LONDON MARKETS: FTSE 100 Wobbles, With Investors On Edge
2018年2月13日 - 6:43PM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. inflation report due later should be a barometer for
BOE
U.K. stocks flickered higher and lower Tuesday, searching for
direction as investors remained on watch for signs of another
selloff, and as U.S. stock markets looked set to stumble.
A reading on U.K. inflation, watched closely by Bank of England
policy makers, is scheduled for release later.
Mining stocks largely bucked the losing trend, aided by stronger
prices for metals.
What are markets doing?
The FTSE 100 has been moving in and out of positive territory,
last rising nearly 2 points at 7,1780.51. The index had opened 0.3%
higher. On Monday, the benchmark jumped 1.2%, breaking a
two-session losing run.
The basic materials group had the strongest showing among
sectors, while utility, telecom and consumer goods shares were in
the red.
The pound traded at $1.3869. compared with $1.3837 late Monday
in New York.
What's driving the markets
A new round of volatility washed over U.K. and European equity
markets, with markets largely starting with modest gains before
flipping lower, not following up on gains made Monday on Wall
Street.
A new round of mild volatility was washing over U.K. and
European equity markets, which largely started with modest gains
before flipping lower. A recovery in U.S. stocks, which often set a
lead for U.K. equities, looked poised to falter
(http://www.marketwatch.com/story/dow-futures-pull-back-a-day-after-stocks-rally-2018-02-13)
Tuesday morning, with Dow futures down almost 100 points.
But gains for metals prices such as copper and gold buoyed
shares of mining companies listed in London. Metals prices
denominated in dollars found strength on the back of a softening in
the U.S. dollar
(http://www.marketwatch.com/story/dollar-slides-vs-yen-as-investors-weigh-up-recent-stock-gains-2018-02-13)
.
What's on the economic docket
The U.K. government's report on inflation for January is
scheduled for release Tuesday. The data is tracked by BOE policy
makers in plotting the path of interest rates, with a target of 2%
inflation.
Last week, the BOE signaled
(http://www.marketwatch.com/story/bank-of-england-signals-swifter-rate-hikes-2018-02-08)
that it expects to raise interest rates at a faster pace than it
previously anticipated, if the global economic recovery and U.K.
wage growth continue to strengthen. That message was reiterated
Monday in a speech by Bank of England policy maker Gertjan
Vlieghe.
Inflation in January is expected to rise to 2.9% on a
year-over-year basis, according to a FactSet consensus survey. The
rate was 3% in December. The report from the Office for National
Statistics is set for release at 9:30 a.m. London time, or 4:30
a.m. Eastern Time.
Read:A U.K. rate rise in May? Analysts digest hawkish surprise
from BOE
(http://www.marketwatch.com/story/a-uk-rate-rise-in-may-analysts-digest-hawkish-surprise-from-boe-2018-02-08)
The FTSE already started the day on a downbeat note following a
weak finish in the U.S. on Wednesday
(http://www.marketwatch.com/story/dow-poised-to-slide-give-up-chunk-of-rally-2018-02-07),
which continued into Thursday's session on Wall Street
(http://www.marketwatch.com/story/dow-poised-to-edge-up-as-traders-lick-their-wounds-after-a-punishing-stretch-2018-02-08).
What strategists are saying
"The inflation report will be one of the key pieces of data for
the pound this week," said Konstantinos Anthis, an analyst at ADS
Securities, in a note.
"The report is too close to call but given the bullish bias
coming from the BOE and their intention to further tighten their
interest rate policy the risk is obviously to the upside. A 3%
reading will again remind investors that inflation is not easily
subdued and it will point towards a fresh rate increase in the next
months which should send the pound rallying," he said.
Stocks in focus
TUI AG climbed 3% after the vacation services company posted a
narrower net loss of 99.6 million euros ($112.7 million) for the
first quarter and backed its full-year guidance
(http://www.marketwatch.com/story/tui-narrows-net-loss-backs-2019-guidance-2018-02-13).
Among mining stocks, Anglo American PLC (AAL.LN) gained 1.2%, as
did Glencore PLC (GLEN.LN) and Randgold Resources PLC (RRS.LN)
picked up 0.5%.
BHP Billiton PLC shares (BLT.LN) (BHP.AU) (BHP.AU) were up 0.5%.
The iron ore producer said it expects to recognize a $1.8 billion
income-tax expense
(http://www.marketwatch.com/story/bhp-flags-18b-expense-due-to-us-tax-laws-2018-02-13)
to reflect the reduction in the U.S. federal corporate-tax rate and
other changes.
Leading decliners on the FTSE 100, telecom company BT Group PLC
(BT.A.LN) fell 0.9%, insurer Admiral Group PLC (ADM.LN) and
consumer products heavyweight Unilever (ULVR.LN) lost 0.7%.
(END) Dow Jones Newswires
February 13, 2018 04:28 ET (09:28 GMT)
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