Tag: British Chambers of Commerce
FTSE 100 dropped 1.0% to 5,935
by Greg Secker on Mar.02, 2011, under Greg's Blogs
UK Stock Market Report 2nd March 2011
UK markets closed lower yesterday, with the FTSE 100 index reversing its early session gains, as renewed concerns that political turmoil could spread to Saudi Arabia dampened investor sentiments. Travels and Cruise operators, Carnival, TUI Travel and International Consolidated Airlines Group, dropped between 0.8% and 5.6%, while Intercontinental Hotels Group shed 4.0%, as oil prices rose, after reports of military movement in Saudi Arabia. Among retailers, HMV Group plunged 21.7% after the company forecasted that its net income would miss market estimates, while Kingfisher lost 4.5%, suffering from broker’s downgrade. Banks, HSBC, Barclays and Lloyds Banking Group, dropped between 0.3% and 3.0%, as risk appetite decreased, and after HSBC was downgraded by various brokers. FTSE 100 dropped 1.0% to 5,935.8. FTSE 250 fell 0.4% to 11,574.1.
Banks, HSBC, Lloyds Banking Group and Royal Bank of Scotland, dropped between 1.1% and 4.7%, after HSBC reported its full-year earnings that missed market expectations
by Greg Secker on Mar.01, 2011, under Greg's Blogs
UK Stock Market Report 1st March 2011
UK markets closed mixed yesterday, as gains in miners and oil producers were offset by losses in banks and retailers. Miners, Vedanta Resources, Xstrata and Antofagasta, gained between 0.7% and 2.1%, in line with a rise in base metal prices. Among oil producers, Essar Energy advanced 3.5%, as Credit Suisse initiated coverage on the stock with an “Overweight” rating, while Tullow Oil, Petrofac and Cairn Energy also paced gains. However, banks, HSBC, Lloyds Banking Group and Royal Bank of Scotland, dropped between 1.1% and 4.7%, after HSBC reported its full-year earnings that missed market expectations. Associated British Foods lost 5.9%, leading retailers lower, after the company warned that operating profit margins for its retail group, Primark, would be under pressure from higher cotton prices. FTSE 100 dropped 0.1% to 5,994.0. FTSE 250 gained 0.1% to 11,621.3.
British exports look to be recovering
by Greg Secker on Aug.11, 2010, under Greg's Blogs
UK Stock Market Report 11th August 2010
The FTSE 100 fell – 34.11 points or -0.63% on Tuesday to 5376.41
Consumer confidence has fallen to the lowest level since May 2009. Today, Nationwide’s confidence index fell seven points to 56, the third consecutive monthly drop. The number of households believing their income will be lower in six months’ time is at the highest level since the survey began in 2004. More consumers are delaying big purchases, and more than one in four (28%) believe the economic landscape will worsen by the end of the year.
Today, the BOE is widely tipped to lower its growth forecasts while raising inflation projections in its quarterly Inflation Report. Bank governor Mervyn King has recently warned of a possible slowdown throughout the Eurozone. In further news, Britain’s trade gap narrowed in June as exports recovered, but economists warned overseas demand would not offset the flagging economy at home. Exports increased at four times the pace of imports in June, narrowing the trade in goods deficit from £8bn in May to a lower-than-expected £7.4bn, the Office for National Statistics said. The overall trade gap, which includes services, fell to £3.3bn in June, compared to £3.8bn a month earlier. The figures will provide some optimism for the coalition government. But economists greeted the figures with a note of caution, warning that one positive set of numbers did not necessarily mean exports would hold up in the long term. The British Chambers of Commerce (BCC) welcomed the news but warned exporters against complacency.
Due for release today is the Nationwide Consumer Confidence (released), Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate, BOE Gov King Speaks and BOE Inflation Report.
Treasury wields the axe on an extra £1.5 billion of spending
by Greg Secker on Jul.06, 2010, under Greg's Blogs
UK Stock Market Report 6th July 2010
The FTSE has risen 64.47 points today or 1.34% and is currently at the 4,888 level.
According to the quarterly survey from the British Chambers of Commerce published today, in Q2 the UK economy continued to grow and was boosted by a strong performance in the manufacturing sector. The BCC said that most manufacturing balances showed stronger increases and in some cases were back to pre-recession levels. Whilst manufacturing results were good, the service sector’s results on the whole were weak. The manufacturing balance for home sales surged to +30%, which was the best level since Q4 of 2007. Manufacturing export balances, rose 11 points to +31 per cent, which was the best level since Q3 of 2007. The service sector also saw growth in both domestic and overseas sales but remained weak in comparison to previous standards.
Due for release today is the UAD Cash Rate, UAD RBA Rate Statement, CAD Building Permits m/m and USD ISM Non-manufacturing PMI.
