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10 октября, 14:00

Индийские инвесторы начинают готовиться к сезону отчетностей

Во вторник, 10 октября, фондовый рынок Индии продемонстрировал положительную динамику по итогам торговой сессии на фоне роста цен на "черное золото". Также стоит отметить, что на текущей неделе стартует сезон отчетностей, который откроют Tata Consultancy Services и Reliance Industries. На момент закрытия торгов индекс Nifty 50 вырос на 0,28% до отметки 10 016,95 пункта, а индекс BSE Sensex 30 увеличился на 0,24% до 31 924,41 пункта. Среди компонентов индекса Nifty 50 в лидерах роста по итогам торгов были котировки акций UPL и Lupin, подорожавшие на 3,37% и 2,12% соответственно. Лидерами падения стали Indian Oil и Eicher Motors, потерявшие в цене на 1,09% и 1,03% соответственно. Среди компонентов индекса BSE Sensex 30 в лидерах роста по итогам торгов оказались бумаги Lupin и Power Grid, прибавившие 1,99% и 1,86%. Лидерами падения стали акции ICICI Bank и Tata Steel, подешевевшие на 0,96% и 0,93% соответственно.

30 сентября, 18:00

Lord Bhattacharyya: Professor Fix-it of British industry

Labour peer and founder of manufacturing research hub WMG has served prime ministers of all shades since the 1980sLord Bhattacharyya of Moseley has been on speed-dial for prime ministers and captains of industry since Margaret Thatcher first sought his advice on how to reshape British industry with her ambitious privatisation programme.Bhattacharyya, the 77-year-old regius professor of manufacturing and chairman of Warwick university’s Manufacturing Group (WMG), is also a business adviser and close confidant of Ratan Tata, former chairman and figurehead of Tata Group, the Indian conglomerate that owns Jaguar Land Rover (JLR), Tata Steel and Tetley Tea. Continue reading...

29 сентября, 08:01

Know thy supply chain — because modern slavery is distorting global markets

President Donald Trump’s “Rocket Man” comment at the United Nations September 19 drew all the attention, but lost in the contrails of his speech was a critical matter related to the most basic of human rights — the issue of modern slavery. Energy, mining, materials and commodities companies, in particular, best take heed — according […] The post Know thy supply chain — because modern slavery is distorting global markets appeared first on The Barrel Blog.

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26 сентября, 17:27

Thyssenkrupp привлекла $1,66 млрд

Немецкий промышленный конгломерат ThyssenKrupp привлек от институциональных инвесторов 1,4 млрд евро ($1,66 млрд), которые будут направлены на финансирование промышленных подразделений, которые останутся в составе компании после запланированного слияния сталелитейных активов с Tata Steel в 2018 году. Сообщается, что компания выпустила 56,59 млн новых акций, разместив их по цене 24,3 евро за каждую (заметим, что это немного ниже цены закрытия бумаг в понедельник, 25 сентября, в 24,7 евро). Напомним, что Thyssenkrupp планирует подписать договор о создании совместного предприятия с Tata Steel в первом квартале 2018 года и закрыть сделку, которая еще должна получить одобрение регуляторов и руководящих комитетов компаний, в том же году.

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24 сентября, 10:00

We’re Still Here review – Port Talbot’s men of steel

A powerful production about the Tata steel plant crisis resonates with the strength of real people’s livesSix years after Jesus took his cross through the streets of Port Talbot, National Theatre Wales has returned, with a blast, to the town. Back in 2011, Michael Sheen carried the weight. Now come other great men, dressed in hard hats and hi-vis, to give us another epic of us versus them. Related: 'The story of our fight': Port Talbot steel workers star in play about shutdown Continue reading...

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22 сентября, 15:23

Thousands in Germany protest over planned steel merger

Thousands of steelworkers have gathered in western Germany in a protest over the planned merger of the European steel operations of Thyssenkrupp and Tata Steel, which is expected to cost up to 4,000 jobs.

22 сентября, 14:45

По индийскому рынку прокатилась распродажа

В пятницу, 22 сентября, фондовый рынок Индии завершил торговую сессию значительной просадкой основных индексов. Преобладанию антирисковых настроений на индийских биржевых площадках способствовала накаленная обстановка вокруг Северной Кореи и обмена угрозами с Дональдом Трампом, а также обеспокоенность у инвесторов на рынке азиатской страны вызвали планы правительства запустить стимулирующие меры, которые неизбежно повлекут расширение фискального дефицита. Министр финансов Индии ранее заявил, что правительство рассматривает пути стимулирования экономического роста, который в прошлом квартале замедлился до трехлетнего минимума. По итогам торгов вторника индекс Nifty 50 понизился на 1,56% до отметки 9964,40 пункта, а BSE Sensex потерял 1,38% и достиг уровня 31922,44 пункта. Среди голубых фишек наибольшие выигрыши зафиксировали бумаги Wipro, Tata Motors, и HCL Tech; наибольшие потери понесли Tata Steel, L&T и Hindalco.

