Today's Closing Update
U.S. Shares were sharply higher in a broad rally led by technology and financial stocks, especially insurers, on relief that Irma weakened to a tropical storm and North Korea did not conduct a nuclear test as feared.
European and U.K. Shares edged higher, supported by gains in trade seen overseas, as investors continued to monitor the economic impact of Hurricane Irma.
UK household spending moved back into the black for the first time in four months during August, with outlays rising year-on-year driven by the e-commerce sector, the results of a closely-followed survey revealed. The latest Visa UK consumer spending index data showed that UK household spending increased for the first time in four months in August with a 0.3% year-on-year increase in expenditures, compared to a decrease of 0.8% in July. Growth was strongest in the e-commerce sector, where, according to the data, expenditures rose 6.5% year-on-year.
BP said its subsidiary holding a series of pipelines in the US has filed an application in the US outlining its proposals to launch an initial public offering, following the oil giant’s announcement in July that it was considering the formation and IPO of a master limited partnership. BP Midwestern Partners LP has filed the application to the US Securities & Exchange Commission and expects the IPO on the New York Stock Exchange to happen in the final three months of 2017, “dependent on market conditions”.
Shire reported positive results from its phase III trial of SHP616 in hereditary angioedema, showing it significantly reduces the monthly attack rate against a placebo. The phase III trial was evaluating the safety and efficacy of subcutaneously administered C1 esterase inhibitor liquid for injection, or SHP616 Liquid, against a placebo over two 14-week treatment periods in patients aged 12 years or older. It met its primary endpoint and all key secondary endpoints, showing a “statistically significant and clinical meaningful” reduction in HAE attacks per month.
Capita said that Group Finance Director Nick Greatorex will be appointed interim chief executive when Andy Parker steps down on Friday. The firm had first said Parker would be leaving the business in March, and on Monday confirmed this departure would be this Friday. It said that the process to select a new chief executive is “well advanced”, but until a successor takes up the post, Greatorex will hold the position of interim chief executive, as well as continuing as group finance director.
KAZ Minerals said it has appointed John Hadfield as chief financial officer from the start of 2018, poaching him from his current role as finance director of London-listed Intertek’s UK business. The copper miner said Hadfield will join the company on November 20 but will only take up his role as CFO at the start of next year. Prior to working at Intertek, Hadfield spent 14 years at BG Group and Royal Dutch Shell – which recently merged. Additionally, Alison Baker will be appointed as independent non-executive from October 9th, having previously worked for PricewaterhouseCoopers and Ernst & Young.
Oil prices dropped on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil-consuming nation.
Gold prices fell from the previous session’s 13-month high as relief that North Korea did not conduct a missile test over the weekend helped to lift global stocks, the U.S. dollar and bond yields.
Market Close
Market Close – 4:35pm
| Market |
Index |
Change |
% Change |
| UK 100 |
7,413.6 |
+36.0 |
+0.5% |
| UK 250 |
19,694.3 |
+83.9 |
+0.4% |
| GER 30 |
12,466.5 |
+162.5 |
+1.3% |
| FRA 40 |
5,171.1 |
+57.6 |
+1.1% |
| U.S. 30 |
22,033.92 |
+236.13 |
+1.1% |
| U.S. 500 |
2,484.8 |
+23.4 |
+1.0% |
| OIL (BRENT) |
53.62 |
-0.16 |
-0.3% |
| GOLD |
1,334.84 |
-11.75 |
-0.9% |
Prices supplied by Saxo Capital Markets UK Limited, part of the Saxo Bank A/S Group of companies. |
UK Risers & Fallers
UK Major Risers & Fallers – 4:35pm
| Company |
Price |
Change |
% Change |
| Lancashire Holdings |
651.5 |
+40.5 |
+6.6% |
| Provident Financial |
825 |
+30 |
+3.8% |
| Easyjet |
1197 |
+41 |
+3.5% |
| Petra Diamonds |
85.025 |
-4.925 |
-5.5% |
| Associated British Foods |
3099 |
-166 |
-5.1% |
| Convatec |
271.8 |
-6.4 |
-2.3% |
Prices supplied by Saxo Capital Markets UK Limited, part of the Saxo Bank A/S Group of companies. |
Reported Economic Data
| Time/Date |
Previous |
Forecast |
Outcome |
| 1:15pm: Italian Industrial Production m/m |
1.1% |
-0.5% |
0.1% |
Sources:
http://www.nasdaq.com/article/us-stockstech-insurers-lead-wall-st-rally-as-irma-nkorea-fears-ease-20170911-00751
https://www.cnbc.com/2017/09/11/european-markets-stocks-set-to-fall-as-hurricane-irma-hits-florida.html
https://www.digitallook.com/news/news-and-announcements–/uk-household-spending-spikes-higher-for-first-time-in-four-months–2851902.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1505134039103548800.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1505134094323551200.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1505129579043399800.html
https://www.reuters.com/article/global-precious/precious-dollar-recovery-pushes-gold-down-from-one-year-high-idUSL5N1LS2EX
https://www.reuters.com/article/us-global-oil/oil-weakens-on-fears-irma-could-dent-u-s-demand-idUSKCN1BM00X