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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 little changed ahead of BoE announcement Stocks in London were little changed in early trade as investors looked to the latest policy announcement from the Bank of England.
At 0835 BST, the FTSE 100 was down 0.2% to 6,663.42.
Meanwhile, oil prices edged up, with West Texas Intermediate 0.2% higher at $43.65 a barrel and Brent crude 0.4% firmer at $46.05.
On the data front, UK retail sales are at 0930 BST, while the BoE rate announcement is at 1200 BST.
Last month, the BoE cut rates for the first time since 2009, by 25 basis points, and embarked on an additional £70bn of asset purchases.
As a result, no change is expected this month, with rates seen on hold at 0.25%.
Ana Thaker, market economist at PhillipCapital UK, said: "On all accounts, the Bank of England are expected to do nothing in today's MPC meeting. With a steady release of strong data, the central bank can take credit for their swift action and a 'serene' Carney is unlikely to rock the boat with a reversal of the rate cut or any further action today.
"However, as MPC member Kristin Forbes warned in front of the TSC, the recent run of strong data must be taken cautiously with a potential downturn around the corner as Brexit negotiations begin and the economy processes the consequences. Whilst many believe the bank may have acted too soon, lower rates will facilitate the economy if there is a downturn in data over September and October as we approach the end of the year and near closer to the expected triggering of Article 50."
In corporate news, high street fashion stalwart Next was under the cosh after posting a drop in first-half profit and highlighting challenging trading since July.
GlaxoSmithKline nudged down despite saying its shingles vaccine proved highly successful in a trial among elderly patients.
On the upside, supermarket chain Wm. Morrison was on the front foot after it reported a jump in first-half profit.
Informa traded higher after announcing plans to buy Penton Information Services for £1.2bn.
FTSE 250 electronics distributor Electrocomponents surged after saying it expects to post a significant increase in first-half pre-tax profit following stronger-than-anticipated trading.
On the US economic calendar, initial jobless claims and the Philadelphia Fed survey at 1330 BST are among the highlights. |
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| Market Movers
FTSE 100 (UKX) 6,674.50 0.02%
FTSE 250 (MCX) 17,621.94 -0.05%
techMARK (TASX) 3,448.74 -0.06%
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 203.80p 5.27%
Coca-Cola HBC AG (CDI) (CCH) 1,711.00p 2.89%
Tesco (TSCO) 166.15p 2.75%
Ashtead Group (AHT) 1,231.00p 1.65%
Sainsbury (J) (SBRY) 238.00p 1.23%
HSBC Holdings (HSBA) 567.40p 1.12%
Admiral Group (ADM) 1,993.00p 0.91%
Standard Life (SL.) 337.50p 0.90%
Informa (INF) 699.50p 0.87%
Experian (EXPN) 1,527.00p 0.86%
FTSE 100 - Fallers
Hargreaves Lansdown (HL.) 1,288.00p -4.17%
Next (NXT) 5,075.00p -2.59%
Marks & Spencer Group (MKS) 315.10p -2.08%
Mediclinic International (MDC) 927.00p -1.38%
Fresnillo (FRES) 1,614.00p -1.28%
Randgold Resources Ltd. (RRS) 7,335.00p -1.28%
Intu Properties (INTU) 284.80p -0.77%
Mondi (MNDI) 1,573.00p -0.76%
Hikma Pharmaceuticals (HIK) 2,125.00p -0.75%
Royal Dutch Shell 'A' (RDSA) 1,802.50p -0.72%
FTSE 250 - Risers
JRP Group (JRP) 111.60p 14.70%
Electrocomponents (ECM) 326.50p 8.18%
Redrow (RDW) 400.10p 2.59%
Booker Group (BOK) 182.10p 2.42%
Acacia Mining (ACA) 494.00p 2.07%
IP Group (IPO) 186.20p 2.03%
Allied Minds (ALM) 330.00p 1.73%
RPC Group (RPC) 865.00p 1.29%
DFS Furniture (DFS) 264.30p 1.23%
Centamin (DI) (CEY) 143.50p 1.20%
FTSE 250 - Fallers
Hochschild Mining (HOC) 254.50p -5.46%
Inmarsat (ISAT) 710.00p -3.86%
Sports Direct International (SPD) 295.20p -3.59%
Hastings Group Holdings (HSTG) 208.80p -2.43%
AO World (AO.) 161.40p -2.18%
CMC Markets (CMCX) 226.00p -1.65%
BBA Aviation (BBA) 233.10p -1.65%
Amec Foster Wheeler (AMFW) 534.50p -1.47%
Euromoney Institutional Investor (ERM) 1,088.00p -1.45% |
| | UK Event Calendar | | Thursday September 15
INTERIMS
Be Heard Group, Fairpoint Group, IndigoVision Group, Premier Farnell, Proteome Sciences, Safestyle UK
INTERIM DIVIDEND PAYMENT DATE
4Imprint Group, Quartix Holdings
INTERIM EX-DIVIDEND DATE
1pm, Arrow Global Group, BBA Aviation, Belvoir Lettings, Centaur Media, Communisis, Computacenter, Costain Group, Derwent London, Fyffes, Highcroft Investment, Holders Technology, Inmarsat, Interserve, Molins, Neptune-Calculus Income & Growth VCT, Octopus AIM VCT 2, Plus500 Ltd (DI), Restaurant Group, RPS Group, Sanne Group, Total Produce, Worldpay Group (WI), Zotefoams
QUARTERLY PAYMENT DATE
Canadian General Investments Ltd.
