The thing to watch out for on Thursday might simply be whatever further economic bad news could create more stock market turmoil. Fears of a recession and a financial crisis helped send the FTSE 350 down again on Wednesday.
Six days
The UK stock market has now fallen for six days in a row. The FTSE 100 dipped another 59 points, ending Wednesday down 0.9% at 6,826 points. The total loss since its last up day on 4 October is now 3.7%.
JD Sports Fashion led the collapse, losing 10.3% on the day we learned the firm’s Chief Financial Officer is to step down, but without giving a reason. Persimmon and Lloyds Banking Group were also among the big fallers, down 6.2% and 5.8% respectively.
The FTSE 350 lost 37 points (1%) to close at 3,747 points. Over six market days, that’s a 4.1% loss. John Wood Group led the mid-cap fallers, with an 11.6% drop.
US markets
The US stock market came within a hair of breaking its five-day losing streak, before edging down a fraction in the last minutes before the close to also make it six on the trot.
The S&P 500 finished 12 points (0.3%) down at 3,577 points. And the Nasdaq dipped nine points (0.1%) to close at 10,417 points.
Trading updates
Betting firm Entain will deliver a third-quarter update Thursday. The first half saw earnings rising, but the share price has fallen 48% over the past 12 months. We’re still looking at a growth share valuation, with a forecast price-to-earnings (P/E) multiple of 40.
We should also have a first-quarter update from recruitment specialist Hays. Hays shareholders have had a tough year too, with their shares down 35%.
Dividends
It’s ex-dividend day for a number of FTSE 350 companies Thursday. It includes Close Brothers Group and NCC Group going ex-div with respect to final dividends. And we’ll have the same for the JPMorgan Emerging Markets Investment Trust.
It’s also interim ex-dividend date for Taylor Wimpey, Tesco, WPP on the FTSE 100. And for Howden Joinery, Spirax-Sarco Engineering, Bluefield Solar Income Fund and the Balanced Commercial Property Trust in the FTSE 250. And it’s quarterly ex-dividend day for Primary Health Properties.
Interim dividend payments should be on their way to Crest Nicholson Holdings shareholders too.
Economic update
Thursday should bring us the RICS Housing Market Survey in the UK. And the US will hear news of its latest Consumer Price Index.