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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 close: Stocks bounce back as pound forfeits some gains London stocks finished higher as the pound lost ground even as Bank of England governor Mark Carney reiterated that a hike in Bank Rate might be in order in coming months.
By the end of trading, the FTSE 100 was up 0.52% or 37.81 points to 7,253.28.
Meanwhile, the pound was down 0.4% against the dollar to 1.3541 and 0.5% weaker versus the euro at 1.1295.
Speaking at the International Monetary Fund, in Washington DC, Carney said the process of exiting the European Union was likely to be inflationary in the short-term, even as he reiterated the Monetary Policy Committee's recently adopted stance that some withdrawal of accommodation was likely to be appropriate over the coming months.
IG's chief market analyst, Chris Beauchamp, said: "Equity markets in Europe are strong as the global political front appears to be improving, in that there has been no further developments regarding North Korea. The situation isn't by any means resolved, but traders are taking their clues to buy as there hasn't been any news negative news out of the region."
"The FTSE 100 has bounced back today after its major decline on Friday. The British index came under pressure from the rally in the pound. Even though we have seen buying today, the benchmark is still below its 200-day moving average - an important barometer, and while it is south of that metric the outlook may remain negative.
On the corporate front, BAE Systems was the standput gainer after Qatar's defence minister signed a letter of intent to buy 24 Typhoon jets from the company.
GKN was another top gainer, boosted by an upgrade to 'neutral' at Exane BNP Paribas and as the departure of its chief executive and finance director and the proposed breakup of Autoliv revived the debate about whether it might also demerge.
Dairy Crest was in the black after saying cheese sales volumes and values in the six months to September are ahead of last year, with profit also increased, while Esure was also trading higher following press reports that founder Sir Peter Wood is planning to sell his controlling stake in the insurer.
On the downside, insurer Hiscox was in the red after saying it expects to see claims of around $150m as a result of Hurricane Harvey. It said this was within the group's modelled range for an event of this nature and added that reinsurance protections remain "substantially intact".
Petra Diamonds shares tumbled after it reported a 4% drop in full-year adjusted earnings before interest, tax, depreciation and amortisation and warned that restriction on exports from Tanzania after the seizure of some of its diamonds could dent its lending facilities.
Investors were digesting the latest figures from Rightmove, which showed average UK asking prices fell in September, dragged lower by a big drop in the capital.
The average UK asking price fell by 1.2% on the month in September to £310,000 following a 0.9% decline in August, with asking prices in the capital down 2.9%. This marked the first monthly fall at this time of year since 2013.
Rightmove said that excluding London, the decline would have been a much smaller 0.5%. It added that London's higher-end boroughs were seeing the biggest drops, with falls in five out of the six most expensive. |
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| Market Movers
FTSE 100 (UKX) 7,253.28 0.52%
FTSE 250 (MCX) 19,437.85 0.31%
techMARK (TASX) 3,418.44 0.47%
FTSE 100 - Risers
BAE Systems (BA.) 619.50p 3.94%
Johnson Matthey (JMAT) 2,910.00p 2.65%
GKN (GKN) 347.60p 2.60%
Mondi (MNDI) 2,058.00p 2.39%
Antofagasta (ANTO) 953.50p 2.36%
Admiral Group (ADM) 1,824.00p 2.18%
Standard Life Aberdeen (SLA) 413.30p 2.05%
Ferguson (FERG) 4,574.00p 1.96%
Smiths Group (SMIN) 1,594.00p 1.92%
Ashtead Group (AHT) 1,770.00p 1.84%
FTSE 100 - Fallers
Provident Financial (PFG) 748.00p -5.79%
Imperial Brands (IMB) 3,266.00p -1.85%
Randgold Resources Ltd. (RRS) 7,415.00p -1.72%
Mediclinic International (MDC) 695.50p -1.63%
Shire Plc (SHP) 3,859.50p -1.52%
Next (NXT) 4,973.00p -1.43%
Paddy Power Betfair (PPB) 7,145.00p -1.38%
Severn Trent (SVT) 2,201.00p -1.30%
United Utilities Group (UU.) 876.00p -1.13%
Fresnillo (FRES) 1,426.00p -1.04%
FTSE 250 - Risers
esure Group (ESUR) 278.50p 6.05%
Nostrum Oil & Gas (NOG) 390.00p 4.78%
Kaz Minerals (KAZ) 756.50p 4.20%
Rotork (ROR) 251.00p 3.85%
Weir Group (WEIR) 1,807.00p 3.79%
Stagecoach Group (SGC) 159.20p 3.18%
CYBG (CYBG) 294.70p 3.04%
Wetherspoon (J.D.) (JDW) 1,218.00p 2.44%
Just Group (JUST) 152.40p 2.41%
Dairy Crest Group (DCG) 624.00p 2.38%
FTSE 250 - Fallers
Petra Diamonds Ltd.(DI) (PDL) 79.25p -5.65%
Rank Group (RNK) 222.50p -5.15%
Spire Healthcare Group (SPI) 251.00p -3.84%
Sophos Group (SOPH) 555.00p -3.73%
Hochschild Mining (HOC) 236.50p -3.55%
Carillion (CLLN) 42.50p -3.37%
Acacia Mining (ACA) 174.80p -3.16%
Dunelm Group (DNLM) 629.50p -3.15%
Polymetal International (POLY) 803.50p -3.02% |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks edge higher as euro slips ahead of Fed, BoJ Stocks edged higher as investors opted to keep their powder dry ahead of policy meetings at the US Federal Reserve and Bank of Japan later in the week.
