[ad_1]
16:54
European stock markets close higher
And finally, European stock markets have ended the day with solid gains.
The FTSE 100 has closed 49 points higher at 7187, its highest close since mid-August.
Broadcaster ITV was the top riser at the close, up 2.5%, along with luxury goods maker Burberry (+2.3%), alternative asset manager Intermediate Capital (+2%), credit report firm Experian (+2%) and pest control company Rentokil (+2%).
The Europe-wide Stoxx 600 also had a good day, up around 0.7% at the close.
And European technology stocks hit a 20-year high, Reuters reports.
Cable FX Macro
(@cablefxmacro)🔺 EUROPEAN TECHNOLOGY STOCKS <.SX8P> UP 1.6%, HIT 20-YEAR HIGH
Danni Hewson, AJ Bell financial analyst, sums up the day::
“With US markets closed for Labour Day London’s new term has started in an upbeat if steady manner with all indices getting a big green tick. Despite Wall Street’s silence there’s been quite a bit for UK investors to get their teeth into. On the travel front Ryanair’s fired a shot across Boeing’s bow by ditching plans to add the Max10 to its stable because it said the price wasn’t right. The budget airline’s colourful Chief Exec poured a little salt into the wound with canny comments about other airlines plumping for Airbus in recent weeks. Ten months of talks couldn’t secure a deal and leaving the field whilst complimenting a rival’s colours might be seen by some as an interesting tactic ahead of the next round.
“The start of the new term has given investors a chance to assess what the next few months will look like if Delta doesn’t force any restriction U-turns. Figures released by TfL today certainly seem to suggest that hybrid rather than remote working will dominate over the next months. This morning’s commute was the busiest since the pandemic began but one Monday in September doesn’t tell the full story and a quick look across the share prices for Real Estate Investment Trusts and the retail and hospitality sectors shows a mixed bag of performance. Waste management business Biffa’s been the day’s big winner as those still out of office last Friday catch up on the news that the acquisition of Viridor has been signed off a deal which further strengthens the businesses growth potential.
Sam Francis
(@DavidSamFrancis)Journeys on the London Underground are the highest level since the first coronavirus Lockdown.
TFL says this morning 831,000 people were registered entering the tube network – the highest level since March 2020.
This is still half the passengers travelling pre-pandemic.
“But once again the big economic picture is being framed by labour shortages and supply chain snarl ups which have dented car sales and slowed the pace of construction.
No industry seems immune to the current challenges which look set to eat away at all that lovely recovery momentum which had been hoped would propel the UK through the long winter months. Furlough might be in its final days, but the schemes end seems unlikely to solve this particular riddle. And there are many riddles for the Treasury to try and unravel, how to pay for social care one of the trickiest. Businesses coming back from the brink won’t take kindly to additional taxes but then there’s never a good a time to ask anyone to pay more.”
BUX Markets
(@BUXMarkets)EU Closing Prices#FTSE 7191.8 +0.68%#DAX 15930 +0.95%#CAC 6644.3 +0.72%#EU50 4247 +1.01%
Prices are indicative only.#BUXTradingBellAlert #EUMarket
We’ll be back tomorrow. Goodnight. GW
15:50
Afternoon summary
With Wall Street closed for Labor Day, it’s time for a recap.
UK businesses have reported fresh signs that the supply chain crisis, and Brexit disruption, are hurting the economy.
Growth in the UK’s construction sector has fallen to a five-month low, as “supply chain disruption” hit building firms, and drove up costs sharply.
Construction firms said the cost of materials was rising at among the fastest rates since the 1990s, as severe and sustained supply chain issues held back growth across the industry, according to a closely watched survey of the industry.
Duncan Brock, the group director at Cips, said:
“A combination of ongoing Covid restrictions, Brexit delays and shipping hold-ups were responsible as builders were unable to complete some of the pipelines of work knocking on their door.
“Material and staff costs went through the roof as job hiring accelerated to fill the gaps in capacity left behind by employee moves, overseas worker availability and brought on by skills shortages.”
Car sales fell to their lowest August total since 2013, as the global shortage of semiconductors continued to hurt production across the automotive industry.
New car registrations fell 22% year-on-year, with just 68,033 new cars registered.
[ad_2]
Source link
