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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 fall amid China concerns UK stocks fell for a second day on Tuesday amid concerns about China and low commodity prices.
A report on Monday showing an 8.8% fall in Chinese industrial profits, added to woes about the nation's slowdown. The market is now awaiting the release of manufacturing and services data on Wednesday.
"It still remains far from clear how weak or otherwise economic conditions in China are, but the weakness of the manufacturing sector remains a real concern," said Michael Hewson, chief market analyst at CMC Markets.
Glencore's debt fears also dragged on stocks early in the week after Investec highlighted there was little equity value for shareholders and that commodity prices are in trouble.
"None of the major mining companies could avoid the chaos of the panic selling, and it will be a long time before confidence is restored," said IG market analyst David Madden.
However, stocks in the company rebounded on Tuesday along with other miners.
Turning to Tuesday's agenda, a report on UK mortgage approvals is due at 0930 BST.
German inflation is due at 1300 BST with analysts expecting a 0.1% rise in September compared to a year ago, slowing from the previous month's 0.2% growth. The European Central Bank has said it would consider extending its quantitative easing programme if inflation fails to move back towards its target of just under 2%.
The US consumer confidence index at 1500 BST is forecast to reveal a fall to 96 in September from 101.5 in August, amid concerns about the potential impact the slowdown in China's economy will have on the US.
In company news, Wolseley was the top faller after reporting a drop in pre-tax profits by £168m to £508m reflecting impairment and exceptional items of £242m and increased finance charges of £48m.
Wizz Air gained after saying it was on target to deliver full-year operating and net profit margins ahead of the same period last year. |
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| | Market Movers
techMARK 2,979.50 -0.88%
FTSE 100 5,919.71 -0.66%
FTSE 250 16,488.62 -0.76%
FTSE 100 - Risers
Glencore (GLEN) 73.11p +6.54%
Antofagasta (ANTO) 485.40p +0.91%
Royal Dutch Shell 'B' (RDSB) 1,526.50p +0.79%
Royal Dutch Shell 'A' (RDSA) 1,518.50p +0.66%
Tesco (TSCO) 167.20p +0.60%
Rio Tinto (RIO) 2,122.50p +0.54%
Anglo American (AAL) 555.50p +0.51%
GKN (GKN) 258.10p +0.47%
SSE (SSE) 1,443.00p +0.42%
Centrica (CNA) 221.10p +0.41%
FTSE 100 - Fallers
Wolseley (WOS) 3,754.00p -10.17%
Shire Plc (SHP) 4,420.00p -3.39%
CRH (CRH) 1,719.00p -2.27%
Hikma Pharmaceuticals (HIK) 2,378.00p -2.10%
RSA Insurance Group (RSA) 391.60p -1.90%
Persimmon (PSN) 2,069.00p -1.90%
ARM Holdings (ARM) 923.00p -1.81%
Taylor Wimpey (TW.) 199.90p -1.77%
TUI AG Reg Shs (DI) (TUI) 1,184.00p -1.74%
Imperial Tobacco Group (IMT) 3,383.00p -1.66%
FTSE 250 - Risers
Weir Group (WEIR) 1,142.00p +2.51%
Pennon Group (PNN) 765.50p +2.41%
Mitie Group (MTO) 294.20p +2.37%
Tullow Oil (TLW) 159.60p +1.27%
Serco Group (SRP) 99.10p +0.92%
Tate & Lyle (TATE) 586.50p +0.86%
Grafton Group Units (GFTU) 663.50p +0.76%
Vectura Group (VEC) 177.80p +0.57%
JD Sports Fashion (JD.) 947.00p +0.42%
John Laing Group (JLG) 190.70p +0.37%
FTSE 250 - Fallers
Kaz Minerals (KAZ) 69.80p -6.62%
Worldwide Healthcare Trust (WWH) 1,591.00p -6.41%
Allied Minds (ALM) 315.00p -5.72%
Just Retirement Group (JRG) 156.50p -3.63%
Premier Oil (PMO) 61.30p -2.85%
Sophos Group (SOPH) 233.40p -2.75%
Computacenter (CCC) 738.00p -2.64%
Zoopla Property Group (WI) (ZPLA) 207.30p -2.63%
Scottish Inv Trust (SCIN) 558.00p -2.62%
AO World (AO.) 157.70p -2.53%
FTSE TechMARK - Risers
RM (RM.) 169.00p +4.32%
