LONDON MARKETS: FTSE 100 Wobbles, With Investors On Edge
2018年2月13日 - 8:31PM
Dow Jones News
By Carla Mozee, MarketWatch
Pound climbs above $1.39 as U.K. inflation sticks at 3%
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.
Stocks continued to waver after a reading on U.K. inflation,
watched closely by Bank of England policy makers, showed consumer
prices on an annual basis remained above the bank's target.
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 5 points to 7,182.15. 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 $1.3919. compared with $1.3837 late Monday
in New York.
What's driving the markets
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 more than 150 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.'s Office for National Statistics on Tuesday said the
rate of inflation in January was 3%
(http://www.marketwatch.com/story/uk-inflation-rises-stays-above-boe-targets-2018-02-13).
That's the same rate logged in December, and Tuesday's result was
just ahead of a 2.9% consensus estimate from FactSet. The pound
rose above $1.39 after Tuesday's report.
Inflation 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 could 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.
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 started Tuesday 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
In the inflation report, "the real head turner turned out to be
the core CPI reading, which jumped back to 2.7% to negate last
month's 0.2% fall. With core CPI now back to the joint highest
level since 2011, the intense price pressures remain on the BOE to
raise rates, with markets factoring in a greater than 50% chance of
two or more rate rises in 2018," said IG market analyst Joshua
Mahony in a note.
"Unfortunately for [Bank of England Governor] Mark Carney, his
recent reasoning that inflation could rise over the short term due
to energy prices appears to be undermined, with the core reading
showing that U.K. inflation is on the rise irrespective of energy
prices," said Mahony.
Stocks in focus
TUI AG shares climbed 4.1% 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 2.6% and
Glencore PLC (GLEN.LN) leapt 2.2%. Randgold Resources PLC (RRS.LN)
picked up 0.4%.
BHP Billiton PLC shares (BLT.LN) (BHP.AU) (BHP.AU) were up 1.4%.
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 2%, United Utilities Group PLC (UU.LN) lost 1.4% and
water management company Severn Trent PLC (SVT.LN) gave up
2.1%.
(END) Dow Jones Newswires
February 13, 2018 06:16 ET (11:16 GMT)
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