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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 falls ahead of FOMC interest rate decision The FTSE dropped on Thursday as investors eagerly awaited the Federal Reserve's interest rate decision. The market has priced in a 25% chance that the Federal Reserve Open Committee will raise rates for the first time in almost a decade.
A mixed batch of economic data, the slowdown in China and other global pressures in emerging markets has left analyst divided on their interest rate forecasts.
While economic growth has improved and unemployment has fallen, wages and inflation remain weak. "Of course, the data has not been perfect from the US and inflation does remain stubbornly low, as calculated by the core personal consumption expenditure price index, the Fed's preferred measure," said Craig Erlam, senior market analyst at Oanda.
"That said, (Fed chair Janet) Yellen and others have repeatedly stressed that the central bank should not wait for inflation to go above 2% before raising rates as at this point, it will be too late and the future hikes would probably have to come thick and fast. This would be far more damaging than a small hike now and another in, say, six months."
Erlam added that wages are likely to grow given the pick-up in the labour market and a slight rebound in commodity prices would see inflation rise rapidly.
Elsewhere in the US, reports on housing starts and initial jobless claims are due at 1330 BST. Back on home soil, UK retail sales figures will be released at 0930 BST, with analysts pencilling in a 3.8% year-on-year increase in August.
Company-wise, Rotork plunged after the valve-control systems maker said its expects a fall in full-year revenue and operating profit, due to weak trading and the deferral and cancellation of projects.
Antofagasta fell as the company and Codelco suspended operations at two major cooper mines in Chile.
Glencore gained on reports the miner is in talks with Franco-Nevada Corp , Silver Wheaton Corp, Royal Gold Inc and two other companies to sell portions of the future production of three South American copper mines.
Miners BHP Billiton and Anglo American were given a boost as London copper jumped to the highest in nearly two months. Worries about supply issues following a large earthquake in Chile offset concerns over demand from China. |
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| | Market Movers
techMARK 3,076.05 -0.14%
FTSE 100 6,231.45 +0.04%
FTSE 250 17,034.48 -0.16%
FTSE 100 - Risers
BHP Billiton (BLT) 1,144.00p +1.82%
Anglo American (AAL) 761.70p +1.65%
Old Mutual (OML) 199.90p +1.52%
Glencore (GLEN) 136.60p +1.41%
GKN (GKN) 285.20p +1.24%
Rio Tinto (RIO) 2,424.50p +1.21%
British American Tobacco (BATS) 3,611.50p +1.02%
Relx plc (REL) 1,079.00p +0.84%
BG Group (BG.) 1,024.50p +0.84%
TUI AG Reg Shs (DI) (TUI) 1,240.00p +0.73%
FTSE 100 - Fallers
Weir Group (WEIR) 1,262.00p -4.25%
Smiths Group (SMIN) 1,087.00p -3.72%
Babcock International Group (BAB) 928.00p -2.62%
Hargreaves Lansdown (HL.) 1,206.00p -2.27%
SSE (SSE) 1,432.00p -1.45%
Merlin Entertainments (MERL) 378.70p -1.05%
Intertek Group (ITRK) 2,481.00p -1.04%
Morrison (Wm) Supermarkets (MRW) 158.50p -1.00%
Centrica (CNA) 232.60p -0.98%
Lloyds Banking Group (LLOY) 74.79p -0.94%
FTSE 250 - Risers
Ocado Group (OCDO) 341.40p +6.85%
Serco Group (SRP) 110.20p +4.16%
Northgate (NTG) 479.90p +3.09%
Phoenix Group Holdings (DI) (PHNX) 883.50p +2.61%
Investec (INVP) 548.50p +2.24%
CLS Holdings (CLI) 1,829.00p +1.89%
Foxtons Group (FOXT) 240.30p +1.82%
Vedanta Resources (VED) 560.00p +1.73%
Kaz Minerals (KAZ) 159.20p +1.73%
Spire Healthcare Group (SPI) 365.50p +1.56%
FTSE 250 - Fallers
Premier Farnell (PFL) 112.10p -15.90%
Rotork (ROR) 183.20p -15.19%
Hunting (HTG) 438.00p -7.03%
Interserve (IRV) 580.00p -3.65%
Electrocomponents (ECM) 181.00p -3.57%
Kier Group (KIE) 1,424.00p -3.52%
IMI (IMI) 1,051.00p -2.69%
Zoopla Property Group (WI) (ZPLA) 212.20p -2.21%
International Public Partnerships Ltd. (INPP) 131.10p -2.09%
