Markets Round Up on 16th October 2017
Stock Markets
U.S. stocks reached record highs on Friday as investors bet on another strong earnings season with the S&P 500 climbing 0.1% to 2553.17 and the Nasdaq up 0.2% to 6605.8. Bank of America jumped 1.5% on better-than-expected earnings. Netflix added 1.9%, crossing above $200 for the first time.
Asian shares advanced to new highs this morning following Wall Street’s lead. The Japanese Nikkei climbed 0.47% to 21255.56, the Hong Kong Hang Seng jumped up 0.76% to 28692.8, the Chinese CSI 300 however fell 0.2% to 3913.45, the Aussie ASX was up 0.56% to 5846.76 and the Korean KOSPI rose 0.26% to 2480.
In the UK, the FTSE 100 fell 0.1% to 7527.0. and the FTSE 250 fell 0.2% to 20,217.1.
Utility companies fell sharply, with both Centrica and Severn Trent at near year lows. Convatec issued a profit warning, commenting that owing to disruption in supplies from a move in the manufacturing base from the USA to the Dominican Republic that the board now expects about 1.5% revenue growth for 2017. The market response has been savage cutting Convatec’s valuation by about 26%.
European stocks edged slightly higher in afternoon trade as investors monitored the latest in political news coming out of Austria, Spain and the U.K. Euro Stoxx 50 rose to 3606.27 with German and french dtocks climbing while the Spanish IBEX fell 0.75%
Currency
The pound is at €11229 Euros, $1. 3257US Dollars.
Commodities
Oil prices jumped on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq with forces entering Kirkuk taking territory from Kurdish fighters, while an explosion at a U.S. oil rig and reduced exploration activity supported prices there.
Gold eased a touch, weighed down by a firm dollar and stronger Asian equities, but steadied above a key psychological level of $1,300 today, buoyed by worries over Iran, while a firmer dollar weighed on sentiment.
Floats rising
City analysts have reported an uptick in firms looking to list, as more bosses come to terms with the decision to leave the EU. “The post-Brexit vote period was very damaging to the IPO market,” said Scott McCubbin, IPO leader at EY, adding: “Slowly, but surely, we have seen a recovery… The government’s agenda is quiet and Brexit’s down the line. Currency markets are relatively stable.”
Brexit stalemate derails appetite for deal-making
The stalemate in Brexit negotiations appears to have dampened appetites for deal-making in the City, with September proving the quietest month for takeovers of British firms in three years. According to Thomson Reuters, just 149 takeovers of British firms totalling £4.7bn were announced – two-thirds of last September’s total.
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