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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 drop as sterling gains; jobs data eyed London stocks fell in early trade on Wednesday, dented by a stronger pound as investors eyed the release of key UK unemployment and wages data.
At 0830 BST, the FTSE 100 was down 0.6% to 7,355.79, while the pound was up 0.2% versus the euro at 1.1125 and 0.3% firmer against the dollar at 1.3326, having shot higher on Tuesday after data showed inflation spiked to a six-year high in August, raising expectations that the Bank of England will lift rates sooner rather than later.
A strong pound tends to hurt the index as around 70% of its constituents derive their earnings from overseas.
Spreadex analyst Connor Campbell said: "The next big test for the pound will be this morning's jobs report. The unemployment rate is set to remain unchanged at 4.4%, while the claimant count change is expected to jump from -4.2k to 0.8k month-on-month. Most importantly, wage growth for the 3 months to the end of July is forecast to hit 2.3% - an improvement June's 2.1% reading, but still a fair whack below July's 2.6% inflation figure.
"It'll be interesting to see how sterling reacts to the wage growth data. While any improvements will help mitigate fears about the sharp fall in real wages, a weak reading would put more pressure on the Bank of England to try and curb inflation with a rate hike."
The ILO unemployment rate, claimant count and average earnings are at 0930 BST.
In corporate news, retirement-focussed financial services firm Just Group nudged lower despite reporting 39% growth in its adjusted operating profit for the first half, while infrastructure and construction company Balfour Beatty was in the red after selling Blackpool Airport for £4.25m.
ITV was lower after being cut to 'underperform' at Macquarie, while Esure was under the cosh after UBS downgraded the stock to 'sell' from 'neutral'.
On the upside, Halfords was in the black after it poached fellow retailer Dixons Carphone's software boss, Graham Stapleton, to take up the chief executive role vacated by the soon-to-depart Jill McDonald.
Dunelm rallied as it said full-year profits dropped to towards the lower end of expectations, but that the new financial year had started well.
Galliford Try gained ground after the housebuilder reported a 57% drop in full-year pre-tax profit, but the figure was at the upper end of its guidance |
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| Market Movers
FTSE 100 (UKX) 7,355.79 -0.61%
FTSE 250 (MCX) 19,593.30 -0.37%
techMARK (TASX) 3,453.97 -0.44%
FTSE 100 - Risers
Micro Focus International (MCRO) 2,413.00p 0.63%
Ashtead Group (AHT) 1,768.00p 0.51%
easyJet (EZJ) 1,199.00p 0.42%
Smurfit Kappa Group (SKG) 2,393.00p 0.29%
Marks & Spencer Group (MKS) 323.70p 0.28%
CRH (CRH) 2,661.00p 0.26%
Pearson (PSON) 588.50p 0.26%
Provident Financial (PFG) 833.00p 0.12%
AstraZeneca (AZN) 4,929.00p 0.08%
Royal Bank of Scotland Group (RBS) 249.80p 0.04%
FTSE 100 - Fallers
Tesco (TSCO) 181.80p -1.76%
ITV (ITV) 158.60p -1.55%
Whitbread (WTB) 3,703.00p -1.54%
Diageo (DGE) 2,546.00p -1.34%
Glencore (GLEN) 367.75p -1.28%
HSBC Holdings (HSBA) 727.30p -1.21%
Mediclinic International (MDC) 739.50p -1.20%
BHP Billiton (BLT) 1,421.00p -1.18%
BAE Systems (BA.) 588.00p -1.18%
Intertek Group (ITRK) 4,960.00p -1.10%
FTSE 250 - Risers
John Laing Group (JLG) 298.00p 2.05%
Carillion (CLLN) 45.82p 1.94%
Nostrum Oil & Gas (NOG) 389.60p 1.70%
TBC Bank Group (TBCG) 1,613.00p 1.64%
Galliford Try (GFRD) 1,380.00p 1.25%
Sanne Group (SNN) 810.00p 1.19%
Polypipe Group (PLP) 391.50p 1.03%
IP Group (IPO) 120.90p 0.83%
Card Factory (CARD) 345.30p 0.70%
CYBG (CYBG) 288.40p 0.70%
FTSE 250 - Fallers
esure Group (ESUR) 252.40p -4.43%
Hochschild Mining (HOC) 262.00p -3.53%
Rank Group (RNK) 230.80p -2.41%
Booker Group (BOK) 199.00p -2.31%
Petra Diamonds Ltd.(DI) (PDL) 83.35p -2.06%
Genus (GNS) 1,940.00p -1.97%
Travis Perkins (TPK) 1,452.00p -1.76%
Restaurant Group (RTN) 306.90p -1.63%
Ascential (ASCL) 359.90p -1.59% |
| | Market Analysis 13/09/2017 Today’s highlights: Wall Street at all-time high - Wall Street closes at all-time high: As fears regarding North Korea and hurricane Irma subside, the bull run in the US continued yesterday. The Dow Jones, S&P 500 and Nasdaq all closed at an all-time high.
