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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: Stocks fall ahead of UK inflation data - Markets eye inflation data
- BoE Inflation Report due tomorrow
- Corporate earnings come in mixed
techMARK 2,636.87 -0.14%
FTSE 100 6,706.83 -0.32%
FTSE 250 15,395.24 -0.16%
UK markets opened lower on Tuesday morning as investors refrained from building positions ahead of domestic inflation data.
The figures are likely to be closely scrutinised ahead of the release of the Bank of England's November Inflation Report tomorrow along with the monthly unemployment figures.
The consumer price index (CPI) is expected to have risen at an annual rate of 2.5% in October, down from 2.7% the month before and representing a six-month low.
"This would move us closer towards a 'safe' inflation environment where interest rates are unlikely to be raised as a result of high inflation," said Market Analyst Craig Erlam from Alpari.
"Thus should we see the CPI figure come in at or below 2.5% it would likely be viewed as positive for a continuation of loose monetary policies going forward," he said.
Markets give mixed response to earnings
Building materials giant CRH gained after reporting a 2% increase in like-for-like sales in the third quarter, a strong turnaround after a 6% decline in the first half owing to difficult weather conditions. The company also hiked its target for cost savings this year after an acceleration in its ongoing spend reduction programme in Europe.
Vodafone was subdued early on after the 4.9% fall in second-quarter organic revenues was slightly worse than analysts had forecast. Chief Executive Vittorio Colao admitted trading conditions in Europe remained "very tough".
Land Securities edged higher after the property firm posting improved revenue profit and net asset value during the first half and saying it is confident of delivering future progress.
Life insurance investment vehicle Resolution erased early losses to trade higher after a mixed third quarter, as significant growth in UK new business in the was outweighed by a more subdued performance overseas.
Babcock, the engineering support services company, fell after a broadly in-line first-half report in which it lifted its dividend by 10% following a 32% jump in pre-tax profits.
Meanwhile, GlaxoSmithKline fell after its heart disease drug, darapladib, missed a key milestone in its development. |
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| FTSE 100 - Risers
CRH (CRH) 1,616.00p +3.66%
British Sky Broadcasting Group (BSY) 844.00p +1.81%
Sainsbury (J) (SBRY) 397.80p +0.96%
Rexam (REX) 531.50p +0.66%
Antofagasta (ANTO) 823.50p +0.61%
ITV (ITV) 188.50p +0.59%
Kingfisher (KGF) 388.30p +0.57%
Standard Life (SL.) 346.70p +0.55%
International Consolidated Airlines Group SA (CDI) (IAG) 384.80p +0.52%
Aggreko (AGK) 1,580.00p +0.51%
FTSE 100 - Fallers
Fresnillo (FRES) 928.50p -2.52%
Anglo American (AAL) 1,447.00p -1.83%
Standard Chartered (STAN) 1,484.00p -1.62%
Royal Bank of Scotland Group (RBS) 334.60p -1.53%
GlaxoSmithKline (GSK) 1,628.50p -1.33%
Tullow Oil (TLW) 903.50p -1.31%
BG Group (BG.) 1,267.50p -1.13%
Coca-Cola HBC AG (CDI) (CCH) 1,747.00p -1.13%
Aberdeen Asset Management (ADN) 431.80p -1.10%
Mondi (MNDI) 1,039.00p -0.95%
FTSE 250 - Risers
Oxford Instruments (OXIG) 1,356.00p +10.51%
TalkTalk Telecom Group (TALK) 265.00p +6.04%
Premier Farnell (PFL) 237.80p +4.53%
Bank of Georgia Holdings (BGEO) 2,089.00p +3.06%
Renishaw (RSW) 1,736.00p +2.18%
BTG (BTG) 432.40p +1.91%
Dialight (DIA) 913.50p +1.84%
Catlin Group Ltd. (CGL) 530.50p +1.24%
PZ Cussons (PZC) 378.20p +1.07%
Kenmare Resources (KMR) 21.33p +1.04%
FTSE 250 - Fallers
Menzies(John) (MNZS) 772.50p -5.74%
Balfour Beatty (BBY) 270.70p -4.51%
Hunting (HTG) 829.00p -3.83%
Polymetal International (POLY) 549.00p -3.26%
Xaar (XAR) 903.50p -2.32%
Evraz (EVR) 121.60p -2.17%
Synthomer (SYNT) 229.00p -1.89%
Rank Group (RNK) 146.50p -1.88%
IP Group (IPO) 152.60p -1.86% |
| | UK Event Calendar | | Tuesday November 12
INTERIMS
BTG, Fidelity China Special Situations , Hayward Tyler Group, Land Securities Group, Oxford Instruments, Picton Property Income Ltd, Speedy Hire, Synergy Health, Trifast, Workspace Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Q3
X5 Retail Group NV GDR (Reg S)
IMSS
CRH, Menzies(John), Resolution Ltd., TT Electronics
