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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 China rolls out 'more forceful' fiscal policy UK stocks opened higher on Wednesday after China's finance ministry said the country will roll out a "more forceful" fiscal policy to boost economic growth.
In an effort to address China's slowdown, the Ministry of Finance said it would inject more funds to support some infrastructure projects and implement tax cuts for small businesses.
The ministry will also issue debt quotas for local governments after China's top legislator this year capped outstanding local-government debt at 16trn yuan.
"This seemed to confirm the hopes of some kind of further Chinese stimulus, hopes that were ostensibly behind the large gains made by the Western markets on Tuesday," said Spreadex financial analyst Connor Campbell.
"Understandably given the recent, and price-eroding, lack of clarity coming from Asia, signs of firm, growth-supporting policies from China and Japan meant that, with traders back at school after a hectic summer, the European markets opened hell-bent on continuing to recover the losses of the past few weeks."
Stocks in China stabilised on the finance ministry's policy action. Japanese stocks, meanwhile, posted its biggest one-day gain since the height of the global financial crisis in 2008 after prime minister Shinzo Abe said the government aims to lower the corporate tax rate. He said the target is to lower the tax rate by a cumulative 3.3 percentage points over two years through the next fiscal year starting in April 2016.
Also providing a boost in Japan, data from the Cabinet Office showed consumer confidence rose more than expected in August. The sentiment index climbed to 41.7 last month from 40.3 in July, beating forecasts for a reading of 40.5.
Turning to the UK, reports on industrial and manufacturing production are due at 0930 BST along with the nation's trade balance figures. Later on, NIESR publishes its estimate for gross domestic product in August.
Stateside, data on job openings and weekly mortgage applications are due in afternoon trade.
In the share space, Ryanair jumped after raising its full-year net profit outlook by 245 following a strong first quarter of traffic and profits.
Barratt Developments gained after the housebuilder reported a 44.8% increase in full-year pre-tax profit, broadly in line with its guidance.
Hargreaves Lansdown advanced as it posted a 5% drop in operating profit for the year ended 30 June, although revenue nudged up and assets under administration rose 18%.
Sports Direct climbed as the group revealed trading continued to be in line with management's full year expectations.
GlaxoSmithKline was in the red after initial results of its study with Theravance to understand mortality on the Breo Ellipta inhaler for the treatment of chronic obtrusive pulmonary disease showed that it failed to prolong the life of patients. |
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| Market Movers
techMARK 3,123.96 +1.06%
FTSE 100 6,255.56 +1.78%
FTSE 250 17,209.52 +1.23%
FTSE 100 - Risers
Anglo American (AAL) 739.60p +5.07%
Glencore (GLEN) 144.55p +5.05%
Hargreaves Lansdown (HL.) 1,167.00p +4.66%
BHP Billiton (BLT) 1,126.50p +3.63%
Standard Chartered (STAN) 747.00p +3.58%
Old Mutual (OML) 195.00p +3.23%
Rio Tinto (RIO) 2,380.50p +3.07%
3i Group (III) 495.70p +3.01%
International Consolidated Airlines Group SA (CDI) (IAG) 586.50p +2.99%
Schroders (SDR) 2,916.00p +2.97%
FTSE 100 - Fallers
GlaxoSmithKline (GSK) 1,313.00p -1.20%
Weir Group (WEIR) 1,270.00p -0.78%
Randgold Resources Ltd. (RRS) 3,732.00p -0.56%
FTSE 250 - Risers
Henderson Group (HGG) 269.40p +5.73%
Foxtons Group (FOXT) 248.90p +4.80%
Man Group (EMG) 168.00p +4.22%
Marshalls (MSLH) 374.60p +3.91%
Fidelity China Special Situations (FCSS) 121.60p +3.84%
Jupiter Fund Management (JUP) 453.90p +3.61%
Investec (INVP) 530.50p +3.41%
Kaz Minerals (KAZ) 169.90p +3.35%
Premier Oil (PMO) 93.45p +3.32%
Greggs (GRG) 1,157.00p +3.21%
FTSE 250 - Fallers
Entertainment One Limited (ETO) 285.80p -5.14%
Virgin Money Holdings (UK) (VM.) 407.30p -3.83%
OneSavings Bank (OSB) 368.20p -2.26%
Ashmore Group (ASHM) 253.10p -1.56%
Shawbrook Group (SHAW) 323.00p -0.92%
Woodford Patient Capital Trust (WPCT) 113.50p -0.44%
John Laing Group (JLG) 211.60p -0.42%
Computacenter (CCC) 770.00p -0.32%
Redrow (RDW) 487.60p -0.20%
Rathbone Brothers (RAT) 2,211.00p -0.18%
FTSE TechMARK - Risers
Filtronic (FTC) 7.00p +7.69%
Oxford Instruments (OXIG) 674.00p +3.61%
XP Power Ltd. (DI) (XPP) 1,640.00p +2.18%
Gresham Computing (GHT) 106.50p +1.91%
Skyepharma (SKP) 375.00p +1.49%
Consort Medical (CSRT) 977.00p +1.24%
Oxford Biomedica (OXB) 8.24p +1.10%
Spirent Communications (SPT) 80.75p +0.94%
KCOM Group (KCOM) 94.00p +0.53%
Sepura (SEPU) 176.25p +0.43%
FTSE TechMARK - Fallers
E2V Technologies (E2V) 242.00p -0.62%
SDL (SDL) 369.00p -0.54%
NCC Group (NCC) 257.50p -0.19%
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rally as hopes grow of further Chinese stimulus European stocks made healthy gains in early trade as investors grew increasingly hopeful that Beijing will step up stimulus to revive the flagging economy after data released on Tuesday showed a huge slump in Chinese imports last month.
