Lloyd Blankfein, the CEO of Goldman Sachs, tweeted his thoughts on the US eclipse yesterday: “Wish the moon wasn’t the only thing casting a shadow across the country. We got through one, we’ll get through the other.”
It’s a sign Wall Street is steadily losing patience with President Donald Trump and his promises of tax, healthcare and infrastructure change. Yesterday the Dow Jones traded briefly at 21,600, an intraday low for the Dow and, more importantly, below a previous 50-day moving average of 21,629.
Currency-wise the euro was trading at $1.1801 against the dollar at 7am while the pound was at $1.2883. The dollar was 0.26% up against the yen at 109.24. Watch for US house price news at 2pm. There's new University of Michigan Consumer Sentiment data at 3pm while here in the UK the CBI's Industrial Trends Survey emerges mid-morning.
- UK FTSE 100 7,318.88 -0.07%
- Dow 21,703.75 +0.13%
- S&P 500 2,428.37 +0.12%
- Nasdaq 6,213.13 -0.05%
- Nikkei 225 19,376.42 -0.09%
- DAX 12,065.99 -0.82%
- CAC 40 5,087.59 -0.52%
- Gold 1,293.60 -0.24%
- Oil WTI 47.53 +0.34%
Persimmon half-year profits climb
Housebuilder Persimmon says profits have surged to £457.4m compared to £352.3m for the last six months. Sales have climbed £1.6bn, a 12% rise. Persimmon claims an expansion of the underlying operating margin to 27.6% (2016: 23.8%). The average selling price also climbs, from £205,762 to £213,262.
“Our private reservation rate over recent weeks is 2% ahead year on year,” says chief exec Jeff Fairburn. “Whilst we remain vigilant to changes in market conditions we also recognise we are in a strong position to take advantage of opportunities that arise. We are looking forward to a good autumn sales season."
Provident Financial issues second profits warning
Bad news at payday lender Provident Capital. Chief exec Peter Crook quits “with immediate effect” following a fresh – and second – profits warning. Provident expects to see new losses of up to £120m. Collections performance is running at 57% versus 90% in 2016; sales are £9m per week lower than comparative weeks in 2016 Provident admits.