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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | UK retailers suffer worst sales month for seven years UK retail sales in August were the weakest since the financial crisis, with a BDO survey showing a massive 4.3% drop compared to the same month last year.
BDO's research found that most parts of the high street suffered as the summer rains swept in, with sales of fashion falling 5.5%, homewares knocked 3.3% lower and lifestyle goods down 1.3% year-on-year.
But not only were brick and mortar stores affected, online sales also saw their lowest ever like-for-like growth since BDO's monthly High Street Sales Tracker began, though this still represented 11.4% growth year-on-year.
"The strength of the pound has encouraged Brits to spend more abroad rather than in the UK," said Sophie Michael, head of retail and wholesale at BDO, who added that the high street was losing out as UK consumers opted to spend their disposable income on leisure pursuits, eating out and holidays.
However, the cold and wet weather should encourage autumn and winter shopping, which was proved with fashion retailers enjoying better sales in the final week of the month.
"With the holiday season over and the summer weather starting to fade, retailers will be hoping this is the start of a shopping spree that sees them into the autumn season and beyond," Michael added. "Retailers likely to benefit in the coming months are those with the right product, at the right price with aligned multi channels."
However, this is slightly contradicted by the weekly high street sales index also assembled by BDO, although it excludes online sales. This showed fashion store sales were poor in recent weeks, with overall fashion store LFL sales down by 2.6% in the last week - albeit that was actually the best performance for 6 weeks. |
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| | UK Event Calendar | | Friday 04 September
INTERIMS
EMIS Group
INTERIM DIVIDEND PAYMENT DATE
Avon Rubber, Blackrock Income And Growth Investment Trust, Domino's Pizza Group, Fevertree Drinks, Inchcape, Keller Group, McColl's Retail Group , Porvair
QUARTERLY PAYMENT DATE
Boeing Co
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Non-Farm Payrolls (US) (13:30)
PMI Retail (EU) (09:10)
Unemployment Rate (US) (13:30)
GMS
BlackRock Income Strategies Trust
AGMS
Latchways, Scholium Group, Torotrak
UK ECONOMIC ANNOUNCEMENTS
New Car Registrations (09:00)
FINAL DIVIDEND PAYMENT DATE
Aberdeen New Dawn Investment Trust, Ashtead Group, Cranswick, QinetiQ Group, RPC Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equity markets drop ahead of nonfarm payrolls European stocks fell on Friday following strong gains in the previous session, as investors awaited the release of the latest nonfarm payrolls report.
At 0845 BST, the benchmark Stoxx Europe 600 index was down 1.5%, while France's CAC 40 was 1.6% weaker and Germany's DAX was down 1.7%.
Shares rallied on Thursday after European Central Bank chief Mario Draghi struck a dovish note during the post-rate decision press conference. Draghi cut growth and inflation forecasts and indicated that more monetary easing may be on the cards.
As far as the payrolls are concerned, Jonathan Sudaria, a dealer at London Capital Group, said the data is sure to be interpreted as bearish no matter which way it falls.
"If it beats expectations, we're going to selloff on the fears of a rate hike, and if it's weak, it'll be put down to another indicator of a faltering global economy," he said.
Nomura's US economists expect the August employment report to show another trend-like 220,000 gain in total nonfarm payrolls and another decline in the unemployment rate.
"With the labour market nearing 'full employment', another solid reading near our expectations should keep the FOMC on track to raise interest rates this year. But with core inflation losing some upward momentum in recent months and 'some' FOMC participants raising concerns about the inflation outlook, Nomura believes that the Committee will want more evidence that inflation is moving in the right direction before raising interest rates, supporting our call for lift-off in December."
On the corporate front, Sanofi was in the red after its biotechnology unit Genzyme Corp agreed to pay $32.59m and admit wrongdoing over its marketing of a biodegradable membrane used to prevent scarring after surgery.
Shares in Switzerland's Roche slipped after it said the US Food and Drug Administration has given breakthrough therapy designation to its ACE910 prophylactic remedy for treating haemophilia A.
AstraZeneca was in focus after the pharmaceuticals company said it has won an extension to US regulatory approval for its blood thinning drug Brillinta to allow it to be given to patients for more than one year after a first heart attack.
