FTSE rises as markets await Trump health news – live updates

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Nvidia is set to build the most powerful supercomputer in the UK in a bid to help develop treatments to tackle diseases such as Covid-19.

Bank of England Monetary Policy Committee member Jonathan Haskel – seen as one of Threadneedle Street’s doves – has said he would support more monetary support for the UK if it is needed.

Most economists anticipate further easing by the end of the year, with negative rates under considerations.

Activity in America’s services companies beat expectations last month, with the Institute for Supply management’s services index climbing to 57.8 (where a score above 50 indicates growth).

Our chief City commentator Ben Marlow meanwhile has weighed in on the crisis at Cineworld. He writes:

Our economics editor Russell Lynch has given his thoughts on Rishi Sunak’s debut party conference speech as Chancellor. Sunak bolstered his credentials with “an astute speech emphasising traditional Conservative values” he says.

With less than an hour until the US open, Wall Street stocks are set to rise moderately, with S&P 500 futures pointing toward a 0.6pc gain.

The pound has barely shifted today, moving only slightly in either direction. It’s currently about 0.2pc up:

The owner of London nightclub G-A-Y has threatened the Government with legal action over its 10pm curfew on the hospitality sector.

The Chancellor just spoke for 10 minutes, but he had nothing new to say.❌No new targeted support for millions facing the furlough cliff edge❌Nothing new for the self-employed❌Nothing for those excluded so farHe just blew his chance to get a grip on Britain’s jobs crisis.

Chancellor Rishi Sunak has told the Conservative Party conference that the Government will get borrowing and debt back under control in the “medium term”.

That speech from Rishi Sunak was like when Friends just did an episode of clips from previous episodes and had nothing more to add…

A British appeals court has ruled in favour of Venezuela’s government over the future of $1bn in gold stored in the Bank of England’s vaults.

FTSE 100 news is thin to the point of near-non-existence this morning, but there are a few notable job moves across London’s blue-chips:

Mulberry has warned that it will only make a “gradual” recovery in sales after it was forced to close shops in the UK and abroad during the Covid-19 pandemic. 

Richard Hughes, new chairman of the office for Budget Responsibility, has marked his first day on the job with some tweets: 

And huge thanks and warmest wishes to my predecessor, Robert Chote, who leaves behind a remarkable institution, some very big shoes to fill, and a lot of people who will miss him very much. (2/3) pic.twitter.com/GNcHu8NQ37

UK housebuilder shares are rising today, after Boris Johnson’s pledge in Saturday’s Telegraph to create “Generation Buy” – promising low-deposit mortgages to help get young people onto the housing ladder.

Retail sales across the eurozone jumped 4.4pc in August, outpacing the 2.5pc climb anticipated by economists. 

Just 328k cars were registered last month, making it the weakest September volume record since 1999 – during what is usually a key month for sales.

The 4.4pc year-on-year drop left sales 15.8pc down on their 10-year average for the month, according to the SMMT.

September was worse than 2019 and 2018 despite delays linked to regulatory changes around the WLTP emissions testing regime hitting sales during the month over both years.

 The UK’s final PMI readings came in higher than indicated by the ‘flash’ estimates, indicating private sector activity continued to expand solidly last month – albeit at a lower pace than in August.

With the rest of Europe out the way, we’ll get finalised readings for UK business activity in September at 9:30am. The UK’s ‘flash’ readings were pretty strong, albeit pointing to a slower pace of expansion than over the summer:

The worry, however, is that the readings will deteriorate once they fully take into account Britain’s second virus wave and new restrictions.

The services reading rose from 47.6 to 48 (indicating a continued fall, albeit at a slower pace), and the composite reading climbed from 50.1 to 50.4.

Relative performance of German, French, Italian and Spanish PMI services PMI look consistent with virus spread. Italy now outperforming France.

 …while Germany’s came in a little higher, indicating a small services expansion where the prior estimate had suggested a contraction:

With finalised figures from France and Germany, and initial readings for Spain and Italy, it’s something of a mixed picture.

Spain is the biggest disappointment – its services gauge came in at 42.4 (where a score about 50 indicates growth), suggesting activity has gone sharply into reverse. Its composite reading (a weighted balance of services and manufacturing) dropped to 44.3, versus the 47.7 expected by economist.

Italy’s performance was steady enough – despite a services reading of 48.8 falling beneath the growth threshold, its composite reading of 50.4 suggests the country’s private sector output grew overall:

Shares in Weir Group have soared the most since 1999 this morning, after it announced plans to sell its oil & gas division to US giant Caterpillar.

