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OFFON

Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

Nervousness rises

09/24/2021 | 04:58am EDT

Investors remain tense as they have yet to receive any news about the interest payment that Evergrande was due to make on Thursday. Meanwhile, a quick rise in bond yields adds to worries. The FTSE loses 0.4 % this morning as a result.

Long-term U.S. Treasury yields have been soaring due to expectations of a first-rate hike from the Fed at the end of 2022, while the Bank of England indicated such rate hike could happen as early as 2021, as it predicts U.K. inflation could peak at over 4% this year.

Source: Statista

To add to this, yesterday's flash PMIs for September all pointed to a slowdown in economic activity, hampered by surging energy prices and shortages.

Meanwhile, also on investors’ radar, Sunday's election Germany, which might change EU policy in the years to come.

Among stocks, AstraZeneca gained 2.7% after trials of its prostate cancer drug Lynparza showed positive results. Mitie Group also rose 3.2% after it raised its fiscal 2022 profit guidance. On the downside, Land Securities fell 0.9% after selling two retail parks for 54.3 million pounds.

Also today, the U.K. Competition and Markets Authority announced that it investigating the acquisition of Quality Pet Care by CVS Group. It is also looking at whether CHC Group’s acquisition of Babcock International Group's oil-and-gas business would hurt competition.

 

Things to read:

Interest rates set to rise as soon as February amid inflation surge (Daily Telegraph)

Investors on watch for “political shift” after Germany’s election (Financial Times)

Investors Bet Environmental Fears Will Crunch Commodity Supply, Lifting Prices (WSJ)

Evergrande fallout could be worse than Lehman for China, warns Jim Chanos (Financial Times)


© MarketScreener.com 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 1.50% 8996 Delayed Quote.21.01%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.05% 0.74611 Delayed Quote.-2.32%
BABCOCK INTERNATIONAL GROUP PLC -0.03% 331.4 Delayed Quote.18.44%
BRITISH POUND / US DOLLAR (GBP/USD) -0.35% 1.37432 Delayed Quote.1.08%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.08% 0.8077 Delayed Quote.3.27%
CHC GROUP LLC 9.45% 0.022 Delayed Quote.0.00%
CVS GROUP PLC 2.48% 2475 Delayed Quote.60.79%
EURO / US DOLLAR (EUR/USD) 0.06% 1.16322 Delayed Quote.-4.60%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.08% 0.013349 Delayed Quote.-2.34%
LAND SECURITIES GROUP PLC 0.06% 680.4 Delayed Quote.0.92%
LONDON BRENT OIL 0.96% 85.3 Delayed Quote.66.07%
MITIE GROUP PLC 0.31% 65 Delayed Quote.58.05%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.16% 0.71451 Delayed Quote.0.26%
WTI 1.48% 83.514 Delayed Quote.73.60%