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London open: Stocks edge lower in quiet trade; Plus500 rallies
London stocks edged lower in early trade on Monday, with little in the way of corporate or macro news to move markets.
At 0845 BST, the FTSE 100 was down 0.2% at 8,298.41.
Patrick Munnelly at Tickmill Group said: “This week’s financial market movements will be influenced by speeches made by international central bank representatives at the Federal Reserve’s Jackson Hole Economic Policy Symposium, flash PMIs for the world’s largest economies, and China’s monthly loan prime rate setting.
“The Jackson Hole event, which has historically been used to lay the groundwork for future policy, is scheduled for August 22-24. On Friday, Fed Chair Jerome Powell will give a speech about the prospects for the economy. Powell may hint at an impending relaxation but is unlikely to support the lingering expectations of significant rate cuts, given that US inflation is down but remains sticky and the labour market is deteriorating.
“On Wednesday, the minutes of the Federal Reserve’s July 30-31 meeting, which paved the way for rate cuts are expected. The main data releases are the weekly unemployment claims, the flash S&P Global PMIs for August, and the existing and new home sales for July.
“The sole noteworthy release on the UK calendar is the flash August PMIs. Governor Andrew Bailey of the Bank of England will speak at Jackson Hole on Friday, and he might offer some policy hints after positive inflation statistics in September stoked speculation about rate cuts.”
In equity markets, Plus500 rallied after it said FY2024 results were set to be ahead of current market expectations for revenue and EBITDA of $697.8m and $314.6m, respectively.
On the downside, defence firm BAE Systems was the biggest loser on the FTSE 100 following reports that Germany plans to cut military aid to Ukraine. Rolls-Royce also lost ground.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Wheaton Precious Metals Corp. | +2.60% | +115.00 | 4,540.00 |
| 2 |  |
South32 Limited | +1.65% | +2.50 | 154.20 |
| 3 |  |
Banco Santander S.a. | +1.54% | +5.50 | 362.00 |
| 4 |  |
Glencore Plc | +1.40% | +5.65 | 409.50 |
| 5 |  |
Rio Tinto Plc | +1.27% | +60.00 | 4,802.00 |
| 6 |  |
Anglo American Plc | +1.12% | +24.50 | 2,210.00 |
| 7 |  |
Jd Sports Fashion Plc | +0.95% | +1.20 | 128.05 |
| 8 |  |
Wise Plc | +0.91% | +6.50 | 723.00 |
| 9 |  |
Woodside Energy Group Ltd | +0.90% | +12.00 | 1,344.00 |
| 10 |  |
Bhp Group Limited | +0.83% | +17.00 | 2,067.00 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Bae Systems Plc | -2.70% | -36.50 | 1,313.50 |
| 2 |  |
Pershing Square Holdings Ltd | -2.52% | -92.00 | 3,562.00 |
| 3 |  |
Bp 8%pf | -2.29% | -3.50 | 149.50 |
| 4 |  |
Rolls-royce Holdings Plc | -2.00% | -10.00 | 491.00 |
| 5 |  |
Berkeley Group Holdings (the) Plc | -1.35% | -70.00 | 5,105.00 |
| 6 |  |
Spirax Group Plc | -1.06% | -80.00 | 7,490.00 |
| 7 |  |
Ferguson Enterprises Inc. | -0.94% | -150.00 | 15,850.00 |
| 8 |  |
Diploma Plc | -0.93% | -40.00 | 4,246.00 |
| 9 |  |
Melrose Industries Plc | -0.91% | -4.60 | 499.80 |
| 10 |  |
Smurfit Westrock Plc | -0.79% | -26.00 | 3,282.00 |
Monday newspaper round-up: Ted Baker, banks, Boohoo
Fashion brand Ted Baker’s remaining 31 stores in the UK are to close this week, putting more than 500 jobs at risk. Started as a men’s clothing label in Glasgow in 1988 by entrepreneur Ray Kelvin and becoming known for its quirky advertising and floral prints, Ted Baker’s UK arm entered administration in March after racking up losses. – Guardian
Britain’s biggest banks are facing a deadline to repay more than £100bn of pandemic-era loans, which experts say could benefit savers as banks and building societies compete for customers with attractive rates in a “messy” dash for cash. More than 70 lenders ranging from high street banks and building societies such as HSBC and Nationwide to digital and specialist lenders such as Starling Bank and Aldermore collectively borrowed £193bn from the Bank of England as part of an emergency programme rolled out in the early days of the Covid-19 pandemic in 2020. – Guardian
Boohoo is in a stand-off with suppliers after the struggling fast-fashion seller withheld payments over claims the quality of clothing was too poor. It is understood the online budget specialist has targeted manufacturers it alleges are responsible for producing a high proportion of faulty goods, and is refusing to pay them until the problems have been resolved. – Telegraph
One of the North Sea’s biggest gas producers is threatening to end investment in Britain because the tax regime has become too unstable to support offshore energy producers. Serica Energy, which produces 5pc of the UK’s gas supply and around 600,000 barrels of oil a day, is preparing to shift future investment to Norway instead. – Telegraph
