking the total number of high street sites to below 7,500, according to a study from consultancy McKinsey. Customers are increasingly choosing to bank online, resulting in lower footfall in physical branches and prompting lenders to close expensive offices in prime retail locations. However, bricks and mortar banks aren't set to disappear from the high street altogether, as the study found that customers still value physical branches for complicated or large transactions, such as getting a mortgage. - The Telegraph
Jeremy Corbyn last night tried to pacify anxious Labour MPs over his appointment of hardline socialist John McDonnell as shadow chancellor as rifts opened up over party policy on Europe. The new Labour leader ended a day of confusion and acrimony in the opposition by promising his MPs - 90% of whom backed his rivals for the leadership - that he would not sanction a purge of moderates. - The Financial Times
Hastings Insurance is set to announce a stock market flotation today that could allow Goldman Sachs to quintuple its original investment. The American investment bank paid £150 million for 50% of Hastings at the beginning of last year, but its holding is poised to be valued at up to £750 million when the company completes an IPO next month that could hand it a market capitalisation of £1.5 billion. - The Times
Brazil announced an emergency R$65bn package of budget cuts and tax increases aimed at warding off further credit rating downgrades after Standard & Poor's slashed Latin America's biggest economy to junk last week. The proposals, which include spending cuts and the reintroduction of a financial transaction tax, pushed Brazil's currency up 1.43% against the dollar to R$3.8154 while the benchmark stock index, the Ibovespa, rose 1.81% to 47,238 points. - Financial Times
Antitrust regulators in Russia have accused Google of illegally forcing hardware makers to preload its internet services on their handsets along with the company's Android software, pre-empting a European Commission investigation into similar concerns. The Russian move comes little more than three months after the regulators began an investigation, which was triggered by a complaint from local search rival Yandex. - Financial Times Porsche, the German sports car maker, on Monday unveiled a prototype battery-driven sports car with which it aims to challenge Tesla Motors Inc., the upstart maker of high-end electric cars whose success has shaken more established car makers. The new road-hugging design, dubbed "Mission E," is unmistakable as an offspring of Porsche's iconic 911 but carries an 800-volt electric powertrain with 600 horsepower that can accelerate to 100 kilometers per hour (62 mph) in 3.5 seconds. - Wall Street Journal |
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