| | | | | | | 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: Markets edge lower after mixed Chinese data Stocks dipped at the start of trading, weighed down by mixed inflation readings in China and as investors continued to mull over the European Central Bank's announcement in the previous session.
As of 0825 BST the FTSE 100 was trading 19.04 points lower at 6,840.67, alongside similar-sized falls across the rest of Europe.
CMC Markets' Jasper Lawler said: "European markets tumbled in afternoon trade on Thursday after the ECB failed to meet the lowest of expectations for additional stimulus.
"There was some scope for the European Central Bank to extend the end date of asset purchases or change the composition of those purchases. Neither of these happened, which was not a big surprise, but there was evident dismay in markets that according to Mr Draghi, they were not even discussed."
Chinese inflation figures were also in focus, as consumer price inflation rose 1.3% in August from a year earlier, down from July's 1.8% and marking the lowest level since October 2015. It was also weaker than the 1.7% jump expected by economists.
The country's producer price index fell 0.8% in August from a year ago, which was more or less in line with expectations and compared to a 1.7% fall in July. That was the slowest pace of declines in priecs since 2012.
In comparison to July Chinese factory gate prices increased by 0.2%, their sixth consecutive monthly rise.
On the UK data front, trade balance and construction output figures are at 0930 BST. In the US, wholesale inventories are at 1500 BST.
Some traders also expressed an interest in a speech from Boston Fed president Eric Rosengren scheduled for later in the session.
In corporate news, pub operator JD Wetherspoon posted its preliminary results for the year to 24 July on Friday, with revenue rising 5.4% to £1.595bn, and like-for-like sales improving 3.4% over the prior year.
The FTSE 100 firm's profit before tax was up 3.6% at £77.8m, with operating profit dropping 2.5% to £109.7m and earnings per share growing 2.8% to 48.3p.
Private healthcare company Mediclinic said "significant progress" was made integrating the Al Noor Hospitals business, but expectations for its Abu Dhabi operations will be lower than anticipated. |
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| | UK Event Calendar | | Friday September 02
INTERIM DIVIDEND PAYMENT DATE
Blackrock Income And Growth Investment Trust, Domino's Pizza Group, Maven Income & Growth 3 VCT, Octopus Titan VCT , Porvair
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Factory Orders (US) (15:00)
Non-Farm Payrolls (US) (13:30)
Producer Price Index (EU) (10:00)
Unemployment Rate (US) (13:30)
EGMS
PJSC Novorossiysk Commercial Sea Port GDR (Reg S), Public Joint Stock Company Severstal GDR (Reg S)
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
Aberdeen New Dawn Investment Trust, Cranswick, Pennon Group, QinetiQ Group, RPC Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drift lower amid ECB disappointment European stocks drifted lower in early trade as investors mulled over the latest inflation figures from China and continued to digest Thursday's European Central Bank announcement.
At 0855 BST, the benchmark Stoxx Europe 600 index and Germany's DAX were both off 0.2% and France's CAC 40 was 0.1% lower.
At the same time, oil prices retreated. West Texas Intermediate was down 1% to $47.14 a barrel while Brent crude was 0.9% weaker at $49.51.
Stocks fell on Thursday after the European Central Bank left its benchmark refinancing rate at 0% and disappointed investors by making no changes to its trillion-euro bond-buying programme.
German trade data did little to lift the mood on Friday, with figures from Destatis showing exports fell 2.6% on the month in July, which was the worst decline in almost a year and missed expectations of a 0.3% increase. Meanwhile, imports declined 0.7% on the month, missing forecasts of a 0.8% jump.
French industrial production figures were no cheerier, showing a 0.6% drop in July from June versus estimates of a 0.3% rise.
Chinese inflation figures were also in focus, as consumer price inflation rose 1.3% in August from a year earlier, down from July's 1.8% and marking the lowest level since October 2015. It was also weaker than the 1.7% jump expected by economists.
The country's producer price index fell 0.8% in August from a year ago, which was more or less in line with expectations and compared to a 1.7% fall in July.
Markus Huber, a trader at City of London Markets, said: "European shares are trading little changed to moderately lower this morning on the back of weaker-than-expected German trade data and disappointing French industrial output figures. Furthermore yesterday's inaction by the ECB is still hanging over stocks. Judging by yesterday's afternoon selloff, expectations for 'a bit more' from Draghi seem to have been rather high.
"For the remainder of the day there isn't that much left in regard to data being released therefore range-trading appears likely with a bit more position squaring by longs ahead of the weekend possibly later this afternoon."
On the corporate front, Monte Paschi di Siena nudged lower after Fabrizio Viola, the chief executive of the world's oldest bank, resigned.
