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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: Markets gain after HSBC results, China data - HSBC impresses with Q3 profits
- China services PMI paints improved outlook
- Weir, Ryanair surprise with profit warnings
techMARK 2,665.03 +0.28%
FTSE 100 6,768.87 +0.51%
FTSE 250 15,522.69 +0.43%
UK markets started the new week on a positive note, helped by some well-received quarterly results from London-listed banking giant HSBC as well as improving data from China.
Shares in HSBC, the FTSE 100's largest stock by market capitalisation, edged higher early on after delivering a 10% jump in underlying profits in the third quarter.
Meanwhile, activity in China's services sector in October expanded at its fastest pace in the last year, reinforcing confidence that the world's largest economy is on a stable growth path.
The non-manufacturing purchasing managers' index (PMI) rose from 55.4 to 56.3 in last month, according to data reported by National Bureau of Statistics (NBS) and China Federation of Logistics and Purchasing (CFLP). This following last Friday's NBS report that showed that the manufacturing PMI hit an 18-month high in October.
"Given the efforts of the Chinese government to steer the economy away from the export-led model to one focused more on services, this data is increasingly important, and very encouraging," said Market Analyst Craig Erlam from Alpari.
"If the services sector can pick up more and more of the slack here, it will go a long way to preventing a hard landing, which many fear could happen, while allowing the government to address its growing debt," he said.
HSBC gains after Q3 results
HSBC gained this morning after saying that underlying profit before tax totalled $5.06bn in the three months to September 30th, up 10% from $4.6bn the year before. Underlying revenues however were broadly unchanged at $15.6bn.
Mining stocks were also on the rise this morning, buoyed by the upbeat outlook for top metals consumer China. Antofagasta, Rio Tinto, Anglo American and BHP Billiton were among the best performers.
Heading the other way was Weir Group after the engineering firm cut its full-year profit outlook due to the impact of the recent weakness in the US and Australian dollar.
Ryanair also surprised the market with a profit warning today, saying that full-year profits will fall for the first time in five years as airfares drop in Europe due to fierce competition. Sector peers easyJet and IAG were also out of favour this morning.
Utility peers SSE and Centrica were trading lower after analysts at Investec downgraded their ratings on both stocks to 'reduce'. |
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| FTSE 100 - Risers
HSBC Holdings (HSBA) 701.70p +2.10%
Antofagasta (ANTO) 853.50p +1.97%
Melrose Industries (MRO) 321.80p +1.26%
Fresnillo (FRES) 969.50p +1.25%
Bunzl (BNZL) 1,395.00p +1.23%
Rio Tinto (RIO) 3,221.00p +1.16%
GlaxoSmithKline (GSK) 1,668.50p +1.15%
Next (NXT) 5,535.00p +1.10%
Reckitt Benckiser Group (RB.) 4,830.00p +1.05%
Land Securities Group (LAND) 986.00p +1.02%
FTSE 100 - Fallers
Weir Group (WEIR) 2,076.00p -7.98%
easyJet (EZJ) 1,241.00p -4.24%
International Consolidated Airlines Group SA (CDI) (IAG) 344.70p -2.60%
Meggitt (MGGT) 498.40p -2.08%
Royal Bank of Scotland Group (RBS) 334.20p -1.71%
United Utilities Group (UU.) 695.00p -1.00%
ARM Holdings (ARM) 968.00p -0.82%
GKN (GKN) 368.30p -0.41%
Severn Trent (SVT) 1,854.00p -0.38%
Rolls-Royce Holdings (RR.) 1,139.00p -0.35%
FTSE 250 - Risers
Supergroup (SGP) 1,167.00p +2.64%
Afren (AFR) 153.70p +2.47%
Soco International (SIA) 410.00p +2.22%
Telecity Group (TCY) 776.00p +2.17%
Evraz (EVR) 119.20p +2.14%
DCC (DCC) 2,866.00p +2.07%
Henderson Group (HGG) 221.60p +2.07%
BH Global Ltd. USD Shares (BHGU) 11.63 +2.02%
Betfair Group (BET) 1,009.00p +2.02%
Euromoney Institutional Investor (ERM) 1,090.00p +1.77%
FTSE 250 - Fallers
Thomas Cook Group (TCG) 140.20p -2.98%
Imagination Technologies Group (IMG) 264.80p -1.93%
Computacenter (CCC) 581.00p -1.86%
St. Modwen Properties (SMP) 346.70p -1.45%
