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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 drop ahead of US data, Yellen speech The FTSE opened in the red on Thursday ahead of a slate of US data that may provide clues on the first interest rate hike in almost a decade. A Commerce Department report at 1330 BST on US durable goods orders is forecast to show a 2.3% drop in August, compared to a 2.2% increase a month earlier.
Separately, the Commerce Department's new home sales data at 1500 BST is expected reveal a 1.6% rise in August after a 5.4% gain a month earlier.
Initial jobless claims are projected to increase 275,000 in the week to 19 September, according to analysts' estimates ahead of the Labor Department's figures at 1330 BST.
After the markets close Federal Reserve Chair Janet Yellen will speak in Massachusetts at a lecture.
Last week, Yellen said she was taking into account a wide range of economic data in determining when to raise rates. Her remarks came as the Federal Open Market Committee decided to hold rates at 0.25% amid weak inflation and market volatility in the wake of heightened concerns on how China's slowdown will impact the US economy.
"We believe that the zero interest-rate policy and quantitative easing approach has proven inefficient," said SwissQuote Research market strategist, Arnaud Masset. "We predicted that no rate hike would happen as data has been coming in mixed and still believe that quantitative easing 4 is not far off."
Craig Erlam, senior market analyst at Oanda, said the Fed has left the market "more confused than ever" on when it will raise rates.
"It's as though a straitjacket has been applied to the markets," he said "We're seeing the occasional struggle but ultimately the energy that was helping sustain markets at the elevated levels earlier this year is being drained. With so many markets in correction territory now I'm sure we'll soon break free from this and I think that would have happened last week had the Fed hiked rates."
Meanwhile in the Eurozone, GfK's forward-looking index on German consumer confidence fell to 9.6 in October from 9.9 a month earlier, missing forecasts of 9.8.
The IFO's business confidence index, however, rose to 108.5 from 108.3, beating estimates of 107.9.
In company news, Poundland plunged after making an application to place new shares on the market and raise approximate £50m ahead of its acquisition of 99p Stores.
Smiths Group was on the back foot as CEO Philip Bowman prepared to step down after announcing the full-year results.
Rolls Royce jumped on news it will take a major share of £100m worth of contracts to supply the new nuclear power plant at Hinkley Point.
Royal Dutch Shell and BP rallied as Brent and West Texas Intermediate crude ticked higher. |
| | Market Movers
techMARK 3,020.63 -0.06%
FTSE 100 6,023.57 -0.14%
FTSE 250 16,662.73 +0.02%
FTSE 100 - Risers
Relx plc (REL) 1,091.00p +1.96%
Lloyds Banking Group (LLOY) 74.15p +1.65%
Next (NXT) 7,615.00p +1.60%
easyJet (EZJ) 1,783.00p +1.36%
Johnson Matthey (JMAT) 2,409.00p +1.30%
GKN (GKN) 263.80p +1.15%
Whitbread (WTB) 4,651.00p +1.15%
TUI AG Reg Shs (DI) (TUI) 1,219.00p +0.91%
Compass Group (CPG) 1,034.00p +0.88%
British Land Company (BLND) 830.00p +0.79%
FTSE 100 - Fallers
Smiths Group (SMIN) 1,000.00p -3.75%
Old Mutual (OML) 187.00p -2.71%
Rolls-Royce Holdings (RR.) 669.00p -1.55%
Royal Dutch Shell 'B' (RDSB) 1,556.00p -1.24%
Royal Dutch Shell 'A' (RDSA) 1,542.50p -1.19%
BP (BP.) 325.80p -1.11%
Meggitt (MGGT) 467.70p -0.93%
