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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 recover from previous session's losses UK stocks recovered ground on Wednesday after a batch of weak manufacturing data sent stocks lower in the previous session. Poor factory reports in China, the UK, Europe and the US weakened sentiment on Tuesday. In particular, two separate figures showing a contraction in Chinese manufacturing fuelled concerns about the slowdown in the world's second largest economy.
The data had pushed global stocks into the red but the Asian and UK markets bounced back on Wednesday.
"Things are looking a bit better, if still nervy, this Wednesday morning, with the European indices posting sturdy gains as the day began," said Connor Campbell, financial analyst at Spreadex.
"However, the fears over China are still looming above the markets like the sword of Damocles, meaning it is far too early to tell what the state of trading will be by the end of the day. The saving grace could be the two-day Chinese holiday that begins on Thursday, which in theory should provide a moment of respite for volatility-weary investors and therefore a chance to avoid the usual last minute panic in the minutes before the closing bell."
Away from China, the focus will be on key economic data releases including Markit's UK construction purchasing managers' index at 0930 BST, the US private payrolls report at 1315 BST and US factory orders at 1500 BST.
In company news, ASOS slumped after the founder of the online fashion retailer stepped down as chief executive after 15 years.
Ashtead gained as the British industrial equipment hire company said it was on track to achieve its full-year expectations after reporting a strong first quarter.
Tesco declined as the supermarket chain reportedly chose private equity firm MBK Partners as preferred bidder to buy its South Korean unit.
Online gambling company GVC Holdings dropped as it said it could go hostile in the £1bn tug-of-war for Bwin.party Digital Entertainment if Bwin's board recommends a lower offer from 888 Holdings Plc, the Times reported.
Royal Dutch Shell and BP shares were sitting lower as oil prices continued to slide with Brent crude down 1.7% to $48.72 per barrel and West Texas Intermediate down 2.4% to $44.34 at 0906 BST. |
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| | Market Movers
techMARK 3,062.60 +0.65%
FTSE 100 6,074.15 +0.26%
FTSE 250 16,891.83 +0.31%
FTSE 100 - Risers
Hikma Pharmaceuticals (HIK) 2,335.00p +4.94%
Ashtead Group (AHT) 961.50p +4.85%
Meggitt (MGGT) 501.00p +2.52%
3i Group (III) 469.90p +2.33%
ARM Holdings (ARM) 931.50p +1.97%
Intu Properties (INTU) 319.70p +1.49%
AstraZeneca (AZN) 4,093.50p +1.49%
Antofagasta (ANTO) 582.50p +1.39%
Admiral Group (ADM) 1,537.00p +1.39%
Capita (CPI) 1,212.00p +1.34%
FTSE 100 - Fallers
Royal Dutch Shell 'B' (RDSB) 1,625.00p -1.28%
Royal Dutch Shell 'A' (RDSA) 1,619.00p -1.16%
Sainsbury (J) (SBRY) 235.60p -0.97%
BP (BP.) 346.80p -0.74%
BG Group (BG.) 958.00p -0.72%
Taylor Wimpey (TW.) 194.70p -0.66%
Glencore (GLEN) 132.65p -0.64%
Marks & Spencer Group (MKS) 502.50p -0.59%
Persimmon (PSN) 2,030.00p -0.59%
Fresnillo (FRES) 598.00p -0.58%
FTSE 250 - Risers
Redefine International (RDI) 53.75p +2.97%
Electra Private Equity (ELTA) 3,275.00p +2.34%
Fidelity China Special Situations (FCSS) 117.10p +2.27%
Synergy Health (SYR) 1,624.00p +2.20%
DCC (DCC) 4,894.00p +2.09%
Indivior (INDV) 222.80p +1.97%
Aggreko (AGK) 1,045.00p +1.85%
Derwent London (DLN) 3,595.00p +1.58%
SEGRO (SGRO) 420.40p +1.55%
BTG (BTG) 631.50p +1.53%
FTSE 250 - Fallers
Halfords Group (HFD) 469.80p -7.88%
Diploma (DPLM) 665.50p -6.99%
Premier Oil (PMO) 99.00p -4.53%
Evraz (EVR) 68.25p -3.74%
Ophir Energy (OPHR) 94.95p -3.31%
Clarkson (CKN) 2,265.00p -2.37%
Just Retirement Group (JRG) 187.60p -2.04%
Foxtons Group (FOXT) 236.10p -1.34%
Debenhams (DEB) 74.00p -1.33%
Tullow Oil (TLW) 215.80p -1.33%
FTSE TechMARK - Risers
Filtronic (FTC) 6.75p +8.00%
Dialight (DIA) 654.00p +3.32%
SDL (SDL) 376.00p +1.01%
KCOM Group (KCOM) 96.50p +0.52%
Spirent Communications (SPT) 78.25p +0.32%
Oxford Instruments (OXIG) 842.50p +0.18%
Oxford Biomedica (OXB) 7.71p +0.13%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 198.97 +0.12%
FTSE TechMARK - Fallers
UCW Limited (UCW) A$0.01 -6.67%
XP Power Ltd. (DI) (XPP) 1,577.00p -2.95%
NCC Group (NCC) 236.50p -1.46%
Consort Medical (CSRT) 940.00p -1.05%
Skyepharma (SKP) 323.00p -0.23% |
| | UK Event Calendar | | Wednesday 02 September
INTERIMS
Biome Technologies, Concurrent Technologies, Fishing Republic , Johnson Service Group
INTERIM DIVIDEND PAYMENT DATE
Man Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Beige Book Fed Survey (US) (19:00)
Factory Orders (US) (00:00)
Goods Orders (US) (15:00)
Producer Price Index (EU) (10:00)
AGMS
Aberdeen New Dawn Investment Trust, Ashtead Group, Lindsell Train Inv Trust, PCG Entertainment (DI), Severfield
TRADING ANNOUNCEMENTS
Diploma
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
1pm
Q1
Ashtead Group
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equity markets recover from two days of losses European stocks rose in early trade, bouncing back from two consecutive days of losses on the back of worries about a slowdown in China. At 0900 BST, the benchmark Stoxx Europe 600 index and France's CAC 40 were up 0.6%, while Germany's DAX was 0.7% firmer.
