ASOS soars (Il Sole 24 Ore Radiocor) - London, 05 Sep - Shares in London closed lower amid lingering concerns over US economic growth.

Data published today pointed to a softer labor market amid growing uncertainty over the economy.

Private employers recorded their smallest monthly hiring growth since January 2021, according to August's report from ADP which showed private payrolls had grown well below expectations at only 99,000, with the previous month's number revised down. At the same time US planned job cuts soared in August, the latest Challenger report said earlier.

The data come after a report yesterday showed job openings in the US had unexpectedly dropped in July, indicating hiring could well start to cool off in coming months. All eyes now switch to tomorrow's key nonfarm payrolls report.

As inflation eases, investors are rapidly turning their attention to the risks of slower economic growth and a cooling jobs market.

Several Federal Reserve policymakers have pointed to the jobs market as a key cause for concern, signalling a cut in interest rates might be appropriate as a way to support employment.

Investors are currently betting on a 25, or even 50, basis point cut at the central bank's next monetary policy meeting this month.

Among individual stocks, shares in ASOS soared 18.06% at 434.00 pence after the UK fast fashion retailer announced a partial refinancing of its debt and the disposal of two brands. ASOS launched a refinancing that involves offering about 250 million pounds of convertible bonds due 2028 and the partial repurchase of the outstanding 500 million pounds of 0.75% convertible bonds due 2026 and issued by Cornwall.

The London FTSE 100 closed down 0.34% at 8,241.71 points.

AAA-Zap

(RADIOCOR) 05-09-24 18:20:48 (0555) 5 NNNN