Sainsbury (J) (SBRY) 226.60p -0.92%
BG Group (BG.) 960.60p -0.89%
Tesco (TSCO) 167.15p -0.83%
FTSE 250 - Risers
AO World (AO.) 163.90p +4.59%
Thomas Cook Group (TCG) 120.70p +4.14%
Tate & Lyle (TATE) 568.50p +3.08%
Jimmy Choo (CHOO) 140.20p +2.64%
Mitchells & Butlers (MAB) 340.90p +2.37%
Genus (GNS) 1,453.00p +2.25%
Zoopla Property Group (WI) (ZPLA) 208.30p +1.71%
Jardine Lloyd Thompson Group (JLT) 1,009.00p +1.56%
Man Group (EMG) 157.70p +1.48%
Mitie Group (MTO) 281.70p +1.29%
FTSE 250 - Fallers
Petra Diamonds Ltd.(DI) (PDL) 91.95p -7.12%
Euromoney Institutional Investor (ERM) 1,000.00p -6.01%
Poundland Group (PLND) 293.90p -5.07%
Drax Group (DRX) 247.60p -4.51%
Circassia Pharmaceuticals (CIR) 297.90p -3.84%
Premier Oil (PMO) 64.95p -3.78%
Ophir Energy (OPHR) 78.80p -3.61%
Millennium & Copthorne Hotels (MLC) 507.50p -2.22%
Kier Group (KIE) 1,359.00p -2.09%
Allied Minds (ALM) 433.10p -1.79%
FTSE TechMARK - Risers
RM (RM.) 175.00p +2.94%
Oxford Biomedica (OXB) 9.07p +1.91%
Ricardo (RCDO) 914.00p +1.33%
Dialight (DIA) 627.50p +1.13%
NCC Group (NCC) 268.75p +0.66%
Skyepharma (SKP) 349.50p +0.58%
SDL (SDL) 335.75p +0.37%
FTSE TechMARK - Fallers
Sarossa (SARS) 1.77p -6.10%
Oxford Instruments (OXIG) 558.50p -1.15%
Spirent Communications (SPT) 76.75p -0.97%
Innovation Group (TIG) 39.50p -0.63%
Sepura (SEPU) 173.50p -0.57%
E2V Technologies (E2V) 230.00p -0.11% |
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| | UK Event Calendar | | Thursday 24 September
INTERIMS
32Red, Air Partner, BrainJuicer Group, Dolphin Capital Investors Ltd, Good Energy Group, Mission Marketing Group, Mortgage Advice Bureau (Holdings) , Science In Sport, Scisys
INTERIM DIVIDEND PAYMENT DATE
Low & Bonar, Merlin Entertainments , Prudential, Quartix Holdings , Rexam, Schroders, Schroders (Non-Voting), Wood Group (John)
INTERIM EX-DIVIDEND DATE
Aquatic Foods Group , Bovis Homes Group, Christie Group, Crest Nicholson Holdings, Dignity, Drax Group, EMIS Group, Epwin Group, Essentra, Gamma Communications, Green Reit, Henry Boot, Ladbrokes, Lighthouse Group, M. P. Evans Group, Old Mutual, Pendragon, Playtech, Premier Farnell, Quarto Group Inc., Real Estate Investors, SafeCharge International Group Limited (DI), Servelec Group , Stadium Group, Vitec Group, Wynnstay Group
QUARTERLY PAYMENT DATE
Fair Oaks Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Durable Goods Orders (US) (13:30)
GFK Consumer Confidence (GER) (07:00)
IFO Business Climate (GER) (09:00)
IFO Business Climate (GER) (09:30)
IFO Current Assessment (GER) (09:00)
IFO Current Assessment (GER) (09:30)
IFO Expectations (GER) (09:30)
IFO Expectations (GER) (09:00)
Initial Jobless Claims (US) (13:30)
New Homes Sales (US) (15:00)
GMS
VPC Specialty Lending Investments
AGMS
Aortech International, Braveheart Investment Group, Conviviality Retail , Fiske, Micro Focus International, NWF Group, Park Group, Pembroke Vct, Pembroke Vct B, Phoenix IT Group, ReNeuron Group, Ryanair Holdings, TP5 VCT, Tungsten Corporation, Vectura Group, Versarien
TRADING ANNOUNCEMENTS
Euromoney Institutional Investor
FINAL EX-DIVIDEND DATE
Avarae Global Coins, Best of the Best, Brooks Macdonald Group, Consort Medical, Diverse Income Trust (The), Hargreaves Services, Kier Group, Norish Units, Oxford Instruments, Redrow, TP5 VCT, TP5 VCT 'B' Shares |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks reverse opening losses after encouraging German Ifo European stocks reversed early losses to trade higher following an upbeat reading on German business confidence.
