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Daily Market Commentary: (Evening Report)
London close: US data provides a late boost
Market Movers
- techMARK 2,143.41 +0.24%
- FTSE 100 5,825.81 +0.28%
- FTSE 250 11,872.73 -0.18%
- US services and labour figures lift stocks
- Mixed economic data in China, UK and Europe
- FTSE 100 finishes up 0.3 per cent
The UK benchmark finished with mild gains on Wednesday afternoon after some better-than-expected data from the US managed to brighten the mood, which was dampened earlier by gloomy figures from China, Europe and the UK.
In the US, ADP non-farm payrolls increased by 162,000 following a revised 189,000 rise in August (previously 201,000). The consensus estimate as for a gain of 140,000. Meanwhile, the ISM non-manufacturing purchasing managers' index (PMI) rose from 53.7 to 55.1 and ahead of the 53.4 forecast.
"The outcome of Friday's jobs numbers is likely to dictate sentiment near-term. Importantly, the decent ADP figure today has presented more downside risk by way of renewed positive expectations should non-farm disappoint," said financial trader David White from Spreadex.
Non-manufacturing PMIs in both China and the UK fell by more than expected in September, while Chinese consumer sentiment dropped to its lowest level since December. Meanwhile, the Markit Eurozone PMI composite output index (which reflects a weighted-average combination of the manufacturing and services sector in the region) hit a four-month low, though it was slightly ahead of estimates.
Spanish Prime Minister Mariano Rajoy yesterday denied claims that his country is looking to request a bailout this weekend. He said that the country had no immediate plans to ask for aid, but analysts such as Craig Erlam from Alpari say that a bailout is a "foregone conclusion".
In other news today, crude futures fell by as much as 3.5% after the US Energy Department revealed that oil production jumped to 6.52m last week, a 15-year high, while fuel consumption fell.
- Mixed economic data in China, UK and Europe
- FTSE 100 finishes up 0.3 per cent
The UK benchmark finished with mild gains on Wednesday afternoon after some better-than-expected data from the US managed to brighten the mood, which was dampened earlier by gloomy figures from China, Europe and the UK.
In the US, ADP non-farm payrolls increased by 162,000 following a revised 189,000 rise in August (previously 201,000). The consensus estimate as for a gain of 140,000. Meanwhile, the ISM non-manufacturing purchasing managers' index (PMI) rose from 53.7 to 55.1 and ahead of the 53.4 forecast.
"The outcome of Friday's jobs numbers is likely to dictate sentiment near-term. Importantly, the decent ADP figure today has presented more downside risk by way of renewed positive expectations should non-farm disappoint," said financial trader David White from Spreadex.
Non-manufacturing PMIs in both China and the UK fell by more than expected in September, while Chinese consumer sentiment dropped to its lowest level since December. Meanwhile, the Markit Eurozone PMI composite output index (which reflects a weighted-average combination of the manufacturing and services sector in the region) hit a four-month low, though it was slightly ahead of estimates.
Spanish Prime Minister Mariano Rajoy yesterday denied claims that his country is looking to request a bailout this weekend. He said that the country had no immediate plans to ask for aid, but analysts such as Craig Erlam from Alpari say that a bailout is a "foregone conclusion".
In other news today, crude futures fell by as much as 3.5% after the US Energy Department revealed that oil production jumped to 6.52m last week, a 15-year high, while fuel consumption fell.
Europe Market Report
Europe close: US numbers compensate for weak Spanish data
-Eurozone services PMI slightly ahead of forecasts
-Spanish 10 year bonds are up by 6 basis points to 5.81%
-Weak Spanish services PMI reading
FTSE-100: 0.28%
Dax-30: 0.22%
Cac-40: -0.24%
FTSE-Mibtel 30: 0.25%
Ibex 35: -0.51%
Stoxx 600: -0.09%
European equities finished the day in a mixed fashion despite the release of important economic indicators Stateside this afternoon. That as investors hold out for tonight's televised election debate, the first in this US Presidential campaign. Worth noting in that regard, some of the latest polls now point to Obama holding on to a small lead.
Vestas Wind Systems fell after a lacklustre performance on the part of management at a capital markets day for the firm.
Telefonica has announced its intention to float its German unit this October.
Catering services firm Sodexo is climbing after Credit Suisse Group AG raised the company to outperform, from neutral.
From a sector stand-point the best performance on the DJ Stoxx 600 was seen in the following industrial groups: Utilities (0.66%), Food (0.23%) and Travel&Leisure (0.22%).
-Spanish 10 year bonds are up by 6 basis points to 5.81%
-Weak Spanish services PMI reading
FTSE-100: 0.28%
Dax-30: 0.22%
Cac-40: -0.24%
FTSE-Mibtel 30: 0.25%
Ibex 35: -0.51%
Stoxx 600: -0.09%
European equities finished the day in a mixed fashion despite the release of important economic indicators Stateside this afternoon. That as investors hold out for tonight's televised election debate, the first in this US Presidential campaign. Worth noting in that regard, some of the latest polls now point to Obama holding on to a small lead.
Vestas Wind Systems fell after a lacklustre performance on the part of management at a capital markets day for the firm.
Telefonica has announced its intention to float its German unit this October.
Catering services firm Sodexo is climbing after Credit Suisse Group AG raised the company to outperform, from neutral.
From a sector stand-point the best performance on the DJ Stoxx 600 was seen in the following industrial groups: Utilities (0.66%), Food (0.23%) and Travel&Leisure (0.22%).
US Market Report
US mid-morning: Positive data surprises buoy stocks
-Positive data surprises
-Sharp fall in crude futures
-Krugman: US and EU nowhere close to ending financial crisis
-Mortgage refinancings rise by 16.6 per cent
-HP plummets after warning
Dow Jones Industrial: 0.26%
Nasdaq Comp.: 0.61%
S&P 500: 0.50%
US equities are moving forward following the release of better than expected macroeconomic data this morning and despite a sharp fall in crude futures which is weighing down on the most heavily capitalized equity sector of them all energy.
That ahead of tomorrow's meetings of the Bank of England (BoE) and the European Central Bank (ECB), not to mention this next Friday's monthly employment report Stateside and tonight's televised Presidential debate, the first of the season.
-Sharp fall in crude futures
-Krugman: US and EU nowhere close to ending financial crisis
-Mortgage refinancings rise by 16.6 per cent
-HP plummets after warning
Dow Jones Industrial: 0.26%
Nasdaq Comp.: 0.61%
S&P 500: 0.50%
US equities are moving forward following the release of better than expected macroeconomic data this morning and despite a sharp fall in crude futures which is weighing down on the most heavily capitalized equity sector of them all energy.
That ahead of tomorrow's meetings of the Bank of England (BoE) and the European Central Bank (ECB), not to mention this next Friday's monthly employment report Stateside and tonight's televised Presidential debate, the first of the season.
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