- Asia seen higher: Leading indices in the East, such as the Nikkei, were trading in the green this morning – some reaching levels not seen in 10 years. In contrast, the China50 index registered small losses.
Read More... |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks start higher, CPI data, US tax reforms in focus European stocks have begun the session moving slightly higher as investors digest the latest batch of consumer price data from around the world, with a view to determining what the impact might be on central bank policy.
In the background, there was keen interest on the news-flow surrounding the possibility of tax reforms in the States, with strategists at Citi and Bank of America-Merrill Lynch having recently identified it as a key factor affecting the outlook for government bond yields in the US.
Indeed, according to analysts the previous day's gains for stocks in Wall Street were helped by just such a prospect.
"The positive momentum was also helped by comments from US Treasury Secretary Steve Mnuchin that the US administration was still looking to get some measure of tax reform in place by year end, while there was chatter that Congress was looking at a compromise reduction from the current 35% corporate tax rate to a rate of 23%," said Michael Hewson, chief market analyst at CMC Markets UK.
Overnight, US Treasury Secretary Steve Mnuchin indicated at a conference hosted by CNBC and Institutional Investor that he expected tax reforms to be in place before the current year was out and that they might be made retroactive to 1 January.
Linked to all of the above - particularly for the extremely short-term trading outlook - would be employment data due out later in the morning in the UK amd producer price figures Stateside (with US CPI data due on Thursday).
Geopolitical news was also in focus on Wednesday, after Mnuchin told assistants at the same event that his country would respond if China did not abide by the sanctions which had been approved the day before against North Korea.
For its part, according to North Korea's KCNA news agency, "the DPRK will redouble the efforts to increase its strength to safeguard the country's sovereignty and right to existence and to preserve peace and security of the region by establishing the practical equilibrium with the US."
Back in all things Eurozone, German consumer price inflation advanced at a 1.8% year-on-year pace last month, in-line with a preliminary reading released on 30 August, according to the Ministry of Finance.
August's increase in the cost of living in Spain was confirmed by the country's statistics office at 2.0% year-on-year for the harmonised CPI.
The rate of growth in euro area employment ticked lower in the second quarter of 2017 from 0.5% for the first three months of the year to 0.4%.
On the calendar for later in the session, euro area industrial production data are set for release at 1000 BST, with US factory gate price data for August scheduled for 1330 BST, followed by the latest Treasury budget figures at 1900 BST.
The Porsche and Piech families, which combined owned Germany's Volkswagen, reportedly voiced opposition against selling any of the company's assets. |
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| | Wednesday, 13 September FINALS
Haynes Publishing Group, Wilmington, Dunelm Group, Town Centre Securities, Galliford Try INTERIMS
EPWIN GROUP, SQS Software Quality Systems AG, Advanced Medical Solutions Group, Columbus Energy Resources, MyCelx Technologies Corporation (DI), Alliance Pharma
Ten Entertainment Group, Just Group, Soco International, Sigmaroc, Gaming Realms, Ingenta AGMs
Games Workshop Group, Intercede Group, Hardy Oil & Gas, Marechale Capital, Versarien, Tricorn Group, Argo Group Ltd. EGMs
TwentyFour Select Monthly Income Fund Limited FINAL DIVIDEND PAYMENT DATE
Cohort INTERIM DIVIDEND PAYMENT DATE
Rentokil Initial, Hiscox Limited (DI), Mobeus Income & Growth Vct UK ECONOMIC ANNOUNCEMENT
Claimant Count Rate (09:30) INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Wholesale Price Index (GER) (07:00)
Consumer Price Index (GER) (07:00)
Industrial Production (EU) (11:00)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (US) (14:30)
Crude Oil Inventories (US) (15:30) |
| | US Market Report | | US close: Indices at record highs as financials gain, but Apple slips All three of Wall Street's main indices notched record closing highs on Tuesday as financials were boosted by a strong performance from Goldman Sachs and comments from US Treasury Secretary Steve Mnuchin.
The Dow Jones Industrial Average, the S&P 500 and the Nasdaq rose 0.3% to 21,118.86, 2,496.48 and 6,454, respectively.
Banks gained, with Goldman Sachs leading the charge, up 2.2% after it announced plans to boost revenue, particularly in the fixed income, currencies and commodities division.
Financials also got a lift from Steve Mnuchin, who said at the Delivering Alpha conference hosted by CNBC and Institutional Investors that the White House would deliver on tax reform before the end of 2017.
Furthermore, according to President Donald Trump's point man for finance, the US administration was debating making the reforms retroactive to 1 January, in order to boost growth.
DowDuPont rose 2.5% after saying it was going to make changes to a plan to split itself into three, while Teva Pharmaceuticals rallied 7% after the company announced late on Monday that it was selling its Pargard IUD product to Cooper Cos for $1.1bn.
