| | | | | | | Bargain Blue Chips Your guide to the best investments this quarter This special report asks whether the current dip is a buy opportunity and highlights some of the key stocks that could play a leading role in boosting the index back to last year's all-time record highs above 7100. Download this exclusive report to find out why a good run of UK macro data has been taken badly by the markets, what key event in September could pump them up once more, and which stocks to watch in the coming months. Losses can exceed deposits | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Weak retail sales data weigh on Footsie London stocks dipped lower in early trading following the release of weaker than expected data on UK retail sales for August.
The FTSE 100 was trading off by 5.16 points to 6,864.32 as of 0835 BST, even as most European equity benchmarks moved slightly higher.
"With the worst of the quiet summer period now behind us and US traders returning from the bank holiday weekend, we can expect to see trading volumes pick up significantly this week, just in time for a number of key central bank events. Between BoE Governor Mark Carney's appearance before the Treasury Select Committee on Wednesday, the Bank of Canada decision shortly after and the ECB on Thursday, we're certainly not short of market moving events this week," said Craig Erlam, senior market analyst at Oanda.
Trading on the main Asian bourses overnight was generally upbeat, with the Shanghai Stoxk Exchange´s Composite Index gaining 0.61% and Tokyo´s Topix advancing 0.65%.
Like-for-like retail sales in Britain fell back sharply in August, at a 0.9% year-on-year clip (consensus: 1.1%), according to the British Retail Consortium.
"August's BRC report shows that consumer spending is not as resilient to the consequences of the Brexit vote as July's official retail sales figures implied.
"It appears consumers shifted some non-food spending from August to July, perhaps due to July's good weather. Still, the average year-over-year growth rate of BRC sales in the two months since the referendum, 0.8%, is below the average of the previous twelve months, 1.2%," said Pantheon Macroeconomics´s chief UK economist Samuel Tombs.
Acting as a backdrop, some market commentary was highlighting the recent rise in US dollar interbank rates (LIBOR) and how that has been prompting Chinese corporates to pay back loans denominated in the American currency, thus weakening the yuan.
On the economic calendar, Markit's US services PMI was scheduled for release at 1445 BST, while the ISM´s own non-manufacturing gauge was expected at 1500 BST.
"The services sector is hugely important to the US economy and so this data offers important insight into how the main engine of growth is likely to perform in the months ahead. While the number is forecast to remain solid for another month - at 55 - the trend of slowing growth that we've seen over the last year is expected to continue," Erlam added.
In corporate news, FTSE 100 listed budget airline EasyJet increased passenger numbers by 6.4% in August, compared to the same month the previous year, as the load factor, the number of passengers as proportion of the number of seats available, increased by 0.5%.
For the rolling 12 months ended 31 August passenger numbers were up 6.8% as the load factor also rose by 0.4%.
Housebuilder and property developer Berkeley Group issued an interim management statement for the period from 1 May to 31 August on Tuesday, as investors gathered for its annual general meeting.
The firm said it entered 2016/17 with record cash due on forward sales of £3.25bn and future estimated land bank gross margin of £6.15b, respectively.
FTSE 250 housebuilder Redrow reported a jump in pre-tax profit for the full year as revenue grew and the company lifted its dividend.
For the year to the end of June, pre-tax profit was up 23% to £250m on revenue of £1.38bn, up 20% from the year before. Legal completions rose 17% and the company upped its full-year dividend to 10p from 6p.
Cycling and motoring retailer Halfords increased revenue due to growth in bike sales and a recent acquisition. For the five months ended 19 August, revenue increased by 4.8% as retail revenues rose 4.8%, while those from autocentres jumped 4.6% when compared to the same period last year. Services related sales grew 13.9%.
Like-for-like revenue grew 1.2%, split between a 1.1% gain in like-for-like revenues for retail and a 1.8% increase at autocentres.
Ashmore's full-year revenues and assets under management came under pressure during the company´s last financial year, even as management sounded an optimistic note on the prospects for the emerging market space. |
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| | UK Event Calendar | | Tuesday September 06
INTERIMS
Applegreen, Berkeley Group Holdings (The), Curtis Banks Group, Dalata Hotel Group, Forbidden Technologies, Harworth Group, Hydro International, InterQuest Group, Johnson Service Group, Learning Technologies Group , Learning Technologies Group , Somero Enterprises Inc. (DI), SQS Software Quality Systems AG, Stadium Group, TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)
INTERIM DIVIDEND PAYMENT DATE
LSL Property Services
QUARTERLY EX-DIVIDEND DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Factory Orders (GER) (07:00)
Gross Domestic Product (EU) (10:00)
Q2
Dalata Hotel Group, Forbidden Technologies, TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)
FINALS
A&J Mucklow Group, Craneware, Mattioli Woods, Redrow
AGMS
Aster Treasury 4.50% GTD Sec Bds 18/12/43, Bacit Limited, Berkeley Group Holdings (The), Creston, Imagination Technologies Group, ReNeuron Group, Severfield, Smith (DS), Work Group
TRADING ANNOUNCEMENTS
Halfords Group, Pennon Group
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge higher as oil gains ground European stocks nudged up in early trade, taking their cue from a positive session in Asia as oil prices continued to gain ground.
