FTSE flatlines while BA shares get a pounding over hacking incident
Fiona Cincotta September 7, 2018 10:48 AM
The FTSE started the day almost flat while European indices nudged higher as the market took a breather amid a lack of unfavourable trade news.
The focus in the US later today will be on domestic job growth numbers with the key non-farm payroll data due out at 12.30. The US labour market is widely expected to show signs of strengthening with unemployment rates declining despite the trade frictions between the US and its key trade partners including Canada and the EU.
British Airways card data hacked
Shares in British Airways parent International Consolidated Airlines group are under pressure this morning, down almost 3%, as the company grapples with the aftermath of a cyber-attack in which hackers took off with data on 360,000 credit cards.
The attack was spread over two weeks between 21 August and 5 September and is affecting only customers who bought their tickets during that period. BA said that the attack was a sophisticated breach of its security system but this is the last in a series of IT problems the company has had this year including IT issues which caused flights in and out of Heathrow airport to be cancelled only six weeks ago.
Pound holds as UK employment market firm
The pound is holding its ground against the greenback this morning with the background of some positive economic news. Sterling is trading up 0.08% against the dollar but has nudged down 0.05% against the euro as data showed that British employers hired permanent staff at the fastest rate in five months in August. Starting salaries for permanent staff also ticked up and increased at the second-fastest pace in more than three years.
The tightening of the labour market is a reflection of the looming Brexit as companies find it harder and harder to get hold of a sufficient number of workers.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.