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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: Tesco leads UK stocks lower as first-half profits drop UK stocks fell sharply on Thursday morning, led by poorly-received updates from blue chips Tesco, Tullow Oil and Unilever and a profit warning from Foxtons. London's FTSE 100 index was down 0.7% at 6,355 in early deals, with ex-dividend stocks also providing a drag..
Markets were also giving a mixed reaction to manufacturing data from China out overnight, which beat forecasts overall but pointed to weakness in some areas.
The HSBC 'flash' purchasing managers' index (PMI) for Chinese manufacturing rose from 50.2 to 50.4 in October, surprising analysts who had expected no change. However, a recovery in the employment sub-index was largely behind the rise, and both the output and new orders components actually declined.
"Overall, although the improvement in the PMI is reassuring, the drivers of growth continue to come from the external sector; domestic activity remains soft," said analysts Jian Chang and Rahul Bajoria from Barclays.
PMIs were also in focus this side of the Pond, with the Eurozone composite PMI for both the services and manufacturing sectors expected to fall from 52 to 51.5 in October, as the manufacturing sector contracts.
Standard & Poor's said on Wednesday that it sees the "beginnings of a new phase in the lingering Eurozone crisis". It said the region might be entering a "stubborn" period of subdued growth.
Tesco, Tullow Oil, Unilever, Foxtons
First-half trading profits for Tesco fell 39.4% at constant exchange rates to £937m, well above consensus forecasts of £853m, but that didn't stop the stock from dropping sharply early on. Tesco's chairman Sir Richard Broadbent announced his own succession process had begun, as the company's UK like-for-like sales fell 4.6%.
Tullow Oil's shares sank after the company's first well in Kenya's Kerio Basin had to be plugged and abandoned.
Consumer goods group Unilever was also a heavy faller after reporting weaker third-quarter sales growth as economic conditions were putting consumers under pressure.
Estate agency group Foxtons delivered a profit warning after being hit by the slowdown in the UK property market. The company said that full-year operating profits would be "below the prior year figure of £49.6m".
Mr Kipling and Sharwoods curry sauce maker Premier Foods also warned that annual profits would be towards the bottom end of hopes, causing the shares to drop.
Tanzania-focused African Barrick Gold impressed the market with rising output and falling costs in the third quarter, as it reiterated its full-year guidance to produce 700,000 ounces of gold.
A host of stocks on the FTSE 350 were trading lower after going ex-dividend on Thursday, including BAE Systems, Howden Joinery, Intu Properties, Rolls-Royce, Senior, Smith & Nephew, William Hill, IG Group, Smiths Group and JD Wetherspoon. |
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| Market Movers
techMARK 2,669.30 -0.18%
FTSE 100 6,355.05 -0.70%
FTSE 250 15,084.63 -0.56%
FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 378.00p +1.83%
easyJet (EZJ) 1,456.00p +1.11%
Royal Mail (RMG) 452.40p +0.82%
Vodafone Group (VOD) 195.70p +0.82%
Fresnillo (FRES) 790.00p +0.77%
London Stock Exchange Group (LSE) 1,934.00p +0.52%
3i Group (III) 377.20p +0.48%
Hargreaves Lansdown (HL.) 952.50p +0.42%
Next (NXT) 6,650.00p +0.38%
Barclays (BARC) 224.20p +0.36%
FTSE 100 - Fallers
Tesco (TSCO) 173.10p -5.41%
Tullow Oil (TLW) 503.00p -4.64%
Unilever (ULVR) 2,445.00p -3.51%
Sainsbury (J) (SBRY) 233.70p -3.27%
