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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 amid geopolitical concerns, housebuilders weigh London stocks fell in early trade on Wednesday, taking their cue from downbeat sessions in the US and Asia as worries about North Korea continued to play on investors' minds.
At 0830 BST, the FTSE 100 was down 0.5% to 7,339.61, while the pound was off 0.1% against the dollar at 1.3026 and 0.2% versus the euro at 1.0924.
After its hydrogen bomb test on Sunday, North Korea threatened to send "more gift packages" to the US if it continues to put pressure on the regime.
Spreadex analyst Connor Campbell said: "South Korea's president Moon Jae-in stated that the situation was becoming 'uncontrollable', while North Korea's UN ambassador Han Tae Song claimed the US can expect to receive more nuclear test 'gift packages'. Add onto this the threat of Hurricane Irma, currently in the Caribbean and heading towards Florida, and there was little reason for market-cheer.
"The FTSE was up there with the worst performers, falling half a percent largely thanks to the weight of its commodity stocks."
London's blue chip index also saw a drag from the housing sector, with Barratt Developments dropping 4% despite posting record annual profit, better than forecast revenue and a 39% hike to its dividend.
The company's shares had climbed 30% since the start of the year while the prospect of only "modest growth" in the next financial year was another reason for the shares' correction.
Barratt wasn't the only housebuilder in the red, with Berkeley Group also lower as it reported in-line trading but warned that uncertainty around Brexit, stamp duty and mortgage interest deductibility continued to weigh on the London market.
But retirement housebuilder McCarthy & Stone saw its shares advance as it said it saw a "strong" recovery in the second half of the year, with revenue and the order book up on the previous year despite uncertainty brought about by Brexit and the general election.
Pharmaceuticals group Vectura tumbled after saying its first-half operating loss widened to £41.3m from £24.1m in 2016.
On the upside, Micro Focus racked up impressive gains following the release of third-quarter results for Hewlett Packard Enterprise's software arm.
Petrofac rallied after saying it has been awarded a contract worth more than $700m by Sakhalin Energy Investment Company for its onshore processing facility on Sakhalin Island.
Sports Direct edged higher as it reiterated its full-year guidance, expressed optimism over its outlook and confirmed that it now owns 100% of Flannels.
EasyJet nudged up after the budget airline reported a 9.4% jump in passenger numbers in August as the load factor - which gauges how full the planes are - increased to 96.3% from 94.9%.
Amec Foster gained after it was awarded a $604m engineering, procurement and construction fixed price contract for part of a $1.85bn methanol plant being developed by Yuhuang Chemical, a US-based subsidiary of China's Shandong Yuhuang Chemical Company.
FSTE 250 network security solutions provider Sophos rose as it lifted its full-year billings guidance.
There are no major UK data releases due so investors will turn their attention to the US, where Markit's services purchasing managers' index and the ISM non-manufacturing PMI are scheduled for release at 1445 BST and 1500 BST, respectively. |
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| Market Movers
FTSE 100 (UKX) 7,339.61 -0.45%
FTSE 250 (MCX) 19,652.46 -0.38%
techMARK (TASX) 3,417.50 -0.32%
FTSE 100 - Risers
Micro Focus International (MCRO) 2,355.00p 6.71%
easyJet (EZJ) 1,166.00p 0.87%
ITV (ITV) 157.00p 0.51%
Carnival (CCL) 5,185.00p 0.39%
AstraZeneca (AZN) 4,589.50p 0.35%
Associated British Foods (ABF) 3,300.00p 0.33%
WPP (WPP) 1,411.00p 0.14%
Tesco (TSCO) 184.95p 0.14%
Babcock International Group (BAB) 817.00p 0.12%
InterContinental Hotels Group (IHG) 3,810.00p 0.08%
