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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 flat on mixed earnings, Chinese data UK stocks fluctuated in early deals on Tuesday as investors gave a mixed reaction to a wave of blue-chip corporate earnings.
London's FTSE 100 index was just 0.1% higher at 6,275 within the opening hour, with shares of ARM Holdings and GKN rising strongly and Reckitt Benckiser, Intercontinental and Whitbread in the red.
Markets were also digested an influx of economic data from China where gross domestic product (GDP) growth slowed down in the most recent quarter.
The annual growth of Chinese GDP was 7.3% in the third quarter, down from 7.5% in the second quarter. While this was just ahead of the 7.2% expansion expected by the market, analysts at Deutsche Bank pointed out that this was "still the lowest read seen since early 2009".
Meanwhile, Chinese annual industrial production growth picked up more than expected to 8% in September from 6.9% in August, but the increase in retail sales and fixed-asset investment eased more than predicted to 11.6% and 16.1% respectively.
Market analyst Michael Hewson from CMC Markets UK said that the soft retail sales data in particular "reinforc[ed] concerns that the Chinese economy remains quite a long way away from rebalancing towards domestic consumption".
Corporate earnings come in mixed
Microprocessor group ARM Holdings reported third-quarter revenues just short of the consensus forecast but shares rose after the group said it remains on track to hit full-year forecasts. Dollar revenues were up 12% in the third quarter.
Aerospace and automotive engineer GKN was also in demand after delivering higher third-quarter profit. However, the group also predicted lower growth for the rest of the year, particularly in automotive markets, and said the strong pound would hit results.
Heading the other way was consumer-goods giant Reckitt Benckiser which missed analysts' estimates slightly in its third quarter on the back of continuing currency headwinds and "tougher markets".
Continuing strong momentum in the US market helped Holiday Inn and Crowne Plaza owner Intercontinental Hotels Groupdeliver a pick-up in revenue per available room growth in the third quarter, but that didn't stop shares from falling early on.
Whitbread was also out of favour after the leisure group, which owns the Costa and Premier Inn chains, underwhelmed with its half-year results despite underlying profits rising 18.5% as the company flagged tough comparatives in the second half.
High street bookie William Hill gained after saying its bottom line should come in at the top-end of analysts' forecasts this year after third-quarter profit growth of 89%, boosted by "favourable sporting results" and good growth overseas. Sector peers Ladbrokes was also higher.
Aerospace and defence giant Meggitt edged higher after landing a multi-million dollar contract to supply an advanced wheel and braking system for Gulfstream Aerospace's new G500 and G600 business jets.
Annual profits were not quite as bad as feared as online fashion retailer Asosput a troublesome year to bed, although significant investment in international pricing is likely to hold profits back for the next two years. The stock surged in early deals, trimming some of the losses made earlier in the year. |
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| Market Movers
techMARK 2,618.29 +0.24%
FTSE 100 6,275.03 +0.13%
FTSE 250 14,849.95 +0.64%
FTSE 100 - Risers
Shire Plc (SHP) 3,836.00p +2.29%
GKN (GKN) 308.20p +2.05%
easyJet (EZJ) 1,458.00p +1.89%
International Consolidated Airlines Group SA (CDI) (IAG) 367.50p +1.69%
TUI Travel (TT.) 355.10p +1.69%
Randgold Resources Ltd. (RRS) 4,270.00p +1.67%
Persimmon (PSN) 1,380.00p +1.62%
Standard Life (SL.) 384.10p +1.40%
Hargreaves Lansdown (HL.) 923.00p +1.15%
Ashtead Group (AHT) 947.00p +1.12%
FTSE 100 - Fallers
InterContinental Hotels Group (IHG) 2,189.00p -2.67%
Reckitt Benckiser Group (RB.) 5,000.00p -2.25%
Whitbread (WTB) 4,162.00p -1.56%
Anglo American (AAL) 1,351.00p -0.99%
GlaxoSmithKline (GSK) 1,329.00p -0.75%
Standard Chartered (STAN) 1,069.00p -0.65%
Imperial Tobacco Group (IMT) 2,531.00p -0.63%
