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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: Sell-off continues as UK stocks fall The selling pressure continued on Friday morning as UK stocks opened at their lowest levels over the year, with ongoing concerns about the global economy sparking further volatility across equity markets. The post-Federal Reserve minutes bounce proved short-lived on Thursday, as early gains were quickly erased and the FTSE 100 fell 0.8% to its worst close of 2014 at 6,431.85.
The Footsie was down a further 0.5% at 6,400 on Friday morning, on track to finish the week down 2%.
"European markets look set to post their third weekly decline in a row as concerns about German and European economic growth continue to erode risk appetite, and send investors scurrying for the exits," said analyst Michael Hewson from CMC Markets UK.
Economic data will be in focus on Friday with UK trade figures expected at 09:30. The Office for National Statistics expected to announce the total trade balance - the difference between exports and imports of British goods and services - to be -£3,000, slightly up from July's -£3,348.
Figures for trade balance excluding the EU, an indicator of Britain's trade with countries outside of Europe, are also due to be published, with analysts expecting a reading of -£4,000, up from -£4,345 last month.
Tullow Oil disappoints with well update
Oil and gas group Tullow Oil was in the red early on after the company said that the Sputnik-1 well on its part-owned Arouwe block offshore Gabon has found "non-commercial" hydrocarbons.
Mining stocks were pulling back after a strong performance the previous session as metal prices gave up recent gains. Anglo American, Antofagasta and Fresnillo were among the worst performers early on.
Vedanta Resources were also under the weather after giving a mixed production update for the second quarter.
British American Tobacco was trading lower after Goldman Sachs cut its rating on the cigarette maker to 'sell'.
Utility services group Telecom Plus was on the advance after saying it is happy with market expectations for the full year after strong organic growth in the first half. Increases in customer and service numbers accelerated further during the second quarter. |
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| Market Movers
techMARK 2,680.20 -0.67%
FTSE 100 6,400.24 -0.49%
FTSE 250 14,669.20 -0.96%
FTSE 100 - Risers
Admiral Group (ADM) 1,265.00p +0.48%
Unilever (ULVR) 2,553.00p +0.47%
SABMiller (SAB) 3,311.00p +0.41%
Royal Mail (RMG) 403.20p +0.32%
Aberdeen Asset Management (ADN) 394.40p +0.28%
WPP (WPP) 1,167.00p +0.26%
RSA Insurance Group (RSA) 464.10p +0.24%
National Grid (NG.) 878.00p +0.23%
Standard Life (SL.) 390.90p +0.23%
British Land Co (BLND) 679.50p +0.22%
FTSE 100 - Fallers
Carnival (CCL) 2,203.00p -2.87%
Tullow Oil (TLW) 555.00p -2.80%
Anglo American (AAL) 1,319.50p -2.69%
Ashtead Group (AHT) 914.50p -2.61%
Fresnillo (FRES) 752.00p -2.34%
Hargreaves Lansdown (HL.) 901.00p -2.33%
Randgold Resources Ltd. (RRS) 4,202.00p -2.23%
Antofagasta (ANTO) 671.50p -2.11%
Aggreko (AGK) 1,445.00p -1.97%
Sports Direct International (SPD) 578.50p -1.87%
FTSE 250 - Risers
Alent (ALNT) 335.00p +4.26%
Telecom Plus (TEP) 1,290.00p +2.71%
COLT Group SA (COLT) 127.20p +1.60%
Paragon Group Of Companies (PAG) 326.70p +0.86%
Hochschild Mining (HOC) 120.00p +0.84%
esure Group (ESUR) 221.20p +0.59%
Fidelity European Values (FEV) 146.80p +0.55%
UDG Healthcare Public Limited Company (UDG) 319.20p +0.54%
NB Global Floating Rate Income Fund Ltd GBP (NBLS) 96.65p +0.52%
Kennedy Wilson Europe Real Estate (KWE) 1,055.00p +0.48%
FTSE 250 - Fallers
Vedanta Resources (VED) 860.00p -6.88%
CSR (CSR) 678.00p -5.37%
Afren (AFR) 99.90p -4.77%
Soco International (SIA) 339.90p -4.52%
EnQuest (ENQ) 86.30p -4.22%
Fenner (FENR) 286.10p -4.22%
African Barrick Gold (ABG) 199.70p -3.62%
Ferrexpo (FXPO) 88.80p -3.48%
Ophir Energy (OPHR) 204.10p -3.41% |
| | UK Event Calendar | | Friday 10 October
INTERIM DIVIDEND PAYMENT DATE
Admiral Group, AL Noor Hospitals Group, APR Energy, Berendsen, Bwin.party Digital Entertainment, Cape, Centaur Media, Chime Communications, Clarke (T.), Drax Group, Glanbia, H&T Group, Jupiter European Opportunities Trust, Lavendon Group
QUARTERLY PAYMENT DATE
British Assets Trust, Land Securities Group, Schlumberger Ltd., XP Power Ltd. (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Import and Export Price Indexes (US) (13:30)
Treasury Budget Statement (US) (19:00)
GMS
Sopheon
IMSS
Jupiter Fund Management , XP Power Ltd. (DI)
DRILLING REPORT
Vedanta Resources
SPECIAL DIVIDEND PAYMENT DATE
Admiral Group
TRADING ANNOUNCEMENTS
X5 Retail Group NV GDR (Reg S)
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
FINAL DIVIDEND PAYMENT DATE
AdEPT Telecom, Goodwin Plc, Henderson Smaller Companies Inv Trust, UniVision Engineering Ltd. |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall after downbeat week European stocks declined in early trading on Friday following a busy week of largely negative economic data that included the Federal Reserve's meeting minutes, the Bank of England's (BoE) policy decision and German export figures. The Fed's minutes of its 16-17 September meeting dampened prospects of an interest rate hike any time soon while the BoE decided to keep its policy unchanged.