At 0850 BST, the benchmark Stoxx Europe 600 index was up 2.2%, Germany's DAX was up 2.3% and France's CAC 40 was 2.5% firmer.
"European markets are taking their lead from a buoyant Asian session, with stocks soaring higher and appearing to have put recent concerns behind them," said Rebecca O'Keeffe, head of investment at Interactive Investor.
"After weeks of subdued performance in Asia, with fears of lower Chinese growth fuelling negative sentiment, speculation that Chinese policymakers will do more and a seeming shift in investor confidence has seen the strongest rally in Asian stocks since October 2008.
"The dramatic stock price move in Japan and other markets, despite a lack of underlying data to support such a change, is a strong indicator that investors perceive the market as having overdone recent falls. Investors will be hoping that this 'ringing the bell' is clear evidence that the market is going to move higher from here."
China's Shanghai Composite rose 2.3%, while the Hang Seng added 4.2% and Japan's Nikkei 225 surged 7.7%.
Sentiment was boosted after China's Ministry of Finance said it would speed up reform of the tax system, boost infrastructure spending and accelerate the use of the public-private-partnership model to support economic growth.
Shares in budget Irish airline Ryanair surged after it raised its full-year net profit outlook by 25%.
Housebuilder Barratt Developments was a high riser after it posted a 44.8% increase in full-year pre-tax profits to £565.5m on the back of a 19% jump in revenues to £3.7bn.
Pharmaceuticals giant GlaxoSmithKline bucked the trend, however, after it said late on Tuesday that initial results of its study on the Breo Ellipta inhaler for the treatment of chronic obtrusive pulmonary disease showed it failed to prolong the life of patients. |
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| | US Market Report | | UK industrial production misses forecast in July British industrial production remained in negative territory for the second consecutive month in July, figures released on Wednesday showed.
According to the Office for National Statistics (ONS), industrial output contracted 0.4% in July compared with a 0.4% decline in the previous month and short of expectations for a 0.1% increase.
On a year-to-year basis, industrial production grew 0.8%, driven higher by the mining and quarrying sector, which saw production increase 6.7% year-on-year.
The gain, however, was short of analysts' expectations for a 1.4% reading and smaller than the 1.5% increase registered the previous month.
The report added that manufacturing production declined 0.8% month-on-month in July, compared with a 0.2% increase in June and consensus calling for a 0.2% hike.
Meanwhile, the manufacturing sector suffered a 0.5% decline year-on-year, also falling short of the expected 0.5% increase.
The decline was attributed to a 15.9% slump in the manufacture of machinery and equipment not elsewhere classified, the ONS said.
"Although UK data has generally been positive over the past few weeks, today's poor manufacturing production figures will make British manufacturers feel very gloomy," said Dennis de Jong, managing director at UFX.com.
"The recent economic crisis in China is already having a big effect on output and exports, while significant concerns remain about the long-term health of the Eurozone. |
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| | Newspaper Round Up | | Wednesday newspaper round-up: World Bank warning, North Sea, Glencore The US Federal Reserve risks triggering "panic and turmoil" in emerging markets if it opts to raise rates at its September meeting and should hold fire until the global economy is on a surer footing, the World Bank's chief economist has warned. Rising uncertainty over growth in China and its impact on the global economy meant a Fed decision to raise its policy rate next week, for the first time since 2006, would have negative consequences, Kaushik Basu told the Financial Times. - Financial Times
Oil company investment in the North Sea is expected to slump by up to £4bn per year through to the end of 2018 as operators slash costs to compensate for lower prices, the industry trade body has warned. In its latest economic report on the North Sea, Oil and Gas UK said that 15pc of the offshore industry's workforce - equal to 65,000 jobs - has been lost since the beginning of last year as oil companies cut back amid a 50pc slump in prices to around $50 per barrel. - Telegraph
Warren Buffett invested $500m a week in shares during the recent stock market turmoil. Mr Buffett revealed he has been adding to his company's sizable stake in IBM, adding that Berkshire Hathaway's $32bn Precision Castparts deal hasn't left him short on cash for other investments.- Telegraph
Attempts are being made to water down George Osborne's new tax on all banks which make profits of more than £25m. The measure, announced in the budget, has proved unpopular with the so-called challenger banks, which are attempting to break the stranglehold of Royal Bank of Scotland, Lloyds Banking Group, HSBC and Barclays, and with building societies, which also face being subjected to the new tax. John Mann, a Labour MP on the Treasury select committee, has tabled an amendment to the finance bill to exempt any bank or building society from paying the tax if it has a balance sheet of less than £25bn - essentially the new entrants. - Guardian
The company established by the Treasury to hold the taxpayers' stakes in RBS and Lloyds has been warned to remain "ultra-vigilant" after it was revealed some of the City's biggest investment banks - including Goldman Sachs and UBS - are charging the government a £1 fee for work that would normally cost tens of millions of pounds. Representatives of UK Financial Investments told the Treasury select committee it had paid just £15 for help and advice related to the sale of shares in Lloyds Banking Group and RBS which would normally have cost around £38m. - Guardian
Ministers have underestimated the "dramatic impact" of the national living wage on companies' profitability and hiring, and badly timed its introduction, says the new CBI president. "I've talked to several chief executives and been surprised by the impact on their profits of the change," Paul Drechsler told the FT. "In one [big] company it would wipe out all of their profits." - Financial Times |
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