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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 decline as volatility continues UK stocks declined on Monday morning on a quiet day for economic data, with investors still showing caution following a volatile week for markets last week.
The FTSE 100 was trading 0.4% lower at 6,283 in early deals.
Despite a partial recovery on Friday, European equity markets registered their fourth consecutive weekly decline last week on the back of concerns about slowing global growth, bond-market volatility and the outlook for US monetary policy.
"If nothing else, last week's volatility has shaken a number of investors out of a long running complacency that all was well with the world, and in particular with stock markets, and their valuations," said analyst Michael Hewson from CMC Markets UK.
With no major data due for release, investors will be looking ahead to a wave of economic indicators from China due out on Tuesday, including gross domestic product (GDP) estimates for the third quarter.
Chinese GDP is forecast to have slowed to an annual growth rate of just 7.2%, from 7.5% in the second quarter. Industrial production, retail sales and fixed-asset investment data for September is also due out.
Spirit jumps on Greene King offer
Pub group Spirit was making strong gains after receiving a fresh takeover offer from rival Greene King at about 109.5p per share, equal to £723m. Spirit has told Greene King it would recommend the offer subject to approval of other terms and is in talks with them.
Shares in AIM-listed telecoms company Daisy Group also jumped after the board reached an agreement on a recommended cash offer of £494m from a consortium of investors including its boss Matthew Riley.
Supermarket group Tesco was trading higher ahead of its interim report on Thursday, alongside which the company should provide initial findings from an investigation into accounting irregularities.
Engine maker Rolls-Royce's share price was dented by downgrades from Liberum and JPMorgan Cazenove, who removed their positive ratings on the stock.
Pharmaceutical firm Shire saw its stock fall after announcing that interim chief financial officer James Bowling would be leaving next year to join Severn Trent. The announcement came as the water provider revealed it would be reducing the number of its board members from 11 to eight.
Consumer goods maker McBride was in demand after it hailed a solid start to the year and said it was trading in line with hopes.
President Energy made its first-ever oil discovery at its majority-owned Pirity concession in the Paraguayan Chaco region, causing shares to rocket over 50% early on. |
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| Market Movers
techMARK 2,618.81 -0.19%
FTSE 100 6,283.03 -0.43%
FTSE 250 14,752.56 -0.03%
FTSE 100 - Risers
Tesco (TSCO) 177.85p +1.89%
Legal & General Group (LGEN) 223.40p +1.45%
InterContinental Hotels Group (IHG) 2,182.00p +1.21%
Direct Line Insurance Group (DLG) 267.60p +1.13%
St James's Place (STJ) 674.00p +0.90%
TUI Travel (TT.) 341.80p +0.80%
Aberdeen Asset Management (ADN) 407.50p +0.62%
Associated British Foods (ABF) 2,582.00p +0.51%
Meggitt (MGGT) 443.60p +0.50%
Barclays (BARC) 214.05p +0.45%
FTSE 100 - Fallers
Petrofac Ltd. (PFC) 1,036.00p -2.26%
Tullow Oil (TLW) 512.50p -2.19%
ARM Holdings (ARM) 857.00p -2.06%
Travis Perkins (TPK) 1,595.00p -1.60%
Sainsbury (J) (SBRY) 240.90p -1.59%
Kingfisher (KGF) 294.60p -1.47%
Carnival (CCL) 2,182.00p -1.45%
Royal Dutch Shell 'A' (RDSA) 2,119.00p -1.40%
Royal Dutch Shell 'B' (RDSB) 2,210.00p -1.36%
BG Group (BG.) 1,050.50p -1.36%
FTSE 250 - Risers
Afren (AFR) 100.60p +3.18%
Euromoney Institutional Investor (ERM) 1,017.00p +2.73%
Synthomer (SYNT) 203.10p +1.65%
Zoopla Property Group (WI) (ZPLA) 203.00p +1.50%
Fidessa Group (FDSA) 2,218.00p +1.42%
Big Yellow Group (BYG) 514.00p +1.38%
Stock Spirits Group (STCK) 310.80p +1.30%
St. Modwen Properties (SMP) 358.40p +1.24%
Card Factory (CARD) 221.70p +1.23%
Wood Group (John) (WG.) 674.50p +1.20%
FTSE 250 - Fallers
Evraz (EVR) 123.40p -4.12%
Hochschild Mining (HOC) 119.00p -3.25%
