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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 flat as investors digest consumer confidence figures London stocks were little changed in early trade as investors sifted through some mixed corporate earnings and a survey showing a rebound in UK consumer confidence.
At 0830 BST, the FTSE 100 was flat at 6,818.64.
Rebecca O'Keeffe, head of investment at Interactive Investor, said: "Traditional August volatility has been missing this year as muted volumes and the continuing yield hunt has seen equity markets continue to benefit as investors struggle to find alternative investment opportunities.
"However, September could see a return to more interesting and volatile market conditions as central banks yet again become the primary focus of attention. Friday's US employment report could be the final piece of the jigsaw puzzle that might set the tone for a more hawkish Federal Reserve. Against a backdrop where economic pressure in Europe and the UK is more likely to see rates cut further, this decoupling could see market volatility spike sharply."
On the data front, GfK's headline consumer confidence index rose five points to -7 in August, which was slightly above consensus expectations of -8 but still well below the 12-month average of -1.
All five measures used to calculate the index increased in August, with the index of major purchases up nine points at +7 and the personal financial situation index up one point to 0.
Meanwhile, the survey found expectations for the general economic situation over the next 12 months have increased 11 points to -22.
Joe Staton, head of Market Dynamics at GfK, said: "We're reporting some recovery in the Index this month as consumers settle into the new wait-and-see reality of a post-Brexit, pre-exit UK. The uptick in confidence is driven by good news from hard data, the combination of historic low interest rates matched with falling prices and high levels of employment.
"This can be seen in positive growth across all major measures including both our Personal and General Economic situation for the next 12-months."
There are no further UK data releases of note due, but eurozone inflation and unemployment rate are at 1000 BST.
In corporate news, 888 Holdings rallied as favourable sports results and strong casino winnings lifted its first-half numbers, helping to make up for its failed plot to buy William Hill.
Diploma edged higher as it said underlying sales grew 2% in the year to September, with acquisitions and the weak pound helping to lift statutory revenues 14%.
James Fisher was under the cosh after it said it expected to return to growth in the second half and produce "a good improvement" in the full year after another fall in revenue and profits in the first half.
FTSE 250 builders merchant Grafton Group tumbled as it reported a rise in first-half pre-tax profit as revenue grew thanks in part to strong performances in the Netherlands and Ireland, but warned of a challenging backdrop in UK merchanting. |
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| Market Movers
FTSE 100 (UKX) 6,818.82 -0.03%
FTSE 250 (MCX) 17,803.78 -0.24%
techMARK (TASX) 3,459.19 -0.15%
FTSE 100 - Risers
HSBC Holdings (HSBA) 565.20p 1.38%
Sky (SKY) 856.50p 0.65%
Relx plc (REL) 1,456.00p 0.62%
Standard Chartered (STAN) 636.40p 0.58%
Prudential (PRU) 1,365.50p 0.55%
Barclays (BARC) 170.05p 0.53%
Lloyds Banking Group (LLOY) 59.05p 0.32%
Berkeley Group Holdings (The) (BKG) 2,603.00p 0.31%
Merlin Entertainments (MERL) 481.60p 0.29%
Mediclinic International (MDC) 1,035.00p 0.29%
FTSE 100 - Fallers
Morrison (Wm) Supermarkets (MRW) 192.50p -2.43%
Travis Perkins (TPK) 1,665.00p -2.17%
Anglo American (AAL) 801.00p -2.02%
BHP Billiton (BLT) 1,019.50p -2.02%
Randgold Resources Ltd. (RRS) 7,250.00p -1.49%
Rio Tinto (RIO) 2,316.50p -1.45%
Persimmon (PSN) 1,807.00p -1.42%
London Stock Exchange Group (LSE) 2,763.00p -1.29%
Fresnillo (FRES) 1,670.00p -1.18%
Tesco (TSCO) 161.85p -0.89%
FTSE 250 - Risers
DFS Furniture (DFS) 271.90p 2.10%
SEGRO (SGRO) 454.60p 1.79%
Kennedy Wilson Europe Real Estate (KWE) 972.50p 1.41%
UK Commercial Property Trust (UKCM) 79.80p 1.27%
Marshalls (MSLH) 315.20p 1.16%
The Renewables Infrastructure Group Limited (TRIG) 104.90p 1.06%
NCC Group (NCC) 333.30p 0.91%
Mitchells & Butlers (MAB) 260.50p 0.89%
IMI (IMI) 1,069.00p 0.85%
Electrocomponents (ECM) 308.20p 0.82%
FTSE 250 - Fallers
Grafton Group Units (GFTU) 563.00p -7.40%