FTSE 100 - Fallers
Barratt Developments (BDEV) 604.50p -3.12%
Standard Chartered (STAN) 739.50p -2.05%
BAE Systems (BA.) 603.00p -1.23%
Ashtead Group (AHT) 1,673.00p -1.18%
Glencore (GLEN) 359.30p -1.02%
Prudential (PRU) 1,757.50p -1.01%
3i Group (III) 937.50p -1.00%
Anglo American (AAL) 1,408.00p -0.98%
Taylor Wimpey (TW.) 196.90p -0.96%
Old Mutual (OML) 202.60p -0.93%
FTSE 250 - Risers
Petrofac Ltd. (PFC) 429.00p 4.35%
Sophos Group (SOPH) 554.50p 3.84%
Workspace Group (WKP) 901.00p 2.39%
McCarthy & Stone (MCS) 164.20p 2.37%
Big Yellow Group (BYG) 800.00p 2.37%
Victrex plc (VCT) 2,335.00p 1.52%
Softcat (SCT) 396.50p 1.41%
Rathbone Brothers (RAT) 2,764.00p 0.91%
Inmarsat (ISAT) 693.50p 0.87%
Diploma (DPLM) 1,104.00p 0.82%
FTSE 250 - Fallers
Vectura Group (VEC) 98.80p -9.44%
Euromoney Institutional Investor (ERM) 1,096.00p -2.40%
Berkeley Group Holdings (The) (BKG) 3,665.00p -2.32%
FDM Group (Holdings) (FDM) 890.00p -2.14%
Cairn Energy (CNE) 173.40p -2.03%
Morgan Advanced Materials (MGAM) 291.10p -1.99%
Evraz (EVR) 323.90p -1.85%
Safestore Holdings (SAFE) 415.60p -1.75%
Sanne Group (SNN) 747.00p -1.71% |
| | UK Event Calendar | | Wednesday September 06
INTERIMS
Everyman Media Group , Faron Pharmaceuticals Oy (DI), Harworth Group, Loopup Group , PPHE Hotel Group Ltd, Somero Enterprises Inc. (DI), Vectura Group, WANdisco, Xaar
INTERIM DIVIDEND PAYMENT DATE
Inchcape, Lancashire Holdings Limited, Man Group
QUARTERLY PAYMENT DATE
Unilever
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Factory Orders (GER) (07:00)
ISM Non-Manufacturing (US) (15:00)
MBA Mortgage Applications (US) (12:00)
FINALS
Barratt Developments, Diurnal Group, McCarthy & Stone
ANNUAL REPORT
Barratt Developments
EGMS
Mortice Ltd. (DI), PME African Infrastructure Opportunities
AGMS
Berkeley Group Holdings (The), Consort Medical, Funding Circle SME Income Fund, Hornby, Oneview Group, ReNeuron Group, Severfield, Sports Direct International, Stewart & Wight, The Fulham Shore, Trakm8 Holdings
FINAL DIVIDEND PAYMENT DATE
Iomart Group
|
| | Market Analysis 06/09/2017 Today’s highlights: Global markets seen lower - Dow Jones drops more than 1%: Wall street reacted to the geopolitical tension caused by North KoreaÂ's hydrogen bomb test. Markets in the US closed lower yesterday, as the Nasdaq, S&P 500 and Dow Jones all registered significant losses.
- Asia seen lower: Markets in the East continued their negative trend, as leading indices such as the Nikkei and China50 were on the decline.
Read More... |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks start session lower amid Korea angst Stocks started the session moving slightly lower, tracking losses on Wall Street overnight amid angst around the ongoing situation on the Korean peninsula.
As of 0831 BST, the benchmark Stoxx 600 was 0.32% or 1.21 points lower to 372.51, alongside a retreat of 0.21% or 25.16 points to 12,098.50 for the German Dax and a dip of 0.16% or 8.12 points to 5,078.18 in France's Cac-40.
"The background hum of escalation concerns on the Korean peninsula appears to be the dominating force behind current investor sentiment at this time. US markets returned from their long weekend break and instead of bucking the bearish tone from Europe on Monday, they appear to have continued it, closing sharply lower.
"[...] The decision by the US to allow the upgrade of the payloads on South Korea's warhead defences, while sensible given the threats from its noisy neighbour, seem sure to elicit some form of counter response in the coming days, probably on September 9th when North Korea celebrates its founding day, and this uncertainty is likely to weigh on market sentiment over the rest of the week," said Michael Hewson, chief market analyst at CMC Markets UK.
In economic news, according to the Federal Office of Statistics, German industrial production shrank by 0.7% month-on-month in July, slightly outpacing forecasts for a drop of 1.0%.
