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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 slip as investors book some profits Stocks in London were a little weaker in early trade as investors booked some profits following the previous session's Fed-inspired rally.
At 0820 BST, the FTSE 100 was down 0.3% to 6,890.28.
Meanwhile, oil prices retreated. West Texas Intermediate was down 1% to $45.88 a barrel and Brent crude was 0.7% lower at $47.33.
Dave Jeal, head of investment products at stockbroker Interactive Investor, said: "As the timing for a US interest rate rise starts to become clearer, speculation switches back to the UK's own direction of travel. Recent economic indicators found favour with the MPC's Kristin Forbes who believes no new move on the Bank of England's headline rate is needed. But just how strong are those indicators anyway?
"Currently, inflation is driven more by the sterling exchange rate versus the dollar, than by rising prices. The pound had gained ground over the last couple of days on the back of no immediate rise in the US interest rate, but still trades well below the pre-Brexit result. In the short - term, this vote of confidence in the UK is good for investors: commodities and construction stocks led the FTSE to close above 6,900 yesterday, albeit losing some ground in late trading having peaked at 6,937."
Jeal added that barring some profit taking, that "rosy outlook" appears set to continue over the coming weeks. "As for the longer term - the jury's well and truly out."
In corporate news, Indivior tumbled as 35 US states filed a lawsuit against the drug maker alleging that it tried to keep generic versions of a drug off the market.
Anglo American was a little lower after appointing Fortescue Metals' Stephen Pearce as finance director following Rene Medori's decision to retire, as announced back in April.
Vodafone slipped after saying it has signed a new non-equity partner agreement for Cameroon with 4G-LTE telecommunications operator Afrimax Group.
Engineering company Smiths Group was flat after announcing it will sell its artificial life business to Endurance Lift Solutions.
On the upside, Sports Direct rose after the retailer said Dave Forsey has resigned and will be replaced as chief executive by Mike Ashley.
Housebuilder Persimmon was on the front foot after Liberum upgraded the stock to 'buy' from 'hold'.
There are no major UK data due but in the US, Markit's manufacturing PMI is at 1445 BST. |
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| Market Movers
FTSE 100 (UKX) 6,895.99 -0.22%
FTSE 250 (MCX) 17,967.63 -0.11%
techMARK (TASX) 3,536.67 -0.06%
FTSE 100 - Risers
Persimmon (PSN) 1,854.00p 3.17%
Barratt Developments (BDEV) 496.90p 2.03%
Taylor Wimpey (TW.) 155.80p 1.56%
Dixons Carphone (DC.) 373.00p 1.44%
GKN (GKN) 323.60p 1.31%
Micro Focus International (MCRO) 2,143.00p 0.61%
TUI AG Reg Shs (DI) (TUI) 1,099.00p 0.55%
Carnival (CCL) 3,554.00p 0.40%
International Consolidated Airlines Group SA (CDI) (IAG) 409.50p 0.34%
Marks & Spencer Group (MKS) 323.60p 0.31%
FTSE 100 - Fallers
Polymetal International (POLY) 976.50p -7.79%
Fresnillo (FRES) 1,757.00p -2.50%
Randgold Resources Ltd. (RRS) 7,860.00p -1.93%
Antofagasta (ANTO) 507.50p -1.93%
BHP Billiton (BLT) 1,077.00p -1.60%
Anglo American (AAL) 905.80p -1.60%
Rio Tinto (RIO) 2,457.50p -1.31%
Glencore (GLEN) 205.40p -1.20%
Standard Chartered (STAN) 645.00p -1.03%
Barclays (BARC) 171.85p -0.95%
FTSE 250 - Risers
Millennium & Copthorne Hotels (MLC) 450.00p 3.64%
Bellway (BWY) 2,401.00p 3.45%
Bovis Homes Group (BVS) 882.50p 2.86%
Redrow (RDW) 410.70p 2.80%
Tullow Oil (TLW) 233.10p 2.19%
