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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 attempt to rebound after recent falls UK stock markets recovered slightly on Friday morning as investors looked for bargains in the aftermath of recent volatility, which sent equities to a 16-month low the previous session
London's FTSE 100 index was up 0.7% at 6,242 in early deals. Rolls-Royce and Travis Perkins were both trading in the red after poorly-received trading updates, but oil and gas stocks were leading the upside as Brent crude prices bounced off a four-year low.
The FTSE 100 finished just 0.3% lower at 6,195.91 on Thursday, having wiped out most of its earlier losses which sent it to an intraday low of 6,072.68 earlier in the session - a level not seen since June 2013.
Friday's positive start follows a "strong reversal of sentiment in the US", according to dealer Jonathan Sudaria from Capital Spreads, after Wall Street indices managed to finish flat despite a weak start.
Comments from Federal Reserve official James Bullard had prompted a turnaround on the markets Stateside after he suggested that policymakers could delay the end of their bond-buying programme following a recent drop in inflation expectations.
"The suggestion of further financial first aid were welcome words for the bruised and battered markets, particularly from one of the Feds most hawkish members," Sudaria said.
The focus also was on monetary policy here in the Britain after the Bank of England's chief economist Andy Haldane said he was "gloomier" on the UK's economic outlook and that interest rates will likely remain at their record-low level of 0.5% for a little while longer. The comments came after UK inflation dropped to a five-year low of 1.2% in September, according to data out earlier this week.
Rolls-Royce and Travis Perkins fall, oil stocks rise
Power systems giant Rolls-Royce saw shares fall 8% after saying it now expects underlying sales to fall 3.5-4% this year on the back of worsening trading conditions, compared with its previous forecast for flat revenues. It also warned that growth might not return in 2015, as previously expected, with underlying revenue guidance for next year now at +/-3%.
UK building merchant Travis Perkins was also trading lower after reporting that like-for-like sales continued to slow in the third quarter as it saw a "very challenging" plumbing and heating market.
Oil and gas peers Tullow, BP, Shell, Afren, Enquest and Premier Oil were all making gains, rebounding after being hammered by a drop in oil prices the previous session.
Oilfield services group Petrofac was also in positive territory after saying it is on track to hit profit targets this year, as its backlog improved over the third quarter and net debt reduced. |
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| Market Movers
techMARK 2,607.83 +0.88%
FTSE 100 6,241.76 +0.74%
FTSE 250 14,654.61 +1.21%
FTSE 100 - Risers
Tullow Oil (TLW) 501.50p +3.64%
Hargreaves Lansdown (HL.) 897.00p +2.99%
Petrofac Ltd. (PFC) 1,017.00p +2.99%
Smith & Nephew (SN.) 932.50p +2.92%
Sports Direct International (SPD) 591.50p +2.87%
Royal Mail (RMG) 423.60p +2.67%
Aviva (AV.) 488.50p +2.60%
Royal Dutch Shell 'A' (RDSA) 2,117.50p +2.49%
IMI (IMI) 1,195.00p +2.40%
Weir Group (WEIR) 2,206.00p +2.37%
FTSE 100 - Fallers
Rolls-Royce Holdings (RR.) 864.50p -8.08%
Randgold Resources Ltd. (RRS) 4,320.00p -1.37%
Travis Perkins (TPK) 1,616.00p -1.28%
Fresnillo (FRES) 808.00p -0.86%
AstraZeneca (AZN) 4,188.50p -0.86%
Diageo (DGE) 1,703.00p -0.79%
Direct Line Insurance Group (DLG) 263.10p -0.49%
Tesco (TSCO) 171.55p -0.26%
Pearson (PSON) 1,130.00p -0.18%
SABMiller (SAB) 3,152.00p -0.13%
FTSE 250 - Risers
Afren (AFR) 98.15p +5.25%
Aveva Group (AVV) 1,467.00p +4.64%
EnQuest (ENQ) 76.05p +4.61%
Ophir Energy (OPHR) 189.50p +4.06%
Cairn Energy (CNE) 161.00p +3.87%
Man Group (EMG) 115.90p +3.76%
Tullett Prebon (TLPR) 264.80p +3.72%
Bodycote (BOY) 597.00p +3.65%
Ferrexpo (FXPO) 88.00p +3.53%
Brit (BRIT) 234.00p +3.08%
FTSE 250 - Fallers
Pets at Home Group (PETS) 167.60p -1.41%
Redefine International (RDI) 49.17p -1.28%
Hochschild Mining (HOC) 119.00p -1.24%
Synergy Health (SYR) 1,753.00p -1.24%
Fidessa Group (FDSA) 2,165.00p -1.05%
Ted Baker (TED) 1,851.00p -0.80%
Zoopla Property Group (WI) (ZPLA) 200.00p -0.55%
F&C Commercial Property Trust Ltd. (FCPT) 123.90p -0.48%
PZ Cussons (PZC) 351.00p -0.40% |
| | 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 rise after positive remarks from Fed European stocks opened higher following a rebound Stateside on bullish remarks from a Federal Reserve official.
