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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: Stocks start the day lower ahead of the ECB UK stocks slid lower early on in the Thursday session, tracking losses seen in Asia and the US overnight and ahead of the European Central Bank's (ECB) rate decision, which was due out later in the day.
As of 09:17 the Footsie was off by 27 points to 6,530.
Although the ECB is not expected to adjust its current rate, there is speculation that Thursday could set the stage for an eventual move towards a full-blown quantitative easing programme.
That comes after concerns about the end of the bond buying programme in the US knocked confidence in both the States and Asia, with stock markets in the latter falling for a fifth consecutive session.
Feeding those concerns were the latest weaker-than-expected manufacturing data releases out of the Eurozone and Japan, as well as China on the previous day. Be that as it may, in parallel there were some signs of possible strength in global capital markets. Saudi Arabian lender NCB announced its intention to launch the largest ever stock market float in the Middle East, with a value of $6bn. Meanwhile, German internet incubator Rocket priced its own IPO at the top end of the expected range, although it started trading on Thursday with its shares down by 2%.
Not to be lost sight of sentiment in the Asia-Pacific region continued to be weak, with the pro-democracy protestors in Hong Kong promising to step up their protests ahead of the deadline given for the resignation of the region's chief executive, Leung Chun-ying.
"US markets fell aggressively overnight with the Dow losing 1.4% due to markets finally realising that the QE stimulus package is about to end," Alpari UK market analyst James Hughes said.
As regards the ECB's own decision, in a note to clients sent on Thursday morning Gael Gunbu at Deutsche Bank explained to clients that: "[...] any changes in ECB rhetoric will be closely watched as pressure has continued to build on the ECB to bring in full public QE. There will no doubt be questions about whether government bond purchases will be used if the ECB can't increase their balance sheet by the trillion of Euros that Draghi has made a policy aspiration."
The coast is clear TUI Travel tells investors
In company news, TUI Travel said its full year underlying operating profit growth would be towards the upper end of its previous guidance after a solid finish to the year.
Print-head maker Xaar has again warned on profits for both the current and next full year as a further slowdown in Chinese tile production activity has hit demand for its products. A third-quarter update explained that sales for 2014 are now expected to be 5-10% below the recent profit guidance of £115-125m, with profits likely to be materially lower due to the company's high operating leverage.
Housebuilder Galliford Try has been appointed by the Education Funding Agency (EFA) as selected panel member for the Greenwich, Lewisham and Croydon Priority School Building Programme batch, worth more than £45m. It marks Galliford Try's third success since being appointed to the EFA's main contractor framework last year.
It was a strong performance from clothing retailer Ted Baker in the 28 weeks ended 9 August, with revenue up 17% to £182.2m and profit before tax jumping 33.8% to £15.6m. The group also increased its dividend payment by 18.9% to 11.3p. |
| | Market Movers
techMARK 2,778.28 -0.36%
FTSE 100 6,529.74 -0.42%
FTSE 250 15,144.06 -0.44%
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 162.50p +1.63%
Tesco (TSCO) 182.20p +1.11%
Dixons Carphone (DC.) 368.00p +0.79%
TUI Travel (TT.) 385.00p +0.63%
Rolls-Royce Holdings (RR.) 949.50p +0.58%
