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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 edge higher ahead of US jobs report Shares started the holiday-shortened week slightly higher following gains overnight on Wall Street, with investors apparently treading cautiously ahead of the all-important monthly US non-farm payrolls report due out at the end of the week.
As of 0828 BST London's FTSE 100 was trading six points higher at 6,844.55.
Oanda's Craig Erlam said: "Tuesday is likely to be one of the quieter days in an otherwise busy and important week for the markets, with investors having one eye on Friday's US jobs report following Janet Yellen's hawkish comments at Jackson Hole on Friday."
"Not only did Yellen give an upbeat assessment of the US economy on Friday, this was backed up by comments from her vice Chair Stanley Fischer who claimed that Yellen's comments were consistent with as many as two rate hikes this year."
"We've had this hawkish commentary from officials on numerous occasions in the past but with a consensus appearing to build and policy makers repeatedly hinting that at least one hike this year is likely, markets need to take notice. Still, investors are not totally convinced which makes Friday's jobs report extremely important."
On the data front, UK money supply and mortgage approvals are at 0930 BST. In the US, consumer confidence is at 1500 BST.
The economic calendar in the euro area was expected to be more heavily loaded, with consumer price data from Germany´s main regions referencing the month of August due to be released.
In corporate news, a review conducted by a panel of experts concluded that the Samarco dam disaster at a mine part-owned by BHP Billiton in Brazil last year that killed 19 people was caused by construction and design flaws.
The report, commissioned by BHP, said problems at the dam made it more unstable, causing "liquefaction" in the dam wall, the Daily Telegraph reported.
BHP Billiton, and its partner Vale, have set aside up to $1.3bn (£1bn) to cover costs arising from the fatal accident that occurred at an iron ore mine in Brazil last year.
Distribution and outsourcing group Bunzl reported a rise in first-half profit as revenue grew and the company lifted its interim dividend.
For the six months to the end of June, pre-tax profit increased to £155.6m from £147.1m on revenue of £3.45bn, up from £3.14bn.
Chief executive Frank van Zanten said: "We continue to have a strong balance sheet and an active pipeline of opportunities for further acquisitions and expect to complete more transactions during the rest of the year. The board is confident that Bunzl's well positioned businesses will develop further and that the prospects for the group are positive." |
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| | UK Event Calendar | | Tuesday August 30
INTERIMS
BATM Advanced Communications Ltd., Globaltrans Investment GDR (Reg S), Inspired Energy, JSC Acron GDR (Reg S), Nord Gold SE GDR (Reg S), Total Produce
QUARTERLY EX-DIVIDEND DATE
Canadian General Investments Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
Industrial Confidence (EU) (10:00)
Q2
Globaltrans Investment GDR (Reg S), JSC Acron GDR (Reg S), Nord Gold SE GDR (Reg S)
EGMS
Air China Ltd.
AGMS
Medilink-Global UK Ltd., Puma VCT 9
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
Iomart Group
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher; non-farm payrolls to be main focus this week European stocks pushed higher in early trade as investors continued to mull over Federal Reserve Chair Janet Yellen's speech at Jackson Hole at the end of last week.
At 0845 BST, the benchmark Stoxx Europe 600 index was up 0.5%, Germany's DAX was 0.9% higher and France's CAC 40 was up 1%.
At the same time, oil prices were a touch firmer, with West Texas Intermediate up 0.3% at $47.11 a barrel and Brent crude up 0.2% at $49.37.
Markus Huber, a trader at City of London Markets, said: "European shares are trading firmer this morning receiving an early boost from higher markets in Asia and the US overnight. Unlike last week there is plenty of economic data scheduled to be released in the coming days with all eyes on US non-farm payrolls on Friday.
"Fed chief Yellen made it very clear during her speech in Jackson Hole last week that the timing of the next rate hike will very much depend on the strength of the economic data in the coming weeks. Consequently should employment figures turn out very strong again this Friday the likelihood of an interest rate increase as early as September will go up markedly."