Nonetheless, reacting to Wednesday's figures economists at Barclays Research said: "Today's contraction shows that the recovery in factory orders growth remains fragile. Despite strong GDP growth, rising wages and a booming labour market, the German economy appears to be struggling to rebalance towards private consumption."
On the calendar for later in the session were international trade figures for the month of July at 1330 BST, followed by the ISM services sector purchasing managers' index for August at 1500 BST.
Yet the main release of the session would be the central bank's 'Beige book' at 1900 BST.
Meanwhile, on the corporate front, Sueddeutsche Zeitung reported that China's HNA Group had studied taking a stake in Allianz but was rebuffed by management.
The Elysee was set to propose creating a bi-national military and civilian naval shipyard between STX and Fincatieri, according to La Repubblica. |
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In this Complimentary Guide we explain in plain English what’s really going on at these key British Banks.
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| | US Market Report | | US close: Stocks end lower on geopolitical concerns US stocks posted heavy losses on Tuesday as concerns about North Korea rattled investors.
The Dow Jones Industrial Average ended down 1.1% at 21,753.31, the S&P 500 dropped 0.8% to 2,457.85 and the Nasdaq fell 0.9% to 6,375.57 as traders in the US got their first chance to react to news of North Korea's hydrogen bomb test over the weekend, as markets were closed for Labor Day on Monday.
IG analyst Joshua Mahony said: "Despite a lack of fresh news about the North Korean situation today, there is a clear feeling that the regular missile tests are set to continue and keep the whole region on edge. There's little appetite for short selling the safe havens at the moment, and the likes of the yen and gold are attracting flows."
Geopolitical tensions weren't the only thing on investors' minds as lawmakers in Washington returned following the August recess, amid pressure to lift the debt ceiling and pass a government spending bill before deadlines at the end of this month.
Investors were also digesting dovish comments from Fed governor Lael Brainard at the Economic Club of Chicago. She indicated that recent low readings on inflation might not be transitory, which would require a slower pace of interest rate increases.
In macroeconomic news, data from the Commerce Department showed US factory orders fell 3.3% in July after jumping by an upwardly-revised 3.2% the month before. Economists had expected orders to drop 3.2%.
Meanwhile, on the corporate front, stock of United Technologies fell 5.7% after the company agreed to buy airplane parts maker Rockwell Collins for $23bn.
US-listed shares of Cellectics ended down 20% after the Food and Drug Administration said the company had to put a cancer drug trial on hold.
Going the other way, stock of Insmed rocketed nearly 120% after the firm announced a phase 3 trial for rare lung disease had met its primary endpoint. |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Newspaper Round Up | | Wednesday newspaper round-up: Free movement, divorce bill, insurance, Royal Mail Britain will end the free movement of labour immediately after Brexit and introduce restrictions to deter all but highly-skilled EU workers under detailed proposals set out in a Home Office document. The 82-page paper, marked as extremely sensitive and dated August 2017, sets out for the first time how Britain intends to approach the politically charged issue of immigration, dramatically refocusing policy to put British workers first. - Guardian
Britain may hold out on agreeing to the size of its Brexit divorce bill until the end of talks in March 2019, David Davis has suggested. The Brexit Secretary said the issue of how much money the UK should have to handover to Brussels is likely to rumble on for the duration of negotiations. The Government has already committed to giving MPs a vote on the final Brexit deal agreed with Brussels. - Telegraph
Senior government figures have said that the UK does not have the capacity to renegotiate dozens of trade deals that already exist between the EU and third countries. Instead, they are planning to draw up copycat deals to those that already exist, in an attempt to replicate an agreement struck by Theresa May in Japan last week. May and the Japanese prime minister, Shinzo Abe, signed a joint statement that committed their countries to working towards an economic partnership agreement (EPA) as an "immediate priority". - Guardian
Up to 1m businesses are stuck without a bank manager at HSBC - forcing them to deal with anonymous call centre staff who can block their accounts. The bank was attacked this week for freezing the accounts of hundreds of entrepreneurs in a botched crackdown on crime. Innocent business owners were quizzed by staff in call centres who they had never spoken to before and who are expected to handle more than 1,800 appointments a year each. - Mail