Pub companies were in focus in London. JD Wetherspoon rallied after posting a 12.5% jump in full-year pre-tax profit to £66m. It was a different picture for Greene King, however, whose shares slid after it reported a strong start to the year but sounded a cautious note on the impact of the Brexit vote. |
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| | US Market Report | | US close: ECB reticence sours Wall Street US stocks finished in the red Thursday as the European Central Bank disappointed the market, by saying it hadn't discussed further quantitative easing at this month's policy meeting.
The Dow Jones Industrial Average was last down 0.25% to 18,479.91 points, the S&P 500 dropped 0.22% to 2,181.30 points and the Nasdaq 100 declined 0.58% to 4,804.00 points.
At the same time oil prices gained as data from the Energy Information Administration showed weekly crude inventories fell 14.5m barrels to 511.4m barrels last week.
Earlier, China data showed crude oil imports rose to their highest level of the year in August. Data from the American Petroleum Institute fuelled the rally after revealing a 2.1 million-barrel drop in inventories
West Texas Intermediate crude jumped 3.83% to $47.31 per barrel and Brent crude advanced 3.44% to $49.69 per barrel.
In the eurozone, the ECB downgraded its economic growth for 2017 to 1.6% from its estimate in June of 1.7%, amid risks following the UK's vote to leave the European Union. The central bank also nudged down its inflation forecast for next year to 1.2% from 1.3%.
"For the time being, the changes are not substantial enough to warrant a change in policy," Draghi said. "There is no question about the will to act, or the ability to do so."
The ECB's Governing Council decided to keep all of its key interest rates unchanged, in a move widely expected by analysts. The monthly asset purchase programme was also left at €80bn until March 2017.
President Mario Draghi admitted the ECB had not discussed expanding the asset purchase programme but reiterated that it would "act by using all the instruments available within our mandate" if warranted.
The euro rose 0.23% against the dollar to $1.1265.
Across the Atlantic, data from the Labor Department showed US jobless claims unexpectedly fell to a two-month low last week. Initial jobless claims dropped by 4,000 to 259,000 in the week to 3 September, surprising analysts who had predicted claims would rise to 265,000 from an unrevised 263,000 the previous week.
"Yet more evidence that whatever has dampened companies' hiring plans has not made them so nervous that they feel the need to lay off staff," said Ian Shepherdson, chief executive of Pantheon Macroeconomics.
In China, the General Administration of Customs said exports fell 2.8% in August, compared to economists' estimates for a 4.0% decline and the previous month's 4.4% decrease.
Imports rose 1.5%, exceeding forecasts for a 5.7% drop and following a 12.5% slide in July.
The trade surplus came to $53.05bn last month, down from $52.31bn in July, although below economists' forecasts of $59.40bn.
On the corporate front, Barnes & Noble shares dropped 3.89% after reporting a quarterly fall in sales and lowering its guidance for the year.
Hewlett Packard Enterprises slumped 3.17% after the company late on Wednesday said it agreed an $8.8bn merger deal with Micro Focus International.
Dell Technologies shares gained as it said it completed its $60bn deal to acquire EMC Corp. and as it reported a second quarter operating income, recovering from an operating loss.
Dow Jones - Risers
Chevron Corp. (CVX) $104.12 1.21%
Goldman Sachs Group Inc. (GS) $171.66 1.17%
Exxon Mobil Corp. (XOM) $89.05 0.92%
Merck & Co. Inc. (MRK) $63.24 0.59%
Walt Disney Co. (DIS) $94.09 0.41%
E.I. du Pont de Nemours and Co. (DD) $69.66 0.39%
Unitedhealth Group Inc. (UNH) $135.34 0.33%
Boeing Co. (BA) $132.67 0.20%
3M Co. (MMM) $180.10 0.19%
JP Morgan Chase & Co. (JPM) $67.25 0.13%
Dow Jones - Fallers
Nike Inc. (NKE) $56.17 -2.69%
Apple Inc. (AAPL) $105.52 -2.62%
International Business Machines Corp. (IBM) $159.00 -1.63%
Travelers Company Inc. (TRV) $116.90 -1.50%
Home Depot Inc. (HD) $131.26 -1.15%
Cisco Systems Inc. (CSCO) $31.47 -1.01%
McDonald's Corp. (MCD) $116.17 -0.64%
Microsoft Corp. (MSFT) $57.43 -0.40%
Pfizer Inc. (PFE) $34.72 -0.34%
Visa Inc. (V) $82.97 -0.32%
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $7.74 13.66%
Diamond Offshore Drilling Inc. (DO) $17.49 8.95%
Apache Corp. (APA) $59.00 7.11%
Southwestern Energy Co. (SWN) $15.44 7.07%