E2V Technologies (E2V) 229.75p +0.99%
SDL (SDL) 331.00p +0.61%
KCOM Group (KCOM) 90.00p +0.28%
FTSE TechMARK - Fallers
Oxford Biomedica (OXB) 8.00p -4.19%
Dialight (DIA) 612.50p -2.78%
Skyepharma (SKP) 351.00p -2.43%
Consort Medical (CSRT) 924.00p -1.12%
Ricardo (RCDO) 890.00p -1.11%
Innovation Group (TIG) 38.75p -0.64%
Sepura (SEPU) 172.00p -0.29% |
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| | UK Event Calendar | | Tuesday 29 September
INTERIMS
Boohoo.com, Crawshaw Group, e-Therapeutics, Ergomed , GLOBO, Instem, Learning Technologies Group , Outsourcery, People's Operator (The) , Personal Group Holdings, Premier Technical Services Group , Silence Therapeutics, Toumaz Limited, Venture Life Group, Vernalis
INTERIM DIVIDEND PAYMENT DATE
Croda International, Glencore , Puma High Income VCT
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Business Climate Indicator (EU) (10:00)
Consumer Confidence (US) (15:00)
Economic Sentiment Indicator (EU) (10:00)
FINALS
Earthport, James Halstead, Mysale Group, Netcall, Revolution Bars Group, SCS Group , Wolseley
ANNUAL REPORT
Haynes Publishing Group, Ibex Global Solutions
AGMS
Arcontech Group, Downing Four VCT DSO, Downing Four VCT DSO 'A' Shs, Downing Four VCT DSO 'B' Shs, Jubilant Energy, Kodal Minerals , Meikles Ltd., Mwana Africa, United Carpets Group, Wizz Air Holdings
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
Avarae Global Coins, BHP Billiton, Solid State
|
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall following weak sessions in the US and Asia, but resources rebound European stocks fell in early trade, taking their cue from downbeat US and Asian sessions, although basic resources rebounded following heavy losses in the previous session.
"Investors hoping for some respite this morning got a rude awakening as the rout continues," said Mike McCudden, head of derivatives at Interactive Investor. "However, in early trade we are witnessing a bounce in the commodity stocks which have inflicted most of the damage in recent sessions and savvy investors are on the hunt for some bargains."
At 0845 BST, the benchmark Stoxx Europe 600 index was down 0.8%, Germany's DAX was off 0.5% and France's CAC 40 was 0.8% weaker.
Commodity trader Glencore rallied following a massive drop on Monday, which saw the stock fall 29% to the lowest level since its IPO in 2011, after Investec said the company's equity value is zero at current spot prices.
Analysts at Citigroup and Bernstein came out in defence of the trading house on Tuesday. Citi said the market's response to concerns around balance sheet and liquidity, as seen through the sharp drop in the shares and rise in CDS spreads, is overdone. Bernstein, meanwhile, argued that there is genuine economic value to be found in both Glencore's commodity trading business and its industrial metals and mining business.
Elsewhere, German car maker Volkswagen slumped as the emissions scandal continued to gain traction. The Swedish Prosecution Authority's National Anti-Corruption Unit is evaluating whether to start an investigation into the company.
Plumbing and heating equipment supplier Wolseley tumbled after the company posted a drop in full-year pre-tax profit and warned of challenges in the UK market.
Shares in Societe Generale slipped amid media reports suggesting it was considering closing hundreds of bank branches in France as more clients go online. |
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| | US Market Report | | US close: Shares end sharply lower on growth concerns; biotech sector weighs US stocks fell sharply on Monday as disappointing Chinese data reignited growth concerns and weakness in the biotechnology sector weighed on the broader market.