The $30 billion marine insurance market, a cornerstone of London's place as a global business centre, is set to undergo the world's first large-scale test of whether the technology underpinning cryptocurrency could be used to revolutionise the biggest financial markets. Marine underwriting costs could halve if the introduction of a blockchain system to the Lloyd's of London market is successful. Backers of the project include AP Moller-Maersk, the world's largest shipping company, and MS Amlin and XL Catlin, two of the industry's biggest insurers. - The Times
A threat of postal strikes in the approach to Christmas grew last night as Royal Mail workers began preparations to ballot for industrial action over pensions and contracts. The Communication Workers Union, which represents more than 100,000 workers at Royal Mail, said it has served notice that it was to begin balloting members. - The Times
Takeovers and mergers involving British companies came close to doubling in the last quarter as deals worth £30 billion were announced, with the acquisition spree largely driven by UK businesses hunting abroad. Hours after it emerged that Aveva, the London-listed engineering software company, would be bought by Schneider Electric, of France, official figures were published that showed outward M&A by British companies hit a six-year high in the three months to the end of June. - The Times
Britain's economic model is "broken" and the nation is at a "watershed moment", the Archbishop of Canterbury said as he called for sweeping reforms to counter the longest period of wage stagnation for 150 years. The Most Rev Justin Welby joined fellow members of the IPPR Commission on Economic Justice in proposing a programme of change on a par with the Thatcher revolution of the 1980s. - The Times
The UK government has ruled out any move towards joint authority over Northern Ireland involving both the London and Dublin administrations if talks in Belfast fail to restore power-sharing in the region. In response to concerns from the Irish foreign minister, Simon Coveney, about direct rule from London being reimposed on the province, the government emphasised there would be no joint authority as an alternative to devolution. - Guardian
Nicola Sturgeon has raised the prospect of tax rises for the better off in Scotland to fund a programme of higher spending, including lifting the public sector pay cap. In an effort to reinvigorate her government after June's poor general election result, the first minister also pledged to attempt to phase out the sale of new petrol and diesel-powered vehicles in Scotland by 2032. - Guardian
A radical shake-up of how warships will be built for the Royal Navy that aims to spread the work around the country has been unveiled by the Ministry of Defence. Proposals floated by industrialist Sir John Parker in his review of the sector last year have been backed by Defence Secretary Sir Michael Fallon in a move intended to deliver budget vessels to the British military that are also aimed at being attractive to foreign buyers. - Telegraph
The price of Bitcoin has plummeted in the last three days after the virtual currency hit record levels. Values of other cryptocurrencies such as Ethererum and Ripple have also plunged, wiping billions off their combined values. - Telegraph
Asda has been forced to pay back hundreds of thousands of pounds to dozens of suppliers after breaching an industry code governing fair dealing. The company, named as the worst supermarket in its treatment of suppliers earlier this year, was found to have demanded up front payments worth up to a quarter of the value of annual sales of particular products in order for suppliers to retain their place on the shelf. - Guardian
The government of Azerbaijan has responded angrily to revelations that it ran a secret $2.9bn (£2.2bn) fund which was used to pay prominent Europeans, run lobbying operations, and launder money via a group of opaque British companies. Azerbaijan's presidential aide, Ali Hasanov, said the stories by the Guardian and other media partners were a smear. In the first official reaction from Baku, Hasanov said the regime was the victim of a "scandalous" campaign organised by British intelligence, the Armenian diaspora and the US. - Guardian
More efficient use of energy in the UK would save as much power as could be generated by six new nuclear reactors and shave £7.5bn from energy costs, experts have calculated. But to achieve such savings would require substantial changes to government policy because there are few incentives for households to carry out the necessary measures, such as insulation, which can take 20 years to pay for themselves via bill savings. - Guardian
Older homeowners concerned about approaching the end of their interest-only mortgage may soon be given a boost by the City watchdog. The Financial Conduct Authority said that it is considering scrapping regulations relating to the mortgages for retired borrowers after big lenders raised concerns. - The Times
The engine throbbed, the combine harvester bounced briefly on the spot, the reel began to turn and, with no driver on board, the most expensive crop in Britain went under its blades. Yesterday in Shropshire, after a drone buzzed overhead to check that the barley wasn't too wet, a small robot-controlled vehicle harvested the first crop in the world to have been grown entirely by machines with no human having set foot in the field. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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