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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 lower as investors eye UK data and North Korea London stocks closed lower on Tuesday, as the pound slipped against the dollar, with investors keeping their cool despite mounting tensions between the US and North Korea.
The FTSE 100 finished the session trading down 0.21% at 7,285.74, while sterling was up 0.39% versus the euro at 1.1399 but down 0.38% against the greenback at 1.3416, having given up earlier gains.
Over in Europe, stocks were a little more upbeat with the DAX up 0.08% to 12,605.20, the CAC 40 0.03% higher at 5,268.76 while the IBEX 35 was 0.05% firmer to 10,297.00.
Acting as a backdrop, on Monday North Korea's foreign minister Ri Yong Ho accused the US of declaring war on his country, a statement the White House dismissed as "absurd".
Investors were also digesting the latest banking figures from industry body UK Finance, which showed UK mortgage lending remained largely unchanged in August but consumer credit easing lower, while businesses began to hold onto more cash in the face of political and economic uncertainty.
Approvals for house purchase mortgages from the main high street banks increased to a six-month high of 41,807 last month from 41,644 in July and a nine-month low of 40,424 in June.
The consensus forecast was for no change and August's level was 5.5% below January's 44.3k, above the post-referendum average of 40.7k and below the previous 10 years' average of 51.7k.
Howard Archer, chief economic advisor at the EY Item Club, said: "We remain dubious that the recent pick-up in mortgage approvals from June's low marks the start of a significant upturn in housing market activity.
Housing market activity is being pressurised by weakened consumer purchasing power and substantial consumer wariness over engaging in major transactions. It is also very possible that potential house buyers will be concerned by the Bank of England (BoE) indicating that interest rates could well rise sooner rather than later, with a hike as soon as November a very real possibility."
In corporate news, events and publishing company Informa slipped after announcing the acquisition of Dove Medical Press, in a deal in which financials were not disclosed to the market.
Shares in the AA slumped as the appointment of well-respected former Expedia and Microsoft executive Simon Breakwell as its permanent chief executive failed to counteract a set of poorly-received first-half results.
United Utilities was a little weaker despite saying it expects to see higher first-half profit and revenue, while Card Factory tumbled after reporting a jump in first-half revenue and declaring a special dividend, but saying pre-tax profit declined 14% on the back of foreign exchange movements, the national living wage and investments.
Cobham was on the back foot after hiring Paul Kahn, a former chief executive of Airbus, as president of its communications and connectivity sector, while merchant bank Close Brothers was sharply lower as it posted a rise in full-year pre-tax profit but warned that the longer-term economic outlook and impact of Brexit on its customer and wider markets remain uncertain.
Thomas Cook fell back after announcing another strategic tie-up and saying its full-year earnings outlook is unchanged.
On the upside, RSA Insurance reversed earlier losses to trade higher after saying late on Monday that trading results in the third quarter to date have been positive, with the exception of the UK business segment.
Budget carrier EasyJet flew amid news that it is talks to buy some of Air Berlin's operations.
Soft drinks maker AG Barr was a little firmer as posted a rise in interim revenue and said it was on track to meet its expectations for the year, although profit fell due to higher cost inflation and brand investment.
In terms of broker action, advertising giant WPP was under the cosh after a downgrade to 'equalweight' at Morgan Stanley, but Kaz Minerals was boosted by an upgrade to 'outperform' at BMO. Safestore was given a leg up by a positive note from Liberum, which lifted its price target on the buy-rated stock to 500p from 480p. |
| | Barclays Vs Lloyds - Which is a better Buy? | | Barclays and Lloyds are two of the UK’s most popular stocks.
