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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 weighed down by start of hostilities in Syria The Footsie started the session slightly lower on Wednesday with traders again focusing on the ever present risk of something going amiss in a conflict.
Overnight the US and its allies carried out a first wave of airstrikes against IS targets in Syria. Although there is a broad coalition in place those attacks are being carried out, after all, in an independent state whose long-term aims may not be the same as those of the coalition. Hence, there is plenty of potential for "unintended consequences".
As of 09:11 the FTSE 100 was trading 19 points lower at 6,657.
"Global markets continue to move lower for a third day today, as the threat of a drawn -out campaign against the 'Islamic State' becomes ever more likely," said Alpari UK market analyst Joshua Mahony.
Also weighing on sentiment in the early going was the latest reading on the business climate in Germany. The IFO Institute's business climate gauge slipped to a reading of 104.7 in September from 106.3 in the month before (consensus: 105.8).
"With European markets already reeling from a raft of PMI figures yesterday which saw French services and manufacturing in contraction, whilst German manufacturing gets ever closer, the release of yet further negative data this morning could compound the weakness seen overnight and lead to a third day of losses in Europe," Mahony said before the release of the report.
Acting as a backdrop, Goldman Sachs economists have revised their forecast for China's economic growth this year lower, to a projection of 7.1% versus 7.6% before.
RBS bows to pressure
Royal Bank of Scotland has announced the pricing of the $3.4bn flotation of its US arm Citizens Financial Group. RBS said it planned to sell a quarter of the shares in Citizens at a price per share of $21.50 – bowing to pressure from investors to lower its price - and a further 3.75% in an over-allotment option, raising up to $3.46bn.
Back in the UK and in company news, water group United Utilities remained tight-lipped on negotiations with regulator Ofwat over its future price structure, but said first-half profits were at a similar level to last year's. As in the first quarter, revenue increased due to its allowed regulated price rise, but was offset by the impact of a customer discount, an increase in depreciation and other cost pressures.
Tiling retailer Topps Tiles forecast higher sales and profits after what it described as an excellent year's trading. Topps said revenue in the year to 26 September should be about £195m against £177.8m a year ago. Like-for-like revenues are expected to increase about 8% on the prior year, when they fell 0.5%. |
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| | Market Movers
techMARK 2,796.13 -0.31%
FTSE 100 6,660.27 -0.24%
FTSE 250 15,476.64 -0.37% FTSE 100 - Risers
Fresnillo (FRES) 779.50p +2.70%
United Utilities Group (UU.) 829.50p +1.90%
Vodafone Group (VOD) 201.40p +1.38%
Kingfisher (KGF) 314.30p +0.93%
Rio Tinto (RIO) 3,135.50p +0.88%
Morrison (Wm) Supermarkets (MRW) 176.00p +0.80%
Rolls-Royce Holdings (RR.) 972.00p +0.67%
Wolseley (WOS) 3,290.00p +0.61%
SSE (SSE) 1,517.00p +0.53%
Marks & Spencer Group (MKS) 422.70p +0.45% FTSE 100 - Fallers
Centrica (CNA) 307.30p -2.26%
Associated British Foods (ABF) 2,575.00p -1.68%
Sainsbury (J) (SBRY) 259.50p -1.63%
Aviva (AV.) 521.00p -1.61%
Old Mutual (OML) 185.50p -1.59%
Standard Life (SL.) 407.40p -1.50%
Aberdeen Asset Management (ADN) 401.70p -1.45%
Mondi (MNDI) 1,031.00p -1.43%
Intu Properties (INTU) 330.00p -1.43%
Bunzl (BNZL) 1,596.00p -1.30% FTSE 250 - Risers
Kazakhmys (KAZ) 272.50p +2.75%
Fidessa Group (FDSA) 2,318.00p +2.48%
Centamin (DI) (CEY) 58.35p +1.48%
Hikma Pharmaceuticals (HIK) 1,653.00p +1.41%
Polymetal International (POLY) 490.00p +1.39%
TSB Banking Group (TSB) 278.70p +1.31%
Vedanta Resources (VED) 986.00p +1.18%
Playtech (PTEC) 724.50p +1.05%