Data out of Germany showed exports, industrial production and factory orders fell in August.
The International Monetary Fund also cut its global forecasts, saying economic growth may never return to pre-crisis levels.
On Thursday, European Central Bank President Mario Draghi said the eurozone was doomed without reforms by the bloc's governments.
Alpari UK analyst Craig Erlam believes such events failed to move the markets.
"People around the world are trying to rationalise the moves and attribute them to any minor event, economic release or comment that hits the news wires, but the simple fact of the matter is that at times, there's no rationalising the irrational. These moves are being driven by fear and nothing else," he said.
"I don't for a second believe that German export numbers, despite them being very poor, prompted a 2% decline in the US on Thursday, nor do I believe it was driven by comments from Mario Draghi or any Fed officials because to be frank, it's the same old material we've heard for months."
To cap off the week, Friday's agenda includes the release of UK trade figures and speeches from UK, US and European central bank officials.
Company-wise Outokumpu Oyj and Norsk Hydro declined, leading a gauge of commodity companies to post the worst performance on the benchmark Stoxx Europe 600 Index.
The euro dropped 0.21% to $1.2664. |
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| | US Market Report | | US close: Markets tumble after Wednesday's rally US markets tumbled on Thursday, as companies began reporting quarterly earnings and investors looked intent to book profits after Wednesday's gain, as the Dow Jones suffered its fourth 300-point decline in 2014.
The Dow Jones Industrial Average closed 334.97 down to 16,659.25 points, while the Nasdaq dropped 90.26 to 4,378.34 points and the S&P 500 shed 40.68 to 1,928.21 points. “What we’re seeing is profit taking from yesterday’s trading ,where we saw nearly 2% gains, and I think that was a bit overdone,” said Craig Erlam, market analyst at Alpari U.K. “We’ve seen massive rallies off those Fed minutes, which weren’t exactly the most dovish thing we’ve ever heard, and there was no real change in policy." Investors were also left unimpressed by comments from Mario Draghi, the European Central Bank president. “I cannot see any way out of the crisis unless we create more confidence in the future potential of our economies," Draghi said on Thursday. "Demand side policies can play a part in this by forestalling so-called 'hysteresis' – a situation where workers are unemployed for too long and lose their skills. The quicker we can return the economy to potential, the less potential we will lose.” Government data released on Thursday showed the number of people who applied for jobless benefits in the first week of October remained below 300,000 for the fourth consecutive week and the first time it has happened in over eight years. According to Labor Department data, the number of initial jobless claims in the week ended 4 October declined by 1,000 to a seasonally adjusted 287,000, with jobless claims now 21% lower than 12 months ago. The main unemployment indicator fell to 5.9% in September as the rate edged below 6% for the first time since 2008, while the average of new claims in September dropped by 7,250 to 287,750, reaching the lowest level since February 2006. In corporate news, Pepsi dropped 0.39%, despite reporting third quarter profit and sales that exceeded expectations, while Alcoa shares lost 4.23%, even though the firm's third quarter earnings beat estimates. Apple gained 0.22% despite a Wall Street Journal report announcing that the Silicon Valley giant has delayed plans to produce a larger version of the iPad until early 2015. Google dropped 2.22% after news emerged that the firm’s tax deal in France is being challenged, while Symantec lost 2.37% before announcing plans to split itself into two. Gold prices surged forward 1.47%, while West Texas intermediate oil was in decline for a third consecutive session and dropped over 2.3%, closing at just over $85 a barrel, 20% under its June peak. The yield of 10-year Treasury notes rose one basis point to 2.34, while the 30-year Treasury rose by the same margin to 3.07 and the five-year note rose two basis points to 1.58. The dollar was in retreat against the pound and the yen, but it registered a marginal gain against the euro early on. S&P 500 - Risers Ventas Inc. (VTR) $64.54 +1.33%
Vornado Realty Trust (VNO) $101.65 +1.25%
Equity Residential (EQR) $64.10 +0.83%
Intercontinental Exchange Inc (ICE) $203.01 +0.83%
Perrigo Company plc (PRGO) $152.39 +0.63%
HCP Inc. (HCP) $41.14 +0.49%
AvalonBay Communities Inc. (AVB) $145.91 +0.37%
Simon Property Group Inc. (SPG) $168.66 +0.34%
Hormel Foods Corp. (HRL) $51.62 +0.25%
