There was a small measure of respite for a select group of Asian shares overnight. Japan’s Nikkei managed a 35-point rise, up +0.16% (though the Nikkei was up +3% at one point). However Chinese shares continued their march down with the Shanghai Composite -1.80% lower and the Hang Seng falling more than -0.90%. South Korea’s Kospi made up for more modest earlier falls by sinking -2.13%. So still a lot of red on the screens.
Last night the Dow Jones finished +2.33% higher while the Nasdaq was up +1.74%, checking the previous day’s massive falls despite some tumultuous intraday swings. Risk and uncertainty are generally viewed as dollar-supportive reminds Shaun Osborne from Scotiabank (the spot dollar price remains on the defensive, down -0.15% to 89.54).
“But the dollar’s failure to capitalize more fully on the stock slide, suggesting investors are less keen to seek safety in liquid dollar-denominated investments, is perhaps not a positive reflection on the dollar’s longer term perspectives”.
Overnight the pound was +0.05% up on the dollar to 1.3963 but -0.03% lower against the euro at 1.1268. Coming shortly are European industrial production numbers plus a UK Halifax house price update.
- UK FTSE 100 7,141.40 -2.46%
- DAX 12,392.66 -2.32%
- CAC 40 5,161.81 -2.35%
- Euro Stoxx 600 372.79 -2.41%
- Dow 24,912.77 +2.33%
- S&P 500 2,695.14 +1.74%
- Nasdaq 7,115.88 +2.13%
- Nikkei 225 21,645.37 +0.16%
- Gold 1,332.40 +0.22%
- Oil WTI 63.86 +0.74%
Redrow half-year revenues surge
Housebuilder Redrow says group revenues are +20% higher to a first-half £890m record. Pre-tax profits come in at £176m, up +26%, while earnings per share rise +27% to 39.5p.
The Redrow interim dividend climbs to 9p per share compared to 6p a year ago. Reservations in the first five weeks of the second half are in line with a strong comparable period last year Redrow says. Its shares are down more than -3% in the last week but +31.6% higher for the last 12 months.