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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 ahead of BoE, ECB and Federal Reserve meeting minutes The FTSE fell on Thursday morning on uncertainty ahead of policy details from the central banks of the UK, US and Europe.
The Bank of England will at 1200 BST release its latest policy decision with analysts expecting no change to interest rates or the asset purchase programme. Analysts see the central bank raising interest rates in 2016, between February and late in the year.
The BoE may provide hints on the timing of a rate increase in its meeting minutes, released alongside its policy announcement.
Last time the BoE's Monetary Policy Committee members voted on rates, Ian McCafferty was the only one to push for a hike and he is expected to do the same this round.
"There has been a clear willingness to consider rate hikes from policymakers in recent months but the subdued inflation picture is clearly troubling them," said Craig Erlam, senior market analyst at Oanda.
"The voting and minutes that will be released alongside the announcement should tell us whether recent data has discouraged policy makers from taking the bold decision to hike rates in the months ahead."
The European Central Bank will at 1230 BST also publish the accounts of its 2-3 September monetary policy meeting of the Governing Council. The market will be looking for any clues on whether the ECB will provide further easing measures, including the possibility of extending the quantitative easing programme beyond September 2016. Any discussion on a potential cut to the deposit rate will be also closely monitored.
In the US, the Federal Reserve releases its 16-17 September meeting minutes at 1900 BST, amid speculation on the first interest rate rise in nearly a decade.
Fed Chair Janet Yellen has said policymakers expected an increase at its October or December meetings this year but last Friday's weaker-than-anticipated non-farm payrolls report prompted some analysts to push back their expectations until next year.
Despite a slowing of job gains in September, Fed official John Williams said on Tuesday he still expects the central bank to begin raising rates this year. He said he believed the labour market has continued to improve and there have been no signs of a worsening global outlook.
"Things are looking up, and if they stay on track, I see this as the year we start the process of monetary policy normalisation," Williams said in a speech to the Urban Land Institute in San Francisco.
In company news, Inmarsat slumped as the company reiterated its guidance for the year and said there's no material change in the trading environment for the group's performance.
Ladbrokes gained after appointing Kristof Fahy as chief marketing officer to lead all brand and marketing activity across digital and retail.
Hays was lower as the recruitment company said currency movements have had an impact on its quarterly earnings.
Glencore declined on fresh fears over the company's mounting debt and the repercussions it could have on the banking sector. Analysts at Bank of America said: "The banking industry may have significantly more exposure to Glencore than is generally appreciated in the market." |
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| | Market Movers
techMARK 3,015.72 0.00%
FTSE 100 6,326.91 -0.15%
FTSE 250 16,984.95 -0.27%
FTSE 100 - Risers
Shire Plc (SHP) 4,383.00p +1.25%
Randgold Resources Ltd. (RRS) 4,311.00p +1.22%
BHP Billiton (BLT) 1,120.50p +1.13%
Fresnillo (FRES) 683.50p +1.11%
Whitbread (WTB) 4,709.00p +1.07%
Merlin Entertainments (MERL) 384.80p +1.00%
Barratt Developments (BDEV) 646.00p +0.86%
Hikma Pharmaceuticals (HIK) 2,174.00p +0.79%
easyJet (EZJ) 1,685.00p +0.78%
Ashtead Group (AHT) 994.00p +0.76%
FTSE 100 - Fallers
Aviva (AV.) 471.20p -2.28%
Inmarsat (ISAT) 959.50p -1.69%
Glencore (GLEN) 121.90p -1.69%
Kingfisher (KGF) 353.50p -1.39%
Travis Perkins (TPK) 1,955.00p -1.31%
Next (NXT) 7,640.00p -1.10%
Anglo American (AAL) 658.00p -0.98%
BT Group (BT.A) 424.30p -0.92%
WPP (WPP) 1,396.00p -0.92%