SPECIAL DIVIDEND PAYMENT DATE
JPMorgan Mid Cap Inv Trust
AGMS
A&J Mucklow Group, Asian Citrus Holding, Craneware, Downing Absolute Income VCT 1, Downing Absolute Income VCT 1 'C' Shares , Dunelm Group, IndigoVision Group, JPMorgan Overseas Inv Trust
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
RICS Housing Market Survey (09:30)
FINAL DIVIDEND PAYMENT DATE
JPMorgan Mid Cap Inv Trust
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Shares start the day moving slightly lower - Stocks off slightly in light news day
- Fisher (Fed): Monetary accommodation riskier by the day
- Nowotny (ECB): Deflation not imminent, but must be kept in mind
FTSE 100: -0.34%
DAX: -0.04%
CAC 40: -0.12%
FTSE MIB: 0.05%
IBEX 35: -0.39%
Stoxx 600: -0.25%
European stocks have begun the session with slight falls. Some market commentary is referencing the dearth of economic news as the main reason for the slip lower in equities.
However, another factor may be "market chatter" to the effect that the prices of financial assets have to a large degree already discounted a start to Fed tapering.
In that same vein, writing in today's Financial Times James Mackintosh adds that investors no longer see a start to Fed tapering as meaning that it will quickly be followed by rate rises.
In any case, if correct that may lower the bar for the US central bank to act, comment analysts at Sharecast.
Also acting as a backdrop, overnight the President of the US Federal Reserve bank of Dallas, Robert Fischer, struck a familiarly aggressive tone, saying that: "We've changed and impacted the markets because of our intervention and I understand there's sensitivity, but markets should also bear in mind that this program cannot go on forever," he said.
For their part, and as regards the outlook for earnings, analysts at Nomura on Tuesday explained to clients that developed continental European equities are now in the early stages of a substantial EBITDA margin and earnings rebound, "which we think will take pan-European corporate earnings up 14% next year, in turn ushering the FTSE AW developed Europe index to an end-2014 target of 207.0, 14% above current levels."
Unicredit shares rise following results
German consumer goods maker Henkel raised its profit margin outlook for the year.
Lanxess, the world's largest manufacturer of synthetic rubber for tyres saw adjusted core earnings drop by 26% in the first half of the year.
German chip maker Infineon reported a 26% year-over-year increase in its core operating profits, driven by its industrial and security units, but sales were a shade lower than expected.
Net profit at Italian lender Unicredit dropped by 39%, alongside a 8.5% fall in revenues. Nevertheless, the results came in ahead of analysts' forecasts.
From a sector stand point the largest drops within the DJ Stoxx 600 were to be seen in: Basic resources (-1.33%), Banks (-0.88%) and Financial services (-0.87%).
In-line consumer prices in Germany
Harmonised German consumer prices rose at 1.2% year-on-tear clip in October, as expected by economists, and fell by 0.3% over the month.
German wholesale prices fell by 1% year-on-year in October, after slipping 0.7% in the year before.
The French central bank's business sentiment index for the month of October showed improvement to 99 points, versus last month's reading of 97 (Consensus: 97).
Slight drops in other asset classes
The euro dropped 0.17% to $1.3385.
Front month Brent crude futures are moving lower by 0.321 dollars to the $106.06/barrel mark on the ICE. |
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| | US Market Report | | US close: Dow hits fresh record on low volumes - Dow hits 35th record close this year
- Retailers in focus ahead of results
- Financial markets quiet on Veterans Day
Dow Jones: 0.13%
Nasdaq: 0.02%
S&P 500: 0.08%
US markets ended slightly higher on Monday with the Dow Jones Industrial Average hitting another record close, extending recent gains despite increased speculation surrounding the impending taper of quantitative easing.
It was a quiet day for financial markets given that the bond market was shut for Veterans Day. As such, with many traders not at their desks, volumes were said to be very low.
According to Bloomberg, around 4.8bn shares changed hands on US stock exchanges on Monday, 21% below the three-month average.
