September’s statistical record as worst month of the year is playing on the minds of European investors this week. European shares pulled back into narrowly positive territory after heading lower in early trading for a third day running.
The FTSE 100 is basically flat in early trading after a flurry of corporate earnings results with stock market investors keeping half an eye on FX markets ahead of inflation hearings with Bank of England governor Mark Carney.
Ashtead Group (LON:AHT) topped the main UK index, rallying as much as 9% in early trading after forecasting full-year results will come in ahead of previous estimates. The rebound in the US construction market and the drop in the pound which boosts the value of repatriated earnings from its US unit is a winning combination for Ashtead.
Worldpay Group PLC (LON:WPG) shares are propping up the FTSE, down over 4% after its private equity fund owners raised £987m through a share placement.
Shares of Sports Direct (LON:SPD) slipped double digits on Wednesday after its board rejected the resignation of Chairman Keith Hellawell at its AGM. The corporate governance issues around working practises and Mike Ashley as a dominant shareholder are just piling on top of existing concerns that sales have been slowing at the sports retailer.
Barratt Developments (LON:BDEV) has continued a recent trend of homebuilders reporting strong annual profits and a healthy trading environment, whilst cautioning it is “closely monitoring market conditions.”
Following a record close for the Nasdaq 100, US stocks look set to pullback at Wednesday’s open with Apple (NASDAQ:AAPL) shares in the spotlight ahead of its latest product launch and shares of Chipotle Mexican Grill Inc (NYSE:CMG)getting a boost from a stake taken by Bill Ackman.
USA pre-opening levels
S&P 500: 1 point lower at 2,185
Dow Jones: 5 points lower at 18,533
Nasdaq 100: 6 points higher at 4,835
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