PayPoint (PAY) 1,010.00p -1.85%
FTSE TechMARK - Risers
Electronic Data Processing (EDP) 65.50p +3.56%
NCC Group (NCC) 263.00p +3.44%
XP Power Ltd. (DI) (XPP) 1,600.00p +1.59%
Dialight (DIA) 650.00p +1.56%
Innovation Group (TIG) 40.00p +0.63%
KCOM Group (KCOM) 91.00p +0.55%
Oxford Biomedica (OXB) 8.29p +0.48%
Skyepharma (SKP) 345.00p +0.22%
Sepura (SEPU) 173.25p +0.14%
SDL (SDL) 365.25p +0.14%
FTSE TechMARK - Fallers
Filtronic (FTC) 6.50p -3.70%
Oxford Instruments (OXIG) 558.00p -2.11% |
| | UK Event Calendar | | Thursday 17 September
INTERIMS
Elecosoft, IndigoVision Group, Premier Farnell, Safestyle UK
INTERIM DIVIDEND PAYMENT DATE
Amino Technologies, Anglo American, Legal & General Group, Mobeus Income & Growth Vct
INTERIM EX-DIVIDEND DATE
Action Hotels, Antofagasta, Ashley (Laura) Holding, BBA Aviation, Belvoir Lettings, Computacenter, Costain Group, Derwent London, Highcroft Investment, Indivior, International Public Partnerships Ltd., Interserve, Irish Continental Group Units, Maintel Holdings, Martinco , Molins, Neptune-Calculus Income & Growth VCT, New Europe Property Investments, Octopus AIM VCT 2, Petrofac Ltd., Phoenix Spree Deutschland Limited SHS NPV , Primary Health Properties, Puma High Income VCT , RPS Group, Total Produce, Tribal Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (US) (13:30)
Building Permits (US) (13:30)
Continuing Claims (US) (13:30)
Current Account (US) (13:30)
ECB Report (EU) (09:00)
FOMC Interest Rate (US) (19:00)
Housing Starts (US) (13:30)
Initial Jobless Claims (US) (13:30)
Philadelphia Fed Index (US) (15:00)
FINALS
Brooks Macdonald Group, Just Retirement Group, Kier Group, Town Centre Securities
IMSS
Merlin Entertainments
SPECIAL EX-DIVIDEND PAYMENT DATE
Hargreaves Lansdown
AGMS
600 Group, Accsys Technologies, Auto Trader Group , Avengardco Investments Public Ltd GDR, Colefax Group, Marechale Capital , Northgate, Poundland Group , Safeland
TRADING ANNOUNCEMENTS
Investec
UK ECONOMIC ANNOUNCEMENTS
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
red24
FINAL EX-DIVIDEND DATE
AdEPT Telecom, Avation, Ebiquity, Hargreaves Lansdown, Henderson Smaller Companies Inv Trust, Mattioli Woods, Newmark Security PLC, Poundland Group , Renishaw, Trifast, UniVision Engineering Ltd.
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities flat to slightly higher as investors eye Fed rate decision European equity markets were flat to slightly higher in early trade, with investors seemingly reluctant to make any big moves ahead of the eagerly-anticipated Federal Reserve rate decision. At 0900 BST, the benchmark Stoxx Europe 600 index was flat, Germany's DAX was up 0.4% and France's CAC 40 was 0.3% firmer.
"Markets are flat in early trading ahead of the much anticipated will they/won't they Fed decision on interest rates," said Andy McLevey, head of dealing at Interactive Investor.
"With the rate decision not due until after the European close investors are likely to maintain their watching brief of late and the next few sessions could be highly volatile with Fed Chair Janet Yellen's press conference also to outline future projections and strategy."
Analysts are divided over whether the US central bank will hike interest rates later. If it does, it will be the first hike in nearly a decade and the Fed will be the first major central bank in the Western world to make such a move since the global financial crisis.
In corporate news, Royal Dutch Shell and BG Group were in the spotlight after the Australian Competition and Consumer Commission raised concerns that a merger between the two could push up prices and reduce the supply of natural gas to consumers on the east coast of Australia.
Shares in Dutch telecoms group Altice NV surged on news the company will buy Cablevision - one of the largest cable TV operators in the US - for $17.7bn.
Nordic telecom operator TeliaSonera was also on the front foot after saying it has started to reduce its presence in the Eurasian region to focus on Europe and Sweden.
