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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: UK stocks fall for fifth day, but miners advance There was no let-up in the selling pressure on Monday as the UK stock market resumed its sell-off despite a strong performance by the mining sector.
After falling 2.7% last week, the FTSE 100 was down a further 0.4% at 6,314 in early trading, falling for the fifth session in a row. If the index ends the day at this mark, it would represent the lowest close since early-July 2013.
Mining stocks were being helped higher in early deals by some better-than-expected economic data from China, but concerns about the wider global economy were continuing to hit investors' appetite for risk.
"Just over a month ago expectations that the FTSE could break above the 7,000 level were the norm, with the index trading less than 100 points away," said analyst Alastair McCaig from IG.
"The subsequent economic data out of Germany and dismantling of confidence has not only slaughtered European markets but dragged the UK down too," he said.
On a positive note, Chinese exports increased by a larger-than-predicted 15.3% year-on-year in September, compared with 9.4% annual growth the month before. Imports, meanwhile, jumped unexpectedly by 7%, reversing the previous 2.4% drop.
Miners on the up
Mining stocks were the standout risers in London after the upbeat data from China.
Rio Tinto was among the best performers after Barron's said at the weekend that the stock "looks attractive" even if a potential merger with Glencore doesn't emerge. Barron's said that the stock could rise 20% over the next 12 months and that "M&A interest, however tenuous, is just another reason to own it".
Other miners such as Randgold Resources, Anglo American, Fresnillo and BHP BIlliton were also on the rise, along with FTSE 250 groups Ferrexpo, Hochschild Mining, Polymetal and Lonmin.
However, Aquarius Platinum dropped into the red after announcing that an employee died in an accident at its Kroondal mine in South Africa. The company said that it had to suspend operations at the Kwezi shaft pending a technical review.
Airlines IAG and Easyjet were making modest gains early on as the stocks attempted to recover after fears about the ebola virus hammered stocks in the travel and leisure industry over recent weeks. In contrast, TUI Travel, Intercontinental Hotels and Thomas Cook were extending losses.
Engineering firm Weir was lower after Investec cut its target for the stock from 2,400p to 2,025p and reiterated its 'sell' rating. |
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| Market Movers
techMARK 2,649.58 -0.78%
FTSE 100 6,314.30 -0.40%
FTSE 250 14,507.78 -0.91%
FTSE 100 - Risers
United Utilities Group (UU.) 802.50p +1.39%
Rio Tinto (RIO) 3,000.50p +1.20%
Randgold Resources Ltd. (RRS) 4,246.00p +1.17%
Anglo American (AAL) 1,339.50p +1.06%
ITV (ITV) 197.40p +0.77%
HSBC Holdings (HSBA) 624.80p +0.73%
BHP Billiton (BLT) 1,625.00p +0.71%
Associated British Foods (ABF) 2,498.00p +0.40%
Fresnillo (FRES) 752.00p +0.40%
Admiral Group (ADM) 1,259.00p +0.32%
FTSE 100 - Fallers
IMI (IMI) 1,113.00p -2.54%
TUI Travel (TT.) 336.50p -2.12%
ARM Holdings (ARM) 826.00p -1.96%
InterContinental Hotels Group (IHG) 2,156.00p -1.78%
Royal Mail (RMG) 391.70p -1.71%
Weir Group (WEIR) 2,170.00p -1.63%
G4S (GFS) 251.40p -1.60%
Ashtead Group (AHT) 898.00p -1.54%
London Stock Exchange Group (LSE) 1,786.00p -1.54%
Babcock International Group (BAB) 1,032.00p -1.53%
FTSE 250 - Risers
Synergy Health (SYR) 1,800.00p +28.57%
Ferrexpo (FXPO) 91.10p +3.70%
Just Retirement Group (JRG) 123.10p +2.07%
Hochschild Mining (HOC) 118.10p +1.81%
Ladbrokes (LAD) 111.90p +1.08%
Polymetal International (POLY) 476.40p +1.02%
Lonmin (LMI) 171.60p +0.76%
Tullett Prebon (TLPR) 261.10p +0.38%
BlueCrest AllBlue Fund Ltd. GBP Shares (BABS) 187.00p +0.38%
Dunelm Group (DNLM) 817.50p +0.37%
FTSE 250 - Fallers
Alent (ALNT) 298.40p -4.45%
Synthomer (SYNT) 186.80p -3.61%
Renishaw (RSW) 1,550.00p -3.12%
Enterprise Inns (ETI) 111.00p -2.97%
BTG (BTG) 682.00p -2.92%
Zoopla Property Group (WI) (ZPLA) 204.20p -2.76%
Thomas Cook Group (TCG) 103.00p -2.46%
Booker Group (BOK) 120.30p -2.43%
Micro Focus International (MCRO) 974.50p -2.31% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slide amid clashes over QE European stocks declined amid news Mario Draghi and Jens Weidmann are bumping heads over stimulus to boost the bloc's weak economy.
