LONDON MARKETS: FTSE 100 Book Slight Loss As Buying Cools After HSBC, BHP Quarterly Results
2018年2月21日 - 3:21AM
Dow Jones News
By Carla Mozee, MarketWatch
Pound driven back above $1.40, rises vs. euro
Blue-chip stocks in the U.K. ended Tuesday's session with a
minor loss, as investors sold shares of London-listed heavyweights
HSBC PLC and BHP Billiton PLC after disappointing financial updates
from the bank and the miner.
That made for a lackluster ending for the London's top-flight
benchmark as investors in other global equity markets returned from
holidays.
How markets moved
The FTSE 100 indexended down less than 1 point at 7,246.77, in
part as shares of natural-resource companies dropped, while
industrial and tech shares were among advancers. On Monday, the
index fell 0.6%
(http://www.marketwatch.com/story/ftse-100-wavers-after-best-week-in-more-than-a-year-2018-02-19).
The poundtraded at $1.4022, up from $1.3999 late Monday in New
York.
The yield on the 10-year giltwas up 2 basis points at 1.62%,
according to Tradeweb. Yields rise when prices fall.
Check out: More investors looking to cut U.K. assets as Brexit
uncertainty persists
(http://www.marketwatch.com/story/more-investors-looking-to-cut-uk-assets-as-brexit-uncertainty-persists-2018-02-16)
What's driving markets
London blue-chips lagged other European markets as the financial
and basic materials sectors lost the most ground. The declines were
led respectively by HSBC and by BHP Billiton, the world's largest
listed miner by market value. Those two sectors make up more than
33% of the FTSE 100's weighting.
What also worked in favor for rival benchmarks was as a drop in
the euro against the pound and the dollar . That move followed a
Business Insider report
(https://nordic.businessinsider.com/european-parliament-brexit-resolution-association-agreement-single-market-2018-2/)
that European lawmakers are ready to break with EU negotiators'
position on Brexit. The European Parliament is preparing a
resolution that would call for the U.K. to have single-market
access, according to the report.
A weaker euro can help shares of European exporters, whose
products become less expensive for overseas clients to purchase
when the shared currency's value softens. The FTSE 100 had a
somewhat of a headwind from the pound returning to trade above
$1.40.
As the British government continues work on the U.K.'s
withdrawal from the European Union, there are calls for greater
clarity on issues such as the transition period. The U.K.'s lead
Brexit negotiator David Davis on Monday said worries about the U.K.
entering a "'Mad Max-style world borrowed from dystopian fiction"
are unfounded.
U.K. stocks wobbled ahead of the return of U.S. investors from
Monday's Presidents Day holiday. In Hong Kong, equities fell as
trading resumed following the Lunar New Year holiday. Volumes in
European stock trading were thinner than usual on Monday, affected
by the holidays.
What strategists are saying
"The FTSE has seen another day of losses, as traders continue to
fear the tightening implications of a hawkish shift in monetary
policy thanks to rising inflation," said Joshua Mahony, market
analyst at IG, in a note.
"While the internationally focused FTSE 100 has moved lower
given the negative impact of a strong pound on internationally
located firms, the positive implications of today's Brexit
breakthrough seems to have been better reflected on the
domestically focused FTSE 250 index," he said.
The midcap FTSE 250 index closed up 0.8% at 19,802.91.
Stock movers
HSBC PLC shares (HSBA.LN) (HSBA.LN) dropped 3.1% after the
Asia-focused lender missed full-year profit expectations
(http://www.marketwatch.com/story/hsbc-misses-on-profit-on-steinhoff-carillion-hits-2018-02-20).
The bank's earnings were hit by the collapses of two borrowers:
U.K. services and construction company Carillion PLC and South
African retailer Steinhoff International Holdings .
BHP Billiton PLC (BLT.LN) (BHP.AU) (BHP.AU) slumped 4.6% as
first-half profit before one-off items of $4.05 billion came in
below the $4.21 billion consensus estimate
(http://www.marketwatch.com/story/bhp-lifts-dividend-profit-falls-on-us-tax-hit-2018-02-20)
in a Wall Street Journal poll of analysts. But BHP said it would
raise its midyear payout by 38%.
InterContinental Hotels Group PLC shares (IHG) gave up 2.8%. The
company, whose brands include Crowne Plaza and Holiday Inn, said
"no additional capital return will be paid in calendar year 2018,"
so it may focus on growth plans. IHG's 2017 pretax profit was ahead
of expectations
(http://www.marketwatch.com/story/intercontinental-hotels-profit-up-lifts-dividend-2018-02-20)
and the company said it would raised its total dividend for the
year.
(END) Dow Jones Newswires
February 20, 2018 13:06 ET (18:06 GMT)
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