22 сентября, 14:30

Германо-индийское СП: последствия стального союза - Россия 24

Две крупные компании - немецкая ThyssenKrupp и индийская Tata Steel - решили создать совместное предприятие в Европе. Но эта новость обрадовала далеко не всех. Подпишитесь на канал Россия24: https://www.youtube.com/c/russia24tv?sub_confirmation=1 Последние новости России и мира, политика, экономика, бизнес, курсы валют, культура, технологии, спорт, интервью, специальные репортажи, происшествия и многое другое. Официальный YouTube канал ВГТРК. Россия 24 - это единственный российский информационный канал, вещающий 24 часа в сутки. Мировые новости и новости регионов России. Экономическая аналитика и интервью с влиятельнейшими персонами. Смотрите также: 60 минут - https://www.youtube.com/channel/UCR16nHT1nkmG7g9AkE9tGeQ?sub_confirmation=1 Новости в прямом эфире - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaQ73BA1ECZR916u5EI6DnEE Международное обозрение - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaSEmz_g88P4pjTgoDzVwfP7 Специальный репортаж - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaQLdG0uLyM27FhyBi6J0Ikf Интервью - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaReDfS4-5gJqluKn-BGo3Js Реплика - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaQHbPaRzLi35yWWs5EUnvOs Факты - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaR4eBu2aWmjknIzXn2hPX4c Мнение - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaST71OImm-f_kc-4G9pJtSG Агитпроп - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaTDGsEdC72F1lI1twaLfu9c Россия и мир в цифрах - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaRx4uhDdyX5NhSy5aeTMcc4 Вести в субботу с Брилевым - https://www.youtube.com/playlist?list=PL6MnxjOjSRsQAPpOhH0l_GTegWckbTIB4 Вести недели с Киселевым - https://www.youtube.com/playlist?list=PLLHjKKyQ4OaTpipoWQNR1ya5zp19Gc4ZB Специальный корреспондент - https://www.youtube.com/playlist?list=PLDsFlvSBdSWfD19Ygi5fQADrrc4ICefyG Воскресный вечер с Соловьевым - https://www.youtube.com/playlist?list=PLwJvP0lZee7zYMGBmzUqNn16P71vHzgkU

22 сентября, 13:35

Основные фондовые индексы Европы начали день со снижения

Европейские фондовые индексы немного снизились в пятницу утром, на фоне геополитических проблем, в то время как инвесторы ожидали ключевой речи премьер-министра Великобритании. Общеевропейский индекс Stoxx 600 упал на 0,08 процента, при этом большинство секторов переместилось на отрицательную территорию. Сектор основных ресурсов возглавил падение, снизившись более чем на 1 процент. На сектор повлияло решение Standard & Poor's о понижении кредитного рейтинга Китая. Сталелитейный производитель Arcelormittal был среди тех, кто находится на дне европейского индекса, снизившись более чем на 1,6 процента. Фирма столкнулась с растущей конкуренцией в своем секторе после того, как Tata Steel и Thyssenkrupp объявили о предварительном соглашении объединить свои европейские предприятия для создания второго по величине производителя Европы - сразу за Arcelormittal. Акции Antofagasta и BHP Billiton также упали более чем на 1,7 процента. Британский разработчик Smiths был самым худшим активом, упавшим более чем на 5 процентов, после того, как он сообщил о доходах до налогообложения на весь год. С другой стороны, L'Oreal поднялся на вершину европейского теста, нарастив капитализацию на 4 процента. Это последовало за известием о том, что 94-летняя Лилиан Беттенкур, которая имела наибольшую долю в компании, скончалась. Это подтолкнуло мнение трейдеров о том, что Nestle скоро будет заинтересована в большей доле в L'Oreal. В целом, геополитические проблемы немного ослабли во время утренней торговли, и внимание сосредоточилось на выпусках данных и Brexit. Ранее министр иностранных дел Северной Кореи Ри Йонг Хо заявил журналистам в Нью-Йорке, что страна может провести еще одно ядерное испытание в Тихом океане в «беспрецедентном масштабе». Все внимание сосредоточено на премьер-министре Терезы Мэй, которая намерена выступить с ключевой речью сегодня вечером на переговорах страны с Европейским союзом. Сообщения СМИ в начале этой недели предполагали, что Мэй скажет, что Великобритания готова заплатить 20 миллиардов евро (23,92 миллиарда долларов США) на двухлетний переходный период после Brexit. В четверг глава британского переговорного агентства по Brexit Мишель Барнье заявил, что «время имеет существенное значение», и уже прошло шесть месяцев с тех пор, как Великобритания инициировала процесс выхода. В Германии канцлер Ангела Меркель призвала немцев отправиться на выборы в воскресенье, так как возникают проблемы с низкой явкой. Что касается данных, то валовой внутренний продукт Франции во втором квартале вырос на 0,5 процента по сравнению с предыдущим кварталом, на фоне более высоких потребительских расходов. В течение трехмесячного периода корпоративная прибыль также незначительно увеличилась. Французские индексы PMI (индекс менеджеров по снабжению) также показали пятницу, что как сектор услуг, так и производственная активность увеличились в августе до самого высокого уровня с мая 2011 года. Между тем, показатели IHS Markit для еврозоны отразили, что в третьем квартале этого года рост частного бизнеса усилился, главным образом из-за производственного сектора. Положительные данные повысили уверенность в том, что в следующем месяце Европейский центральный банк объявит об ужесточении денежно-кредитной политики. «Экономика еврозоны сохранила сильный импульс первого полугодия в третьем квартале, судя по показателям PMI», - сказал главный экономист по еврозоне в Pantheon Macroeconomics Клаус Вистесен. На текущий момент FTSE 7277.58 13.68 0.19% DAX 12633.09 33.06 0.26% CAC 5291.32 24.03 0.46% Информационно-аналитический отдел TeleTradeИсточник: FxTeam

22 сентября, 11:01

Меркель ждет победы и не обращает внимание на сокращение рабочих мест в ФРГ

Германия готовится к выборам в Бундестаг под аккомпанемент акций протеста. Электорат еще надеется, и судя по всему, буквально жаждет успеть повлиять на расклад сил. В Кельне профсоюз немецкого сталелитейного концерна ThyssenKrupp проведет массовую акцию против слияния компании с другим гигантом — индийской Tata Steel.

