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Market overview: Glencore closes just off day's lows

LONDON (ShareCast) - (ShareCast News) - 1630:Close By the looks of things on Monday, optimism on the US economy following Yellen's speech on 24 September did not seem to last for too long. Three-month copper closed down by 1.8% at $4,956 per metric tonne on the LME. Some market commentary cited data showing that in August Chinese industrial profits declined at their fastest annual pace in four years as one possible trigger for the weakness. Stateside, the president of the New York Fed, William Dudley, joined the chorus of US rate-setters who believe a rate hike later this year is likely. Stock in Glencore (Xetra: A1JAGV - news) nosedived again, followed close behind by Anglo American (LSE: AAL.L - news) . BHP Billiton (NYSE: BBL - news) , Antofagasta (Other OTC: ANFGF - news) and StanChart (HKSE: 2888-OL.HK - news) rounded off the list of the top five fallers. FTSE 100 down 150.15 to end at 5,958.86. 1530: According to one report Liberty Global (NasdaqGS: LBTYA - news) 's Mallone is now seen pursuing smaller deals. That might include hiking its stake in ITV (LSE: ITV.L - news) .

1352: "The rate of deterioration in the debt profile of energy and mining companies is far from that reached by sub-prime lenders in 2007-2009. But the situation is getting worse. A Fed hike would be a costly and embarrassing policy error," Laidi adds.

1351: "The escalation in high yield corporate bond spreads to three-year highs resulting from plunging energy prices has worsened the debt profile of several oil & gas companies, to the extent that oil prices have become more instrumental fueling bond spreads than interest rates. With treasury yields on the rise and high yield spreads following closely behind, even a modest Fed hike would have a not-so modest impact on the sustainability of debt financing in oil and gas as well as the suppliers dependent upon on them (like Caterpillar (NYSE: CAT - news) )," independent strategist Ashraf Laidi warns.

1330: US personal incomes and spending grew by 0.5% over the month in September and spending by another 0.4%, according to the Department of Commerce. Economists had been expecting increases of 0.4% and 0.3% month-on-month, respectively. 1255: Three-month copper futures are down by 1.6% to $4,944.50 per metric tonne on the LME.

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1254: Alcoa (NYSE: AA - news) 's decision to split into two companies is being seen by some analysts as buying time for the company - credit rating wise - to avoid forced asset sales.

1206: At midday Glencore stock is approximately 80% below its listing price in 2011, Brenda Kelly at London Capital Group points out. Although some analyst were pointing to so-called conditions in the share price, which sometimes lead to a 'bounce' others were more wary. "In our view investors are not yet convinced that Glencore has gone far enough to totally allay fears that the industrial assets can service the new lower debt level," Goldman Sachs (NYSE: GS-PB - news) reportedly said to clients on Friday.

1130: As regards Glencore's (and also Anglo American) cratering share price, in a research note sent to clients this morning Investec (LSE: INVP.L - news) said: "The challenging environment for mining companies leads us to the question of how much value will be left for equity holders if commodity prices do not improve." 0839: Stocks have started the morning moving lower weighed down by losses on Wall Street, although equities in Shanghai have managed to skirt losses. SAB Miller is at the top of the leaderboard on the back of reports over the weekend that a bid from Inbev might arrive as soon as today. Vodafone on other hand is down after talks for a tie-up with Liberty Global were called off. Glencore is in the loss column once again. Three Fed speakers are scheduled to hit the podium later in the day. Spanish shares are outperforming the rest of their peers on the Continent after a pro-independence parties in Catalonia failed to win a majority of the ballots cast. Debt issued by the Catalan government on the other hand is getting hammered early on. FTSE 100 down 23.81 points to 6,085.28.