Global Market Report - August 24 2017

World markets struggled for strong direction ahead of a key meeting of central bankers in the US

James Gard 24 August, 2017 | 11:33AM
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Asia

Markets in the Asia-Pacific region were given a downward push by overnight weakness in US stocks. But most falls were muted, leaving the Nikkei, Topix, China’s CSI 300 down by less than 0.5%.

Hong Kong’s Hang Seng index managed a small increase as it re-opened following the shutdown for typhoon Hato. In economics, Chinese industrial production was up 3.4% in the second quarter on a year on year basis, against a drop of 1.2% in the previous quarter. Japanese inflation figures are due as the market opens on Friday morning in Tokyo.

Europe

Economic growth was in focus on Thursday morning: the UK’s second quarter growth was confirmed at 0.3%, while Spain’s once struggling economy posted gains of 0.9% in the same period. French industrial confidence is at its best level since December 2007. Stock exchanges across the board were up by less than 0.5% as a result. By midmorning London time, the FTSE 100 was 26 points higher at 7,409 points.

Provident Financial (PFG) was the top of the FTSE 100 leaderboard, rising 20% to 793p after Tueday’s crash. The company’s shares started the week above £18. Mobile phone and electronics retailer Dixons Carphone (DC), issued a profit warning, pushing its shares down over 20% and dragging its constituent index, the FTSE 250 lower.

North America

As the world’s central bankers head to Jackson Hole, there is still plenty of economic and earnings news for investors to digest. In the US, weekly jobless claims are forecast to come in at 238,000 for the week to August 19.

On Wall Street, Broadcom (AVGO), Tiffany (TIF), Abercrombie and Fitch (ANF), Sears (SHLD), all report. Canada’s bank reporting season continues, following a hike in profits and dividends at Royal Bank of Canada (RY). Canadian Imperial Bank Of Commerce (CM) is forecast to post revenue of nearly $4 billion Canadian dollars. 

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Abercrombie & Fitch Co Class A149.75 USD4.54
Broadcom Inc181.48 USD-2.27Rating
Canadian Imperial Bank of Commerce83.88 CAD2.37Rating
Currys PLC87.60 GBX-1.74
Royal Bank of Canada170.38 CAD2.01Rating
Vanquis Banking Group plc57.30 GBX1.24

About Author

James Gard

James Gard  is senior editor for Morningstar.co.uk

 

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