QUARTERLY EX-DIVIDEND DATE
Assura , BlackRock Income Strategies Trust , XP Power Ltd. (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Business Inventories (US) (15:00)
Capacity Utilisation (US) (14:15)
Consumer Price Index (EU) (10:00)
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (15:30)
Current Account (US) (13:30)
Industrial Production (US) (14:15)
Initial Jobless Claims (US) (13:30)
Philadelphia Fed Index (US) (13:30)
Producer Price Index (US) (13:30)
Retail Sales (US) (13:30)
Retail Sales Less Autos (US) (13:30)
FINALS
Ricardo
SPECIAL EX-DIVIDEND PAYMENT DATE
Hargreaves Lansdown, Taptica International (DI)
AGMS
Ashley House, Ensor Holdings, Livermore Investments Group Ltd., Mobeus Income & Growth 2 Vct, Purplebricks Group, Terra Catalyst Fund (DI)
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
BoE Interest Rate Minutes (12:00)
Retail Sales (09:30)
FINAL EX-DIVIDEND DATE
Dart Group, Hargreaves Lansdown, Renishaw, Sophos Group , South32 Limited (DI) , Trifast, UniVision Engineering Ltd.
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drift lower as investors mull central bank policy European stocks drifted a little lower in early trade as investors continued to mull over the direction of central bank policy.
Mike van Dulken, head of research at Accendo Markets, said: "Looming central bank updates (SNB, BoE today; BoJ, Fed next week) continue to burden investors desperate for more stimulus to keep the accommodative policy market party going or at least signals that tighter policy is not imminent.
"All the while macro data remains mixed and concerns grow about both a waning potency of existing stimulus and fresh options running dry."
At 0910 BST, the Stoxx Europe 600 index and Germany's DAX were down 0.1%, while France's CAC 40 was off 0.4%.
In the UK, the FTSE 100 was down 0.2% as investors awaited the latest rate announcement from the Bank of England. After it cut interest rates for the first time since 2009 last month and embarked on an additional £70bn of asset purchases, no changes are expected on Thursday.
Meanwhile, oil prices were a touch firmer. West Texas Intermediate was 0.1% higher at $43.60 a barrel and Brent crude 0.3% higher at $45.98.
On the corporate front, Swedish retailer H&M was under the cosh after it posted a rise in August sales that fell significantly short of analysts' expectations.
EDF was also in the red after the UK government gave the go ahead to the Hinkley Point C nuclear power station.
High street fashion stalwart Next was under the cosh after posting a drop in first-half profit and highlighting challenging trading since July.
GlaxoSmithKline nudged down despite saying its shingles vaccine proved highly successful in a trial among elderly patients.
On the upside, Zodiac Aerospace was a high riser after it reported better-than-expected revenues for the full year.
Supermarket chain Wm. Morrison was on the front foot after it reported a jump in first-half profit, while Informa traded higher after announcing plans to buy Penton Information Services for £1.2bn. |
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| | US Market Report | | US close: Wall Street ends on slightly mixed note US stocks ended on a slightly mixed note as traders waited on policy decisions from the Bank of England, US Federal Reserve and Bank of Japan over the coming week, with M&A activity and gains in Apple providing a boost.
The Dow Jones Industrial Average drifted lower by 0.18% or 31.98 points to 18,034.77, the S&P 500 erased 0.06% or 1.25 points to 2,125.77 and the Nasdaq Composite was up 0.36% or 18.52 points to 5,173.77.
