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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 inch higher ahead of August CPI data London stocks edged up at the start of trading, taking their cue from gains overnight on Wall Street, on the back of dovish remarks from a top US central bank official.
As of 0813 BST the FTSE 100 was higher by 13.31 points at 6,714.21.
Speaking to the Chicago Council on Monday evening, US Federal Reserve Governor Lael Brainard said that there was no rush to move ahead on raising rates, or in her more abstruse words, that "asymmetry" in risks "counsels prudence in the removal of policy accommodation".
CMC Markets' Michael Hewson commented: "Despite all the recent softness in both stock and bond markets in recent days over concern about a more hawkish Federal Reserve the fact remains that a Fed rate rise this month still remains a fairly low 22% probability.
"Though yesterday's decline in European markets may have been a direct result of Friday's sharp US selloff, today's higher European open is set to come about as a result of last night's sharp rebound in US markets after permanent Fed member Lael Brainard reinforced earlier comments from non-voting member, and Minneapolis Fed President Neal Kashkari that there was no rush to move ahead on raising rates, pulling US stocks sharply off their intraday lows."
Brainard warned that with inflationary pressure continuing to remain benign, against a backdrop of slowing ISM data and continued global uncertainty, this "counsels prudence in the removal of policy accommodation" ahead of the central bank's blackout period ahead of next week's policy meeting.
Also overnight, Chinese industrial output and retail sales figures for August came in ahead of economists´ forecasts.
Production from the country´s industrial sector grew by 6.3% year-on-year (consensus: 6.2%), while retail sales accelerated from a 10.2% year-on-year pace to 10.6% (consenus: 10.2%).
"The upshot is that today's data fits with our long-running view that the delayed impact of earlier policy easing means that a stronger second half to this year is likely," Julian Evans-Pritchard, China economist at Capital Economics said in a research note sent to clients.
On the data front, UK CPI, RPI and PPI are all due at 0930 BST.
Headline CPI was expected to accelerate from a 0.6% year-on-year pace in July to 0.7%, with the core rate rising from 1.3% to 1.4% alongside it, with a further pick-up expected in the months ahead as the weakness in sterling fed through into companies' pricing decisions.
Consumer price inflation in Germany on the other hand was steady at 0.4% over the year in August, data released by the Federal Office of Statistics before the start of trading showed, but the core rate - which strips out food and energy - slowed from 1.3% to 1.2%.
European Central Bank president Mario Draghi was scheduled to deliver a speech at 1000 BST.
In corporate news, internet and telephone based insurer Esure plans to demerge financial services comparison website Gocompare.com from the company.
The FTSE 250 company said the demerger has the potential to enhance business growth, performance and shareholder value for the website, after a strategic review. Analysts see a potential value for GoCompare of between £400m and £650m.
Ocado claimed its best quarterly volume growth in four years, although a slight acceleration in group revenue growth in the third quarter thanks to the Morrisons deal masked a sight slowdown in own-brand sales.
Average order size also continued its decline and there remained "sustained and continuing margin pressure", said chief executive Tim Steiner.
Sports, fashion and outdoor brand retailer JD Sports Fashion posted its interim results for the 26 weeks to 30 July on Tuesday, with revenue up 20% to £970.57m compared to the first half of last year.
The firm reported a gross profit margin of 48.1%, ahead of the 47.4% margin last year, with operating profit before exceptional items improving 63% to £77.65m.
Profit before tax rose 73% to £77.41m, with basic earnings per ordinary share 69% higher than a year ago at 29.83p.
JD's board declared an interim dividend of 1.25p per share, just ahead of the 1.2p payout announced at the 2015 interim results.
CYBG, the holding company of the Clydesdale and Yorkshire Bank, was lower in early trade despite announcing that has hit its targets for the first year since flotation and upped its guidance for the next three years thanks to bigger cost cuts.
