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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 steady as investors eye Carney, digest Trump tax plans London stocks were little changed in early trade on Thursday as investors digested US President Trump's latest tax plans and looked ahead to a speech by Bank of England governor Mark Carney.
At 0830 BST, the FTSE 100 was flat at 7,312.81, while the pound was steady versus the dollar at 1.3392.
Trump's new tax simplification proposals, announced late on Wednesday, would cut corporate tax to 20% from 35% and create just three tax bands of 12%, 25% and 35% instead of the current seven, with a recommended surcharge on the very wealthy.
"The cut to corporation tax in particular has fuelled speculation of a large scale repatriation of US dollar profits, which are currently situated overseas," said CMC Markets analyst Michael Hewson.
There are no major UK data releases due but Carney is scheduled to make a speech at 0915 BST at the BoE's conference to celebrate the 20-year anniversary of its independence.
"Markets will be particularly attuned to any change of tone with respect to the governor's and the MPC surprise reverse ferret on the outlook for interest rates at the most recent meeting," said Hewson.
On the corporate front, cigarette firm Imperial Brands was in the red as it confirmed it was in talks to help rescue UK tobacco supplier Palmer & Harvey and said it expected to deliver strong growth in full year revenues and earnings at actual currency rates.
Tour operator Tui retreated after it reiterated guidance for at least 10% growth in underlying earnings for fiscal 2017.
Euromoney was lower despite saying that overall trading since its last update has been in line, while shares in RPC Group declined even though the company said first-half revenue was anticipated to be well ahead of expectations.
On the upside, Stagecoach was on the front foot after the transport operator reaffirmed its earnings expectations for the year, while SSP gained as it said it expects to see an 11.4% jump in full-year revenues.
Synthomer advanced following the acquisition of BASF's Austrian styrene butadiene rubber business for €30m.
In broker note action, RBS was hit by a downgrade to 'sell' at Investec, while TalkTalk fell as Credit Suisse cut the stock to 'underperform'.
Balfour Beatty was boosted by an upgrade to 'buy' at Peel Hunt, while Cineworld gained after an upgrade to 'buy' at Panmure Gordon and UBM was up slightly after a Barclays upgrade
Land Securities, Hargreaves Lansdown, Kier Group, Hansteen and IG Group were all weaker as their stock went ex-dividend. |
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| Market Movers
FTSE 100 (UKX) 7,312.81 -0.01%
FTSE 250 (MCX) 19,605.02 0.18%
techMARK (TASX) 3,449.22 0.14%
FTSE 100 - Risers
Barclays (BARC) 193.55p 1.73%
Babcock International Group (BAB) 847.00p 1.68%
CRH (CRH) 2,744.00p 1.44%
Intertek Group (ITRK) 4,921.00p 1.01%
Convatec Group (CTEC) 273.10p 0.89%
HSBC Holdings (HSBA) 736.10p 0.84%
Berkeley Group Holdings (The) (BKG) 3,642.00p 0.77%
NMC Health (NMC) 2,713.00p 0.74%
Lloyds Banking Group (LLOY) 67.69p 0.73%
Sage Group (SGE) 695.00p 0.72%
FTSE 100 - Fallers
Land Securities Group (LAND) 969.00p -6.30%
Carnival (CCL) 4,713.00p -2.08%
Antofagasta (ANTO) 910.00p -1.46%
Burberry Group (BRBY) 1,738.00p -1.36%
Fresnillo (FRES) 1,380.00p -1.36%
Merlin Entertainments (MERL) 438.60p -1.33%
Imperial Brands (IMB) 3,261.50p -1.32%
Anglo American (AAL) 1,286.00p -1.23%
BHP Billiton (BLT) 1,298.50p -1.10%
Hargreaves Lansdown (HL.) 1,485.00p -1.07%
FTSE 250 - Risers
Balfour Beatty (BBY) 275.80p 7.15%
SSP Group (SSPG) 516.50p 3.20%
Spire Healthcare Group (SPI) 228.60p 2.97%
John Laing Group (JLG) 294.50p 2.65%