AL Noor Hospitals Group (ANH) 850.00p -1.16%
Millennium & Copthorne Hotels (MLC) 569.50p -0.96%
Bovis Homes Group (BVS) 793.50p -0.81%
PayPoint (PAY) 1,024.00p -0.78%
Oxford Instruments (OXIG) 1,261.00p -0.71% |
| | UK Event Calendar | | Monday November 04
INTERIMS
E2V Technologies, Grafenia
INTERIM DIVIDEND PAYMENT DATE
M. P. Evans Group, Mears Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
Speech Fed Governor Powell
Speech Boston Fed President
IMSS
Telecity Group
AGMS
Avation, Qatar Investment Fund, Quoram
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
CPL Resources, Murgitroyd Group, Pacific Horizon Inv Trust
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of Eurozone data, ECB meeting - ECB meeting in focus this week
- Eurozone manufacturing PMI data due out
- Chinese services growth accelerated in October
- UK growth forecast raised by CBI
FTSE 100: 0.46%
DAX: 0.31%
CAC 40: 0.30%
FTSE MIB: 0.44%
IBEX 35: 0.27%
Stoxx 600: 0.36%
European stocks edged higher on expectations that the European Central Bank will open the door to further monetary easing at its meeting this week amid soft economic data.
UBS and Royal Bank of Scotland are predicting an interest rate cut at Thursday's meeting following a fall in Eurozone inflation to 0.7% as reported last week.
Turning to economic releases this morning, the Eurozone manufacturing purchasing managers' index (PMI) is forecast to remain unchanged at 51.3 in October. A reading above 50 signals expansion.
UK construction PMI is tipped to fall to 58.7 in October from 58.9 the prior month.
The data follows the release of China's services PMI on Sunday which rose to a 13-month high of 56.3 in October from September's 55.4.
"Given the efforts of the Chinese government to steer the economy away from the export-led model to one focused more on services, this data is increasingly important, and very encouraging," said Craig Erlam, Market Analyst at Alpari.
"Especially at a time when the government is attempting to reign in its fiscal stimulus efforts, while the central bank is looking much more hawkish than it has in previous years. If the services sector can pick up more and more of the slack here, it will go a long way to preventing a hard landing, which many fear could happen, while allowing the government to address its growing debt."
CBI raises UK economic growth forecast
The Confederation of British Industry (CBI) has lifted forecasts for UK economic growth in a quarterly report.
The business lobby predicts the economy will expand 1.4% this year and 2.4% in 2014, compared to 1.2% and 2.3% projected in August.
It expects business investment and trade to aid the recovery starting next year.
Ryanair plunges after cutting annual guidance
Ryanair's shares tumbled after saying its annual profit will fall for the first time in five years as airfares drop in Europe due to fierce competition.
Dufry rallied after the Swiss operator of duty-free shops posted a 15% rise in nine-month sales to 2.69bn francs.
PostNL advanced after the Dutch postal operator boosted its forecast for full-year underlying cash operating profit.
Fuchs Petrolub climbed as the German lubricant maker said nine-month earnings before interest and tax rose to €237.2m from €224.2m.
Brent crude advances
Brent crude futures were up $0.526 to $106.470 per barrel on the ICE.
The euro rose 0.08% to $1.3498. |
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| | US Market Report | | US close: Stocks edge higher despite taper talk - Taper speculation ramps up
- ISM, manufacturing PMI come in ahead of forecasts
- Chevron, AIG fall after Q3 earnings
Dow Jones: 0.45%
Nasdaq: 0.06%
S&P 500: 0.31%
US stocks gained on Friday after better-than-expected readings of manufacturing activity, with the S&P 500 and Dow Jones indices both registering their fourth consecutive week in positive territory.
The Institute for Supply Management's factory index climbed to 56.4 in October, the highest since April 2011, from 56.2 a month earlier. It exceeded the 50 reading that signals expansion and a forecast of 55.
