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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 firmer as pound continues to slide London closed higher on Wednesday, while the pound lost some ground against the dollar, as investors digested the latest reading on retail sales.
The FTSE 100 was up 0.38% to 7,313.51, while the pound was down 0.36% against the greenback at 1.3410, off earlier lows but with the dollar still underpinned by hawkish comments from Federal Reserve Chair Janet Yellen.
The top-flight index tends to benefit from a weaker pound, as around 70% of its constituents derive most of their earnings from overseas.
Stocks in Europe continued to stay upbeat with the DAX up 0.41% to 12,657.41, the CAC 40 0.25% firmer at 5,281.96 and the IBEX 35 gaining 1.75% to 10,368.90.
IG analyst Chris Beauchamp said: "UK shares are still hobbled by the lack of big-ticket news, but the FTSE 100 continues its slow but steady recovery from the lows of the month. Yellen's hawkish tone last night has reinvigorated the banks, with financials as a whole buoyed by hopes of higher rates and higher income from loans as 2017 gives way to 2018."
Speaking at the National Association for Business Economics, she argued against waiting until inflation had returned to its 2.0% target before tightening policy. She also said that the Fed should be wary of moving too gradually.
Nevertheless, she admitted there was uncertainty on various fronts, including the strength of the jobs market, what was implied by the current level of inflation expectations and even the fundamental forces behind inflation.
Market participants were mulling over the latest survey from the CBI, which showed retail sales volumes bounced back this month are expected to continue growing but at a slower pace in October.
There was a two-year record balance of 42% of retailers reporting higher sales volumes in September compared with a year ago, which rebounded powerfully from the 10% fall in August and was well above expectations for a 5% balance.
Grocery and clothing were the main drivers of volume growth, while furniture and carpet retailers, specialist food and drink stores, and sellers of recreational goods seeing falling sales volumes.
The survey, which took in responses from 117 firms, of which 55 were retailers, found orders placed with suppliers also rose in the year to September, rebounding from a fall in the previous month.
Retailers expect continued growth in both sales and orders in the year to October, albeit at a slower pace, the CBI said.
Banks put in a solid performance amid expectations of higher interest rates, with Standard Chartered, Lloyds and RBS among the top gainers, although StanChart was also boosted by an upgrade to 'hold' from 'sell' at Investec.
Elsewhere, Carillion shares rocketed following a press report that a Middle Eastern suitor is waiting to see what the construction firm has to say in its update on Friday before it makes an offer for the group.
Grainger fell despite the residential landlord saying it delivered a strong second-half trading performance, while Inmarsat gained as it announced it will supply AirAsia Group with its next-generation GX Aviation in-flight broadband to more than 120 Airbus aircraft.
Education publisher Pearson was lifted by an upgrade to 'outperform' from 'underperform' at Exane BNP Paribas, while Virgin Money was up after KBW lifted the stock to 'outperform'.
Acacia Mining was given a leg up after JP Morgan Cazenove bumped its price target up to 230p from 200p but Dairy Crest was hit by a downgrade at Investec.
Entertainment One fell after saying its operating performance since March was on track with its full-year targets, despite revenues from the reshaped film business being lower than last year, while Halma edged lower despite saying it made "good progress" in line with board expectations in its scheduled trading update for the period from 2 April.
PZ Cussons slipped as it said it remains on track to deliver full-year growth in operating profits but sounded a cautious note by saying trading conditions in most markets remain tough and that it's become increasingly clear UK consumers are "shopping cautiously".
Diploma was on the back foot as it announced the retirement of chief executive Bruce Thompson after 21 years in the role. |
| | Barclays Vs Lloyds - Which is a better Buy? | | Barclays and Lloyds are two of the UK’s most popular stocks.
But which is the better buy?
In this Complimentary Guide we explain in plain English what’s really going on at these key British Banks.