At 0845 BST, the benchmark Stoxx Europe 600 index was up 0.1%, Germany's DAX was 0.3% higher and France's CAC 40 was 0.2% firmer.
At the same time, oil prices continued to advance on the prospect of Saudi Arabia and Russia agreeing a supply cut. West Texas Intermediate was up 2% at $45.33 a barrel and Brent crude was 0.3% higher at $47.77.
Oanda's Craig Erlam said: "With the worst of the quiet summer period now behind us and US traders returning from the bank holiday weekend, we can expect to see trading volumes pick up significantly this week, just in time for a number of key central bank events.
"Between BoE Governor Mark Carney's appearance before the Treasury Select Committee on Wednesday, the Bank of Canada decision shortly after and the ECB on Thursday, we're certainly not short of market moving events this week."
On the corporate front, Fresenius gained after the healthcare provider said it will buy Spain's largest private hospital company, Quironsalud, for $6.42bn.
Berkeley Group racked up healthy gains as the housebuilder and property developer said the market had returned to pre-Brexit levels in August following a hiatus either side of the EU referendum.
Low-cost carrier EasyJet flew higher after saying passenger numbers grew 6.4% in August from the same month last year to 7.51m, while the load factor edged up to 94.9% from 94.4%.
On the downside, Bayer slipped after the German chemical company sweetened its bid for US-based Monsanto to $127.50 per share from $125 in July.
Dutch financial services company Aegon was also in the red after saying chief financial officer Darryl Button is stepping down from the role.
Shares in French payments processor Ingenico tumbled after it downgraded its sales and profit forecasts for the year.
In macroeconomic news, figures from Destatis showed new manufacturing in orders in Germany rose less than expected in July. Orders were up 0.2% on the month following a 0.3% decline in June. Economists had been expecting a 0.5% jump. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Steel industry, Sainsbury's, Japan investment Theresa May did not raise concerns about Chinese overproduction of steel, which has been blamed for crippling the British steel industry, in her first meeting with China's president, Xi Jinping. During a half-hour bilateral on Monday, immediately after the G20 summit in the country, the prime minister avoided the controversial subject that overshadowedXi's visit to the UK last year at a time when the industry was in crisis. Thousands of workers at Port Talbot and other plants are still facing an uncertain future. - Guardian
Sainsbury's is to open mini-Habitat shops and more than double the number of Argos outlets in its supermarkets by Christmas after finalising its £1.4bn takeover of Home Retail Group. The supermarket said it would open 30 new Argos outlets, joining the 20 that have been trading for more than a year, as it kicks off the integration of its new acquisition. - Guardian
Japan's companies could flee the UK post-Brexit, the country's government has warned, if Britain is cut off from Europe and the world. The bold statement does not reflect the public aims of Britain's leaders nor those of the EU, but Japan's warning reflects worries over the potential shock to global trade if ties with other nations are severed altogether. - Telegraph
Britain's biggest and most toxic nuclear waste site is facing fresh questions over its safety after allegations that staffing levels are frequently too low and that radioactive waste is being stored in degrading plastic bottles. If a fire were to break out at the Sellafield site in Cumbria, it could "generate a plume of radiological waste that will go across Western Europe", one whistleblower claims in a BBC Panorama documentary. -Telegraph
For years women have been told to "lean in" at work, to be more assertive about securing pay rises and promotions. Now it turns out that they have been leaning in so hard it's a wonder they don't fall over. Yet they are still less likely than men to get a salary increase when they ask. Women demand wage rises as often as men, but men are 25 per cent more likely to succeed, according to research from the Cass Business School, the University of Warwick and the University of Wisconsin. - The Times
Jes Staley has dipped once again into the senior talent pool at JPMorgan Chase, his former employer, as the Barclays chief executive tries to build a coterie of trusted lieutenants. Mr Staley, who spent 34 years at the American investment bank, has recruited Tim Throsby as head of Barclays' corporate and international division. Mr Throsby will join its executive committee and will report directly to Mr Staley. - The Times |
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