European automakers are acting as the largest drag with the DAX and CAC40 underperforming after UBS cut Volkswagen and Renault to sell, citing the impact of Chinese automakers when it comes to electric vehicles, while BMW is lower after getting cut by Citi, due to concerns over weaker demand.
Johnson Mathey shares are the best performers on the FTSE100 after Standard Investments doubled its stake in the business to just over 10%, raising the prospect that the company might be subject to a possible bid or that pressure will build for a partial breakup of the business. We also saw sharp revisions lower to the June and July payrolls report, with July revised down to 157k from 187k, while June was revised down from 209k to 105k. Wage growth was also softer at 4.3% pointing to a welcome slowdown as far as the Federal Reserve is concerned when it comes to the narrative surrounding the US economy.
Full revenue was raised to between $9.51bn and $9.57bn, up from consensus $9.5bn and profits raised to $12.02 to $12.17, up from $11.92 consensus. for the rest of this year. It also raises the prospect that the Bank of England could well be done when it comes to more rate hikes.Apparent confirmation that OPEC+ members look set to extend their recent production cuts into October, has helped pushtowards their highest levels this year with the January peaks at $89 a barrel within touching distance.
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