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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 start lower as US launches first strikes in Syria UK stocks have started the morning firmly lower, tracking overnight losses on Wall Street and as traders monitor the first US airstrikes in Syria. Despite a better-than-expected reading on the Chinese manufacturing sector this morning economists continue to expect further policy easing from Beijing. Some market commentary is also highlighting the multiple risks to capital markets given the current lofty valuations. A little over an hour after the start of trading the FTSE 100 is down 67 to 6,706.18. On a more positive note, now that the veil of uncertainty surrounding the Scottish referendum has been lifted companies are moving forward with their plans to list on public markets. RBS will on Tuesday price the IPO for its US arm, Citizens Financial, a transaction in which it may rise up to $3.5bn. In parallel, luxury shoe brand Jimmy Choo has announced plans to list its share on the London Stock Exchange. The tax man calls Acting as a backdrop, Labour leader Ed Miliband is expected to announce plans to use a “mansion tax” to increase the budget of NHS spending, The Financial Times reported. Miliband is determined to attract voters ahead of the May’s general election by promising that houses worth more than £2m will have to pay a tax, which will be used to finance an improved health and social care service. Labour officials said the tax would raise up to £1.2bn. On the agenda for Tuesday is the Eurozone composite purchasing managers' index (PMI), which has come in at 52.3 (consensus: 52.5). RBS to price Citizens Financial IPO RBS is today set to price its initial public offering of Citizens Financial. The lender will is looking to sell 140m shares in its US arm at a price of between $23 and $25. Shares of AstraZeneca and Shire are leading fallers on the Footsie after the US Treasury moved to make it more difficult for US companies t redomicile abroad to lower their taxes. In company news, sweetener maker Tate & Lyle blamed severe US weather and the temporary shutdown of a plant in Singapore for higher costs and a profit warning, although it said sales of its flagship Splenda sucralose sweetener were ahead of last year. Tesco has announced that Alan Stewart will join its board as chief financial officer from Tuesday. Stewart had been appointed at the end of July but was not expect to start in his new role until 1 December, but will instead join Tesco with immediate effect, as the stricken retail giant seeks to ride out its latest financial storm. Aerospace and defence group Meggitt has been selected by Bell Helicopter to provide gearbox oil level monitoring and chip detection systems for the new 525 Relentless commercial super-medium helicopter. The group estimates that the agreements will generate gross sales of more than $30m over the production life of the helicopter. Total turnover at soft drinks manufacturer AG Barr grew by 5.4% to £135.7m in the six months ending on 27 July to reach £135.7m, resulting in a 14.6% increase in profit before tax (PBT) to reach £19m. In underlying terms PBT was 11% ahead on the comparable period at £18.4m, with underlying free cash flow generation standing at £11.2m. |
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| | UK Event Calendar | | Market Movers
techMARK 2,804.41 -1.64%
FTSE 100 6,705.93 -1.00%
FTSE 250 15,582.04 -1.03%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 4,327.00p +1.45%
Fresnillo (FRES) 769.00p +1.18%
easyJet (EZJ) 1,315.00p +0.84%
BHP Billiton (BLT) 1,745.00p +0.84%
Rio Tinto (RIO) 3,079.00p +0.67%
Pearson (PSON) 1,222.00p +0.08%
Glencore (GLEN) 341.95p +0.01%
FTSE 100 - Fallers
Shire Plc (SHP) 4,924.00p -5.85%
