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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: Shares in the red on downbeat earnings The London market tumbled back into negative territory on Monday after downbeat US earnings rekindled worries about the health of the global economy.
Having finished on a positive note on Friday after a chaotic week, the FTSE 100 Index closed the first session of this week 43.22 points down at 6267.07.
The Footsie hit new year-lows last week as weak German, US and Asian data sparked fears of another financial crisis.
The jitters re-emerged on Monday as US tech heavyweight IBM disappointed with a big earnings miss and profit warning before US markets opened.
There was also downbeat corporate news in Europe as German software maker SAP warned on 2014 profits as clients switched more quickly than expected from packaged software to technology delivered through the internet.
Back in the UK, airlines were flying higher after Liberum Capital highlighted UK-listed IAG, Ryanair and Easyjet as its top picks across the European airline sector.
IAG lifted 11p to 361.4p, Easyjet climbed 22p to 1431p and Ryanair ascended €0.14 to €7.10. Other travel stocks were also in the money, with TUI Travel gaining 10.1p to 349.2p and cruise operator Carnival floating 32p higher to 2246p.
Beleaguered supermarket group Tesco, which posts first-half results on Thursday, advanced 4.75p to 179.3p as respected retail analyst Nick Bubb said it looked as though the group would play down any plans for a rights issue.
Pub group Spirit frothed up 8.75p to 99.75p on news of a higher offer from suitor Greene King, whose shares increased 7p to 775p.
But micro-chip maker ARM Holdings cooled 23.5p to 851.5p ahead of third quarter results on Tuesday.
Industrial heavyweights were also in the doldrums as the fallout of downbeat news from Rolls-Royce last week continued, with Rolls off 14p at 818p, aerospace engineer GKN subsiding 3.8p to 302p and IMI losing 25p to 1174p. |
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| | Market Movers
techMARK 2,612.04 -0.45%
FTSE 100 6,267.07 -0.68%
FTSE 250 14,755.97 -0.01% FTSE 100 - Risers
InterContinental Hotels Group (IHG) 2,249.00p +4.31%
International Consolidated Airlines Group SA (CDI) (IAG) 361.40p +3.14%
TUI Travel (TT.) 349.20p +2.98%
Tesco (TSCO) 179.30p +2.72%
Associated British Foods (ABF) 2,635.00p +2.57%
Barclays (BARC) 218.35p +2.46%
Royal Bank of Scotland Group (RBS) 351.90p +2.03%
easyJet (EZJ) 1,431.00p +1.56%
Carnival (CCL) 2,246.00p +1.45%
Direct Line Insurance Group (DLG) 268.40p +1.44%
FTSE 100 - Fallers
BG Group (BG.) 1,024.50p -3.80%
Kingfisher (KGF) 290.00p -3.01%
Tullow Oil (TLW) 508.50p -2.96%
Petrofac Ltd. (PFC) 1,030.00p -2.83%
ARM Holdings (ARM) 851.50p -2.69%
Ashtead Group (AHT) 936.50p -2.55%
Royal Dutch Shell 'A' (RDSA) 2,099.00p -2.33%
Royal Dutch Shell 'B' (RDSB) 2,189.00p -2.30%
Travis Perkins (TPK) 1,584.00p -2.28%
IMI (IMI) 1,174.00p -2.09%
FTSE 250 - Risers
Ferrexpo (FXPO) 91.45p +5.78%
Bwin.party Digital Entertainment (BPTY) 92.90p +4.97%
Go-Ahead Group (GOG) 2,446.00p +3.91%
Bellway (BWY) 1,655.00p +2.86%
William Hill (WMH) 363.40p +2.80%
Bovis Homes Group (BVS) 816.00p +2.77%
Big Yellow Group (BYG) 521.00p +2.76%
LondonMetric Property (LMP) 139.20p +2.50%
Entertainment One Limited (ETO) 309.30p +2.28%
Foxtons Group (FOXT) 199.50p +2.26%
FTSE 250 - Fallers
Cairn Energy (CNE) 156.50p -3.99%
Premier Oil (PMO) 251.50p -3.57%
EnQuest (ENQ) 74.05p -3.52%
Just Eat (JE.) 267.30p -3.01%
Computacenter (CCC) 592.00p -2.95%
Amec (AMEC) 1,000.00p -2.91%
Evraz (EVR) 125.30p -2.64%
Debenhams (DEB) 58.75p -2.49%
Polymetal International (POLY) 470.40p -2.45%
Grafton Group Units (GFTU) 588.00p -2.33% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks and oil move lower ahead of ECB stress tests European stocks ended the session deeply in the red after poor quarterly results out of US computing giant IBM and despite reports that the European Central Bank had begun to execute purchases of asset covered bonds from France and Spain.
To take note of, oil futures were again to be seen headed lower towards the end of trading.
