This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/business/live/2019/aug/16/markets-recover-central-banks-bazooka-ecb-sterling-ftse-business-live
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| London stock market trading delayed by technical problems - business live | London stock market trading delayed by technical problems - business live |
| (32 minutes later) | |
| Trading is now expected to begin at 9.40am - 100 minutes late. | |
| UPDATE: The LSE will open for trading at 0940. https://t.co/VgTh2Tgmly | |
| Reuters points out that today’s outage is the longest since February 2011, when the market was shuttered until lunchtime. | |
| BREAKING: The London Stock Exchange says an opening auction is underway now. | |
| That’s a sign that the unexplained problem might be fixed, and that trading could begin soon. | |
| And not before time -- this is already the longest outage in eight years! | |
| Today’s technical problems are the third to strike the UK this month alone. | |
| Last Wednesday, thousands of passengers at British Airways were stranded after its systems collapsed. Two days later, major power cuts struck the country after the National Grid’s network failed. | |
| There’s no suggestion that the three are linked (the power blackout is being blamed on a technical fault at the world’s largest offshore wind farm, Hornsea One). | |
| But still, this hat-trick of problems doesn’t reflect well on Britain’s infrastructure. | |
| There are too many “IT glitches” have been happening recently. BA, LSE, next? | |
| Neil Wilson, analyst at Markets.com, agrees that the outage is frustrating: | |
| Still waiting...the FTSE cash equity market has failed to open and remains closed for the time being. The FTSE 350 is closed but AIM trading is still ok. | |
| These things happen – the last delayed start to trading was only a year ago. Technical glitches are inevitable, frustrating as it is for everyone. | |
| Wilson also points out that the Footsie SHOULD be rallying, having slumped to a six-month low of 7067 points last night. | |
| FTSE futures are trading – and our fair value estimate suggests the cash market will open up strongly around 7115. | |
| The London Stock Exchange (LSE) is currently experiencing technical issues and is yet to open for trading. We are expecting an update from them at around 0915. We'll keep you posted. https://t.co/OrhU4HWEoy | |
| Frustration is mounting in the City. | |
| London’s stock market has now been frozen for an hour -- leaving traders unable to buy and sell shares in the 350 biggest companies listed on the FTSE. | |
| And they’ve still not said what’s gone wrong, or when the problem will be fixed. | |
| The London Stock Exchange still hasn’t got its systems working. | The London Stock Exchange still hasn’t got its systems working. |
| It has just told traders that the next update will come at 9.15am BST. | It has just told traders that the next update will come at 9.15am BST. |
| The technical outage in London is preventing UK stock traders from joining in today’s market rally. | The technical outage in London is preventing UK stock traders from joining in today’s market rally. |
| As you can see, every other major European stock index is higher this morning - as shares recover some of this week’s heavy losses. | As you can see, every other major European stock index is higher this morning - as shares recover some of this week’s heavy losses. |
| Craig Erlam of trading firm OANDA warns that the markets could soon turn volatile again - so the LSE needs to fix its problems, fast: | Craig Erlam of trading firm OANDA warns that the markets could soon turn volatile again - so the LSE needs to fix its problems, fast: |
| Investors are more relaxed this morning than they’ve been for the rest of the week but it would be naive to expect it to continue. There’s been plenty of whipsaw action this week so to assume today will remain calm may be asking a bit much. | Investors are more relaxed this morning than they’ve been for the rest of the week but it would be naive to expect it to continue. There’s been plenty of whipsaw action this week so to assume today will remain calm may be asking a bit much. |
| The FTSE failed to open on time on Friday due to a potential trading service issue. Unfortunately, I don’t think we can blame Brexit for this one but maybe I’ll be proven wrong. | The FTSE failed to open on time on Friday due to a potential trading service issue. Unfortunately, I don’t think we can blame Brexit for this one but maybe I’ll be proven wrong. |
| traders waiting for the LSE to finally open FTSE for trade like... “technical issues” pic.twitter.com/TxdXE9NAo9 | traders waiting for the LSE to finally open FTSE for trade like... “technical issues” pic.twitter.com/TxdXE9NAo9 |
| Stock market traders are venting their frustration at the London Stock Market’s IT systems, by posting memes on social media. | Stock market traders are venting their frustration at the London Stock Market’s IT systems, by posting memes on social media. |
| I think the @LondonSouthEast IT guy worked on the wrong server by mistake #LSE to #LSE pic.twitter.com/hXa2GOpwi9 | I think the @LondonSouthEast IT guy worked on the wrong server by mistake #LSE to #LSE pic.twitter.com/hXa2GOpwi9 |
| pic.twitter.com/6SaLi1xWMF | pic.twitter.com/6SaLi1xWMF |
| LSE CEO this morning:“Hey guys it’s Pizza Friday how did the opening bell go......” pic.twitter.com/0vR616lpMP | LSE CEO this morning:“Hey guys it’s Pizza Friday how did the opening bell go......” pic.twitter.com/0vR616lpMP |
| Nothing is moving on the FTSE 100 this morning, as the LSE scrambles to work out what’s gone wrong. | Nothing is moving on the FTSE 100 this morning, as the LSE scrambles to work out what’s gone wrong. |
| This is the second time in 14 months that London’s stock exchange has suffered problems. | This is the second time in 14 months that London’s stock exchange has suffered problems. |
| In June 2018, the opening of trading was delayed by an hour - a serious embarrassment to the City. That was the first outage in seven years. | In June 2018, the opening of trading was delayed by an hour - a serious embarrassment to the City. That was the first outage in seven years. |
