LONDON MARKETS: FTSE 100 Extends Trump-spurred Drop Ahead Of Retail Sales Report
2017年5月18日 - 5:33PM
Dow Jones News
By Carla Mozee, MarketWatch
Retail sales expected to rebound in April
U.K. stocks fell Thursday, extending losses from Wednesday's
selloff prompted by worries that U.S. President Donald Trump's
administration won't be able to push through his pro-growth
agenda.
The FTSE 100 index fell 0.7% to 7,450.57, led by the basic
materials, industrial and financial sectors. The index on Wednesday
fell 0.3%
(http://www.marketwatch.com/story/ftse-100-steady-ahead-of-jobs-data-but-trump-worries-limit-gains-2017-05-17),
the first loss in 10 sessions and a retreat from its record close
of 7,522.03 logged on Tuesday
(http://www.marketwatch.com/story/ftse-100-clings-onto-record-high-ahead-of-inflation-report-2017-05-16).
European stocks declined 0.6% Thursday. Wednesday's session on
Wall Street
(http://www.marketwatch.com/story/us-stock-futures-slide-as-concerns-over-trump-grow-2017-05-17)
triggered the worst sessions since Sept. 9 for the S&P 500
index and the Dow Jones Industrial Average , tumbled 372.82
points.
The selloff followed a New York Times report that Trump in
February asked then-director of the Federal Bureau of
Investigation, James Comey, to stop his investigation into links
between Trump's associates and Russian officials.
"Realistic discussions of impeachment are now being had and
markets are rightly concerned that this is another significant
spanner in the works for Trump's legislative plans," said Richard
Perry, market analyst at Hantec Markets, in a not. "If he struggled
with health care reform how is he going to get through
controversial plans over huge fiscal stimulus, banking reform and
deregulation?"
Banks shares worldwide had booked gains on the prospect of
looser regulatory rules. A slide in shares of financial companies
on Wednesday led the overall market's decline. Among the decliners,
Bank of America Corp. (BAC) slumped 6%.
In London, shares of Barclays PLC (BCS) fell 1% and HSBC
Holdings PLC (HSBA.LN) (HSBA.LN) shed 0.4%.
Questions also rose about the feasibility of infrastructure
plans touted by Trump and the continuation of an accompanying
reflation trade. That hurt shares of metals producers, with
Antofagasta PLC (ANTO.LN) off 2.7% and Anglo American PLC (AAL.LN)
down 2%.
But there's "a potential calming impact with the appointment of
former FBI Director Robert Mueller as a special counsel for the
Russia investigation," said Perry. "Global equities are still under
pressure, but are they set for a bounce too as the bargain hunters
move in?"
Stock movers: Burberry Group PLC (BRBY.LN) rose 1.8% as the
luxury-goods retailer said it was on target with its cost-savings
program
(http://www.marketwatch.com/story/burberry-pretax-profit-below-forecasts-2017-05-18)
and backed its current-year forecasts. Full-year profit fell 5%,
below its previous guidance.
Royal Mail PLC (RMG.LN) climbed 3.1% as the company posted a 25%
rise in fiscal 2017 pretax profit.
(http://www.marketwatch.com/story/royal-mail-pretax-profit-rises-25-2017-05-18)
Data: At 9:30 a.m., the Office for National Statistics is
scheduled to release its April report on retail sales. Sales are
expected to rise 1.2%, with aid from the Easter holiday. In March,
sales sank 1.8% as consumers reined in spending as prices rose
(http://www.marketwatch.com/story/uk-retail-sales-fall-sharply-in-march-2017-04-21).
This week, data has shown regular wages rose 2.1% in the three
months to March. But adjusted for inflation, they fell 0.2%.
Meanwhile, headline inflation has climbed to 2.7%.
The pound was buying $1.2969 ahead of the report, not far off
from $1.2971 late Wednesday in New York.
(END) Dow Jones Newswires
May 18, 2017 04:18 ET (08:18 GMT)
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