AstraZeneca (AZN) 4,342.00p -5.14%
Sainsbury (J) (SBRY) 269.10p -3.48%
Smith & Nephew (SN.) 1,036.00p -3.00%
Tesco (TSCO) 197.55p -2.68%
Imperial Tobacco Group (IMT) 2,700.00p -1.85%
Petrofac Ltd. (PFC) 1,040.00p -1.70%
InterContinental Hotels Group (IHG) 2,392.00p -1.69%
Morrison (Wm) Supermarkets (MRW) 176.00p -1.68%
Sports Direct International (SPD) 656.00p -1.65%
FTSE 250 - Risers
Go-Ahead Group (GOG) 2,513.00p +2.87%
Bank of Georgia Holdings (BGEO) 2,500.00p +1.67%
Barr (A.G.) (BAG) 640.00p +1.35%
Polymetal International (POLY) 478.50p +1.14%
Centamin (DI) (CEY) 57.60p +1.14%
Paragon Group Of Companies (PAG) 347.30p +0.67%
Henderson Group (HGG) 214.00p +0.52%
Card Factory (CARD) 218.00p +0.46%
AO World (AO.) 195.00p +0.36%
Fidelity European Values (FEV) 158.40p +0.32%
FTSE 250 - Fallers
Tate & Lyle (TATE) 613.00p -16.31%
Ocado Group (OCDO) 284.80p -4.11%
Soco International (SIA) 390.70p -3.46%
Lonmin (LMI) 195.60p -3.12%
Informa (INF) 500.00p -3.10%
Ferrexpo (FXPO) 126.10p -2.93%
Oxford Instruments (OXIG) 1,061.00p -2.66%
Spire Healthcare Group (SPI) 276.00p -2.65%
PZ Cussons (PZC) 370.10p -2.61%
Spectris (SXS) 1,946.00p -2.11%
FTSE TechMARK - Risers
KCOM Group (KCOM) 96.75p +0.78%
Vectura Group (VEC) 133.75p +0.75%
Consort Medical (CSRT) 1,002.00p +0.20%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 196.72 +0.08%
FTSE TechMARK - Fallers
Sarossa (SARS) 1.58p -6.51%
BATM Advanced Communications Ltd. (BVC) 16.25p -1.52%
Kofax Limited (DI) (KFX) 455.00p -1.30%
Anite (AIE) 88.00p -1.12%
Skyepharma (SKP) 311.25p -0.56%
Ricardo (RCDO) 663.00p -0.53%
Dialight (DIA) 907.50p -0.49%
NCC Group (NCC) 200.00p -0.37% |
| | INTERIMS
AA , Air Partner, Augean, Barr (A.G.), Centralnic Group , Cupid, Dolphin Capital Investors Ltd, Faroe Petroleum, GLI Finance Limited, Highland Gold Mining Ltd., Horizon Discovery Group, KBC Advanced Technologies, NAHL Group, NetScientific
QUARTERLY EX-DIVIDEND DATE
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INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
House Price Index (US) (15:00)
FINALS
Close Brothers Group, Netcall, Regenersis
EGMS
Bank Audi S.A.L. GDR (Repr 1'Com'Shr Lbp1299)(Reg S)
AGMS
City of London Group, F&C Managed Portfolio Trust Growth Shares, F&C Managed Portfolio Trust Income Shares, Marwyn Management Partners, Puma High Income VCT , Puma Vct VII, PZ Cussons, Scientific Digital Imaging, Sirius Minerals, WYG
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
Public Sector Finances (09:30)
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BHP Billiton, Northgate |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slide as Eurozone manufacturing PMI disappoints European stocks slumped as a report showed Eurozone manufacturing activity fell more than expected in September.
Markit's Eurozone manufacturing purchasing managers' index (PMI) dropped to 50.5 from 50.7 a month earlier, missing analysts' projections for a reading of 50.6. A level above 50 signals expansion.
Euro-area services PMI also declined to 52.3 in September from 52.1 in August, more than the 53 that was predicted.
In the US later on, Markit's manufacturing PMI may rise to 58 in September from 57.9 in August, according to forecasts.
HSBC's PMI on Chinese manufacturing earlier showed an increase to 50.5 in September from 50.2 the prior month, beating expectations for the reading to fall to 50.
Tate & Lyle, Raiffeisen Bank
Tate & Lyle declined after the maker of Splenda sweetener forecast an annual profit that missed analysts' estimates.
Raiffeisen Bank International plunged after saying it expects an annual loss amid exposure to risks in the Ukraine and Russia.
Michelin & Cie. slumped after Les Echos cited its chief financial officer as saying the sales target has become more difficult to reach.