| This is the second "glitch" at the #LSE in just over a year. The outage last year lasted an hour. | This is the second "glitch" at the #LSE in just over a year. The outage last year lasted an hour. |
| The LSE says it is “currently investigating a potential trading services issue”, which is stopping investors buying and selling shares this morning. | The LSE says it is “currently investigating a potential trading services issue”, which is stopping investors buying and selling shares this morning. |
| There’s a problem at the London stock exchange! | There’s a problem at the London stock exchange! |
| Trading has been delayed, due to a “potential Trading Services issue”. It should have begun at 8am sharp. | Trading has been delayed, due to a “potential Trading Services issue”. It should have begun at 8am sharp. |
| It’s not clear, yet, what’s gone wrong -- but the glitch appears to be stopping investors from trading in companies on the FTSE 100 index, or on the smaller FTSE 250. | It’s not clear, yet, what’s gone wrong -- but the glitch appears to be stopping investors from trading in companies on the FTSE 100 index, or on the smaller FTSE 250. |
| LSE delayed open for FTSE 100 & 250 Securities. Exchange issue. $FTSE #FTSE | LSE delayed open for FTSE 100 & 250 Securities. Exchange issue. $FTSE #FTSE |
| FTSE failure to launch | FTSE failure to launch |
| More to follow.... | More to follow.... |
| The prospect of a new ECB bazooka is acting like catnip to European traders. | The prospect of a new ECB bazooka is acting like catnip to European traders. |
| Germany’s DAX index has jumped 0.4% in early trading, while Paris’s CAC and Milan’s FTSE MIB are both 0.3% higher. | Germany’s DAX index has jumped 0.4% in early trading, while Paris’s CAC and Milan’s FTSE MIB are both 0.3% higher. |
| Spain’s IBEX is also in the green, as Olli Rehn’s promise of a “strong” stimulus programme reassures the markets. | Spain’s IBEX is also in the green, as Olli Rehn’s promise of a “strong” stimulus programme reassures the markets. |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| After a turbulent few days, calm is returning to the markets today on hopes that central bankers could rescue us from a recession. | After a turbulent few days, calm is returning to the markets today on hopes that central bankers could rescue us from a recession. |
| Investors are calculating that institutions such as the European Central Bank could step up to the plate with new measures to ward off a downturn. | Investors are calculating that institutions such as the European Central Bank could step up to the plate with new measures to ward off a downturn. |
| Olli Rehn, Finland’s central bank governor, has got everyone excited by promising that the ECB will unveil a wide-ranging stimulus package at next month’s meeting. | Olli Rehn, Finland’s central bank governor, has got everyone excited by promising that the ECB will unveil a wide-ranging stimulus package at next month’s meeting. |
| Rehn, who sits on the ECB’s governing council, hinted that the plan could exceed market expectations, given the scale of the situation. | Rehn, who sits on the ECB’s governing council, hinted that the plan could exceed market expectations, given the scale of the situation. |
| He told the Wall Street Journal: | He told the Wall Street Journal: |
| “It’s important that we come up with a significant and impactful policy package in September. | “It’s important that we come up with a significant and impactful policy package in September. |
| When you’re working with financial markets, it’s often better to overshoot than undershoot, and better to have a very strong package of policy measures than to tinker.” | When you’re working with financial markets, it’s often better to overshoot than undershoot, and better to have a very strong package of policy measures than to tinker.” |
| So, faced with a slowing economy and a possible recession in Germany, the ECB is poised to restart its bond-buying stimulus programme and slash interest rates deeper into negative territory in a bid to make banks lend. | So, faced with a slowing economy and a possible recession in Germany, the ECB is poised to restart its bond-buying stimulus programme and slash interest rates deeper into negative territory in a bid to make banks lend. |
| Rehn suggested we should expect “substantial and sufficient” bond purchases -- a major topping up of the punch bowl. | Rehn suggested we should expect “substantial and sufficient” bond purchases -- a major topping up of the punch bowl. |
| The WSJ dubs it a ‘big bazooka’ primed to go off in September. | The WSJ dubs it a ‘big bazooka’ primed to go off in September. |
| ECB Has Big Bazooka Primed for September, Says Top Official https://t.co/9PLK2oRbQp via @WSJ | ECB Has Big Bazooka Primed for September, Says Top Official https://t.co/9PLK2oRbQp via @WSJ |
| Rehn’s words have helped to calm Asia-Pacific markets. Japan’s Nikkei closed flat, while China’s market gained 0.5%, clawing back some of Thursday’s heavy losses. | Rehn’s words have helped to calm Asia-Pacific markets. Japan’s Nikkei closed flat, while China’s market gained 0.5%, clawing back some of Thursday’s heavy losses. |
| European markets are expected to rally this morning too, having sunk to six-month lows earlier in the week. | European markets are expected to rally this morning too, having sunk to six-month lows earlier in the week. |
| European Opening Calls:#FTSE 7108 +0.57%#DAX 11484 +0.62%#CAC 5268 +0.60%#MIB 20133 +0.56%#IBEX 8563 +0.52% | European Opening Calls:#FTSE 7108 +0.57%#DAX 11484 +0.62%#CAC 5268 +0.60%#MIB 20133 +0.56%#IBEX 8563 +0.52% |
| Otherwise it looks quiet, beyond new trade data from Europe and a new survey of American consumer confidence -- which may show if people have been spooked by recent market turbulence. | Otherwise it looks quiet, beyond new trade data from Europe and a new survey of American consumer confidence -- which may show if people have been spooked by recent market turbulence. |
| The agenda | The agenda |
| 10am BST: Eurozone trade balance for June (expected to dip to €18.6bn, from €20.2bn). | 10am BST: Eurozone trade balance for June (expected to dip to €18.6bn, from €20.2bn). |
| 3pm: University of Michigan consumer confidence survey (expected to drop to 97.0, from 98.4) | 3pm: University of Michigan consumer confidence survey (expected to drop to 97.0, from 98.4) |