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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 rise after China steps out of deflation in September Stocks in London started higher following the release of Chinese inflation data which analysts and economists termed encouraging and ahead of a spate of third quarter earnings reports from several of the largest US lenders due out later in the day.
As of 0823 BST the FTSE 100 was advancing 0.62% or 43.47 points to 7,020.37.
Overnight, the Shanghai Stock Exchange´s composite index edged higher by 0.08% to 3,063.81.
CMC Markets' Michael Hewson said: "In an encouraging sign this morning's Chinese CPI data does appear to show that inflation is gaining traction, with CPI coming in at 1.9%, above expectations. Factory gate prices still remain sluggish, though they have finally made it into positive territory at 0.1%, the first time that has happened since February 2012.
"Chinese PPI prices have been slowly improving for several months now so this return to positive territory is welcome news, especially so when prices were -5.9% at the beginning of this year."
For their part, analysts at Danske Bank chipped in, "inflation data overnight points to further easing of deflationary pressures in China . In combination with concern over bubbling house prices and rising financial risks, it puts monetary policy firmly on hold.
"We expect monetary policy to be on hold for now but look for renewed easing in 2017 as growth tapers off again. The risk to our view is that China is increasingly using regional measures to control the housing market as there is a very large dispersion across the country." .
Reflective of the global headwinds facing Chinese exports, as data published in the previous session revealed, Singapore's gross domestic product shrank at 4.1% quarter-on-quarter pace during the third quarter (Consensus: 0.0%).
On the economic calendar, UK construction output and the Bank of England credit conditions survey are at 0930 BST. In the US, PPI is at 1330 BST, while University of Michigan consumer sentiment and business inventories are at 1500 BST.
Citigroup, JP Morgan and Wells Fargo were all scheduled to release their latest quarterly results later in Friday´s session.
To take note of, Bank of England Governor Mark Carney and several other top Bank officials were scheduled to make appearances at a Future Forum in Birmingham on Friday.
In corporate news, Irish investment holding company DCC's technology division is to buy Hammer Consolidated Holdings, a server and storage solutions reseller, for about £38m.
The acquisition by DCC Technology, which trades under Exertis, is expected to be completed by the end of the year and agreed to buy the issued share capital of Hammer based on an initial market value of £38.3m.
Specialist emerging markets asset manager Ashmore Group updated the markets on its assets under management on Friday, for the quarter to 30 September. The FTSE 250 firm said assets under management increased by $2bn during the period, driven solely by positive investment performance, with net flows flat for the three months.
It said the neutral net flow for the quarter resulted from small net inflows into the blended debt, local currency, corporate debt and overlay/liquidity themes, offset by equally small net outflows from equities, external debt, and multi-asset. "The continued improvement in net flows is encouraging in what is typically a quiet quarter," said CEO Mark Coombs.
Provident Financial's performance during the third quarter was in line with management's own expectations, the company said in a statement. Credit quality at all three of its main units was described as "very sound", with the lender confident of its ability to deliver "good" full-year results. |
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| | UK Event Calendar | | Friday October 14
INTERIM DIVIDEND PAYMENT DATE
Chesnara, Christie Group, Computacenter, Foresight VCT Planned Exit Shares, G4S, Highcroft Investment, Impellam Group, Intertek Group, Phoenix Spree Deutschland Limited SHS NPV , Robert Walters, RPS Group, RSA Insurance Group, SafeCharge International Group Limited (DI), Sanne Group, Total Produce, Treatt, Zegona Communications
QUARTERLY PAYMENT DATE
Schlumberger Ltd., Total SA
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Business Inventories (US) (15:00)
Producer Price Index (US) (13:30)
Retail Sales (US) (01:30)
Retail Sales Less Autos (US) (01:30)
U. of Michigan Confidence (Prelim) (US) (15:00)
GMS
MBL Group
FINALS
Inland Homes
IMSS
Provident Financial
AGMS
Atlantis Japan Growth Fund Ltd., PME African Infrastructure Opportunities, Rank Group
FINAL DIVIDEND PAYMENT DATE
Best of the Best, Coral Products, Sophos Group , Trifast, United Carpets Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as investors cheer Chinese inflation data European stocks rose in early trade, underpinned by encouraging Chinese inflation figures which helped to ease concerns about the world's second-largest economy.
At 0850 BST, the benchmark Stoxx Europe 600 index was up 0.7%, Germany's DAX was up 0.6% and France's CAC 40 was 0.5% higher.
Meanwhile, oil prices advanced. West Texas Intermediate was up 1.1% to $50.97 a barrel and Brent crude was 06% higher at $52.33.
Henry Croft, research analyst at Accendo Markets, said: "An increase in PPI and the highest CPI reading for the Chinese economy in five years has seemingly offset the negative export data reported in the early hours of Thursday morning."
China's headline consumer price index advanced at a 1.9% year-on-year clip in September, after a rise of 1.3% in August, as food price gains accelerated to 3.2% year-on-year from 1.3%.
Non-food price increases also quickened to a 1.6% pace - a two-year high - up from 1.4% the month before. Economists had forecast a gain of 1.6% in headline CPI.