Bwin.party Digital Entertainment (BPTY) 91.80p +0.99%
Spirent Communications (SPT) 104.60p +0.97% FTSE 250 - Fallers
Rightmove (RMV) 2,203.00p -5.25%
Premier Farnell (PFL) 183.70p -3.32%
Bank of Georgia Holdings (BGEO) 2,416.00p -3.28%
Pace (PIC) 291.30p -3.22%
Bovis Homes Group (BVS) 790.00p -3.19%
Entertainment One Limited (ETO) 313.00p -3.10%
Zoopla Property Group (WI) (ZPLA) 237.90p -3.02%
Kier Group (KIE) 1,662.00p -2.29%
Crest Nicholson Holdings (CRST) 321.00p -2.13%
Tullett Prebon (TLPR) 282.80p -1.91% FTSE TechMARK - Risers
Innovation Group (TIG) 29.00p +1.75%
Vectura Group (VEC) 132.75p +1.72%
Ricardo (RCDO) 660.50p +1.46%
Optos (OPTS) 209.75p +1.45%
E2V Technologies (E2V) 161.75p +1.09%
Dialight (DIA) 876.00p +0.52%
Skyepharma (SKP) 312.25p +0.40%
Consort Medical (CSRT) 1,001.00p +0.10%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 196.72 +0.08% FTSE TechMARK - Fallers
NCC Group (NCC) 200.25p -0.87%
Anite (AIE) 88.50p -0.84%
KCOM Group (KCOM) 95.75p -0.78%
SDL (SDL) 344.75p -0.65% |
| | UK Event-Calendar | | 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
Total SA
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)
FINAL DIVIDEND PAYMENT DATE
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall as German business confidence weakens European stocks declined on Wednesday after a report showed German business confidence fell more than expected.
IFO's German Business Climate index dropped to 104.7 in September from 106.3 in August, missing forecasts of 105.8.
In China, a report showed consumer sentiment fell slightly in September to a reading of 113.2 from 113.3 in August.
The International Monetary Fund said China's economy will likely grow faster than previously thought in 2015 at "well above" 7% despite risks of the cooling property market.
The IMF has a 7.4% growth forecast for China for 2014, slightly below the government's official target of around 7.5%.
Meanwhile, the market will be keeping a close watch on developments in the Middle East amid news the UK may join the US in airstrikes against the Islamic State in Iraq.
Rio Tinto, TNT
Rio Tinto Group advanced as Morgan Stanley recommended buying the shares.
TNT Express declined after the parcel company lowered its 2015 profit forecast.
Adecco slumped after the provider of temporary workers said Germany and France experienced weaker growth in September.
The euro rose 0.09% to $1.2859. |
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| | US Market Report | | US close: Stocks fall on PMI data, strict new tax laws and Middle East woes US stocks slid as investors weighed worse-than-expected manufacturing data, tough new tax laws and tensions in the Middle East.
Markit's US manufacturing purchasing managers' index (PMI) held at 57.9 in September, compared to forecasts for an increase to 58. A reading above 50 signals expansion.
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.
Meanwhile, the US Treasury introduced new rules that crack down on tax-saving mergers. The rules will have the biggest impact on US companies with pending inversions, including Medtronic and AbbVie. The laws put a stop on companies accessing foreign cash without paying US taxes.
In the Middle East, the US launched airstrikes against Islamic State (IS) positions in Syria in an attempt to abolish the Sunni extremist group. The Pentagon said the airstrikes were prompted by plans for an "imminent" terror attack on US. The Israeli army said it shot down a Syrian fighter jet after it trespassed Israeli air space over the Golan Heights.
Burger King
Burger King Worldwide edged lower amid news it will proceed with buying Canada-based Tim Hortons despite the crackdown on inversion deals.
Salix Pharmaceuticals advanced on reports Allergan is in talks to buy the firm.
Alibaba snapped its rally following its successful initial public offering on the NYSE on 19 September.
CarMax declined after it reported second-quarter adjusted earnings that missed analysts' estimates.