On the downside, tech giant Apple slipped 0.4% as it revealed its most expensive phone yet, the iPhone X, but said sales will occur in the next fiscal year.
McDonald's retreated 3.2% following a report that a research firm had raised concerns about the company's third-quarter sales.
Tesla edged down 0.3% on the heels of a Bloomberg report that federal investigators were set to recommend that its autopilot feature be declared a contributing factor in a fatal car crash in May 2016.
On the data front, the number of job openings in the States was at 6.2m at the end of July, easily outpacing forecasts for a reading of 5.92m, according to the Federal Reserve's JOLTS survey.
Meanwhile, the NFIB reported a 0.1 point rise in its small business confidence gauge for August to 105.3 versus consensus expectations of 105.0.
In currency markets, the US dollar was mixed, trading up versus the yen but down against the pound after data revealed that inflation in the UK spiked to a six-year high in August, raising expectations that the Bank of England will lift interest rates. |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Newspaper Round Up | | Wednesday newspaper round-up: Public pay, bank warning, Amazon, Brexit Theresa May's government faces months of strife over public sector pay after a decision to lift the 1% annual cap on increases was met with derision from Labour and renewed threats of strikes by trade unions. Following months of pressure over the issue, Downing Street simultaneously announced above 1% pay rises for police and prison officers in the last of the 2017-18 deals, and a wider commitment to "flexibility" for all public sector workers from next year. - Guardian
The UK's high street banks are an accident waiting to happen and could struggle in another financial crisis, according to an academic report published on Wednesday to mark the 10th anniversary of the run on Northern Rock. The report criticises the annual health checks - stress tests - that have been conducted by the Bank of England since the crisis and concludes that the methodology used by Threadneedle Street is flawed and the tests not gruelling enough. - Guardian
The number of consumers switching to a new energy supplier soared in the wake of a price increase from British Gas, creating the market's biggest ever year on year surge last month. Fresh figures from Energy UK have revealed that nearly half a million customers switched their energy supplier in August, a 30pc jump from the number who switched in the same month last year. - Telegraph
MPs have supported controversial changes to parliamentary committees amid warnings the government's proposals were a fresh "power grab" after the election. A motion allowing the Tories to have a majority on crucial legislative committees that drive the Commons agenda was approved by 320 votes to 301, majority 19. - Guardian
British bookshops pay 11 times the rate of corporation tax paid by Amazon, according to a report that has prompted outrage from booksellers. Bookshops across the UK pay an estimated £12 million in corporation tax each year, the report says. This equates to 91p for every £100 of turnover, a rate more than 11 times the 8p of corporation tax paid by Amazon for more than £100 of turnover. - The Times
Jean-Claude Juncker will today use a flagship speech to snub Britain and insist that, despite Brexit, the European Union will move towards greater integration. The Telegraph can reveal that Mr Juncker's top aide Martin Selmayr told a behind-closed door meeting of EU diplomats that European Union countries that wish to remain at the "core" of the European project after Brexit will have to join the euro. - Telegraph
UK apple growers are in the grip of a 20% shortfall in the supply of seasonal labour, pushing them towards "a cliff edge" as Brexit nears, the industry has warned. At the start of the annual British apple harvesting season with more than 20 indigenous varieties going on sale in supermarkets, the main trade body for both apples and pears says worries about future labour availability are at the top of its lobbying agenda. - Guardian
Uncertainty over Brexit could jeopardise future investment in the UK by Toyota, a senior executive at the carmaker warned. Executive vice president Didier Leroy said there had been a shift in the government's position and the lack of clarity could leave a "big question mark" over the Japanese car giant's future spending in the UK. - Guardian
Robots will be running large swathes of government before long as artificial intelligence is deployed to help the state do more with less, the chancellor has said. Philip Hammond told a House of Lords committee that the government was looking into AI and expected swift progress. - The Times
Britain can retain its place as a world-leading science and technology hub after Brexit, Bill Gates has said, provided the country continues to attract talent and invest in research and development. The Microsoft founder, whose philanthropic organisation has $1 billion (£750m) invested in British research institutions, warned before the referendum that a vote to leave the European Union could jeopardise the UK's booming science community. - Telegraph
The owner of Comparethemarket has pushed the float of the group back into 2018, insisting that if markets turn "frankly we'll sit and wait" until even later. The boss of BGL Group, which runs the price comparison website made famous by its Russian meerkat adverts as well as a number of other insurers, said earlier this year that he was eyeing a listing in the second half of 2017 with sources in recent months saying they expected a float as soon as this autumn. - Telegraph
Green energy projects run by cities and local authorities around the UK stand to receive millions of pounds of government support, providing another fillip for renewable power just a day after the subsidised price of windfarms hit a record low. The Guardian understands that ministers this autumn will offer more than £3m to help local leaders build low carbon initiatives, such as installing solar panels on social housing. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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