Producer prices rose 0.1% year-on-year after declining by 0.8% in August, with a rise in industrial commodity prices responsible for the move.
Basic resources - which are heavily dependent on demand from China - reversed the previous session's losses on the back of the data, with the Stoxx 600 sub-index for the sector up 1.7%.
In corporate news, hedge fund manager Man Group surged after reporting a jump in third-quarter funds under management and announcing an agreement to acquire real asset manager Aalto Invest Holding AG.
France's SFR gained ground as Altice said it had bought a 5.21% stake in the company, lifting its overall holding to above 82%.
On the downside, Software AG tumbled after posting a big drop in third-quarter earnings.
Infosys was also in the red after reporting a 6.1% rise in second-quarter net profit but downgrading its outlook for the year.
On the data front, Eurozone trade balance figures are at 1000 BST. In the US, retail sales are at 1330 BST, while business inventories and University of Michigan sentiment are at 1500 BST.
US earnings will also be eyed later in the session with banking heavyweights JPMorgan Chase, Citigroup and Wells Fargo all slated to report. |
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| | US Market Report | | US close: Stocks fall on China, rate hike caution Stocks markets in the US finished lower on Thursday as risk appetite was hit by poor Chinese trade data and continuing low levels of US joblessness that reinforced the impression that December may see an interest hike from the Federal Reserve.
Amid further conflicting influences of a lower dollar and oil creeping higher, the main stock indices all erased most of their larger earlier losses, with Dow Jones Industrial Average closing 0.25% lower at 18,098.94 points, the S&P 500 down 0.31% to 2,132.55 and the Nasdaq dropping 0.49% to 5,213.33 points.
As well as hawkish Fed minutes overnight, Wall Street opened on the back of a risk-off sentiment around global markets as Chinese exports were shown to have shrunk 10% year-on-year in September, below expectations of a 3% decline, sparking concerns for the world's second largest economy and global demand.
While prices of many natural resources were sent reeling by the China data, crude oil steadied over the course of the session having fallen when OPEC revealed September's oil production rose to its highest level in eight years.
Not long before 1700 EDT, West Texas Intermediate was up 0.5% to $50.45 a barrel and Brent crude was 0.29% higher at $51.96.
Closely monitored ahead of a Boston speech by Fed head Janet Yellen on Friday, the Labor Department reported that jobless claims were unchanged at 246,000 in September, below the 253,000 forecast, which was the lowest reading since November 1973.
Wednesday's meeting minutes suggested the majority of Fed policymakers are ready to be persuaded to hike rates in December if data continues along current lines, so the jobless data was further grease on the tracks.
Philadelphia Fed president Patrick Harker said in a speech Thursday that the economy was doing "pretty well" and has a strong jobs market, but did not say how close the central bank was to raising interest rates.
Among companies, United States Steel was hit by the China data, while some pharma companies such as Pfizer retreated as Hillary Clinton's odds on winning the presidential race grew shorter.
Rail shipper CSX Transportation were up as it reported better than expected third quarter results.
Shares in hotels group Marriott plummeted after a rise in profits did not meet analyst expectations, whereas Delta Air Lines' third quarter profit was above analyst expectations and so edged higher.
Dow Jones - Risers
Merck & Co. Inc. (MRK) $62.51 1.38%
Wal-Mart Stores Inc. (WMT) $68.23 1.14%
United Technologies Corp. (UTX) $99.85 0.93%
McDonald's Corp. (MCD) $115.42 0.61%
Johnson & Johnson (JNJ) $118.30 0.25%
3M Co. (MMM) $170.02 0.18%
Boeing Co. (BA) $133.38 0.17%
Verizon Communications Inc. (VZ) $50.29 -0.02%
Coca-Cola Co. (KO) $41.76 -0.05%
Travelers Company Inc. (TRV) $115.04 -0.25%
Dow Jones - Fallers
Chevron Corp. (CVX) $100.79 -1.33%
Goldman Sachs Group Inc. (GS) $167.49 -1.11%
Pfizer Inc. (PFE) $32.76 -0.94%
E.I. du Pont de Nemours and Co. (DD) $68.16 -0.93%
Nike Inc. (NKE) $52.03 -0.78%
Caterpillar Inc. (CAT) $86.97 -0.70%
Unitedhealth Group Inc. (UNH) $134.19 -0.67%
Exxon Mobil Corp. (XOM) $86.56 -0.65%
JP Morgan Chase & Co. (JPM) $67.74 -0.57%
Cisco Systems Inc. (CSCO) $30.17 -0.56%
S&P 500 - Risers
Tenet Healthcare Corp. (THC) $23.13 8.69%
American Airlines Group (AAL) $39.24 4.98%
Range Resources Corp. (RRC) $39.41 3.60%
Southwest Airlines Co. (LUV) $41.41 3.42%
CSX Corp. (CSX) $31.15 3.11%
Progressive Corp. (PGR) $32.47 2.56%
Cognizant Technology Solutions Corp. (CTSH) $51.25 2.54%
Universal Health Services Inc. (UHS) $124.65 2.31%
Chesapeake Energy Corp. (CHK) $6.44 2.23%
Mylan Inc. (MYL) $37.88 2.19%