Meanwhile, Markit's purchasing managers' index for US manufacturing nudged higher to 51.8 in October after a reading of 51.1 the prior month. Economists had pencilled in a reading of 51.1.
The reports come as investors continue to speculate over the impending 'taper' of asset purchases by the Federal Reserve after the central bank said earlier this week that it would hold fire as it awaits a stronger economic recovery.
Alex Conroy, Financial Sales Trader at Spreadex, said: "After the immediate volatility following the FOMC policy meeting and panic that tapering could occur towards the end of the year, sentiment seems to be that the surge of US markets has weathered a government shutdown and previous volatility over tapering and that it's safe to jump back into equities."
Economists from Barclays' Foreign Exchange Research arm said they still anticipate that tapering will begin in March 2014, rather than December 2013. They said that with the Fed in "data-dependent mode", economic indicators are "unlikely to show substantial improvement in the economy/labour market by the time they meet in December (December 18th) due to noises from the Federal government shutdown."
Chevron falls as Q3 profit slips
Oil major Chevron fell after third-quarter earnings per share fell to $2.57 from $2.69 the year before due to weak refining margins. The consensus forecast was for a reading of $2.71.
Insurance group AIG fell after reporting that premium income at its property-casualty division decreased by 3.7% in the third quarter to $8.43bn.
Auto giant Ford was lower despite recording its best October retail sales performance since 2004. Total sales in the US rose 14% year-on-year to 191,185 vehicles while retail sales rose 15% to 142,487.
First Solar rose after revealing that quarterly net income improved to $1.94 per share, compared with $1 a year before and more than double analysts´ estimates.
S&P 500 - Risers
First Solar Inc. (FSLR) $59.14 +17.56%
Autodesk Inc. (ADSK) $41.89 +4.99%
Comcast Corp. (CMCSA) $48.65 +2.20%
Amgen Inc. (AMGN) $118.69 +2.19%
Netflix Inc. (NFLX) $329.27 +2.10%
Expedia Inc. (EXPE) $60.11 +1.94%
Celgene Corp. (CELG) $151.30 +1.90%
DIRECTV (DTV) $63.67 +1.89%
Urban Outfitters Inc. (URBN) $38.59 +1.87%
Costco Wholesale Corp. (COST) $119.62 +1.37%
S&P 500 - Fallers
Vertex Pharmaceuticals Inc. (VRTX) $67.36 -5.59%
F5 Networks Inc. (FFIV) $79.43 -2.58%
Electronic Arts Inc. (EA) $25.63 -2.36%
eBay Inc. (EBAY) $51.94 -1.46%
Diamond Offshore Drilling Inc. (DO) $61.06 -1.41%
Amazon.Com Inc. (AMZN) $359.00 -1.38%
Altera Corp. (ALTR) $33.17 -1.29%
Discovery Communications Inc. Class A (DISCA) $87.80 -1.19%
Lam Research Corp. (LRCX) $53.62 -1.19%
KLA-Tencor Corp. (KLAC) $64.89 -1.08%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $35.53 +0.34%
Cisco Systems Inc. (CSCO) $22.57 +0.02%
Walt Disney Co. (DIS) $68.59 +0.00%
McDonald's Corp. (MCD) $96.52 +0.00%
Verizon Communications Inc. (VZ) $50.51 +0.00%
General Electric Co. (GE) $26.14 +0.00%
Pfizer Inc. (PFE) $30.68 +0.00%
3M Co. (MMM) $125.85 +0.00%
Visa Inc. (V) $196.67 +0.00%
Coca-Cola Co. (KO) $39.57 +0.00%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $24.33 -0.59%
International Business Machines Corp. (IBM) $179.21 -0.00%
American Express Co. (AXP) $81.80 -0.00%
Travelers Company Inc. (TRV) $86.30 -0.00%
Exxon Mobil Corp. (XOM) $89.62 -0.00%
Nike Inc. (NKE) $75.76 -0.00%
AT&T Inc. (T) $36.20 -0.00%
JP Morgan Chase & Co. (JPM) $51.54 -0.00%
E.I. du Pont de Nemours and Co. (DD) $61.20 -0.00%
Caterpillar Inc. (CAT) $83.36 -0.00%
Nasdaq 100 - Risers
Autodesk Inc. (ADSK) $41.89 +4.99%
Equinix Inc. (EQIX) $166.17 +3.05%
Charter Communications Inc. (CHTR) $138.07 +3.01%
Liberty Media Corporation - Class A (LMCA) $156.57 +2.39%
Comcast Corp. (CMCSA) $48.65 +2.20%
Amgen Inc. (AMGN) $118.69 +2.19%
Netflix Inc. (NFLX) $329.27 +2.10%
Expedia Inc. (EXPE) $60.11 +1.94%
Celgene Corp. (CELG) $151.30 +1.90%
DIRECTV (DTV) $63.67 +1.89%
Nasdaq 100 - Fallers