Genus (GNS) 2,019.00p 2.02%
Sports Direct International (SPD) 291.50p 1.60%
Allied Minds (ALM) 325.20p 1.59%
Electra Private Equity (ELTA) 4,425.00p 1.40%
Galliford Try (GFRD) 1,331.00p 1.37%
FTSE 250 - Fallers
Indivior (INDV) 301.60p -7.54%
Vedanta Resources (VED) 540.00p -2.61%
Kaz Minerals (KAZ) 211.40p -2.45%
Hochschild Mining (HOC) 284.10p -2.37%
Acacia Mining (ACA) 495.50p -2.27%
DFS Furniture (DFS) 252.60p -2.24%
Centamin (DI) (CEY) 145.40p -1.96%
Countrywide (CWD) 215.40p -1.69%
Mitie Group (MTO) 183.70p -1.50% |
| | UK Event Calendar | | Friday 23 September
INTERIM DIVIDEND PAYMENT DATE
Avanti Capital, Clarkson, FDM Group (Holdings), Foresight VCT Infrastructure Shares, Henderson Opportunities Trust, Ibstock , Kingspan Group, Marshall Motor Holdings, National Express Group, North Midland Construction, Polymetal International, Polypipe Group , Rotork, Stock Spirits Group , Telit Communications, Ultra Electronics Holdings, Vesuvius, Virgin Money Holdings (UK)
QUARTERLY PAYMENT DATE
Alpha Real Trust Ltd., Bank of America Corp.
FINALS
CVS Group
SPECIAL DIVIDEND PAYMENT DATE
Supergroup, Trinity Capital
AGMS
Gail (India) Ltd GDR (Reg S), Henderson Smaller Companies Inv Trust, Sirius Real Estate Ltd.
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Dixons Carphone , Northgate, Poundland Group , Solid State, SSE, Supergroup |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red as investors take profits European stocks were in the red in early trade as investors booked some profits following Thursday's Fed-fulled gains.
At 0850 BST, the benchmark Stoxx Europe 600 index was down 0.6%, Germany's DAX was off 0.2% and France's CAC 40 was 0.6% weaker.
Meanwhile, oil prices retreated. West Texas Intermediate was down 1.1% to $45.82 a barrel and Brent crude was 0.8% lower at $47..
Spreadex's Connor Campbell said: "After a series of Fed-boosted sessions the European markets have calmed down a bit this morning, each index trickling away from yesterday's highs.
In corporate news, Danish drug maker H. Lundbeck tanked after saying an Alzheimer's treatment failed in a late-stage study.
Indivior tumbled as 35 US states filed a lawsuit against the drug maker alleging that it tried to keep generic versions of a drug off the market.
Anglo American was a little lower after appointing Fortescue Metals' Stephen Pearce as finance director following Rene Medori's decision to retire, as announced back in April.
Vodafone slipped after saying it has signed a new non-equity partner agreement for Cameroon with 4G-LTE telecommunications operator Afrimax Group.
On the upside, Aryzta gained ground after it said Gary McGann, currently chairman of Paddy Power Betfair, will join its board as chairman.
Italy's Moleskin surged after Belgium's D'Ieteren SA said it will make an offer to buy the company.
Sports Direct rose after the retailer said Dave Forsey has resigned and will be replaced as chief executive by Mike Ashley. |
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| | US Market Report | | US close: Stocks end higher as traders continue to mull Fed US stocks ended Thursday's session higher as the Federal Reserve's decision to stand pat on interest rates continued to provide a boost to investor sentiment.
The Dow Jones Industrial Average edged up 0.54% to 18,392.46 points, the S&P 500 grew 0.65% to 2,177.18 points and the Nasdaq rose 0.84% to 5,339.52 points.
Oil prices also gained after official data on Wednesday showed a surprise drop in US crude inventories last week. West Texas Intermediate crude increased 1.6% to $46.10 per barrel and Brent rose 1.4% to $47.53 per barrel at 2200 BST.
