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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Next leads FTSE 100 higher - Next shares charge higher after Q3 impresses
- Tesco and Sainsbury go to court
- All eyes on Fed meeting
techMARK 2,659.40 +0.13%
FTSE 100 6,805.38 +0.45%
FTSE 250 15,560.62 +0.16%
The FTSE moved higher in early trade today, tracking gains seen in the US overnight ahead of the Federal Reserve policy announcement due this evening.
The gains were led by retailer Next, which impressed with its third quarter results, while a contract win by Petrofac also pleased the market.
The UK Treasury is reportedly considering the possibility of capping pension fund fees to ensure there is no exploitation of its auto-enrolement system, it was reported this morning.
Meanwhile, two of the Big Four supermarkets, Sainsbury and Tesco, are going head-to-head in a court battle over the latter's Price Promise campaign.
Merlin Entertainment, the owner of attractions such as Madame Tussauds, Legoland, and Thorpe Park, has been valued at between £2.8bn and £3.3bn ahead of its stock market floatation. The stock is expected to begin trading on November 12th.
Investors keep close eye on action in US
The Fed is expected to announce that it will maintain its $85bn in monthly asset purchases and keep the interest rate at 0.25% after the two-day meeting wraps.
The market does not see the central bank tapering stimulus until March 2014 after a 16-day government shutdown earlier this month took at least $24bn out of the economy ... The majority of economists surveyed so far believe that the Fed will resist tapering until March 2014 earliest,” said Spreadex Trader Max Cohen.
Acting as a backdrop to these events will be the release of inflation figures for September. The US consumer price index is expected to fall to 1.2% year-on-year last month from 1.5% in August.
Meanwhile, in Germany, the CPI for October is tipped to remain unchanged at 1.4% year-on-year.
Next impressed with increase in Q3 sales
High Street clothing and homeware retailer Next topped the leader board after it reported an increase in third quarter sales, despite ongoing trading volatility, as it upwardly revised its earnings forecasts for the full year. Next Brand sales in the third quarter rose 4.3% after Next Directory jumped 10.7% and Next Retail rose 0.4%.
Banking group Barclays posted a strong rise in its nine-month pre-tax profits from £962m to £2.85bn, while its mis-sold personal protection insurance pay-outs were steady at £3.95bn.
Oilfield service provider Petrofac was also higher after it won a share of a $650m contract to provide engineering, procurement and construction services for the Algerian government. The group is leading a partnership with Italian contractor Bonatti to provide a 32-month contract to extend the life of the Alrar gas field in south east Algeria for Sonatrach, the Algerian state-owned resources company.
Meanwhile, sales slowed in constant currencies at Pearson in the third quarter but the publisher remained on track to hit its full year earnings targets. Although the Financial Times owner saw 4% sales growth in the first nine months at constant currencies, down from 5% in the first half of the year, but on an underlying basis it remained at 2%.
Standard Life shares declined despite the fund manager reporting "good progress" in the first nine months of the year, in which it delivered "substantial growth in net flows, assets and fee based revenue". Group assets under administration increased by 9% to £237.6bn, while fee-based revenue increased by 15% to £1,059m.
Standard Chartered shares were also retreating, with investors profit-taking one day after the company reported a slight increase in operating profit for the year-to-date due to tight cost controls. In a trading update for the nine months ended September 30th, the financial services company said it delivered a strong performance despite an uncertain market environment. |
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FTSE 100 - Risers