22 сентября, 09:42

И массовые увольнения нипочём! Меркель не сомневается в победе

Германия готовится к выборам. Электорат еще надеется и, судя по-всему, буквально жаждет успеть повлиять на расклад сил. В пятницу в Кельне профсоюз немецкого сталелитейного концерна ThyssenKrupp проведет массовую акцию против слияния компании с другим гигантом - индийской Tata Steel. В результате этого не то слияния, не то поглощения без работы останутся около четырех тысяч человек. Впрочем, ежедневные акции протеста не мешают росту рейтинга Ангелы Меркель: за два дня до выборов статистика явно на стороне канцлера и ее сторонников.

22 сентября, 00:30

Меркель ждет победы и не обращает внимание на сокращение рабочих мест в ФРГ

Две крупные компании - немецкая ThyssenKrupp и индийская Tata Steel - решили создать совместное предприятие в Европе. Но эта новость обрадовала далеко не всех.

21 сентября, 19:02

Лидеры рынка стали слились в новую компанию

На рынке стали появится новичок. Две крупные компании, ThyssenKrupp из Германии и Tata Steel из Индии, решили создать совместное предприятие в Европе. Оно должно стать одним из лидеров европейского рынка.

21 сентября, 15:51

Стальной дуэт: ThyssenKrupp и Tata Steel объединились

На рынке стали появился новичок. Две крупные компании, ThyssenKrupp из Германии и Tata Steel из Индии решили создать совместное предприятие в Европе. Оно должно стать одним из лидеров европейского рынка. О будущем слиянии говорят не только экономисты, но и политологи: новость комментировали участники германской предвыборной кампании.

21 сентября, 10:00

"Металлурги" могут утянуть индексы вниз

По итогам торгов 20 сентября индекс ММВБ подрос на 0,42% до 2057,53 п. (+0,42%), а РТС укрепился на 1,24% до 1122,43 п. В течение дня российский рынок преимущественно консолидировался, но к закрытию сессии вышел в заметный плюс на растущих котировках нефти. Впрочем, сектор нефти и газа не был лучшим на рынке. Бумаги "металлургов" позитивно отреагировали на новости о слияниях "металлургов" Thyssenkrupp AG и Tata Steel в Европе, а также ликвидировали перепроданность последних дней: "Северсталь" (+1,85%), ММК (+2,53%), НЛМК (+0,33%). Бумаги "Сбербанка" (+0,88%) в очередной раз отреагировали на негативные новости из банковской сферы. НМТП (+0,12%) увеличила грузооборот в январе-августе на 1,3%. Бумаги "Аэрофлота" (-1,05%) продолжают отыгрывать новости о продаже пакета "Аэрофлот-Финанс". Капитализация компании пока недостаточна для включения в MSCI Russia, но увеличение акций в свободном обороте всё же позитивно в долгосрочном периоде.

21 сентября, 09:52

Относительно дорогая нефть может поддержать рынок на старте торгов, - Андрей Кочетков,аналитик компании "Открытие Брокер"

По итогам торгов 20 сентября индекс ММВБ подрос на 0,42% до 2057,53 п. (+0,42%), а РТС укрепился на 1,24% до 1122,43 п. В течение дня российский рынок преимущественно консолидировался, но к закрытию сессии вышел в заметный плюс на растущих котировках нефти. Впрочем, сектор нефти и газа не был лучшим на рынке. Бумаги металлургов позитивно отреагировали на новости о слияниях металлургов Thyssenkrupp AG и Tata Steel в Европе, а также ликвидировали перепроданность последних дней: «Северсталь» (+1,85%), "ММК" (+2,53%), "НЛМК" (+0,33%). Бумаги Сбербанка (+0,88%) в очередной раз отреагировали на негативные новости из банковской сферы. "НМТП" (+0,12%) увеличила грузооборот в январе-августе на 1,3%. Бумаги «Аэрофлота» (-1,05%) продолжают отыгрывать новости о продаже пакета «Аэрофлот-Финанс». Капитализация компании пока недостаточна для включения в MSCI Russia, но увеличение акций в свободном обороте всё же позитивно в долгосрочном периоде. Бумаги «ЛУКОЙЛа» (-1,32%) оказались под давлением, поскольку спекулянты фиксировали прибыль по факту повышения кредитного рейтинга агентства S&P. Кроме того, в лидерах и аутсайдерах к концу дня оказались: "ОГК-2" (+2,36%), «Татнефть» (+2,27%), «Башнефть» (+2,08%), ап «Ростелеком» (+1,71%), а также «МРСК Центра» (-1,59%), «Аптеки 36 и 6» (-1,24%), ап «Башнефть» (-1,09%). На ожиданиях ужесточения денежной политики ФРС просели бумаги компаний, добывающих драгоценные металлы: Polymetal (-0,78%), «Полюс» (-0,02%).

21 сентября, 00:33

ThyssenKrupp и Tata решили объединить свои подразделения в Европе

ThyssenKrupp (ФРГ) и Tata Steel (Индия) решили объединить свои сталелитейные подразделения, расположенные в Европе.