Speaking at weekend meetings of the International Monetary Fund in Washington, European Central Bank (ECB) President 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.
"There's an enormous conflict within the Governing Council on what the ECB should do," said Joerg Kraemer, chief economist at Commerzbank AG in Frankfurt. "Clearly, it's Draghi against Weidmann once again. In the end, Draghi will get his way and we will see quantitative easing (QE) next year."
Weidmann is due to speak in Beilefeld, Germany at 17:00 London time, potentially shedding further light on his thoughts about QE.
Monday's agenda is an otherwise quiet day with no major economic releases out of the Eurozone, UK or the US. The US is celebrating Columbus Day, which means the bond market is closed.
Deutsche Bank, Gas Natural
Deutsche Bank dropped as Spiegel reported the lender's provisions for potential legal costs may reach €7bn.
Gas Natural slumped after offering to buy Chile's Compania General de Energia SA for €2.6bn.
Accor edged lower after making an indicative offer to buy Louvre Hotels Group.
The euro rose 0.38% to $1.2676. |
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| | US Market Report | | US close: Markets slide as Dow Industrials turn negative for the year US stocks slid on Friday, as the markets struggled to put the biggest decline since April, on Thursday, behind them.
The Dow Jones Industrial Average closed down 115.15 to 16,544.10 points , while the S&P 500 dropped 22.08 to 1,906.13 points and the Nasdaq closed down 102.10 to 4,276.24 points, its worst week since May 2012.
Data released on Friday showed that import prices fell 0.5% month-on-month in September, slightly better than the 0.7% drop analysts had anticipated.
The decline was driven mainly by petroleum products, which fell 2.0% on the month, while nonpetroleum import prices decreased 0.2% month-on-month.
Total import prices fell 0.9% year-on-year and were down from -0.1% the previous month, while nonpetroleum import prices increased 0.7% from the corresponding period 12 month ago, dropping off slightly from the 0.9% hike in August, which was its highest in nearly three years.
Consumer goods import prices, excluding automotives, rose 0.9% year-on-year, up from 0.8% in August.
"Import price deflation has pushed down on core consumer goods prices over the past two years," analysts at Barclays said in a note.
"They are now rising modestly, suggesting this weight is easing, although further strengthening in the dollar could change this picture in the coming months."
In corporate news, Tesla Motors unveiled its latest Model S car late on Thursday but lost 7.82%, while Juniper Networks fell 9.07% after announcing on Thursday that third-quarter revenue and adjusted earnings are likely to come in below its previous estimates.
Symantec shares dropped 6.40% after the software maker announced late on Thursday that it plans to split itself into two publicly traded companies, while Exact Sciences shares rallied 35.76% as the firm's Cologuard test to detect colorectal cancer will be covered by Medicare.
Alpha Pro Tech soared 51.86%, while Lakeland Industries rose 10.78% on the back of gains from Thursday, as both companies benefited from growing concerns over the possibility of an Ebola outbreak.
Tech businesses ended the week on a negative note as weaker demand from China hurt revenue, with Intel Corp falling 5.01%, while Microsoft lost 3.97% and Cisco Systems dropped 3.51%.
Gold futures dropped over $2 an ounce to 1,223, while the dollar rose against the pound and the euro but was in retreat against the yen.
The price of West Texas Intermediate crude continued to fall, dropping almost half a percentage point and closing at just over $85 a barrel.
The yield on the 10-year Treasury note was down three basis points to 2.29, while the yield on the 30-year Treasury bond fell by the same margin to 3.02 and the yield on the five-year Treasury note was down two basis points to 1.55.