Restaurant Group (RTN) 379.80p -4.09%
Ocado Group (OCDO) 296.30p -3.49%
IP Group (IPO) 188.10p -3.04%
Safestore Holdings (SAFE) 356.00p -1.87%
Polypipe Group (PLP) 283.50p -1.84%
Petrofac Ltd. (PFC) 843.00p -1.81%
Halfords Group (HFD) 353.90p -1.59%
Hochschild Mining (HOC) 250.80p -1.53% |
| | UK Event Calendar | | Wednesday August 31
INTERIMS
Arrow Global Group, Avengardco Investments Public Ltd GDR, BBGI SICAV S.A. (DI), Biome Technologies, Brave Bison Group, Cathay International Holdings Ltd., Churchill China, Exova Group , Grafton Group Units, Gulf Marine Services, HSS Hire Group , Irish Continental Group Units, PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S), PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S), PPHE Hotel Group Ltd, Surgical Innovations Group, The Gym Group
INTERIM DIVIDEND PAYMENT DATE
Lancashire Holdings Limited, Man Group
QUARTERLY PAYMENT DATE
City of London Inv Trust, Picton Property Income Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
Pending Homes Sales (US) (15:00)
Retail Sales (GER) (07:00)
Unemployment Rate (EU) (10:00)
Unemployment Rate (GER) (08:55)
Q2
Avengardco Investments Public Ltd GDR, HSS Hire Group , PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S), PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S), The Gym Group
AGMS
Aberdeen New Dawn Investment Trust, Bahamas Petroleum Co, Iona Environmental VCT, Jupiter Green Inv Trust, Maven Income And Growth VCT 6 , Puma Vct 8
TRADING ANNOUNCEMENTS
Punch Taverns
UK ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (00:00)
GFK Consumer Confidence (00:05)
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
City of London Investment Trust 4.2% Non-Cum 2nd Prf Stk, Datang International Power Generation Co Ltd.
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver as investors await inflation figures; Commerzbank rallies European stocks wavered in early trade as investors digested better-than-expected German data ahead of key eurozone inflation figures.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 0.2%, Germany's DAX was 0.1% weaker and France's CAC 40 was 0.3% firmer.
At the same time, oil prices were in the red. West Texas Intermediate was down 0.4% to $46.17 a barrel while Brent crude was 0.5% lower at $48/14.
Ana Thaker, market economist at PhillipCapital UK, said: "Today's eurozone CPI figures will be crucial in determining ECB policy in their September meeting. If CPI looks weak, we could see Draghi act swiftly to inject more stimulus into the markets in a bid to increase price levels and spur on growth. The eurozone has faced a spate of poor data recently and there will be pressure on the ECB to take measures to support the economy."
The flash eurozone inflation data is due at 1000 BST, along with the unemployment rate for the bloc.
In terms of sectors, miners were under pressure after analysts at Clarksons Platou Securities said iron ore prices could drop below $50 a metric ton before the year-end. The Stoxx 600 basic resources index fell 1.5%.
In corporate news, Commerzbank racked up healthy gains after Germany's Manager Magazin reported that Deutsche Bank had in the past looked at the possibility of a merger with the company.
Iliad was on the front foot as the French phone carrier posted a rise in first-half sales and earnings.
French telecommunications company Bouygues was also in the black as it said net profit in the second quarter increased and stuck to its full-year revenue and earnings targets.
888 Holdings rallied as favourable sports results and strong casino winnings lifted its first-half numbers, helping to make up for its failed plot to buy William Hill.
Diploma edged higher as it said underlying sales grew 2% in the year to September, with acquisitions and the weak pound helping to lift statutory revenues 14%.
FTSE 250 builders merchant Grafton Group tumbled as it reported a rise in first-half pre-tax profit as revenue grew thanks in part to strong performances in the Netherlands and Ireland, but warned of a challenging backdrop in UK merchanting.
On the macroeconomic calendar, figures from Destatis showed German retail sales rose 1.7% in July from June, beating expectations of a 0.5% increase. |
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| | US Market Report | | US close: Stocks fall as traders look ahead to non-farm payrolls report US stocks declined at the close on Tuesday as oil prices dropped and as traders awaited the all-important non-farm payrolls report.