St. Louis Fed Bank President James Bullard said the central bank should consider extending its bond-buying beyond the expected end-date of October following a recent drop in inflation expectations. He also told Bloomberg News that US economic fundamentals remain strong.
Fed chair Janet Yellen made positive remarks about the durability of US economic expansion behind closed doors at the weekend, which came to light in reports on Wednesday.
The news provided a lift to the US market on Thursday following a heavy selling of shares a day earlier on the back of weak economic indicators including concerns over oil prices, Ebola and dangerously low inflation in the Eurozone, as well as a sharp plunge in US Treasury yields.
Amid concerns about the Eurozone economy, German Chancellor Angela Merkel told lawmakers in Berlin on Thursday that existing economic aid had been underused and was the wrong time to ease up on fiscal policy.
Turning to Friday's session, Eurostat releases gross domestic product estimates and the US session includes data on US housing starts and consumer confidence.
In corporate news, Accor rallied after reporting third-quarter sales growth that beat analyst forecasts.
Rolls-Royce Holdings dropped after cutting its sales outlook for the full year.
The euro fell 0.18% to $1.2786. |
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| | US Market Report | | US close: Stocks higher after bullish remarks from Yellen, Bullard US stocks rebounded on Thursday on bullish from remarks from Federal Reserve officials, a day after crashing on global economic concerns.
St. Louis Fed Bank President James Bullard said the central bank should consider extending its bond-buying beyond the expected end-date of October following a recent drop in inflation expectations. He also told Bloomberg News that US economic fundamentals remain strong.
Fed chair Yellen also made positive remarks about the durability of US economic expansion behind closed doors at the weekend, which came to light in reports on Wednesday.
The news provided a lift to the US market following a heavy selling of shares on the back of weak economic indicators including concerns over oil prices, Ebola and dangerously low inflation in the Eurozone.
Traders continued to monitor oil prices in Thursday's session which have been hurt by the crises in the Middle East.
Front month West Texas crude futures moved below $80 per barrel for the first time since June 2012 early on but bounced back to $82.56 by the close of trading in the US.
Ebola has also been weighing on equities, with the UN saying the virus is "winning the race" as it spreads. Obama has now authorised military reservists to support humanitarian efforts to combat Ebola in West Africa.
Continuing to drag on investors' sentiment in the Eurozone was the perceived potential for political instability in Greece ahead of the February presidential elections.
Euro-area inflation was today confirmed at 0.3% year-on-year in September, well below the European Central Bank's (ECB) target of just below 2%.
Greek bonds declined to push 10-year yields higher in late morning trading after officials proposed an early exit to the country's international bail-out programme on Tuesday evening.
It has sparked concerns about Greek banks' ability to self-fund without the support of the ECB. There are also fears that Athens might be attempting to lay the groundwork before backtracking on its commitments to economic reforms.
In a bid to help stabilise the situation the ECB reduced the discount it applies to the bonds which Greek banks submit as collateral to borrow funds.
On a brighter note back in the US, industrial production rose by 1.0% in September after a 0.2% drop a month earlier, higher than the 0.4% increase expected by analysts. Manufacturing output increased 0.5% last month, compared to a 0.5% fall in August and forecasts for a 0.3% gain.
US initial jobless claims advanced 264,000 in the week to 11 October, better than the 290,000 that was predicted by the market. It compares to 287,000 a week earlier.
Google reports fall in Q3 income
Shares in technology giant Google dropped after saying third quarter net income fall 5.4% to $2.81bn or $4.09 a share, from $2.97bn a year earlier.
Netflix tumbled after the company announced late on Wednesday that third-quarter subscriber growth that missed forecasts.
Ebay slid after giving a sales projection for the fourth quarter that missed estimates.
Goldman Sachs slumped despite reporting higher than expected third quarter earnings and raising its quarterly dividend by five cents.