UBM (UBM) 685.00p 2.47%
Polypipe Group (PLP) 426.10p 2.28%
Stagecoach Group (SGC) 167.30p 1.83%
Millennium & Copthorne Hotels (MLC) 449.00p 1.72%
Diploma (DPLM) 1,069.00p 1.71%
Fidelity China Special Situations (FCSS) 218.30p 1.44%
FTSE 250 - Fallers
TalkTalk Telecom Group (TALK) 198.20p -5.75%
Restaurant Group (RTN) 293.70p -3.42%
Greencoat UK Wind (UKW) 121.40p -3.34%
Kier Group (KIE) 1,139.00p -2.65%
Kaz Minerals (KAZ) 717.00p -2.25%
International Public Partnerships Ltd. (INPP) 159.20p -2.21%
IG Group Holdings (IGG) 638.00p -2.00%
Genus (GNS) 2,000.00p -1.82%
Man Group (EMG) 164.10p -1.62% |
| | UK Event Calendar | | Thursday September 28
INTERIMS
Air Partner, ECSC Group, Frontier Smart Technologies Group Limited, Harvey Nash Group, Microsaic Systems, Midatech Pharma , NetScientific , Tissue Regenix Group
INTERIM DIVIDEND PAYMENT DATE
British American Tobacco, Prudential, Reckitt Benckiser Group, Wood Group (John)
INTERIM EX-DIVIDEND DATE
Advanced Medical Solutions Group, BioPharma Credit , Christie Group, Duke Royalty Limited, Essentra, Flowtech Fluidpower, Hansteen Holdings, Huntsworth, International Public Partnerships Ltd., Intertek Group, John Laing Group , JPMorgan Russian Securities, Medica Group , Morrison (Wm) Supermarkets, NAHL Group, SafeCharge International Group Limited (DI), Safestyle UK , Smurfit Kappa Group, Somero Enterprises Inc. (DI), STV Group, Travis Perkins, Worldpay Group, Wynnstay Group
QUARTERLY PAYMENT DATE
MedicX Fund Ltd., Volta Finance Limited
QUARTERLY EX-DIVIDEND DATE
Mercantile Investment Trust (The), Real Estate Investors, Value and Income Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (11:00)
Consumer Confidence (EU) (10:00)
Continuing Claims (US) (13:30)
Economic Sentiment Indicator (EU) (11:00)
GFK Consumer Confidence (GER) (07:00)
Gross Domestic Product (US) (15:30)
Industrial Confidence (EU) (11:00)
Initial Jobless Claims (US) (13:30)
Personal Consumption Expenditures (US) (13:30)
Services Confidence (EU) (11:00)
FINALS
Allergy Therapeutics, Clinigen Group, Hansard Global, Inland Homes, Produce Investments
SPECIAL EX-DIVIDEND DATE
Diverse Income Trust (The)
AGMS
Byotrol, Filtronic, Foresight 4 VCT, Ilika, Kainos Group , MBL Group, NWF Group, Tavistock Investments
TRADING ANNOUNCEMENTS
3i Infrastructure, RPC Group, TUI AG Reg Shs (DI)
FINAL DIVIDEND PAYMENT DATE
Xafinity
FINAL EX-DIVIDEND DATE
Brooks Macdonald Group, Diverse Income Trust (The), Eckoh, Fulcrum Utility Services Ltd. (DI), Green Reit, Hargreaves Lansdown, IG Group Holdings, Kier Group, Norish Units, Standard Life UK Smaller Companies Trust, United Carpets Group |
| | Market Analysis 28/09/2017 Today's highlights: Trump's tax plan lifts global markets - Wall Street closes higher: After four days of losses, the Dow Jones closed in the green yesterday, joined by the S&P 500 and the Nasdaq. All three indices closed within 0.5% of their all-time highs. The gains in American markets are attributed to the US government's proposed tax plan, which includes tax cuts for major corporations.
- Asia seen mixed: The positive trend on Wall Street failed to carry over to Asia, as some indices, such as the China50, were seen lower. At the same time, other indices, such as the Nikkei, were trading higher.
Read More... |
| | US Market Report | | US close: Stocks and Treasuries climb on details on White House tax reform Wall Street rallied from a mid-session collapse and four days of losses to climb back towards recent record highs, with both stocks and Treasury yields boosted by the unveiling of Donald Trump's tax reform proposals.
By the closing bell, the Dow Jones Industrial Average had added 0.25% to 22,340.71 and the S&P 500 was 0.41% higher at 2,507.04, both outshone as the Nasdaq climbed 1.15% to 6,453.26.