Meanwhile, oil prices moved back into the red, after the US Department of Energy reported that US oil output had risen by 35,000 barrels to 8.493m barrels a day. . West Texas Intermediate was down 2.84% to $43.66.
Prices had fallen sharply in the previous session after the International Energy Agency downgraded its forecast for global oil demand for this year and the next and said rebalancing the oil market would take longer than previously thought.
From a sector standpoint, the biggest losses were sustained by Coal (-8.62%), Non-ferrous metals (-8.39%) and Platinum and precious metals (-4.69%).
Import prices were weaker than expected in August, falling 0.2% month-on-month (consensus: -0.1%).
"More stable prices for domestic consumer goods should lead overall core CPI to rise further in the second half of this year; we look for core CPI inflation to have reached 2.3% y/y by the end of 2016," Barclays´s Blerina Uruci said in a research report sent to clients.
CMC Markets' Michael Hewson said: "With the US central bank now in blackout period ahead of the decision next Wednesday there is little in the way of positive drivers helping underpin the market at this time, despite some better than expected Chinese economic data earlier this week.
"On the plus side we won't have to listen to the arguments over whether Fed policymakers think they should or shouldn't raise rates when they convene to meet next week, though it is clear that despite the rebound in the US dollar over the past few days it would be a major surprise if the Fed did anything at all next week."
On the corporate front, deal news helped to underpin the mood somewhat. Shares in US seeds giant Monsanto rallied after it agreed to be bought by German chemicals and drugs firm Bayer for $128 per share in an all-cash transaction that will create a company worth $66bn.
Apple shares notched a five-month high on optimism regarding its newest iPhone.
Clinical-stage biotechnology company Vitae Pharmaceuticals rocketed 158% after it agreed to be bought by Allergan for $21 per share in cash, for a total transaction value of about $639m.
Herbalife racked up healthy gains after activist investor Carl Icahn suggested the company would be better off going private.
Elsewhere, Macy's pushed up after Citigroup upgraded the stock to 'buy' from 'neutral'.
The yield on the benchmark 10-year US Treasury note slipped three basis points to 1.70%.
Dow Jones - Risers
Apple Inc. (AAPL) $111.77 3.54%
Caterpillar Inc. (CAT) $81.02 0.98%
Home Depot Inc. (HD) $126.26 0.43%
McDonald's Corp. (MCD) $115.18 0.39%
Johnson & Johnson (JNJ) $117.89 0.21%
Wal-Mart Stores Inc. (WMT) $71.52 0.08%
Verizon Communications Inc. (VZ) $51.49 0.08%
Intel Corp. (INTC) $35.62 0.03%
Procter & Gamble Co. (PG) $86.97 -0.05%
E.I. du Pont de Nemours and Co. (DD) $67.04 -0.09%
Dow Jones - Fallers
American Express Co. (AXP) $63.48 -1.37%
International Business Machines Corp. (IBM) $154.09 -1.13%
Chevron Corp. (CVX) $98.42 -1.02%
Boeing Co. (BA) $127.67 -0.85%
Merck & Co. Inc. (MRK) $61.35 -0.74%
Exxon Mobil Corp. (XOM) $84.60 -0.72%
United Technologies Corp. (UTX) $101.66 -0.65%
Goldman Sachs Group Inc. (GS) $166.19 -0.50%
General Electric Co. (GE) $29.70 -0.50%
Visa Inc. (V) $81.49 -0.49%
S&P 500 - Risers
Skyworks Solutions Inc. (SWKS) $72.40 4.38%
Apple Inc. (AAPL) $111.77 3.54%
FMC Corp. (FMC) $46.50 3.52%
Wynn Resorts Ltd. (WYNN) $107.25 3.41%
Broadcom Limited (AVGO) $169.61 2.64%
Tiffany & Co. (TIF) $70.31 2.27%
Qorvo, Inc. (QRVO) $55.11 2.21%
United Rentals Inc. (URI) $78.69 2.18%
Honeywell International Inc. (HON) $114.07 2.18%
Alexion Pharmaceuticals Inc. (ALXN) $129.42 2.07%
S&P 500 - Fallers
Vertex Pharmaceuticals Inc. (VRTX) $90.12 -5.41%
Range Resources Corp. (RRC) $39.29 -5.14%
McKesson Corp. (MCK) $167.70 -4.63%
Murphy Oil Corp. (MUR) $25.14 -3.83%
First Solar Inc. (FSLR) $35.03 -3.82%
Cardinal Health Inc. (CAH) $75.23 -3.62%
Freeport-McMoRan Inc (FCX) $9.80 -3.45%
Anadarko Petroleum Corp. (APC) $55.63 -3.42%
Newfield Exploration Co (NFX) $40.65 -3.40%
Chesapeake Energy Corp. (CHK) $7.17 -2.85% |
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| | Newspaper Round Up | | Bayer has agreed a $66bn Monsanto deal to create an agrichemicals giant. The combined business will have annual revenues of $23bn and dominate a sector which has seen a wave of consolidation as falling crop prices trigger tie-ups in the hunt for efficiencies. In the past year DuPont and Dow Chemical agreed to merge, and China National Chemical Corp inked a deal to buy Syngenta, which for years had been eyed by Monsanto. - Telegraph