British American Tobacco (BATS) 3,419.00p -0.49%
Antofagasta (ANTO) 677.50p -0.44%
National Grid (NG.) 869.00p -0.40%
FTSE 250 - Risers
Centamin (DI) (CEY) 58.75p +3.89%
Ophir Energy (OPHR) 196.70p +3.53%
Ladbrokes (LAD) 125.90p +2.78%
WH Smith (SMWH) 1,084.00p +2.46%
Barratt Developments (BDEV) 414.70p +2.40%
Enterprise Inns (ETI) 118.30p +2.34%
COLT Group SA (COLT) 125.30p +2.20%
EnQuest (ENQ) 75.65p +2.16%
RPS Group (RPS) 233.00p +2.01%
Mitchells & Butlers (MAB) 339.00p +1.99%
FTSE 250 - Fallers
Kazakhmys (KAZ) 247.90p -1.63%
Just Retirement Group (JRG) 120.70p -1.55%
Cineworld Group (CINE) 307.30p -1.03%
BH Macro Ltd. GBP Shares (BHMG) 1,996.00p -0.94%
JPMorgan Emerging Markets Inv Trust (JMG) 563.00p -0.88%
Supergroup (SGP) 1,030.00p -0.87%
Zoopla Property Group (WI) (ZPLA) 200.50p -0.84%
Polar Capital Technology Trust (PCT) 476.30p -0.71%
Domino Printing Sciences (DNO) 576.00p -0.69% |
| | UK Event Calendar | | Tuesday October 21
INTERIMS
B.P. Marsh & Partners
INTERIM DIVIDEND PAYMENT DATE
Keywords Studios, Standard Life
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Existing Home Sales (US) (15:00)
IMSS
Go-Ahead Group, Reckitt Benckiser Group, William Hill
DRILLING REPORT
Polymetal International
EGMS
Global Investment House KSCC GDR (Reg S), Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)
AGMS
Ashley House, Diverse Income Trust (The), Leeds Group, Myanmar Investments International Ltd, Seeing Machines Ltd.
UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)
FINAL DIVIDEND PAYMENT DATE
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks start the day higher on Apple and China European stocks started the day with modest gains following the release of slightly stronger than expected economic data overnight in China.
At 7.3% the year-on-year rate of GDP growth out in China printed slightly above economists' forecasts. Nevertheless, analysts were divided, with some highlighting the fact that the figures mark the slowest rate of expansion in five years.
The Dax was moving higher by 0.45%, while out on the periphery the FTSE Mibtel was gaining 0.89%. Madrid's Ibex 35 was a relative laggard, edging higher by 0.29%.
Better-than-expected results out from tech heavyweight Apple also overnight propped up market sentiment too. Even so, the tech giant's shares ended the 'after-hours session' up by just 1.5%.
Commenting on the company's figures Morgan Stanley said in a research note: "We see strong iPhone demand, gross margin expansion, and under-ownership driving upside to shares. Results and guidance were better than expected despite FX headwinds pressuring estimates across large-cap tech."
The US broker upped its price target on the stock to $115 per share from $110 previously.
Total steady despite losing its chief
Shares of Total were down by 0.06% to €42.92. The French oil major's chairman and chief executive officer, Christophe de Margerie, died overnight in Moscow.
The jet in which he was travelling crashed into a snowplough while manoeuvring for take-off at Moscow's Vnukovo airport with low visibility.
Swiss drugmaker Actelion raised its full-year forecast again, raising its expected rate of growth for earnings per share to a low-twenties percentage point range at constant exchange rates.
Mortgage lender Swedbank posted third quarter net income and net interest income that surpassed analysts' estimates.
From a sector standpoint the best performance on the DJ Stoxx 600 was to be seen in the following industrial groups: Real estate (0.68%) and Travel&Leisure (0.77%).
Money supply growth picks up slightly in Switzerland
Swiss money supply grew at a 3.4% year-on-year pace in September, versus the previous month's figure of 3.3%.
Crude moves higher
The euro/dollar was up by 0.19% to 1.2822. |
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| | US Market Report | | US close: Markets move higher, but IBM weighs on Dow US stocks moved higher on Monday after a relatively slow start, as investors were set to focus on companies' earnings, including Apple's, due after the close of trading.
The Dow Jones Industrial Average closed up 0.12% to 16,399 points, while the S&P 500 gained 0.91% to 1,904.02 points and the Nasdaq closed up 1.35% to 4,316.07 points.