20 сентября, 21:08

Dollar rallies against pound as US Federal Reserve sets date for balance sheet reduction

US Federal Reserve keeps interest rates unchanged and sets October date for balance sheet reduction  Dollar lifts against pound on Fed announcement, with sterling down 0.7pc against the greenback and the euro down 1.04pc against the dollar European stock indices finish stuck in flat territory ahead of crucial Fed meeting; Spanish stocks sold off on Catalonia chaos  8:35PM Next few months of inflation data 'crucial' James Bohnaker, associate director of US Economics at IHS Markit, said the coming months are likely to be crucial in whether the Fed will continue with its timetable for rate rises and balance sheet reduction. Underlying the Fed's consensus decisions to leave rates unchanged and begin balance sheet reduction is a growing debate on whether inflation is in fact moving toward the 2pc target. There are plausible arguments on both sides, but the majority of FOMC members believe that inflation will gradually firm once temporary affects fade away. That said, there is growing disagreement on the issue and the next few months of inflation data will be crucial in swaying the balance of thinking within the Fed.   8:18PM Yellen unable to say why inflation has missed target this year  The Fed has a target for 2pc inflation, but last month inflation came in at 1.6pc and since 2012, it has averaged around 1.3pc.  Yet core inflation in the US has been falling all year When asked by reporters after the Fed releases, chair Janet Yellen said: "I can't say I can easily point to a sufficient set of factors that explain this year why inflation has been as low." However, she said inflation should hit its 2pc target in 2019 and then remain at that level in 2020. 7:42PM Fed's rate hike plans unlikely to be affected by hurricanes, Yellen says Yellen emphasis on near-term hit to data from hurricanes seems like pre-emptive indication a few bad data points won't alter rate hike plans— Neil Irwin (@Neil_Irwin) September 20, 2017  The Fed in its statement, released prior to the Yellen press conference, had said: "Hurricanes Harvey, Irma, and Maria have devastated many communities, inflicting severe hardship. Storm-related disruptions and rebuilding will affect economic activity in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term." 7:36PM One more rate hike set for this year Wall Street largely had a subdued response to the Fed announcement, with both the interest rate and balance sheet updates mostly expected. However, Capital Economics' Andrew Hunter said there was one surprise: The Fed’s decision today to keep interest rates unchanged at 1.0-1.25%, as well as its long-anticipated move to formally announce the start of its balance sheet normalisation process next month, came as little surprise. The bigger news was that, despite the weakness of core inflation in recent months, Fed officials continue to project one more 25bp rate hike by year-end. Prior to the announcement, consensus had been split 50:50 over whether the Fed would be raising rates once again this year, but now it once again looks likely there will be a December hike, according to Hunter. We had suspected that the recent softness of core inflation could persuade officials to hold off on the next rate hike until next year but, given these latest projections and the broadly unchanged language on inflation in today’s policy statement, we now expect the Fed to push on and raise rates again in December 7:30PM Yellen fires starting gun on the end of QE  Next month the Federal Reserve will start to run down the stock of bonds which it bought under the quantitative easing (QE) programme as Janet Yellen signals the end of the scheme to pump more money into the US economy, writes Tim Wallace.  Interest rates are also set to rise further in the coming months as the US economy adapts to a higher pace of growth, allowing rate hikes to move the Fed further away from its emergency policy position. “The labor market has continued to strengthen and that economic activity has been rising moderately so far this year,” said the Federal Open Markets Committee, justifying its decision to tighten monetary policy. “Job gains have remained solid in recent months, and the unemployment rate has stayed low. Household spending has been expanding at a moderate rate, and growth in business fixed investment has picked up in recent quarters.” Read the full article here. 7:23PM Dollar pushed higher on signs of further Fed rate rises Naeem Aslam, chief market analyst at ThinkMarkets UK, says the rise in the dollar is thanks to signs of further rate rises in the coming years: The dollar index has moved higher as markets have reacted to the decision that the Fed still thinks that more interest rate hikes are possible despite the fact that the size of the balance sheet will also be reduced. Sterling was down 0.7pc against the dollar, while the euro was down 0.9pc against the greenback. Meanwhile, although the Fed have chosen not to raise interest rates now, Kully Samra, UK managing dof Charles Schwab, said inflation could soon start to drive higher, and cause the Fed to act 'more aggressively' on interest rates than expected: “The recent jump in consumer price inflation was not enough to prompt even hawkish Fed officials to raise rates. Inflation over the past few months has fallen short of expectations and may be being subdued by larger economic factors. The Federal Reserve has been playing its own internal cat and mouse game with some officials citing low inflation as a reason to delay further tightening; while others want to stay on the steady path toward normalisation, due to the tightening labour market. Given the tightness of both the labour and housing markets, inflation could begin to surprise on the upside, perhaps pushing the Fed to act more aggressively than the consensus anticipates.” 7:08PM Fed to start shrinking balance sheet in October, leaves interest rates unchanged The US Federal Reserve has said it will leave interest rates unchanged, as expected, and said it plans to start shrinking its multi-trillion dollar balance sheet balance sheet in October. 6:55PM Five minutes to go until the Fed's announcement Here's what to expect over the next hour and a half:  7pm: The Federal Open Market Committee will release their economic forecasts and a policy statement, as well as a dot plot to show expectations on future rate rises 7.30pm: Janet Yellen will give a press conference on the statement. This is likely to last around an hour 6:29PM Opinion split on whether Fed will hike rates again this year While the Fed is not expected to raise interest rates in today's announcement, it had previously been thought that there would be one further hike in 2017. However doubts have been mounting over whether the Federal Reserve would be able to stick to its timetable for further interest rate rises amid sluggish jobs growth in the US and persistently weak inflation. Ahead of the meeting today, consensus on a further rate rise looks split down the middle.  