The Federal Open Market Committee on Wednesday decided to keep interest rates unchanged at between 0.25% and 0.50% and cut the number of rate increases they expect this year from one to two.
The Fed was split in its decision to leave interest rates unchanged with three members dissenting in favour of an immediate 25 basis point hike.
The FOMC also signalled that the case for a hike later this year has strengthened, saying inflation was on track to reach the 2% target and near-term risks were "balanced".
Goldman Sachs said its US economics team assigns a cumulative 65% probability to a rate hike by the 14 December FOMC meeting, which is roughly the same as implied by fed fund futures.
Meanwhile, Societe Generale said: "The outcome of the September FOMC meeting was in line with our expectations, as the Committee reintroduced the balance of risks statement, removed a rate hike this year and in 2017, and cut the longer-run nominal neutral funds rate.
"In our view, the reintroduction of the balance of the risks statement was a way to bridge the divide between the hawks and doves on the Committee, and it took the Fed a step further towards raising the funds rate in December."
In economic data, US jobless claims fell for an 81st consecutive week last week. Initial jobless claims dropped by 8,000 to 252,000, the Labor Department said, compared to economists' estimates of 261,000.
US house price rose 0.5% in July following a 0.2% increase in June, according to the monthly house price index by the Federal Housing Finance Agency. Analysts had expected a 0.3% increase.
Separately, US existing home sales fell 0.9% to an annual rate of 5.33 million units in August, the National Association of Realtors said, compared to forecasts for a 1.1% increase. July's sales were also revised lower to 5.38 million units from a previously reported 5.39 million.
The Chicago Fed National Activity Index fell to negative 0.55 in August compared with a revised 0.24 in July and forecasts of 0.15.
In corporate news, energy stocks rallied on the increase in oil prices including Transocean Ltd., Murphy Oil Corp., Diamond Offshore Drilling Inc. and ConocoPhillips.
Shares in Bed Bath & Beyond advanced even as the company reported quarterly earnings that fell short of analysts' estimates.
Red Hat Inc. shares jumped after the software company posted quarterly results late Wednesday that beat forecasts.
Dow Jones - Risers
Procter & Gamble Co. (PG) $88.99 1.36%
Walt Disney Co. (DIS) $93.41 1.10%
United Technologies Corp. (UTX) $102.99 1.02%
Coca-Cola Co. (KO) $42.96 1.01%
Boeing Co. (BA) $131.87 1.00%
Cisco Systems Inc. (CSCO) $31.66 0.96%
Apple Inc. (AAPL) $114.62 0.94%
Verizon Communications Inc. (VZ) $52.35 0.93%
JP Morgan Chase & Co. (JPM) $67.39 0.82%
Unitedhealth Group Inc. (UNH) $141.02 0.81%
Dow Jones - Fallers
Pfizer Inc. (PFE) $34.15 -0.38%
E.I. du Pont de Nemours and Co. (DD) $66.85 -0.22%
Caterpillar Inc. (CAT) $83.50 0.04%
Microsoft Corp. (MSFT) $57.82 0.10%
Wal-Mart Stores Inc. (WMT) $72.27 0.11%
Nike Inc. (NKE) $55.41 0.13%
3M Co. (MMM) $179.85 0.14%
Visa Inc. (V) $83.36 0.17%
Intel Corp. (INTC) $37.55 0.27%
Exxon Mobil Corp. (XOM) $83.54 0.29%
S&P 500 - Risers
Weyerhaeuser Co. (WY) $32.08 5.74%
Transocean Ltd. (RIG) $9.65 5.58%
Frontier Communications Co. (FTR) $4.33 4.84%
Discovery Communications Inc. Class A (DISCA) $25.71 4.81%
Royal Caribbean Cr (RCL) $70.99 4.61%
Murphy Oil Corp. (MUR) $27.55 4.32%
Freeport-McMoRan Inc (FCX) $10.98 4.17%
First Solar Inc. (FSLR) $35.42 4.08%
Discovery Communications Inc. Class C (DISCK) $24.84 4.06%
Red Hat Inc. (RHT) $79.94 3.87%
S&P 500 - Fallers
Equity Residential (EQR) $64.36 -2.50%
