Today's Closing Update
U.S. Shares were little changed, with investors finding few reasons to keep pushing shares higher following gains that have lifted equities for both the month and the quarter.
European stocks moved higher amid improved global sentiment and as investors digested fresh data releases.
Britain’s economy grew at its slowest pace since 2013 in the 12 months after last year’s Brexit vote, data showed, painting a subdued picture as the Bank of England prepares to raise interest rates for the first time in a decade. The economy was just 1.5 percent bigger than a year earlier in the second quarter, the weakest year-on-year expansion in more than four years and down from a rate of 1.8 percent in the first three months of the year.
Interest rates could rise in the “relatively near term” the Governor of the Bank of England has told the BBC. In the clearest indication yet that there could be a rate rise as early as November, Mark Carney suggested that it was time for the bank to “ease its foot off the accelerator”. The next opportunity for a change in interest rates is the Bank’s monetary policy committee meeting on 2 November. The governor also warned against “reckless” household borrowing.
Petra Diamonds said that National Union of Mineworkers at the Kimberley Ekapa Mining joint-venture operations have signed the three year wage agreement as the company’s other operations. This has resulted in the mine reverting to normal operations following the conclusion of the labour disruption.
Beazley said its early estimate of the aggregate net cost of the recent Atlantic hurricanes Harvey, Irma and Maria and the series of earthquakes in Mexico was $175m to $275m. The company said it was holding substantial catastrophe margins and estimated that at the midpoint these losses would reduce 2017 earnings by approximately US$150m. It said: ‘Currently there is significant uncertainty surrounding the cost of these events. ‘A further update will be included in the Q3 trading statement on 9 Nov, at which time the company should have much more information.’
John Laing has made a further renewable energy investment in US and increased its investment guidance. John Laing said it was investing $85m by acquiring from Akuo Energy the majority of the equity interests in the partnership which controlled the 149MW Rocksprings wind farm project. The wind farm is located in Val Verde County, Texas, and benefits from power purchase agreements with two investment grade corporate off-takers.
Sirius Minerals remains on time and on budget as it develops its massive Woodsmith polyhalite fertiliser mine under the Yorkshire Moors. Activity levels will now “step up significantly”, said managing director Chris Fraser, as the company begins diaphragm-walling activities as part of the shaft-sinking process.
European Commission president Jean-Claude Juncker has said that there would have to be ‘miracles’ for Brexit talks to progress to trade issues in October. Juncker reiterated comments from other senior leaders in the EU that there could be no progress in the negotiations until there was an agreement on the settling of financial obligations. Discussions on UK’s exit from the bloc have stalled in recent months, but a conciliatory speech from Theresa May in Florence last week has garnered hope that more progress can be made.
Glencore is chewing over a potential bid for some of Chevron’s South African assets, according to reports on Friday afternoon. Glencore is one of two companies mulling over assets ranging from an oil refinery to a retail network after Chevron’s intended $900n disposal of its 75% interest to China Petroleum & Chemical hit the rocks over difficulties with local partners, Bloomberg reported.
Oil prices were mixed as investors considered the potential fallout from the independence referendum in the oil-rich Kurdish region of Iraq.
Gold were mixed, but on track for a modest weekly loss, as traders weighed the likelihood of success for Republican tax-cut proposals.
Market Close
Market |
Index |
Change |
% Change |
UK 100 |
7,372.8 |
+49.9 |
+0.7% |
UK 250 |
19,874.8 |
+196.4 |
+1.0% |
GER 30 |
12,807.8 |
+103.2 |
+0.8% |
FRA 40 |
5,317.5 |
+23.8 |
+0.5% |
U.S. 30 |
22,366.64 |
-14.56 |
-0.1% |
U.S. 500 |
2,515.2 |
+5.1 |
+0.2% |
OIL (BRENT) |
57.49 |
+0.08 |
+0.1% |
GOLD |
1,284.59 |
-2.71 |
-0.2% |
UK Risers & Fallers
Company |
Price |
Change |
% Change |
Syncona |
188.4 |
+10.7 |
+6% |
ITV |
174.7 |
+6 |
+3.6% |
Anglo American |
1339.5 |
+34.5 |
+2.6% |
Hunting |
474.25 |
-10.1 |
-2.1% |
Hargreaves Lansdown |
1480 |
-17 |
-1.1% |
Babcock |
827.5 |
-6 |
-0.7% |
Reported Economic Data
Time/Date |
Previous |
Forecast |
Outcome |
9:30am: U.K. Current Account |
-16.9bn |
-15.8bn |
-23.2bn |
3:00pm: BOE Governor Carney Speaks |
– |
– |
– |
3:00pm: U.S. Revised UoM Consumer Sentiment |
95.3 |
95.3 |
95.1 |
Sources
http://www.marketwatch.com/story/us-stocks-set-for-weaker-open-but-monthly-gains-set-to-remain-intact-2017-09-29
https://www.cnbc.com/2017/09/29/european-markets-inflation-data-in-focus.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1506693083798182400.html
http://www.stockmarketwire.com/article/5684687/Beazley-estimates-catastrophe-costs-of-up-to-275m.html
http://www.stockmarketwire.com/article/5684794/John-Laing-increases-FY-investment-guidance.html
https://www.digitallook.com/news/news-and-announcements/sirius-minerals-says-yorkshire-fertiliser-mine-on-time-and-on-budget–2885786.html
https://www.digitallook.com/news/political-news/miracles-required-to-progress-brexit-talks-on-to-trade-next-month—juncker–2886298.html
https://www.digitallook.com/news/news-and-announcements/glencore-eyeing-chevrons-south-africa-assets—report–2886955.html
http://www.bbc.co.uk/news/business-41439349
http://www.marketwatch.com/story/oil-prices-slip-amid-concerns-over-kurdish-independence-referendum-2017-09-29
http://www.marketwatch.com/story/gold-ticks-higher-as-traders-weigh-tax-cut-prospects-rate-hikes-2017-09-29