"Markets are calmer this morning, providing a slight reprieve for investors after the significant falls seen yesterday," said Rebecca O'Keeffe, head of investment at Interactive Investor. "However, although Chinese markets are closed for the rest of the week, investors still face a high degree of uncertainty over the coming days. Friday's US employment report could be crucial to the Federal Reserve's decision whether or not to hike rates at its September meeting."
O'Keeffe added: "Despite recent market turbulence, the probability of a rate rise in September remains delicately poised at around 50%. Ahead of the long Labour Day weekend in the US, changes in this perceived probability could push the market violently in either direction.
In corporate news, Alstom gained after a press report suggesting that General Electric is set to win European regulators' approval for its purchase of the French company's energy business.
Swiss pharmaceutical company Novartis rose after announcing that it has formed a partnership with Amgen Inc to develop new drugs for Alzheimer's disease and migraines.
Irish carrier Ryanair rallied after saying traffic grew 10% year-on-year to 10.4m customers, while the load factor, which measures how many seats were actually taken up on each flight, rose 2% to 95%.
Retailer Tesco was in focus following media reports that it has chosen private equity firm MBK Partners as preferred bidder for its South Korean unit, Homeplus.
Industrial equipment rental firm Ashtead added gains after reporting better-than-expected first quarter pre-tax profits. |
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| | US Market Report | | US close: Dow Jones plunges over 450 points on weak Chinese data US stocks sank on Tuesday, as disappointing economic data from China weighed on sentiment on Wall Street. The Dow Jones Industrial Average suffered its third-biggest drop in the year, closing down 469.68 points to 16,058.35, while the S&P 500 and the Nasdaq fell 58 and 132 points respectively.
Chinese data disappoints
The official Chinese manufacturing sector purchasing managers' index fell to a three-year low of 49.7 in August from a print of 50 the month before, while the Caixin China manufacturing PMI hit a six-and-a-half year low of 47.3.
The Shanghai Composite ended down 1.2%, while the Hang Seng fell 2.2% and Japan's Nikkei slumped 3.8%. "Chinese markets have started the week just as the past three weeks have begun, with widespread selling and the expectation that the worst may not yet be over," said IG's market analyst Joshua Mahony.
"There are precious few signs that China is beginning to recover, and while PBoC action can provide a temporary reprieve, we are yet to see any evidence that it is doing any good to the economy."
Elsewhere, European equity markets slid on Tuesday, kicking the new month off on a downbeat note as weak Chinese manufacturing data compounded worries about a slowdown in the world's second-largest economy.
The dollar edged 0.38% higher against the pound, but it tumbled 0.67% and 1.10% against the euro and the yen respectively, while gold futures climbed 0.59% to $1,139.20.
Tuesday data
The Institute for Supply Management revealed its manufacturing index declined from 52.7% to 51.1% in August, falling below the 52.2% reading analysts had expected.
The sub-index monitoring new orders fell 4.8 points to 51.7%, the lowest since May 2013, while the employment gauge edged 1.5 points lower to 51.2%. "The export index lost 0.5 points to 46.5%, an indication of the tougher conditions faced by US firms that are exposed to foreign markets," said analysts at Barclays.
"The weaker-than-expected headline reading and broad-based softness in the August manufacturing ISM suggest that the goods-producing sector is likely to remain subdued in the third quarter."
Meanwhile, according to the Commerce Department, outlays for construction projects rose 0.7% in July to a seasonally adjusted rate of $1.08trn, the highest level since May 2008 and in line with expectations.
June's gain was revised upwardly to show a 0.7% jump compared to the 0.1% increase that had originally been reported.