Shire Plc (SHP) 5,340.00p +0.56%
Aberdeen Asset Management (ADN) 393.10p +0.54%
Hargreaves Lansdown (HL.) 933.50p +0.48%
Marks & Spencer Group (MKS) 400.50p +0.40%
Intertek Group (ITRK) 2,641.00p +0.38%
FTSE 100 - Fallers
Ashtead Group (AHT) 977.00p -4.59%
Babcock International Group (BAB) 1,052.00p -3.04%
BG Group (BG.) 1,072.50p -1.88%
Wolseley (WOS) 3,189.00p -1.67%
Smiths Group (SMIN) 1,231.00p -1.52%
InterContinental Hotels Group (IHG) 2,299.00p -1.50%
Petrofac Ltd. (PFC) 996.50p -1.43%
Burberry Group (BRBY) 1,457.00p -1.29%
IMI (IMI) 1,191.00p -1.24%
Direct Line Insurance Group (DLG) 288.20p -1.23%
FTSE 250 - Risers
African Barrick Gold (ABG) 215.60p +3.11%
Spire Healthcare Group (SPI) 298.40p +2.09%
Ted Baker (TED) 1,897.00p +1.88%
Ophir Energy (OPHR) 225.00p +1.86%
Carillion (CLLN) 309.90p +1.84%
Fidessa Group (FDSA) 2,278.00p +1.74%
Synthomer (SYNT) 214.10p +1.57%
Thomas Cook Group (TCG) 116.70p +1.48%
Evraz (EVR) 125.20p +1.29%
SSP Group (SSPG) 258.50p +1.25%
FTSE 250 - Fallers
Ferrexpo (FXPO) 101.00p -3.90%
Electrocomponents (ECM) 211.60p -3.73%
Hochschild Mining (HOC) 125.90p -3.30%
Afren (AFR) 106.00p -3.11%
Just Retirement Group (JRG) 121.10p -2.89%
Scottish Mortgage Inv Trust (SMT) 223.40p -2.66%
Centamin (DI) (CEY) 59.65p -2.21%
Kazakhmys (KAZ) 254.60p -2.11%
Saga (SAGA) 164.40p -2.08%
Soco International (SIA) 370.40p -1.98%
FTSE TechMARK - Risers
Triad Group (TRD) 14.00p +5.66%
Optos (OPTS) 203.75p +3.82%
Ricardo (RCDO) 676.00p +1.27%
NCC Group (NCC) 193.50p +0.78%
SDL (SDL) 340.00p +0.59%
KCOM Group (KCOM) 95.00p +0.26%
FTSE TechMARK - Fallers
Gresham Computing (GHT) 107.50p -2.71%
RM (RM.) 154.00p -2.53%
Vectura Group (VEC) 129.25p -2.08%
Kofax Limited (DI) (KFX) 454.50p -1.99%
Consort Medical (CSRT) 957.00p -1.39%
Skyepharma (SKP) 316.00p -0.94%
Dialight (DIA) 916.00p -0.87%
Promethean World (PRW) 29.50p -0.84%
Oxford Biomedica (OXB) 3.67p -0.68%
E2V Technologies (E2V) 160.00p -0.31% |
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| | UK Event Calendar | | Thursday October 02
INTERIMS
Ted Baker
INTERIM DIVIDEND PAYMENT DATE
Amlin, BBGI SICAV S.A. (DI), Hammerson, Phoenix Group Holdings (DI)
QUARTERLY PAYMENT DATE
Blackrock North American Income Trust , GlaxoSmithKline
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
ECB Interest Rate (EU) (12:45)
Factory Orders (US) (15:00)
Goods Orders (US) (13:30)
Initial Jobless Claims (US) (13:30)
Producer Price Index (EU) (10:00)
GMS
Red Rock Resources
FINALS
Firestone Diamonds
IMSS
Carillion
EGMS
European Convergence Development Co
AGMS
Artemis Alpha Trust, Zibao Metals Recycling Holdings
TRADING ANNOUNCEMENTS
Tate & Lyle
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
Diageo
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks lower as investors await ECB policy decision European stocks were in the red as markets showed caution ahead of the European Central Bank's (ECB) latest policy decision. The ECB has been under pressure to boost stimulus measures to tackle weak economic recovery and low inflation.
Weak data, including disappointing manufacturing and inflation figures, fuelled speculation that the ECB President Mario Draghi might announce full-on quantitative easing after Thursday's meeting.
"While quantitative easing is considered highly controversial in Germany, particularly as the anti-bailout AfD party is starting to gain significant support, any measure that involves the purchase of assets of dubious quality is likely to invite an explosive discussion and could push Germany further into a corner, given that France has already indicated it intends to push back its deficit reduction target until 2017 as an a fait accompli, rendering the so called 'fiscal compact' almost irrelevant," said Michael Hewson at CMC Markets.
