Only half the STOXX yields more than bonds

1 month ago London South East

STOXX 600 down 0.8%*Financials top drag*Fed minutes eyed*U.S. futures tick lowerWelcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us atONLY HALF THE STOXX YIELDS MORE THAN BONDS (1125 GMT)The relentless surge in bond yields has made pursuing equity income strategies somewhat more complicated. And this stat by BofA Global Research is quite telling: only half of the STOXX 600 index yields more than local 10-year bonds, which is the lowest proportion since 2011. Its STOXX 600 target in fact remains at 475 points, which is just 2.4% above Monday's close. Asian stock markets floated in a sea of red on Wednesday following an ugly sell-off on Wall Street.
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UPDATE: UK chancellor to do "whatever necessary" to bring down debt

(Alliance News) - The UK chancellor has vowed to do "whatever necessary" to drag government debt lower after official figures revealed that borrowing swelled to GBP20 billion in September. The latest ONS data revealed that increased borrowing was driven by GBP7.7 billion of debt interest payments for the month, reflecting an increase of GBP2.5 billion compared with the same month in 2021. Significantly higher debt interest payments linked to retail prices index inflation drove the increase, the ONS said. Jake Finney, economist at PwC, said the increase in debt will need to consider further tax increases or cuts to spending plans. "To meet its current fiscal targets, the government will need to announce around GBP30-40 billion of spending cuts or tax rises."

5 months ago London South East

LONDON MARKET CLOSE: Markets hopeful as Sunak confirmed as next UK PM

The FTSE 100 index closed up 44.26 points, or 0.6% at 7,013.99 on Monday. The pound was quoted at USD1.1295 at the London equities close Monday, up from USD1.1203 at the close on Friday. The euro stood at USD0.9877 at the European equities close Monday, up against USD0.9802 at the same time on Friday. Brent oil was quoted at USD90.88 a barrel at the London equities close Monday, down from USD92.84 late Friday. Gold was quoted at USD1,648.76 an ounce at the London equities close Monday, higher against USD1,643.70 at the close on Friday.

5 months ago London South East

Brewers lose some fizz, fish farmers up

BREWERS LOSE SOME FIZZ, FISH FARMERS UP (0810 GMT)The pan-European STOXX 600 is up 0.3%, supported by some better-than-expected Q3 results and by a bounce in Norwegian fish-farmer stocks. Europe's construction and materials index is leading the pack, up 1.4% after Swedish builder Skanska delivered a consensus-beating operating profit in Q3. Norwegian fish farmers are outperforming with shares in Salmar and Mowi gaining 5% and 3.3%, with no reported reasons. However, half of STOXX sectors started the day in negative territory with food and tech stocks among the biggest laggards. China's yuan is anchored after state banks sold dollars in onshore and offshore markets during London trading hours the previous day.

5 months ago London South East

China's reopening is 50-70% priced in, says UBS

You can share your thoughts with us atCHINA'S REOPENING IS 50-70% PRICED IN, SAYS UBS (1326 GMT) China's reopening accounts for about half of the 70% of market moves that UBS thinks can be attributed to macro factors in the recent rally. Zooming into the latter, UBS strategists say China's reopening is probably 50-70% priced in so far, with a remaining 30-50% to go. FTSE 100: CHEAP AND LOVED (1437 GMT)The UK's top equity index is back on investors' radar. The FTSE 100 trades at a 31% discount to world stocks on 12-month forward price to earnings basis. The strength in the yen to 127.24 per dollar pulled down Japanese equities but Asian stocks extended their overall winning run on optimism about China's re-opening.

2 months ago London South East

LONDON MARKET CLOSE: Stocks green, pound slips following BoE decision

The BoE said seven of the policy setting Monetary Policy Committee backed the move. The pound was quoted at USD1.2276 at the London equities close on Thursday, down from USD1.2315 at the close on Wednesday. Thursday's hike takes the interest rate on the main refinancing operations, and the interest rate on the marginal lending facility, and the deposit facility to 3.00%, 3.25% and 2.50%, respectively. Brent oil was quoted at USD81.95 a barrel at the London equities close on Thursday, down from USD84.42 late Wednesday. Gold was quoted at USD1,920.03 an ounce at the London equities close on Thursday, lower against USD1,928.82 at the close on Wednesday.

1 month ago London South East

London open: Stocks rally; AB Foods, Bunzl in the black

(Sharecast News) - London stocks rose in early trade on Monday following heavy losses last week, helped along by well-received results from Bunzl and a guidance upgrade from Associated British Foods. Stocks in the UK and US fell on Friday after the release of hotter-than-expected PCE inflation data. The group said it now expects adjusted operating profit to be broadly in line with the prior year, having previously forecast adjusted operating profit below the €1.44bn made in 2021-22. Market MoversFTSE 100 (UKX) 7,946.15 0.86%FTSE 250 (MCX) 19,769.20 0.37%techMARK (TASX) 4,642.26 0.57%FTSE 100 - RisersRolls-Royce Holdings (RR.) 560.10p 1.80%FTSE 100 - FallersM&G (MNG) 209.40p -0.90%HSBC Holdings (HSBA) 632.80p -0.46%Airtel Africa (AAF) 123.10p -0.40%London Stock Exchange Group (LSEG) 7,514.00p -0.32%Reckitt Benckiser Group (RKT) 5,800.00p -0.24%Smith & Nephew (SN.)

28 days ago London South East

STOXX gets tech support

STOXX 600 up 0.1%*Tech leads gainers*Nvidia beats expectations*U.S. stock futures riseWelcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us atSTOXX GETS TECH SUPPORT (0955 GMT)Chipmaker Nvidia's strong numbers are giving a boost to tech globally, including in Europe where the sector is the leading gainer and biggest uplift to the STOXX 600 in early deals. Weakness in consumer staples and healthcare is a drag, weighing particularly on the Swiss index SMI, down 0.3%. EuroSTOXX 50 and FTSE futures were last up 0.3% and 0.2%, respectively, while contracts on the tech-heavy Nasdaq advanced 0.7%. All of which suggests higher inflation is here to stay and the neutral level of real interest rates has shifted upward.

1 month ago London South East

LONDON MARKET OPEN: Stocks down; NatWest plunges despite higher profit

Retail sales volumes are estimated to have increased by 0.5% in January from December, reversing a revised fall of 1.2% in December from November. Markets had expected retail sales volumes to fall by 0.3% monthly, according to FXStreet. Against a year prior, retail sales volumes are estimated to have fallen by 5.1% in January. Markets had expected a steeper annual decline in retail sales volumes in January, anticipating a 5.5% fall. Its CET1 ratio was 14.2%, 170 basis points lower than at January 1, 2022, reflecting distributions and linked pensions accruals of around 310 basis points, it said.

1 month ago London South East

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