At the closing bell, the benchmark Stoxx 600 was higher by 0.33% or 1.24 points at 381.95, alongside an advance of 0.32% or 40.58 points to 12,559.39 for the German Dax and a gain of 0.30% or 15.41 points to 5,229.32 in the Cac-40.
In parallel, euro/dollar drifted lower by 0.13% to trade at 1.1930.
Commenting on Monday's market backdrop, Michael Hewson, chief market analyst at CMC Markets UK, said: "Having seen the Bank of England surprise the markets by suggesting that we could well see last year's emergency rate cut reversed by the end of this year, attention this week is set to turn towards the Bank of Japan as well as the US Federal Reserve, and in particular on how US policymakers will alter their rate rise path projections for the remainder of this year and into next year."
In economic news, Eurostat confirmed that consumer price inflation in the single currency bloc advanced at a 1.5% pace year-on-year in August, up from a 1.3% clip in the month before.
The rate of increase in so-called 'core' consumer prices was confirmed at 1.2%, unchanged from July.
Later in the day, the NAHB's US homebuilder confidence index for September printed at a reading of 64.0, down from the prior month's print of 67.0 on the back of the impact of hurricane Harvey.
Still on the calendar for later was US Treasury data on long-term capital flows in July at 2100 BST.
In corporate news, Qatar inked a letter of intent to buy 24 Typhoon fighter jets from BAE Systems.
According to La Repubblica, Vivendi faces a €298m fine for not revealing it had achieved control of Telecom Italia. |
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| | US Market Report | | US open: Stocks edge higher ahead of Fed Wall Street was edging slightly higher as worries about North Korea receded with investors looking ahead to the latest policy announcement from the Federal Reserve on Wednesday.
At 1448 BST, the Dow Jones Industrials Average was up by 0.27% or 61.85 points at 22,331, while the S&P 500 was adding 0.28% or 6.98 points to 2,507 with the Nasdaq Composite ahead by 0.37% or 24.16 points to 6,473.
On Friday, US stocks notched further all-time highs, with the S&P 500 closing above 2,500 for the first time.
The Fed will conclude its two-date policy meeting on Wednesday. Although no change is expected to interest rates, the US central bank is expected to start laying the foundations to unwind its $4.5trn balance sheet.
Konstantinos Anthis at ADS Securities said: "The Fed will leave rates unchanged this month but the real interest for investors is whether they will announce their intention to start normalizing their balance sheet by not reinvesting the profits from their bond purchases. Taking this step would count as a policy tightening initiative - as the Fed would reduce the amount of money they spent on asset purchases - and would further highlight their bullish view over the progress of the economy.
"Furthermore investors and speculators will be equally interested to hear what Fed Chairwoman Janet Yellen has to say about the prospect of another rate hike before the year is out. The Fed is maintaining a bullish stance, but the mixed performance of the economy over the past months, the current state of play in the geopolitical arena and the expected toll of the two recent hurricanes might force a more balanced tone. Should the Fed go ahead and announce a balance sheet normalisation the dollar will rally but the extent of the move hinges on any hints about the Fed raising rates in December."
In currency markets, the dollar hit an eight-week high against the yen, trading up 0.55% to 111.44, with investors moving out of the safe-haven Japanese currency as tensions between the US and North Korea eased.
Richard Perry at Hantec Markets said: "As risk appetite shows signs of improvement, the flow out of safe haven assets seems to be continuing on Monday morning. With no increased provocation to speak of on the Korean Peninsula, investors are moving out of gold, the yen and US Treasuries in search for higher yielding, more risky assets. This move means that the technical positions on gold and the yen are on the brink of a significant change in outlook."
In corporate news, Northrop Grumman and Orbital ATK were in the spotlight after the former announced an agreement to buy its rival in a deal valued at around $7.8bn or $9.2bn if debt is included, for a 22% premium.
Teva Pharmaceuticals was also in the news after saying it would sell its women's health assets for $1.38bn in order to reduce its debt pile.
On the data front, the NAHB housing market index for September is due at 1500 BST, followed by the Treasury's report on long-term capital flows in July at 2100 BST. |
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