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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Oct 2, 2017
Monarch Airlines ceases operations, thousands stranded

Britain’s Monarch Airlines [MONA.UL] ceased operations on Monday, forcing the authorities to initiate their biggest-ever peacetime repatriation effort to bring back tens of thousands of travellers stranded overseas.

Monarch became the UK’s largest carrier to go into administration, cancelling about 300,000 future bookings.

The British government has asked the Civil Aviation Authority (CAA) to charter more than 30 aircraft to bring back to the UK about 110,000 Monarch customers currently overseas, the CAA said.

Tough competition has been pressuring European airlines and driving consolidation, with Air Berlin and Alitalia filing for insolvency this year and seeking new investors for parts of their businesses.

Source: http://bit.ly/2xRwogp

UK factory growth slows, price pressures rocket again - PMI

Growth across British factories cooled last month as cost pressures lurched higher, according to a survey on Monday that painted a mixed picture for Bank of England officials who see interest rates rising soon.

The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 55.9 from a downwardly revised 56.7 in August, undershooting the consensus of 56.4 in a Reuters poll of economists.

While the survey still signalled a fairly solid pace of expansion, softer growth in new orders and a slowdown among producers of investment goods were unpromising pointers for the months ahead.

“The growth slowdown in September is a further sign that momentum is being lost across the broader UK economy,” said Rob Dobson, director at IHS Markit, which compiles the survey.

There were also signs more inflation could be in the pipeline, arguably complicating matters for BoE rate-setters who must balance a sluggish economy against rising prices caused in part by sterling’s plunge following last year’s Brexit vote.

By Andy Bruce

Source: http://bit.ly/2yBEcR6

IBEX 35 Drops After Independence Vote, Other European Markets Open Higher

Spain’s benchmark index dropped on Monday, after Catalans voted for independence in a contested referendum on Sunday that ended in violence when police cracked down on polling booths, injuring hundreds of people.

The EURO STOXX 50 rose 0.34%, France’s CAC 40 edged up 0.12% and Germany’s DAX 30 advanced 0.49%, while Spain’s IBEX 35 was down 0.86% by 03:40 a.m. ET (07:40 GMT).

Despite Spanish police measures to disrupt the referendum, which was declared unconstitutional by Madrid, the Catalan government said that 90% of the people voted in favour of breaking away, with a turnout of about 42%.

The Catalan government also blamed Madrid for the clashes on Sunday and called on the European Union to respond.

Financial stocks were broadly lower, as French lenders BNP Paribas (PA:BNPP) andSociete Generale (PA:SOGN) rose 0.25% and 0.27%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) advanced 0.26% and 0.92%.

Source: http://bit.ly/2kfQQCN

Nissan shares drop after botched safety checks on cars for Japan market

Nissan Motor Co Ltd (T:7201) saw its share price hit its lowest in five months on Monday after the automaker said it produced tens of thousands of vehicles for the Japanese market without proper safety checks.

Nissan late on Friday also said it will suspend the initial registration of 60,000 vehicles in the Japanese government’s vehicle registration system after the transport ministry found personnel involved in final inspections without the automaker’s authorisation at six domestic plants.

Japan’s second-biggest automaker said the 60,000 span 21 models, including the Leaf electric vehicle, and that they are all in factory inventory or at dealerships. It said owners of vehicles already sold will be contacted in due course with instructions for fresh checks, without giving further details.

The automaker’s shares fell as much as 5.3 percent on Monday to their lowest since April before closing down 2.7 percent. The benchmark Nikkei average stock price index (N225) ended up 0.2 percent.

Source: http://bit.ly/2xOAHHA