Market overview: Glencore shares pace gains
1630: Miners won a reprieve on Thursday, as the the ECB sounded a very 'dovish' note. On the other side of the world, the government in Beijing was staging a military parade to commemorate the defeat of Imperial Japan´s armed forces in WWII. The latter meant that the Asian giant´s financial markets remained closed for trading. That also earned commodity prices a respite from recent selling. Three-month coper futures on the LME ended the session 2.9% higher at $5,252.5 per metric tonne. Glencore led gains on the top flight index even as S&P lowered its outlook on the company´s debt. Nonetheless, the rating agency´s most recent forecasts for copper prices, mentioned in the same report, did call for a stabilisation. One can only hope its forecasts had not been left as outdated as some analysts appear to believe the ECB´s might have been. FTSE 100 up 110.79 to 6,194.10.
FTSE 100
7,893.61
16:25 19/04/24
FTSE 350
4,339.96
16:25 19/04/24
FTSE All-Share
4,295.49
16:25 19/04/24
Glencore
475.90p
16:25 19/04/24
Mining
10,753.31
16:24 19/04/24
1600: Capital Economics believes there should be no read-through from the ECB to the Fed as regards the timing of any potential interest rate increases.
1530: IMF spokesperson says the US Federal Reserve has the ability to keep interest rates low.
1500: The Institute for Supply Management said its services index slipped less-than-expected in August.The service index fell from 60.3% to 59% last month, remaining above the 58% analysts had expected and comfortably above the 50% threshold that indicates improving conditions in the market.
1445: Markit US services Purchasing Managers’ Index was revised upwardly to 56.1 in August compared with a flash reading of 55.2 and up from 55.7 the previous month.
1408 Weir Group has been knocked out of the FTSE 100 following the latest reshuffle of index constituents. Its place would be taken by housebuilder Berkeley. Additionally, beleaguered platinum producer Lonmin has been knocked out of the FTSE 250, along with Premier Farnell and Fisher (James) & Son. Going the other way, Circassia Pharmaceuticals, P2P Global Investments, P2P Global Investments ‘C Shares’ and Sophos Group would be joining the FTSE 250 along with Weir Group. The changes will be implemented at the close of business of 18 September, and will take effect from the start of trading on 21 September.
1344: Euro/dollar now down by 0.86% to hit 1.1131.
1333: ECB lowers inflation and growth forecasts, euro/dollar is dropping fast.
1332: The US trade deficit improved to -$41.86bn from -$45.21bn in the month before (consensus: -$42.2bn).
1331: Initial US weekly unemployment claims jumped to 282,000 last week from 270,000 in the month before (consensus: 275,000).
1330: ECB president Mario Draghi says ECB QE purchases will continue until CPI adjusts in a sustained manner.
1245: ECB keeps main policy rates unchanged. Investors will now be watching to see whether Draghi approves new stimulus meaasures or not.
0930: The UK services PMI slipped to a reading of 55.6 for August from 57.4 in the month before (consensus: 57.7), its lowest level since may 2013.
0900: Markit´s euro area composite purchasing managers´ index improved to a reading of 54.3 in August after a print of 54.1 in the month before (consensus: 54.1).
0830: Sweden´s Riksbank kept its main policy instrument, the repo rate, unchanged at -0.35%, as expected, but indicated it stood ready to act further - including via interventions in foreign exchange markets.