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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 nudge higher ahead of jobs data Stocks in London nudged higher in early trade following losses in the previous session, as investors awaited the release of some key jobs data.
At 0825 BST, the FTSE 100 index was up 0.2% to 6,678.92.
At the same time, oil prices rebounded from heavy losses on Tuesday. West Texas Intermediate was up 0.8% to $45.24 a barrel while Brent crude was up 0.5% at $47.33.
On the data calendar, the UK unemployment rate, average weekly earnings and the claimant count are at 0930 BST.
CMC Markets' Michael Hewson said: "Today's economic data could well add further grist to the mill with respect to any potential damage that this summer's Brexit vote has done to the UK economy with the release of the latest unemployment and wages data for July and August.
"So far none of the dire predictions of doom and gloom have come to pass with respect to the UK economy with economists now almost tripping over themselves in their haste to revise upwards their dire predictions in the wake of the recent rebound in UK economic data."
In corporate news, construction group Galliford Try was in the black as it hoisted its dividend 21% after posting a record annual profit thanks to strong growth at its housebuilding and regeneration units.
Elsewhere, Compass Group gained ground after JPMorgan Cazenove upgraded the stock to 'overweight' from 'neutral'.
Telecommunications company Sky nudged a touch lower after saying it has invested £1m in the Drone Racing League (DRL), which includes a distribution deal to show the league on the Sports Mix channel from October.
FTSE 250 homeware retailer Dunelm was little changed after reporting a rise in full-year profit and revenue as it grew its market share despite increasing competition, and lifted its dividend. |
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| Market Movers
FTSE 100 (UKX) 6,683.23 0.26%
FTSE 250 (MCX) 17,697.82 0.21%
techMARK (TASX) 3,452.77 0.33%
FTSE 100 - Risers
Fresnillo (FRES) 1,643.00p 1.92%
Compass Group (CPG) 1,448.00p 1.61%
Severn Trent (SVT) 2,401.00p 1.48%
Randgold Resources Ltd. (RRS) 7,455.00p 1.36%
Glencore (GLEN) 179.15p 1.19%
Tesco (TSCO) 162.45p 1.12%
CRH (CRH) 2,496.00p 1.01%
Anglo American (AAL) 791.60p 1.00%
Worldpay Group (WI) (WPG) 294.50p 0.96%
Prudential (PRU) 1,345.50p 0.90%
FTSE 100 - Fallers
Taylor Wimpey (TW.) 151.80p -0.98%
Barratt Developments (BDEV) 479.20p -0.85%
Burberry Group (BRBY) 1,265.00p -0.71%
ITV (ITV) 195.90p -0.51%
Land Securities Group (LAND) 1,009.00p -0.49%
Mondi (MNDI) 1,568.00p -0.44%
British Land Company (BLND) 626.00p -0.40%
Berkeley Group Holdings (The) (BKG) 2,616.00p -0.38%
GlaxoSmithKline (GSK) 1,591.50p -0.34%
BT Group (BT.A) 378.25p -0.34%
FTSE 250 - Risers
Centamin (DI) (CEY) 146.80p 3.53%
Hochschild Mining (HOC) 263.70p 3.13%
Galliford Try (GFRD) 1,163.00p 2.83%
CMC Markets (CMCX) 235.00p 2.49%
Tullow Oil (TLW) 222.20p 2.16%
Smurfit Kappa Group (SKG) 1,915.00p 1.86%
Acacia Mining (ACA) 484.50p 1.76%
F&C Commercial Property Trust Ltd. (FCPT) 127.90p 1.51%
Rank Group (RNK) 216.00p 1.50%
Meggitt (MGGT) 476.80p 1.45%
FTSE 250 - Fallers
Ocado Group (OCDO) 262.00p -5.76%
CYBG (CYBG) 249.90p -3.51%
Countrywide (CWD) 229.90p -2.79%
Marshalls (MSLH) 292.30p -2.08%
Zoopla Property Group (WI) (ZPLA) 317.50p -1.34%
Safestore Holdings (SAFE) 379.60p -1.17%
The Renewables Infrastructure Group Limited (TRIG) 104.00p -0.95%
McCarthy & Stone (MCS) 177.00p -0.95%
Bovis Homes Group (BVS) 871.50p -0.91% |
| | UK Event Calendar | | Wednesday September 14
INTERIMS
Accesso Technology Group, Advanced Medical Solutions Group, Alliance Pharma, Anpario, Cambian Group, Epwin Group, Everyman Media Group , MyCelx Technologies Corporation (DI), Quixant, Quixant
INTERIM DIVIDEND PAYMENT DATE
Apax Global Alpha Limited , Fidessa Group, Rentokil Initial
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Industrial Production (EU) (10:00)
MBA Mortgage Applications (US) (12:00)
FINALS
Dunelm Group, Empiric Student Property , Town Centre Securities, Wilmington
AGMS
Agriterra LD, Intercede Group, Marechale Capital , Pets at Home Group , Sable Mining Africa Ltd. (DI), Sophos Group , Supergroup, Tricorn Group
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as luxury shares come under pressure European stocks were little changed in early trade, struggling to make any real gains as investors continued to mull over central bank policy.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 0.2%, Germany's DAX was 0.1% firmer and France's CAC 40 was flat.