S&P 500 - Fallers
United States Steel Corp. (X) $16.44 -6.00%
Cabot Oil & Gas Corp. (COG) $22.75 -4.65%
Qorvo, Inc. (QRVO) $52.91 -4.17%
Freeport-McMoRan Inc (FCX) $9.64 -4.08%
Ryder System Inc. (R) $63.54 -3.64%
M&T Bank Corp. (MTB) $113.17 -3.16%
Fifth Third Bancorp (FITB) $19.74 -3.09%
Keycorp (KEY) $12.31 -3.07%
ConocoPhillips (COP) $42.15 -3.04%
Borg Warner Inc. (BWA) $34.54 -2.98%
Nasdaq 100 - Risers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $266.14 11.37%
American Airlines Group (AAL) $39.24 4.98%
Cognizant Technology Solutions Corp. (CTSH) $51.25 2.54%
Dish Network Corp. (DISH) $56.98 2.48%
Mylan Inc. (MYL) $37.88 2.19%
Viacom Inc. Class B (VIAB) $35.82 1.99%
Mattel Inc. (MAT) $29.98 1.28%
Dollar Tree Inc (DLTR) $78.23 0.98%
O'Reilly Automotive Inc. (ORLY) $278.89 0.95%
Endo International Plc (ENDP) $19.81 0.92%
Nasdaq 100 - Fallers
Liberty Media Corporation - Series C (LMCK) $27.22 -5.16%
Liberty Media Corporation - Class A (LMCA) $27.54 -4.87%
Applied Materials Inc. (AMAT) $27.86 -2.72%
Symantec Corp. (SYMC) $24.28 -2.65%
Bed Bath & Beyond Inc. (BBBY) $41.66 -2.34%
Discovery Communications Inc. Class C (DISCK) $25.02 -2.07%
Western Digital Corp. (WDC) $55.28 -2.04%
Discovery Communications Inc. Class A (DISCA) $25.68 -1.87%
Fastenal Co. (FAST) $38.34 -1.84%
Skyworks Solutions Inc. (SWKS) $77.41 -1.79% |
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| | Newspaper Round Up | | Friday newspaper round-up: SoftBank, Tesco/Unilever, US banks exodus SoftBank and Saudi Arabia's sovereign wealth fund are preparing to launch a new tech fund that will manage as much as $100bn, in a move that will create one of the largest tech investment funds in the world. The new fund, dubbed the SoftBank Vision Fund, will be based in London and seeded with $25bn from SoftBank and up to $45bn from Saudi Arabia's sovereign wealth fund over the next five years, according to a statement from Masayoshi Son's Japanese telecoms group. - Financial Times
Tesco will once again sell Marmite online after the grocer ended a 24-hour stand-off with Unilever over proposed price rises that foreshadowed inflationary pressures analysts say will be inescapable if sterling continues its fall. Britain's biggest supermarket had refused to comply with Unilever's proposed increasesand instead pulled dozens of products - including Marmite spread and Ben and Jerry's ice cream - from its website, provoking a public storm over the High Street consequences of June's Brexit vote. - Financial Times
The French finance minister, Michel Sapin, has said that US banks have told him they will move some activities out of Britain to other European countries in the wake of the referendum decision to leave the EU. Sapin said that until now US banks had adopted a wait-and-see approach towards their British investments. - Guardian
Women get paid less than men at every stage in their careers but the gender pay gap is widest during their 50s, according to new analysis. The pay gap begins as soon as women start working and is at its greatest when a woman turns 50, with female employees cumulatively £85,040 worse off than men over the next decade, according to TUC analysis of figures from the Office for National Statistics. - Guardian
An outspoken investor backed by one of Britain's richest fund managers has launched an attack on William Hill's proposed £5bn tie-up with Amaya, branding the talks a waste of time that risk damaging the British bookmaker. Parvus Asset Management, whose backers include Sir Chris Hohn of the Children's Investment Fund, said it was the largest owner of William Hill, with 14.3pc of its shares. - Telegraph
Britain is in danger of misreading the political landscape in Europe and faces the possible loss of its reserve currency status if it fails to secure full access to the European single market, Standard & Poor's has warned. The powerful US rating agency said the British government is treading into hazardous waters in negotiations with the EU and is risks serious damage to economy's future growth trajectory, with long-term implications for the debt profile and the country's credit-worthiness. - Telegraph
The billionaire Jim Ratcliffe is bidding to acquire assets in the North Sea owned by Royal Dutch Shell as his Ineos chemicals group steps up efforts to become a leading player in Britain's struggling offshore oil industry. Bids were submitted on Wednesday for several oil and gas projects, including a stake in the Buzzard field which formed part of Shell's recent acquisition of BG Group. - The Times
Fears that stock market investors were staging a "buyers' strike" grew yesterday after a second company in a week scrapped its flotation and a third was hanging in the balance. TI Fluid Systems, an automotive engineer, said that its €600 million float would not proceed "due to market conditions". - The Times | | |
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