LONDON MARKETS: FTSE 100 Pares Gains As Miners Fall, But Supermarket Stocks March Higher
2017年12月5日 - 10:26PM
Dow Jones News
By Carla Mozee, MarketWatch
Services sector PMI falls short of expectations
U.K. blue-chip stocks pared gains Tuesday, with mining shares
struggling, as investors assessed downbeat British services data.
Brexit concerns weighed on the pound, but that did little to
significantly pump up equities.
But supermarket stocks stood out as they marched higher on .
What markets are doing: The FTSE 100 index was up 0.2% at
7,351.58, but it had been up by as much as 0.5%. Consumer goods and
services, oil and gas and financial shares were higher, But the
basic materials and technology groups were losing ground. The
benchmark on Monday rose 0.5%
(http://www.marketwatch.com/story/ftse-100-leaps-propelled-by-progress-on-us-tax-cuts-2017-12-04).
The pound fell to $1.3419, from $1.3478 late Monday in New York.
Against the euro, sterling bought EUR1.1301, less than EUR1.1360 on
Monday.
What's moving markets: New data releases cast a downbeat light
on the U.K.'s economic health.
A reading on activity in the U.K. services sector, which makes
up roughly 80% of the British economy, missed by a wide mark. IHS
Markit's November services purchasing managers index fell to 53.8,
below the 55.0 consensus estimate from FactSet.
Meanwhile, U.K. demand for new cars registered an 11.5% drop in
November, for the eighth straight month of declines, according to
the Society of Motor Manufacturers and Traders.
Investors are keeping an eye out for developments in the Brexit
talks, after U.K. Prime Minister Theresa May and European
Commission President Jean-Claude Juncker said Monday the two sides
had failed to reach a deal that would move negotiations on to the
second stage. That failure jolted the pound against its rivals.
Reports said Northern Ireland's Democratic Unionist Party, which
is propping up May's Conservative government, had scuppered a
proposed agreement by shooting down a plan to avoid a post-Brexit
"hard" border between the province and Ireland.
British officials have been working to settle some issues before
EU leaders meet at a summit on Dec. 14-15.
What strategists are saying: "Unlike the stellar numbers put on
the board by its manufacturing and construction PMI peers, the
services data drastically missed forecasts. Yet that slowdown was
just the latest kick in the gut for an already battered pound, as
the currency continued to fall following Monday's Irish border
Brexit bait and switch," said Connor Campbell, financial analyst at
Spreadex, in a note.
Normally a fall in sterling "would green light some decent
growth by the FTSE," Campbell pointed out, but noted that a 2%
slide in copper prices on Tuesday was weighing on shares of
miners.
Retail gain: Supermarket chain Tesco landed a ratings upgrade
from Goldman Sachs, sending its shares to the top of the FTSE
100.
Overall, consumer-related shares rose after the British Retail
Consortium and KPMG said retail sales in November rose 1.5%
year-over-year following a dip in October. Food sales were the
biggest part of that growth.
BRC-KPMG, however, did note that Black Friday sales resulted in
a "meagre" rise of 0.6% in like-for-like sales in November.
Tesco PLC (TSCO.LN) (TSCO.LN) climbed 4.5% after Goldman Sachs
raised its rating on the supermarket chain to buy from sell. Shares
of rival J Sainsbury PLC (SBRY.LN) leapt 3.9%, and shares of Wm.
Morrison Supermarkets PLC (MRW.LN) rose 3.7%.
Miners mixed: Mining shares were mostly even as data showed
activity in China's services sector expanded in November
(http://www.marketwatch.com/story/chinas-service-sector-activity-picks-up-2017-12-04),
which would bode well for the world's second-largest economy, where
companies are major buyers of industrial and precious metals.
Glencore PLC (GLEN.LN) gave up 1.9%, Anglo American PLC (AAL.LN)
lost 1.4% as did Antofagasta PLC (ANTO.LN).
But Randgold Resources PLC (RRS.LN) (RRS.LN) was up 1% and
silver and gold producer Fresnillo PLC (FRES.LN) tacked on
0.4%.
Read:European 'FANG' stocks? They exist, but here's why you
shouldn't buy them
(http://www.marketwatch.com/story/european-fang-stocks-they-exist-but-heres-why-you-shouldnt-buy-them-2017-11-27)
Auto focus: U.K. demand for new cars fell 11.5% in November, for
the eighth straight month of declines, according to the Society of
Motor Manufacturers and Traders.
Off the FTSE 100, shares of auto dealers were mixed after the
SMMT report. Inchcape (INCH.LN) shed 0.2% but Lookers PLC (LOOK.LN)
was up 0.3%. Pendragon PLC (PDG.LN) gained 4.8% to 27 pence.
Stock movers: Also off the FTSE 100, Cineworld Group PLC
(CINE.LN) shares fell 1% after the movie-theater operator said it
will buy U.S.-based Regal Entertainment Group
(http://www.marketwatch.com/story/cineworld-buying-regal-for-36-billion-to-reach-into-us-movie-theater-market-2017-12-05)(RGC)
for $3.6 billion.
(END) Dow Jones Newswires
December 05, 2017 08:11 ET (13:11 GMT)
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