LONDON MARKETS: U.K. Stocks Gain Ground As Miners Get Boost From Softening Dollar
2017年10月10日 - 8:03PM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. industrial, manufacturing production rise
year-over-year
U.K. stocks rose Tuesday, with mining shares among advancers
while investors appeared to embrace British industrial production
figures that beat expectations.
The FTSE 100 index picked up 0.2% to 7,519.38, led by financial
and consumer goods shares. On Monday, the index fell 0.2%
(http://www.marketwatch.com/story/uk-stocks-fall-from-2-month-high-as-pound-regains-strength-2017-10-09).
Mining shares gained Tuesday, with dollar-denominated metals
such as gold and copper rising as a key U.S. dollar gauge continued
to fall. Shares of copper producers Antofagasta PLC (ANTO.LN) added
1% and Fresnillo PLC (FRES.LN) moved up 1.1%. Stock in Randgold
Resources PLC (RRS.LN) (RRS.LN) bulked up by 0.7%.
Data: Sterling hit an intraday high of $1.3203 Tuesday after the
Office for National Statistics released August figures on
industrial and manufacturing production. But the move higher for
the pound didn't drag down the FTSE 100, which can come under
pressure when the pound's value strengthens.
Manufacturing production, a key component of industrial output,
surged 2.8% on a year-over-year basis, outstripping expectations of
a 1.9% increase in a FactSet survey of economists. Industrial
production rose 1.6% year-over-year, above a forecast of 0.9%.
Separately, the ONS said the U.K. trade deficit in goods widened
in August
(http://www.marketwatch.com/story/uk-trade-deficit-in-goods-hits-record-high-2017-10-10),
largely on an increase in imports of mechanical machinery and a
drop in fuel exports.
The pound eventually bought $1.3190, up from $1.3141 late Monday
in New York.
But the bias for the pound is downward, said Konstantinos
Anthis, a researcher at ADS Securities.
"Even though today's production data printed better than
expected the PMI reports last week highlighted weaknesses across
all business sectors," he wrote in a note.
"At the same time, U.K. Prime Minister Theresa May did get some
renewed support from her party this week but there's still no
substantial progress in the Brexit negotiations and this weighs
down on her popularity inside the Conservative audience," he
said.
Read:Boris Johnson in the crosshairs, as U.K. leader Theresa May
gears up for key Brexit talks
(http://www.marketwatch.com/story/boris-johnson-in-the-crosshairs-as-uk-leader-theresa-may-gears-up-for-key-brexit-talks-2017-10-09)
Sterling could have a hard time extending gains through
technical resistance of $1.3230 unless there's a surprisingly
bearish tone in minutes from the Federal Reserve's September
meeting, which are due Wednesday.
Stocks in focus: Capita PLC (CPI.LN) jumped 2.2% after the
outsourcing and professional services company named Jonathan Lewis
as its new chief executive officer, effective Dec. 1
(http://www.marketwatch.com/story/capita-appoints-jonathan-lewis-as-new-ceo-2017-10-10-2485286).
BAE Systems PLC (BA.LN) fell 0.2% as the defense contractor said
it plans to cut roughly 2,000 jobs
(http://www.marketwatch.com/story/bae-systems-to-cut-almost-2000-jobs-2017-10-10)
in a bid to lower costs. About 1,400 losses would come from the
military aircraft division that makes Typhoon combat jets and Hawk
training planes.
Financial shares were higher, with Direct Line Insurance Group
PLC (DLG.LN) tacking on 1.8% and lender HSBC Holdings PLC (HSBA.LN)
(HSBA.LN) up 0.9%.
Sky PLC shares (SKY.LN) were off 0.1%. The U.K. Competition
Authority said it plans to examine how the proposed takeover of Sky
by 21st Century Fox Inc
(http://www.marketwatch.com/story/competition-watchdog-lays-out-fox-sky-probe-2017-10-10).
(FOX) would affect media plurality and broadcasting standards in
the U.K.
(END) Dow Jones Newswires
October 10, 2017 06:48 ET (10:48 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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