FTSE 100 fails to pull out of decline as trade reports mark the markets

Footsie dropped 82.40 points to 7,248.38 on Thursday, while US stocks were down as well

  • FTSE 100 closes lower

  • Wall Street shares sharply down

  • Sterling up against dollar

16 : 00: FTSE 100 finshes lower

The FTSE 100 index joined global indices to track lower on Friday as traders were spotted by the state of US-China trade and disappointing Chinese economic data.

Footsie dropped 82.40 points to 7,248.38. Its mid-cap cousin in London, the FTSE 250 fell 93.60 at 20,021.50.

On Wall Street, the Dow Jones Industrial Average plunged around 218 points; The S&P 500 lost almost 21[ads1] and Nasdad dropped 34 points.

Sterling gained 0.36% against the US dollar, which as usual did not help the blue-chip index.

The pound fired on news that polls have put the Tories in the brink of the run-up to the parliamentary elections on December 12. Markets believe the Conservative Party is more business friendly, unlike Labor – the main opposition party.

Summary of the latest on the US, China's trade situation, David Madden, an analyst at CMC Markets, said: "Beijing has expressed concern about agreeing to terms of a trade deal with Trump, as some people in the Chinese government consider him to be unpredictable.

"This could easily prove to be an effort from Beijing to try to gain influence over the United States, but for now traders are content to trim their stock positions. "

Chinese overnight production data showed that the industry is still in contraction in China, which hit the FTSE's resource giants.

15.15: The FTS E 100 fails to pull out of decline as trade reports yielded markets

in the last hour of trading, the FTSE 100 had failed to pull out of the mid-fall and was 74 points lower at 7,257 just before 4:00 pm. [19659007] The blue-chip index has been weighed down by lousy shows from some of the biggest the players, with the largest company, PLC (), topping the loser list after the stock fell 4.3% to 2223.5p after a disappointing third quarter results.

PLC () suffered a similar fate after a 97% drop in profits as PPI taxes sent their shares down 1.5% to 56.7p.

The macro picture was not that much better, with doubts whether the US and China could agree on a trade deal that gave some Halloween frights for

“After a quiet start, China jumped off a bus k screaming boo at the markets Thursday morning, with Bloomberg reporting that Beijing had cast doubt on a long-term trade agreement with the United States despite impending completion of "phase one" of the deal, said Connor Campbell

"Markets jumped somewhat from the losses , lifted by Trump, claiming that he and Xi Jinping will sign "phase one" soon, only too rotten to tune in again as the president began shouting on Twitter that the Fed is doing everything wrong. "

Meanwhile, sterling was still at the forefront, up 0.26% to $ 1,934.

14.35: FTSE 100 slides further as sterling closes at $ 1.30

While stocks have been tough this afternoon, the loss for Sterling is a gain, with the pound rising 0.38% to $ 1,259 against the dollar in the middle of the afternoon, temptingly close to the $ 1.30 level that anyone expects to reach the chances of a Brexit without a deal fades into the background of Britain's election campaign.

However, politics may lead to short-term foreign exchange sentiment, says Cityindex's Fiona Cincotta UK underlying economic data is "less than inspiring with consumer sentiment slipping to the lowest level since 2013." [19659007] Just before 2 pm, the FTSE 100 was 81 points lower at 7,250.

13.45: Wall Street sees mixed start [19659006] The US markets started Thursday's session with mixed footing and kn Alas, another record run for the S&P 500 this week, as doubts begin to emerge on the chances of a long-term US-China trade agreement.

Shortly after the opening clock, the Dow Jones Industrial Average was 0.17% lower at 27.141 while the S&P 500 slipped 0.07%. One ascent was Nasdaq, up 0.18% at 8,318.

A Bloomberg report on Thursday said Chinese officials doubt a comprehensive deal could be reached, citing concerns about Donald Trump's erratic and impulsive nature we could see him back from any agreed deal at short notice.

There was also some misreading in the form of US unemployment claims data for the week ending October 26, which increased by 5,000 to 218,000, mostly attributed to wildfires currently swept across California.

Despite the slight increase, however, the pace of layoffs and unemployment in the United States hovers around a 50-year low, signaling to many that the economy remains in good shape.

Meanwhile, US consumer spending for September for the seventh consecutive month increased by 0.2%, and for the third quarter, a 2.9% increase in spending.

Falling interest rates have lowered the price of many large ticket items such as cars and trucks, while inflation barometers have remained unchanged month to month, posing little threat to consumers.

In London, the FTSE 100 was still slow in the red and was down 68 points at 7,262 shortly before 7 p.m. 1659.