HSBC Holdings (HSBA) 524.30p -0.83%
FTSE 250 - Risers
NMC Health (NMC) 860.50p +3.67%
Ladbrokes (LAD) 106.20p +2.61%
Evraz (EVR) 91.40p +2.12%
Dunelm Group (DNLM) 913.50p +2.07%
Cineworld Group (CINE) 564.50p +1.44%
FirstGroup (FGP) 99.55p +1.37%
Indivior (INDV) 219.80p +1.34%
Booker Group (BOK) 183.90p +1.27%
Informa (INF) 577.00p +1.23%
Stagecoach Group (SGC) 331.00p +1.19%
FTSE 250 - Fallers
Weir Group (WEIR) 1,348.00p -3.92%
Hays (HAS) 142.60p -3.32%
Vesuvius (VSVS) 352.40p -2.33%
Tate & Lyle (TATE) 566.00p -2.33%
Nostrum Oil & Gas (NOG) 518.00p -2.26%
Kaz Minerals (KAZ) 119.90p -2.20%
Spire Healthcare Group (SPI) 342.10p -2.12%
AO World (AO.) 160.10p -2.08%
Finsbury Growth & Income Trust (FGT) 566.50p -1.99%
Rank Group (RNK) 262.40p -1.87%
FTSE TechMARK - Risers
Oxford Instruments (OXIG) 633.50p +3.60%
Filtronic (FTC) 6.88p +1.85%
XP Power Ltd. (DI) (XPP) 1,648.00p +0.49%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 203.36 +0.13%
Oxford Biomedica (OXB) 7.66p +0.13%
FTSE TechMARK - Fallers
NCC Group (NCC) 250.00p -1.77%
KCOM Group (KCOM) 90.25p -0.82%
Consort Medical (CSRT) 930.00p -0.69%
SDL (SDL) 368.75p -0.61%
Dialight (DIA) 663.50p -0.52% |
| | UK Event Calendar | | Thursday 08 October INTERIM DIVIDEND PAYMENT DATE
Antofagasta, Arrow Global Group, Communisis, Crest Nicholson Holdings, Molins, PPHE Hotel Group Ltd, Restaurant Group, Zotefoams INTERIM EX-DIVIDEND DATE
Amati Vct 2, Andrews Sykes Group, Aviva, Braime (T.F.& J.H.) Holdings, Braime (T.F.& J.H.) Holdings (Non-Voting), Brammer, Cenkos Securities, Central Asia Metals, Cobham, Crawshaw Group, Elegant Hotels Group , F&C Private Equity Trust, Graphite Enterprise Trust, Hunting, Iona Environmental VCT, Iona Environmental Vct 'B' Shares, Johnson Service Group, Judges Scientific, Kingfisher, Learning Technologies Group , London Security, Macfarlane Group, Northbridge Industrial Services, Premier Technical Services Group , Proven Planned Exit VCT, Rightmove, Saga , SIG, Smith & Nephew, Spirax-Sarco Engineering, StatPro Group, Synthomer, Tandem Group, Travis Perkins, Unite Group, Weir Group, Witan Pacific Inv Trust, WPP QUARTERLY PAYMENT DATE
XP Power Ltd. (DI) QUARTERLY EX-DIVIDEND DATE
Fair Oaks Income Fund Limited , Marsh & Mclennan Cos Inc., Merchants Trust, Schroder Income Growth Fund, Verizon Communications INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
FOMC Interest Rate Minutes (US) (19:00)
Initial Jobless Claims (US) (13:30) FINALS
DFS Furniture, Produce Investments ANNUAL REPORT
Produce Investments IMSS
Hays SPECIAL EX-DIVIDEND PAYMENT DATE
Next, River and Mercantile Group , Synergy Health AGMS
UniVision Engineering Ltd. TRADING ANNOUNCEMENTS
Marston's UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
BoE Interest Rate Minutes (09:30)
RICS Housing Market Survey (09:30) FINAL DIVIDEND PAYMENT DATE
Diageo FINAL EX-DIVIDEND DATE
Begbies Traynor Group, City of London Investment Group, CPL Resources, DX (Group), Fulcrum Utility Services Ltd. (DI), Hays, Pembroke Vct, Photo-Me International, Redde, River and Mercantile Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver after more disappointing German data; investors eye ECB minutes European stocks fluctuated between gains and losses as investors mulled over another set of disappointing German data, ahead of the release of minutes from the European Central Bank's latest policy meeting.
At 0900 BST, the benchmark Stoxx Europe 600 index was flat, France's CAC was up 0.4% and Germany's DAX was 0.3% higher.
"With the recent rally built on the assumption that the world's central banks will help out with some more loose monetary policy, with the BoE and Fed releasing the minutes from their last meeting and an ECB meeting today, we could be about to find out that the bulls rally has been built on sand," said Jonathan Sudaria, a dealer at London Capital Group.
Thursday saw the release of more disappointing data out of Germany. Figures from the Federal Statistics Office showed exports fell by the biggest amount since 2009. Seasonally-adjusted exports dropped 5.2% in August from July, while imports fell 3.1%.