Odds of another Fed rate hike this year now about 50:50 ahead of FOMC meeting. pic.twitter.com/7i1ZdbWpkC— Holger Zschaepitz (@Schuldensuehner) September 20, 2017   5:51PM Apple drags down Nasdaq ahead of Fed meeting While investors across the board appeared to be holding off on big decisions ahead of the Fed's meeting, Apple dragged down the tech-heavy Nasdaq after reports emerged that there were connectivity issues with the Apple Watch 3. Reviews of the new smartwatch also suggested its battery life was poor and questioned whether it was worth the upgrade.  The Silicon Valley giant fell 1.9pc, putting the Nasdaq down 4.08 points, or 0.06pc.  The Dow Jones was up 20.66 points, while the S&P 500 was up 1.33 points. At a glance | Apple Watch Series 3   4:36PM The US Federal Reserve meeting — what to look out for All eyes are now on Janet Yellen and the Federal Reserve Balance sheet reduction — the central bank is expected to announce that it will begin to wind down its huge $4.5tn balance sheet, which has been bloated by its quantitative easing programme designed to stimulate the economy after the financial crisis. In order to avoid a 'taper tantrum', a sharp rise in bond yields as investors panic over tapering plans, the reductions are expected to be gradual and slow. The pace and timing of the tapering will a key focal point for the markets.  Interest rates — while the Fed is not expected to raise interest rates this evening, further guidance is expected over whether the central bank plans to hike once more before the end of the year. The central bank's policymakers will use dot plots to mark their expectations on future rate rises and Janet Yellen's post-match press conference will be keenly watched by the markets for any more clues on hiking plans. Inflation and growth forecasts — downgrades to GDP growth and inflation forecasts would damage the chances of a third hike in the current cycle. Today's meeting will be the first opportunity the Fed has to give its verdict on how Hurricane Harvey and Irma will affect the economy. Here's a useful cheat sheet from ING on what to expect: Your #FOMC crib sheet for Wednesday's meeting. https://t.co/V5tYnsUBVXpic.twitter.com/JMPkzcNPhv— ING Economics (@ING_Economics) September 18, 2017 3:46PM Rise of robots means cheap labour no longer enough to help poor countries to get rich  Probability of automation chart Robots are set to undermine poor countries’ ability to use their vast numbers of low paid workers to attract overseas factories, the traditional route out of poverty for emerging markets. The World Bank said worries are emerging that investors will use automated factories which can be put in rich countries, as they require relatively few human workers. This would enable companies to cut down the time taken for a manufactured good to travel to rich markets and hit the shop shelves, as well as avoiding ethical concerns over working conditions and dodging the political risks which can threaten operations in emerging markets. 3D printing also means the scale of production could become less important, with more specialised, batch work becoming possible at a relatively low cost in rich countries. But it also means less money and fewer jobs flowing into those poor countries. Read Tim Wallace's full report here 3:12PM Low volatility ahead of Fed decision keeps US stocks flat All eyes on the #FED Most important info for today: How much & how fast. #Yellen Presser 11:00PDT @LPLResearch & I will be there for you. pic.twitter.com/ATKLOcDj7F— Merle R. DiVita,CFP® (@MerleDiVita) September 20, 2017 Low volatility is plaguing the US session as expected with all three major indices in the US bobbing around flat territory as we approach the Federal Reserve's decision. The jittery dollar is suffering ahead of the action at the Fed, recording 0.5pc and 0.2pc falls against the pound and euro, respectively. The movements could be small fry compared to what we see later this evening, however. Janet Yellen and the FOMC could give the dollar bulls something to cheer later on, according to Lukman Otunuga, research analyst at FXTM. He said: "While the central bank is also expected to announce the unwinding of its mammoth balance sheet today, the real action will be in the Fed’s economic projections and Yellen’s Press Conference. With concerns over low inflation in the U.S raising questions over when the next rate hike will come, it will be interesting to hear Yellen's thoughts on this topic. "This could be a very lively session for the Dollar, especially when considering how the FOMC will be updating its economic projections and providing its forecast for growth, inflation and interest rates.   Dollar bulls could be offered a rare opportunity to bounce back, if Yellen adopts a hawkish tone during her press conference.  Apart from the very top tier econ event we have later on, there is just existing home sales data for traders to digest this afternoon. The figures showed a slightly cooling housing market with a 1.7pc fall in sales to its lowest level in 2017. 2:36PM Shire edges closer to launch of ADHD drug for adults in Japan Japan is the world's third-largest market for ADHD drugs British drugmaker Shire has stepped closer to launching an ADHD drug for adults in Japan, in a boost to its $2.5bn (£1.9bn) turnover neuroscience division ahead of a likely spin-out and stock market listing. The FTSE 100 firm said a clinical trial for its hyperactivity drug Intuniv in patients aged over 18 in Japan resulted in improved functioning compared to those on a placebo. The positive study paves the way for regulatory approval for the drug in adults in Japan, the world’s third-largest market for ADHD therapies. Intuniv is already approved for children with the condition. A further launch would lift sales at Shire’s neuroscience arm, which was placed under review by chief executive Flemming Ørnskov last month. Read Iain Withers' full report here 1:57PM US stocks expected to open flat; chance of a US rate rise in 2017 on a coin flip Inflation forecasts and the Fed policymakers' dot plots on interest rates will sway market sentiment A rather flat start to trading is expected over in New York this afternoon with the markets' sights firmly set on the Fed decision which drops around 7pm, a couple of hours before the closing bell. Deciphering the language of Fed chair Janet Yellen in the press conference at 7.30pm will be the focus for traders, according to CMC Markets analyst David Madden. He said: "A rate hike in December seems unlikely given we don’t know what the future membership of the Federal Reserve will be in a few months, the debt ceiling debate will be conducted in that month, and we don’t know the impact of Hurricane Harvey and Irma." Just a reminder that the markets are currently putting the probability of an interest rate hike in December on a coin flip with almost a zero chance of a rate rise today. Here's a rather useful cheat sheet for tonight's action from ING: Your #FOMC crib sheet for Wednesday's meeting. https://t.co/V5tYnsUBVXpic.twitter.com/JMPkzcNPhv— ING Economics (@ING_Economics) September 18, 2017 1:34PM Co-op Bank finance boss leaves just weeks after rescue deal In its statement the bank said Mr Worth was leaving following the "successful completion" of the rescue deal The Co-op Bank's finance chief is leaving just weeks after it was rescued in a £700m takeover by five US hedge funds. The bank confirmed John Worth, who joined as chief financial officer just over a year ago, would exit the troubled lender in an update to investors this afternoon. Mr Worth's departure is likely to fuel speculation that the new owners will push through a wider management shake-up at the bank.  