- FTSE 100 down 22 points
- AstraZeneca top faller
- Wall Street indecisive on Thursday
9.25am
London's blue chips are retreating further from the shortlived 20-month highs reached in the first couple of minutes' trading.
"Mixed start for stocks following a solid performance in the prior session and a mixed one in the US," summed up market analyst Neil Wilson at Markets.com.
As he noted, while the Footsie is down the rest of the major bourses are trading a little firmer.
"No sign yet of any major drawdown or volatility, but it seems too quiet."
Richard Hunter, head of markets at Interactive Investor, says UK investors weigh up the conflicting signals from higher inflation and strong company earnings.
Looking at the third quarter reporting season, he says, "on the whole, [it has been] been a roaring success which has confounded the bears. It appears that the effects of supply chain bottlenecks, rising raw material prices and a tightening labour market have done little to derail the recovery of companies on the ground, although those concerns are likely to persist over the coming months.
"Indeed, inflation remains the major concern after the surprisingly high number earlier in the week, and this in turn has put further pressure on the Federal Reserve to reconsider its stance on the need for interest rate hikes. Currently, two hikes are being priced into markets for next year, with the worst scenario being that the Fed alters its outlook and raises rates faster and further than is currently anticipated."
8.30am: AstraZeneca top faller after missing profit expectations
The FTSE 100 is on course to end the week on a sour note despite flattering to decieve by starting the day with a spike above the 7,400.
But it quickly beat a bashful retreat with a 22-point slide to 7,361.
AstraZeneca PLC (LSE:AZN) was the top faller, dropping 5.5% to 8,927.5p after its quarterly operating profit of US$2.2bn missed consensus by 14%.
The pharma giant still reiterated guidance for the full year and investors will be happy to see that the COVID-19 vaccine is moving to profitability.
“The higher operational expenditure in the third quarter will raise some concerns, and it means the fourth quarter must deliver, but at least the reiteration of guidance gives some reassurance the core investment thesis of best in class sales growth combined with operating leverage is intact,” analysts at Liberum commented.
6.35am: FTSE 100 to edge close to the 7,400 level
UK stocks are set to modestly extend yeterday's 20-month highs following an indecisive session on Wall Street overnight as many traders were away for a public holiday.
Spread betting quotes suggest the FTSE 100 will crawl 7 points higher to open at around 7,391.
“As we come to the end of the week it’s been a solid week for European stocks with the FTSE100 getting to within touching distance of the 7,400 level, and its third successive weekly gain,” said CMC analyst Michael Hewson.
In the US, the Dow Jones dived 159 points to close at 35,921 overnight but the S&P 500 put on 3 points at 4,649. US bond markets were closed to honour Veterans Day.
Traders will be keeping an eye out today for news on job openings – JOLTS in the argot – in September.
“In August job openings fell to 10.44mln from 11.1mln; however, the lack of a payroll advance in the September numbers suggests that vacancies may well have increased.
“Expectations are for a fall to just over 10m; however, it wouldn’t be a surprise to see a move in the other direction, higher given the lacklustre employment reports during that month,” Hewson suggested.
Asian markets have been buoyant this morning with Japan’s Nikkei 225 up 340 points at 29,618 and Hong Kong’s Hang Seng 54 points to the good at 25,302.
In London, there are no economic indicators to generate a change in trading sentiment but two housebuilders – Galliford Try Holdings PLC (LSE:GFRD) and Redrow PLC (LSE:RDW) – have their annual general meetings today while drugs giant AstraZeneca PLC (LSE:AZN) issues its third-quarter results.
The company recently raised full-year guidance for sales and core earnings per share.
Around the markets
- Sterling: US$1.3367, u/c
- 10-year gilt: 0.925%, down 0,25 basis points
- Gold: US$1,862.20 an ounce, down US$1.80
- Oil: US$82.25 a barrel, down 62 cents
- Bitcoin: US$64,772, down US$265
6.50am: Early Markets - Asia / Australia
Asia-Pacific shares were higher on Friday after JD.com and Alibaba set new sales records across their platforms on Singles Day.
Customer spending on Alibaba rose 8.5% compared to last year, hitting a record high of 540.3 billion yuan (US$84.5 billion).
China’s Shanghai Composite gained 0.20% while Hong Kong’s Hang Seng index rose 0.22%
In Japan, the Nikkei 225 surged 1.13% and South Korea’s Kospi jumped 1.50%.
Australia’s S&P/ASX200 lifted 0.83% to close at 7,443 points, clinching its first gain for the week.
https://news.google.com/__i/rss/rd/articles/CBMioAFodHRwczovL3d3dy5wcm9hY3RpdmVpbnZlc3RvcnMuY28udWsvY29tcGFuaWVzL25ld3MvOTY2MDY1L2Z0c2UtMTAwLXN0YXJ0cy1vbi10aGUtYmFjay1mb290LWFzdHJhemVuZWNhLXRvcC1mYWxsZXItYWZ0ZXItbWlzc2luZy1wcm9maXQtZXhwZWN0YXRpb25zLTk2NjA2NS5odG1s0gE-aHR0cHM6Ly93d3cucHJvYWN0aXZlaW52ZXN0b3JzLmNvLnVrL2NvbXBhbmllcy9hbXAvbmV3cy85NjYwNjU?oc=5
2021-11-12 08:32:00Z
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