Kl. 12.15pm: UK consumer confidence falls in October

UK consumer confidence slipped in October as Brexit uncertainty continued to caution consumers ahead of Christmas time.

The GfK Consumer Confidence Index dropped two points to -14 over the month, with GfK Client Strategy Director Joe Staton saying that the decline was "worrying as strong consumer spending has been the main driver of economic growth since the 2016 referendum against a backdrop of low inflation, low interest rates, low wage growth and high employment ”.

"Reduced confidence in personal finances for the year ahead poses a risk to the broader economy? No one wants to see consumer spending cut and let's hope it doesn't happen. But Brexit's continued uncertainty and the spectrum of a major choice are not useful. only feel safe if they think the outside environment is stable, but consumers still see too many Brexit shifts and surprises, too many Brexit timelines and counteract proposals to justify any long-term trust. The big black Brexit cloud refuses to In the meantime, analysts at Shore Capital said the figures showed "a step back, again," but overall, consumers seemed "relatively calm, despite the ongoing and uncertainty coming from Westminster." 19659012] "Consumers hope that the election in mid-December with a majority in the House of Commons, so that consumers can finally move on. ", The broker said.

At lunchtime trading, the FTSE 100 was 65 points lower at 7,265 around 12.15.

11.40: FTSE 100 in the doldrums until late in the morning; the eurozone's economy grows more than expected

As the lunch hour approaching, the FTSE 100 still struggled to pull out of a revenue-driven decline and was 72 points lower at 7,259 just after 11:30.

The index was pulled down by the ex-dividend status of () while poor earnings reports from constituents such as PLC ( ) and PLC () sent their shares down, pulling the FTSE 100 with them.

Stocks are also struggling to overcome a strong performance from the pound, which late in the morning was 0.3% higher at $ 1.2942 against the dollar. [19659007] Meanwhile, there was some more positive news from across the English Channel as the eurozone economy grew 0.2% in the third quarter of this year, the same pace as the previous three-month period, but above expectations of 0.1% growth.

The modest improvement may well benefit the UK economy ahead of its own GDP data for the period to be published next month.

However, analysts at ING said that the months ahead could be difficult for the bloc, saying that "recent news on global economic risks promised by the trade war and Brexit, there is still a risk of disadvantage at the moment."

"If those risks disappear, the question is how quickly this will affect export orders and confidence. It will be the key to the growth outlook for 2020 and will determine whether the Eurozone can escape harm or whether the R-word remains at stake."

10.15 am: Hong Kong enters first recession in ten years

Hong Kong has fallen into recession for the first time in a decade as ongoing pro-democracy protests and the US-China trade war continue to push the Asian economic hub. [19659007] Data released by the Hong Kong government showed that the region's economy shrank by 3.2% in the three months to September, while gross domestic product (GDP) also fell by 0.4% between April and June when the demonstrations began.

which started in opposition to a now drawn extradition proposal, but has since expanded to include universal suffrage and police brutality investigations, has ever involved are violent clashes between protesters and police, vandalism of mainland Chinese operations and closure of many outlets in include banks and retailers during demonstrations.

The dismal state of the region's economy is causing problems for large companies with business in the city, with Asia-focused banking () down 2.6% at 694.4p in the middle of the morning.

While the bank reported a 16% increase in underlying profits for the third quarter on Wednesday, it also warned of "rising headwinds from the combination of continued geopolitical tensions and expectations of falling global growth and near-term interest rates".

Meanwhile, the FTSE 100 had dropped after its lower start and shortly after 10 had dropped 78 points to 7,253.

The index has been weighed down by dismal results from some of its key constituents, particularly the oil major PLC (), which was at the top of the fall list when the shares fell 3.9% to 2232.5p after a 15% fall in profits in the third quarter due to lower oil prices.

Major mining company () was also 3.2% lower at 229.8p along with rivals (), which fell 3.1% to 367.1p, and (), which fell 2.9% to 856, 2 p.

Weaker than expected economic data from China weigh heavily on the miners, as the country is one of the world's largest importers of raw materials such as iron, coal and copper.

Stocks are also not helped by renewed strength in the pound as Britain's election campaign begins, with sterling up 0.23% to $ 1,931 against the dollar in mid-morning trading.

8.40: Footsie shakes

The FTSE 100 was pulled into negative territory, albeit only by one company – the index's largest, ().

The weight is such that a 3.5% fall in the stock after disappointing results in the third quarter was more than enough to keep the blue-chip index in the red.