The earnings season gets into full swing throughout the week as earnings for over 100 US companies are set to be released, with investors be hoping for stronger numbers in a bid to make up the recent losses.
Dallas Federal Reserve president Richard Fisher said that he will support ending the central bank's bond-buying programme next week as scheduled.
On Monday, Fisher told CNBC that he was not concerned by the volatility that hampered the markets last week, adding he did not think inflation was trending lower.
Fisher's comments came in response to St. Louis Fed President James Bullard's suggestion that the $15 billion-per-month purchase programme should be extended until December. Bullard, whose initiative is yet to receive any support from Fed officials, last week suggested that the programme should be extended due to concerns about declining inflation expectations.
In corporate news, International Business Machines (IBM), the second-biggest stock in the Dow Jones Industrial Average as of last week, fell 7.11% after posting lower than expected earnings in its third quarter.
Sales at the technology giant fell across several divisions and IBM has now failed to generate a revenue increase for 10 straight quarters. The firm unveiled a deal to transfer its semiconductor operations to Globalfoundries Inc, with IBM paying $1.5bn to the semiconductor company which will take over chip manufacturing operations.
Technology firms in the S&P 500 dropped 0.5%, with Oracle losing 0.18% and CSX dropping 1.03% after announcing that talks over a proposed merger with Canadian Pacific Railway ended.
Apple gained 2.14% ahead of its quarterly earnings report, with analysts estimating that the iPhone maker's profit rose 10%. Chipotle shares fell 2% after the bell, as the firm announced that its third quarter result had exceeded estimates but reported higher costs.
In the first session of the week, the dollar was in retreat against the pound, the euro and the yen.
The price of West Texas intermediate crude fell by a tenth of a percentage point as oil traded at just over $82.6 a barrel, while gold futures edged forward 0.59% to $1.246.30.
The yield on the 10-year Treasury note dropped one basis points to 2.19%, while the yield on the 30-year Treasury note fell by the same margin to 2.96 and the yield on the five-year note fell two basis points to 1.40.
S&P 500 - Risers
Tesoro Corp. (TSO) $65.43 +8.36%
Southwest Airlines Co. (LUV) $32.84 +5.76%
Gannett Co. Inc. (GCI) $29.08 +5.02%
Hasbro Inc (HAS) $56.51 +4.94%
Delta Airlines Inc. (DAL) $36.04 +4.80%
Celgene Corp. (CELG) $92.00 +4.40%
QEP Resources Inc (QEP) $24.17 +4.27%
Covidien Plc (COV) $85.44 +3.94%
Keurig Green Mountain Inc (GMCR) $143.03 +3.86%
International Paper Co. (IP) $48.39 +3.71%
S&P 500 - Fallers
International Business Machines Corp. (IBM) $169.10 -7.11%
Peabody Energy Corp. (BTU) $10.46 -5.17%
Teradata Corp. (TDC) $40.70 -3.76%
Joy Global Inc. (JOY) $51.14 -1.97%
Range Resources Corp. (RRC) $66.29 -1.53%
Cognizant Technology Solutions Corp. (CTSH) $43.57 -1.43%
Cisco Systems Inc. (CSCO) $22.93 -1.38%
Deere & Co. (DE) $82.20 -1.31%
Jacobs Engineering Group Inc. (JEC) $45.40 -1.22%
Dentsply International Inc. (XRAY) $44.77 -1.17%
Dow Jones I.A - Risers
Walt Disney Co. (DIS) $85.52 +2.02%
Nike Inc. (NKE) $88.90 +1.97%
Home Depot Inc. (HD) $91.85 +1.78%
American Express Co. (AXP) $84.01 +1.73%
Wal-Mart Stores Inc. (WMT) $75.14 +1.40%
E.I. du Pont de Nemours and Co. (DD) $67.81 +1.24%
Procter & Gamble Co. (PG) $84.18 +1.09%
Microsoft Corp. (MSFT) $44.08 +1.03%
Coca-Cola Co. (KO) $43.29 +0.96%
Visa Inc. (V) $207.85 +0.90%
Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $169.10 -7.11%
Cisco Systems Inc. (CSCO) $22.93 -1.38%
Caterpillar Inc. (CAT) $94.03 -1.07%
Chevron Corp. (CVX) $111.49 -0.28%
United Technologies Corp. (UTX) $101.48 -0.05%
Travelers Company Inc. (TRV) $93.20 -0.04%
Nasdaq 100 - Risers
Celgene Corp. (CELG) $92.00 +4.40%
Keurig Green Mountain Inc (GMCR) $143.03 +3.86%
Expedia Inc. (EXPE) $77.25 +3.59%