Proceeds from the sale, at an enterprise value of $405m, will be used to cut down Weir’s leverage. Completion of the transaction is expected by the end of 2020.

The sale advances Weir’s attempted transition to a “pure play” mining technology group. The FTSE 250 company said a strengthened balance sheet would also give it “enhanced flexibility to invest in future growth opportunities”.

Caterpillar said the transaction includes ore than 40 Weir Oil & Gas locations, and around 2,000 employees.

Budget carrier Wizz Air’s passenger numbers were down 59pc year-on-year in September, as Covid-19 continued to weigh on demand.

It carried 1.6m passengers during the month, down from 3.8m for the same period in 2019. For the rolling 12-month period since last September, that leaves numbers 35.6pc down.

The group added a new base in Catania, Italy, during the month, with two based aircraft and five additional routes.

European markets have opened higher, with the FTSE 100 leading against the backdrop of a weaker pound. Hopes around Donald Trump’s health are partially driving gains, with cyclical sectors such as banks and energy leading the charge.

I’ve been informed that I participated in a meeting last Tuesday attended by a person who yesterday tested positive for COVID-19. In accordance with regulations in force, I’m therefore self-isolating until tomorrow morning. I’ve tested negative on Thursday & am tested again today

Ahead of the official data release at 9am, Bloomberg reports the Society of Motor Manufacturers and Traders will reveal a second consecutive month of falling car sales.

The 4pc drop, shown in preliminary data, follows a 5.8pc fall in August and “appears to dash hopes for an early recovery from a coronavirus-driven slump”, the news site says.

U.K. car sales fell for a second straight month, erasing hopes of a quick recovery https://t.co/x7uZ3upccP

Cinema chain Cineworld has confirmed plans to temporarily close its sites in both the UK and the US after big studios started to delay their major film releases to wait for better audiences.

Good morning. The FTSE 100 is tipped to open 0.9pc higher as markets respond to signs that President Trump’s health is improving. It follows a broad rise across global markets.

1) Betfred boss mulls bid for William Hill: Fred Done, the British billionaire bookmaker, is weighing up a shock bid for William Hill that would gatecrash a takeover by the Las Vegas casino owner Caesars Entertainment.

The co-founder of Betfred and ­William Hill’s second-biggest investor is considering “all options” after the board of the FTSE 250 betting giant accepted an offer from the US operator.

2) Uber rival Ola banned from operating in London: London’s transport regulator has banned taxi app Ola from working in the capital over what it says are the company’s « safety failings ».

Transport for London (TfL) told Ola, an emerging rival to Uber which has only operated in the UK since February, that it had been deemed not « fit and proper » to hold a licence.

3) Companies fear second wave of Covid more than no-deal Brexit: More than two-thirds of businesses see a second-wave of Covid-19 as a bigger threat to their existence than a no-deal Brexit, research suggests.

Asked whether they viewed another coronavirus spike or a Brexit cliff-edge as a greater risk, 66.5pc of mid-sized businesses said they were more concerned by the pandemic, according to a poll of 500 corporate leaders conducted by accounting firm BDO.

4) Cineworld set to close all UK screens after Bond delayed: Cineworld is drawing up plans to close all its cinemas in the UK and Ireland within the coming weeks. The move would put 5,500 jobs at risk across more than 120 cinemas.

The world’s second largest cinema operator is understood to be writing to Boris Johnson, the Prime Minister, and Oliver Dowden, the culture minister, this weekend, warning that the industry is “unviable”.

5) Ministers press on with deal to save regional newspapers: Ministers are exploring a new rescue package for local newspapers as a Midlands publisher becomes the latest to execute an emergency overhaul.

The Government is weighing options for a bigger fund to support the future of the regional press after a £2m pilot ended in June.

Stock markets rose on Monday on hopes that President Donald Trump could be discharged from hospital later in the day, easing some of the political uncertainty that shook global bourses in the previous session.

Mr Trump’s doctors said he had responded well to treatment and might return to the White House on Monday.

That helped US S&P 500 e-mini futures rise 0.82pc in Asian trading, while Nasdaq futures gained 1.11pc.

Australian stocks jumped 2.37pc for the biggest daily gain in almost two weeks. Japan’s Nikkei rose 1.39pc. China’s financial markets are closed for a public holiday.

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Source: https://www.telegraph.co.uk/business/2020/10/05/ftse-100-markets-coronavirus-pound-trump-live-news/

FTSE 100 Index, Donald Trump, Stock, London Stock Exchange, Cineworld, FTSE Group, Finance, Stock market

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