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| Market Movers
FTSE 100 (UKX) 7,285.74 -0.21%
FTSE 250 (MCX) 19,503.23 -0.32%
techMARK (TASX) 3,442.12 -0.54%
FTSE 100 - Risers
NMC Health (NMC) 2,711.00p 2.76%
Carnival (CCL) 4,860.00p 2.68%
easyJet (EZJ) 1,199.00p 1.61%
Imperial Brands (IMB) 3,274.50p 1.50%
British American Tobacco (BATS) 4,644.00p 1.42%
Sainsbury (J) (SBRY) 237.90p 1.23%
RSA Insurance Group (RSA) 625.00p 0.97%
Tesco (TSCO) 184.70p 0.96%
Royal Dutch Shell 'A' (RDSA) 2,228.00p 0.84%
Royal Dutch Shell 'B' (RDSB) 2,278.00p 0.82%
FTSE 100 - Fallers
Shire Plc (SHP) 3,741.50p -2.36%
WPP (WPP) 1,399.00p -1.69%
TUI AG Reg Shs (DI) (TUI) 1,284.00p -1.53%
GKN (GKN) 341.90p -1.53%
Sage Group (SGE) 692.50p -1.49%
Prudential (PRU) 1,713.50p -1.44%
Merlin Entertainments (MERL) 441.30p -1.41%
Burberry Group (BRBY) 1,757.00p -1.40%
Lloyds Banking Group (LLOY) 64.99p -1.34%
Associated British Foods (ABF) 3,167.00p -1.22%
FTSE 250 - Risers
Safestore Holdings (SAFE) 423.50p 5.96%
Vedanta Resources (VED) 833.00p 3.99%
Vectura Group (VEC) 107.80p 2.95%
Essentra (ESNT) 514.00p 2.86%
IMI (IMI) 1,197.00p 2.84%
Virgin Money Holdings (UK) (VM.) 269.50p 2.51%
Weir Group (WEIR) 1,904.00p 2.37%
Morgan Advanced Materials (MGAM) 307.00p 2.33%
Evraz (EVR) 293.10p 2.27%
Stagecoach Group (SGC) 163.50p 2.00%
FTSE 250 - Fallers
Card Factory (CARD) 290.00p -18.31%
Close Brothers Group (CBG) 1,427.00p -6.78%
AA (AA.) 156.70p -6.38%
Stobart Group Ltd. (STOB) 263.20p -3.94%
HICL Infrastructure Company Ltd (HICL) 156.60p -3.87%
Just Eat (JE.) 665.50p -3.34%
Just Group (JUST) 145.00p -3.20%
Thomas Cook Group (TCG) 117.20p -2.98%
John Laing Infrastructure Fund Ltd (JLIF) 130.10p -2.91% |
| | Market Analysis 26/09/2017 Today's highlights: Markets dragged down by geopolitical pressure - US-North Korea tension drag Wall Street down: As the aggressive dialogue between both countries continues, the Dow Jones, S&P 500 and Nasdaq all finished lower yesterday.
- Facebook falls 4.5%: The social network suffered its worst day in 6 weeks, as investors were startled by Founder and CEO Mark Zuckerberg’s plan to sell between 35 and 75 million shares. The drop in FB share price contributed to losses seen in US indices yesterday.
Read More... |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks little changed ahead of Yellen European stocks finished the session little changed, despite the multiple political and geopolitical hotspots on traders' radars and amid market chatter relating to the increased uncertainty in Germany in the wake of the country's elections at the weekend.
One particular focus of markets on Tuesday was who might replace - or not - German finance minister Wolfgang Schaeuble.
Against that backdrop, at the closing bell the benchmark Stoxx 600 was up by 0.03% or 0.13 points to 384.03, alongside an advance of 0.03% in the Cac-40 to 5,268.70 and an advance of 0.08% or 10.39 points in the Dax to 12,605.20.
In parallel, euro/dollar was at a one-month low, trading down by 0.42% to 1.1790.
Commenting on the situation in German politics specifically, Michael Hewson, chief market analyst at CMC Markets UK, said: "Short of a Merkel defeat last weekend's events couldn't really have been much worse from a political stability point of view as the populist AfD became the third largest party in the German parliament.
"In any event the prospect of a quick resolution appears unlikely given that there is a state election in Lower Saxony next month which is expected to take priority."
Catalonia's upcoming illegal independence referendum was also very much on traders' minds, even if it was no longer in the headlines. Thus, in a research note sent to clients, analysts at Citi said: "We continue to think the vote is unlikely to lead to Catalonia's exit from Spain (Catalexit), and that snap regional elections in Catalonia will follow.
