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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 rise as PBoC governor says correction almost over UK stocks gained on Monday after the governor of China's central bank said the country's stock market has almost completed its correction.
Speaking at the G20 in Turkey over the weekend, the People's Bank of China governor Zhou Xiaochuan said the worst is almost over.
"At present, the exchange rate of the renminbi against the dollar is stabilising, the correction in the stock market is already mostly over and the financial markets show hope for stabilising," he said.
China's stock market is down 40% from its June peak. Stocks slid, particularly after the PBoC devalued its currency on 11 August, causing volatility in global equities.
China cut its 2014 growth rate to 7.3% from 7.4% on Monday, adding to worries about the slowdown in the nation's economy.
China's gross domestic product last year came to 63.614trn yuan, according to the statistics bureau on Monday, down 32.4bn yuan from the initial estimate in January this year. The number could be revised again when the final results are released in January 2016.
China's growth target last year was about 7.5% while this year the country has set a target of 7%, the slowest pace in 25 years.
China's trade data on Tuesday may provide further insight into the impact the flagging economy has had on exports and imports. Inflation data on Thursday will also be closely followed by the market.
"Any negative data will expose the China markets to further periods of heavy pressure," said FXTM Research analyst Lukman Otunuga.
In the meantime, Monday's agenda is looking quiet with few economic data releases and the US markets closed for Labor Day.
Friday's non-farm payrolls report was worse than expected but the unemployment fell to 5.1%, the lowest since April 2008, prompting mixed reviews on whether the Federal Reserve will lift interest rates at its policy meeting later this month.
On home turf, Britain's main manufacturing lobby EEF has halved its forecast for growth this year after overseas orders fell to their lowest since the financial crisis.
British manufacturing grew 3.1% last year, its best performance since 2010, but the EEF said it expected growth to slow this year to 0.7%, compared to an earlier forecast of 1.5%.
Elsewhere in Britain, the nation's North Sea oil and gas sector has shed more than 5,000 jobs since late last year, according to the country's new Oil and Gas Authority said, amid a decline in oil prices.
Brent crude was down 1.1% to $49.07 per barrel in morning trade.
In company news, Glencore jumped as the miner said it would suspend dividends, sell assets and raise $2.5bn in a new share issue to cut net debt to $20bn by the end of next year.
Tesco declined as it agreed to sell its South Korean unit to a group led by private equity firm MBK Partners for £4bn.
Associated British Foods dropped as it warned of a large reduction in profit at its sugar business.
Man Group advanced as the China head of the hedge fund manager denied she had been taken into custody by Chinese authorities to assist in a police investigation into market volatility.
Market Movers
techMARK 3,075.25 +0.50%
FTSE 100 6,099.99 +0.94%
FTSE 250 16,861.66 +0.32%
FTSE 100 - Risers
Antofagasta (ANTO) 604.50p +7.09%
Glencore (GLEN) 131.55p +6.82%
United Utilities Group (UU.) 858.50p +2.81%
Royal Dutch Shell 'B' (RDSB) 1,647.00p +2.20%
Fresnillo (FRES) 608.50p +2.10%
Royal Dutch Shell 'A' (RDSA) 1,638.50p +2.09%
Anglo American (AAL) 682.30p +2.06%
Babcock International Group (BAB) 967.50p +1.95%
BP (BP.) 344.45p +1.94%
Pearson (PSON) 1,112.00p +1.92%
FTSE 100 - Fallers
Associated British Foods (ABF) 3,070.00p -2.20%
Tesco (TSCO) 184.80p -0.62%
ARM Holdings (ARM) 941.00p -0.27%
Admiral Group (ADM) 1,545.00p -0.26%
Standard Chartered (STAN) 712.00p -0.18%
Taylor Wimpey (TW.) 198.50p -0.05%
Hikma Pharmaceuticals (HIK) 2,349.00p -0.04%
FTSE 250 - Risers
Kaz Minerals (KAZ) 159.40p +6.48%
Vedanta Resources (VED) 534.00p +4.50%
Acacia Mining (ACA) 245.30p +3.72%
Centamin (DI) (CEY) 59.00p +2.97%
Premier Oil (PMO) 97.20p +2.86%
Tullow Oil (TLW) 206.10p +2.84%
Just Retirement Group (JRG) 191.70p +2.73%
Fidelity China Special Situations (FCSS) 116.00p +2.65%
Pennon Group (PNN) 753.00p +2.17%
Just Eat (JE.) 405.80p +2.09%
FTSE 250 - Fallers
Computacenter (CCC) 758.50p -2.76%
Redefine International (RDI) 53.25p -2.74%
Wetherspoon (J.D.) (JDW) 756.50p -2.01%
Renishaw (RSW) 2,068.00p -1.48%
Lonmin (LMI) 27.05p -1.42%
Moneysupermarket.com Group (MONY) 332.00p -1.37%
Templeton Emerging Markets Inv Trust (TEM) 400.00p -1.23%
Ted Baker (TED) 2,959.00p -1.20%
Bwin.party Digital Entertainment (BPTY) 108.70p -1.18%
Ocado Group (OCDO) 322.70p -1.10%
FTSE TechMARK - Risers
Oxford Biomedica (OXB) 7.90p +5.33%
KCOM Group (KCOM) 95.25p +2.42%
SDL (SDL) 370.75p +0.14%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 200.67 +0.01%
FTSE TechMARK - Fallers
Triad Group (TRD) 36.50p -2.67%
Sepura (SEPU) 173.25p -1.42%
Consort Medical (CSRT) 960.00p -1.39%
Skyepharma (SKP) 334.50p -1.04%
BATM Advanced Communications Ltd. (BVC) 17.50p -0.71%
Spirent Communications (SPT) 79.50p -0.62%
Oxford Instruments (OXIG) 817.50p -0.12% |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities bounce back from heavy losses; Glencore surges European stocks rose in early trade as investors looked to pick up some bargains after heavy falls on Friday.