At 0915 BST, the benchmark Stoxx Europe 600 index was up 0.1%, France's CAC 40 was 0.2% higher and Germany's DAX was up 0.5%.
German business confidence unexpectedly improved in September, hitting its highest level in four months, according to a report released by the German research institute Ifo.
The business climate index rose to a seasonally-adjusted 108.5 from 108.4 in August, ahead of expectations for a reading of 108. The business expectations index increased to 103.3 from 102.2 and better than estimates of 101.5.
The current assessment index, however, fell to 114 in September from 114.8 in August, missing expectations for a reading of 114.7.
On the corporate front, shares in Volkswagen were up for a second day in a row, gaining nearly 5% after the company's chief executive Michael Winterkorn announced his resignation on Wednesday. A successor is expected to be chosen at a meeting on Friday.
Hennes & Mauritz slipped into the red after the Swedish clothing retailer said its third-quarter profit was hit by dollar strength.
Monte dei Paschi di Siena was firmly on the front foot after it settled with Nomura over a derivative trade called "Alexandria" that hit the bank's profits.
In London, shares in tour operator Thomas Cook rose sharply after saying 2015 summer holidays were 91% sold, in line with expectations and at the same level as 2014.
Clothing retailer Next was a top performer after Nomura upgraded the stock to 'buy' from 'neutral'.
Still to come on the macro calendar, US durable goods orders and initial jobless claims are at 1330 BST, while new home sales are at 1500 BST. Investors will also eye a speech by Federal Reserve Chairwoman Janet Yellen at 2200 BST.
"With it still being very much unclear if and when the Fed will finally pull the trigger and hike rates any major economic data releases are likely to be closely watched for the time being," said Markus Huber, senior analyst at Peregrine & Black . |
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| | US Market Report | | US close: Stocks edge lower as oil prices slump US stocks fell on Wednesday, as oil prices fell and economic data indicated a slowdown in China. The Dow Jones Industrial Average closed down 51 points to 16,279.89, while the S&P 500 and the Nasdaq lost four and one point respectively.
China PMI disappoints
Caixin's preliminary Chinese manufacturing sector purchasing managers' index dipped to a reading of 47.0 for September - a 78-month low - down from 47.3 in August and compared with expectations for a reading of 47.5.
"Today's weaker-than-expected PMI will add to mounting concerns over Chinese growth," said Julian Evans-Pritchard, China economist at Capital Economics.
"That said, Caixin's manufacturing PMI has not provided a particularly good reading of the health of the broader economy in recent months and so it is still too early to tell whether or not the Chinese economy has stumbled in September."
However, there was more positive news from the Eurozone, where the region's PMIs missed forecasts but indicated it remained on track to recover, pushing European stocks firmly higher.
Manufacturing growth subdued in September
The headline seasonally adjusted Markit Flash US Manufacturing Purchasing Managers' Index (PMI) in September was unchanged from August's 22-month low of 53.0, marking one of the slowest rates of expansion in the sector for the last two years.
Output rose at a slightly faster pace in September, but growth was offset by softer rates of new business and employment growth, which placed pressure on the headline reading.
"US manufacturing remained stuck in crawler gear in September, fighting an uphill battle against the stronger dollar, slumping demand in many export markets and reduced capital spending, especially in the energy sector," said Markit's chief economist Chris Williamson.
"The sluggish growth, weaker forward-looking indicators and downturn in price pressures all point to the Fed holding off with rate hikes until next year.
The Mortgage Bankers Association said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, surged 13.9% in the week ended 18 September.
The seasonally adjusted sub-index of refinancing applications jumped 18%, while the index of loan requests for home purchases, a key indicator of home sales, rose 9% to its highest level since June.
