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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 edge lower alongside fresh pound weakness Stocks in London began the session slightly weaker, tracking losses overnight on Wall Street on the heels of some 'hawkish' Fedspeak and with the monthly US non-farm payrolls report looming ever-larger on the horizon.
As of 0813 BST the FTSE 100 was trading down by 15.84 points at 7,058.55. In parallel, cable was at a fresh 31-year low against the US dollar, changing hands at 1.2699.
Speaking on Tuesday afternoon, US Richmond Fed president Jeffrey Lacker suggested that, based on past economic relationships, the US central bank´s main policy rate should already be at 1.5% or more.
A report from Bloomberg late on Tuesday evening of a consensus among European Central Bank officials that its asset purchase programme would need to be tapered before quantitative easing came to an end was also weighing on sentiment.
In response, the ECB issued a denial that the Governing Council had discussed that topic.
On the data front, UK services PMI is at 0930 BST. In the US, the ADP employment report is at 1315 BST, while the ISM non-manufacturing purchasing managers´ index and industrial new orders are at 1500 BST.
CMC Markets' Michael Hewson said: "A decent September construction survey, following on from a bumper manufacturing PMI number on Monday has raised the prospect that, despite the slowdown in the lead up to, and post Brexit, that the UK economy is picking up steam again.
"If today's services PMI report is similarly positive then it could well be argued that the Bank of England acted prematurely when they slashed interest rates and added to QE in August. Expectations are for an expansion of 52.1, down slightly from 52.9, however if manufacturing and construction are any guide we could see an upside surprise."
In corporate news, Tesco reported much improved sales and operating profits in the first half of the year, though its pension deficit has grown to a whopping £6bn due to lower bond yields.
As group sales grew 3.3% to £24.4bn in the 26 weeks to 27 August, UK like-for-like sales improved to 0.6% from the 0.3% in the first quarter, while operating profits rose 38.4%.
Other supermarket shares were carried higher in Tesco's wake.
Centamin announced preliminary production results for the quarter to 30 September from its Sukari Gold Mine in Egypt on Wednesday, with preliminary total gold production of 148,674 ounces, a 6% increase on the previous quarter and a 41% increase year-on-year.
The FTSE 250 firm said quarterly throughput at the process plant was 2,806kt, a 4% decrease on the previous quarter and in excess of its base case target rate of 11 million tonnes per annum.
Open pit total material movement increased 7% on the previous quarter to 16,191kt, and open pit ore production decreased by 14% to 2,936kt at an average mined grade of 1.06g/t.
Investment company 3i Infrastructure announced it had invested €6.5m in a motorway in the Netherlands. |
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| Market Movers
FTSE 100 (UKX) 7,062.80 -0.16%
FTSE 250 (MCX) 18,311.41 -0.17%
techMARK (TASX) 3,576.02 -0.09%
FTSE 100 - Risers
Tesco (TSCO) 204.25p 8.24%
Morrison (Wm) Supermarkets (MRW) 223.70p 1.41%
Sainsbury (J) (SBRY) 252.90p 1.08%
Prudential (PRU) 1,423.00p 1.03%
Hikma Pharmaceuticals (HIK) 2,091.00p 0.82%
easyJet (EZJ) 998.00p 0.81%
Paddy Power Betfair (PPB) 9,035.00p 0.78%
St James's Place (STJ) 978.00p 0.77%
Barclays (BARC) 170.45p 0.71%
ITV (ITV) 187.00p 0.70%
FTSE 100 - Fallers
Fresnillo (FRES) 1,684.00p -2.32%
Randgold Resources Ltd. (RRS) 7,195.00p -1.84%
United Utilities Group (UU.) 976.50p -1.81%
Polymetal International (POLY) 913.00p -1.62%
Severn Trent (SVT) 2,462.00p -1.36%
Intu Properties (INTU) 297.00p -1.26%
BHP Billiton (BLT) 1,186.00p -1.25%
Dixons Carphone (DC.) 370.10p -1.17%