However a company spokesman insisted it was "not unusual" after a recapitalisation deal for a finance director to leave a company. Read Iain Withers' full report here 1:11PM BHP Billiton boss’s pay doubles as bonus pot returns Andrew Mackenzie, chief executive of BHP Billiton Andrew Mackenzie, boss of mining giant BHP Billiton, doubled his take-home pay this year, after the reinstatement of his short-term bonus. Mr Mackenzie earned $4.55m (£3.35m) in the year to June 30, compared with $2.24m the year before, the company’s annual report revealed. The rise was largely because BHP reinstated payments from Mr Mackenzie’s short-term incentive plan (STIP), which totalled $2.3m after he passed a number of milestones set by the board. In 2016, Mr Mackenzie did not receive a STIP payout following the collapse of a dam at an iron ore mine in Brazil co-owned by BHP, which resulted in the death of 19 people. His 2016 payment was also marked down as the company slumped to a loss on the back of falling commodity prices. Read Jon Yeomans' full report here 12:49PM Lunchtime update: High street smashes sales expectations to boost the pound Stronger-than-expected retail sales have lifted the pound The high street smashing expectations in its latest sales figures has lifted the pound off its post-Mark Carney speech lows on the currency markets this morning. While economists expected a slight softening in August's reading, surprise sales growth of 1pc boosted the pound briefly back over the $1.36 mark against the dollar. Sterling has since pared some of its gains but remains 0.4pc higher against a nervy dollar ahead of the US Federal Reserve's key monetary policy meeting this afternoon. The equity markets have been sapped of their volatility by the looming Fed decision with European stock indices stuck in first gear, trading largely flat. B&Q owner Kingfisher has enjoyed a rare day among the top risers of the stagnant FTSE 100 after beating expectations in its latest figures as it attempts to turn its fortunes around. Accendo Markets head of research Mike Van Dulken commented on the hesitant markets this morning: "Equities are flat ahead of this evening's Fed policy update, investors adopting their usual wait-and-see approach. However, with a rate hike seemingly off the table until year-end, and most expecting Yellen to fire the starting pistol on its balance sheet unwind (composition pre-announced), this may prove overly cautious. "Unless of course you see risk of a very hawkish message on rate rises. With data continuing to blow hot and cold, and Trump still struggling on policy/stimulus, the Fed would probably prefer to hold off until year end for more evidence that would allow it adopt such a tone. Another market tantrum is the last thing the Fed will want to be responsible for." 12:03PM Mitie to cut 480 jobs as it considers sale of property management business Peter Dickinson, who is the firm’s acting chief executive while boss Phil Bentley is on sick leave, said that Mitie was making “steady progress” Outsourcing firm Mitie plans to cut 480 jobs by the end of the financial year and is considering a sale of its property management business as its transformation programme moves forward. The firm has appointed investment bank Evercore Partners to explore a potential sale of the property management division having received interest from potential buyers. The changes are part of a wider programme of change for Mitie, called Project Helix, which aims to reduce costs by around £40m by 2020. But Mitie said that the cost of implementing the programme this year would be around £24m - far higher than the £15m expected, mostly due to it speeding up changes in its IT systems. Mitie has been hit by a string of profit warnings and bigger-than-expected writedowns linked to an external review of its accounting policies. Read Rhiannon Bury's full report here 11:41AM Kingfisher and Babcock lead the FTSE 100  Being in the middle of a turnaround plan covers a variety of sins BUT Kingfisher is a value stock and being glass half full enough means +5% pic.twitter.com/YBcFyLa3k7— Chris Bailey (@Financial_Orbit) September 20, 2017 Now all the macro news for the morning is out of the way, let's have a look at the big stock movements in London. B&Q owner Kingfisher's 5.8pc jump after it beat the City's expectations on pre-tax profit still leads the FTSE 100 index but engineering group Babcock International is snapping at its heels, rising 5.3pc, after its reassuring update to the market this morning. Kingfisher's climb this morning has arrested its shares' steady drift downwards this year, its valuation retreating almost 20pc since May. Accendo Markets analyst Mike Van Dulken said that investors have looked past the cautious outlook this morning. He commented: "Outlook usually trumps everything else (after all, you can’t buy past growth), in which case caution is not likely what investors will want to hear.   However, there is ample reason for cheer with underlying pre-tax profits up nearly 1%, which is 3% ahead of consensus. "Another £60m share buyback, the latest tranche of a 3yr £600m return of capital plan is also considered supportive following similar announcements in May, June and July (£40-60m each) taking the 2017 total to a solid £260m. Continued strong growth for the UK Screwfix brand and in Poland, offsetting a more difficult French market, is also serving to revive confidence in the shares."   The overall FTSE 100 has now returned to flat territory after plunging as the pound advanced on those impressive figures from the high street. Sterling coming off its morning highs has now eased the pressure on the UK's blue-chip stocks. 