Nevertheless, the Dow still managed to rise 21.32 points to 15,738.1, its 35th all-time high so far this year. The S&P 500 finished 1.28 higher at 1,771.89, coming close to its record high of 1,771.95.
With no economic data releases scheduled during Monday's session, the attention began to turn to earnings reports. Some 449 S&P 500 companies have already released their third-quarter results, so eyes are now turning to the ones that are left, including retailers Wal-Mart, Macy's, Nordstorm who are all due to report this week. All three stocks were making gains on Monday.
Senior Sales Trader Nick Dale-Lace from CMC Markets said that investors are now awaiting "confirmation that the strong economic picture being painted has filtered through to the consumer" following last week's stronger-than-expected economic data.
"The proof of this will be in the form of this week's company earnings especially from the retail sector, where estimate beating numbers may be just the catalyst to push the markets higher on the current wave of optimism."
Stocks were extending gains made on Friday when markets reacted positively to a substantial pick-up in third-quarter economic growth and a jobs report that smashed expectations. "Traders have finally taken the decision that regardless of when the taper begins the market is now ready to stand on its own two feet," Dale-Lace said.
Transocean in focus after dividend
Transocean Ltd. advanced after the dual-listed offshore rig contractor agreed with investor Carl Icahn to propose a $3-per-share dividend and increase margins through cost cutting.
Amazon.com gained after the online retailer announced that it would be offering Sunday delivery through the US Postal Service.
ViroPharma Inc. rallied after UK-listed Shire agreed to buy the company for about $4.2bn to expand its rare disease portfolio.
ImmunoGen Inc. declined after Morgan Stanley cut its rating on the maker of cancer drugs to 'underweight' from 'equal weight'.
In-flight internet services group Gogo surged after lifting its full-year revenue forecasts and reporting a smaller-than-expected third-quarter loss.
S&P 500 - Risers
Sears Holdings Corp. (SHLD) $59.98 +5.74%
First Solar Inc. (FSLR) $63.14 +4.36%
Dun & Bradstreet Corp. (DNB) $111.45 +2.98%
Gannett Co. Inc. (GCI) $27.70 +2.94%
Adobe Systems Inc. (ADBE) $56.18 +2.44%
Expedia Inc. (EXPE) $61.25 +2.29%
Vulcan Materials Co. (VMC) $56.60 +2.26%
Assurant Inc. (AIZ) $59.84 +2.22%
McGraw Hill Financial Inc (MHFI) $71.42 +2.22%
Priceline.Com Inc. (PCLN) $1,096.50 +2.17%
S&P 500 - Fallers
KLA-Tencor Corp. (KLAC) $62.78 -3.12%
Comcast Corp. (CMCSA) $47.35 -1.72%
Zions Bancorporation (ZION) $29.21 -1.45%
Altera Corp. (ALTR) $32.93 -1.38%
Regeneron Pharmaceuticals Inc. (REGN) $279.20 -1.37%
Huntington Bancshares Inc. (HBAN) $8.90 -1.33%
Whole Foods Market Inc. (WFM) $57.80 -1.28%
Xilinx Inc. (XLNX) $44.08 -1.22%
Fifth Third Bancorp (FITB) $19.77 -1.20%
Cerner Corp. (CERN) $56.39 -1.14%
Dow Jones I.A - Risers
Travelers Company Inc. (TRV) $87.80 +0.66%
Intel Corp. (INTC) $24.17 +0.33%
AT&T Inc. (T) $35.17 +0.00%
Visa Inc. (V) $198.29 +0.00%
General Electric Co. (GE) $27.05 +0.00%
Caterpillar Inc. (CAT) $84.24 +0.00%
Coca-Cola Co. (KO) $40.05 +0.00%
JP Morgan Chase & Co. (JPM) $53.96 +0.00%
3M Co. (MMM) $127.99 +0.00%
Merck & Co. Inc. (MRK) $46.80 +0.00%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $37.59 -0.50%
Cisco Systems Inc. (CSCO) $23.44 -0.28%
Home Depot Inc. (HD) $75.48 -0.00%
Boeing Co. (BA) $133.49 -0.00%
Exxon Mobil Corp. (XOM) $92.73 -0.00%
Nike Inc. (NKE) $77.12 -0.00%
Johnson & Johnson (JNJ) $94.05 -0.00%
International Business Machines Corp. (IBM) $179.99 -0.00%
United Technologies Corp. (UTX) $108.55 -0.00%
Walt Disney Co. (DIS) $68.58 -0.00%
Nasdaq 100 - Risers
Sears Holdings Corp. (SHLD) $59.98 +5.74%
Tesla Motors Inc (TSLA) $144.70 +4.89%
Adobe Systems Inc. (ADBE) $56.18 +2.44%
Expedia Inc. (EXPE) $61.25 +2.29%
Priceline.Com Inc. (PCLN) $1,096.50 +2.17%
Yahoo! Inc. (YHOO) $33.81 +2.10%
Autodesk Inc. (ADSK) $43.48 +1.68%
Mylan Inc. (MYL) $41.06 +1.61%
Sirius XM Radio Inc (SIRI) $3.71 +1.50%
Intuitive Surgical Inc. (ISRG) $395.38 +1.42%
Nasdaq 100 - Fallers
KLA-Tencor Corp. (KLAC) $62.78 -3.12%
Facebook Inc. (FB) $46.20 -2.80%
Vimpelcom Ltd Ads (VIP) $13.14 -2.59%