In other economic news, the final Markit US PMI came in at 53.0 in August, slightly lower than the 53.8 figure reported in July.
Oil stocks under pressure
Oil prices sank, with West Texas Intermediate losing 9.02% to $45.13 a barrel, while Brent lost 9.95% to $49.25 a barrel.
In company news, oil-related stocks were among the biggest fallers, with Chevron falling 3.46%, while Transocean lost 3.65% and Marathon Oil slid 2.54%.
Meanwhile, chain discount Dollar Tree plunged 9.24% after its second quarter results missed estimates.
S&P 500 - Risers
Windstream Holdings Inc (WIN) $7.41 +3.06%
Cablevision Systems Corp. (CVC) $25.67 +1.99%
Sigma-Aldrich Corp. (SIAL) $139.45 +0.03%
Delta Airlines Inc. (DAL) $43.78 +0.00%
S&P 500 - Fallers
Reynolds American Inc. (RAI) $40.83 -51.25%
Peabody Energy Corp. (BTU) $2.21 -18.15%
Denbury Resources Inc. (DNR) $3.64 -16.13%
Avon Products Inc. (AVP) $4.74 -8.67%
Dollar Tree Inc (DLTR) $69.65 -8.67%
Freeport-McMoRan Inc (FCX) $9.76 -8.27%
Murphy Oil Corp. (MUR) $28.50 -8.06%
Joy Global Inc. (JOY) $22.30 -7.93%
Netflix Inc. (NFLX) $105.93 -7.91%
QEP Resources Inc (QEP) $13.05 -7.05%
Dow Jones I.A - Risers
Dow Jones I.A - Fallers
Apple Inc. (AAPL) $107.89 -4.32%
Exxon Mobil Corp. (XOM) $72.11 -4.16%
JP Morgan Chase & Co. (JPM) $61.51 -4.04%
Microsoft Corp. (MSFT) $41.82 -3.91%
General Electric Co. (GE) $23.90 -3.69%
American Express Co. (AXP) $74.01 -3.53%
International Business Machines Corp. (IBM) $142.71 -3.50%
Chevron Corp. (CVX) $78.22 -3.42%
Goldman Sachs Group Inc. (GS) $182.16 -3.41%
Visa Inc. (V) $69.13 -3.04%
Nasdaq 100 - Risers
Sigma-Aldrich Corp. (SIAL) $139.45 +0.03%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $69.65 -8.67%
Netflix Inc. (NFLX) $105.93 -7.91%
Wynn Resorts Ltd. (WYNN) $71.00 -5.40%
Avago Technologies Ltd. (AVGO) $119.37 -5.24%
Linear Technology Corp. (LLTC) $38.46 -4.52%
Apple Inc. (AAPL) $107.89 -4.32%
Vimpelcom Ltd Ads (VIP) $4.47 -4.28%
Maxim Integrated Products Inc. (MXIM) $32.23 -4.28%
Tesla Motors Inc (TSLA) $238.63 -4.19% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Tesco, crude oil, Poundland Tesco has named a consortium led by South Korean private equity firm MBK Partners as the preferred bidder for its business in the country, according to two people with knowledge of the situation. MBK now appears to have beaten off rival bids from US buyout firm KKR, which partnered with the local firm Affinity, and Carlyle Group write Simon Mundy and Jennifer Thompson. - Financial Times One of the biggest bears in the oil market has not been swayed by the snap rally that pushed the crude price up by more than 25 per cent in just three trading sessions. Pierre Andurand, the hedge fund manager who returned 51% before fees last year by betting against the oil price, told the Financial Times that the market had overreacted to signs of slowing US crude production and comments by OPEC. He believes prices will head lower again, possibly dropping below $30 a barrel. - Financial Times
Morgan Stanley has issued a "full house" buy alert on international stock markets for the first time since early 2009, effectively calling the bottom of this summer's equity slump. The US investment bank said that all five of its market-timing signals are now flashing a buy signal as selling-fever reaches capitulation levels. - Telegraph
More than half of owners of small and medium-sized businesses are using personal savings or remortgaging their homes to keep their firms financially healthy, a survey suggests. However, this means that 65% of UK small businesses expect to take on extra staff over the next two years, according to the report's authors. - Telegraph
Millions of Tesco credit card holders will see their cash earnings halved overnight as a result of new European laws that have forced several high street lenders to withdraw cashback deals. Currently 2.8m people can save "Clubcard points" by using a Tesco credit card for daily spending, which can be redeemed in-store or at some restaurants and businesses. But from November, Tesco Bank will halve earnings on shopping outside its own supermarket, which pays 1p for every £4 spent. - Telegraph
Poundland, which has built a near-£900m business from selling goods with a single price tag of £1, has started an online shopping service in a bid to deepen its appeal to bargain-conscious shoppers - with a delivery charge of £4. Launched on Tuesday, the website sells more than 2,000 items across Poundland's traditional range of food and drink, homeware, toys and stationery. - Guardian |
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