The Dow Jones Industrial Average closed down 1.9%, the S&P 500 fell 2.6% and the Nasdaq ended 3% weaker.
Chinese data disappoints
Worries about a slowdown in the world's second-largest economy re-emerged after data from China's National Bureau of Statistics showed industrial profits in August dropped 8.8% year-on-year compared with a 2.9% drop in July. This was the biggest fall since records began in October 2011.
PCE falls flat in August
On the US economic data front, according to the Department of Commerce, personal incomes grew 0.3% month-on-month in August, while personal spending climbed 0.4% against analysts' expectations for a 0.4% and 0.3% increase, respectively.
Personal consumption expenditure remained flat on a month-on-month basis, while it edged up from 1.2% to 1.3% compared with the same period in 2014.
"As the deflationary pressure from the stronger dollar and lower commodity prices begins to fade next year, we expect core inflation to accelerate," said Paul Ashworth, chief US economist at Capital Economics.
"The domestic economy is approaching full employment, which will put more upward pressure on both wages and prices."
Elsewhere, a gauge of pending home sales declined 1.4% in August to its lowest level in five months.
The index from the National Association of Realtors fell to a seasonally-adjusted 109.4 from 110.9 in July.
In commodity markets, West Texas Intermediate lost 2.7% to $44.48 a barrel, and Brent fell 2.5% to $47.37 a barrel, while gold futures slid 1.2% to $1,132.00.
The dollar lost 0.4% against the yen and the euro, but nudged up 0.2% against the pound.
In company news, Valeant Pharmaceuticals tumbled after Democrats in the US House asked to subpoena the company for documents relating to drug price increases, as politicians look to crack down on price hikes on acquired drugs.
Last week, biotechnology stocks fell sharply after Hillary Clinton targeted the sector in a tweet.
Williams Cos suffered heavy losses after Energy Transfer Equity LP said it would buy the rival pipeline operator for $32.6bn.
Feeeport-McMoran was also under the cosh as base metals prices declined.
Oil giant Royal Dutch Shell saw its US-listed shares fall after it said it would stop exploration near Alaska.
US-listed shares of car maker Volkswagen slumped after German prosecutors launched a fraud investigation into former chief executive Martin Winterkorn.
Elsewhere, Novo Nordisk's US-listed shares slipped despite the Food and Drug Administration approving the Danish drug maker's long-acting Tresiba insulin product.
Alcoa bucked the trend, ending firmly higher after the aluminium giant unveiled plans to split into two separate companies. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Rolls Royce, Syria, Valeant The deepening scandal at Petrobras has further increased pressure on Rolls-Royce, the pre-eminent British engineer that is a key supplier of power turbines to the Brazilian oil major. Already under investigation in Brazil over claims that it paid cash to individuals to secure contracts, it has emerged that a Brazilian congressional inquiry into Petrobras is being widened to include Rolls' relationship with the state oil and gas firms, according to reports. - The Times
The US and Russia laid out starkly different views about how to end the Syrian conflict on Monday as Barack Obama and Vladimir Putin exchanged the sort of rhetorical barbs not seen at the UN since the Cold War. The two men later held a 90-minute meeting at the UN, which both sides described as "frank" and "productive" and where they agreed to try to find ways to end the conflict in Syria, but where their major differences were not resolved. - Financial Times
Shares in Valeant fell as much as 19% on Monday after an influential group of Democratic policymakers called for the company to be issued with a subpoena to hand over documents relating to "massive price hikes". All 18 Democrats on the house committee on oversight and government reform sent a letter to Valeant's chairman, alleging that the pharmaceutical company was withholding documents that relate to two sharp price rises it implemented earlier this year. - Financial Times
The Serious Fraud Office's investigation into the Bank of England's money-market auctions is focusing on whether officials told lenders to make similar bids for central bank funding, according to reports. Banks were allegedly advised to offer the same amount of collateral during the auctions - which were held during the financial crisis when money markets froze - so no single financial institution would stand out as being at risk and needing more emergency cash. - The Daily Telegraph |
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