In London, 888 Holdings slumped after it was trumped by GVC Holdings in the battle for online gambling group Bwin.Party Digital Entertainment. The Sportingbet owner said Bwin has agreed to its offer of 25p in cash and 0.231 new GVC shares, which values the company at around 129.64p per share or £1.12bn. Bwin shares gained on the news. |
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| | US Market Report | | US close: Wall Street ends on mixed note ahead of non-farm payrolls Wall Street finished on a mixed note ahead of the release of the all-important August non-farm payrolls report on the following day, despite better than expected economic data and the dovish note struck by ECB president Mario Draghi in his press conference.
The Dow Jones Industrial Average was up 0.14% to 16,440.6 and the S&P 500 another 0.11% higher at 1,951, while the Nasdaq Composite slipped 0.30% to end the day at 4,733 points.
Stronger than expected economic figures
The number of unemployment benefits claimants in the US rose last week, figures released on Thursday showed.
According to the Labor Department, new claims rose by 12,000 to 282,000 in the last week of August, to reach the highest level in two months, although initial claims remained at very low levels, a sign companies aren't laying off many workers.
The figure was higher than analysts' expectations for a 275,000 reading.
According to data released by the Commerce Department, the trade deficit fell 7.4% month-on-month in July to a seasonally adjusted $41.9bn compared with analysts' expectations of $41.8bn.
Meanwhile, the ISM non-manufacturing reading for August declined to 59% from 60.3% in July, against expectations of a 58% reading.
Central banks told to be patient, ECB strikes dovish note
In his afternoon press conference, following the ECB's decision to stay put on interest rates, president Mario Draghi laid the groundwork for further monetary stimulus should the situation require it. One analyst said the central bank chief had set a very low bar to further action.
Overnight, the International Monetary Fund had warned G-20 central banks to be very wary as regards the potential for 'real' interest rates to rise as prices move unexpectedly to the downside.
In company news, biotech group Geron surged 16.7%, after saying late on Wednesday the New England Journal of Medicine would publish two reports showing positive results for its imetelstat drug.
Bank of America edged 1.04% higher after proxy advisory firm Glass Lewis & Co advised shareholders to vote against a proposal that would let the bank's chief executive, Brian Moynihan, keep the title of chairman.
Warehouse retailer Costco Wholesale climbed 0.26% after saying late on Wednesday sales in stores open last year rose significantly during the financial year.
In other markets, European stocks rose on Thursday, while West Texas Intermediate crude futures ended lower by 1.13% at $46.23 per barrel on NYMEX.
S&P 500 - Risers
Frontier Communications Co. (FTR) $5.52 +5.95%
L Brands Inc (LB) $89.28 +4.14%
Viacom Inc. Class B (VIAB) $43.15 +3.38%
Jabil Circuit Inc. (JBL) $19.36 +3.31%
Hasbro Inc (HAS) $76.86 +3.15%
Cablevision Systems Corp. (CVC) $27.17 +3.07%
Diamond Offshore Drilling Inc. (DO) $22.90 +3.06%
Akamai Technologies Inc. (AKAM) $73.26 +2.79%
Alcoa Inc. (AA) $9.57 +2.68%
Hudson City Bancorp Inc. (HCBK) $9.36 +2.63%
S&P 500 - Fallers
Joy Global Inc. (JOY) $18.90 -14.60%
Netflix Inc. (NFLX) $101.06 -4.15%
Allegheny Technologies Inc. (ATI) $18.10 -3.77%
Mylan Inc. (MYL) $47.42 -2.47%
United States Steel Corp. (X) $15.93 -2.45%
Staples Inc. (SPLS) $13.80 -2.34%
Gilead Sciences Inc. (GILD) $101.91 -2.26%
Medtronic Plc (MDT) $69.98 -2.19%
Caterpillar Inc. (CAT) $74.45 -2.17%
Windstream Holdings Inc (WIN) $7.83 -2.12%
Dow Jones I.A - Risers
Intel Corp. (INTC) $29.08 +1.68%
International Business Machines Corp. (IBM) $146.78 +1.19%
Visa Inc. (V) $70.40 +1.12%
Cisco Systems Inc. (CSCO) $25.90 +0.97%
Verizon Communications Inc. (VZ) $45.72 +0.82%
Exxon Mobil Corp. (XOM) $73.79 +0.76%
United Technologies Corp. (UTX) $91.91 +0.73%
Coca-Cola Co. (KO) $39.16 +0.67%
Wal-Mart Stores Inc. (WMT) $64.86 +0.65%