The analyst said he has heard early chatter that the ECB is being urged to consider buying bundles of "junk" related loans from Greek and Cypriot banks which would be "hugely controversial" and risks turning the central bank into a "bad bank", exposing the European taxpayer to significant losses.
Deutsche Bank's bets are that the ECB will hold back on QE and keep interest rates unchanged. The bank believes the ECB will focus on the details of its asset backed security (ABS) programme, which is set to start in October.
Barclays, however, noted: "Question marks remain whether the ABS/covered bond purchase programmes alongside the TLTROs will be enough to deliver the scale of monetary easing the euro-area needs.
"Euro area growth profile will likely remain weak, as the impact of ECB easing will be gradual and the recovery will be slow. This means the growth trajectory in Emerging Europe is likely to worsen before it gets better."
Turning to the US session afterwards, a report on US jobless claims is expected to come in at 297,000 for the week ended 27 September from 293,000 the previous week. Separate data is forecast to show a decline in US factory orders in August.
On the company front, Philips dropped as the world's largest lighting company lost a $466m lawsuit for infringing Masimo Corp. patents covering technology used in fingertip devices.
Print-head maker Xaar plunged after warning on profits for the current and next full year as a further slowdown in Chinese tile production activity has hit demand for its products.
The euro fell 0.01% to $1.2622.
Brent crude futures declined 1.5% to $92.70 per barrel, according to the ICE. |
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| | US Market Report | | US close: Markets tumble as airline stocks slide US stocks fell on Wednesday, amid growing signs of economic weakness in Europe and increasing concerns over Ebola, after a first case was confirmed in Texas on Tuesday.
The S&P 500 dropped 1.32% to 1,946.16 points, its lowest level since 12 August, while the Dow Jones Industrial Average closed 238.19 down to 16,804.71points and the Nasdaq lost 71.31 to 4,422.08 points.
The Dow Jones Transportation Average dropped the most since February as airline stocks slid after the first reported US case of Ebola, with American Airlines falling 3%, while Delta Airlines shed 3.4%.
Conversely, pharmaceuticals companies rose in the wake of the events in Texas, with Tekmira Pharmaceuticals, one the many firms involved in developing a treatment for Ebola, soaring 18%, while Sarepta Therapeutics rose 3%.
Lakeland Industries soared 30% amid heavy volume as investors took a punt on a maker of Hazmat-suit maker in the wake of Ebola case.
Acuity Brands soared 22% after the company reported sales growth, while New York Times shares rose following the newspaper's announcement that it would cut 100 newsroom jobs to keep costs under control.
The dollar gained 0.1% against the euro, though it remained below Tuesday's level, the highest level against the European currency since September 2012.
The greenback gained slightly against the pound but was in retreat against the yen, losing 0.5% after rising to the highest level against the Japanese currency since August 2008.
The 10-year treasury note dropped 0.10 to 2.39, while the 30-year treasury bond fell by the same margin to 3.09 and the five-year treasury note dropped nine percentage points to 1.68
Gold started the final quarter of 2014 on a strong note, as gold for December rose $3.90 to $1,215.50 an ounce, while December silver rose 10 cents to $17.48 an ounce.
West Texas intermediate fell 0.34% and traded just below $91 a barrel.