"We stress, however, that the risk of even larger confrontations between the two sides post-referendum is rising."
In the background, for the moment at least financial markets appeared to be keeping their composure when it came to all things having to do with North Korea, with the Japanese yen and gold futures both slipping lower, especially the latter.
Dollar/yen was to be found at 111.87, up by 0.17% on the day, alongside a 0.34% dip in gold futures to $1,306.90/oz. on COMEX.
On the economic front, INSEE's business climate index for manufacturing index drifted lower to a reading of 110 for September after printing at 111 in the month before.
However, Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics noted the improvement seen in some of the lead indicators included in the survey.
Stateside, the focus was set to be solidly on Fed speak, with at least four top officials set to take to the podium throughout the morning, followed by a keynote address from chief Janet Yellen herself at the National Association for Business Economics in Washington DC, at 1745 BST.
Thyssen Krupp raised €1.4bn via a placing with institutional investors before its merger with Tata Steel.
Uniper labelled Finnish rival Fortum's takeover approach last week as 'hostile', adding that it rejected a first attempt in July.
In other potential M&A news, Siemens would probably announce on Monday its intention to pursue a tie-up with France's Alstom, instead of Canada's Bombardier, Reuters reported citing two people familiar with the matter. |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | US Market Report | | US open: Wall Street flat ahead of Yellen Wall Street is trading broadly flat as investors eye some key speeches from Federal Reserve chief Janet Yellen and other central bankers.
At 1554 BST, the Dow Jones Industrial Average was lower by 0.12% or 26.64 points at 22,323, alongside a dip of 0.07% or 1.63 points to 2,498 in the S&P 500 while the Nasdaq Composite was off by 0.08% to 6,376.
In parallel, the US dollar spot index was climbing 0.60% to 93.21 while the yield on the benchmark 10-year US Treaury note was two basis points higher at 2.24%.
Stocks had dropped on Monday as geopolitical tensions grew after North Korea's foreign minister Ri-Yong accused the US of declaring war on the country. Washington later dismissed the claim as "absurd".
Konstantinos Anthis at ADS Securities said: "Apart from geopolitics, the dollar will also take its cue from fresh data and news from the US today with the US consumer confidence report pending for release and Fed Chairwoman Janet Yellen speaking in public. Last week the greenback got a much needed boost from the Fed meeting that hinted at one more rate hike by the end of the year but the rally has since fizzled out.
"The consumer confidence report is expected to print lower this month and this could be another reason why traders will want to hear a more bullish tone from Yellen tonight. Should the head of the Fed elaborate on the bank's balance sheet normalisation initiative and suggest that further tightening is on the table then we could see fresh dollar demand. However, traders need to be careful as any developments in the US - N. Korea standoff could quickly erase any gains so the focus should be on short-term opportunities."
In corporate news, software company Red Hat was on course for another positive session after better-than-expected earnings late on Monday.
Carnival was also in the news, bouncing back from recent share price losses as the cruise ship operator posted better-than-expected third quarter earnings and sales and guided markets towards the upper end of its previous forecasts for fourth quarter earnings per share.
Stock in Darden Restaurants on the other hand fell sharply after the company reported a 0.4% drop in first quarter like-for-like sales, missing consensus forecasts for a fall of 1.3% by a wide margin.
On the data front, the Conference Board's consumer confidence index slipped from 120.4 in August to 119.8 for September (consensus: 120.0). Nevertheless, a sub-index tracking expectations improved from 101.7 to 102.2.
Earlier, investors learned that home prices in the US advanced at a 5.8% clip year-on-year in July, according to the S&P/Case-Shiller 20-city house price index (consensus: 5.7%).
Offsetting that news however, the Commerce Department reported that new US home sales declined by 3.4% month-on-month in August, to reach an annualised pace of 560,000 (consensus: 590,000), leaving them 1.2% below their year-ago level.
Nevertheless, according to analysts the impact from hurricanes Harvey and Irma, together with upward revisions to prior months' data were partially to blame for the weak reading.
Meanwhile, the Federal Reserve bank of Richmond's regional manufacturing gauge rose from 14 points in August to 19 for September.