Energy stocks under pressure
In company news, energy and materials companies tumbled, with Consol Energy plunging 8.68%, while Freeport-McMoRan, Southwestern Energy and Transocean tumbled 5.57%, 6.07% and 5.73% respectively.
JC Penney dropped 0.11% after it promoted John Tighe to the role of chief merchant, replacing Elizabeth Sweney, who has held the job since 2012.
Disney slid 0.89% after USA Today's blog The Big Lead reported ESPN, one of the world's biggest sports network and owned by Disney, is set to cut between 200 and 300 jobs over the coming months.
Insurance group MetLife climbed 0.73%, after saying late on Tuesday it will raise its stock buyback programme to $1bn on top of the $1bn it bought back in the first three months of the year.
Elsewhere, the dollar gained 0.77% and 0.17% against the pound and the yen respectively but fell 0.57% against the euro, while gold futures gained 0.50% to $1,130.40.
Oil prices slumped, with West Texas Intermediate losing 3.64% to $44.73 a barrel, while Brent dropped 2.59% to $47.84 a barrel.
S&P 500 - Risers
Tesoro Corp. (TSO) $99.00 +4.92%
Carnival Corp. (CCL) $51.51 +3.45%
AutoZone Inc. (AZO) $746.84 +2.59%
Darden Restaurants Inc. (DRI) $71.13 +2.07%
Exelon Corp. (EXC) $29.02 +1.97%
Tenet Healthcare Corp. (THC) $44.45 +1.95%
Costco Wholesale Corp. (COST) $145.43 +1.95%
Motorola Solutions Inc (MSI) $67.81 +1.85%
Nasdaq Inc (NDAQ) $51.98 +1.84%
Coca-Cola Enterprises Inc. (CCE) $48.94 +1.68%
S&P 500 - Fallers
CONSOL Energy Inc. (CNX) $11.00 -8.64%
CF Industries Holdings Inc. (CF) $47.69 -6.67%
Southwestern Energy Co. (SWN) $13.31 -6.08%
Transocean Ltd. (RIG) $13.65 -5.80%
Wynn Resorts Ltd. (WYNN) $60.24 -5.77%
Mosaic Company (MOS) $31.98 -5.61%
Joy Global Inc. (JOY) $15.75 -5.58%
Freeport-McMoRan Inc (FCX) $10.00 -5.57%
Chesapeake Energy Corp. (CHK) $7.58 -5.25%
United States Steel Corp. (X) $11.20 -5.25%
Dow Jones I.A - Risers
Pfizer Inc. (PFE) $32.63 +1.15%
Visa Inc. (V) $70.96 +1.01%
Apple Inc. (AAPL) $114.32 +0.81%
Merck & Co. Inc. (MRK) $51.05 +0.61%
Cisco Systems Inc. (CSCO) $25.29 +0.60%
Unitedhealth Group Inc. (UNH) $123.34 +0.33%
Home Depot Inc. (HD) $116.18 +0.33%
Intel Corp. (INTC) $28.74 +0.24%
Wal-Mart Stores Inc. (WMT) $63.73 +0.22%
McDonald's Corp. (MCD) $97.39 +0.20%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $70.20 -2.06%
Boeing Co. (BA) $131.67 -1.73%
United Technologies Corp. (UTX) $86.96 -1.41%
Chevron Corp. (CVX) $76.17 -1.40%
E.I. du Pont de Nemours and Co. (DD) $47.91 -1.36%
Verizon Communications Inc. (VZ) $43.99 -0.99%
Walt Disney Co. (DIS) $101.57 -0.90%
Exxon Mobil Corp. (XOM) $72.29 -0.62%
International Business Machines Corp. (IBM) $143.59 -0.58%
JP Morgan Chase & Co. (JPM) $60.64 -0.44%
Nasdaq 100 - Risers
Costco Wholesale Corp. (COST) $145.43 +1.95%
Fiserv Inc. (FISV) $87.40 +1.30%
O'Reilly Automotive Inc. (ORLY) $247.85 +1.21%
Starbucks Corp. (SBUX) $57.79 +1.17%
Regeneron Pharmaceuticals Inc. (REGN) $536.22 +1.14%
Facebook Inc. (FB) $93.97 +1.09%
Dollar Tree Inc (DLTR) $69.89 +1.03%
Adobe Systems Inc. (ADBE) $85.50 +0.99%
Intuit Inc. (INTU) $87.59 +0.85%
Apple Inc. (AAPL) $114.32 +0.81%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $60.24 -5.77%
Micron Technology Inc. (MU) $14.81 -3.89%
Applied Materials Inc. (AMAT) $14.60 -3.31%
KLA-Tencor Corp. (KLAC) $47.88 -3.08%
Keurig Green Mountain Inc (GMCR) $55.07 -2.87%
Baidu Inc. (BIDU) $132.37 -2.75%
Staples Inc. (SPLS) $12.40 -2.75%
Mylan Inc. (MYL) $45.43 -2.62%
TripAdvisor Inc. (TRIP) $65.69 -2.25% |