The US 10-year yield rose one basis point to 2.15%
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $20.79 +16.99%
QEP Resources Inc (QEP) $23.33 +6.82%
Snap On Inc. (SNA) $121.85 +6.38%
Denbury Resources Inc. (DNR) $12.80 +5.87%
Alliance Data Systems Corp. (ADS) $252.15 +5.64%
Newfield Exploration Co (NFX) $27.41 +5.42%
Range Resources Corp. (RRC) $69.14 +5.22%
Helmerich & Payne Inc. (HP) $86.59 +5.08%
Anadarko Petroleum Corp. (APC) $89.57 +4.81%
Wynn Resorts Ltd. (WYNN) $182.07 +4.45%
S&P 500 - Fallers
Netflix Inc. (NFLX) $361.70 -19.37%
Southwestern Energy Co. (SWN) $31.97 -10.42%
eBay Inc. (EBAY) $47.88 -4.70%
Fifth Third Bancorp (FITB) $17.74 -4.52%
Tyson Foods Inc. (TSN) $37.12 -4.45%
W.W. Grainger Inc. (GWW) $229.72 -3.95%
Jacobs Engineering Group Inc. (JEC) $45.23 -3.19%
AbbVie Inc (ABBV) $52.90 -3.17%
Time Warner Cable Inc. (TWC) $131.88 -3.13%
Baker Hughes Inc. (BHI) $52.01 -3.02%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $85.39 +3.93%
Nike Inc. (NKE) $87.04 +2.18%
Chevron Corp. (CVX) $111.06 +1.64%
Visa Inc. (V) $203.00 +1.37%
Home Depot Inc. (HD) $88.88 +1.17%
Caterpillar Inc. (CAT) $93.24 +0.70%
3M Co. (MMM) $135.05 +0.62%
Exxon Mobil Corp. (XOM) $90.60 +0.42%
Boeing Co. (BA) $120.29 +0.08%
United Technologies Corp. (UTX) $99.23 +0.06%
Dow Jones I.A - Fallers
Goldman Sachs Group Inc. (GS) $172.58 -2.63%
Merck & Co. Inc. (MRK) $53.43 -2.38%
Wal-Mart Stores Inc. (WMT) $73.82 -1.84%
Pfizer Inc. (PFE) $27.70 -1.74%
Coca-Cola Co. (KO) $42.56 -1.55%
Johnson & Johnson (JNJ) $96.78 -1.46%
Intel Corp. (INTC) $30.85 -1.36%
Microsoft Corp. (MSFT) $42.74 -1.11%
International Business Machines Corp. (IBM) $179.84 -1.05%
Procter & Gamble Co. (PG) $82.24 -0.86%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $182.07 +4.45%
Illumina Inc. (ILMN) $160.23 +4.32%
Avago Technologies Ltd. (AVGO) $75.60 +4.20%
Nxp Semiconductors Nv (NXPI) $61.06 +4.18%
Mylan Inc. (MYL) $48.77 +2.93%
Micron Technology Inc. (MU) $28.30 +2.76%
Baidu Inc. (BIDU) $211.22 +2.67%
Xilinx Inc. (XLNX) $38.49 +2.42%
Twenty-First Century Fox Inc Class A (FOXA) $32.50 +2.30%
Applied Materials Inc. (AMAT) $19.87 +2.26%
Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $361.70 -19.37%
eBay Inc. (EBAY) $47.88 -4.70%
Mattel Inc. (MAT) $29.62 -3.01%
Comcast Corp. (CMCSA) $49.59 -2.48%
Akamai Technologies Inc. (AKAM) $53.38 -2.29%
Vimpelcom Ltd Ads (VIP) $5.74 -2.21%
Mondelez International Inc. (MDLZ) $32.10 -1.74%
Bed Bath & Beyond Inc. (BBBY) $62.40 -1.61%
Charter Communications Inc. (CHTR) $140.25 -1.54% |
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| | Newspaper Round Up | | Friday newspaper round-up: Greece, Bankers' bonuses, Gonzalo European authorities tried to assure global markets yesterday that there would be a "smooth evolution" of financial support for Greece as the debt-stricken country attempts to leave its bailout programme early. Speaking as the nation's ten-year bond yield approached 9%, Jyrki Katainen, the European Commission's vice-president for jobs, growth, investment and competitiveness, said that there should be "no doubt that Europe will continue to assist Greece in whatever way is necessary" and that it would work with Athens to "ensure a smooth evolution of European support". - The Times
A leading Bank of England official has criticised moves by European authorities to crack down on controversial "role-based" pay introduced by several big lenders to skirt new rules capping bankers' bonuses. Andrew Bailey, chief executive of the Prudential Regulation Authority, hit back at the announcement this week by the European Banking Authority that some of the award schemes introduced by banks could breach European Union rules, saying that the industry was responding to the "wrong policy". - The Times
A powerful hurricane is bringing the threat of flash flooding to Britain as experts predict it is due to hit the country in days.
The National Hurricane Center (NHC), based in America, has plotted the route of Hurricane Gonzalo, which has now been upgraded to the second most dangerous level, and Britain is directly in its path. Hurricane Gonzalo is presently in the Atlantic and experts predict it will leave devastation in its wake when it strikes Bermuda on Friday. - The Daily Telegraph
Consumers are paying an average of 410 more a year for energy compared with a decade ago, despite using significantly less, according to a watchdog. Which? said its analysis of Office for National Statistics figures had found annual spending on energy had rocketed by 52% above inflation from 790 in 2003-04, a figure it adjusted for 2012 prices, to 1,200 two years ago. - The Guardian
A total shutdown of Russia's gas supply to Europe will not cause blackouts this winter, the European commission said on Thursday, as Vladimir Putin warned of a potential repeat of 2008 when Russia turned off gas supplies to the Ukraine. The European commission's gas stress tests report said that several states in eastern Europe and the Balkans would be hit by a six-month embargo of Russian gas exports. But so long as neighbouring countries supported each other, a predicted 3% shortfall in supplies would only trigger power cuts in one EU nation: Estonia. - The Guardian | | |
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