11:13AM Bank of England report contradicts strong retail figures The Bank of England report said that consumers were holding back on non-essential data While the pound motors along on that strong retail data, the Bank of England's Agents' Summary of Business Conditions report has dropped and oddly the findings largely contradict those high street sales figures. Here are the key findings from the report on the third quarter: Households are focusing on essential purchases in response to the squeeze on incomes (the ONS' retail figures showed that non-food stores and non-store retailing were the main contributors to retail sales growth in August, however) Investment intentions point to weaker growth within the services sector but a stronger showing from goods exporters Impact of past falls in sterling on consumer goods price inflation appears to have reached its peak; consumer services price inflation was steady 10:42AM Ban on roadside alcohol sales in India spoils the party for spirits maker Diageo Spirits giant Diageo thinks its sales will be hit by a ban on the sale of alcohol near highways in India A ban on the sale of alcohol near highways in India is likely to hit sales at the spirits giant behind Johnnie Walker whisky and Smirnoff vodka, its chief executive has warned. India issued a blanket ban on the sale of alcohol within 500 metres of any highway in April and Ivan Menezes said that this, alongside the later timing of Chinese New Year, could knock its sales in the first half of its trading year. The Asia Pacific region made up roughly 16pc of sales in Diageo’s last financial year so a drop in sales in India could have a visible effect on the company’s top line. Investors expressed their concerns in early trading with the shares falling 2.4pc to £24.41 in spite of the wider FTSE 100 being flat. Read Bradley Gerrard's full report here 10:35AM Retail sales growth reaction: Concerning gap between retail sales and wage growth data indicates credit rise  UK retail sales, on monthly basis, blow out the median and top end of @ReutersPolls forecasts. As they often do. Volatile & hard to predict. pic.twitter.com/QKaXMWg4gQ— Ross Finley (@rossfinley) September 20, 2017 The email inbox needs a clearing so let's have a round-up of what economists are saying about those strong UK retail figures that dropped about an hour ago. The figures should send alarm bells ringing on credit growth, according to ETX Capital analyst Neil Wilson. He said: "Indeed retail sales grew at 2.4% y/y, while wages are up just 2.1% in that period. There is a worrying gap opening up here and regulators are beginning to fret over the rise in unsecured credit. Of particular concern is the idea that consumers are taking on debt for nothing other than maintaining living standards – it must be noted that unsecured loan defaults are rising. "A report due on Monday will recommend if anything needs to be done to tame credit growth. The risk is that any action would hit consumer spending and dent confidence in the economy."   UK summer retail sales smashed expectations - volumes up 1% between July and August, while sales in summer as a whole were up 2.2% on 2016.— Oliver Cooper (@OliverCooper) September 20, 2017 Ranko Berich, head of market analysis at Monex Europe, said that the figures go "a long way to explaining the hawkish turn we've seen at the Bank of England recently". He said: "Last week’s MPC minutes noted that members believe the outlook for consumption to be better than previously expected, and today’s data certainly supports that conclusion. Sterling is up slightly following the news, and fixed income markets are reflecting very high expectations for a rate hike as early as November. "The question now for the pound is rapidly becoming 'what could possibly go wrong?'." As I was reading that final line, the pound has dropped off a little from its morning peak and is now trading 0.4pc higher against the dollar at $1.3540.  10:07AM Markets 'suspiciously calm' ahead of Fed meeting Unlike many other central banks, the #Fed explicitly targets #employment, which is calling for more rate hikes. pic.twitter.com/FzpuKmciNw— jeroen blokland (@jsblokland) September 20, 2017 Much of today's focus regarding the US Federal Reserve's plan to begin winding down its $4.5tn balance sheet will be on the when not the if. Some have suggested that the central bank could begin tapering as soon as October while others believe it will tread more cautiously and opt for a November or December start. The markets are suspiciously calm ahead of today's meeting, according to Swissquote Bank analyst Peter Rosenstreich. He said: "Markets are calm – too calm, really, like those western films where the sheriff rides into an empty town. Despite the tensions in North Korea and the Middle East, despite a see-sawing US president, despite implied volatility, willingness to take risks is historically unprecedented, which we know could end in tears. "Markets continue to rationalize this, by seeing low inflation, solid growth and gradual central bank normalization. We’re not so sure. A balance-sheet unloading could end the ‘feel good’ environment, sending both bond and stock markets southward." 9:55AM Pound soars back to Friday's hike hope highs as resilient UK consumer hits the high street Underlying trends in retail sales - price inflation still up and volume growth holding up. Growth in sales values is very strong. pic.twitter.com/4OpSumtDB8— Rupert Seggins (@Rupert_Seggins) September 20, 2017 The pound's 0.7pc jump against the dollar following those impressive figures from the high street has propelled it close to the levels it hit last Friday when Bank of England policymaker and arch dove Gertjan Vlieghe backed the Monetary Policy Committee's plan to raise interest rates in the coming months. Capital Economics UK economist Ruth Gregory commented that the figures indicate that the British consumer is showing an "impressive resilience in the face of the ongoing real pay squeeze". She added: "Not only did retail sales volumes rise by a hefty 1.0% on the month in August – exceeding consensus expectations of a 0.2% rise – but growth in the previous month was revised up from 0.3% to 0.6% too. Admittedly, we shouldn’t get too carried away by these figures. "After all, the retail sales figures are very volatile on a month-by-month basis. And high-street spending growth has been on a clear downward trend, with the annual rate of sales volumes at 2.2% in the three months to August – considerably lower than the 5-6% rates seen towards the end of 2016." 9:40AM Retail sales growth smashes expectations, propelling the pound higher The pound has jumped against the dollar following the figures The pound has soared on the currency markets in the last few moments after retail sales in August reversed expectations of a fall and jumped by 1pc, its biggest monthly increase since April. After a patchy summer of readings, retail sales growth smashed expectations of a 0.2pc rise with the ONS saying that non-food stores and non-store retailing were the main contributors to growth. It said that "the underlying pattern in the retail industry is one of growth, three-months on three-months the quantity bought has increased by 1.2%". Kate Davies, ONS senior statistician. commented: "Within this month’s retail sales we are seeing strong price increases across all store types compared with a year ago, reflecting wider inflationary pressures. However, we are still seeing underlying growth in sales volumes, and with strong growth in non-essential purchases as consumers continued to buy more from non-food stores." 