Next (NXT) 5,535.00p +6.34%
Petrofac Ltd. (PFC) 1,525.00p +3.88%
Barclays (BARC) 273.50p +2.80%
Experian (EXPN) 1,257.00p +2.20%
Marks & Spencer Group (MKS) 496.10p +2.16%
BP (BP.) 487.10p +2.01%
easyJet (EZJ) 1,334.00p +1.75%
Kingfisher (KGF) 381.10p +1.60%
Tullow Oil (TLW) 951.00p +1.60%
GKN (GKN) 368.50p +1.40%
FTSE 100 - Fallers
Pearson (PSON) 1,322.00p -3.15%
Standard Life (SL.) 361.40p -2.11%
RSA Insurance Group (RSA) 127.30p -1.16%
Standard Chartered (STAN) 1,526.50p -1.10%
British Land Co (BLND) 627.00p -0.79%
Land Securities Group (LAND) 992.50p -0.65%
Fresnillo (FRES) 1,014.00p -0.49%
SABMiller (SAB) 3,276.00p -0.33%
Coca-Cola HBC AG (CDI) (CCH) 1,792.00p -0.33%
Johnson Matthey (JMAT) 2,985.00p -0.27%
FTSE 250 - Risers
African Barrick Gold (ABG) 184.00p +8.17%
Thomas Cook Group (TCG) 142.60p +3.03%
Debenhams (DEB) 101.30p +2.32%
Ocado Group (OCDO) 439.60p +2.11%
Menzies(John) (MNZS) 806.50p +1.96%
ICAP (IAP) 381.80p +1.81%
Dunelm Group (DNLM) 890.00p +1.54%
Afren (AFR) 148.80p +1.50%
Paragon Group Of Companies (PAG) 335.10p +1.48%
Inchcape (INCH) 643.00p +1.42%
FTSE 250 - Fallers
Morgan Advance Materials (MGAM) 285.50p -4.83%
IP Group (IPO) 149.20p -3.12%
Carpetright (CPR) 610.50p -2.94%
Go-Ahead Group (GOG) 1,690.00p -2.76%
KCOM Group (KCOM) 98.65p -2.71%
Synthomer (SYNT) 246.80p -2.18%
Xaar (XAR) 800.50p -2.14%
Countrywide (CWD) 559.00p -1.93%
Perform Group (PER) 550.00p -1.61%
Provident Financial (PFG) 1,572.00p -1.50%
FTSE TechMARK - Risers
Puricore (PURI) 48.00p +2.13%
SDL (SDL) 258.00p +1.08%
Wolfson Microelectronics (WLF) 143.50p +0.70%
Anite (AIE) 88.75p +0.28%
Vectura Group (VEC) 112.00p +0.22%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 179.20 +0.17%
FTSE TechMARK - Fallers
XP Power Ltd. (DI) (XPP) 1,560.00p -2.80%
Vislink (VLK) 49.25p -1.75%
Kofax (KFX) 371.25p -1.00%
NCC Group (NCC) 160.75p -0.62%
Ricardo (RCDO) 598.88p -0.44%
Microgen (MCGN) 127.00p -0.39%
|
| | UK Event Calendar | | INTERIMS
Advanced Computer Software Group, C&C Group
INTERIM DIVIDEND PAYMENT DATE
Amiad Water Systems Ltd, Ashley (Laura) Holding
INTERIM EX-DIVIDEND DATE
APR Energy, BlackRock Smaller Companies Trust, Blackstar Group SE (DI), Bloomsbury Publishing, Booker Group, Development Securities, Energy Technique, Hilton Food Group, ITV, Lombard Risk Management, Lookers, M&C Saatchi, Moss Bros Group, Provident Financial
QUARTERLY PAYMENT DATE
Dow Chemical Co
QUARTERLY EX-DIVIDEND DATE
JPMorgan Claverhouse Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
US ADP employment report (12:15)
Consumer Price Index (US) (12:30)
Crude Oil Inventories (US) (14:30)
Economic Sentiment Indicator (EU) (10:00)
FOMC Interest Rate (US) (16:15)
GDP (Advance) (US) (12:30)
MBA Mortgage Applications (US) (11:00)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)
Unemployment Rate (GER) (08:55)
Speech ECBs Constancio (EZ)(08:05)
Speech ECB's Asmussen (EZ) (19:00)
Q3
First Quantum Minerals Ltd., Hrvatske Telekom D.D GDR (Reg S), Ooredoo Q.S.C. GDR (Reg S), Volkswagen AG
GMS
Sula Iron & Gold
IMSS
Standard Life
SPECIAL EX-DIVIDEND PAYMENT DATE
Aberdeen Asian Smaller Companies Inv Trust, Fresnillo
EGMS
Emblaze Ltd., OJSC Megafon GDR (Reg S)
AGMS
Ashmore Group, Downing Absolute Income VCT 1, Downing Absolute Income VCT 1 'C' Shares , Greatland Gold, Hermes Pacific Investments
TRADING ANNOUNCEMENTS
Standard Life
FINAL DIVIDEND PAYMENT DATE
Alumasc Group, Haynes Publishing Group, Produce Investment
FINAL EX-DIVIDEND DATE
Aberdeen Asian Smaller Companies Inv Trust, AIREA, Avingtrans, BlackRock Greater Europe Inv Trust, El Oro Ltd, Go-Ahead Group, IndigoVision Group, Plexus Holdings, Ricardo, Sabien Technology Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise before Fed policy decision - Fed announces policy decision
- US jobs report
- US and German CPI
FTSE 100: 0.42%
DAX: 0.23%
CAC 40: 0.41%
FTSE MIB: 0.40%
IBEX 35: 0.21%
Stoxx 600: 0.36%
European equities advanced before the release of a US payrolls report and the Federal Reserve’s monetary policy announcement.