The British Chip Stocks Index early fell 4 points to 7327.13

If Footsie's move was more technical than emotion driven, then the underlying volumes traded early (like

It's unlikely anyone would price fluctuations before a clear electoral victory begins to emerge when Boris Johnson and Jeremy Corbyn both hit the campaign trail, analysts said.

And with the prospect of an impending & # 39; no-deal & # 39; Brexit off the table, sterling was back to US $ 1.30 Level.

This strengthening of the pound will undoubtedly drain interest in (as well as turnover revenue and revenue of) the most important multinational.

One of these is British Airways owner IAG (), whose The shares were early at 1.9%.

Lloyds () was also in the doghouse after the banking group received a new hit from those asking for compensation for selling payment protection wrongly.of 2%.

Proactive News Headlines:

Simec Atlantis Energy PLC () has been selected to provide tidal equipment and offshore construction services for a demonstration project in Japan. The project Y1 800 (£ 13 million) is in Naru Island and is run by Kyuden Mirai Energy. Individually, Atlantis announced that it has completed the acquisition of the maintenance side of the Scottish hydro business Green Highland Renewables for a nominal sum. And in Uskmouth, a waste power project in Wales, Atlantis has also awarded the combustion system design and development contract to Japanese company Mitsubishi Hitachi.

() will launch a new category and brand in 800 Superdrug stores that can eventually generate sales of up to £ 80m per year. The exact details are kept under wraps until closer to the launch date. However, the manufacturer of the popular Skinny Tan series said so and the dealer's efforts will be focused on the "relevant side of the business".

Holdings PLC () said it had the potential to generate "material revenue in 2020 and beyond" after what has been a key year for the diagnostic specialist. In its annual statement of results, the developer of the EarlyCDT product used to detect cancer said it had "minimum sales commitments" of £ 42m.

() has signed three new clients for its risk management software, increasing its annual recurring revenue to £ 4.3m The first new customer is a quantitative investment company that will use the company's market monitoring application, Irisium, to monitor market activity to increase transparency, integrity and confidence in their offerings. KRM will also provide manufacturing services to help the customer with daily monitoring of alerts

() has completed drilling of its siding at West Rustavi, Georgia, WR-38Z went to a depth of 2,634 m with a horizontal cut of 646 m to the field's primary oil-bearing Middle Eocene Formation. [19659007] () have been notified assume that production on the Tawke license will average around 120,000 barrels per day by the end of 2019 and to stay on track the level in 2020. DNO is the operator of tawke (in the Kurdistan region of Iraq) while Genel has a stake of 25%.

& # 39; s () Rizikon Security Product is to be offered to customers by its larger rival, (), following a collaboration between the two companies. The Rizikon portal will be offered to NCC customers as part of their third-party online audit service, which will help them to assess the risk to their suppliers and identify any supply chain vulnerabilities.

() (ASX: THR) said it has recently started talks with potential investors about a second of its projects, and also expects an initial resource estimate from the Bonya prospect in Australia by the end of the year. In the latest quarterly review, Thor's CEO Mick Billing said management has begun "cutting non-essential project and business expenses to save money." While they continued to talk with investors about their core Molyhil project and now also with US investors about the Pilot Mountain project in Nevada.

PLC () announced late on Tuesday that it has entered into a convertible loan agreement with CEO and Chairman Gati Al-Jebouri. The miner said it would immediately receive £ 1m to be used for "general working capital purposes", with the option of receiving an extra £ 700,000 at the lender's discretion, both at an annual rate of 8%.

European Metals Holdings Ltd (LON: EMH, ASX: EMH) said it believed the Czech state-owned power plant was close to completing due diligence before investing in the company. EMH, which first announced an agreement in July that could see the CEZ Group become its largest shareholder and co-development partner for the Cinovec lithium-tin project, also said it had $ 1.03 million in cash at the end of September.

AFC Energy (), the industrial fuel cell power company, confirmed that it will host a shareholder day on Friday 6. December 2019, which begins at 10.30am in Dunsfold Park, Surrey to showcase the operation of the company's new zero-emission, hydrogen-powered Electric Vehicle (EV) charging unit. It said shareholders' day will be limited to 50 people and will incorporate a demonstration of EV Charger in Dunsfold Park, home of the Top Gear track, followed by a 20-minute presentation that updated shareholders on the company's progress in recent months. [19659007] ITM Power (), the energy storage and clean fuel company, announced that Sir Roger Bone, an existing non-executive director of the company, will be appointed its new chairman, replacing Professor Roger Putnam who has decided to resign from the role and will not stand for re-election at today's general meeting.

