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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: FTSE flat as investors mull latest Fed decision and UK lending figures London stocks closed marginally lower on Thursday, giving up earlier small gains as investors digested the latest UK borrowing figures and Sterling bounced back.
The FTSE 100 was down 0.11% at 7,263.90, while the pound was up 0.55% to 1.3569 against the dollar, which was easing off its recent one-year highs in the aftermath of the Federal Reserve's latest policy announcement.
Over in Europe, stocks were a bit more upbeat with the DAX up 0.25% to 12,600.03, the CAC 40 0.49% higher to 5,267.29 and the IBEX 35 0.05% firmer at 10,297.00.
On a largely quiet morning, there was a boost for the UK as public sector borrowing was lower than expected last month; that should allow the Chancellor a little room for a fiscal boost in his forthcoming budget.
Public sector net borrowing excluding publicly owned banks stood at £5.67bn in August, the Office for National Statistics revealed, below the £6.9bn level from the same month last year and the consensus forecast for £6.4bn of red ink.
After August's low borrowing and July's small surplus, the cumulative total in the fiscal year has reached £28.3bn, down £0.2bn on the same months of 2016/17 and the lowest for this stage of the year since 2007.
In its March forecast, the Office for Budget Responsibility forecast borrowing was to rise by 13% this year.
Paul Hollingsworth at Capital Economics said the figures will come as welcome news to the Chancellor in the lead up to the Budget on 22 November and further increases the scope to ease back on austerity a touch.
Market participants were also mulling the latest policy announcement from the Federal Reserve, which on Wednesday stood pat on interest rates as expected, with Chair Janet Yellen confirmed the central bank will start winding down its $4.5trn balance sheet in October and hinted that one more rate increase is likely by the end of the year.
In corporate news, CRH rallied as it struck a deal to acquire Kansas-based Ash Grove Cement Company for $3.5bn, while specialty chemicals group Johnson Matthey surged after confirming its guidance for the year, sounding an upbeat note on the mid-term outlook for automotive catalysis and outlining new investment in the electric battery market.
Anglo American was also on the front foot on news that Indian billionaire Anil Agarwal plans to up his stake in the company to just over 20% from 13%.
IG Group was higher after saying it generated record revenues in the three months to the end of August, boosted by strong overseas growth for the online trading broker as UK client numbers tailed off.
Kier Group surged as it reported an 8% rise in underlying full-year pre-tax profit as revenue grew and its business remained relatively unaffected by Brexit.
On the downside, Capita tumbled after saying it grew underlying profits 46% in the first six months of the year but revenue dropped. Analysts at Morgan Stanley were not the only ones disappointed and finding the complicated results "difficult to read".
Catering group Compass was in the red after saying that chief executive Richard Cousins will step down from his role on 31 March 2018. He will be succeeded by current chief operating officer for Europe, Dominic Blakemore.
Mitchells & Butlers was on the back foot as it posted growth in sales for the year to date but said the latter part of the summer was hit by poorer weather, while Fresnillo was weaker despite saying that its headquarters and production facilities in Mexico were not affected by the earthquake there.