In Germany, the CPI for October is tipped to remain unchanged at 1.4% year-on-year.
Barclays gains after third quarter
Barclays advanced after reporting a rise in statutory pre-tax profit in the third quarter.
Luxottica jumped after the world's biggest premium eyewear maker said it was working on a new licence deal and expects to match an 8% third-quarter rise in net profit for the next three months.
Statoil rallied after Norway's biggest energy company posted a 2% rise in third quarter profit as oil production increased.
Other asset classes mixed
The euro rose 0.02% to $1.3748.
Brent crude futures fell $0.028 to 108.970. |
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| | US Market Report | | US close: Stocks grind higher heading into month-end - Weak economic data
- Two-day FOMC meeting starts
- Stocks keep grind higher into month-end
Dow Jones Industrials: 0.71%
Nasdaq Composite: 0.30%
SP 500: 0.56%
US stock benchmarks rose before the Federal Reserve policy announcement due on Wednesday evening despite another batch of weak economic figures.
The Fed is expected to announce that it will maintain its $85bn in monthly asset purchases and keep the interest rate at 0.25% after the two-day meeting wraps.
The market does not see the central bank tapering stimulus until March 2014 after a 16-day government shutdown earlier this month took at least $24bn out of the economy.
Meanwhile, retail sales declined 0.1% last month compared to August, when it rose 0.2%. Economists expected the report to show that they remained little changed.
"September’s retail sales figures suggest that consumption growth gained momentum at the end of the third quarter," said Capital Economics. "And the government shut-down is unlikely to have changed the picture too much at the start of the fourth quarter."
Weak economic data
The US Conference Board's consumer confidence gauge for the month of October has printed at 71.2, well below last month's reading of 80.2. The consensus estimate had been for reading of 75.0. The present situation index decreased to 70.7 from 73.5,
Retail sales volumes dropped by 0.1 % cent month-on-month in September, to reach 402,624bn dollars, according to the most recent data from the US Census bureau. The consensus estimate was for an increase of 0.1%.
US producer prices slipped by 0.1% month-on-month 0.3% year-on-year in September, according to the latest figures available from the Bureau of Labour Statistics Consensus: 0.2% .
Data on Monday fuelled concern that growth in the world’s biggest economy eased in the weeks before the government shut-down.
Factory output rose 0.1% in September after a revised 0.5% increase in August as the partial government shut-down halted manufacturing. Economists had forecast a 0.3% jump.
Turning to the earnings session, Pfizer Inc. reported better than forecast adjusted third quarter earnings per share figures of 58 US cents, versus the 56 expected by analysts.
Furthermore, the company raised the bottom-end of its full-year EPS guidance, to between $2.15 and $2.20, while at the same time modestly lowering its earnings expectations.
The latest results out of the likes of Cummins and Lyondell Basell undershot expectations.
By industry groups it was real estate service firms (4.58%) and Electronic office equipment (2.34%) companies which did best.
Other asset classes react to weaker economic data
West Texas crude oil futures ended the day down by 0.46% at $97.75/barrel.
US 10-year bond yields are down by 3 basis points at 2.48%.
S&P 500 - Risers
Sears Holdings Corp. (SHLD) $62.09 +11.75%
United States Steel Corp. (X) $25.47 +8.75%
Pitney Bowes Inc. (PBI) $20.77 +7.95%
Actavis plc (ACT) $154.27 +5.77%
TripAdvisor Inc. (TRIP) $82.26 +5.75%
Harris Corp. (HRS) $62.76 +5.66%
Johnson Controls Inc. (JCI) $45.05 +5.21%
Fidelity National Information Services Inc. (FIS) $49.27 +4.96%
Micron Technology Inc. (MU) $17.50 +4.64%
Netflix Inc. (NFLX) $327.30 +4.24%
S&P 500 - Fallers
MeadWestvaco Corp. (MWV) $35.13 -9.39%
Plum Creek Timber Co. (PCL) $46.37 -6.57%
Goodyear Tire & Rubber Co. (GT) $20.76 -5.85%
Cummins Inc. (CMI) $127.90 -5.20%
Edwards Lifesciences Corp. (EW) $69.86 -4.61%
Seagate Technology Plc (STX) $48.25 -3.21%
Jabil Circuit Inc. (JBL) $21.98 -3.04%
Entergy Corp. (ETR) $66.06 -3.01%
Electronic Arts Inc. (EA) $24.13 -2.82%
PACCAR Inc. (PCAR) $56.63 -2.71%
Dow Jones I.A - Risers
International Business Machines Corp. (IBM) $182.12 +2.69%
