LONDON MARKETS: FTSE 100 Rises, On Track For Strongest Week Since 2016
2018年2月16日 - 9:30PM
Dow Jones News
By Carla Mozee, MarketWatch
Stocks in London follow Wall Street higher
U.K. stocks leapt Friday, following U.S. stocks in their
recovery effort and putting London's blue-chip market on course to
log its best weekly performance in more than a year.
Stocks held to gains after the U.K. government reported a
larger-than-expected slowdown in retail sales growth last
month.
How markets are performing
The FTSE 100 drove up 0.8% to 7,288.34. The telecom and utility
groups topped advancers, while only the basic materials sector
lagged. On Thursday, the benchmark rose 0.3%
(http://www.marketwatch.com/story/ftse-100-moves-solidly-higher-as-oil-and-mining-stocks-rise-2018-02-15),
a third straight winning session.
British retail sales missed expectations, but sterling remained
on track for a weekly jump of 1.8% against the U.S. dollar . The
pound bought $1.4089, down from $1.4100 late Thursday in New
York.
Check out:Here's why the U.S. dollar isn't getting much love
(http://www.marketwatch.com/story/heres-why-the-us-dollar-is-nobodys-valentine-2018-02-14)
The yield on the 10-year gilt was down 4 basis points to 1.60%,
according to Tradeweb. Yields fall when prices rise.
What's moving markets
U.K. and broader European markets appeared to be taking their
cue from Wall Street. U.S. stocks on Thursday overcame intraday
losses to finish higher for a fifth straight session
(http://www.marketwatch.com/story/dow-on-pace-for-5th-win-in-a-row-helped-by-ciscos-earnings-driven-jump-2018-02-15),
leaving the Dow Jones Industrial Average back above 25,000.
After the recent meltdown in global equities, the FTSE 100, like
the Dow and the S&P , is set for weekly gains. The FTSE 100 is
looking at a rise of 2.6%, and that would be its best week since
December 2016 as well as the first gain after four straight losing
weeks.
The recent global selloff in equities is seen as prompted partly
by a rise in U.S. bond yields amid signs of an uptick in inflation.
But after the release this week of stronger-than-expected U.S.
inflation data
(http://www.marketwatch.com/story/cpi-surges-05-in-january-but-yearly-rate-of-inflation-unchanged-2018-02-14),
investors have been scooping up beaten-down stocks.
Read:This market selloff was overdue, but now it looks overdone,
strategists say
(http://www.marketwatch.com/story/this-market-selloff-was-overdue-but-now-it-looks-overdone-strategists-say-2018-02-10)
What strategists are saying
"Where Wall Street goes, other markets follow, and this bounce
back from last week's lows is no different. Traders are quickly
getting used to higher bond yields, higher inflation and another
round of hikes in global interest rates that will follow, so much
so that U.S. stocks are recovering twice as fast as in London,"
said Lee Wild, head of equity strategy at Interactive Investor.
"Markets will remain volatile, for sure, but we've just found
out that big investors can't stay out of this market for long, and
demand for equities typically picks up in the weeks before tax
year-end," Wild said in a note.
Economic data
Growth in consumer spending slowed more than expected in
January. Retail sales increased 0.1% on the month
(http://www.marketwatch.com/story/uk-retail-sales-growth-slows-more-than-expected-2018-02-16),
the Office for National Statistics said, missing expectations of
0.6% in a Wall Street Journal survey of analysts. The result comes
after sales dropped 1.4% in December.
Sales rose 1.6% year-over-year, lower than the 2.4% rate in the
year-ago period.
"The Bank of England says wage growth is on an upward
trajectory, while inflation may well have peaked. This means we
could see an end to falling real wages in the coming months, which
would provide a welcome fillip to cash-strapped households," said
Ben Brettell, senior economist at Hargreaves Lansdown, in a
note.
"Assuming pay growth figures over the next couple of months back
up this theory, it still looks like the Monetary Policy Committee
will have the confidence to raise interest rates to 0.75% in May,"
he added.
Stock movers
Segro PLC shares (SGRO.LN) jumped 6% after the
property-investment company raised its dividend by 6.1%
(http://www.marketwatch.com/story/segro-2017-profit-more-than-doubles-2018-02-16-24853926),
and said pretax profit for 2017 more than doubled to GBP976.3
million.
Among the handful of FTSE decliners, iron ore miners Rio Tinto
PLC (RIO) (RIO) (RIO) and Glencore PLC (GLEN.LN) fell 0.9% and
0.7%, respectively.
(END) Dow Jones Newswires
February 16, 2018 07:15 ET (12:15 GMT)
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