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| Market Movers
FTSE 100 (UKX) 7,313.51 0.38%
FTSE 250 (MCX) 19,569.45 0.34%
techMARK (TASX) 3,444.53 0.07%
FTSE 100 - Risers
Pearson (PSON) 606.00p 3.86%
Royal Bank of Scotland Group (RBS) 270.80p 3.44%
Lloyds Banking Group (LLOY) 67.20p 3.40%
Prudential (PRU) 1,763.50p 2.74%
International Consolidated Airlines Group SA (CDI) (IAG) 599.00p 2.57%
Next (NXT) 5,260.00p 2.43%
Smurfit Kappa Group (SKG) 2,369.00p 2.29%
Taylor Wimpey (TW.) 190.10p 2.09%
St James's Place (STJ) 1,133.00p 2.07%
easyJet (EZJ) 1,223.00p 2.00%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 7,300.00p -2.34%
National Grid (NG.) 925.30p -1.90%
Fresnillo (FRES) 1,399.00p -1.62%
United Utilities Group (UU.) 840.50p -1.58%
SSE (SSE) 1,394.00p -1.55%
TUI AG Reg Shs (DI) (TUI) 1,265.00p -1.48%
Rolls-Royce Holdings (RR.) 861.50p -1.37%
Direct Line Insurance Group (DLG) 356.90p -1.22%
WPP (WPP) 1,382.00p -1.22%
Severn Trent (SVT) 2,158.00p -1.19%
FTSE 250 - Risers
AA (AA.) 166.10p 5.80%
Acacia Mining (ACA) 191.90p 5.44%
Virgin Money Holdings (UK) (VM.) 284.50p 5.37%
Dixons Carphone (DC.) 187.80p 4.74%
Ferrexpo (FXPO) 285.10p 3.86%
Supergroup (SGP) 1,657.00p 3.63%
Close Brothers Group (CBG) 1,464.00p 3.39%
Nostrum Oil & Gas (NOG) 394.80p 3.19%
Equiniti Group (EQN) 298.10p 3.11%
Grafton Group Units (GFTU) 823.50p 2.99%
FTSE 250 - Fallers
IP Group (IPO) 125.10p -5.16%
Hochschild Mining (HOC) 224.00p -4.08%
Card Factory (CARD) 279.10p -3.97%
Dairy Crest Group (DCG) 605.00p -3.20%
Thomas Cook Group (TCG) 113.80p -3.07%
Diploma (DPLM) 1,051.00p -2.87%
Drax Group (DRX) 300.80p -2.56%
Telecom Plus (TEP) 1,082.00p -2.26%
Daejan Holdings (DJAN) 5,850.00p -2.01% |
| | Market Analysis 27/09/2017 Today's highlights: Currency volatility expected - Wall Street closes mixed: The Nasdaq and S&P 500 both closed higher yesterday, while the Dow Jones posted its first four-day losing streak since June.
- Asia mostly lower: Leading indices in the East, such as the Nikkei and China50, were seen lower this morning.
Read More... |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks finish near session highs Stocks are trading higher amid considerable 'market chatter' regarding the multiple headwinds now facing the European project, ranging from political uncertainty in Germany, doubts about that same country's willingness to move forward on proposals for a new separate budget and the illegal referendum in Catalonia.
At the closing bell, the benchmark Stoxx 600 was 0.41% or 1.59 points higher to 385.62, alongside a 0.85% or 191.54 point advance for the FTSE Mibtel to 22,622.19 and a 0.41% gain for the Dax to 12,657.41.
Reflecting those doubts around Germany, which in turn may negatively impact France's reform drive, the euro extended its move lower, falling 0.29% to 1.1767.
To take note of as well, longer-term government bond yields in Germany and France were noticeably higher, tracking losses in US Treasury notes overnight after US central bank chief Janet Yellen signalled she favoured moving ahead with gradual interest rate hikes.
Nonetheless, while the yield on the 10-year Bund was climbing six basis points to 0.47%, those on similarly dated debt from Spain and Italy were in fact up by less, helping to shrink their implicit risk premiums. To take note of as well, Spain's Ibex 35 was staging a solid bounce, rising 1.76% to 10,368.90, led by Catalan-based lenders Banco Sabadell and Caixabank.
Commenting on the situation, Michael Hewson, chief market analyst at CMC Markets UK, said: "While French President Emmanuel Macron was holding court in the Sorbonne outlining his utopian vision of the future of Europe, the euro was similarly unimpressed sliding to one month lows as uncertainty over the creation of the next German government, as well as events in Spain kept the mood cautious."
On the economic front, money supply growth in the euro area accelerated sharply last month, with the rate of expansion in M3 jumping from a 4.5% year-on-year clip to 5.0%.
However, the rate of growth in credit to the private sector slowed from a 3.0% pace to 2.8%.
In other economic news, Italian business confidence improved slightly in September, with a gauge compiled by ISTAT rising from 107.1 to 108.0.
Meanwhile, a seperate survey revealed a jump in the consumer confidence climate in that same Mediterranean country from 111.2 to 115.5.
Over in France on the other hand, INSEE reported a drop in its own household confidence index from 103.0 to 101.0.
On the corporate front, Germany's Siemens agreed to merge its rail operations with those of its French rival Alstom.
In parallel, the European Union's competition watchdog kicked-off an anti-trust investigation into the proposed €46bn merger between Luxottica and Essilor. |
| | 
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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