The early dip came as the dollar continued to be underpinned by hawkish comments from Fed Chair Janet Yellen a day earlier, when 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.
St Louis Fed colleague James Bullard said there was no need to raise rates any time soon, however, as economy is likely to remain on a slow-growth track with subdued inflation.
"The current level of the policy rate is appropriate given current macroeconomic data," Bullard said in a speech in Missouri.
Markets ignored him and listened to his boss, with a near 80% probability being priced in for a November rise, according to the CME's FedWatch data.
US Treasury yields jumped after the White House revealed details of the Republican tax overhaul, with the 10-year Treasury surging to a two-month high.
Trump's proposals include cutting the top rate of corporation tax to 20%, a facility to allow businesses to immediately write off the cost of new investments in depreciable assets for at least five years and a simplification of income tax to three brackets from the current seven.
There is also a proposal to replace the existing worldwide tax system with a 100% exemption for dividends from foreign subsidiaries, to incentivise companies to repatriate approximately $3trn that is currently calculated to be held in overseas subsidiaries, notably Microsoft and Apple.
The unified tax proposals offered more detail than before, said Paul Ashworth at Capital Economics, "but there are still a number of missing pieces that make it hard to estimate the overall cost of the plan accurately".
"Today's proposals could cost up to $3trn. But this is just an initial proposal and, if the passage of earlier large tax bills is any guide, the tax cuts will be scaled back before a final bill is passed."
Although the prospect of lower taxes promise a bounty for stocks, analyst Joshua Mahony at IG was even less optimistic, as "Trump has yet to deliver on any major policies given the constant rebuttals from the Republican dominated Congress".
"There is a good chance that these tax reforms are going to be as difficult to pass at the health reforms, with issues such as the controversial border adjustment tax likely to provide significant hurdles along the way. For dollar traders, much of the focus will be upon the potential impact a repatriation of foreign cash back into the US could have upon the dollar. However, to some extent this effect could be limited given that much of this is held in US denominated financial instruments."
On the data front, durable goods orders for August came in stronger than expected, up 1.7% versus a consensus of 1.0% after the 6.8% fall the previous month. Excluding transportation, growth was in line with expectations at 0.2%.
Pending home sales fell 2.6% month-on-month, worse than the 0.5% consensus forecast and the 0.8% fall a month earlier, meaning sales were down 3.1% on last year.
In corporate news, Nike shares tumbled to a three month low before crawling back to finish down almost 2% after a mixed first-quarter report on Tuesday, with earnings ahead but revenues slightly below analysts' forecasts.
It was a cheerier picture for chip maker Micron Technology, whose shares topped the S&P list after better-than-expected earnings released overnight.
Dow Jones - Risers
United Technologies Corp. (UTX) $117.18 2.14%
Goldman Sachs Group Inc. (GS) $234.76 2.10%
JP Morgan Chase & Co. (JPM) $95.18 1.58%
Unitedhealth Group Inc. (UNH) $194.53 0.93%
Visa Inc. (V) $103.89 0.92%
American Express Co. (AXP) $89.50 0.90%
Microsoft Corp. (MSFT) $73.85 0.81%
Apple Inc. (AAPL) $154.23 0.71%
Exxon Mobil Corp. (XOM) $81.43 0.67%
Boeing Co. (BA) $255.27 0.62%
Dow Jones - Fallers
General Electric Co. (GE) $24.37 -2.25%
Coca-Cola Co. (KO) $44.64 -2.04%
Procter & Gamble Co. (PG) $90.87 -1.92%
Nike Inc. (NKE) $52.67 -1.92%
Johnson & Johnson (JNJ) $129.75 -0.91%
Cisco Systems Inc. (CSCO) $33.48 -0.83%
3M Co. (MMM) $209.48 -0.73%
International Business Machines Corp. (IBM) $145.71 -0.61%
Merck & Co. Inc. (MRK) $64.57 -0.29%
Home Depot Inc. (HD) $160.92 -0.21%
S&P 500 - Risers
Micron Technology Inc. (MU) $37.09 8.51%
Endo International Plc (ENDP) $9.04 8.00%
Applied Materials Inc. (AMAT) $48.84 6.36%
Lam Research Corp. (LRCX) $179.39 5.87%
Cintas Corp. (CTAS) $144.01 5.81%
KLA-Tencor Corp. (KLAC) $104.17 5.04%
Best Buy Co. Inc. (BBY) $56.67 3.72%
