The investor exuberance cooled in Japan today with the Nikkei down -0.76% and a 183-point fall. Big names Sony Corp and Yaskawa Electric fell -5% and -4.5% helping drag the Nikkei below 24,000 to 23,940. A higher yen played its part, up +0.28% and now +1.5% in the last week.
But the bigger story is the dollar spot price at 89.91 (this morning), slipping below 90. Tomorrow comes a European Central Bank rate decision; in the background simmers worsening US-China relations on trade. A consequence of Trump/America first? A fear of the loose cannon sitting in the White House? It’s terrific news for US exports but the US currency is looking like a G10 outsider.
At 9.30am sterling-sensitive UK employment and average weekly earnings data arrives from the Office of National Statistics (ONS). There’s quite a chunk of Eurozone PMI readings also en route. However the UK ONS reading could chuck the pound a wobble, which has crested $1.40 on very thin economic pro-Brexit sentiment. A reality check could be on the cards if average wage growth disappoints, particularly.
- UK FTSE 100 7,731.83 +0.21%
- DAX 13,559.60 +0.71%
- CAC 40 5,535.60 +0.71%
- Euro Stoxx 600 402.81 +0.17%
- Dow 26,071.81 26,210.81 -0.01%
- S&P 500 2,839.13 +0.22%
- Nasdaq 7,460.29 +0.71%
- Nikkei 225 23,940.78 -0.76%
- Gold 1,347.10 +0.40%
- Oil WTI 64.49 +0.03%
JD Wetherspoon like-for-like sales lift
Strong numbers for JD Wetherspoon this morning. The pubs chain says important like-for-like sales surged +6.0% for the first 12 weeks of the second quarter while total sales lifted +4.3%.
Wetherspoon says the better-than-expected sales means year-to-date underlying pre-tax profits will be slightly ahead of expectations. “Similar outperformance in the second half will be more difficult to achieve” it warns.