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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 gain as markets take breather from China woes UK stocks gained on Thursday as a public holiday in China gave markets a break from worrying about the nation's dwindling economy. Shanghai's index is closed on Thursday and Friday for the World War II commemorations, which analysts believe is likely to give investors a breather from the volatility caused by China concerns.
With trading in Shanghai on hiatus, the attention will turn to economic data releases on UK service activity, Eurozone retail sales, US initial jobless claims and the US service industry.
The European Central Bank will also be in focus amid speculation that the monetary authority will prolong quantitative easing due to a turbulent global market sparked by growing fears about China's economy.
The ECB is widely expected by analysts to keep interest rates, the deposit facility and the marginal lending facility unchanged at 0.05%, -0.205 and 0.30% respectively. However, ECB executive board member Peter Praet last week prompted rumours of further QE after saying: "The ECB is ready to expand or extend its QE programme if needed, as a slump on commodity prices and risks to global growth threaten its inflation goal of 2%."
Weak inflation, with consumer prices remaining at 0.2% in August, has also added to the case for more QE. The ECB is targeting inflation of just below 2%.
The ECB has said it would continue QE until at least September 2016. "The ECB is likely to sound more dovish than in July due to the downward revisions in the headline inflation trajectory caused by lower oil prices," according to UnitCredit analysts.
"The negative impact on the euro should be very limited and confined to a short-term knee-jerk reaction, as markets may already be aware that lower oil prices are a boost rather than a problem for the EU economy."
Among corporate stocks, Easyjet was flying higher after lifting its full-year profit guidance as it said record passenger numbers in August offset higher costs.
International Consolidated Airlines also ascended a day after saying it now controls 98.05% of Irish Airline Aer Lingus Group.
Mining stocks, including Anglo American and Glencore, advanced as silver and copper prices climbed.
Lookers rallied on news the motor retail and aftersales service company acquired Addison Motors, trading as Benfield Motor Group, for £87.5m in cash. |
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| | Market Movers
techMARK 3,102.58 +1.30%
FTSE 100 6,174.69 +1.50%
FTSE 250 17,027.65 +0.84%
FTSE 100 - Risers
easyJet (EZJ) 1,779.00p +6.40%
Morrison (Wm) Supermarkets (MRW) 170.80p +4.72%
International Consolidated Airlines Group SA (CDI) (IAG) 566.50p +4.42%
Anglo American (AAL) 703.90p +2.94%
Glencore (GLEN) 126.40p +2.93%
Reckitt Benckiser Group (RB.) 5,830.00p +2.73%
Mondi (MNDI) 1,493.00p +2.61%
Whitbread (WTB) 4,829.00p +2.57%
ARM Holdings (ARM) 944.00p +2.44%
Marks & Spencer Group (MKS) 517.00p +2.27%
FTSE 100 - Fallers
G4S (GFS) 246.60p -0.88%
Merlin Entertainments (MERL) 381.10p -0.26%
FTSE 250 - Risers
Lookers (LOOK) 178.40p +7.92%
Man Group (EMG) 156.10p +4.41%
TalkTalk Telecom Group (TALK) 302.00p +4.17%
Tullow Oil (TLW) 213.00p +3.70%
Thomas Cook Group (TCG) 107.50p +3.66%
Indivior (INDV) 224.30p +3.27%
Hays (HAS) 161.70p +2.93%
Kaz Minerals (KAZ) 160.10p +2.83%
Melrose Industries (MRO) 268.50p +2.68%
Berendsen (BRSN) 1,011.00p +2.59%
FTSE 250 - Fallers
Go-Ahead Group (GOG) 2,356.00p -7.10%
Lonmin (LMI) 29.30p -6.24%
Drax Group (DRX) 269.20p -4.06%
Michael Page International (MPI) 484.00p -2.75%
esure Group (ESUR) 232.80p -2.72%
National Express Group (NEX) 293.60p -2.17%
Zoopla Property Group (WI) (ZPLA) 238.80p -1.65%
Foxtons Group (FOXT) 234.60p -1.47%
Redefine International (RDI) 54.20p -1.45%
Micro Focus International (MCRO) 1,251.00p -1.34%
FTSE TechMARK - Risers
Triad Group (TRD) 38.50p +6.21%