Travelers Company Inc. (TRV) $99.37 +0.44%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $74.45 -2.17%
Apple Inc. (AAPL) $110.37 -1.75%
Johnson & Johnson (JNJ) $92.64 -0.76%
Merck & Co. Inc. (MRK) $52.65 -0.62%
Pfizer Inc. (PFE) $31.89 -0.25%
General Electric Co. (GE) $24.51 -0.24%
Unitedhealth Group Inc. (UNH) $113.99 -0.21%
E.I. du Pont de Nemours and Co. (DD) $50.56 -0.18%
McDonald's Corp. (MCD) $96.01 -0.03%
Nasdaq 100 - Risers
Viacom Inc. Class B (VIAB) $43.15 +3.38%
Akamai Technologies Inc. (AKAM) $73.26 +2.79%
Yahoo! Inc. (YHOO) $32.54 +2.42%
Mondelez International Inc. (MDLZ) $43.24 +2.29%
Wynn Resorts Ltd. (WYNN) $73.82 +1.92%
Micron Technology Inc. (MU) $16.59 +1.84%
Charter Communications Inc. (CHTR) $182.88 +1.78%
Intel Corp. (INTC) $29.08 +1.68%
Keurig Green Mountain Inc (GMCR) $57.43 +1.54%
Liberty Global plc Series A (LBTYA) $47.48 +1.41%
Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $101.06 -4.15%
Mylan Inc. (MYL) $47.42 -2.47%
Staples Inc. (SPLS) $13.80 -2.34%
Gilead Sciences Inc. (GILD) $101.91 -2.26%
Amgen Inc. (AMGN) $149.23 -2.01%
Regeneron Pharmaceuticals Inc. (REGN) $508.51 -1.98%
Facebook Inc. (FB) $88.15 -1.94%
Vertex Pharmaceuticals Inc. (VRTX) $126.53 -1.91%
Fastenal Co. (FAST) $37.64 -1.80% |
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| | Newspaper Round Up | | Friday newspaper round-up: GVC, Hinkley Point, banks GVC is understood to have trumped rival 888 in the £1bn bidding war for online gambling company Bwin.Party. The board of Bwin, which recommended a takeover by 888 in July, is believed to have met on Thursday to decide between its two suitors. The Telegraph understands that on Thursday night the board decided to switch its recommendation to Sportingbet-owner GVC, which has made an offer that values Bwin at about £1.1bn, or 130p-a-share based on Thursday's stock market closing price. - Telegraph
The proposed Hinkley Point nuclear power station has been delayed and will not start generating power in 2023 as planned, developer EDF has admitted. Jean-Bernard Levy, EDF chief executive, insisted he had "full confidence in the success of the Hinkley Point project" but gave no date for when the £24.5 billion power station might now start generating electricity. - Telegraph
David Cameron bowed on Thursday to mounting pressure over Europe's refugee crisis, raising the prospect of Britain giving shelter to more people fleeing the war in Syria. Mr Cameron was heavily criticised at home and abroad after appearing on Wednesday to close the door. "I don't think there is an answer that can be achieved simply by taking more and more refugees," he said. But, less than 24 hours later, the prime minister changed his tune, saying the policy was "under review" and that Britain would play its part as a "a moral nation". - Financial Times
The White House is preparing to slap sanctions as early as next week on Chinese companies connected to the cyber theft of US intellectual property. The Obama administration has for months been preparing a raft of sanctions to respond to mounting commercial espionage from China. Three US officials said the sanctions would probably be unveiled next week, just weeks before Chinese President Xi Jinping makes his first state visit to America. - Financial Times
A vast new train factory has been opened in north-east England by Hitachi, and heralded by the prime minister and chancellor as a further boost for their plans for a "northern powerhouse". The new £82m facility in Newton Aycliffe, Co Durham, will build pioneering - if controversial and expensive - intercity trains and will employ around 730 people when its production lines are up and running next year. - Guardian
The Competition and Markets Authority has backtracked on its pledge to publish the provisional findings of its investigation into the banking sector this month. The competition watchdog has now set October as the month it will publish highly anticipated findings that could recommend breaking up of the dominant "big four" of Lloyds Banking Group, Royal Bank of Scotland, HSBC and Barclays, if the CMA concludes there is not enough competition in the sector. - Guardian |
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