Monster Beverage Corp (MNST) $95.33 +3.50%
Micron Technology Inc. (MU) $29.69 +3.22%
Intuitive Surgical Inc. (ISRG) $485.28 +3.20%
Staples Inc. (SPLS) $12.30 +3.19%
TripAdvisor Inc. (TRIP) $83.54 +3.07%
Charter Communications Inc. (CHTR) $148.18 +3.05%
Costco Wholesale Corp. (COST) $128.42 +3.02%
Nasdaq 100 - Fallers
Cognizant Technology Solutions Corp. (CTSH) $43.57 -1.43%
Cisco Systems Inc. (CSCO) $22.93 -1.38%
Equinix Inc. (EQIX) $203.68 -1.31%
Regeneron Pharmaceuticals Inc. (REGN) $366.13 -0.95%
PACCAR Inc. (PCAR) $57.92 -0.82%
NetApp Inc. (NTAP) $38.54 -0.72%
F5 Networks Inc. (FFIV) $112.88 -0.72%
Viacom Inc. Class B (VIAB) $69.00 -0.45%
Wynn Resorts Ltd. (WYNN) $181.66 -0.43% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Royal Mail, RTGS, Pensions Royal Mail and Amazon are set create over 30,000 temporary jobs for the Christmas season, The Daily Telegraph reported on Tuesday. Anticipating a sharp increase in demand, Amazon plans to hire 13,000 extra staff to work in its eight distribution centres and customer service centres throughout the UK during the festive season, while Royal Mail will take on an additional 19,000 employees. “We’re excited to be creating 13,000 seasonal jobs, hundreds of which will lead to permanent, full-time positions,” said John Tagawa, Amazon director of UK operations. The Bank of England governor, Mark Carney, has ordered an investigation after the failure of a system delayed hundreds of thousands of payments, the Guardian reported. The Real Time Gross Settlement payment system, which banks use to transfer large sums of money, crashed on Monday, creating problems for homebuyers waiting for money to be transferred to pay for their new homes. Carney promised a “thorough, independent review” after MPs demanded answers into how the system had failed for almost 10 hours. A “wall of money” is set to shift out of guaranteed final-salary pension schemes and into riskier money-purchase funds as they move to take advantage of the chancellor’s retirement market revolution. Nearly 30% of those who save into final-salary pensions schemes are expected to transfer out of it so as to make the most of the increased flexibility afforded by the above changes, Hymans Robertson said in its annual assessment of FTSE 350 schemes, according to The Times. Ofgem, the UK energy regulator, has defended price comparison websites against accusations that they are deliberately hiding the cheapest deals in favour of suppliers who pay them commission, the Financial Times reported. Ofgem said a totally transparent process would “ruin” the sites’ business models, in response to an angry reaction by politicians and energy following an investigation by consumer group The Big Deal that found revealed popular online switching sites ComparetheMarket, uSwitch, GoCompare, Moneysupermarket and Confused.com gave more prominence to money-saving tariffs that generated commission payments of up to £60 a time. The amount of equity released by people from their properties between July and September reached £375m. That was the biggest amount for any single quarter since records began, back in 2002. The estimate comes from the Equity Release Council, which now says the figure for the first nine months of the year stands above £1bn. That is the equivalent of over an entire year’s lending during the period between 2009 and 2012. It comes as retirees look to tap their housing wealth when considering their financial plans for later life, The Times reports. French prime minister Manuel Valls paid tribute on Tuesday to deceased Total chief executive officer Christophe de Margerie. The business captain was traveling on a jet taxiing for take-off at Moscow’s Vnukovo airport, on Monday, when it hit a snowplough. He was the only passenger, along with three crew members, on board the Dassault Falcon business jet. The accident occurred just minutes before midnight local Moscow time, The Daily Telegraph writes. | | |
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