"There's little in the way of news out over the weekend that could've turned sentiment," said Jonathan Sudaria, a dealer at London Capital Group. "Asian markets don't seem to be showing the same optimism and so the likely cause for the higher open is merely a bit of short covering ahead of an expected light session in the US due to Labour Day."
At 0850 BST, the benchmark Stoxx Europe 600 index was up 1.1%, while France's CAC 40 and Germany's DAX were both up 1.2.%. Basic resources were the standout gainers, with the Stoxx 600 index for the sector up 2.8%.
Also underpinning the tone was data released early on Monday showing that German industrial production rose at its fastest pace this year in July.
Shares in miner Glencore rocketed after it announced plans for an equity capital raising and a series of debt reduction measures as it looks to cut its $30bn debt. The company said it intends to issue up to $2.5bn in new shares, cut its dividend, sell some assets and dispose of its stake in its agricultural business.
Shares in Italian utility Enel gained after the company said it will meet its 2015 financial targets.
UniCredit was also on the front foot after its chief executive told La Repubblica that the bank doesn't need to raise capital.
Hedge fund Man Group pushed higher after the chairwoman of its China arm denied media reports from last week that she had been assisting police with an investigation into market volatility. |
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| | US Market Report | | US close: Stocks slide as worse-than-estimated non-farm payrolls stir interest rate debate US stocks finished in the red on Friday after the all-important non-farm payrolls report missed forecasts, stirring the debate on the timing of the first interest rates hike in nine years.
The Dow dropped 1.67% while the Nasdaq and S&P 500 fell 1.05% and 1.54% respectively.
American employers added 173,000 jobs in August following a revised 245,000 in July, the Labor Department revealed.
The figure was the smallest gain in five months and fell way short of the 215,000 figure analysts had expected. The unemployment rate fell to 5.1% from 5.3% to reach its lowest level since April 2008, while employment gains for July and June were revised up by a combined 44,000.
"August's employment report is fairly mixed and can be used to make a case for or against a rate hike at the upcoming FOMC meeting," said Capital Economics.
"As far as we're concerned, the September meeting is a 50-50 toss up. Nevertheless, even if the Fed doesn't hike rates this month, it won't leave rates at near-zero for much longer given that it either has (or is close to) fulfilling the full employment part of its dual mandate."
Following the jobs report, Richmond Fed president Jeffrey Lacker described it as "a pretty much right down the middle of the fairway sort of employment report".
He added that direct implications of the recent market turmoil, caused by China slowdown concerns, for the US economy appear to be quite limited. "I am not arguing that the economy is perfect, but nor is it on the ropes, requiring zero interest rates to get it back into the ring," Lacker said in the text of a speech delivered on Friday. "It's time to align our monetary policy with the significant progress we have made."
The Fed meets on 17-18 September to decide on whether to increase interest.
Elsewhere, stocks fell across the board in Asia, as Hong Kong's Hang Seng Index and Japan's Nikkei Stock Average both reversed earlier gains to close down 0.45% and 2.15% respectively, while European stocks declined.
In company news, Netflix slumped as investors remained wary about increasing competition in the TV streaming market. The stock was track to decline for the sixth consecutive session.
Twitter edged lower amid speculation the social media company would name a new permanent CEO. The social media group was expected to make an announcement on Friday but media reports later said the company was waiting until after Monday's Labor Day holiday.
Meanwhile, Amazon was on the backfoot after saying late on Thursday that it was planning to buy video reformatter Elemental Technologies, as it seeks to add more streaming options to its portfolio.