AT&T Inc. (T) $36.27 +1.97%
Home Depot Inc. (HD) $77.50 +1.89%
Pfizer Inc. (PFE) $31.25 +1.66%
Procter & Gamble Co. (PG) $82.46 +1.43%
Cisco Systems Inc. (CSCO) $22.83 +1.22%
American Express Co. (AXP) $83.66 +1.09%
Verizon Communications Inc. (VZ) $51.09 +1.03%
Johnson & Johnson (JNJ) $93.14 +0.81%
Exxon Mobil Corp. (XOM) $88.93 +0.79%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $84.07 -0.25%
Boeing Co. (BA) $129.66 -0.17%
Microsoft Corp. (MSFT) $35.52 -0.14%
E.I. du Pont de Nemours and Co. (DD) $61.48 -0.13%
Walt Disney Co. (DIS) $68.92 -0.12%
Wal-Mart Stores Inc. (WMT) $77.06 -0.10%
Nasdaq 100 - Risers
Sears Holdings Corp. (SHLD) $62.09 +11.75%
Micron Technology Inc. (MU) $17.50 +4.64%
Netflix Inc. (NFLX) $327.30 +4.24%
Analog Devices Inc. (ADI) $49.17 +3.56%
Baidu Inc. (BIDU) $159.41 +3.43%
Linear Technology Corp. (LLTC) $40.89 +2.82%
eBay Inc. (EBAY) $53.34 +2.64%
Yahoo! Inc. (YHOO) $33.17 +2.53%
Broadcom Corp. (BRCM) $27.66 +2.31%
Microchip Technology Inc. (MCHP) $40.29 +2.25%
Nasdaq 100 - Fallers
Activision Blizzard Inc. (ATVI) $16.59 -4.10%
Seagate Technology Plc (STX) $48.25 -3.21%
Randgold Resources Ltd. Ads (GOLD) $76.01 -2.78%
PACCAR Inc. (PCAR) $56.63 -2.71%
Apple Inc. (AAPL) $516.68 -2.49%
Vertex Pharmaceuticals Inc. (VRTX) $76.09 -2.24%
Liberty Global plc Series A (LBTYA) $79.71 -1.74%
Facebook Inc. (FB) $49.40 -1.66%
Regeneron Pharmaceuticals Inc. (REGN) $298.53 -1.46%
Nuance Communications Inc. (NUAN) $16.04 -1.16% |
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| | Wednesday newspaper round-up | | Royal Mail, Barclays, UK energy The postal network is heading for an even more debilitating shutdown on Monday after 5,500 staff in the Post Office said that they were to follow 115,000 of their former co-workers at the Royal Mail out on strike. In what looks set to turn into a day of co-ordinated national industrial action, 32,000 members of the Fire Brigades Union are also planning to strike on Monday. The FBU is also striking on Friday. Tens of thousands of lecturers and further education non-academic staff are planning walkouts tomorrow, The Times writes.
Barclays faces a demand to pay as much as $700m to a US hedge fund after losing a crucial appeal in a five-year legal battle that revives questions over the bank’s strategy during the financial crisis. In a judgement on Thursday, the New York supreme court of appeals overturned an earlier legal ruling in Barclays’ favour and found the bank liable for breach of contract over a vast credit derivatives transaction with Connecticut-based Black Diamond Capital, the Financial Times reports.
The head of one of Britain’s biggest energy companies said the UK’s energy sector should be investigated by the competition authorities, acknowledging that the big six were “no longer trusted” by the British public. Tony Cocker, Chief Executive of Eon UK, was one of eight company bosses grilled during Tuesday’s marathon four-hour energy select committee hearing, called to address a wave of price rises that have fuelled a political row about the cost of living, the Financial Times reports.
Thomson Reuters is to cut an additional 3,000 jobs in response to lower demand from banks for financial information. About 5% of the news and data provider’s workforce of 60,000 will go as part of the latest cost-saving measure. The brunt of the losses will be borne by the financial and risk division, which provides data and analysis to banks and other financial firms, according to The Times.
Tata Steel is cutting almost 500 jobs in Scunthorpe, Cumbria and Teeside, blaming a slump in demand across the European construction industry and the cost of green levies. Announcing the cuts, the company and its biggest union called on the government to do more to support the steel sector by helping with exports and encouraging use of UK steel in building projects, The Guardian writes.
Martin Wheatley, the head of the Financial Conduct Authority, will tell a conference that existing rules on how fund managers spend their clients’ cash are failing to bite effectively and are likely to be tightened. The broader system of fund management charges also lacks transparency and wider reform may be needed to impose discipline on the costs the £5.4tn sector passes on to clients, he will warn in a speech in London, The Financial Times says. | | |
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