S&P 500 - Risers
CF Industries Holdings Inc. (CF) $269.37 +5.31%
Patterson Companies Inc. (PDCO) $41.45 +2.47%
Actavis plc (ACT) $240.85 +2.22%
Micron Technology Inc. (MU) $31.20 +1.96%
Allergan Inc. (AGN) $169.18 +1.84%
Apple Inc. (AAPL) $102.64 +1.66%
Peabody Energy Corp. (BTU) $12.86 +1.66%
Nabors Industries Ltd. (NBR) $23.31 +1.52%
Newmont Mining Corp. (NEM) $23.99 +1.39%
Adobe Systems Inc. (ADBE) $67.79 +1.27%
S&P 500 - Fallers
Carmax Inc. (KMX) $47.80 -9.49%
Discovery Communications Inc. Class A (DISCA) $38.22 -5.63%
First Solar Inc. (FSLR) $67.75 -4.40%
Applied Materials Inc. (AMAT) $21.63 -4.08%
F5 Networks Inc. (FFIV) $120.52 -3.46%
Express Scripts Holding Co (ESRX) $71.95 -3.23%
Comcast Corp. (CMCSA) $54.97 -3.12%
Adt Corp (ADT) $35.45 -2.96%
Medtronic Inc. (MDT) $64.08 -2.88%
Expeditors International Of Washington Inc. (EXPD) $41.14 -2.86%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $60.94 +0.05%
Dow Jones I.A - Fallers
Cisco Systems Inc. (CSCO) $24.70 -1.98%
Unitedhealth Group Inc. (UNH) $86.59 -1.34%
Travelers Company Inc. (TRV) $93.55 -1.11%
Walt Disney Co. (DIS) $88.31 -1.10%
Microsoft Corp. (MSFT) $46.56 -1.06%
United Technologies Corp. (UTX) $105.42 -0.99%
Boeing Co. (BA) $127.38 -0.96%
Wal-Mart Stores Inc. (WMT) $75.60 -0.93%
3M Co. (MMM) $144.37 -0.92%
Caterpillar Inc. (CAT) $99.99 -0.90%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $31.20 +1.96%
Nxp Semiconductors Nv (NXPI) $72.00 +1.69%
Apple Inc. (AAPL) $102.64 +1.66%
Adobe Systems Inc. (ADBE) $67.79 +1.27%
Yahoo! Inc. (YHOO) $39.05 +1.03%
Vimpelcom Ltd Ads (VIP) $8.04 +1.01%
Biogen Idec Inc. (BIIB) $332.24 +0.91%
Wynn Resorts Ltd. (WYNN) $182.83 +0.86%
eBay Inc. (EBAY) $52.74 +0.65%
Facebook Inc. (FB) $78.29 +0.49%
Nasdaq 100 - Fallers
Discovery Communications Inc. Class A (DISCA) $38.22 -5.63%
Baidu Inc. (BIDU) $214.79 -4.51%
Applied Materials Inc. (AMAT) $21.63 -4.08%
Catamaran Corp (CTRX) $43.95 -4.06%
Liberty Interactive Corp (LINTA) $27.87 -3.86%
Equinix Inc. (EQIX) $209.26 -3.78%
Charter Communications Inc. (CHTR) $156.37 -3.72%
F5 Networks Inc. (FFIV) $120.52 -3.46%
Express Scripts Holding Co (ESRX) $71.95 -3.23% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: ECB, Barclays, Greene King The European Central Bank (ECB) is under pressure to help the Eurozone's struggling economy, The Financial Times reported on Wednesday.
On Monday, leading shares in London closed 97 points lower, their biggest daily drop since March, following disappointing purchasing managers' index (PMI) data from France and Germany, the Eurozone's two biggest economies.
The ECB has already cut lending and deposit rates, but with growth stalling and inflation still low, it might need to step up its effort.
According to The Guardian, the deputy governor of the Bank of England has demanded better co-operation with US regulators over the size of the fines being sanctioned upon banks, to ensure lenders do not weaken their financial position.
On Tuesday, Barclays was fined �38m for failing to keep its clients' money adequately segregated from the bank's own assets, a record fine for such an offence, but Andrew Bailey said he wanted a "cards on the table" approach from regulators around the world.
"I am trying to build capital in firms and it's draining out the other side (in fines and penalties)," Bailey told a press conference.
Pub chain Greene King saw a �660m takeover bid turned down by Spirit Pub Company, reported The Daily Telegraph.
Spirit, which owns 1,200 pubs across the UK, said it had turned down the offer from its larger rival as it felt the bid, which was officially submitted on 15 September and rejected three days later, "under-valued" the business.
Following the disclosure of the proposed takeover, Spirit shares rose 17% to 88.75p, still below the 100p a share made by Greene King.
The three initial public offerings announced in the UK between Monday and Tuesday signal the revival of Britain's listing market, the Wall Street Journal reported. | | |
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