Infinis Energy (INFI) 209.20p -2.61%
Rank Group (RNK) 161.00p -2.42%
JD Sports Fashion (JD.) 410.00p -2.17%
Debenhams (DEB) 59.05p -1.99%
Premier Oil (PMO) 256.00p -1.84%
WH Smith (SMWH) 1,053.00p -1.68%
African Barrick Gold (ABG) 194.80p -1.62% |
| | UK Event Calendar | | Monday October 20
INTERIM DIVIDEND PAYMENT DATE
John Laing Infrastructure Fund Ltd, Somero Enterprises Inc.(Reg S), Standard Chartered, Witan Pacific Inv Trust
INTERIM EX-DIVIDEND DATE
Sagicor Financial Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Producer Price Index (GER) (07:00)
GMS
Tangiers Petroleum Ltd (DI)
SPECIAL DIVIDEND PAYMENT DATE
Mobeus Income & Growth 2 Vct
EGMS
Standard Life Investments Property Income Trust Ltd.
AGMS
CPL Resources, GEONG International Ltd., Mcbride, Spectra Systems Corporation
TRADING ANNOUNCEMENTS
Sports Direct International
UK ECONOMIC ANNOUNCEMENTS
Trends in Lending (09:30)
FINAL DIVIDEND PAYMENT DATE
Renishaw
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks end higher on upbeat data in Eurozone, US European stocks ended the week on a high note after better-than-expected economic reports were released in the Eurozone and US. Eurostat shifted its level of EU and euro-area gross domestic product upward in its first estimates since the adoption in 2010 of European System of National and Regional Accounts (ESA), an accounting framework.
Construction in the Eurozone rose by 1.5% in August compared to a month earlier when it increased 0.3%.
Elsewhere in the Eurozone, Greek 10-year government bond yields were down by 85 basis points to 8.13% after they surged on Thursday amid concerns of political instability ahead of the nation's elections and after reports of an early exit of its bailout programme. The latter triggered concerns that Athens might backtrack on its reform commitments.
In another lift to stocks, the European Central Bank's Benoit Coeure said the monetary authority will start buying assets within days as part of its previously-announced measures to stimulate economic growth in the euro-area.
In the UK, the Bank of England's chief economist, Andy Haldane, suggested on Friday that he now sees interest rates staying lower for longer than the February 2015 date that is forecast by analysts.
He cited weaker global growth and lower inflationary pressures as result of the decline in commodity prices and low wage gains.
US confidence rises
The University of Michigan's US consumer confidence index rose to 86.4 in October, higher than the 84 consensus forecast and in line with the previous month's reading.
"The rise in consumer confidence to a seven-year high in October is another indication that the US economic outlook remains strong. That said, the preliminary survey results pre-date the recent equity market sell-off, so the final survey reading could come in substantially lower," according to Capital Economics.
US housing starts rose 6.3% in September following a 12.8% drop a month earlier. Analysts had penciled in a 5.4% increase.
Jimmy Choo begins trading
Jimmy Choo began trading on Friday with its initial public offering priced at the low end of its price range at 140p per share.
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 0.41% to $1.2756. |
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| | US Market Report | | US close: Boston Fed president doesn't rule out more QE, stocks rise US stocks registered a large bounce on the last day of the week following the sharp falls observed throughout the rest of the week, following soothing words from policymakers around the world.
Chief amongst those was St.Louis Fed president James Bullard, on Thursday, followed by Bank of England chief economist Andy Haldane on Friday. In parallel, reports in the early afternoon referenced the possibility that Chinese authorities might move to inject further liquidity into the country's 20 largest lenders.
Backing them up, on Friday the president of the Federal Reserve bank of Boston, Eric Rosengren, told CNBC he does not expect the US economy to need another round of quantitative easing, although he does not dismiss that possibility outright.