The Dow Jones Industrial Average fell 0.26% to 18,454.30 points, the S&P 500 edged down 0.20% to 2,176.12 points and the Nasdaq shed 0.18% to 5,222.99 points.
At the same time oil prices fell as the dollar strengthened, making crude imports more expensive for holders of other currencies. West Texas Intermediate crude dropped 1.7% to $48.43 per barrel and Brent fell 1.14% to $46.45 per barrel at 2052 BST.
The dollar rose 0.21% against the pound, increased 0.40% against the euro and jumped 1.07% versus the yen.
Investors are holding out for the monthly official jobs report on Friday after Fed Chair Janet Yellen said the next interest rate hike depends on the strength of incoming economic data. In her speech at the Jackson Hole symposium last Friday, Yellen noted that the economy is improving and suggested the case for a move on rates had strengthened in recent months.
Joshua Mahony, market analyst at IG, said: "Much like last week, which saw traders spend their time anticipating Friday's speech from Yellen, this week will also see a crescendo of anticipation into the August payrolls figure, which according to Stanley Fischer represents a deal breaker regarding whether the Fed will indeed raise rates in 2016.
"Following relatively robust numbers in the past two months, another 200K-plus figure could provide the spark needed for the committee to act this year, with markets currently pricing in a 61.4% chance. Given the threat associated with the US election in November, the likelihood is that December provides the best chance for action from the Fed."
Fed Reserve vice chair Stanley Fischer told Bloomberg on Tuesday that while negative interest rates seem to be working in other countries, the US central bank is not "planning to do anything in that direction".
In economic data, US house price growth slowed in June. The S&P Core Logic Case-Shiller 20-City Composite index rose 5.1% year-on-year, compared to expectations for an increase of 5.2% and May's revised 5.3% increase.
A gauge of US consumer confidence rose to the highest level in nearly a year in August. The Conference Board's consumer confidence index edged up to 101.1 in August from 96.7 in July, beating estimates of 97.0.
"On the whole, the US consumer has remained a robust proposition within an international context of weakening demand, and the positive data may put the long-speculated interest rate hike further up Yellen's agenda," said Dennis de Jong, managing director of UFX.com.
"The real test, however, is whether this confidence begins to waver as we enter what will surely be the most contentious US presidential race in living memory."
On the corporate front, Abercrombie & Fitch shares plunged after it reported a second quarter loss that was worse than expected as sales fell for a 14th straight quarter.
Apple was under the cosh after the European Commission ruled that Ireland should recover up to €13bn from the technology giant in back taxes.
Hershey shares tumbled after Mondelez International said late on Monday it has ended its bid to buy the chocolate maker.
United Continental Holdings was in the black after it said late on Monday that it has named Scott Kirby as president.
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $169.46 1.55%
JP Morgan Chase & Co. (JPM) $67.50 0.82%
Intel Corp. (INTC) $35.70 0.42%
Visa Inc. (V) $81.17 0.37%
General Electric Co. (GE) $31.36 -0.00%
Walt Disney Co. (DIS) $94.87 -0.00%
Travelers Company Inc. (TRV) $118.46 -0.02%
McDonald's Corp. (MCD) $115.37 -0.03%
American Express Co. (AXP) $65.45 -0.11%
Wal-Mart Stores Inc. (WMT) $71.32 -0.11%
Dow Jones - Fallers
Boeing Co. (BA) $130.82 -1.57%
Nike Inc. (NKE) $58.01 -1.06%
Home Depot Inc. (HD) $134.10 -0.84%
Procter & Gamble Co. (PG) $87.56 -0.84%
Apple Inc. (AAPL) $106.00 -0.77%
Caterpillar Inc. (CAT) $82.48 -0.75%
Coca-Cola Co. (KO) $43.23 -0.71%
Pfizer Inc. (PFE) $34.88 -0.66%
United Technologies Corp. (UTX) $107.35 -0.57%
Merck & Co. Inc. (MRK) $62.71 -0.48%
S&P 500 - Risers
Mosaic Company (MOS) $30.45 8.94%
United Continental Holdings Inc. (UAL) $50.99 8.60%
CF Industries Holdings Inc. (CF) $26.20 4.88%
Mondelez International Inc. (MDLZ) $44.74 3.95%
Tesoro Corp. (TSO) $75.83 2.82%
Morgan Stanley (MS) $32.19 2.47%
American Airlines Group (AAL) $37.05 2.43%
Bank of America Corp. (BAC) $16.19 2.21%
