LONDON MARKETS: FTSE 100 Lower As Bank Stocks Come Under Pressure
2017年12月1日 - 07:46PM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. manufacturing activity at more than 4-year high
U.K. stocks fell Friday, with bank shares moving lower as
trading for December got underway, pulling the blue-chips market
potentially further into the red for the week.
What markets are doing: The FTSE 100 index fell 0.2% to
7,315.66, as gains for oil and gas and health care stocks were
offset by losses for financial, industrial, consumer-related and
other shares. On Thursday, the gauge dropped 0.9% to a two-month
low
(http://www.marketwatch.com/story/ftse-100-slides-to-2-month-low-as-pound-rallies-on-brexit-hopes-2017-11-30).
The index was on course for a weekly fall of 1.2%, which would
be its third weekly loss in four weeks.
The pound traded at $1.3482, down from $1.3529 late Thursday in
New York. It fell below the $1.3500 level after the release of U.K.
manufacturing data. Against the euro, sterling bought EUR1.1329,
down from EUR1.1366.
What's moving markets: U.K. and European equities fell alongside
U.S. stock futures , which were losing ground after the U.S. Senate
late Thursday suspended a vote on a tax bill as lawmakers continued
to debate a number issues related to cutting rates for individuals
and corporations.
Read:Here's what's next for the Senate's tax bill
(http://www.marketwatch.com/story/heres-whats-next-for-the-senates-tax-bill-2017-11-30)
Markets are looking more cautious in early moves today as the
crucial vote on tax reform has been pushed back.
"Passing tax reform was never going to be a walk in the park,"
said Richard Perry, market analyst at Hantec Markets, in a note.
"If the bill is delayed further there could be a bit of a wobble,
whilst if it even gets voted down, there would likely to be a
significant correction and reduction in risk sentiment."
The prospect of lower U.S. corporate taxes under the Trump
administration has aided bank stocks worldwide at times over the
past year. But London-listed lenders were moving lower Friday. As
well, shares of Royal Bank of Scotland Group PLC (RBS.LN) fell 1.2%
after the company said it will close 259 branches and cut 680 jobs
to reduce costs and spur more customers into using mobile and
online services.
Investors were also keeping watch on the pound, which pushed
above $1.3500 against the U.S. dollar on Thursday. Sterling
strength can weigh on the FTSE 100, as around 75% of revenue for
the index's components is generated outside of the U.K.
The pound leapt Thursday after The Times newspaper said the U.K.
was close to reaching an agreement over Northern Ireland with
European Union officials aimed at avoiding a "hard border" between
the U.K. province and the Republic of Ireland.
Stock movers: In the banking group, Barclays (BCS) (BCS) fell
1.5%, Lloyds Banking Group (LLOY.LN) (LLOY.LN) was down 1% and
Standard Chartered (STAN.LN) gave up 0.6%. But HSBC (HSBA.LN)
(HSBA.LN) (HSBA.LN) turned fractionally higher.
Among gainers, BP PLC (BP.LN) and Royal Dutch Shell PLC
(RDSB.LN) (RDSB.LN) were up 0.7% and 0.3%, respectively, tracking
gains for oil prices after major oil producers on Thursday agreed
to extend production curbs through 2018.
(http://www.marketwatch.com/story/oil-prices-build-on-gains-after-opec-agreement-to-extend-production-curbs-2017-12-01)
Economic data: IHS Markit/CIPS said its U.K. manufacturing PMI
for November was 58.2
(http://www.marketwatch.com/story/uk-manufacturing-pmi-picks-up-in-november-2017-12-01),
and that was better than the FactSet estimate of 56.5.
"New orders, employment and growth all increased, and
importantly, it appears that U.K. manufacturers have now overcome
the effects of the pound's depreciation following Brexit," said
Hamish Muress, currency analyst at OFX, in a note.
"However, any strong reaction from the pound was tempered by
this morning's eurozone manufacturing figures. Whilst the U.K. may
have hit 4-year highs, the eurozone was closer to 17-year highs.
Whilst the U.K.'s manufacturing sector may be recovering, this
stark contrast in growth shows how 2017 has been the year of the
eurozone resurgence," said Muress.
(END) Dow Jones Newswires
December 01, 2017 05:31 ET (10:31 GMT)
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