Market overview: US Philly Fed index rises past forecasts
BHP Group Limited NPV (DI)
2,337.00p
16:45 23/04/24
FTSE 100
8,044.81
16:49 23/04/24
FTSE 350
4,424.29
16:59 23/04/24
FTSE All-Share
4,378.75
17:14 23/04/24
Mining
10,339.98
16:59 23/04/24
1500: The Federal Reserve bank of Philadelphia's regional manufacturing sector index rose to 28 from 23.9 in the month before (consensus: 19.7). Existing home sales increased to an annualised rate of 5.15m in July from 5.03m in the month before (consensus: 5.02m).
1330: US jobless claims have dipped below the 300,000 mark for the third time in five weeks. Claims for unemployment benefits fell 14,000 to 298,000 in the week to 16 August, according to Labor Department. The consensus forecast was 300,000.
1106: Shares of BHP Billiton are still under pressure today (-0.3%) in the aftermath of Tuesday's underwhelming demerger plans. CFO Graham Kerr, who is due to be the CEO of the spin-off company, has been cited as saying that the lack of a share buyback - which many investors had been expecting - was a "sore point" and plans to give shareholders stock in the new firm could have "irritated" some who are not mandated to hold investments in Australia. Meanwhile, disappointing Chinese data continues to weigh on the wider mining sector which is down 0.6% as a whole.
0930: UK retail sales grew by 0.1% over the month in July (consensus: 0.4%). Excluding automobiles they rose by 0.5% (consensus: 0.4%). The UK public sector's net borrowing requirement came in at £0.2bn in comparison with £11.7bn a year ago (consensus: -£1.5bn).
0858: The Eurozone purchasing managers' index (PMI) for the month of August has come in at 50.8 from 51.8 in the month before (consensus: 51.3).
0845: Markit's German flash composite Purchasing Managers' Index (PMI) fell to 54.9 in August from 55.7 in July but beat expectations. Manufacturing PMI was 52, above expectations of 51.8, with services PMI also ahead, at 56.4 versus the 55.5 consensus.
0839: London's blue chips have edged higher this morning as investors balance strong gains in the US, discouraging data from China and yesterday's BoE and Fed minutes, together with expectations for today's other data. Last night's Fed minutes indicated that an interest rate may come sooner than expected. Data due to be released today includes European manufacturing, Eurozone consumer confidence, US existing home sales and UK retail sales. The FTSE is up 10.70 at 6,766.18.
0827: Overnight data from China showed manufacturing activity hit a three-month low in August. The HSBC/Markit Flash China Manufacturing PMI fell from July's 18-month high of 51.7 to 50.3 in August, well below consensus of 51.5 but still only slightly in growth territory.