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Investment market update

Early Markets

UK stocks are set to open lower this morning after mixed results overnight from global stock markets.

World Markets

Japanese stocks rose, with the Nikkei closing the session 0.5% higher, as communication providers and banks led gains.

US stocks closed little changed at an eight-week high as consumer companies advanced before a number of earnings reports. Morgan Stanley followed Goldman Sachs Group Inc. and JPMorgan Chase & Co. in reporting profit that trailed analysts’ expectations, renewing concern over the earning power of financial companies. The stocks slid around 4.8%.

UK stocks retreated following a retreat in miners. Glencore and Anglo America fell 5%. Copper and nickel fell after a report showed economic growth in China, the biggest metals user, expanded at the slowest pace since 2009.

Headlines

David Cameron said Chinese President Xi Jinping will bring more than £30 billion in deals and investment on his visit to Britain this week, as the prime minister defended himself against charges he was being too warm towards his visitor.

The People’s Bank of China is helping cement London’s dominance of yuan trading in Europe by conducting its first ever overseas debt sale in the city, a move timed to coincide with a state visit by President Xi Jinping.

The Swiss National Bank may have to sell francs again should quantitative easing be expanded in the euro area. 63% of economists predict the central bank will respond with market interventions to stop the currency from appreciating, according to Bloomberg’s monthly survey. 42% forecast another cut to the deposit rate.

A White House official said housing finance reform is no longer expected in the near term as he dismissed investors’ calls for releasing Fannie Mae and Freddie Mac from government conservatorship.

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