Taylor Wimpey, Crest Nicholson, Ladbrokes, Bovis and Redrow were all lower as their stock went ex-dividend. |
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| Market Movers
FTSE 100 (UKX) 7,263.90 -0.11%
FTSE 250 (MCX) 19,418.33 -0.63%
techMARK (TASX) 3,414.44 -0.37%
FTSE 100 - Risers
Johnson Matthey (JMAT) 3,390.00p 14.60%
Anglo American (AAL) 1,331.50p 2.90%
ITV (ITV) 166.90p 2.90%
Lloyds Banking Group (LLOY) 67.45p 2.65%
Barclays (BARC) 190.40p 2.42%
CRH (CRH) 2,719.00p 2.41%
Royal Bank of Scotland Group (RBS) 260.50p 1.64%
Ashtead Group (AHT) 1,783.00p 1.13%
Worldpay Group (WPG) 411.40p 1.01%
BAE Systems (BA.) 629.00p 0.96%
FTSE 100 - Fallers
Kingfisher (KGF) 300.20p -4.09%
Sainsbury (J) (SBRY) 234.30p -4.05%
easyJet (EZJ) 1,198.00p -2.60%
Compass Group (CPG) 1,571.00p -2.54%
Taylor Wimpey (TW.) 183.80p -2.49%
Antofagasta (ANTO) 923.50p -2.28%
Old Mutual (OML) 193.10p -2.28%
Randgold Resources Ltd. (RRS) 7,300.00p -2.28%
Fresnillo (FRES) 1,410.00p -2.22%
Unilever (ULVR) 4,261.50p -2.07%
FTSE 250 - Risers
Kier Group (KIE) 1,164.00p 6.30%
IG Group Holdings (IGG) 648.00p 4.77%
TBC Bank Group (TBCG) 1,645.00p 4.02%
Fisher (James) & Sons (FSJ) 1,478.00p 3.27%
Spectris (SXS) 2,330.00p 2.51%
Amec Foster Wheeler (AMFW) 483.80p 2.07%
Wood Group (John) (WG.) 645.00p 1.98%
Tullow Oil (TLW) 170.90p 1.79%
Dunelm Group (DNLM) 648.50p 1.41%
Redefine International (RDI) 38.42p 1.37%
FTSE 250 - Fallers
Capita (CPI) 569.50p -11.57%
Ferrexpo (FXPO) 291.40p -5.05%
Mitchells & Butlers (MAB) 236.40p -4.37%
Nostrum Oil & Gas (NOG) 378.50p -4.30%
Senior (SNR) 260.30p -4.27%
Petrofac Ltd. (PFC) 428.90p -4.24%
Spire Healthcare Group (SPI) 230.00p -3.81%
Dignity (DTY) 2,167.00p -3.69%
Crest Nicholson Holdings (CRST) 515.00p -3.65% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | US Market Report | | US open: Stocks dip as two-year yields hover near eight-year highs Stocks are stuck in a bit of a rut as traders try to work out the implications of the US central bank's policy announcement the night before, despite a raft of better-than-expected readings on the economy.
At 1529 BST, the Dow Jones Industrial Average was 0.07% or 16.0 points lower to 22,397.21, alongside a dip of 0.26% or 6.57 points to 2,501.68 on the S&P 500 while the Nasdaq was 0.72% lower at 6,409.75.
Below the surface, and another slip lower in Apple aside, which was weighing on the S&P 500 and the tech-heavy Nasdaq, as a group Coal (2.26%), Railroads (1.92%) and Industrial Transportation (1.60%) stocks were doing best.
Acting as a backdrop, two-year US Treasury note yields - the most sensitive to expectations for Fed policy - were giving back one basis point to 1.43%, after Fed-inspired gains on Wednesday night that took them to their highest since November 2008.
Overnight, the Fed stood pat on interest rates, as expected, while Chair Janet Yellen confirmed the central bank will start winding down its $4.5trn balance sheet in October and suggested that one more rate increase is likely by the end of the year.
By and large, analysts appeared to be somewhat in agreement that the Federal Open Market Committee delivered a 'hawkish' surprise with regards to expectations for an interest rate hike next December, but a 'dovish' surprise in terms of its medium-term outlook.
Just as significantly, for her part at least, in her post-meeting press conference Fed chief Janet Yellen appeared to downplay the downtrend in core inflation year-to-date and appeared to put forth an explanation for the divergence between market-pricing for Fed hikes and rate-setters' own projections.
Commenting on the Fed's decisions, analysts at Goldman Sachs led by Jan Hatzius said: "The near-term message from the FOMC was hawkish, with 12 out of 16 participants projecting a third 2017 rate hike, upgrades to the GDP and employment forecasts, and continued skepticism from Chair Yellen about the significance of the weaker-than-expected core inflation numbers. We have consequently upgraded our subjective probability of a rate hike in December from 60% to 75%.
"[...] By contrast, the longer-term interest rate projections (2019 and beyond) surprised on the dovish side."
In economic news, the Philly Fed's regional manufacturing gauge jumped rose from a reading of 18.9 for August to 23.8 in September (consensus: 17.0).
To take note of as well, initial jobless claims fell by 23,000 to 259,000 during the week ending on 16 September, according to the Department of Labor.
On the corporate front, carbon materials group Calgon Carbon rocketed after the company agreed to be bought by Japanese chemical manufacturer Kuraray Co for $1.1bn.
Also high on the most active list on the Big Board, shares of Transocean and Seadrill were sharply lower, with the former having received a contract termination notice from Chevron for the Discoverer Clear Leader rig.
