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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: Markets stabilise ahead of Fed meeting UK stocks ended Tuesday's session on an upbeat note thanks to a strong performance by the mining sector and a level of stability not seen on markets for several weeks.
The FTSE rose early on, dipped around 10:30, but recovered to deliver a steady performance throughout the afternoon, ultimately ending at 6,402.17, marking a gain of 38.71.
Investors are looking ahead to the outcome of the two-day Federal Reserve meeting, with the Fed expected to announce on Wednesday the end of its bond purchase programme as part of its latest policy decision.
The US central bank is also forecast to keep interest rates unchanged.
"I think any major surprises tomorrow is very unlikely simply because there is no press conference following the decision, which means there would be no opportunity to question any big changes in policy or stance," said Alpari UK analyst Craig Erlam.
Investors were also digesting data out from the States, which showed that US consumer confidence rose to 94.5 in October, up from 89 in September, while home-price growth declined in August.
Spreadex's David White said: "It looks as if, for now at least, the market has stabilised from the recent bout of volatility and rebalancing, making buying risk somewhat more palatable than this time last week. Investors will be aware that November and December are typically good months for equities, as money managers look to allocate and companies resume buying back their stock after third quarter earnings. Only time will tell."
Banking stocks slide
Shares in banking group Standard Chartered dropped after the company reported a 16% decline in operating profit in the third quarter and issued a profit warning, saying that full-year earnings would be lower than last year.
Underlying profits were higher than expected at Lloyds Banking Group, rising 44% year-on-year in the third quarter, but shares fell sharply as analysts raised concerns about further PPI impairment charges and the outlook for the UK housing market.
Lower prices and higher costs led to a worse-than-expected 26% drop in adjusted profits at BG Group in the third quarter despite higher revenues, pushing the stock lower.
Jefferies International dragged GlaxoSmithKline after cutting its target from 1,400p to 1,350p.
Meanwhile, the upside was led by the mining sector, with Anglo American, Glencore, BHP Billiton and Rio Tinto among the best performers, thanks in part to a jump in copper prices.
BP reported that profits fell by almost a fifth in the third quarter, but the stock moved higher after the oil major still beat the market's expectations and said it was "well on track" to hit its targets this year. |
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| | Market Movers
techMARK 2,708.62 +0.77%
FTSE 100 6,402.17 +0.61%
FTSE 250 15,123.35 +0.55%
FTSE 100 - Risers
Anglo American (AAL) 1,344.50p +3.70%
Dixons Carphone (DC.) 392.10p +3.43%
Antofagasta (ANTO) 700.50p +3.24%
Smith & Nephew (SN.) 1,009.00p +3.17%
Aberdeen Asset Management (ADN) 413.20p +3.07%
St James's Place (STJ) 695.00p +3.04%
Vodafone Group (VOD) 203.55p +2.96%
Mondi (MNDI) 1,012.00p +2.53%
Aviva (AV.) 517.50p +2.27%
Glencore (GLEN) 319.45p +2.17%
FTSE 100 - Fallers
Standard Chartered (STAN) 998.40p -8.82%
Lloyds Banking Group (LLOY) 73.50p -2.44%
BG Group (BG.) 1,026.00p -1.63%
GlaxoSmithKline (GSK) 1,386.50p -0.89%
Aggreko (AGK) 1,490.00p -0.60%
Burberry Group (BRBY) 1,492.00p -0.47%
Marks & Spencer Group (MKS) 406.60p -0.32%
Pearson (PSON) 1,133.00p -0.26%
Whitbread (WTB) 4,324.00p -0.25%
InterContinental Hotels Group (IHG) 2,264.00p -0.18%
FTSE 250 - Risers
Pets at Home Group (PETS) 188.00p +5.03%
African Barrick Gold (ABG) 214.40p +4.59%
Kazakhmys (KAZ) 228.10p +4.35%
Brit (BRIT) 249.50p +4.31%
Bwin party Digital Entertainment (BPTY) 98.65p +3.24%
Drax Group (DRX) 598.50p +3.10%
Tullett Prebon (TLPR) 274.50p +3.04%
Evraz (EVR) 132.00p +2.96%
Debenhams (DEB) 63.55p +2.92%
Foxtons Group (FOXT) 159.70p +2.77%
FTSE 250 - Fallers
Synthomer (SYNT) 199.40p -6.30%
Morgan Advanced Materials (MGAM) 272.30p -4.86%
Playtech (PTEC) 739.50p -3.21%
Petra Diamonds Ltd.(DI) (PDL) 165.00p -3.00%
Infinis Energy (INFI) 216.50p -2.04%
Soco International (SIA) 319.10p -2.03%
Micro Focus International (MCRO) 978.50p -1.41%
SIG (SHI) 148.40p -1.26%
Telecom Plus (TEP) 1,420.00p -1.25%
PayPoint (PAY) 885.00p -1.23% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks rally after US data, EU decision on French and Italian budgets European stocks gained as investors weighed US data and reports that the EU will not reject France and Italy's budget plans for next year.
The Conference Board's US consumer confidence index rose to 94.5 in October, up from 89 in September, topping estimates for a 87.3 reading.