Tesco dropped as the UK supermarket chain said Alan Stewart would leave M&S to join as chief financial officer on Tuesday. The euro rose 0.08% to $1.2859. |
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| | US Market Report | | US close: Stocks slide after Chinese finmin comments amid global growth fears US stocks headed south on Monday following comments from the Chinese finance minister, recent weakness in commodity prices and concerns about the outlook for the global economy.
The day saw the S&P 500 suffer its biggest percent decline since 5 August with a 0.82% drop, while the Dow Jones closed 0.62% lower and the Nasdaq ended the day 1.13% below its opening level.
Alpari market analyst, Joshua Mahony, said: "With new all-time highs recorded in the S&P 500 last week, it comes as no surprise that we are seeing an element of profit taking come into the market, which has also been seen in the USD/JPY currency pair following the strongest period of upside since January 2013."
In US macro news, a measure of economic activity by the Chicago Federal Reserve revealed a drop in August, while existing home sales also registered a decline - the first time in five months.
That came as China's finance minister squashed speculation that the government would boost stimulus.
Minister Lou Jiwei said the government will not make any major policy changes in response to weak economic data and downward pressure on growth in the world's second biggest economy.
The weekend also saw both Europe and Japan highlighted as regions that, according to US Treasury Secretary Jack Lew, are holding the global economy back. He called on both to do more to help boost the recovery and improve growth.
Mahony said the comments "highlight the importance of success for Mario Draghi and increasingly there appears to be less and less options but to implement a fully blown quantitative easing programme in the near future."
Following this, Monday's session saw the European Central Bank (ECB) president state that the monetary authority is ready to take further action if deemed necessary.
"[The governing council] stands ready to use additional unconventional instruments within our mandate, and alter the size and / or the composition of our unconventional interventions should it become necessary to further address risks of a too prolonged period of low inflation," Draghi said in prepared comments to the European parliament.
Sigma-Aldrich, Apple, Telsa
Back in the States, shares in Sigma-Aldrich leapt by around a third after drugs maker Merck KGaA announced its intention to purchase the company for $17bn.
Apple revealed that in the first weekend of sales, it sold a record 10m iPhones following the release of both the iPhone 6 and 6 plus, which went on sale in 10 countries.
Dress-Rand made modest gains after a takeover deal was announced by engineering giant Siemens AG.
A miss on fourth quarter turnover pushed shares in AutoZone into the red, while Telsa Motors dropped after an analyst at JP Morgan said the group's investors under-estimate its competitive risk.
In other markets, the price of gold had risen 0.11% to $1,217.90 per troy ounce.
S&P 500 - Risers
Sigma-Aldrich Corp. (SIAL) $136.40 +33.24%
Vertex Pharmaceuticals Inc. (VRTX) $104.72 +7.57%
Clorox Co. (CLX) $97.25 +7.41%
Monster Beverage Corp (MNST) $92.38 +2.90%
Dr Pepper Snapple Group Inc. (DPS) $65.32 +1.80%
Perrigo Company plc (PRGO) $149.79 +1.71%
QUALCOMM Inc. (QCOM) $76.29 +1.01%
Lorillard Inc. (LO) $59.97 +0.96%
Reynolds American Inc. (RAI) $57.98 +0.85%
Altria Group Inc. (MO) $45.35 +0.80%
S&P 500 - Fallers
First Solar Inc. (FSLR) $67.18 -6.29%
Yahoo! Inc. (YHOO) $38.65 -5.57%
Peabody Energy Corp. (BTU) $12.65 -4.82%
Akamai Technologies Inc. (AKAM) $61.40 -4.58%
Cimarex Energy Co (XEC) $127.80 -4.32%
F5 Networks Inc. (FFIV) $122.20 -4.26%
TripAdvisor Inc. (TRIP) $94.29 -4.15%
AutoZone Inc. (AZO) $505.35 -4.01%