Kimco Realty Corp. (KIM) $22.63 +0.22% S&P 500 - Fallers
Gap Inc. (GPS) $36.67 -12.48%
Peabody Energy Corp. (BTU) $10.24 -9.22%
First Solar Inc. (FSLR) $56.50 -9.15%
United States Steel Corp. (X) $33.90 -7.33%
QEP Resources Inc (QEP) $26.46 -7.32%
Chesapeake Energy Corp. (CHK) $19.18 -7.03%
Williams Companies Inc. (WMB) $50.18 -6.82%
Newfield Exploration Co (NFX) $31.68 -6.38%
ONEOK Inc. (OKE) $58.80 -6.25%
Anadarko Petroleum Corp. (APC) $90.00 -6.18% Dow Jones I.A - Risers Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $93.50 -3.26%
Exxon Mobil Corp. (XOM) $91.82 -2.95%
Chevron Corp. (CVX) $114.51 -2.92%
Goldman Sachs Group Inc. (GS) $181.27 -2.88%
Walt Disney Co. (DIS) $85.71 -2.72%
Johnson & Johnson (JNJ) $102.08 -2.70%
United Technologies Corp. (UTX) $99.94 -2.62%
Visa Inc. (V) $207.71 -2.19%
JP Morgan Chase & Co. (JPM) $59.08 -2.19%
Microsoft Corp. (MSFT) $45.85 -1.99% Nasdaq 100 - Risers
Apple Inc. (AAPL) $101.02 +0.22%
Yahoo! Inc. (YHOO) $41.10 +0.05% Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $6.02 -5.94%
Vodafone Group Plc ADS (VOD) $31.35 -5.74%
Micron Technology Inc. (MU) $30.64 -5.20%
Maxim Integrated Products Inc. (MXIM) $27.87 -3.80%
Discovery Communications Inc. Class A (DISCA) $35.79 -3.69%
Sirius XM Holdings Inc (SIRI) $3.28 -3.67%
Sandisk Corp. (SNDK) $89.99 -3.62%
Liberty Interactive Corp (QVCA) $28.87 -3.51%
Alexion Pharmaceuticals Inc. (ALXN) $170.30 -3.47%
Adobe Systems Inc. (ADBE) $65.66 -3.43% |
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| | Friday newspaper round-up: Germany, Energy, Oil | | The Eurozone is showing the symptoms of Japan’s longstanding economic issues and needs to adopt measures to avert the threat of recession, the Guardian reported on Friday. Christine Lagarde, the head of the International Monetary Fund, warned there was a “serious risk” of a recession in the Eurozone if nothing was done to avert a new downturn and hinted that Germany will have to run down its budget surplus in order to boost growth. “We have alerted to the risks of persistently low inflation, which was one of the attributes of Japan,” Lagarde said. One in five members of the Confederation of British Industry (CBI) believes the UK’s energy security has worsened over the last five years. As well, higher costs are affecting manufacturers’ competitiveness. Both of the above are the result of the government’s failure to secure progress on fracking, thus posing a risk to job creation. Heavy energy users complain that they are paying 35% more than the median of the largest corporations over on the continent, said John Cridland, director-general of the CBI, according to The Times. Some traders are panicking about the situation in oil markets, wondering where the growth in demand will come from to meet rising supplies. Those fears were further stoked on Thursday by further weak economic data coming out of Germany. The price of oil in the US hit a two-year low after falling by more than two dollars on Thursday. However, such losses may lead to OPEC stepping in to prop up prices, according to The Daily Telegraph. Passengers arriving at Heathrow and Gatwick airports and on Eurostar trains will face questions and could be medically assessed, as concerns over the spread of Ebola grow, The Daily Telegraph reported. Checks will affect passengers arriving from Liberia, Sierra Leone and Guinea and will involve "assessing passengers' recent travel history, who they have been in contact with and onward travel arrangements”, the report adds, citing a statement from Downing Street. The decision comes after the chairman of an influential Commons committee and the Labour Party called for tests to be introduced, despite ministers ruling out screenings earlier on Thursday, claiming the UK was following World Health Organisation advice. Hays, Britain’s largest recruiter, has been boosted by an increased number of hirings, the Financial Times reported. The figures provide further evidence that economic conditions in the UK are improving, as in the three months to 30 September Hays raised net fee income by 9% on a like-for-like basis from the same period last year, after businesses hired more permanent staff. The company also reported strong growth in Australia and Germany, the report added. London took a big step on the road to becoming the main non-Chinese financial centre for trading that country’s currency on Thursday. The Treasury launched the first sale of bonds denominated in yuan. The fact that the Treasury will use the proceeds to establish a reserve for the currency is another sign of the growing importance of that country in international finance. The sale is being led by bank of China, HSBC and Standard Chartered, writes The Times. | | |
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