As far as Fedspeak was concerned, Fed chief Janet Yellen was due to speak in Cleveland at 1745 BST.
Atlanta Fed President Raphael Bostic would follow with a speech on the economic outlook in Atlanta at 1730 BST.
Dow Jones - Risers
Apple Inc. (AAPL) $151.97 0.94%
International Business Machines Corp. (IBM) $147.23 0.93%
Unitedhealth Group Inc. (UNH) $193.01 0.65%
United Technologies Corp. (UTX) $114.96 0.59%
3M Co. (MMM) $211.66 0.44%
Travelers Company Inc. (TRV) $123.05 0.31%
Cisco Systems Inc. (CSCO) $33.81 0.28%
Johnson & Johnson (JNJ) $131.53 0.27%
Boeing Co. (BA) $254.96 0.25%
General Electric Co. (GE) $25.17 0.23%
Dow Jones - Fallers
McDonald's Corp. (MCD) $154.07 -1.40%
JP Morgan Chase & Co. (JPM) $93.39 -0.78%
Walt Disney Co. (DIS) $98.89 -0.68%
Goldman Sachs Group Inc. (GS) $229.41 -0.37%
Intel Corp. (INTC) $37.04 -0.31%
Exxon Mobil Corp. (XOM) $80.83 -0.19%
Chevron Corp. (CVX) $117.79 -0.17%
Merck & Co. Inc. (MRK) $65.07 -0.16%
Microsoft Corp. (MSFT) $73.15 -0.14%
Pfizer Inc. (PFE) $35.49 -0.04%
S&P 500 - Risers
L Brands Inc (LB) $43.01 5.16%
Macerich Co (MAC) $56.05 3.49%
Royal Caribbean Cr (RCL) $116.82 2.59%
Carnival Corp. (CCL) $65.01 2.38%
Centene Corp. (CNC) $92.29 2.17%
Mattel Inc. (MAT) $15.02 2.14%
Kimco Realty Corp. (KIM) $19.99 2.09%
Patterson Companies Inc. (PDCO) $38.77 2.05%
Genuine Parts Co. (GPC) $95.10 2.02%
GGP Inc (GGP) $21.16 1.98%
S&P 500 - Fallers
Darden Restaurants Inc. (DRI) $78.31 -5.81%
CF Industries Holdings Inc. (CF) $34.56 -3.76%
Assurant Inc. (AIZ) $92.82 -2.23%
XL Group Ltd (XL) $38.58 -2.09%
Alexion Pharmaceuticals Inc. (ALXN) $140.98 -2.07%
CBS Corp. (CBS) $58.86 -2.06%
First Solar Inc. (FSLR) $46.05 -1.77%
Equifax Inc. (EFX) $103.49 -1.52%
Applied Materials Inc. (AMAT) $45.64 -1.49%
American International Group Inc. (AIG) $60.14 -1.43%
Nasdaq 100 - Risers
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $54.82 2.28%
Mattel Inc. (MAT) $15.02 2.14%
Costco Wholesale Corp. (COST) $164.56 1.37%
Nvidia Corp. (NVDA) $172.86 1.09%
Apple Inc. (AAPL) $151.97 0.94%
Western Digital Corp. (WDC) $86.84 0.87%
Ross Stores Inc. (ROST) $63.39 0.84%
Gilead Sciences Inc. (GILD) $84.28 0.80%
Mondelez International Inc. (MDLZ) $40.82 0.79%
Liberty Global Plc Lilac Class C (LILAK) $23.32 0.76%
Nasdaq 100 - Fallers
Shire Plc Ads (SHPG) $150.97 -2.36%
Dish Network Corp. (DISH) $52.74 -2.33%
Alexion Pharmaceuticals Inc. (ALXN) $140.98 -2.07%
Applied Materials Inc. (AMAT) $45.64 -1.49%
Lam Research Corp. (LRCX) $167.75 -1.42%
Illumina Inc. (ILMN) $198.76 -1.30%
NetEase Inc. Ads (NTES) $260.31 -1.28%
QUALCOMM Inc. (QCOM) $50.99 -1.22%
Micron Technology Inc. (MU) $34.46 -1.19% | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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