Vertex Pharmaceuticals Inc. (VRTX) $67.36 -5.59%
Randgold Resources Ltd. Ads (GOLD) $71.48 -3.27%
F5 Networks Inc. (FFIV) $79.43 -2.58%
Avago Technologies Ltd. (AVGO) $44.72 -1.56%
eBay Inc. (EBAY) $51.94 -1.46%
Amazon.Com Inc. (AMZN) $359.00 -1.38%
Altera Corp. (ALTR) $33.17 -1.29%
Discovery Communications Inc. Class A (DISCA) $87.80 -1.19%
Maxim Integrated Products Inc. (MXIM) $29.37 -1.09%
KLA-Tencor Corp. (KLAC) $64.89 -1.08% |
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| | Newspaper Round Up | | Monday newspaper round-up: IPOs, BT, Economic growth A string of oil and gas firms is expected to float on the junior stock market in the coming months as they tap in to a growing appetite for initial public offerings (IPOs). Accountancy firm EY's latest report on the sector's smaller companies shows flotation activity has already propelled business confidence to its highest level in 18 months, although the feel-good factor is so far confined to a small number of players, The Scotsman explains.
BT is today accused of making profits of almost £5bn over and above the level deemed acceptable under regulator Ofcom's own rules. The damning accusation comes in a report written by research firm Frontier Economics and commissioned by Vodafone. It states that since 2005 British consumers and businesses have lost out as BT's returns for regulated services overall have been consistently above a benchmark rate, The Daily Mail says.
Britain's business leaders have raised their forecasts for the country's economic growth through to 2016 today, lending further weight to claims that the recovery is gaining momentum. On the eve of its annual conference, the Confederation of British Industry said it had upped its growth forecast for 2013 to 1.4%, from 1.2% in August, and expected output to build steadily. While growth is expected to slow in the fourth quarter of this year, the CBI said the economic recovery would gather pace over the next two years, upping its 2014 forecast to 2.4% from 2.3% in August, while predicting that growth would hit 2.6% in 2015, according to The Daily Mail.
Public investment in the US has hit its lowest level since demobilisation after the Second World War because of Republican success in stymieing President Barack Obama's push for more spending on infrastructure, science and education. Gross capital investment by the public sector has dropped to just 3.6% of US output compared with a postwar average of 5%, according to figures compiled by the Financial Times, as austerity bites in the world's largest economy.
Britain's membership of the EU brings a net benefit of 3,000 pounds a year to every household, employers' organisation the CBI will say on Monday as it begins a three-year campaign to stop the country sliding towards the exit. The largest business group, which is holding its annual conference in London, will attempt to rally corporate Britain around remaining in the EU and reforming it from within, the Financial Times explains.
The Co-operative Group will today detail a plan to inject hundreds of millions of pounds into its embattled bank as part of a £1.5bn rescue that means it will cede control of the lender to a group of American hedge funds. As part of a complex deal that has been weeks in negotiation, The Times understands that the hedge funds, known as LT2, will contribute a substantial amount of cash to the rescue as well as exchanging £500m of their bonds for shares.
Greece is set to resume talks with the men who hold the keys to its financial stability after international inspectors said they would return to the country in a move that ends days of drama over whether they would come at all. Mission heads representing the European Union, the European Central Bank and International Monetary Fund– the three bodies that have propped up the debt-stricken Greek economy since May 2010 – will meet government officials in Athens on Tuesday, The Guardian reports. | | |
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