Smartphone maker Blackberry reversed earlier gains after saying it entered an agreement to acquire security specialist Good Technology for $425m in cash.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $2.28 +5.07%
Motorola Solutions Inc (MSI) $66.31 +1.84%
Noble Energy Inc. (NBL) $30.73 +1.72%
Keurig Green Mountain Inc (GMCR) $58.38 +1.65%
Dollar Tree Inc (DLTR) $68.09 +1.63%
Micron Technology Inc. (MU) $16.82 +1.39%
Mylan Inc. (MYL) $48.05 +1.33%
L Brands Inc (LB) $90.38 +1.23%
Cablevision Systems Corp. (CVC) $27.44 +0.99%
Electronic Arts Inc. (EA) $66.37 +0.88%
S&P 500 - Fallers
Avon Products Inc. (AVP) $4.42 -6.16%
Nabors Industries Ltd. (NBR) $10.11 -5.87%
CONSOL Energy Inc. (CNX) $13.40 -5.77%
United States Steel Corp. (X) $15.06 -5.46%
NRG Energy Inc. (NRG) $17.93 -5.13%
Range Resources Corp. (RRC) $36.50 -4.87%
Denbury Resources Inc. (DNR) $3.56 -4.81%
Helmerich & Payne Inc. (HP) $52.25 -4.48%
Freeport-McMoRan Inc (FCX) $9.71 -4.15%
Hewlett-Packard Co. (HPQ) $26.99 -4.05%
Dow Jones I.A - Risers
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $48.60 -3.88%
Goldman Sachs Group Inc. (GS) $180.38 -2.53%
International Business Machines Corp. (IBM) $143.70 -2.10%
General Electric Co. (GE) $24.00 -2.08%
Microsoft Corp. (MSFT) $42.61 -2.05%
Chevron Corp. (CVX) $76.67 -2.03%
Merck & Co. Inc. (MRK) $51.59 -2.01%
Verizon Communications Inc. (VZ) $44.82 -1.97%
Intel Corp. (INTC) $28.52 -1.93%
JP Morgan Chase & Co. (JPM) $61.50 -1.88%
Nasdaq 100 - Risers
Keurig Green Mountain Inc (GMCR) $58.38 +1.65%
Dollar Tree Inc (DLTR) $68.09 +1.63%
Micron Technology Inc. (MU) $16.82 +1.39%
Mylan Inc. (MYL) $48.05 +1.33%
Viacom Inc. Class B (VIAB) $43.34 +0.44%
Priceline Group Inc (PCLN) $1,245.25 +0.39%
Vertex Pharmaceuticals Inc. (VRTX) $126.99 +0.36%
Altera Corp. (ALTR) $49.11 +0.33%
Biogen Inc (BIIB) $302.18 +0.18%
Gilead Sciences Inc. (GILD) $102.06 +0.15%
Nasdaq 100 - Fallers
TripAdvisor Inc. (TRIP) $67.21 -3.25%
Yahoo! Inc. (YHOO) $31.58 -2.95%
Vimpelcom Ltd Ads (VIP) $4.52 -2.80%
Xilinx Inc. (XLNX) $40.07 -2.72%
KLA-Tencor Corp. (KLAC) $47.54 -2.64%
Seagate Technology Plc (STX) $48.21 -2.59%
Expeditors International Of Washington Inc. (EXPD) $47.86 -2.51%
Sandisk Corp. (SNDK) $52.84 -2.37%
Applied Materials Inc. (AMAT) $15.39 -2.35% |
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| | Newspaper Round Up | | Monday newspaper round-up: Housebuilders, OPEC, CBI, oil rigs David Cameron and his advisers are urging the UK's business leaders not to speak out in favour of the country remaining in the EU, for fear they will jeopardise the prime minister's sensitive renegotiation of Britain's terms of membership ahead of a referendum. One ally of Mr Cameron's said that the government had been clear in its message to business to "shut up [on a British exit] until a deal is done with the EU". - Financial Times
European Commission officials are debating a proposal that would allow some EU countries to pay money in order to opt out of a mandatory quota system for accepting refugees, in a plan that could ease a stand-off between eastern and western members over how to relieve Europe's migrant crisis. Some eastern states have balked at being forced to accept mandatory numbers, under a plan to divide 160,000 migrants across the region to be announced on Wednesday by commission president Jean-Claude Juncker. They argue that voluntary targets allow member states to provide better care to people looking to settle in Europe. Financial Times
Two of Britain's largest housebuilders, Berkeley Group and Persimmon, could hand out about £1bn to their top executives and managers in pay and bonuses over the next six years, boosted by strong UK house prices and government-subsidies for home-buyers. Tony Pidgley, founder and executive chairman at Berkeley, is expected to face tough questions on Tuesday at the group's shareholder meeting near its headquarters in leafy Cobham, Surrey, after it emerged last month that his pay package last year was worth £23.3m. - Guardian
The OPEC oil cartel cannot withstand the pain of low crude prices indefinitely and may be forced to abandon its pugnacious bid for market share within months, Russia's chief energy official has predicted. Arkady Dvorkovich, the deputy prime minister, said OPEC producers are suffering the ricochet effects of their attempt to flush out rivals by flooding the world with excess output. - The Telegraph
The CBI has issued a strongly-worded attack on the Competition and Markets Authority's plan for price caps on energy tariffs, arguing it would actually leave consumers worse off and harm competition. A temporary price cap on energy suppliers' standard tariffs was the most radical potential remedy put forward by the CMA in July after its year-long investigation concluded millions of households were paying too much for their gas and electricity due to a lack of competition. - The Telegraph |
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