The FTSE 250 bank said it expects the promised double-digit return on tangible equity will arrive one year earlier than planned, by September 2019, and now expects in the same year to deliver mid-single-digit annual loan growth. |
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| Market Movers
FTSE 100 (UKX) 6,719.57 0.28%
FTSE 250 (MCX) 17,784.58 0.31%
techMARK (TASX) 3,457.20 0.42%
FTSE 100 - Risers
Dixons Carphone (DC.) 378.80p 1.64%
Berkeley Group Holdings (The) (BKG) 2,665.00p 1.41%
Ashtead Group (AHT) 1,234.00p 1.23%
Shire Plc (SHP) 4,805.00p 1.16%
Barratt Developments (BDEV) 491.00p 1.13%
Persimmon (PSN) 1,815.00p 1.11%
Coca-Cola HBC AG (CDI) (CCH) 1,647.00p 1.10%
WPP (WPP) 1,768.00p 1.09%
Carnival (CCL) 3,407.00p 1.04%
International Consolidated Airlines Group SA (CDI) (IAG) 421.20p 0.98%
FTSE 100 - Fallers
Associated British Foods (ABF) 2,759.00p -1.99%
Intu Properties (INTU) 291.80p -1.22%
BHP Billiton (BLT) 979.00p -1.21%
easyJet (EZJ) 1,141.00p -0.95%
Rio Tinto (RIO) 2,278.50p -0.70%
Royal Dutch Shell 'A' (RDSA) 1,851.00p -0.32%
Tesco (TSCO) 162.85p -0.28%
Anglo American (AAL) 817.30p -0.27%
HSBC Holdings (HSBA) 564.30p -0.23%
London Stock Exchange Group (LSE) 2,660.00p -0.11%
FTSE 250 - Risers
JD Sports Fashion (JD.) 1,436.00p 7.73%
Allied Minds (ALM) 330.50p 3.22%
Cairn Energy (CNE) 191.50p 2.74%
Morgan Advanced Materials (MGAM) 294.30p 2.19%
CMC Markets (CMCX) 234.40p 2.05%
NCC Group (NCC) 332.30p 1.96%
NMC Health (NMC) 1,357.00p 1.95%
Man Group (EMG) 118.90p 1.71%
Hochschild Mining (HOC) 268.30p 1.71%
International Personal Finance (IPF) 281.80p 1.66%
FTSE 250 - Fallers
Ocado Group (OCDO) 303.50p -5.75%
CYBG (CYBG) 260.00p -4.38%
Marshalls (MSLH) 290.40p -2.71%
Genus (GNS) 1,875.00p -2.60%
Spectris (SXS) 1,892.00p -2.02%
Amec Foster Wheeler (AMFW) 545.50p -1.45%
Tullett Prebon (TLPR) 372.60p -1.22%
Metro Bank (MTRO) 2,721.00p -1.16%
Barr (A.G.) (BAG) 499.00p -0.99% |
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| | UK Event Calendar | | Tuesday September 13
INTERIMS
Attraqt Group , Corero Network Security, Escher Group Holdings, Flowtech Fluidpower, Futura Medical, Goals Soccer Centres, Hilton Food Group, JD Sports Fashion, Manx Telecom , Netplay TV, SafeCharge International Group Limited (DI), STM Group, TP Group, Verona Pharma
INTERIM DIVIDEND PAYMENT DATE
Mondi
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Q2
Netplay TV
FINALS
Kalibrate Technologies
AGMS
Aberdeen Private Equity Fund Ltd. Sterling Part Shares, Abzena, Cohort, Daejan Holdings, Empyrean Energy, Imaginatik, Solid State
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher on dovish Brainard comments European stocks edged higher in early trade, recovering from the previous session's losses and taking their cue from a positive close on Wall Street following dovish comments by Federal Reserve governor Lael Brainard.
At 0840 BST, the benchmark Stoxx Europe 600 index and France's CAC 40 were up 0.4%, while Germany's DAX was 0.5% higher.
At the same time, oil prices retreated. West Texas Intermediate was down 1.7% to $45.52 a barrel while Brent crude was off 1.4% at $47.64.
Stocks in the US ended higher on Monday on the back of a dovish speech by Federal Reserve governor Lael Brainard, who said at the Chicago Council on Global Affairs that although economic progress is being made, it would be wise for the Fed to keep monetary policy loose.
In addition, Minneapolis Fed President Neel Kashkari told CNBC that policy makers should take their time to when it comes to making a decision on rates.
Andy McLevey, head of dealing at stockbroker Interactive Investor, said: "European markets have opened tentatively higher in early trading aided by the recovery on Wall Street and in Asia overnight as Federal Reserve governor Lael Brainard maintained a dovish stance on any potential rate rise providing welcome relief to markets.
"With a number of dissenting voices however the future is still unclear and it remains to be seen if investors have the desire to push markets higher amid the backdrop of political and economic uncertainty. With the volatility of late set to continue this may throw up trading opportunities at stock level for the shrewd investor."
On the corporate front, Swiss global private markets investment management company Partners Group rallied following well-received interim results.
