Fri. Oct 22nd, 2021

On Wall Street, the S&P 500 and the Nasdaq set fresh record highs on Monday despite a fall in United States brand-new homes sales. Microsoft and Apple are anticipated to report favorable results later on today.

Meanwhile, UK home rates hit a brand-new high of ₤ 230,700 in June and are now 30% greater than the peak they hit before the 2008 monetary crisis, according to the residential or commercial property website Zoopla.

FirstGroups greatest shareholder, an US hedge fund, had demanded the resignation of the transportation companys president and two board members, after failing to prevent the sell-off of its American organizations.

Coast Capital, the New York-based hedge fund which owns about 15% of the group, had opposed the $3.1 bn sale of the FirstStudent and FirstTransit companies to Swedish group EQT, arguing the cost was too low for the school and city bus services.

FirstGroup, the Aberdeen-based rail and bus operator, has revealed that its president Matthew Gregory intends to step down after its annual conference, in a triumph for investors. Chairman David Martin will run the firm as interim CEO while it looks for a long-term replacement.

Good early morning, and welcome to our rolling coverage of the world economy, the monetary markets, the eurozone and business.

European stock exchange have actually started the week meticulously, pushed by a downbeat Ifo business survey for Germany and issues over rising Delta infection rates. Cases in the UK remain much greater but continue to fall, for the 6th da in a row. On Tuesday, the FTSE 100 index fell 30 points, or 0.4%, at the open up to 6,694 while European shares also headed lower.

In Asia, the majority of stocks followed the United States lead on Tuesday, with Japans Nikkei nearly 0.5% ahead and the Australian market up 0.4%. Chinese and Hong Kong stocks tumbled after a regulative crackdown in Beijing. Also, information from China revealed industrial revenue growth slowed to 20% year-on-year in June. The Shanghai Composite Index fell 2.5% while Hong Kongs Hang Seng lost 3.4%.

Michael Hewson, chief market analyst at CMC Markets UK, discusses:

Issues about over-reach by Chinese regulators saw equity markets get off to a careful start yesterday. The clampdown on various sectors within the Chinese economy that rely on abroad investment has seen a flight of capital out of Chinese stocks, especially those with overseas listings, raising issues regarding what other sectors may be next. This caution has continued in Asia markets today with the Hang Seng sinking to a nine-month low.

[In the US:] With Microsoft and Apple expected to post some bullish profits numbers later today, expectations are high that even with todays decent results already priced in, and theres little doubt that they are, in the lack of other alternatives, any dips are likely to be bought into.

Also turning up

In a quiet week for UK economic information, the highlight today is the release of the CBIs most current retail sales study for July. This will offer an upgrade on retail sector activity at the start of the third quarter following Junes moderate growth of 0.5% reported in the main retail sales figures last Friday.

As the United States Federal Reserves latest meeting gets underway in Washington DC, we get United States customer self-confidence numbers for July, which are anticipated to ease a bit from Junes peak of 127.3. Financiers are awaiting further clues on when US stimulus may start winding down, when Fed chair Jerome Powell holds an interview at the end of the meeting on Wednesday night.

Danielle DiMartino Booth of Quill Intelligence says:

The Agenda

We anticipate Jay Powell to restate that the tapering discussion is underway, however that its prematurely to reveal a particular date.

9.30 am BST: UK trade data
11am BST: UK CBI retail sales survey for July (forecast: 21).
1.30 pm BST: US Durable gods orders for June (projection: 2.1%).
2pm BST: United States House costs for May.
3pm BST: US Conference Board Consumer self-confidence for July (projection: 123.9).

In Asia, most stocks followed the United States lead on Tuesday, with Japans Nikkei nearly 0.5% ahead and the Australian market up 0.4%. Information from China showed industrial profit growth slowed to 20% year-on-year in June. The Shanghai Composite Index fell 2.5% while Hong Kongs Hang Seng lost 3.4%.

European stock markets have actually begun the week cautiously, pressured by a downbeat Ifo service survey for Germany and issues over increasing Delta infection rates. On Tuesday, the FTSE 100 index fell 30 points, or 0.4%, at the open to 6,694 while European shares likewise headed lower.

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