At the same time, oil prices rebounded from heavy losses on Tuesday. West Texas Intermediate was up 0.8% to $45.27 a barrel while Brent crude was up 0.7% at $47.41.
Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said: "Although European equities are trying to rally, markets remain tentative, with volatility increasing and investors worried about potential pitfalls ahead. With the market difficult to read, the fear is that bullish investors will get sucked in again, but this may be the start of a more pronounced downturn. The flip side is that with no alternative asset class proving attractive, investors may be forced back into equities as the least bad option, giving bearish investors nowhere to go.
"A normal equity market correction provides investors with the opportunity to invest in traditional safe havens such as bonds or precious metals. However, in this low interest rate environment, equities have become highly correlated with these other asset classes making it very difficult to find alternatives."
In corporate news, Bayer nudged higher following reports it has upped its offer for Monsanto to about $129 a share from £127.50.
Telecommunications company Sky slipped after saying it has invested £1m in the Drone Racing League (DRL), which includes a distribution deal to show the league on the Sports Mix channel from October.
Construction group Galliford Try was in the black as it hoisted its dividend 21% after posting a record annual profit thanks to strong growth at its housebuilding and regeneration units.
Compass Group gained ground after JPMorgan Cazenove upgraded the stock to 'overweight' from 'neutral'.
Luxury stocks were in focus on Wednesday, with Richemont in the red after the Cartier maker said operating profit in the first half was likely to drop by 45%. Meanwhile, Hermes was also under the cosh after saying it was abandoning annual sales growth forecasts from 2017 as a result of the uncertain trading environment.
FTSE 250 homeware retailer Dunelm was little changed after reporting a rise in full-year profit and revenue as it grew its market share despite increasing competition, and lifted its dividend.
On the data front, eurozone industrial production figures are due at 1000 BST. |
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| | US Market Report | | US close: Stocks end lower as oil prices retreat US stocks ended in the red on Tuesday with energy issues under the cosh amid falling oil prices, as investors continued to digest dovish comments by Federal Reserve governor Lael Brainard.
The Dow Jones Industrial Average ended 1.4% lower, the S&P 500 declined 1.5% and the Nasdaq slid 1.1%.
At the same time oil prices slid after the International Energy Agency said the crude market will be oversupplied at least through the six months of 2017. West Texas Intermediate crude was down 3% to $44.90 a barrel and Brent was down 2.4% to $47.17. This weighed on energy stocks, with the likes of Chevron and Exxon both firmly on the back foot.
Stocks in the US had 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 interest rates.
The more dovish tone from Brainard and Kashkari followed hawkish comments last week from Boston Fed President Eric Rosengren, which had sparked concerns that the Fed would hike rates at its next policy meeting on 20-21 September.
"The Federal Reserve blackout period is now upon us, giving traders a week to speculate on the impact of what has been said and the few pieces of data we get between now and the decision next Wednesday," said Craig Erlam, senior market analyst at Oanda.
"While a hawkish consensus does appear to be building among the committee, the absence of some key policymakers from this makes a hike at the meeting next week very unlikely."
In other US economic news, the NFIB small-business index fell in August to 94.4 from 94.6 in July. Economists had expected a reading of 94.8.
On the corporate front, semiconductor maker Intersil Corp surged after Japanese chip maker Renesas Electronics announced that it will buy the company for $3.2bn.
Oil and gas firm Anadarko Petroleum slumped after saying late on Monday that its board of directors has agreed to buy the deepwater Gulf of Mexico assets of Freeport McMoRan Oil & Gas for $2bn.
Tiffany & Co. rallied after the jeweller named Mark Erceg as its chief financial officer.