Walgreen Co. (WAG) $60.41 -3.93%
Nabors Industries Ltd. (NBR) $22.97 -3.85%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $42.25 +0.48%
Procter & Gamble Co. (PG) $84.82 +0.41%
E.I. du Pont de Nemours and Co. (DD) $71.50 +0.35%
Merck & Co. Inc. (MRK) $60.60 +0.18%
AT&T Inc. (T) $35.51 +0.11%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $106.50 -1.80%
Caterpillar Inc. (CAT) $100.89 -1.58%
Nike Inc. (NKE) $80.73 -1.32%
Walt Disney Co. (DIS) $89.30 -1.32%
Visa Inc. (V) $213.93 -1.07%
Chevron Corp. (CVX) $123.50 -1.04%
Cisco Systems Inc. (CSCO) $24.98 -0.97%
Microsoft Corp. (MSFT) $47.06 -0.97%
American Express Co. (AXP) $88.99 -0.79%
General Electric Co. (GE) $26.10 -0.72%
Nasdaq 100 - Risers
Sigma-Aldrich Corp. (SIAL) $136.40 +33.24%
Vertex Pharmaceuticals Inc. (VRTX) $104.72 +7.57%
Monster Beverage Corp (MNST) $92.38 +2.90%
QUALCOMM Inc. (QCOM) $76.29 +1.01%
Liberty Global plc Series A (LBTYA) $43.73 +0.53%
Regeneron Pharmaceuticals Inc. (REGN) $359.92 +0.28%
Henry Schein Inc. (HSIC) $117.27 +0.19%
Amgen Inc. (AMGN) $142.19 +0.12%
DIRECTV (DTV) $87.27 +0.02%
NetApp Inc. (NTAP) $43.01 +0.01%
Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $214.86 -5.95%
Yahoo! Inc. (YHOO) $38.65 -5.57%
Vimpelcom Ltd Ads (VIP) $7.96 -5.35%
Akamai Technologies Inc. (AKAM) $61.40 -4.58%
Catamaran Corp (CTRX) $44.66 -4.35%
F5 Networks Inc. (FFIV) $122.20 -4.26%
TripAdvisor Inc. (TRIP) $94.29 -4.15%
Keurig Green Mountain Inc (GMCR) $132.19 -3.85%
Tesla Motors Inc (TSLA) $250.02 -3.59% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Tesco, Barclays, Phones 4u, China Tesco's crisis shows no sign of stopping, after the retail giant was forced to call in investigators and suspend four senior executives as it discovered its profits had been inflated by 250m, The Guardian reported on Tuesday.
Over 2bn was wiped off the group's value on during Monday trading after chief executive Dave Lewis admitted accountants and lawyers had been summoned to scrutinise the company's books following revelations that payments from suppliers were being mis-booked.
Having secured 1.6bn profit in the first half of 2013, Tesco could end up making even less the amount in the corresponding period this year.
The Financial Conduct Authority (FCA), the City regulator, is set to impose another huge fine on Barclays, the Independent reported.
The fine, thought to be in the region of 38m, relates to the bank's failure to ensure adequate protection for clients' funds and to keep correctly segregated clients' assets.
It is not the first time Barclays faces a fine for such an offence, though when it was first fined for failing to protect its customers' funds, the banking giant received a sanction of just 1.1m.
More than 2,400 Phones 4u staff face losing their job, The Daily Telegraph reported.
Administrator PWC said that 362 of the retailer's outlets are set to close, causing a 1,697 staff to lose their jobs, while an additional 720 people have kept their job in the short - term, but only to assist with the closure programme before being made redundant.
On Tuesday, Labour leader Ed Miliband is expected to announce plans to use a "mansion tax" to increase the budget of NHS spending, The Financial Times reported.
Miliband is determined to attract voters ahead of the May's general election by promising that houses worth more than 2m will have to pay a tax, which will be used to finance an improved health and social care service.
Labour officials said the tax would raise up to 1.2bn.
London-listed miners were hit by fears of a slowdown in the Chinese economy, The Times reported, after 9bn were wiped off the value of London's largest miners on Monday.
Despite the lowering of forecasts, the Chinese finance minister dampened the prospect of economic stimulus, prompting investors to ditch mining stocks in response. | | |
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