S&P 500 - Risers
L-3 Communications Holdings Inc. (LLL) $115.15 +6.51%
Health Care REIT Inc. (HCN) $66.48 +2.36%
Walgreen Co. (WAG) $62.98 +2.32%
Diamond Offshore Drilling Inc. (DO) $35.47 +2.19%
SCANA Corp. (SCG) $49.42 +1.92%
HCP Inc. (HCP) $41.90 +1.85%
Staples Inc. (SPLS) $11.95 +1.79%
Ross Stores Inc. (ROST) $77.53 +1.79%
TJX Companies Inc. (TJX) $61.55 +1.75%
Avon Products Inc. (AVP) $11.23 +1.63%
S&P 500 - Fallers
Amphenol Corp. (APH) $45.70 -53.69%
Microchip Technology Inc. (MCHP) $39.96 -12.25%
Avago Technologies Ltd. (AVGO) $71.38 -11.44%
Micron Technology Inc. (MU) $27.81 -9.24%
Lam Research Corp. (LRCX) $65.91 -9.16%
Juniper Networks Inc. (JNPR) $19.04 -9.07%
Xilinx Inc. (XLNX) $36.83 -8.36%
KLA-Tencor Corp. (KLAC) $68.07 -7.58%
Texas Instruments Inc (TXN) $42.74 -7.13%
F5 Networks Inc. (FFIV) $107.11 -7.11%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $44.47 +1.37%
Procter & Gamble Co. (PG) $84.69 +1.23%
Walt Disney Co. (DIS) $86.27 +0.65%
Wal-Mart Stores Inc. (WMT) $78.29 +0.55%
Unitedhealth Group Inc. (UNH) $85.39 +0.53%
Pfizer Inc. (PFE) $29.13 +0.48%
Travelers Company Inc. (TRV) $94.05 +0.17%
United Technologies Corp. (UTX) $99.98 +0.04%
Verizon Communications Inc. (VZ) $48.94 +0.02%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $31.91 -5.09%
Microsoft Corp. (MSFT) $44.03 -3.97%
Cisco Systems Inc. (CSCO) $23.34 -3.51%
3M Co. (MMM) $133.84 -3.46%
General Electric Co. (GE) $24.27 -2.06%
Visa Inc. (V) $205.03 -1.29%
AT&T Inc. (T) $34.25 -1.18%
E.I. du Pont de Nemours and Co. (DD) $66.54 -1.14%
American Express Co. (AXP) $84.99 -1.05%
Boeing Co. (BA) $121.50 -1.03%
Nasdaq 100 - Risers
Staples Inc. (SPLS) $11.95 +1.79%
Ross Stores Inc. (ROST) $77.53 +1.79%
O'Reilly Automotive Inc. (ORLY) $151.56 +1.00%
Costco Wholesale Corp. (COST) $128.90 +0.38%
Mattel Inc. (MAT) $30.74 +0.38%
Express Scripts Holding Co (ESRX) $70.56 +0.17%
Garmin Ltd. (GRMN) $49.77 +0.10%
Nasdaq 100 - Fallers
Nxp Semiconductors Nv (NXPI) $56.34 -12.43%
Avago Technologies Ltd. (AVGO) $71.38 -11.44%
Micron Technology Inc. (MU) $27.81 -9.24%
Xilinx Inc. (XLNX) $36.83 -8.36%
Tesla Motors Inc (TSLA) $236.91 -7.82%
KLA-Tencor Corp. (KLAC) $68.07 -7.58%
Texas Instruments Inc (TXN) $42.74 -7.13%
F5 Networks Inc. (FFIV) $107.11 -7.11%
Activision Blizzard Inc. (ATVI) $18.71 -6.82% |
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| | Newspaper Round Up | | Monday newspaper round-up: OPEC, Ebola, Senior bank executives Oil prices will slump further if the Organisation of Petroleum Exporting Countries (OPEC) repeats its mistakes of the 1990s and fails to cut its production fast enough to cope with a glut of crude now flooding the international market, Iran's Oil Ministry has warned. "In 1998 inadequate reaction by OPEC sent oil prices to as low as $6 to $8 per barrel," said Mehran Amirmoeini, a top energy adviser, quoted by the official Iranian Oil Ministry news service. "When the market is faced with falling demand and simultaneously rising supply, naturally some countries try to absorb customers by offering discounts." - The Daily Telegraph
A nurse who cared for the Ebola patient who died in Texas last week tested positive for the disease, heightening concerns about the nation's preparedness and protocols for containing its spread. The nurse at Texas Health Presbyterian Hospital, in Dallas, was isolated Friday night after reporting a low-grade fever, the Centers for Disease Control and Prevention said. Tests Saturday night and Sunday confirmed she had Ebola. - The Wall Street Journal Europe
Senior bank executives unhappy with new rules to make them criminally liable for failures should resign, according to the governor of the Bank of England. Mark Carney said directors and top executives should be made more responsible for any reckless staff behaviour because reforms to curb bank pay were not enough to prevent another financial crisis. - The Daily Telegraph
Acquisitive Asian companies have poured nearly 4.5bn into the British food and drink industry over the past two years as they seek to satisfy soaring demand from their domestic consumers. Research by Dealogic shows that in the past two and half years Asia has splashed out nearly double the 2.8bn it spent buying British food and drink companies between 1995 and 2011. Bankers said that they were increasingly receiving inquiries from businesses hungry for potential British targets, particularly from Japan and China. - The Times
The earnings of FTSE 100 company directors have risen by more than a fifth over the past year. Their average total earnings were 2.4m, rising to 3.3m for chief executives, according to research from Incomes Data Services. Wage growth for the overall workforce, meanwhile, trails well behind inflation, rising by 0.6% in the three months to July compared with the same period a year earlier. This is less than half the present rate of inflation of 1.5%. - The Times | | |
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