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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 close: Mining stocks help lift FTSE to positive finish Coming off the morning's declines, London-listed stocks ended Monday's session on a relatively upbeat note, thanks to a strong performance by the mining sector on what was a generally quiet day for markets.
The FTSE 100 finished near its best levels of the session, closing 26.27 points higher at 6,366.24.
"Shares in Europe rebounded modestly off yearly lows [...] when last week's downside momentum ran out of steam thanks to the Federal Reserve and Bank of England hinting at later rate hikes and positive trade data from China," said CMC market analyst Jasper Lawler.
Bank of England governor Mark Carney was making headlines after giving a speech at the International Monetary Fund's annual meeting in Washington, telling CNBC afterwards that weak growth in the Eurozone had been a central theme.
"Governor Carney in an interview at the International Monetary Fund suggested weakening growth in the Eurozone would influence policy at the Bank of England," Lawler continued.
"Carney's comments infer that domestic inflation, wage and unemployment data may be slower to reach targets thanks to slowing growth in the Eurozone and perhaps pushes back the timing of the first UK rate hike to the second quarter of next year."
London house prices less affordable than at 2007 peak
A surge in London house prices this year has left the capital far less affordable than ever before, particularly compared to the rest of Britain, according to Hamptons International.
The report found London to be less affordable now than when the housing market hit its previous peak in 2007. It was also outlined that buyers face many pressures, whether from the increased cost of living or rising housing prices.
Miners help FTSE back into positive territory
Mining stocks gained strongly thanks to broker upgrades and strong economic data out from China which showed that both exports and imports jumped strongly in September, by 15.3% and 7% year-on-year respectively. The sector has in the past few months declined sharply due to mounting concerns about slowing global growth
Credit Suisse gave an extra boost to Anglo American after raising its rating on the stock to 'outperform' from 'neutral', while Canaccord Genuity started its coverage on Glencore Xstrata with a 'buy' rating and a target of 400p.
Manufacturing conglomerate Melrose rose after it said it would sell its industrial rope and cable division Bridon for ?365m - a price above some analysts' expectations.
Shares in Arm Holdings were hit by a downgrade from JPMorgan & Co. to 'neutral', while Tesco declined after the Financial Times reported that two more directors at the supermarket are set to depart. Company secretary Jonathan Lloyd is expected to exit in March after serving out his notice period, while non-executive director Ken Hanna will bid farewell before the year's end.
Medical technology business Smith & Nephew fell after reporting negative results for the phase-three study on its living cell spray-on therapy, which failed to meet its primary goal. The treatment is designed to work with the body's own cells to stimulate healing of venous leg ulcers, but failed to result in a statistically significant improvement in healing over a placebo.
On the second tier, shares in Synergy Health surged after US group Steris Corp offered $1.9bn for the UK sterilisation services provider in a cash-and-stock deal. Analysts at Canaccord Genuity said it was an "attractive price for Synergy holders". |
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| | Market Movers
techMARK 2,655.15 -0.57%
FTSE 100 6,366.24 +0.41%
FTSE 250 14,543.98 -0.67%
FTSE 100 - Risers
Anglo American (AAL) 1,388.00p +4.72%
Randgold Resources Ltd. (RRS) 4,381.00p +4.38%
Rio Tinto (RIO) 3,090.00p +4.22%
Fresnillo (FRES) 778.50p +3.94%
BHP Billiton (BLT) 1,660.50p +2.91%
Glencore (GLEN) 320.60p +2.67%
Antofagasta (ANTO) 677.00p +2.34%
United Utilities Group (UU.) 808.00p +2.08%
HSBC Holdings (HSBA) 632.80p +2.02%
BG Group (BG.) 1,040.00p +1.46%
FTSE 100 - Fallers
Tesco (TSCO) 180.60p -2.51%
TUI Travel (TT.) 335.40p -2.44%
ARM Holdings (ARM) 822.00p -2.43%
Carnival (CCL) 2,155.00p -2.36%
Weir Group (WEIR) 2,155.00p -2.31%
Dixons Carphone (DC.) 357.10p -1.46%
Smith & Nephew (SN.) 976.50p -1.46%
Shire Plc (SHP) 5,140.00p -1.44%
InterContinental Hotels Group (IHG) 2,165.00p -1.37%
Bunzl (BNZL) 1,546.00p -1.34%
FTSE 250 - Risers
Synergy Health (SYR) 1,840.00p +31.43%
De La Rue (DLAR) 492.00p +3.67%
Ferrexpo (FXPO) 90.55p +3.07%
SSP Group (SSPG) 236.70p +2.91%
Ladbrokes (LAD) 113.70p +2.71%
Hochschild Mining (HOC) 119.00p +2.59%
Polymetal International (POLY) 483.60p +2.54%
Lonmin (LMI) 174.00p +2.17%
Melrose Industries (MRO) 243.20p +1.89%
Just Retirement Group (JRG) 122.70p +1.74%
FTSE 250 - Fallers
Essentra (ESNT) 698.00p -5.93%
Just Eat (JE.) 270.00p -4.26%
CSR (CSR) 645.00p -3.87%
Laird (LRD) 283.50p -3.64%
Booker Group (BOK) 118.90p -3.57%
Alent (ALNT) 301.30p -3.52%
AO World (AO.) 154.00p -3.45%
Riverstone Energy Limited (RSE) 840.00p -3.45%
Cineworld Group (CINE) 306.50p -3.31%
Fisher (James) & Sons (FSJ) 1,216.00p -3.11% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks little changed on Chinese data, euro-area stimulus scepticism European stocks were little changed as investors weighed Chinese trade data and conflicting remarks from Mario Draghi and Jens Weidmann on stimulus.