National Grid (NG.) 1,089.00p -1.13%
British Land Company (BLND) 621.50p -1.11%
FTSE 250 - Risers
P2P Global Investments (P2P) 850.00p 2.22%
CLS Holdings (CLI) 1,579.00p 2.00%
Woodford Patient Capital Trust (WPCT) 97.00p 1.78%
Daejan Holdings (DJAN) 5,775.00p 1.76%
JPMorgan Emerging Markets Inv Trust (JMG) 723.50p 1.76%
JD Sports Fashion (JD.) 1,566.00p 1.62%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 609.50p 1.58%
JPMorgan American Inv Trust (JAM) 340.70p 1.58%
Fidelity European Values (FEV) 182.30p 1.56%
DFS Furniture (DFS) 276.40p 1.47%
FTSE 250 - Fallers
Hochschild Mining (HOC) 266.20p -3.90%
Hastings Group Holdings (HSTG) 219.90p -3.76%
SVG Capital (SVI) 652.00p -3.26%
Countrywide (CWD) 218.60p -2.54%
Stagecoach Group (SGC) 211.10p -2.27%
Mitie Group (MTO) 195.80p -2.10%
AO World (AO.) 169.70p -1.85%
Entertainment One Limited (ETO) 228.00p -1.60%
Allied Minds (ALM) 346.00p -1.59% |
| | UK Event Calendar | | Wednesday October 05
INTERIMS
Tesco
INTERIM DIVIDEND PAYMENT DATE
Rathbone Brothers, Savills
QUARTERLY EX-DIVIDEND DATE
JP Morgan Chase & Co
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (12:30)
Crude Oil Inventories (US) (15:30)
Factory Orders (US) (15:00)
ISM Non-Manufacturing (US) (15:00)
MBA Mortgage Applications (US) (12:00)
Retail Sales (EU) (10:00)
GMS
Puma Vct VII
EGMS
Public Power GDR SA (Reg S)
AGMS
Artemis Alpha Trust, Hargreaves Services
TRADING ANNOUNCEMENTS
Topps Tiles
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
FINAL DIVIDEND PAYMENT DATE
Stagecoach Group
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red amid worries about monetary tightening European stocks fell in early trade as investors mulled over possible monetary tightening by the European Central Bank.
At 0855 BST, the benchmark Stoxx Europe 600 index was down 0.6%, while Germany's DAX and France's CAC 40 were off 0.7%.
Meanwhile, oil prices were on the front foot. West Texas Intermediate was up 1.4% at $49.36 a barrel and Brent crude was 1.3% firmer at $51.55.
Investors got their first chance to react to a press report after the close on Tuesday that the European Central Bank was reaching a consensus to start tapering its asset-buying programme.
According to Bloomberg, the ECB will start winding down the asset purchases ahead of the programme's end in March next year.
In addition, market participants were still digesting comments by Richmond Fed President Jeffrey Lacker who said on Tuesday that he would have voted in favour of an interest rate hike at the September policy meeting if he had been able to vote.
"I would have dissented," Lacker told reporters in Charleston, West Virginia, where he gave a speech on the economic outlook.
The Fed last month decided to keep rates at between 0.25% and 0.50% as it waits for further evidence of improvement in inflation and the economy. The central bank indicated that it expects one rate increase this year.
Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said: "European equity markets are on the back foot as concerns grow that central banks are going to pare back accommodative policy - with the ECB potentially tapering bond purchases and previously dovish Fed members ramping up expectations of an interest rate rise this year.
"Both equity and bond market valuations have been founded on monetary support from global central banks and have arguably become hooked on quantitative easing and low interest rates. The possibility of central banks returning to a more normal regime could see taper tantrums resume, volatility spike and investors flee."
In corporate news, Tesco surged after reporting much-improved sales and operating profits in the first half of the year, though its pension deficit has grown to a whopping £6bn due to lower bond yields.
BHP Billiton pushed higher as it talked up the opportunities within its petroleum business during an investor briefing.