In corporate news, BHP Billiton edged higher after a review conducted by a panel of experts concluded that the Samarco dam disaster at a mine part-owned by the company in Brazil last year was caused by construction and design flaws.
The, report commissioned by BHP, said problems at the dam made it more unstable, causing "liquefaction" in the dam wall.
Distribution and outsourcing group Bunzl rallied after it reported a rise in first-half profit as revenue grew and the company lifted its interim dividend. Also on Tuesday, Bunzl announced that it has completed two further acquisitions in Canada and has entered into an agreement to acquire a business in Hungary. |
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| | US Market Report | | US close: Strong spending data gives stocks a boost Wall Street started the week on the front foot, with stronger-than-expected data on personal income stoking buying interest, even as Treasuries recouped a large part of the previous session´s losses, when Fed chair Janet Yellen said the odds of a rate hike had "strengthened".
The Dow Jones Industrials gained 107.59 points to 18,502.99, while the S&P 500 rose 0.52% or 11.34 points to finish the session at 2,180.38 and the Nasdaq Composite edged higher by 0.26% or 13.41 points to end the day at 5,232.33.
Data out on Monday revealed that personal incomes and spending increased at a month-on-month clip of 0.4% and 0.3%, respectively, in July, as expected by the consensus.
Nevertheless, income data for the previous two months was revised higher and hence estimates for the personal savings rate too.
"We view this a positive sign for consumption sustainability into Q3 and think it unlikely that precautionary savings are taking hold. We view consumers as confident at this point and expect strong consumer spending this year, driven by solid job market performance and a buoyant outlook for the economy," Barclays Research´s Blerina Uruci said in a research report sent to clients.
Perhaps the Fed´s most closely watched inflation gauge, the core rate for the personal consumption expenditures price-deflator, was steady in July at 1.6% year-on-year, which was one tenth of a percentage point more than economists had anticipated.
Despite that, US Treasuries saw sharp gains, sending the yield on the benchmark ten-year bond seven basis points lower to 1.56%.
To take note of, investors in the Treasury market might have been treading cautiously ahead of the release of the monthly US jobs report, due out on the following Friday, which several observers believed might factor heavily into the Fed´s decision-making when they next met to decide on policy in September.
According to the CME´s Fed Watch tool, the odds of a 25 basis point rate hike by the Fed at its December meeting stood at 54.2%.
From a sector standpoint, the best performing industrial groups on US stockmarket were: Platinum (2.72%), Aluminium (2.60%) and Coal (2.26%).
Herbalife was a standout gainer following news that activist investor Carl Icahn had picked up more than 2.3m shares in the nutrition specialist.
The KBW index of banks´ shares was again higher, advancing 0.86% to 71.61.
Front month West Texas Intermediate crude oil futures shed 27 cents to $47.37 per barrel on the NYMEX.
Dow Jones - Risers
E.I. du Pont de Nemours and Co. (DD) $70.45 1.15%
Travelers Company Inc. (TRV) $118.48 1.14%
American Express Co. (AXP) $65.52 1.13%
JP Morgan Chase & Co. (JPM) $66.95 1.10%
International Business Machines Corp. (IBM) $159.72 0.88%
McDonald's Corp. (MCD) $115.41 0.85%
Pfizer Inc. (PFE) $35.11 0.83%
Verizon Communications Inc. (VZ) $52.50 0.83%
Intel Corp. (INTC) $35.55 0.82%
Procter & Gamble Co. (PG) $88.30 0.82%
Dow Jones - Fallers
Nike Inc. (NKE) $58.63 -0.63%
Walt Disney Co. (DIS) $94.87 -0.36%
Apple Inc. (AAPL) $106.82 -0.11%
Microsoft Corp. (MSFT) $58.10 0.12%
Merck & Co. Inc. (MRK) $63.01 0.25%
Wal-Mart Stores Inc. (WMT) $71.40 0.37%
Visa Inc. (V) $80.87 0.37%
General Electric Co. (GE) $31.36 0.42%
Unitedhealth Group Inc. (UNH) $137.27 0.48%
Boeing Co. (BA) $132.90 0.51%
S&P 500 - Risers