In commodities, copper prices backed off the nearly two month highs they hit in reaction to news that an 8.3 magnitude earthquake had hit off the coast of Chile. The earthquake had sparked but concerns about supply disruptions in the world's biggest copper producer, but these were assuaged following reports that Chile's largest mines had not suffered any damage.
All eyes will be firmly on the US on Thursday, with a slew of data due before the rate announcement. The current account balance, initial jobless claims and housing starts are all scheduled for release at 1330 BST, while the Philadelphia Fed survey is at 1500 BST. |
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| | US Market Report | | US close: Wall St advances amid indecision over Fed rate decision Wall Street stocks crawled higher for the second consecutive session on Wednesday, as investors rode the clutch ahead of one of the most highly anticipated Federal Reserve rate-setting meetings in history. By the closing bell the Dow Jones Industrial Average was up 0.84% at 16,739.95 points, with only one stock in negative territory, with the S&P 500 advancing by a similar 0.87% and the Nasdaq up 0.59%.
Earlier, Asian stocks were firmly in the black, driven higher by a late surge in Chinese markets, while European equities gained ground, indicating equities markets' tentative confidence that the Federal Open Market Committee, will start raising rates at the end of their two day September meeting on Thursday.
Just over half of analysts polled by Bloomberg expect the Fed to raise interest rates.
However the futures market sees nearer a one-in-three chance and the currency markets reflected an even smaller chance of 'lift-off'.
There was a muted reaction to the year's first decline in the consumer prices index (CPI), down 0.1% month-on-month in September. The fall was in line with expectations but was down from the 0.1% gain registered in the previous month.
On a year-on-year basis, CPI grew 0.2% last month, maintaining the same rate of growth recorded in August and matching analysts' estimates.
Barclays economists said they believed the CPI reading will give the FOMC more reason to pause.
"We continue to think that the underlying trend in consumer prices remains positive and in particular services inflation, although we do not expect a strong upward trend to emerge in the near term. In particular, we expect core goods prices to remain a drag, driven by the renewed decline in commodity prices and the recent surge in the value of the dollar."
Capital Economics noted that while the market and most other economists seem to have written off the chances that the conclusion of the FOMC meeting will result in an increase in the federal funds target rate, it stands among the 50% that think "there is a good chance that the Fed will push the button".
"Although 'lift-off' has been on the horizon for some time, there is a chance that a hike could cause some negative reaction in the markets."
The dollar was broadly flat against the euro and gained 0.16% against the yen, although it lost 0.71% against the pound.
Gold futures rose 0.90% to $1,112.50, while oil prices climbed steadily. West Texas Intermediate rose 2.49% to $45.74 a barrel, while Brent gained 2.61% to $49.04 a barrel.
As a result, several oil companies, including Chevron, Exxon and Chesapeake Energy, were among the top risers.
In company news, technology group Hewlett-Packard advanced 3.28% after announcing plans to cut between 25,000 and 30,000 jobs late on Tuesday.
Beer brewer Molson Coors Brewing frothed more than 14% higher on the news that Belgium-based and New York-listed Anheuser-Busch InBev brewing up a takeover offer for London-listed rival SABMiller.