On the downside, UK online grocer Ocado was under the cosh after it reported a jump in quarterly retail sales but cautioned over margin pressure. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Jobs boost, Brainard caution, recovery 'mirage' Britain's employers have refused to panic following the referendum vote, but new jobs are likely to become increasingly scarce as concerns over Brexit talks undermine business confidence. Recruitment agency Manpower said that, on the surface, the EU referendum had done little to dampen firms' immediate recruitment plans. Official figures show employment is steady and the number of people claiming jobseeker's allowance is falling. - Guardian
The already depressed odds of a Federal Reserve interest rate rise happening this month took a further hit on Monday after a senior policymaker set out a series of arguments for not rushing to an increase. Amid fevered speculation about the US central bank's policy meeting next week, Lael Brainard called for caution on rates amid doggedly below-target inflation, risks from overseas and a limited arsenal to counter future economic setbacks. - Financial Times
Britain's post-referendum recovery may prove to be a "mirage", a leading credit rating agency has warned, as uncertainty about the country's relationship with the European Union persuades companies to delay staff hiring and investment. Standard & Poor's said signs of recovery should be treated with caution because a rebound in August only made up for ground lost in July. - Guardian
Industrial and commodities group Liberty House is in pole position to buy Tata's speciality and pipe businesses in a deal that could save close to 2,000 jobs. The Daily Telegraph understands that Liberty House is the frontrunner for the businesses. An agreement to buy Tata's units based in Rotherham, Stocksbridge and Hartlepool could come as early as this week.
Bob Diamond's hopes of buying the African subsidiary of Barclays - the bank he used to run - have taken another knock after the US private equity group Carlyle pulled out of a consortium with the American former investment banker. A person familiar with the situation said Mr Diamond's Atlas Merchant Capital investment vehicle remained interested in buying some or all of Barclays' remaining stake in its African unit even after Carlyle walked away from the potential deal. - Financial Times
Talks on Britain's withdrawal from the EU may be the most complicated negotiation of all time, the Brexit secretary has said. In a sign of the difficulties already emerging, David Davis said he had been "given 180-degree opposite opinions on some things" in terms of legal advice. - Guardian
The former trader convicted of being the "ringmaster" behind the Libor-rigging scandal has questioned ministers' plans to introduce a new criminal offence that will hold senior executives at boardroom level liable to prosecution for failing to prevent their staff from committing fraud. Tom Hayes, 36, told The Times that the Serious Fraud Office had not questioned UBS bosses as part of its investigation into manipulation of the benchmark rate that led to his conviction. He said investigators did not seriously pursue anyone else at UBS over the wrongdoing, despite having evidence that it was explicit bank policy. - The Times
An era of rock-bottom interest rates is coming to an end, senior bankers warned last night. Barclays boss Jes Staley and JP Morgan chief executive Jamie Dimon said that the rush to a rate rise in the US was gathering pace. - Mail
Channel 4 of the UK will broadcast the next series of The Great British Bake Off in a big blow to the BBC, which lost one of its flagship shows after failing to strike a new deal with the makers of the ratings hit. Love Productions, which produces the unlikely ratings success, announced "with regret" that it had been unable to reach an agreement with the BBC for an eighth season of Bake Off after months of negotiations. -Financial Times
The Bank of England is making pension contributions equivalent to 55 per cent of staff pay to meet mushrooming liabilities caused by its own super-lax monetary policy, a former minister has claimed. Baroness Altmann said that the Bank appeared to be complacent over the effect that quantitative easing was having because its own pensions bill was footed by taxpayers. - The Times
Tamara Mellon is suing her former employer Jimmy Choo amid claims the company set out to sabotage her new venture. The shoe designer, who was awarded an OBE for her services to fashion, co-founded the multi-million-pound luxury brand in the 1990s. - Mail
The accumulated wealth of Britain's richest 1% is more than 20 times the total of the poorest fifth, making the country one of the most unequal in the developed world, according to analysis by Oxfam. The anti-poverty charity said the figures suggest that the property, pensions and shares owned by around 634,000 of the UK's richest people are worth 20 times as much as the assets held by the poorest 13 million. - Guardian
Sales of rosé wine have doubled this summer, driven by the thirst for the frozen cocktail frosé and the social media brosé movement sparked by men boasting they are not afraid to "drink pink". The Indian summer is likely to prolong consumers' taste for the pink tipple, supermarkets predict, where English wine has been a particular winner as part of a wider increase in sales of wines produced by UK vineyards. - Guardian |
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