On the corporate front, Deutsche Bank managed to reverse early losses to trade a little higher after it said late on Wednesday that it expects to book an impairment of around €5.8bn in the third quarter for a write-down related to its corporate banking unit. The bank also said it will take an impairment on its stake in China's Hua Xia Bank and will set aside around €1.2bn for litigation.
As a result, the company said it will either reduce or suspend the dividend for 2015.
Later in the day, investors will turn their attention to the release of the European Central Bank's monetary policy meeting accounts from the start of September.
"The accounts should offer detailed insight into the ECBs decision making last month which could prove important in the coming months if it is planning to ease monetary policy further, as is becoming increasingly likely," said Craig Erlam, senior market analyst at Oanda.
"It's been almost a year since the ECB announced its asset purchase program and so far, the impact has been minimal. For most of this year we have seen small amounts of inflation but even that slipped back into negative territory last month. The risks and challenges facing the ECB when it made its decision are still largely there and to make matters worse, the euro is back trading at more elevated levels."
The latest minutes from the Federal Open Market Committee are also due, after the European close.
Deutsche Bank analyst Jim Reid said that while the FOMC minutes would normally be the primary focus for markets on any given day, it's unlikely to be the case this time around.
"It's fair to say that these minutes are pretty stale now given the latest jobs report, the drop in market expectations for a Fed hike this year and the recent trade data numbers and the implications of those for US GDP growth," said Reid.
In the UK, the Bank of England rate announcement and minutes are due, with the BoE widely expected to stand pat on interest rates and asset purchases.
Still to come on the data front, US initial jobless claims are on tap at 1330 BST. |
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| | US Market Report | | US close: Dow gains over 120 points as stocks extend gains US stocks rallied early on Wednesday, taking the lead from worldwide equity markets, as the Dow Jones Industrial Average posted its best win streak since July.
The Dow Jones Industrial Average closed up 122 points to 16,912.29, while the S&P 500 and the Nasdaq were 16 and 27 points higher respectively.
Oil rally comes to a halt
Oil prices initially extended Tuesday's rally, before reversing those gains as West Texas Intermediate losing 0.83% to $48.13 a barrel, while Brent fell 0.52% to $51.65 a barrel.
"This stronger oil price should provide strength to currencies with export linked commodity exports," said FXTM research analyst Lukman Otunuga.
"Despite the inspiration gained by WTI bulls, the global themes concerning the decline in commodity prices, the slowdown in Asia and continual concerns over the pace of growth in Europe and Japan have not changed."
Elsewhere, European stocks gained, while Asian equity markets edged higher on Wednesday after the Bank of Japan opted against extending its stimulus measures.
Japan's central bank decided by an 8 to 1 vote to leave the bank's policy target unchanged and reiterated its pledge to increase base money at an annual pace of 80trn yen (£436bn) via asset purchases.
The dollar declined 0.23% and 0.66% against the yen and the pound respectively but rose 0.22% against the euro, while gold futures declined 0.10% to $1,146.10.
In company news, Yum Brands plunged 18.9%, after the owner of KFC and Pizza Hut cut its earnings outlook for the year late on Tuesday, citing a slower-than-expected recovery in China, while Constellation Brands rose 2.47% after its quarterly results topped expectations.
Mining group Freeport-McMoRan rallied 9.79%, continuing its six-day winning streak, which has seen it gaining 43% since the turn of the month, even though the stocks has lost over 44% since the start of the year.
Adobe Systems slumped 5.28%. after issuing a lower-than-expected outlook for its coming financial year late on Tuesday.
On the economic data front, the Mortgage Bankers Association said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, soared 25.5% in the week ended 2 October.
The seasonally adjusted sub-index of refinancing applications jumped 24%, while the index of loan requests for home purchases, a key indicator of home sales, rose 27% and is now 49% higher year-on-year.
