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Investment market update

Early Trading

UK stocks have opened higher this morning after almost all major markets were up overnight.

World Markets

US and Asian stocks rallied as data indicating resilience among US consumers bolstered confidence in the world’s largest economy. In the US, Hewlett-Packard Co. said that it will cut up to 30,000 more jobs as part of a $2.7 billion restructuring. Its shares fell 2.5%.

UK stocks advanced, reversing an earlier slide, as gains in banks and energy companies outweighed declines in Vodafone Plc and Kingfisher Plc. BP Plc rose 2% after a rebound in the price of oil. HSBC Holdings Plc and Standard Chartered Plc added at least 1.6%. Vodafone slipped 1.3% following an investigation in to the company’s access of a journalist’s call and text records. Kingfisher Plc slid 2.5% after proposing a lower-than-forecast interim dividend.

Headlines

US retail sales rose for a second month in August, a sign US consumers may be looking past recent volatility in financial markets when making purchasing decisions. The data came a day before the Fed meets to decide whether the economy can withstand higher borrowing costs, with odds on a rate hike on Thursday climbing to 30%, up from 28% on Monday, though down from more than 50% before China unsettled markets by devaluing the yuan.

Seven years after the collapse of Lehman Brothers Holdings Inc., Europe’s largest banks are poised for more job losses. New management teams at Deutsche Bank AG, Barclays Plc and Standard Chartered Plc are among executives contemplating reorganisations that could involve thousands of job reductions.

Glencore Plc, the worst performer on the UK’s benchmark index this year, sold $2.5 billion of new shares to pay down debt to help protect its credit rating amid a rout in commodities prices. Glencore sold the stock at 125p a share, a 2.4% discount to the closing price on Tuesday.

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