S&P 500 - Risers
Paypal Holdings Inc (PYPL) $39.86 +2.81%
Apple Inc. (AAPL) $107.95 +2.38%
Skyworks Solutions Inc. (SWKS) $69.36 +1.49%
Carnival Corp. (CCL) $45.63 +0.91%
Tiffany & Co. (TIF) $68.74 +0.64%
Signet Jewelers Ltd (SIG) $78.97 +0.55%
AutoZone Inc. (AZO) $744.15 +0.51%
Best Buy Co. Inc. (BBY) $37.47 +0.48%
Broadcom Limited (AVGO) $165.24 +0.46%
Qorvo, Inc. (QRVO) $53.92 +0.30%
S&P 500 - Fallers
Freeport-McMoRan Inc (FCX) $10.15 -8.39%
NRG Energy Inc. (NRG) $10.98 -8.35%
Chesapeake Energy Corp. (CHK) $7.38 -8.32%
Murphy Oil Corp. (MUR) $26.14 -7.53%
Marathon Oil Corp. (MRO) $14.34 -7.30%
United States Steel Corp. (X) $16.35 -6.20%
CF Industries Holdings Inc. (CF) $24.01 -5.88%
Noble Energy Inc. (NBL) $34.75 -5.16%
Transocean Ltd. (RIG) $9.31 -5.10%
Southwestern Energy Co. (SWN) $14.19 -5.02%
Dow Jones I.A - Risers
Apple Inc. (AAPL) $107.95 +2.38%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $99.43 -2.76%
Exxon Mobil Corp. (XOM) $85.21 -2.38%
Goldman Sachs Group Inc. (GS) $167.00 -2.37%
American Express Co. (AXP) $64.36 -2.34%
Home Depot Inc. (HD) $125.72 -2.23%
Merck & Co. Inc. (MRK) $61.81 -2.18%
Verizon Communications Inc. (VZ) $51.45 -2.13%
Coca-Cola Co. (KO) $42.28 -2.11%
General Electric Co. (GE) $29.85 -2.10%
Caterpillar Inc. (CAT) $80.23 -2.06%
Nasdaq 100 - Risers
Liberty Media Corporation - Class A (LMCA) $27.83 +15.81%
Liberty Media Corporation - Series C (LMCK) $27.30 +15.14%
Apple Inc. (AAPL) $107.95 +2.38%
Skyworks Solutions Inc. (SWKS) $69.36 +1.49%
Broadcom Limited (AVGO) $165.24 +0.46%
Tractor Supply Company (TSCO) $69.29 +0.26%
Western Digital Corp. (WDC) $52.37 +0.11%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $35.29 +0.11%
JD.com, Inc. (JD) $26.53 +0.11%
Electronic Arts Inc. (EA) $80.87 +0.04%
Nasdaq 100 - Fallers
CA Inc. (CA) $32.13 -3.37%
Viacom Inc. Class B (VIAB) $36.80 -3.36%
Netflix Inc. (NFLX) $96.09 -2.99%
Monster Beverage Corp (MNST) $143.92 -2.95%
Ctrip.Com International Ltd. Ads (CTRP) $43.08 -2.80%
Dollar Tree Inc (DLTR) $80.18 -2.67%
Vertex Pharmaceuticals Inc. (VRTX) $95.27 -2.65%
Vodafone Group Plc ADS (VOD) $29.66 -2.63%
Intuit Inc. (INTU) $106.70 -2.59% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Bayer/Monsanto, Dyson, Tata, Apple Bayer and Monsanto are on the verge of agreeing the largest takeover deal of 2016 to date, after the German company sweetened its offer for the US seed maker to just under $130 a share, people informed about the negotiations said. The deal, valuing Monsanto's equity at about $57bn and worth about $66bn including debt, is likely to be announced as early as Wednesday morning in New York soon after Bayer's board meets to sign off on the deal, several people close to the aspirin-to-crop chemicals conglomerate said. - Financial Times
Ardian, the French private equity house, raised €4.5bn in four months for investing in midsized European companies mostly outside Britain, in a sign that June's vote to leave the EU has pushed backers of buyout funds to look beyond the UK. Philippe Poletti, the head of Ardian's mid-cap buyout investing unit, said that "Brexit was in our favour" during the fundraising, increasing interest from institutional investors, some of which have turned wary of more UK-focused funds. - Financial Times
Sir James Dyson, the billionaire inventor, has said there is no reason for businesses in Britain to be uncertain as a result of the EU referendum and that they would be mad to withhold investment on the back of the vote. Speaking as his company, Dyson, unveiled a £250m expansion of its research and development centre in the Cotswolds, the engineer said Britain could now reach trade agreements with countries outside Europe "much more easily and flexibly" and reconsider its approach to immigration from around the world so it can attract more engineers and scientists from India, China and the far east. - Guardian
One of Britain's largest bond funds has suggested that people would be better off keeping their money in cash, rather than investing in debt, as it warned of the extraordinary impact that central bank policies are having on fixed-income returns. M&G Investments, which manages more than £260 billion for its customers, of which nearly £160 billion is in fixed-income assets, said yesterday that the "traditional approach" to investing should be reappraised in the light of negative interest rates, where depositors pay to save their money. - The Times
Ministers appear to have backtracked on a proposal that might have helped to save Tata Steel UK but, critics argued, could have ripped a hole in one of the fundamental principles of pension provision. A proposal to introduce legislation to allow Tata to water down promised pension benefits is said to have been shelved because of worries it could set a dangerous precedent and because of reported resistance from the Pension Protection Fund industry lifeboat. - The Times
The European Union is facing an 'existential threat', its most senior official will warn on Wednesday, as major splits emerge between East and West countries in the wake of Brexit. Jean-Claude Juncker, the European Commission president, will on Wednesday deliver a 'State of the Union' speech, in which he will attempt to ease tensions in an increasingly divided continent. - Telegraph |
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