Filtronic (FTC) 7.12p +3.64%
Sepura (SEPU) 172.00p +1.47%
E2V Technologies (E2V) 240.00p +1.27%
Skyepharma (SKP) 327.00p +1.00%
Ricardo (RCDO) 864.50p +0.76%
Consort Medical (CSRT) 961.50p +0.68%
Spirent Communications (SPT) 77.50p +0.65%
Innovation Group (TIG) 39.75p +0.63%
NCC Group (NCC) 241.00p +0.63%
FTSE TechMARK - Fallers
Oxford Biomedica (OXB) 7.76p -3.00%
BATM Advanced Communications Ltd. (BVC) 18.00p -0.69%
Dialight (DIA) 617.00p -0.56% |
| | UK Event Calendar | | Thursday 03 September
INTERIMS
Empresaria Group, Fairpoint Group, Forbidden Technologies, Total Produce
INTERIM DIVIDEND PAYMENT DATE
Melrose Industries, St. Modwen Properties, Tyman, VPC Specialty Lending Investments
INTERIM EX-DIVIDEND DATE
888 Holdings, Acencia Debt Strategies Ltd., Aggreko, AL Noor Hospitals Group, Amino Technologies, Amlin, Arbuthnot Banking Group, ARM Holdings, Avesco Group, Aviva 8 3/8% Cumulative Irrd Preference 1, Baronsmead VCT 3, Baronsmead VCT 4, Baronsmead VCT 5, BlackRock Latin American Inv Trust, Capital & Counties Properties , Capital Drilling Ltd. (DI), Carillion, Centamin (DI), Chemring Group, Cineworld Group, esure Group, Foxtons Group , G4S, General Accident (Prf), Glanbia, Greggs, Gulf Marine Services, Hellermanntyton Group, HSS Hire Group , Inspired Energy, International Personal Finance, Jardine Lloyd Thompson Group, JPMorgan American Inv Trust, Kingspan Group, Meggitt, Michael Page International, National Express Group, Northern Electricity Prf, Novae Group, Paddy Power, Polymetal International, Portmeirion Group, Regus, Robert Walters, Sanne Group, Shire Plc, St James's Place
QUARTERLY EX-DIVIDEND DATE
Duet Real Estate Finance Ltd, Real Estate Credit Investments PCC Ltd Pref Shs
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ECB Interest Rate (EU) (12:45)
PMI Composite (EU) (09:00)
PMI Services (EU) (09:00)
Retail Sales (EU) (10:00)
GMS
Ascent Resources
FINALS
Alumasc Group, CPL Resources, Go-Ahead Group, Redde
SPECIAL EX-DIVIDEND PAYMENT DATE
esure Group, Foxtons Group , Michael Page International
AGMS
Carclo, Consort Medical, Daejan Holdings, Dart Group, Hardy Oil & Gas, Maven Income And Growth VCT 6 , Ncondezi Energy Limited (DI), Opsec Security Group
TRADING ANNOUNCEMENTS
Safestore Holdings
UK ECONOMIC ANNOUNCEMENTS
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
FINAL EX-DIVIDEND DATE
Clipper Logistics , Micro Focus International, Pinewood Group , Redcentric, Solid State
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities take their lead from an upbeat session on Wall Street European stocks rose in early trade, taking their cue from an upbeat session on Wall Street, as the closure of Chinese markets gave investors a chance to take a breather. At 0850 BST, the benchmark Stoxx Europe 600 index was up 1.2%, France's CAC 40 was up 1.1% and Germany's DAX was 1.4% higher.
"European equities are trading higher this morning managing to build on yesterday's gains being boosted by strong US markets overnight," said Markus Huber, senior analyst at Peregrine & Black.
"Further position squaring ahead of today's ECB meeting with 'shorts' taking some money off the table and a relatively benign Beige Book is instilling a lit bit of early optimism into the markets. While it is widely expected that ECB chief Draghi will calm down markets concerning the potential fallout from the economic slowdown seen in China it needs to be seen if he actually suggest or mentions detailed counter-measures if needed."
On the corporate front, Swiss agriculture company Syngenta posted strong gains after it announced a $2bn share buyback and the sale of its vegetable seeds business.
Budget airline EasyJet surged after lifting its full-year profit guidance as it said record passenger numbers in August offset higher costs. The airline now expects pre-tax profit for the year to the end of September to be between £675m and £700m, up from a previous range of £620m to £660m.
