Market moving daily news roundup – events & news likely to move markets 3rd September 2019
Company performance, economic and political events but especially market sentiment will always influence market movement, good or bad.
Summary
Economic calendar – scheduled news and events 3rd September 2019
South Korea – GDP data released
UK – British Retail Consortium (BRC) – like for like retail figures due
Australia – interest rate decision
Switzerland – consumer price index data due
UK – court hearing on the ‘forcing’ of a no-deal Brexit
EU – ECB’s nominated president Christine Lagarde speech: 08:00 BST
UK – construction data due: 09:30 BST
Canada – manufacturing PMI data due: 14:30 BST
U.S. – manufacturing PMI data due: 14:45 & 15:00 BST
U.S. – bill auctions from: 16:30 BST
U.S. – FED member speech due: 22:00 BST
Brexit shenanigans return to UK Parliament
Parliament returns from summer recess today, straight into a Brexit no-deal vote battle. Some MP’s are attempting to prevent a ‘no-deal’ Brexit but the Prime Minister, Boris Johnson, insists that the ‘no-deal’ option MUST remain on the table.
If this evening’s vote were to be successful, it is likely that the Boris Johnson will call for an early election and this could ultimately lead to the UK leaving the EU by default on 31st October 2019?
Other market moving news
Asian markets tread water and remain subdued. China reportedly said it has filed a case against the U.S. with the World Trade Organization over tariffs. South Korea’s GDP was revised lower than previously estimated according to the Bank of Korea.
Sterling struggles
Sterling remains under severe pressure having dropped below $1.20. The pound’s recovery appears very much to be at the mercy of a ‘no-deal’ Brexit being blocked. However, a general election (if that is the outcome), is likely to apply more pressure on Sterling. Will Boris Johnson be forced to call a snap general election in October?
Tesco Bank is reported to have sold its mortgage portfolio to Lloyds Banking Group. The Restaurant Group, owners of Frankie & Benny, Garfunkel’s and Wagamama has seen its profits hit by an exceptional pre-tax charge.
UK construction falls
Data released today suggested UK construction companies suffered their biggest fall in orders since the depths of the financial crisis. Could the UK be facing a recessionary period? London shares see red in morning trade.
New anti-fraud measures start in UK
Banks, lenders and credit card companies have begun to implement new measures to reduce card fraud. The new system will be known as, ‘Strong Customer Authentication (SCA).’ Have you been asked for a One Time Passcode to complete your online transaction?
HS2 delay
HS2 to be delayed. Sterling recovers in early afternoon trading against the Euro but still down against the dollar.
Wall Street opens down
Dow opens down some 200 points after new trade tariffs take effect and then continues to drop some 200 more after weak manufacturing PMI data report. Trump tweets, ‘we are doing very well in our negotiations with China…‘
Dow finally closed at: 26118 – down 285 pts. The S&P 500 and the Nasdaq all follow the same downward trajectory. Nervous start after U.S. holiday. U.S. – China tariffs in focus.
Stock market indices update, 3rd September 2019
Closing positions of: FTSE 100, DAX, DOW, S&P 500, NASDAQ, NIKKEI & GOLD
Main points update
FTSE 100 – closed at: 7268
DAX – closed at: 11911
DOW – closed at: 26118 down 285 pts
S&P 500 – closed at: 2906
NASDAQ – closed at: 7874
NIKKEI – closed at: 20625 up just 5 pts
GOLD – closed at around: $1,538
Key: Green highlight markets move up. Red highlight markets move down. All values rounded.