Asian markets today took their lead from Wall Street falls last night. The red ink was all over Asian indices with the Nikkei down -1.43% and the Asia Dow down -1.16%. The long shadow of Apple – down more than -2% yesterday – fell heavily across Taiwanese tech suppliers.
Meanwhile in China lending giant China Construction Bank saw a steep -2.41% share price slip helping push the Hang Seng -1.18% lower.
Fears of a global stock market correction were smoothed over this morning by James Bevan of CCLA Investment Management. “We're seeing a very significant shift in upwards earnings which is driving markets up,” Bevan told Radio 4’s Today. “While we may be in a melt-up, as long as this is driven by earnings, the risk of a melt-down are very low."
The bigger unknown is the rising worry about bond yields, possibly bringing higher company costs. Overnight the pound was -0.18% lower against the euro at 1.1346 and -0.38% down on the dollar at 1.4017.
- UK FTSE 100 7,671.53 +0.08%
- DAX 13,324.48 -0.12%
- CAC 40 5,521.59 -0.14%
- Euro Stoxx 399.80 -0.19%
- Dow 26,439.48 -0.67%
- S&P 500 2,853.53 -0.67%
- Nasdaq 7,466.51 -0.52%
- Nikkei 225 23,291.97-1.43%
- Gold 1,338.60 -0.48%
- Oil WTI 64.86 -1.07%
PZ Cussons warns on UK trading
Carex and Original Source maker PZ Cussons says half-year revenues are up +3.3% to £385.4m though adjusted profit before tax is down -14.1% with adjusted earnings per shares slumping -11.4%.
The personal care maker says profitability is anticipated to improve in the second half from new product launches and distribution expansion – but the UK picture is looking hard going.