Supermarket retailer Wm Morrison rallied after UBS upgraded the stock to 'neutral' from 'sell'. "David Potts, Morrisons new CEO, has only been in the business about six months but perceptions have already improved," it said.
Reckitt Benckiser also benefited from a rating upgraded, as JPMorgan Cazenove lifted its stance on the stock to 'overweight' from 'neutral'. Hedge fund Man Group was a high riser after it emerged that the company will not be facing a probe on its China operations.
On the downside, Vivendi nudged lower after its second-quarter earnings missed analysts' expectations.
In terms of the economic calendar, Eurozone retail sales are due at 1000 BST, while a rate announcement from the European Central Bank is scheduled for 1245 BST. Interest rates are expected to be kept unchanged at 0.05% but investors will be listening out for comments from president Mario Draghi at the ensuing press conference. |
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| | US Market Report | | US close: Stocks post solid gains, bouncing back from two days of losses US stocks ended higher on Wednesday, rebounding from two days of losses on the back of worries about a slowdown in China, as investors sifted through a raft of domestic data. The Dow Jones Industrial Average and the S&P 500 both ended up 1.8%, while the Nasdaq gained 2.5%.
Wall Street endured a torrid day on Tuesday, with the Dow Jones experiencing its third-biggest drop of the year, as disappointing economic data from China weighed on sentiment.
However, with Chinese markets closed on Thursday and Friday for the World War Two Victory Day parade, the remainder of the week should register a drop in the volatility that has characterised global markets over the last month.
"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," said Connor Campbell, financial analysts at Spreadex.
Wednesday data
Investors digested a slew of data on Wednesday, along with the Federal Reserve's Beige Book for September, which was relatively upbeat.
Overall, the central bank said economic growth continued across most of its 12 districts, with manufacturing reports mostly positive and retail sales continuing to expand. The report also suggested that the tightening of labour markets was pushing wages up slightly in selected industries, especially in the New York, Cleveland, St. Louis, and San Francisco Districts.
Meanwhile, the ADP employment report, which is widely seen as a precursor to the all-important payrolls figures on Friday, showed employers added 190,000 jobs in August, which was a touch light of expectations for a reading of 200,000. The figure for July was revised down to 170,000 from a previous estimate of 185,000.
"We look to Friday's official employment report from the Labor Department as a more reliable indicator of US labor markets," analysts at Barclays said in a note.
"We continue to expect non-farm payroll growth of 225k and a one-tenth decline in the unemployment rate, to 5.2%."
There was more positive news in the housing market, as the Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, climbed 11.3% in the week ended 28 August.
US productivity in the second quarter was raised to a 3.3% annual pace from an original 1.3%, reflecting an earlier revision in gross domestic product that showed the economy was much stronger in the spring than initially reported.
Elsewhere, data released by the Commerce Department revealed that US factory orders climbed 0.4% in July to mark the second consecutive month of growth.
June's figures were upwardly revised to show a 2.2% increase compared with the 1.8% rise that was initially reported. However, July's gain was short of the 0.9% hike analysts had expected.
In company news, telecom group AT&T rose after saying that TRC Capital Corp. has made an unsolicited "mini-tender" offer to buy up to 3m of its shares. AT&T recommended that shareholders should reject the offer.
Technology giant Intel Corp. was on the front foot after it said late Tuesday that it would overhaul its flagship line of computer chips.
McDonald's gained after announcing that it will offer all-day breakfasts at its US restaurants from next month. The fast food giant has been testing out all-day breakfast options since March in some of its worldwide franchises.
Handbags and accessories designer Vera Bradley surged after its second quarter results beat expectations.
Elsewhere, the dollar was broadly flat against the pound and rose 0.7% against both the yen and the euro, while gold futures slid 0.6% to $1,133.
Oil prices rebounded after losing over 9% in the previous session, with West Texas Intermediate up 1.2% to $45.97 a barrel, and Brent up 1.6% to $50.35 a barrel.
