LONDON MARKETS: FTSE 100 Struggles As Retailers, Home Builders Lose Ground
2017年6月27日 - 9:39PM
Dow Jones News
By Carla Mozee, MarketWatch
Banks ordered to boost capital buffers
U.K. stocks pulled lower Tuesday, as a profit warning from
British department store Debenhams PLC dragged down shares of
blue-chip retailers, but gains for commodity stocks limited losses
for the London benchmark.
The FTSE 100 fell 0.2% to 7,428.77, with only the basic
materials sector printing gains. A lower finish Tuesday would be
the index's fifth in six sessions.
Clouds over consumers: Retail shares lost ground after Debenhams
(DEB.LN) said continued market volatility could leave its full-year
profit at the lower end of expectations. But in the 15 weeks to
June 17, like-for-like sales did rise 1.8%, it noted. Debenhams
shares (DEB.LN) were down 3.4% off the FTSE 100.
After the warning, shares of department store chain Marks &
Spencer Group PLC (MKS.LN) lost 2.3%, and apparel and home
furnishings seller Next PLC (NXT.LN) dropped 0.9% on the FTSE 100.
But DIY retailer Kingfisher PLC (KGF.LN) turned up 0.1%.
"Recent figures from the Office for National Statistics show
sales volumes in the retail industry are growing at their lowest
level for 4 years, and Debenhams is feeling the pinch. Trends in
its key sales metrics have gone into reverse in recent weeks," said
George Salmon, equity analyst at Hargreaves Lansdown, in a
note.
Adding to the sector's gloom was YouGov/CEBR's survey showing a
sharp drop in consumer sentiment
(https://yougov.co.uk/news/2017/06/26/consumer-confidence-slumps-wake-hung-parliament/)
to levels seen immediately after the U.K. voted last year to leave
the European Union. A slump in optimism over property prices and a
squeeze on Britons' household finances were the key factors behind
the downbeat consumer sentiment, according to the survey.
Shares of home builders struggled. Persimmon PLC (PSN.LN) shed
1.8%, Barratt Developments PLC (BDEV.LN) fell 0.9%, and Taylor
Wimpey PLC (TW.LN) declined 1.3%.
Supermarket sweep: Meanwhile, the country's four largest
supermarket chains logged sales growth
(http://www.marketwatch.com/story/uks-big-supermarkets-log-sales-growth-2017-06-27)
in the 12 weeks ended June 18, but lost market share to German
retailers Aldi and Lidl as consumers sought lower prices, according
to a Kantar Worldpanel report.
Shares of grocery chains were mixed. Wm. Morrison Supermarkets
PLC (MRW.LN) turned higher by 0.2%, J Sainsbury PLC (SBRY.LN)
slipped 0.4%, while Tesco PLC (TSCO.LN) moved up 1.3%.
Resources: As the euro strengthened, the dollar was pulled
lower, aiding prices for most dollar-denominated commodities such
as copper .
That, in turn, further lifted shares of metals producers. The
sector started the session higher after Chinese Premier Li Keqiang
said the country has experienced significant job creation
(http://www.marketwatch.com/story/chinas-premier-li-touts-unimaginable-job-growth-2017-06-27)
from his program to bolster the world's second-largest economy.
China is a major buyer of industrial and precious metals.
In London, shares of miners Anglo American PLC (AAL.LN) and Rio
Tinto PLC (RIO) each climbed 3.6%, and copper producer Antofagasta
PLC (ANTO.LN) tacked on 2.9%.
Meanwhile, Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) was up 0.6%
and rival oil producer BP PLC (BP.LN) (BP.LN) was higher by 0.3% as
oil prices traded higher for a fourth consecutive session. Crude
tumbled into a bear market last week.
Banks: Bank shares took in stride the Bank of England's order to
lenders to boost their capital cushions
(http://www.marketwatch.com/story/bank-of-england-orders-banks-to-boost-capital-2017-06-27-5485570),
a move aimed to protect the U.K.'s financial system from risks
including Brexit and increased borrowing by consumers. The buffer
was reduced to zero last year in a bid to support the economy after
the Brexit vote.
Barclays PLC (BCS) was up 1.5%, Standard Chartered
(STAN.LN)moved up 1.3% and Lloyds Banking Group PLC (LLOY.LN)
(LLOY.LN) gained 0.4%.
Royal Bank Of Scotland Group (RBS.LN) (RBS.LN) picked up a more
modest 0.1% while HSBC Holdings PLC (HSBA.LN) (HSBA.LN) fell
0.3%.
The pound bought $1.2755, up from $1.2721 late Tuesday in New
York.
Meanwhile, the euro rallied after European Central Bank
President Mario Draghi said at the ECB forum in Sintra that "a
considerable degree" of stimulus is needed in the eurozone, a step
back from the stimulus levels signaled in earlier speeches. The
shared currency gained 0.5% against the pound.
Fed Reserve Chairwoman Janet Yellen was scheduled to speak in
London at 6 p.m. local time, or 1 p.m. Eastern U.S. time.
Stock movers: Near the bottom of the FTSE 100, shares of auto-
and aerospace parts supplier GKN PLC (GKN.LN) fell 2.9% after
German auto parts supplier Schaeffler AG (SHA.XE) cut its profit
forecast for 2017.
(END) Dow Jones Newswires
June 27, 2017 08:24 ET (12:24 GMT)
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