On the downside, Air Liquide fell after saying it has begun exclusive talks to sell its scuba-diving equipment making unit Aqua Lung to Montagu Private Equity. |
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| | US Market Report | | US close: Stocks end in the red as IMF cuts growth forecasts US stocks ended in the red on Tuesday as the International Monetary Fund downgraded its US growth forecasts and investors digested comments from a Federal Reserve official who suggested interest rates should be hiked.
The Dow Jones Industrial Average and the S&P 500 ended down 0.5%, while the Nasdaq closed off 0.2%.
At the same time, oil prices rose despite Iran and Libya continuing to increase production in the wake of OPEC's agreement last week to limit output. West Texas Intermediate gained 0.8% to $49.19 a barrel and Brent crude was up 0.8% to $51.32.
The IMF on Tuesday cut its 2016 estimate for US gross domestic product to 1.6% from the 2.2% it predicted in July. However, it forecast global growth would remain steady at 3.1% this year, due to a rebound in emerging and developing economies.
Meanwhile, Richmond Fed President Jeffrey Lacker said he would have voted in favour of an interest rate hike at the September policy meeting if he had been able to vote.
"I would have dissented," Lacker told reporters in Charleston, West Virginia, where he gave a speech on the economic outlook.
The Fed last month decided to keep rates at between 0.25% and 0.50% as it waits for further evidence of improvement in inflation and the economy. The central bank indicated that it expects one rate increase this year.
On the company front, Deutsche Bank's US-listed shares reversed the previous day's decline as worries about the lender's financial state and legal troubles receded.
On Friday, US shares in the lender surged after a media report suggested its fine from the US Department of Justice could be reduced from $14bn to $5.4bn. On Monday, the Wall Street Journal said talks between the two were ongoing and no settlement has been reached.
Darden Restaurants also advanced after the operator of Olive Garden reported first quarter earnings that exceeded analysts' estimates.
Summit Therapeutics surged after saying it has entered into an exclusive license and collaboration agreement with Sarepta Therapeutics.
In currency markets, the pound slumped to a 31-year low against the dollar as UK Prime Minister Theresa May's pledge to trigger Article 50 by March continued to weigh on the currency.
S&P 500 - Risers
Hartford Financial Services Group Inc. (HIG) $43.78 +3.01%
Salesforce.Com Inc. (CRM) $72.63 +2.99%
Signet Jewelers Ltd (SIG) $77.82 +2.77%
Northern Trust Corp. (NTRS) $69.83 +2.47%
Bed Bath & Beyond Inc. (BBBY) $44.00 +2.35%
SunTrust Banks Inc. (STI) $44.73 +2.19%
State Street Corp. (STT) $71.35 +2.19%
Navient Corporation (NAVI) $14.64 +2.16%
Keycorp (KEY) $12.41 +2.14%
Urban Outfitters Inc. (URBN) $35.42 +1.81%
S&P 500 - Fallers
Newmont Mining Corp. (NEM) $34.25 -10.10%
United States Steel Corp. (X) $17.52 -6.41%
Diamond Offshore Drilling Inc. (DO) $16.60 -4.60%
Dr Pepper Snapple Group Inc. (DPS) $86.86 -4.30%
AES Corp. (AES) $11.95 -4.17%
Dollar Tree Inc (DLTR) $76.43 -3.90%
Transocean Ltd. (RIG) $9.52 -3.35%
Murphy Oil Corp. (MUR) $29.87 -3.24%
Iron Mountain Inc (New) (IRM) $35.39 -3.09%
PPL Corp. (PPL) $32.90 -3.09%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $162.27 +0.75%
Apple Inc. (AAPL) $113.00 +0.43%
American Express Co. (AXP) $63.91 +0.16%
JP Morgan Chase & Co. (JPM) $66.60 +0.14%
Pfizer Inc. (PFE) $33.72 +0.12%
Walt Disney Co. (DIS) $92.59 +0.11%
Johnson & Johnson (JNJ) $118.82 +0.01%
Dow Jones I.A - Fallers
3M Co. (MMM) $171.68 -1.92%
E.I. du Pont de Nemours and Co. (DD) $66.88 -1.42%
Verizon Communications Inc. (VZ) $51.26 -1.20%