Perrigo Company plc (PRGO) $90.99 2.19%
Wells Fargo & Co. (WFC) $50.63 2.16%
S&P 500 - Fallers
Hershey Foods Corp. (HSY) $99.66 -10.75%
Newmont Mining Corp. (NEM) $38.60 -5.65%
Gap Inc. (GPS) $25.34 -4.31%
Freeport-McMoRan Inc (FCX) $10.56 -3.83%
United States Steel Corp. (X) $19.51 -3.58%
Marathon Oil Corp. (MRO) $15.55 -2.75%
NRG Energy Inc. (NRG) $12.19 -2.64%
Bristol-Myers Squibb (BMY) $57.24 -2.60%
Urban Outfitters Inc. (URBN) $36.23 -2.53%
Dollar General Corp (DG) $75.65 -2.37%
Nasdaq 100 - Risers
Mondelez International Inc. (MDLZ) $44.74 3.95%
American Airlines Group (AAL) $37.05 2.43%
Charter Communications Inc. (CHTR) $256.03 1.47%
eBay Inc. (EBAY) $31.77 1.18%
Liberty Media Corporation - Series C (LMCK) $21.38 1.09%
Baidu Inc. (BIDU) $175.45 1.04%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $35.85 0.93%
Yahoo! Inc. (YHOO) $42.58 0.76%
Liberty Media Corporation - Class A (LMCA) $21.51 0.75%
Activision Blizzard Inc. (ATVI) $41.58 0.70%
Nasdaq 100 - Fallers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $244.97 -3.59%
Tesla Motors Inc (TSLA) $211.34 -1.79%
Dollar Tree Inc (DLTR) $84.11 -1.66%
Viacom Inc. Class B (VIAB) $40.85 -1.47%
Lam Research Corp. (LRCX) $92.98 -1.44%
Monster Beverage Corp (MNST) $153.81 -1.37%
Skyworks Solutions Inc. (SWKS) $74.20 -1.36%
T-Mobile Us, Inc. (TMUS) $46.10 -1.35%
Vodafone Group Plc ADS (VOD) $30.63 -1.32% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: BHP boss, ARM Holdings, ITC Travel The construction of what would be the tallest building in the City of London may be delayed as commercial property investors across the capital become nervous after the Brexit vote about a slowdown in demand for office space. The property division of the French-owned Axa is set to ask investors whether they want to proceed with building 22 Bishopsgate, a 62-storey 278m-high building in the heart of London's financial district costing an estimated £1.5 billion. - The Times
BHP Billiton is set to strip its chief executive of his annual bonus after the publication of a hard-hitting report into failures at the mining group's Brazilian joint venture that led to the fatal collapse of a dam. Andrew Mackenzie, the boss of the London-listed miner, will receive no bonus after a review by BHP's board of the Samarco dam failure led its remuneration committee to conclude that he would not be eligible for pay above his $1.7 million salary. - The Times
Shareholders in ARM Holdings have overwhelmingly backed a £24bn takeover by Japan's SoftBank, despite lingering concerns over the sale of Britain's biggest technology company. More than 95% of the microchip designer's investors voted in favour of the deal at a meeting in London. The company's board accepted SoftBank's cash offer on 18 July. The £17 a share offer represents a premium of more than 40% on ARM's record closing price. The deal is expected to be completed next Monday. - Guardian
The co-founder of a classic car restoration company in Shropshire has given the business to its 60 staff. Peter Neumark, who has owned and chaired Classic Motor Cars since it started in 1993, has turned it into an employee ownership trust, which means the staff own and run the business themselves. They will share profits, in a similar way to the John Lewis Partnership, which pays out annual bonuses as a percentage of salary to staff. Part of the bonus (the first £3,600) will be tax-free. - Guardian
ITC Travel, a maker of made-to-measure holidays for the rich, has been sold to private equity firm NorthEdge in a deal thought to value the luxury operator at £30m. The Cheshire-based travel group was recently featured in the BBC documentary The Millionaires' Holiday Club, which gave a glimpse of its sumptuous holidays, from champagne-fuelled yacht parties in the Caribbean to haute couture dress shopping. - Telegraph
Theresa May has quashed the idea of an early UK general election to capitalise on her party's huge poll lead over the warring Labour opposition. The prime minister's spokesman said on Tuesday there was "no need" for another election after the Conservative victory in May 2015, despite the recent EU referendum vote and resignation of David Cameron as prime minister. - Financial Times | | |
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