LONDON MARKETS: U.K. Stocks On Course For 3rd Straight Gain Before June Jobs Data
2017年8月16日 - 5:27PM
Dow Jones News
By Carla Mozee, MarketWatch
Admiral shares hit hard after earnings report
U.K. stocks climbed Wednesday, with BHP Billiton PLC's gain
helping to guide the market toward a third consecutive advance,
while investors waited for monthly data on British wages and
unemployment.
The FTSE 100 moved up 0.7% to 7,434.239. The index on Tuesday
rose 0.4%,
(http://www.marketwatch.com/story/uk-stocks-rise-for-2nd-straight-day-ahead-of-key-inflation-data-2017-08-15)
aided by a slide in the pound after a weaker-than-expected reading
on inflation.
The unchanged reading in July inflation would cut the Bank of
England's need to raise interest rates to tackle rising prices.
Investors will again gauge what could be next for monetary policy
with the release of data on earnings and hiring in June at 9:30
a.m. London time, or 4:30 a.m. Eastern Time, from the Office for
National Statistics.
Ahead of that, shares of BHP Billiton (BLT.LN) (BHP.AU) (BHP.AU)
drove 2% higher after activist investor Elliott Management Corp.
said it's raised its holding in the mining heavyweight
(http://www.marketwatch.com/story/elliott-management-increases-stake-in-bhp-billiton-2017-08-15)
to 5% of BHP's London-listed shares. Elliott also signaled it backs
the incoming chairman to act on sweeping changes it's been
seeking.
EasyJet PLC shares (EZJ.LN) were up 3.2%, extending gains from
Tuesday following news that Air Berlin PLC filed for
insolvency.
Air Berlin's "disappearance from the scene means that lots of
valuable runway slots across Europe have suddenly become available
and although the expectation is that Lufthansa will acquire many of
them there was also talk that easyJet would be bidding for a share
of them," wrote Bill McNamara, technical analyst at Charles
Stanley.
But shares of Admiral Group PLC (ADM.LN) sank 8% as the
insurer's first half profit increased but did see an impact from
the higher cost of personal injury claims.
Data: Economists polled by FactSet expect average weekly
earnings to have risen by 1.9% excluding bonuses in June, and by
1.8% including bonuses. The unemployment rate is expected to remain
at 4.5%.
Before the data release, the pound traded at $1.2871, compared
with $1.2869 late Tuesday in New York.
(END) Dow Jones Newswires
August 16, 2017 04:12 ET (08:12 GMT)
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