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Pin to quick picksTaylor Wimpey Share News (TW.)

Share Price Information for Taylor Wimpey (TW.)

London Stock Exchange
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Share Price: 144.30
Bid: 144.95
Ask: 145.05
Change: 1.10 (0.77%)
Spread: 0.10 (0.069%)
Open: 143.90
High: 145.55
Low: 143.85
Prev. Close: 143.20
TW. Live PriceLast checked at -

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London pre-open: Spike in Hong Kong rates sends Chinese stocks lower

Mon, 11th Jan 2016 07:05

(ShareCast News) - News of another unexpected move by Chinese authorities in the offshore yuan market trigerred a spike in the interest paid on loans by banks through Hong Kong's, possibly contributing to another downdraft in the country's stockmarkets on Monday, is expected to weigh on the Footsie at the start of the session.The Shanghai Stock Exchange's Composite Index closed 5.33% lower at 3,016.70 points despite a decision by China's central bank to set another slightly higher fix for its currency, the yuan.However, in parallel, Beijing bought yuan in the offshore market in an apparent bid to foil the so-called 'carry trade' and limit the forces bearing down on the currency.That however appeared to throw a spanner into the Hong Kong interbank market, sending the local overnight interbank offered rate, or Hibor, to a record 13.4%, versus 4% on 8 January."The reality is that constant small devaluations are probably counterproductive as they achieve little economically and cause a negative feedback loop through market turmoil. So it's a delicate game the Chinese are playing and one that we're not privy to their tactics," Jim Reid at Deutsche Bank said in a research note sent to clients.Nevertheless, traders in London appeared to be reacting more calmly than in the previous week, with the Footsie being called to start the session down by just between 21 to 30 points.Traders in oil futures on the other hand were still on the backfoot, with front month Brent crude futures lower by 3.26% to $32.49 per barrel as of 07:48 GMT on the ICE.Last week, global stockmarkets got off to one of their worst starts to a year ever, although some market commentary held out the prospect that the return of all senior traders to their desks this week, following the holidays, might see markets react more calmly.There is little on the economic calendar for today save for two speeches from the president of the US Federal Reserve banks of Atlanta and Dallas later in the afternoon.Real estate firms, homebuilders cautiously optimistic for year aheadTaylor Wimpey has indicated 2015 was a year of steady growth, and has indicated it is starting the new year with a strong order book. In a trading statement released on Monday, the FTSE 100 housebuilder reported total UK home completions increased by 7% to 13,341, including 2,509 affordable homes. The average selling price on private completions increased by 9% to £254k after the company said it focused on better quality locations. It also said it finished the year with a record year end order book, increasing by 27% to £1.779bn.International real estate firm Savills said underlying full year results for the full year will be ahead of previous expectations although it warned that global economic uncertainty and rising interest rates would result in a "tempering" of transaction volumes. "The group experienced a strong finish to the year with the completion of some significant commercial transactions in several of our businesses around the world. In the light of heightened uncertainty over global economic prospects and rising interest rates, we expect a tempering of the strong transaction volumes of recent times in certain markets, notwithstanding that market fundamentals remain sound. Accordingly we retain our original expectations for 2016," Savills said.Northgate's group finance director Chris Muir, who has been with the company for over 12 years, will leave with effect from 31 March. The light commercial vehicle hire company said it had agreed with Muir that "the development was in their mutual interests". Northgate said the search for his successor is progressing well and it will make a further announcement in due course. Chairman Andrew Page said: "Chris leaves the finance function in a strong position and the Board wishes him every success in his next role."
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