Helped by a weaker yen and a lack of fresh North Korean threats to worry about the Japanese Nikkei 225 bounced back on Monday, rising close to +1.4%. The rejuvenated Japanese sentiment was particularly strong from Sony, up close to +4% at one point.
This helped the dollar make gains following last week's near three year lows (the greenback was up +0.11% against the yen buying 108.36 though that is still way down from the near 111 levels seen at the start of August), not to mention a relaxing on the gold price, down almost -0.70%. At close to 7am the euro was -0.01% lower at $1.2014 while the pound was trading at $1.3177, down -0.09%.
Meanwhile insurance soundings are emerging as Hurricane Irma batters Florida’s west coast: Hiscox boss Bronek Masojada told the BBC this morning the insurance industry is likely to see up to $75bn worth of claims, not including expenses from Hurricane Harvey.
A quiet day for key economic data though a rash of UK CPI data arrives Tuesday, 9.30am.
- UK FTSE 100 7,377.60 -0.26%
- Dow 21,797.79 +0.06%
- S&P 500 2,461.43 -0.15%
- Nasdaq 6,360.19 -0.59%
- Nikkei 225 19,356.66 +1.36%
- DAX 12,303.98 +0.06%
- CAC 40 5,113.49 -0.02%
- Gold 1,341.90 -0.69%
- Oil WTI 47.90 +0.88%
Primark owner profits surge
First a positive pre-close update from Primark owner Associated British Foods: adjusted operating profit should be well ahead of last year helped by an uptick in like-for-like sales and some post-Brexit currency gusts.
Ingredients’ revenues are ahead of last year while Primark sales are “expected to be +13% ahead of last year at constant currency and on a comparable week basis, driven by increased retail selling space and +1% growth in like-for-like sales”.