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| | Newspaper Round Up | | Thursday newspaper round-up: migrants, StanChart, HS2, steelmakers, Santander UK EU leaders agreed late on Wednesday to spend more than €1bn of aid across the Middle East and Africa in a bid to stem the flow of migrants into Europe, as they attempted at a high-profile summit to put an end to a bitter fight over how to respond to the burgeoning refugee crisis. In a communiqué,, leaders said they would pump "at least" an extra €1bn into funding for the UN's refugee and food programmes in the region, and vowed to turn their focus on to reinforcing the EU's porous borders. - Financial Times Standard Chartered has awarded Bill Winters shares worth more than £6m to compensate the bank's new chief executive for income he forfeited by leaving the City of London hedge fund he founded. The practice of buying new executives out of previous remuneration schemes at the companies they are leaving is commonplace in finance. But the upfront payment to Mr Winters comes as StanChart shares have hit new six-year lows. - Financial Times
Britain's steelmakers are urging the government to rescue the industry from a "perfect storm" that has pushed one of the UK's largest steelworks to the edge of closure. UK Steel, the industry lobby group, said its members were facing their most difficult situation since privatisation 27 years ago after battling cheap imports, which are pushing down prices to unsustainable levels. The threatened closure of the largest steelworks on Teesside has sent shockwaves through the industry, leading unions and employers to call on the government for extra support. - Guardian
George Osborne will open up the bidding process to build HS2 to Chinese firms and investors on Thursday, offering contracts worth £11.8bn to build the high-speed rail line. Osborne will open the competition at an event in Chengdu aimed at wooing Chinese investors to back HS2 and other major UK infrastructure projects, particularly across the north of England. - Guardian
The crisis at Volkswagen that has sparked fears hundreds of thousands of British cars could be flouting emissions controls laws has sent shockwaves through the motor dealer industry. The boss of one of Britain's biggest car chains says the company is fielding enquiries from worried VW buyers, while one independent dealer said the growing scandal could drive some companies out of business. The VW revelations could have a long-term impact on the motor industry, according to independent car dealer Prestige Diesels. - The Telegraph
Santander UK will not float on the stock market for the foreseeable future, the Spanish group told investors in London. The banking giant has undertaken a capital raising round and the UK arm is contributing more to the bottom line than any other unit, leading executive chairman Ana Botin and her team to quell plans to sell the business. - Telegraph
EDF is working on an improved design for its nuclear reactor that is easier and cheaper to build, but it will not be ready in time to be used at Hinkley Point or Sizewell, according to the company's chief executive. Jean-Bernard Lévysaid that the French state-controlled energy giant was working on plans for a revised design for its 1.65 gigawatt European Pressurised Reactor. - The Times
An aggressive activist hedge fund has gatecrashed Lone Star's proposed £700? million takeover of Quintain, claiming that the offer "substantially undervalues" the property developer. In a move that could derail the takeover of the property group, which is developing large tracts of land in Wembley, west London, Elliott Capital Advisers has taken control of nearly 68?million shares using a controversial contracts-for-difference arrangement. - The Times |
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