Ford has announced it is to move all small-car production to Mexico as its profits look set to fall. The second-largest US automaker dropped its expected pre-tax profits forecast from $10.8bn to $10.2bn as it announced plans to expand its self-driving and electric lines in the face of intense competition from Silicon Valley as well as traditional car firms. Chief executive Mark Fields also said that the company was moving all of its small-car production to lower-cost Mexico, drawing another rebuke from Republican presidential candidate Donald Trump who called the decision "Horrible". - Guardian
Biffa, the UK waste management business, has confirmed plans to list on the London Stock Exchange in October. The company, a stalwart of the cleaning-up industry with a 100 years of history behind it, says it made some £927.5m in revenues in the 2016 financial year. Underlying operating profits were £62.5m. It of course reckons there's money in them there bin bags. - Financial Times
The City watchdog is facing a courtroom showdown with a former top Barclays executive after regulators accused him of suppressing an internal report that was "highly critical" of the way in which the bank's wealth management business was run. Andrew Tinney, former global chief operating officer of Barclays Wealth, is challenging a lifetime bar from the financial services industry over allegations that he repeatedly misled investigators over the existence of a damning report into the division's culture. - The Times
MPs are to debate stripping Sir Philip Green of his knighthood. The sale of BHS by Sir Philip's Arcadia Group to a former bankrupt, Dominic Chappell, and its subsequent collapse a year later has also prompted questions about how corporate governance at private companies should be tightened. Mr Field said: "It is the first chance for the whole House to pass its judgment since our report into BHS and its collapse." - Telegraph
A slide in wages growth in the month after the Brexit vote appeared to give the first warning sign that the uncertainty surrounding the outcome of the referendum could harm the UK labour market. The Office for National Statistics said wages growth slipped to 2.1% in the three months to July, from a revised 2.4% a month ago. When bonuses are added to the wage total, earnings rose by 2.3% during the quarter, down from 2.5%. Employment rose by 174,000 in the period, while the unemployment rate remained at 4.9%. - Guardian
Car sales across Europe have grown at their slowest level in two years since the UK's vote to leave the EU, the latest data shows. During July and August, the number of new cars sold in the EU rose by 3 per cent to 1.9m when compared to the same months in 2015, according to the latest figures from the European car manufacturers' association ACEA. - Financial Times
Luminance, a start-up backed by Mike Lynch, the British technology investor, is aiming to reduce the time taken on due diligence that accompanies multimillion-pound M&A deals from weeks to days or even hours using a new form of artificial intelligence. Its new software deploys machine learning to read and "think" like a lawyer. Scanning hundreds of pages of complex documents a minute, it can spot anomalies and potential pain points in contracts and other corporate paperwork. - The Times
UK electricity prices for Thursday have soared to record highs after unplanned nuclear plant shutdowns and the continued heatwave triggered an unseasonal power crunch. Industry sources suggested National Grid was close to having to issue an emergency alert to call for more power for Thursday evening, amid fears demand could outstrip supply. Day-ahead electricity prices have hovered at about £40 per megawatt-hour in recent months but on Wednesday surged to a record £160/MWh, according to Jamie Stewart at price reporting agency Icis. Prices for the hour to 8pm on Thursday evening traded at £999/MWh. - Telegraph
The Everyman cinema chain is set to move hundreds of staff off zero-hours contracts by the end of next year, joining a wave of companies turning against the controversial employment contracts. In the next few months two further sites, including Leeds, will switch to the system, which promises at least 40 hours a month. "Lilly said:"If all goes well we want to take it across the chain. - Guardian |
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