US home-price growth rose less than expected in August, data revealed. The S&P Case Shiller 20-city home price index rose at an annualised rate of 5.6%, below forecasts for a gain of 5.8% and following a gain of 6.7% in July.
US durable goods orders fell 1.3% in September, below consensus expectations for a 0.5% increase. It followed an 18.3% drop a month earlier.
The data comes ahead of the Federal Reserve's policy decision on Wednesday when the central bank is expected to end its bond buying programme and keep interest rates unchanged.
In the euro-area, the EU has decided against rejecting French and Italian budgets this week, avoiding a showdown over the currency bloc's budget rules.
The final decision will now be handed over to new commissioners at the European Commission, the EU's executive arm.
Meanwhile European Central Bank official Christian Noyer on Tuesday said it will not accept inflation remaining under its target of just below 2%.
"We do not passively accept at the ECB that inflation is too weak in relation to our target," Noyer said during a hearing before the French Senate.
The governor of the Bank of France said forecasts suggest Eurozone inflation would "without a doubt" stand at around only 0.6% by the end of the year.
UPM-Kymmene, UBS
UPM-Kymmene Oyj was higher after the paper maker posted better-than-estimated third quarter earnings.
UBS advanced as the Swiss bank posted a weaker-than-forecast rise in third-quarter profit after setting aside $1.94bn for legal costs to settle a case on alleged currency rigging.
Royal KPN NV jumped as the company reported better-than-expected third quarter sales.
Novartis rallied after third-quarter earnings beat analysts' estimates, driven by sales of new medicines.
Standard Chartered declined as the bank reported a 16% fall in third-quarter profit before tax.
Sanofi slumped after saying pricing in the US diabetes market has become ''more challenging'', which will hurt sales of Lantus insulin next year.
The euro rose 0.35% to $1.2742. |
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| | US Market Report | | US open: Stocks buoyed by better than expected earnings US stocks rose on Tuesday, as companies reported better-than-expected earnings ahead of the Federal Reserve meeting.
At 10:00 in New York, the Dow Jones Industrial Average was 58.26 points up at 16,876.20, while the S&P 500 rose 9.35 to 1,970.98 and the Nasdaq advanced 27.95 points to 4,073.97.
According to data released on Tuesday, US consumer confidence rose to 94.5 in October, up from 89 in September and topping estimates that had forecast an 87.3 reading.
Home-price growth declined in August, as the S&P/Case-Shiller 20-City Home Price Index fell 0.15%, against expectations of a 0.2% increase.
The reading marked the fourth consecutive monthly decline and left the index up 5.6% year-on-year as 12 of the 20 metropolitan statistical areas reported a decrease during the period. The slowdown in the pace of home price appreciation comes after prices rose consistently for much of the previous two years.
Meanwhile, durable goods orders fell 1.3% in September, below consensus expectations of a 0.5% increase. Excluding transportation, orders were also weaker-than-expected, declining 0.2% against a predicted 0.8% increase, while core capital goods orders fell 1.7% in September and August figures were revised downward from 0.6% to 0.3%.
In corporate news, Amgen rose sharply after announcing it will buy back more shares and raise its dividend, while Parker Hannifin soared after lifting its guidance for 2015.
Aetna and Coach both rose, the former after raising its earnings outlook for the business, the latter after it announcing sales exceeded estimates.
Kohl's shares dropped after the retailer said its annual profit will be at the lower end of its forecasts, while rail and airlines stocks gained ground.
The dollar was in retreat against the pound and the euro, but rose marginally against the yen.
Gold futures advanced slightly to $1,231.00, while West Texas intermediate and Brent crude continued to fall, trading at just under $81 a barrel and just over $85 a barrel respectively. |
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| | Broker Tips | | Broker tips: StanChart, BP, BG Group, UK engineers Analysts at Numis Securities and Investec have cut their target prices for shares of Standard Chartered after the emerging markets-focused bank warned that second-half underlying profits would be below last year's. Numis has trimmed its target from 1,400p to 1,200p and downgraded its rating for the stock from 'add' to 'hold', while Investec lowered its target from 1,450p to 1,350p, but kept a 'buy' recommendation. While costs and impairments were higher than expected, Investec said that StanChart had "encouragingly" delivered a slightly-better-than-expected revenue performance, with turnover up 1% year-on-year. Investors willing to take on a little risk should consider shares of BP, according to The Share Centre, which recommended the stock as a 'buy' on Tuesday following the oil major's third-quarter results. The broker said that those looking for capital growth and income should be buy the stock, which trades "favourably against it peers" with a price-to-earnings multiple of just nine. Natural gas producer BG Group is making progress and the share price may have hit a trough, but third-quarter profits missed forecasts and investors are waiting for certainty on the outlook and value delivery, according to broker Charles Stanley. Analyst Tony Shepard said the stock is currently "fairly rated" and investors may have to wait for the arrival of new boss Helge Lund before a turnaround. The recent sell-off in the UK engineering sector has been overdone, according to UBS, which predicts that trading should improve in the near term. As part of its review of the sector, UBS has upgraded Rotork from 'neutral' to 'buy' and named Bodycote, Fenner and Spirax-Sarco as other top picks. | | |
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