CF Industries Holdings Inc. (CF) $24.98 4.17%
Tenet Healthcare Corp. (THC) $23.99 3.32%
Dollar General Corp (DG) $77.49 2.64%
Alcoa Inc. (AA) $10.26 2.60%
Newmont Mining Corp. (NEM) $40.91 2.45%
Micron Technology Inc. (MU) $16.91 2.42%
Nordstrom Inc. (JWN) $52.45 2.32%
United States Steel Corp. (X) $20.24 2.27%
Staples Inc. (SPLS) $8.68 2.24%
Wells Fargo & Co. (WFC) $49.56 2.16%
S&P 500 - Fallers
TEGNA Inc (TGNA) $20.43 -2.20%
Gilead Sciences Inc. (GILD) $78.17 -2.01%
Expedia Inc. (EXPE) $109.80 -1.40%
Kansas City Southern (KSU) $98.18 -1.30%
Alexion Pharmaceuticals Inc. (ALXN) $127.99 -1.27%
Csra Inc. (CSRA) $25.45 -1.24%
Best Buy Co. Inc. (BBY) $39.02 -1.17%
Kroger Co. (KR) $32.33 -1.07%
Illumina Inc. (ILMN) $170.42 -1.04% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: CBI, Deloitte, BHP Billiton Poland has become the latest European country to woo some of Britain's biggest banksin the wake of the Brexit vote with a charm offensive in London this week to lure City institutions to Warsaw. The Polish deputy prime minister will arrive on Thursday armed with a package of incentives to offer senior executives at some of the biggest banks in the City that have shown an interest in shifting jobs to the continent. - Financial Times
The head of the CBI employers' federation has urged the British government and regulators to allow the banking industry "off the naughty step" if the City of London is to fend off post-Brexit challengers to its position as Europe's leading financial centre. Carolyn Fairbairn said the government should scrap the punitive 8 per cent surcharge on banks' profits, and the City's twin regulators, the Financial Conduct Authority and the Prudential Regulation Authority, should "really prioritise competitiveness". - Financial Times
Investment into the UK boomed last year as firms from around the world backed a record 2,213 British projects, including infrastructure developments, manufacturing plants and life sciences projects. he number of foreign-backed projects increased 11pc, creating 82,650 jobs, as well as safeguarding more than 30,000 jobs and bolstering economic growth in the run up to the EU referendum. - Telegraph
Accounting giant Deloitte has posted record revenue of £3.1bn, triggering higher payouts for its legion of partners around the globe. Revenue shot up 11.2pc last year as every part of the business grew. Deloitte now audits 23pc of the FTSE 100 companies' accounts, and said it also increased its work on mergers and acquisitions in the 12 months to the end of May 2016. - Telegraph
Consumers are feeling more positive about their personal financial situation but worried about the UK's overall prospects, according to July's Lloyds Bank spending power report. The monthly barometer, which tracks both spending habits and consumer confidence, found that in the weeks following the vote to leave the EU, almost 70% of consumers said they believed their own personal finance situation was either "excellent", "very good" or "somewhat good" - the highest level since the survey started five years ago. - Guardian
The huge disparity in youth unemployment rates across the UK has been laid bare by a new report that found over a quarter of 16- to 24-year-olds in Bradford, Middlesbrough, Swansea and Wolverhampton are now unemployed. The study commissioned by the accountancy firm EY found youth unemployment rates range from 18.3% in north-east England to 11.2% in the east of England. Coventry had one of the lowest youth unemployment rates out of the 48 UK cities reviewed, at just 8.2%. - Guardian
A former Barclays trader faces becoming the first individual to be fined over allegations that he rigged the foreign exchange market after US regulators pressed ahead with moves to impose a penalty of more than $1 million. The Federal Reserve said yesterday that it would seek to fine Christopher Ashton $1.2 million, as well as barring him from working again for a bank, over claims that he co-ordinated attempts to manipulate currencies. - The Times | | |
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