S&P 500 - Risers
Windstream Holdings Inc (WIN) $8.00 +7.96%
H&R Block Inc. (HRB) $35.43 +7.53%
Delta Airlines Inc. (DAL) $45.99 +5.07%
Regeneron Pharmaceuticals Inc. (REGN) $518.78 +4.50%
CenturyLink Inc. (CTL) $27.01 +4.29%
Apple Inc. (AAPL) $112.33 +4.28%
CH Robinson Worldwide Inc (CHRW) $68.74 +4.15%
Genworth Financial Inc. (GNW) $5.05 +4.12%
Vulcan Materials Co. (VMC) $95.60 +4.00%
Vertex Pharmaceuticals Inc. (VRTX) $129.00 +4.00%
S&P 500 - Fallers
Ensco Plc. (ESV) $16.25 -4.92%
Newmont Mining Corp. (NEM) $16.22 -3.05%
Dollar Tree Inc (DLTR) $67.59 -2.96%
Nabors Industries Ltd. (NBR) $10.62 -2.93%
NRG Energy Inc. (NRG) $18.69 -2.86%
Chesapeake Energy Corp. (CHK) $7.37 -2.64%
Peabody Energy Corp. (BTU) $2.14 -2.50%
Noble Energy Inc. (NBL) $30.34 -2.48%
Helmerich & Payne Inc. (HP) $54.58 -2.40%
Diamond Offshore Drilling Inc. (DO) $22.21 -2.20%
Dow Jones I.A - Risers
Apple Inc. (AAPL) $112.33 +4.28%
Microsoft Corp. (MSFT) $43.33 +3.61%
Home Depot Inc. (HD) $116.42 +2.96%
General Electric Co. (GE) $24.58 +2.93%
Intel Corp. (INTC) $28.60 +2.80%
McDonald's Corp. (MCD) $96.05 +2.76%
Boeing Co. (BA) $130.67 +2.53%
Walt Disney Co. (DIS) $101.93 +2.43%
Cisco Systems Inc. (CSCO) $25.65 +2.11%
3M Co. (MMM) $141.23 +1.97%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $78.06 -0.17%
Nasdaq 100 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $518.78 +4.50%
Apple Inc. (AAPL) $112.33 +4.28%
CH Robinson Worldwide Inc (CHRW) $68.74 +4.15%
Vertex Pharmaceuticals Inc. (VRTX) $129.00 +4.00%
Biogen Inc (BIIB) $304.09 +3.96%
Avago Technologies Ltd. (AVGO) $124.04 +3.91%
Expeditors International Of Washington Inc. (EXPD) $49.88 +3.87%
Tesla Motors Inc (TSLA) $247.86 +3.87%
Liberty Interactive Corporation QVC Group (QVCA) $27.59 +3.76%
Nxp Semiconductors Nv (NXPI) $84.89 +3.73%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $67.59 -2.96%
Seagate Technology Plc (STX) $49.76 -1.66%
Netflix Inc. (NFLX) $105.38 -0.39% |
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| | Newspaper Round Up | | Thursday newspaper round-up: IMF, Sports Direct, Christo Wiese Cuts to taxpayer support for business and higher charges for students are being drawn up, as Sajid Javid, business secretary, looks to reduce his budget by between 25-40 per cent. George Osborne, chancellor, and Mr Javid believe business should take more responsibility for boosting innovation and productivity and want to scale back direct taxpayer support. - Financial Times The IMF urged the world's leading central banks on Thursday to refrain from raising interest rates in a bid to boost spending in the global economy when risks to growth were mounting. The fund's message to the most powerful central bankers and finance ministers travelling to Ankara for a Group of 20 meeting at the weekend is that the performance of the majority of economies is again falling short of expectations at the beginning of the year. - Financial Times
More than three and a half million women - almost 30% of the female workforce - are set to receive a pay rise as a result of George Osborne's "national living wage", research has found. The tendency for women to be in low-wage jobs means that they will receive 61% of the benefits of the minimum wage rise for the over-25s, which formed the centrepiece of Obsorne's budget. - Guardian
Sports Direct chairman, Keith Hellawell, is expected to come under renewed pressure to step down from the retailer's board at its annual meeting next week as a result of new rules giving increased rights to minority shareholders. New guidance from the Financial Conduct Authority, the financial watchdog, means that for the first time, Sports Direct's executive deputy chairman, Mike Ashley, who owns a 55% stake in the company he founded, can be challenged by other investors. - Guardian
The South African billionaire who has recently snapped up Virgin Active, the gym chain, and New Look, the high-street retailer, is now training his sights on Britain's struggling supermarket industry, it can be revealed. Christo Wiese, who has an estimated £4.2bn fortune, said there were parallels between the grocery sector in his home country, where he has built up the ShopRite empire into the continent's largest food retailer, and the highly competitive UK market. - The Telegraph |
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