S&P 500 - Risers
Molson Coors Brewing Co. Class B (TAP) $82.97 +14.22%
Chesapeake Energy Corp. (CHK) $9.00 +14.07%
QEP Resources Inc (QEP) $13.83 +13.83%
Denbury Resources Inc. (DNR) $3.32 +12.54%
Rowan Companies plc (RDC) $18.46 +7.95%
Nabors Industries Ltd. (NBR) $10.59 +6.65%
Apache Corp. (APA) $43.04 +6.46%
Noble Corporation plc (NE) $12.85 +6.29%
CONSOL Energy Inc. (CNX) $13.85 +6.21%
Range Resources Corp. (RRC) $38.87 +6.17%
S&P 500 - Fallers
Graham Holdings Co. (GHC) $602.26 -4.83%
FedEx Corp. (FDX) $149.49 -2.93%
Frontier Communications Co. (FTR) $5.18 -2.63%
Dentsply International Inc. (XRAY) $53.07 -2.36%
Patterson Companies Inc. (PDCO) $44.99 -2.26%
Avago Technologies Ltd. (AVGO) $131.48 -2.16%
Valero Energy Corp. (VLO) $60.30 -1.86%
Regions Financial Corp. (RF) $9.57 -1.64%
Mead Johnson Nutrition Co. (MJN) $74.76 -1.37%
Tesoro Corp. (TSO) $92.83 -1.36%
Dow Jones I.A - Risers
General Electric Co. (GE) $25.92 +2.47%
Chevron Corp. (CVX) $79.05 +2.44%
Exxon Mobil Corp. (XOM) $74.27 +1.94%
Coca-Cola Co. (KO) $39.15 +1.69%
Nike Inc. (NKE) $115.55 +1.50%
Caterpillar Inc. (CAT) $75.66 +1.45%
Home Depot Inc. (HD) $117.78 +1.38%
United Technologies Corp. (UTX) $93.88 +1.29%
American Express Co. (AXP) $77.33 +1.08%
Travelers Company Inc. (TRV) $101.90 +1.03%
Dow Jones I.A - Fallers
Verizon Communications Inc. (VZ) $46.19 -0.39%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $150.37 +6.34%
Netflix Inc. (NFLX) $104.08 +4.96%
Expedia Inc. (EXPE) $124.68 +4.92%
Wynn Resorts Ltd. (WYNN) $73.78 +4.88%
Mattel Inc. (MAT) $24.02 +3.91%
Keurig Green Mountain Inc (GMCR) $60.15 +3.47%
Tesla Motors Inc (TSLA) $262.25 +3.42%
Discovery Communications Inc. Class A (DISCA) $27.89 +3.33%
eBay Inc. (EBAY) $26.74 +2.93%
Activision Blizzard Inc. (ATVI) $30.52 +2.42%
Nasdaq 100 - Fallers
Avago Technologies Ltd. (AVGO) $131.48 -2.16%
Vertex Pharmaceuticals Inc. (VRTX) $133.66 -1.32%
Mylan Inc. (MYL) $49.01 -1.11%
Stericycle Inc. (SRCL) $137.11 -0.89%
Expeditors International Of Washington Inc. (EXPD) $48.87 -0.87%
Alexion Pharmaceuticals Inc. (ALXN) $167.79 -0.73%
Express Scripts Holding Co (ESRX) $84.44 -0.69%
Amgen Inc. (AMGN) $151.18 -0.63%
Broadcom Corp. (BRCM) $53.51 -0.54% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Banks and energy firms, Lloyds, Shell/BG, EU referendum A former foreign exchange trader at Lloyds Banking Group has accused the bank of making him redundant because he was a whistleblower after he raised concerns about the unit, including about a currency trade for supermarket Tesco. According to evidence presented to a London employment tribunal, Paul Carlier claims his redundancy from the bailed-out bank in September 2014 was because he had "challenged the business over various practices" and made "protected disclosures". - Guardian
The embattled chief executive of the Hollywood giant Viacom has warned British companies such as ITV and Sky that the same trends that have wiped billions of dollars from the Wall Street valuations of media companies will cross the Atlantic. Philippe Dauman, who last year entered the UK public service broadcasting market by buying Channel 5, said the shift of viewers to online services and on-demand viewing would come to seriously challenge the British television industry. - Telegraph
Banks and energy firms did more than any other sectors to improve their images in the last year, slashing complaints levels and winning the hearts of their customers. Utilities companies made the biggest strides, with the proportion of customers saying it was among the worst sectors for service diving from 40pc to 31pc, according to a study by service design consultancy Engine. - Telegraph
MPs have called on the Serious Fraud Office to investigate Lloyds Banking Group and one of its property advisers over allegations that they conspired to abuse the insolvency process. During a debate in parliament yesterday, Lloyds and Alder King, a firm of property valuers and receivers, were accused of "daylight robbery" by pushing small businesses to the wall as the bank sought to clean up its balance sheet after the financial crisis. - The Times
Australia's consumer watchdog has questioned Royal Dutch Shell's deal to buy BG Group, raising concerns that the £43bn tie-up was not in consumers' interests. The deal, agreed in April, would be the energy industry's biggest acquisition in more than a decade, increasing Shell's oil and gas reserves by a quarter and boosting its production 20 per cent. The sale was approved a fortnight ago by the European Commission. - Financial Times
"I think the word I would use about it is trepidation," says Eric Simpson, who runs a small business just outside Leeds providing new and recycled furniture to offices and charities. The "it" in question is the looming referendum on Britain's membership of the EU, and Mr Simpson's trepidation is not unusual. - Financial Times
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