With the major indices touching three-month highs

<p>With the major indices touching three-month highs last week, we begin the week by seeing them trading modestly lower first thing this morning. After China’s […]</p>

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  • With the major indices touching three-month highs last week, we begin the week by seeing them trading modestly lower first thing this morning.
  • After China’s data showed further economic slowdown last week, figures of growth in Japan came in weaker than expected. Investors are now also concerned about the economic recovery in the eurozone and, in particular, the possibility that Germany would slip into a recession as it’s affected by severe contraction in some European peripheries.
  • The FTSE is currently 17 points down at 5830, the DAX is at 6937, lower by eight points, and the CAC is at 3428, also eight points lower.
  • Amongst the biggest risers is Standard Chartered, which is 1.4% higher at 1345. A host of big losers dragging the FTSE lower include Petrofac. The oil company is over 5% down at 1487. This is despite reporting a 32% rise in half-year earnings and increasing interim dividend by 21%, although it did warn of a slowdown in the second half.
  • Also amongst the biggest losers are Vedanta Resources, Kazakhmys and Eurasian Natural Resources, with the dollar strengthening and metal prices easing.
  • A very quiet day today otherwise, on both the corporate and economic front, although a busy week ahead with a flurry of key economic data. Please check our website for more details.

See the City Index Economic Calendar and Companies Reporting Dates page for latest economic news and company events that are likely to impact the markets today.

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