The Dow Jones Industrials thus managed to break a six session losing streak, finishing the day higher by 1.63% or 263 points higher to 16,380 points. The S&P 500 registered similar gains, rising by 1.3% or 24 points to hit the 1,887 point mark.
Also helping sentiment along were better than expected quarterly results out of the likes of several large cap issues, including General Electric, Honeywell and Morgan Stanley.
The Nasdaq Composite advanced 0.96% to 4,258, lagging its peers. Weighing on the tech-heavy index was Google, whose stock came off 2.6% following weaker than expected quarterly results out on Thursday evening.
Meantime, and in economic news, a report showed US housing starts rose by 6.3% month-on-month in September following a 12.8% drop a month earlier.
Analysts had pencilled in a 5.4% increase.
The University of Michigan's consumer confidence index rose to 86.4 in October, higher than the 84 consensus forecast and in line with the previous month's reading.
Morgan Stanley, Google
Morgan Stanley gained after reporting third quarter earnings the beat market estimates.
Google ended in the red as the search engine fell short of profit and revenue estimates for the third quarter.
GE rallied after the company's third-quarter profit figures surpassed analysts' forecasts on the back of cost cutting.
From a sector standpoint the best performance was seen in the following industrial groups: Aluminum (6.99%), Home construction (3.95%) and Hotels (3.11%).
Slight gain in oil futures
Front month West Texas crude futures edged higher by 0.27% to $82.92 per barrel on the NYMEX. After the close of trading the CME will increase the margins required to operate in all liquid oils. |
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| | Newspaper Round Up | | Monday newspaper round-up: House prices, Tesco, BSkyB Savers could pump as much as £50bn into housing over the next five years through buy-to-let crowd-funding websites, pushing up house prices and further stretching affordability. A research paper by the Royal Institution of Chartered Surveyors, which examined crowd-funding platforms that enable investors to put small sums of money into schemes to buy part of a home, found that they could constitute a new liquidity shock to the housing market if they become more popular. - The Times
Tesco executives in South Korea potentially face prosecution over allegations that the retailer sold customer data. The growing scandal in South Korea, Tesco's biggest market outside the UK, is a further headache for the company as it battles against falling sales and the discovery of a £250m accounting black hole. Prosecutors in South Korea are investigating allegations that Homeplus, Tesco's Korean arm, sold on the "personal information" of more than 5m customers to insurance companies. - The Daily Telegraph
BSkyB has held talks with some of the country's largest mobile phone companies about launching a mobile phone service. The satellite broadcaster is understood to have held early-stage discussions with Vodafone, EE and O2 about a capacity deal for a "virtual" mobile phone network under the Sky brand. It is the latest sign of convergence between fixed and mobile telecoms operators and comes as BT prepares to launch its consumer mobile phone service through a wholesale deal with EE next year. - The Times
Britain's economy could suffer a "huge uncertainty shock" if next year's general election delivers a hung parliament, a leading economic forecaster warns. The prospect of no clear winner when Britain heads to the polling booths in May is already pushing down next year's growth and business investment predictions, according to the EY Item Club's autumn forecast. It also cites the weakening Eurozone economy and geopolitical tensions, including the Ukraine crisis, as threats that are making businesses nervous. - The Guardian
Buyers forced out of London by spiralling property prices have helped fuel a 10% annual rise in asking prices in the south-east - a rate that has now outstripped inflation in the capital. Asking prices in the south-east are 10% higher than they were a year ago, said Rightmove, compared with a rise of 9.6% in London. This makes the region the strongest performing in the country over the last 12 months. - The Guardian
Ford is to create 318 new jobs at Dagenham, Essex, in a new plant to build low-carbon engines for cars. Work begins next year, with the new engines being installed in commercial vehicles from 2016 and in private cars from 2018. Together, the new production lines will be able to produce 500,000 engines per year - 150,000 of them for passenger vehicles. "From pencil line to production line, these engines will be fully designed and built in the UK, securing the future of the plant at Dagenham," said the business secretary Vince Cable. - The Guardian | | |
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