9:17AM Tata Steel and unions agree £1bn rescue deal to save 4,000 jobs at Port Talbot  Steelworkers waiting outside Tata Steel's plant in Port Talbot, South Wales Staff at Tata’s sprawling Port Talbot steel plant have had their jobs guaranteed for five years with the company pledging to invest £1bn in its UK business in a landmark deal for Britain's steel industry. The agreement also covers Tata's other UK steel plants and is a U-turn for the Indian conglomerate which tried to sell its British operations in March, having suffered losses of up to £1m a day. Tata has also committed to keeping both of Port Talbot's blast furnaces open for five years, and a further agreement to invest in a steel-making furnace at the site. The deal came after crunch talks between employees, unions and Tata bosses on Wednesday at the South Wales plant, which employs about 4,000 staff, almost half of the UK steel operations' total. However, the agreement could come at a cost for steelworkers. As part of the agreement Tata is beginning a consultation on changes to the £15bn pension scheme attached to the business, with far less generous terms. Read Alan Tovey's full report here 9:08AM Retail sales preview: slight softening expected Retail sales growth is expected to nudge down to 0.2pc A little closer to home, we have retail data this morning from the ONS with a slight softening in sales growth expected.  After recording modest growth of 0.3pc in June and July, August's sales are expected to nudge down to 0.2pc with the figures indicating how tight the squeeze of rising inflation and sluggish wage growth is becoming on consumer spending. With the reading tending to be quite volatile and economists' forecasts frequently missing the target on this one, a surprise figure shouldn't be discounted. London Capital Group analyst Ipek Ozkardeskaya commented: "Analysts expect a slower expansion in August retailactivity compared to a month earlier. A relatively soft data should not deteriorate the pound appetite, unless there is a bigger disappointment." 8:54AM Dollar nervy on the currency markets; interest rate guidance will move the greenback Pre-#Fed chart! Will #Yellen put a December rate hike (back) on the table? pic.twitter.com/KMnZIE7oON— jeroen blokland (@jsblokland) September 19, 2017 The dollar is looking a little nervy on the currency markets this morning ahead of this afternoon's meeting at the US Federal Reserve, the greenback stuck close to the two-and-a-half-year low it hit earlier this month. The dollar has drifted southwards this year as expectations that Donald Trump's chaotic administration can pass reforms to boost the economy recede and hopes dwindle of another interest rate hike before the end of the year. #FED - #FOMC / #Yellen : It might be a heavy lift to raise rates three times at the same time they are shrinking the balance sheet. pic.twitter.com/I5lrunud66— Marc-Andre Fongern (@SkandiStreet) September 20, 2017 The greenback's performance this evening will be largely dictated by the Fed's guidance on interest rates and inflation. The disparity between when the Fed says the next rate increase will occur and when the markets believe it will happen could narrow if Ms Yellen adopts a more hawkish tone at the post-match press conference and the dot plots intended to give investors guidance over rates shift. A whole raft of issues could delay the Fed on interest rates, however, according to CMC Markets analyst Michael Hewson He said: "It is unlikely that Fed officials will want to take the prospect of a December move off the table, so it would be a surprise to see any changes to the short term predictions, but there is a whole raft of factors that could delay the prospect of a move in December, and see fewer projected increases into 2018. "Today’s meeting and press conference is also set to be the first time that Fed officials will give their guidance on the impact of hurricanes Harvey and Irma which could well prompt some caution over the direction of the economic data as we head towards the end of the year. " 8:27AM Agenda: US Federal Reserve meeting dominates markets' focus US Federal Reserve chair Janet Yellen All eyes are locked on the US Federal Reserve this morning with Janet Yellen and the Federal Open Market Committee expected to announce a further tightening of monetary stimulus, another hawkish step in the shift towards normalising policy among the global central banking elite. The central bank unveiling its plan to begin winding down its huge $4.5tn balance sheet is a sealed deal and thus the pace and timing of the reductions will be the focal point for the markets with the FOMC expected to tread carefully after the 'taper tantrum' that hit bond markets in 2013. Interest rates will remain unchanged, according to the overwhelming consensus of economists, but investors will be looking for a little more guidance on when the the Fed will pull the trigger on a third hike in the cycle. Asia stocks edging very slightly higher ahead of FOMC meeting on low conviction heading into the meeting. Dollar treads water. Euro >$1.20. pic.twitter.com/sm7sBVN00J— Holger Zschaepitz (@Schuldensuehner) September 20, 2017 Back in the UK, retail sales is the economics highlight with a slight softening in the reading expected from July's rebound. Ahead of the high street data and the key decision across the Atlantic, the pound is taking advantage of a jittery dollar, advancing 0.3pc against the greenback to $1.3524. Equities have made a tentative start to trading in London, the FTSE 100 nudging up 0.1pc early on. B&Q owner Kingfisher has jumped 6.7pc to the top of the blue-chip leaderboard as pre-tax profit beat expectations and it reassured investors that its transformation remains on track. Interim results: Kingfisher, Attraqt Group, Shield Therapeutics, Accesso Technology Group, Science In Sport Trading statement: Babcock International Group AGM: Adamas Finance Asia, Diageo, Mercantile Ports & Logistics Limited, Alcentra European Floating Rate Income Fund, Eckoh, United Carpets Group, Scholium Group Economics: CBI Industrial Order Expectations (UK), Retail Sales (UK), Existing Home Sales (US) FOMC Statement (US), Federal Funds Rate (US), FOMC Economic Projections (US), PPI m/m (GER)

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20 сентября, 18:39

ThyssenKrupp/Tata: steeled for task ahead

Reaching a deal was an achievement, completing it will be a formidable challenge