S&P 500 - Risers
Covidien Plc (COV) $88.68 +2.51%
NRG Energy Inc. (NRG) $31.19 +2.33%
Tyson Foods Inc. (TSN) $39.99 +1.57%
Exelon Corp. (EXC) $34.57 +1.41%
Borg Warner Inc. (BWA) $53.34 +1.39%
Edison International (EIX) $56.68 +1.36%
Northeast Utilities (NU) $44.89 +1.33%
Edwards Lifesciences Corp. (EW) $103.39 +1.21%
Autodesk Inc. (ADSK) $55.66 +1.02%
Southern Co. (SO) $44.09 +1.01%
S&P 500 - Fallers
Automatic Data Processing Inc. (ADP) $71.42 -14.03%
United States Steel Corp. (X) $37.13 -5.21%
Noble Corporation plc (NE) $21.08 -5.13%
Avon Products Inc. (AVP) $12.00 -4.76%
Vertex Pharmaceuticals Inc. (VRTX) $107.25 -4.51%
Ensco Plc. (ESV) $39.60 -4.14%
Under Armour Inc. Class A (UA) $66.37 -3.95%
Discovery Communications Inc. Class A (DISCA) $36.31 -3.94%
Seagate Technology Plc (STX) $55.08 -3.82%
Dow Chemical Co. (DOW) $50.45 -3.79%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $42.74 +0.19%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $33.99 -2.38%
Johnson & Johnson (JNJ) $104.30 -2.15%
Boeing Co. (BA) $124.67 -2.13%
American Express Co. (AXP) $85.81 -1.98%
General Electric Co. (GE) $25.16 -1.80%
E.I. du Pont de Nemours and Co. (DD) $70.48 -1.78%
3M Co. (MMM) $139.18 -1.76%
Walt Disney Co. (DIS) $87.49 -1.73%
Nike Inc. (NKE) $87.70 -1.68%
United Technologies Corp. (UTX) $103.84 -1.67%
Nasdaq 100 - Risers
Autodesk Inc. (ADSK) $55.66 +1.02%
Alexion Pharmaceuticals Inc. (ALXN) $167.20 +0.83%
Intuitive Surgical Inc. (ISRG) $462.80 +0.21%
DIRECTV (DTV) $86.59 +0.08%
Nasdaq 100 - Fallers
Automatic Data Processing Inc. (ADP) $71.42 -14.03%
Vertex Pharmaceuticals Inc. (VRTX) $107.25 -4.51%
Vimpelcom Ltd Ads (VIP) $6.90 -4.43%
Discovery Communications Inc. Class A (DISCA) $36.31 -3.94%
Seagate Technology Plc (STX) $55.08 -3.82%
NetApp Inc. (NTAP) $41.33 -3.79%
Nxp Semiconductors Nv (NXPI) $66.01 -3.54%
Citrix Systems Inc. (CTXS) $68.82 -3.53%
Expedia Inc. (EXPE) $84.78 -3.24% |
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| | Thursday newspaper round-up: Energy suppliers, Tesco, S&P | | Six of the main energy suppliers are facing losing a quarter of their profits over the next six years, the Guardian reported on Thursday. According to City financial analysts, if such a high number of customers were to defect, it would knock £500m a year off the companies’ collective profits. The Independent reported that the Financial Conduct Authority (FCA) has launched an investigation into the £250m overstatement of half-year profit by Tesco. The retailer said it had been notified that the FCA had launched a “full investigation” and that it would "continue to co-operate fully with the FCA and other relevant authorities considering this matter". David Cameron has promised £7bn of tax cuts by 2020 if his party wins the general election in May, The Daily Telegraph reported. The cuts, the prime minister said, were aimed at those on above average incomes and not backed by any new sources of funding. Under Cameron’s plans, the personal tax allowance will rise from £10,500 next year to £12,500 in 2020, while the higher rate tax threshold would increase from £42,265 next year to £50,000 at the same date. Ratings agency Standard&Poor’s believes Britain would be better served by a Labour victory at next year’s elections, given that it has pledged to remain within the European Union, as opposed to the Tories, who have promised a 2017 referendum on the subject. S&P also seems indifferent to the fact that Labour has proposed plans for fiscal consolidation which would allow for up to £28bn more in expenditures than their conservative counterparts. “Whether it’s faster or slower, we have no strong opinion — so long as the general direction of travel is sustainable,” an officer from S&P said, according to The Times. Virgin Money, the banking unit of Sir Richard Branson’s empire, will become the fourth bank to float this year, the company announced on Thursday. The lender is looking to raise £150m in fresh funds via a listing on the London Stock Exchange. A third of that amount will be funnelled straight back to HM Treasury, as part of the agreed payment for the purchase of the good bit of Northern Rock in 2012. The newly listed Virgin Money may have a market capitalisation of £2bn, The Daily Telegraph reports. | | |
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