Chinese exports jumped 15.3% in September after a 9.4% in August, beating forecasts for a 12% increase.
Imports grew 7% in September, compared to a 2.4% fall a month earlier and analysts' estimates for a 2% drop.
The trade surplus came in at $31bn for the month.
"Looking ahead, we expect exports to remain healthy as global growth continues to recover, largely on the back of improving conditions in the US," according to Capital Economics.
"Meanwhile, we expect the surge in import growth to prove short-lived. "
In the Eurozone, European Central Bank president Draghi and Bundesbank head Weidmann clashed in their thoughts on stimulus to boost the euro-area's weak economy.
Speaking at weekend meetings of the International Monetary Fund in Washington, Draghi said he's ready to expand the monetary authority's balance sheet by as much as €1trn.
However Bundesbank head Weidmann said there was no set target.
Weidmann was due to speak in Beilefeld, Germany at 17:00 London time.
In the UK, Bank of England (BoE) Governor Mark Carney on Monday told CNBC that weak global demand is dragging down inflation, which the central bank will take into consideration.
"Interestingly, Mr. Carney would not be drawn in his interview with CNBC on whether his recent frequently stated view that 'an interest rate hike is getting nearer' still held, instead referring to the fact that there would be an update on this when the Bank of England releases its new growth and inflation forecasts in November," said Howard Archer, chief UK & European economist of IHS Global Insight.
"We have long been expecting the Bank of England to first raise interest rates from 0.50% to 0.75% in February - but there is clearly a very real and mounting possibility that the bank could delay acting until nearer mid-year."
In the US, the bond market was closed due to the Columbus Day celebration. While the stock market remained open, there were no major economic releases due.
Deutsche Bank, Luxottica
Deutsche Bank dropped as Spiegel reported the lender's provisions for potential legal costs may reach €7bn.
Luxottica Group SpA declined after the eyewear maker's chief executive stepped down, the second to leave in a little more than a month.
Nokian Renkaat Oyj advanced as Nordea Bank AB raised its rating on the stock to 'strong buy' from a 'buy'.
Synergy Health surged after the UK sterilisation services provider received a $1.9bn takeover bid from US group Steris.
The euro rose 0.52% to $1.2694. |
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| | US Market Report | | US open: Markets edge higher as investors await earnings season US stocks moved slightly higher on Monday, as Federal Reserve officials said higher interest rates might not be introduced in the near future in the event of a slowdown in the global economy.
"The Fed and the BoE will proceed only gradually, benefiting from a benign inflation outlook," said Holger Schmieding, chief economist at Berenberg said.
"The shadow of the financial crisis is receding, but it still hangs over economies for now. By end-2016 we expect the Fed's key interest rate to have reached 2.5%, compared to 2.0% in the UK.
"But the rather rough patch in the Eurozone will be weighing on the Fed and BoE's decisions and may cause them to delay the first hike."
Investors are expected to focus their attention to the earnings season, which begins in its earnest on Tuesday, with JP Morgan and Citigroup among the businesses due to the report.
CSX rose sharply early in the first session of the week after the Wall Street Journal reported that Canadian Pacific Railway approached the firm about a tie-up which, according to the sources cited in the report, was rejected by the transportation supplier.
Lakeland Industries registered a significant gain as fears related to the Ebola virus continued to grow, while Alpha Pro Tech also rallied on the back of concerns related to the virus, after a nurse who cared for the patient who died of Ebola in Dallas last week was admitted to the hospital.
Tekmira Pharmaceuticals, one of the pharmaceutical companies whose TKM-Ebola has been used to halt the virus gained slightly, while Ibio surged following news that the firm may become part of the government's efforts to increase the production of experimental drug Zmapp.
JC Penney rose after the retailer announced that Home Depot executive Marvin Ellison will succeed current chief executive Myron Ullman from next year.
Synergy Health soared after Steris confirmed it had agreed to buy the British firm in a deal worth $1.9bn in cash and stock.
Gold futures were slightly higher, while the price of West Texas intermediate crude continued to decline, losing over one percentage point as oil traded at just under $85 a barrel. |
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| | Broker Tips | | Broker tips: Randgold, AB Foods, Smith & Nephew, Mining stocks Randgold Resources' share price was given a lift on Monday by analysts at UBS who upgraded the stock from 'neutral' to 'buy' after a recent slump in the value of the gold miner.
The bank said that it still prefers precious metals peer Fresnillo over Randgold, but reckons that the risk/reward balance at the latter is now "attractive at current levels".
The recent pullback in the share price of Associated British Foods presents a opportunity for investors to buy into the growth story at low-cost fashion retailer Primark, according to Societe Generale.
The French bank has upgraded its stance on the food and retail group from 'hold' to 'buy' following a 25% drop in the shares since early July which has left the stock flat over 2014.
Investec has cut its rating for medical technology group Smith & Nephew from 'add' to 'hold' after the company's disappointing results from a ulcer therapy study on Monday.
The broker has made no changes to near-term forecasts because the treatment was not expected to be launched until 2017. However, the target for the stock has been trimmed from 1,100p to 1,023p.
Diversified mining stocks may come under further selling pressure in the short-term, but the long-term story looks positive, according to broker Canaccord Genuity. | | |
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