United States Steel Corp. (X) $25.21 3.41%
Synchrony Financial (SYF) $30.95 3.34%
NRG Energy Inc. (NRG) $24.91 3.32%
S&P 500 - Fallers
SCANA Corp. (SCG) $51.22 -7.83%
Kimco Realty Corp. (KIM) $19.40 -3.72%
Iron Mountain Inc (New) (IRM) $38.13 -3.13%
Welltower Inc (HCN) $69.90 -2.65%
Carnival Corp. (CCL) $63.68 -2.51%
FirstEnergy Corp. (FE) $30.05 -2.50%
NiSource Inc. (NI) $25.42 -2.49%
General Electric Co. (GE) $24.37 -2.25%
DTE Energy Co. (DTE) $107.24 -2.09%
Simon Property Group Inc. (SPG) $160.10 -2.08%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $37.09 8.51%
Applied Materials Inc. (AMAT) $48.84 6.36%
Lam Research Corp. (LRCX) $179.39 5.87%
Cintas Corp. (CTAS) $144.01 5.81%
KLA-Tencor Corp. (KLAC) $104.17 5.04%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $227.66 3.96%
Western Digital Corp. (WDC) $88.72 2.83%
Mylan Inc. (MYL) $31.93 2.57%
Alphabet Inc. Class A (GOOGL) $959.90 2.40%
Skyworks Solutions Inc. (SWKS) $101.60 2.26%
Nasdaq 100 - Fallers
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $52.83 -3.75%
American Airlines Group (AAL) $46.85 -1.53%
JD.com, Inc. (JD) $39.71 -1.51%
Biogen Inc (BIIB) $312.80 -1.34%
Liberty Global Plc Lilac Class A (LILA) $23.52 -1.30%
Tesla Inc (TSLA) $340.97 -1.24%
Liberty Global Plc Lilac Class C (LILAK) $23.31 -1.23%
Walgreens Boots Alliance, Inc. (WBA) $78.15 -1.18%
T-Mobile Us, Inc. (TMUS) $62.39 -1.02% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Newspaper Round Up | | Thursday newspaper round-up: Ryanair, Bombardier, Superfunds Ryanair is facing enforcement action from the Civil Aviation Authority for "persistently misleading passengers" about their rights, piling more woe on the no-frills carrier as it announced a second wave of flight cancellations that will affect 400,000 people. In a letter to the Dublin-based airline, the CAA said chief executive Michael O'Leary was wrong to tell passengers last week that it did not have to arrange new flights for them after an initial batch of cancellations were announced. - Guardian
The International Monetary Fund has told rich countries they must do more to help poor nations cope with climate change or suffer from the weaker global growth and higher migration flows that will inevitably result. In a chapter released ahead of the publication of next month's World Economic Outlook, the Washington-based IMF said low-income countries had contributed little to the increase in greenhouse gas concentrations and could not afford to tackle the problem from their own meagre resources. - Guardian
Ryanair is scrapping plans to buy struggling Italian airline Alitalia as it seeks to eliminate "all management distractions" and get a grip on a staffing shortage that has forced it to cancel thousands of bookings. The Irish no-frills airline axed a further 400,000 bookings today on top of the 315,000 it cut earlier this month, despite chief executive Michael O'Leary saying last week that no further cancellations were expected. - Telegraph
The Government has vowed to work to overturn "completely unjustified" tariffs slapped on plane maker Bombardier by the US, amid fears it could spark a trade war and threaten 4,100 jobs at plants in Northern Ireland. Ministers hit out at the US commerce department's decision yesterday to recommend tariffs as high as 219pc on imports of Canadian plane maker Bombardier's C-series commercial jets. - Telegraph
Giant profit-seeking consolidation vehicles backed by private equity and sovereign wealth funds should be set up to swallow the assets and liabilities of struggling final-salary pension schemes, according to a proposal from the pensions industry. The new "superfunds" would harness economies of scale by pooling their assets and would be able to switch to more illiquid but higher-returning investments unavailable to smaller defined-benefit schemes, the Pensions and Lifetime Savings Association said yesterday. - The Times
Governments should compensate workers who are put out of a job as a result of globalisation, the World Trade Organisation has said. In a report on trade, technology and jobs, the WTO urged policymakers to respond to the concerns of people who have not shared the gains delivered by trade and technological innovation. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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