Comcast Corp. (CMCSA) $47.35 -1.72%
Altera Corp. (ALTR) $32.93 -1.38%
Regeneron Pharmaceuticals Inc. (REGN) $279.20 -1.37%
Whole Foods Market Inc. (WFM) $57.80 -1.28%
Xilinx Inc. (XLNX) $44.08 -1.22%
Liberty Global plc Series A (LBTYA) $79.48 -1.21%
Randgold Resources Ltd. Ads (GOLD) $75.80 -1.15% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Cameron, Shadow banks, North Sea The government is to forge a "leaner, more efficient state" on a permanent basis, David Cameron has said, as he signalled he had no intention of resuming spending once the structural deficit has been eliminated, a clear change to claims made after the last general election. Cameron said that the government would press ahead with tackling the deficit after cutting it by a third. But he made clear that his party intended to go further, The Guardian reports.
Loosely regulated non-bank lenders have emerged as among the biggest beneficiaries of the Federal Reserve's ultra-low interest rates with three specialist categories increasing their assets by almost 60% since the height of the financial crisis. Such lenders, widely considered part of the "shadow banking" system, have expanded rapidly on the back of investors who are clamouring for the higher returns on offer from financing riskier types of lending, the Financial Times says.
Sir Ian Wood, former Chairman of oil services firm Wood Group, urged the government to accept his recommendations to boost oil output in the North Sea by an extra 3-4bn barrels over the next 20 years and safeguard 450,000 industry jobs. The strategy he proposes would include setting up an "arms-length" industry regulator with additional powers to drive collaboration between oil and gas operators such as encouraging them to share pipelines and data and explore new fields, The Daily Express writes.
Speaking at the opening of M&S's largest store so far in India, a 35,000 sq ft multistorey shop in Bandra, a northern suburb of Mumbai, Marc Bolland, the Chief Executive, said that the push to expand its Indian network from 36 stores would place India at the centre of an international growth drive. It also reflected a strategic shift away from a previous focus on China, where M&S has more modest expansion plans and expects to leave its network of 15 stores in Shanghai unchanged, The Times reports.
The Chief Executive of the UK's largest general insurer RSA came under increasing pressure yesterday as shares tumbled as much as 17% over an investigation into losses at its Irish unit. The company behind the More Than brand is looking into issues stretching back at least two years after an internal audit of the business triggered the group's second profit warning in a week. Analysts questioned whether the company's dividend may be under threat and also suggested it could become a takeover target, The Scotsman reports.
More than £4bn of taxpayer funds was paid out last year to four of Britain's largest outsourcing contractors – Serco, Capita, Atos and G4S – prompting concerns that controversial firms have become too big to fail, according to the National Audit Office. Increasingly powerful outsourcing companies should be forced to open their books on taxpayer-funded contracts, and be subject to fines and bans from future contracts in the event that they are found to have fallen short, the NAO finds, according to The Guardian.
More than four million more households face spiralling energy bills this winter as another of the Big Six prepares to push up prices amid accusations from the government that they risk being seen in the same light as "greedy" bankers. E.ON is preparing to push up charges by more than double the rate of inflation, The Daily Telegraph says.
Norway's $800bn oil fund would undergo its biggest organisational change in a decade under proposals from a government-appointed strategy council that could make it a more active ethical investor. The council, which advises Norway's finance ministry, recommended that decisions on whether the world's largest sovereign wealth fund should exclude companies or entire industries should be taken by the country's central bank, a unit of which already manages the oil fund, the Financial Times reports. | | |
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