Murphy Oil Corp. (MUR) $29.75 6.82%
Marathon Oil Corp. (MRO) $16.80 6.69%
Transocean Ltd. (RIG) $10.47 5.44%
Cabot Oil & Gas Corp. (COG) $26.50 4.95%
Spectra Energy Corp. (SE) $43.98 4.91%
Noble Energy Inc. (NBL) $37.25 4.84%
S&P 500 - Fallers
Tractor Supply Company (TSCO) $69.38 -16.94%
Whirlpool Corp. (WHR) $174.80 -4.09%
Cognizant Technology Solutions Corp. (CTSH) $56.16 -3.80%
Iron Mountain Inc (New) (IRM) $38.28 -3.38%
Hewlett Packard Enterprise (HPE) $21.38 -3.21%
Macy's Inc. (M) $36.00 -3.20%
United States Steel Corp. (X) $18.59 -3.13%
Coach Inc. (COH) $37.43 -2.88%
Apartment Investment & Management Co. (AIV) $45.55 -2.77%
Nike Inc. (NKE) $56.17 -2.69%
Nasdaq 100 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $130.06 3.97%
Walgreens Boots Alliance, Inc. (WBA) $84.67 2.16%
Twenty-First Century Fox Inc Class B (FOX) $25.04 1.95%
Vertex Pharmaceuticals Inc. (VRTX) $97.31 1.79%
Endo International Plc (ENDP) $20.65 1.72%
Micron Technology Inc. (MU) $17.45 1.69%
Dish Network Corp. (DISH) $51.60 1.59%
American Airlines Group (AAL) $39.35 1.55%
Twenty-First Century Fox Inc Class A (FOXA) $24.75 1.52%
Biomarin Pharmaceutical Inc. (BMRN) $97.44 1.35%
Nasdaq 100 - Fallers
Tractor Supply Company (TSCO) $69.38 -16.94%
Liberty Interactive Corporation QVC Group (QVCA) $19.59 -8.71%
Cognizant Technology Solutions Corp. (CTSH) $56.16 -3.80%
Charter Communications Inc. (CHTR) $268.66 -3.21%
Apple Inc. (AAPL) $105.52 -2.62%
Viacom Inc. Class B (VIAB) $39.51 -2.54%
Tesla Motors Inc (TSLA) $197.36 -2.16%
Bed Bath & Beyond Inc. (BBBY) $45.39 -2.07%
Starbucks Corp. (SBUX) $55.30 -1.81% |
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| | Newspaper Round Up | | Friday newspaper round-up: Free movement for bankers, Budget, HMRC It is often argued that Germany was the great winner from the launch of the euro. The argument is simple: the single currency is relatively weak, while the deutschmark was very strong. So by joining the euro, Germany locked in a much lower exchange rate, making it permanently more competitive and helping it export a lot more. Had Germany retained the mark, it could well have ended up as a safe haven refuge currency, rocketing like the Swiss franc and choking German manufacturers. - Telegraph
Britain's roads and railways are in line for a multi-billion pound boost to help cushion the impact of the Brexit vote, the Chancellor has signalled. Philip Hammond said any fiscal stimulus delivered by the Government would provide a "quick" boost to the economy, be "well designed" and "limited in duration". - Telegraph
Philip Hammond has pledged to maintain free movement for top bankers after Britain leaves the EU, as he attempts to reassure the City that the financial services industry will be protected during Brexit negotiations. The chancellor, responding to pressure from Japan and leading banks, promised to maintain a flow of European talent to UK-based financial services companies, regardless of new rules to curb EU migration. - Financial Times
Philip Hammond will present his first budget statement as chancellor of the exchequer on 23 November, setting out how the government will use tax and spending plans to shore up the UK economy after the vote to leave the EU. Appearing before a House of Lords committee, Hammond hinted that he would use the autumn statement to create headroom for the government to step in with support for the economy as households and businesses absorb the shock of the referendum result. - Guardian
Large companies should publish their tax returns and whistleblowers who expose financial wrongdoing must have protection under the law, a Labour party-commissioned report into reforming tax collection has proposed. Responding to growing concern about repeated failures by HM Revenue and Customs to tackle avoidance by multinationals and wealthy individuals, the shadow chancellor published proposals on Thursday for overhauling the tax agency. - Guardian
A contentious decision to approve the construction of an open-cast coalmine at Druridge Bay in Northumberland has been called in by Sajid Javid because of fears about its impact on climate change. Local planning authorities gave their backing to the project at Highthorn, 30 miles north of Newcastle, in July. Officials said that the secretary for communities and local government wished to examine "the extent to which the proposed development is consistent with government policies for meeting the challenge of climate change". - The Times | | |
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