Southwestern Energy Co. (SWN) $14.34 -2.32%
Level 3 Communications, Inc. (LVLT) $47.40 -2.09%
Kohls Corp. (KSS) $43.51 -1.87%
Pioneer Natural Resources Co. (PXD) $179.05 -1.84%
Target Corp. (TGT) $68.56 -1.31%
Marathon Petroleum Corporation (MPC) $42.69 -1.20%
International Paper Co. (IP) $47.91 -1.20%
Nordstrom Inc. (JWN) $50.49 -1.14%
J.B. Hunt Transport Services Inc. (JBHT) $79.56 -1.13%
Nasdaq 100 - Risers
Liberty Interactive Corporation QVC Group (QVCA) $19.53 5.11%
Discovery Communications Inc. Class A (DISCA) $25.71 4.81%
Discovery Communications Inc. Class C (DISCK) $24.84 4.06%
Incyte Corp. (INCY) $89.27 2.95%
Alexion Pharmaceuticals Inc. (ALXN) $133.69 2.55%
T-Mobile Us, Inc. (TMUS) $47.03 2.51%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $37.17 2.40%
Walgreens Boots Alliance, Inc. (WBA) $82.38 2.23%
Intuitive Surgical Inc. (ISRG) $718.20 2.15%
Express Scripts Holding Co (ESRX) $71.03 1.98%
Nasdaq 100 - Fallers
Applied Materials Inc. (AMAT) $30.29 -0.92%
Vodafone Group Plc ADS (VOD) $29.63 -0.80%
Seagate Technology Plc (STX) $36.40 -0.79%
Lam Research Corp. (LRCX) $92.69 -0.64%
Viacom Inc. Class B (VIAB) $35.82 -0.64%
Broadcom Limited (AVGO) $168.82 -0.59%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $238.38 -0.57%
KLA-Tencor Corp. (KLAC) $69.51 -0.40%
Micron Technology Inc. (MU) $17.59 -0.40% |
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| | Newspaper Round Up | | Friday newspaper round-up: BoE, Brexit, Trade War Mark Carney has urged the government to take decisive action to lift the UK's moribund economy as he said that the central bank could do little to improve Britain's long-term prospects. Politicians need to make the running now by taking bold decisions on public spending and economic reforms, the governor of the Bank of England signalled last night in Berlin in a speech on climate change. - The Times
Theresa May alone will decide the terms of Britain's departure from the EU, Downing Street has said after Boris Johnson began setting out a strategy for Brexit. Speaking in the United States, the Foreign Secretary on Thursday said that the UK will begin formal Brexit talks "early next year" and leave the EU by 2019. - The Daily Telegraph
The prospect of a trade war between the United States and the European Union grew closer last night after the World Trade Organisation confirmed that $22bn of state support for Airbus, including some from the UK, was illegal. The ruling means that under WTO rules the US government can seek damages in the form of retaliatory tariffs against EU imports of goods or services to the tune of $10 billion a year. - The Times
Sports Direct has announced the shock resignation of chief executive Dave Forsey and his immediate replacement by the retail chain's founder and deputy chairman Mike Ashley. The management change comes after months of mounting pressure on the company, which has been criticised by investors, MPs and unions for the workplace practices at its Shirebrook warehouse in Derbyshire and its poor corporate governance. - The Daily Telegraph
Three former Tesco executives have appeared in court for the first time to deny charges in relation to the £326million accounting scandal at the supermarket. Carl Rogberg, 49, Chris Bush, 50, and John Scouler, 48, are charged with fraud by abuse of position and false accounting. The supermarket's former finance chief, managing director and food commercial head were investigated for their alleged role in an accounting scandal in which Tesco was found to have inflated its profits by £326million in 2014. - The Daily Mail |
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