As was often the case, Bank of America was also one of the most actively traded issues, with the KBW sector gauge for lenders' shares up by 0.21% to 96.85.
AMD was also in the market spotlight as CNBC reported it was building a custom processor for Tesla's autonomous autopilot for cars.
Dow Jones - Risers
General Electric Co. (GE) $24.55 0.94%
Goldman Sachs Group Inc. (GS) $231.32 0.67%
United Technologies Corp. (UTX) $114.76 0.58%
JP Morgan Chase & Co. (JPM) $95.10 0.53%
Visa Inc. (V) $105.37 0.38%
Home Depot Inc. (HD) $159.22 0.34%
3M Co. (MMM) $211.06 0.26%
Boeing Co. (BA) $255.83 0.14%
McDonald's Corp. (MCD) $160.04 0.10%
Merck & Co. Inc. (MRK) $65.85 0.09%
Dow Jones - Fallers
Apple Inc. (AAPL) $153.79 -1.46%
Microsoft Corp. (MSFT) $74.26 -0.90%
Procter & Gamble Co. (PG) $93.57 -0.88%
Wal-Mart Stores Inc. (WMT) $80.05 -0.56%
Johnson & Johnson (JNJ) $132.56 -0.50%
Intel Corp. (INTC) $36.91 -0.43%
Verizon Communications Inc. (VZ) $49.27 -0.42%
Cisco Systems Inc. (CSCO) $32.52 -0.25%
Walt Disney Co. (DIS) $98.98 -0.23%
American Express Co. (AXP) $88.29 -0.16%
S&P 500 - Risers
Anadarko Petroleum Corp. (APC) $48.18 7.52%
Marathon Oil Corp. (MRO) $12.77 2.82%
Sl Green Realty Corp. (SLG) $100.40 2.74%
Public Service Enterprise Group Inc. (PEG) $46.34 2.45%
Devon Energy Corp. (DVN) $35.65 2.18%
Boston Properties Inc. (BXP) $123.02 1.85%
CF Industries Holdings Inc. (CF) $35.83 1.82%
Entergy Corp. (ETR) $79.21 1.81%
Sealed Air Corp. (SEE) $42.62 1.79%
Best Buy Co. Inc. (BBY) $53.47 1.68%
S&P 500 - Fallers
Transocean Ltd. (RIG) $9.26 -5.27%
United States Steel Corp. (X) $24.71 -4.19%
Southwestern Energy Co. (SWN) $5.80 -4.13%
Nvidia Corp. (NVDA) $178.59 -3.90%
First Solar Inc. (FSLR) $47.30 -3.17%
Diamond Offshore Drilling Inc. (DO) $13.43 -2.82%
Frontier Communications Co. (FTR) $11.72 -2.33%
Allergan plc (AGN) $205.15 -2.31%
Kroger Co. (KR) $20.33 -2.24%
Skyworks Solutions Inc. (SWKS) $101.36 -2.08%
Nasdaq 100 - Risers
Biomarin Pharmaceutical Inc. (BMRN) $93.97 1.51%
J.B. Hunt Transport Services Inc. (JBHT) $105.52 1.21%
Fastenal Co. (FAST) $44.92 0.81%
American Airlines Group (AAL) $45.69 0.59%
Comcast Corp. (CMCSA) $37.68 0.59%
Shire Plc Ads (SHPG) $154.18 0.51%
PACCAR Inc. (PCAR) $71.19 0.49%
Automatic Data Processing Inc. (ADP) $107.24 0.38%
Seagate Technology Plc (STX) $32.50 0.37%
Mondelez International Inc. (MDLZ) $40.49 0.20%
Nasdaq 100 - Fallers
Nvidia Corp. (NVDA) $178.59 -3.90%
JD.com, Inc. (JD) $42.85 -3.58%
Mercadolibre Inc. (MELI) $280.27 -3.42%
NetEase Inc. Ads (NTES) $276.68 -2.43%
Skyworks Solutions Inc. (SWKS) $101.36 -2.08%
Western Digital Corp. (WDC) $84.58 -2.07%
Expedia Inc. (EXPE) $140.35 -1.86%
Broadcom Limited (AVGO) $238.81 -1.69%
Charter Communications Inc. (CHTR) $360.98 -1.64%
Wynn Resorts Ltd. (WYNN) $143.35 -1.61% | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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