S&P 500 - Risers
Freeport-McMoRan Inc (FCX) $13.01 +9.98%
TEGNA Inc (TGNA) $25.59 +7.07%
Genworth Financial Inc. (GNW) $5.50 +6.18%
Wynn Resorts Ltd. (WYNN) $71.99 +6.10%
Scripps Network Interactive Inc. (SNI) $54.65 +5.79%
Windstream Holdings Inc (WIN) $6.44 +5.75%
Regeneron Pharmaceuticals Inc. (REGN) $485.76 +5.64%
Joy Global Inc. (JOY) $17.09 +5.62%
CF Industries Holdings Inc. (CF) $52.28 +5.51%
Frontier Communications Co. (FTR) $5.38 +5.08%
S&P 500 - Fallers
Yum! Brands Inc. (YUM) $67.67 -18.88%
Peabody Energy Corp. (BTU) $22.97 -13.35%
Denbury Resources Inc. (DNR) $3.44 -9.82%
Nordstrom Inc. (JWN) $67.99 -7.21%
Adobe Systems Inc. (ADBE) $80.65 -5.28%
Mead Johnson Nutrition Co. (MJN) $72.40 -3.58%
Dollar Tree Inc (DLTR) $62.90 -3.51%
NRG Energy Inc. (NRG) $15.40 -2.41%
ConAgra Foods Inc. (CAG) $40.96 -2.27%
Darden Restaurants Inc. (DRI) $66.47 -2.16%
Dow Jones I.A - Risers
Merck & Co. Inc. (MRK) $50.96 +2.33%
Intel Corp. (INTC) $32.31 +1.80%
Boeing Co. (BA) $137.01 +1.77%
Johnson & Johnson (JNJ) $95.03 +1.72%
Exxon Mobil Corp. (XOM) $79.19 +1.67%
General Electric Co. (GE) $27.74 +1.65%
Visa Inc. (V) $73.19 +1.54%
Pfizer Inc. (PFE) $33.27 +1.46%
Coca-Cola Co. (KO) $41.51 +1.34%
Chevron Corp. (CVX) $88.09 +1.26%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $122.02 -0.95%
Caterpillar Inc. (CAT) $70.40 -0.59%
Apple Inc. (AAPL) $110.67 -0.57%
Verizon Communications Inc. (VZ) $43.86 -0.45%
Walt Disney Co. (DIS) $103.41 -0.35%
McDonald's Corp. (MCD) $101.77 -0.13%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $71.99 +6.10%
Regeneron Pharmaceuticals Inc. (REGN) $485.76 +5.64%
Amgen Inc. (AMGN) $148.22 +4.96%
Celgene Corp. (CELG) $116.99 +4.28%
Alexion Pharmaceuticals Inc. (ALXN) $164.85 +3.03%
Yahoo! Inc. (YHOO) $31.88 +2.99%
Discovery Communications Inc. Class A (DISCA) $28.01 +2.94%
Gilead Sciences Inc. (GILD) $100.27 +2.80%
Fastenal Co. (FAST) $38.04 +2.64%
Dish Network Corp. (DISH) $61.04 +2.50%
Nasdaq 100 - Fallers
Adobe Systems Inc. (ADBE) $80.65 -5.28%
Tesla Motors Inc (TSLA) $231.96 -3.93%
Dollar Tree Inc (DLTR) $62.90 -3.51%
Baidu Inc. (BIDU) $144.77 -3.36%
Mylan Inc. (MYL) $42.23 -1.45%
Bed Bath & Beyond Inc. (BBBY) $58.94 -1.27%
Vodafone Group Plc ADS (VOD) $32.09 -0.93%
Liberty Interactive Corporation QVC Group (QVCA) $26.48 -0.82%
O'Reilly Automotive Inc. (ORLY) $251.78 -0.79% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Twitter, Poundland, China Saudi Arabia's richest man has become the second-largest investor in Twitter after he amassed shares worth a billion dollars. Prince Alwaleed bin Talal, a nephew of King Salman, and Kingdom Holding, his investment vehicle, said yesterday that their combined stake in the microblogging site had risen past 5%. - The Times
Poundland has hired Hilco, the restructuring group, to renegotiate all the rents with the landlords of 99p stores after its £55m takeover of its rival. In a move that has angered some in the property industry, Hilco and Poundland are believed to have asked landlords of 99p stores for rent cuts. - The Times
The US is poised to sail warships close to China's artificial islands in the South China Sea as a signal to Beijing that Washington does not recognise Chinese territorial claims over the area. A senior US official said the ships would sail inside the 12-nautical mile zones that China claims as territory around some of the islands it has constructed in the Spratly chain. The move is expected to start in the next two weeks. - The Financial Times
Governments and central banks risk tipping the world into a fresh financial crisis, the International Monetary Fund has warned, as it called time on a corporate debt binge in the developing world. Emerging market companies have "over-borrowed" by $3trn in the last decade, reflecting a quadrupling of private sector debt between 2004 and 2014, found the IMF's Global Financial Stability Report. - The Daily Telegraph |
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