Chevron Corp. (CVX) $101.27 -1.15%
Nike Inc. (NKE) $52.14 -1.01%
McDonald's Corp. (MCD) $113.50 -0.99%
United Technologies Corp. (UTX) $101.43 -0.98%
Exxon Mobil Corp. (XOM) $86.25 -0.92%
Caterpillar Inc. (CAT) $87.51 -0.87%
International Business Machines Corp. (IBM) $156.46 -0.73%
Nasdaq 100 - Risers
JD.com, Inc. (JD) $27.49 +5.29%
Bed Bath & Beyond Inc. (BBBY) $44.00 +2.35%
Akamai Technologies Inc. (AKAM) $54.64 +1.73%
TripAdvisor Inc. (TRIP) $64.42 +1.69%
Skyworks Solutions Inc. (SWKS) $76.59 +1.67%
Alexion Pharmaceuticals Inc. (ALXN) $123.41 +1.04%
Biomarin Pharmaceutical Inc. (BMRN) $95.13 +0.84%
Check Point Software Technologies Ltd. (CHKP) $78.18 +0.79%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $38.05 +0.71%
Symantec Corp. (SYMC) $25.25 +0.56%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $76.43 -3.90%
Stericycle Inc. (SRCL) $77.34 -3.03%
Mattel Inc. (MAT) $30.21 -1.82%
Fastenal Co. (FAST) $41.45 -1.68%
Xilinx Inc. (XLNX) $53.06 -1.61%
NetApp Inc. (NTAP) $34.85 -1.44%
Incyte Corp. (INCY) $94.17 -1.43%
Mondelez International Inc. (MDLZ) $43.16 -1.42%
Regeneron Pharmaceuticals Inc. (REGN) $397.20 -1.40% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Barclays, SVG Capital, Bradford & Bingley Barclays has completed the sale of its Egyptian business to Morocco's Attijariwafa Bank as part of its shift towards focusing on the US and Britain. The sale will mean a cut of about £2bn in Barclays' risk-weighted assets, boosting the bank's core capital ratio by about 0.1%. - Guardian
Global central bank policymakers have turned world financial markets into a casino with their unprecedented monetary policies, the bond investor Bill Gross has warned. Gross, who oversees the $1.5bn (£1.2bn) Janus Global Unconstrained Bond Fund, recommended bitcoin and gold for investors who are looking for places to preserve capital. - Guardian
SVG Capital has agreed a deal to sell half of its assets to the private equity firms Pomona and Pantheon and wind itself down, in the latest twist in its race to block a hostile takeover by HarbourVest. The FTSE 250 company has been in urgent talks with several groups of possible bidders to find a "white knight" transaction following HarbourVest's £1bn proposal in mid-September. - Telegraph
British motorists last month faced the highest road fuel costs this year as global oil prices continue to creep higher from historic lows. The cost of unleaded petrol and diesel rose for a second consecutive month to drive the average price of diesel the highest level for the year so far, while petrol ended the month only slightly shy of 2016 highs. - Telegraph
The government is to restart the sale of £16 billion of Bradford & Bingley mortgage loans, offering a further sign of renewed confidence in the economy. The Treasury had put the sale on hold in the summer, but yesterday it gave the green light to the agency that manages its nationalised bad bank loans to seek out buyers. - The Times
The British boss of Deutsche Bank was in the United States last night trying to negotiate a deal over a $14 billion fine, even as a political battle raged back in Germany over the lender's problems. John Cryan, chief executive, and a small team of Deutsche officials were hoping to talk down the enormous sum being demanded by the US Department of Justice over mortgage mis-selling. - The Times
Theresa May will make a renewed pitch for the "centre ground" of British politics as the prime minister seeks to capitalise on the disarray in the ranks of the opposition Labour party. The Conservative leader will give her keynote speech to the party conference in Birmingham on Wednesday - less than three months after assuming control over the party in the wake of the Brexit vote. - Financial Times | | |
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