() (TSX: APY) has announced the appointment of Jim Rutherford and Graeme Dacomb to the Board of Directors as Independent Non-Executive Directors, effective November 1, and the retirement of David Archer, the Senior Independent Non-Executive Director same day. The group noted that Dacomb was a partner in Ernst and Young for 26 years, where for the past twelve years he was a leading partner in the extractive industry, responsible for coordinating the provision of a complete package of services to multinational mining and oil and gas clients. It added that Rutherford has over 25 years of experience in investment banking and investment management and was senior vice president of Capital International Investors for 16 years, where he was responsible for investments in the mining and metal industry.

(), the fast-growing, award-winning international gaming technology platform and service provider, has announced the appointment of Novum Securities as its joint broker with immediate effect.

(), the established manufacturer of palladium, platinum, iridium, rhodium and gold, said that it has received another notice from the owners to exercise warrants over 18,766,668 shares for a consideration, total, of a cash value of £ 112,600. Christian Schaffalitzky, chairman of Eurasia Mining, commented: "We appreciate the continued interest and support from our shareholder base and the additional funds raised through the exercise of these warrants, which with additional cash flow to be received in December from the mining operation, are building on our cash reserves, strengthening our position in ongoing negotiations regarding our assets. "

06.45: FTSE 100 is set to open a" touch lower "

FTSE 100 is expected to open a push lower Thursday morning when stocks comes under pressure from upward movements in the foreign exchange markets.

Spread better IG expects FTSE 100 to open around 2 points after finishing Wednesday's session 24 points higher at 7,331.

Stocks in London are struggling as the upcoming election and diminishing prospects for no-deal Brexit have put the pound on a positive trend and close to breaking the US $ 1.30 level. In early trading on Thursday, sterling was $ 0.15% higher at $ 1.2921 against the dollar, with some extra lift given by another interest rate cut from the Federal Reserve on Wednesday, though the central bank also signaled that this would be the last for a while.

The Fed's grip helped drive US markets higher overnight, with the Dow closing 0.43% while the S&P 500 climbed 0.33% and the Nasdaq rising 0.33%.

Wall Street received a boost from both Apple Inc () and (), with both shares rising after third-quarter earnings beat analysts' expectations.

Asian markets were similarly positive on Thursday, with Japanese Nikkei 225 up 0.37% while Hong Kong's Hang Seng jumped 0.9%.

A small disadvantage was the Chinese economy, with October production data showing that factory and non-production activity grew at a slower pace than expected during the month.

The Eurozone economy can also provide a bleak readi ng, with GDP figures expected to show that GDP growth slowed in the third quarter.

And although there is some lingering optimism about a US-China trade deal, investors may have to wait a little longer after the cancellation of next month's APEC summit in Chile, where Donald Trump and China's President XI Jinping plan to meet and possibly make a deal.

Meanwhile, on the corporate front, PLC () will see if the fall in oil prices has caused misery for its oil equivalent to its competitor (), which on Tuesday raised its third-quarter profit to 39%.

however, is optimistic, saying that the company offers "one of the strongest cash returns to shareholders" with a 6.6% cash dividend yield.

Analysts at the US Investment Bank added that Shell's investment in the Middle East and North -Africa, with new concessions off the coast of Egypt due to start exploration in 2020, has the potential to grow the company, but may also have exposed it to short-term security risk.

Key events Thursday, October 31:

Trade Opinion: (), (), Hilton Food Group PLC (), PLC (), PLC (), PLC (), PLC (), (LON: SN.)

Economic Announcements: GfK Consumer Confidence, EU GDP, EU Inflation, United States Unemployment Claims

Ex dividend to cut 1.6 points of the FTSE 100 index: ()

Around the markets:

Sterling: USD 1.2921, up 0.15% [19659007] Brent crude: US $ 60.42 per barrel, up 0.3%

Gold: [19659105] US $ 1,497.4 ounces, up 0, 7%

Bitcoin: USD 9.126.2, down 1%

City Headlines:

Another fund, £ 253 million Income Focus Fund, once run by disgraced manager Neil Woodford can shut down and put its investors at risk of big losses – Telegraph

EU antitrust manager Margrethe Vestager considers higher standards of proof for large Internet companies in competition cases as part of changes to EU rules – Financial Times

Number of cars built in UK dropped in September amid a slowdown in global demand and political uncertainty – Times

Boris Johnson has signaled he could ban fracking after years of protests over controversial gas extraction technology – Telegraph

Grant Thornton's partner pay has fallen and it has delayed public as the UK's sixth largest accounting firm tries to recover after a difficult year – FT

The government must urgently explore alternatives to business rates rather than "sticking patches" to a system in need of reform, a group of MPs has warned – Times

Source link