That and the IBM results weighed on what was already dour market sentiment following weak showings out of two of the Continent's own technology stalwarts, SAP and Royal Philips, earlier in the day.
The German software giant slashed its full-year earnings forecasts, sending its shares lower by nearly 4%. Meanwhile, Royal Philips reported weaker than expected third quarter profits and sales.
Acting as a backdrop, market commentary highlighted France's upcoming budget battles, as well as the nervousness in some corners ahead of next weekend's ECB stress test results.
Traders were also highly expectant ahead of tonight's results from US technology outfits Apple and Texas Instruments.
The German Dax Xetra finished the session 1.43% lower and the Paris benchmark, the Cac-40, down by 0.98%. Stocks on the periphery fared better, with Madrid's benchmark Ibex 35 down by just 0.29% and the FTSE Mibtel down 0.49%.
Adidas ended the day 5% higher after The Wall Street Journal Europe reported that a group of investors may make a bid for Adidas valued at about €1.7bn.
Shares of French advertising group Havas also gained ground on the back of a deal that would see billionaire Vincent Bollore take a majority stake in the firm.
From a sector standpoint the largest losses are now to be seen in the following industrial groups within the DJ Stoxx 600: Oil&Gas (-2.35%), Technology (-2.33%) and Automobiles&parts (-1.41%).
Better than expected economic data
The Eurozone's current account surplus rose to €18.9bn in August after a reading of €18.7bn in the prior month.
Industrial orders in Italy increased by 1.5% month-on-month in August (consensus: 0.2%).
German producer prices fell at 1% year-on-year clip in September, as expected.
Oil futures move lower
Front month Brent crude futures were lower by 1.68% to $84.72 per barrel out on the ICE. |
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| | US Market Report | | US open: Markets fluctuate as IBM falls sharply, Apple set to publish US stocks edged forward on Monday after a relatively slow start, as investors are set to focus on companies' earnings.
The earnings season will get into full swing throughout the week as earnings for over 100 US companies are set to be released, with investors hoping for stronger numbers in a bid to make up the recent losses.
Dallas Federal Reserve president Richard Fisher said that he will support ending the central bank's bond-buying programme next week as scheduled.
On Monday, Fisher told CNBC that he was not concerned by the volatility that hampered markets last week, adding he did not think inflation was trending lower.
Fisher's comments came in response to St. Louis Fed President James Bullard's suggestion that the $15 billion-per-month purchase programme should be extended until December.
Bullard, whose initiative is yet to receive any support from Fed officials, last week suggested that the programme should be extended due to concerns about declining inflation expectations.
In corporate news, International Business Machines (IBM), the second-biggest stock in the Dow Jones Industrial Average as of last week, fell sharply after posting lower than expected earnings in its third quarter.
Sales at the technology giant fell across several divisions and IBM has now failed to generate a revenue increase for 10 straight quarters.
Technology firms in the S&P 500 dropped 0.5%, with Oracle and CSX both dropping over three percentage points, the latter after announcing that talks over a proposed merger with Canadian Pacific Railway ended.
Apple rose slightly ahead of its quarterly earnings report tonight, with analysts estimating that the iPhone maker's profit rose 10%.
In the first session of the week, the dollar was in retreat against the pound, the euro and the yen.
The price of West Texas intermediate crude fell by almost one percentage point as oil traded at just over $82 a barrel, while gold futures edged forward to $1.246.10. |
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| | Broker Tips | | Broker tips: Airlines, Rolls-Royce, Premier Foods, Spectris Liberum has highlighted UK-listed IAG, Ryanair and Easyjet as its top picks across the European airline sector, saying it sees "opportunities for the brave" despite sentiment remaining fragile across the industry.
"Amidst concerns over Ebola, Eurozone recession and excess capacity, we believe there are good long-term opportunities for investors with high risk tolerances," the broker said.
Analysts at JPMorgan Cazenove, Investec and Liberum have all taken a more cautious view on Rolls-Royce after the engine maker lowered its full-year revenue guidance last week.
Liberum downgraded the stock from 'buy' to 'hold', slashing its target from 1,225p to 900p. It said the shares are not likely to trade on much more than its medium-term average rating. Investec also lowered its recommendation from 'buy' to 'hold', while JPMorgan cut its stance from 'overweight' to 'neutral'.
Previewing Premier Foods' third quarter results on Thursday, broker Shore Capital reiterated its 'buy' recommendation in light of the "truly awful" performance of the shares since March's refinancing despite the "much good work" done by management this year.
ShoreCap was, however, approaching the trading update "with a degree of trepidation", given the weakness of previous trading and the UK's challenging grocery markets.
Analysts at Credit Suisse lowered their estimates for the instrumentation and controls manufacturer Spectris due to a raft of factors, including weakness in China and Germany. | | |
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