Morrison (Wm) Supermarkets (MRW) 152.80p -3.23%
Smiths Group (SMIN) 1,155.00p -2.28%
BAE Systems (BA.) 439.80p -2.11%
BG Group (BG.) 1,041.00p -2.02%
ARM Holdings (ARM) 811.00p -1.93%
Anglo American (AAL) 1,330.50p -1.92%
FTSE 250 - Risers
Inchcape (INCH) 650.50p +2.68%
Britvic (BVIC) 646.00p +1.57%
Bank of Georgia Holdings (BGEO) 2,481.00p +1.27%
Playtech (PTEC) 745.00p +1.02%
Domino's Pizza Group (DOM) 598.00p +1.01%
SEGRO (SGRO) 362.80p +1.00%
Telecity Group (TCY) 735.00p +0.96%
TalkTalk Telecom Group (TALK) 285.20p +0.85%
SVG Capital (SVI) 408.40p +0.81%
Debenhams (DEB) 63.30p +0.80%
FTSE 250 - Fallers
Foxtons Group (FOXT) 173.00p -15.73%
Countrywide (CWD) 461.30p -4.41%
Savills (SVS) 611.00p -3.55%
Afren (AFR) 95.05p -3.31%
Ferrexpo (FXPO) 88.95p -3.26%
Zoopla Property Group (WI) (ZPLA) 208.00p -2.80%
Berkeley Group Holdings (The) (BKG) 2,238.00p -2.70%
IG Group Holdings (IGG) 602.00p -2.59%
Bankers Inv Trust (BNKR) 530.50p -2.48% |
| | UK Event Calendar | | Thursday October 23
INTERIMS
Bloomsbury Publishing, Stobart Group Ltd., Tesco
INTERIM DIVIDEND PAYMENT DATE
Interserve, JQW, Morgan Sindall Group, Netplay TV, Premier Farnell
INTERIM EX-DIVIDEND DATE
BAE Systems, China Chaintek United Co. Limited, Goals Soccer Centres, Hansteen Holdings, Harvey Nash Group, Howden Joinery Group, Intu Properties, Marshalls, Menzies(John), Octopus VCT , Rolls-Royce Holdings, Rotala, Senior, Smith & Nephew, Tullett Prebon, William Hill
QUARTERLY EX-DIVIDEND DATE
Assura Group Ltd., City of London Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
House Price Index (US) (15:00)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Q3
Skandinaviska Enskilda Banken, Torchmark Corp., Unilever
FINALS
Debenhams, Volution Group (WI)
IMSS
COLT Group SA, Inchcape, Ladbrokes, National Express Group, Phoenix Group Holdings (DI), Premier Foods, SEGRO, SVG Capital
DRILLING REPORT
Anglo American
SPECIAL DIVIDEND PAYMENT DATE
JQW
SPECIAL EX-DIVIDEND PAYMENT DATE
Aeorema Communications, Octopus Titan VCT 4, Octopus Titan VCT 5, Thorpe (F.W.)
AGMS
Argos Resources Ltd. (DI), BHP Billiton, CAP-XX Ltd., Photo-Me International, River and Mercantile Group , Rosslyn Data Technologies
TRADING ANNOUNCEMENTS
Britvic
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
CBI Industrial Trends Surveys (11:00)
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Derwent London, Oxford Instruments
FINAL EX-DIVIDEND DATE
Aeorema Communications, Animalcare Group, Edge Performance VCT 'F' Shares, Edge Performance VCT 'I' Shares, Edge Performance VCT G Shares, Hargreaves Services, Haynes Publishing Group, Ideagen, IG Group Holdings, ISG, JPMorgan Emerging Markets Inv Trust, Mcbride, Penna Consulting, Ricardo, Smiths Group, Thorpe (F.W.), Wetherspoon (J.D.)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | An hour after the open European equities were to be seen paring an initial drop on the heels of a better than expected reading on German and Eurozone manufacturing which helped to compensate for weak French data. Survey compiler Markit’s manufacturing sector purchasing managers’ index for the Eurozone moved higher in October, to a reading of 50.7 versus a print of 50.3 in the month before (consensus: 49.9). As of 09:15 the Dax-30 was down by 0.69% to 8,926.31 points, followed close behind by the FTSE Mibtel which was lower by 0.22%, while the Cac-40 could be seen down by another 0.23%. In company news, French tire-maker Michelin slashed its full-year sales guidance and said it would move to rein in investment. Daimler Chrysler saw third quarter operating profits grow by 67%, with the investment bank telling investors it was cautiously optimistic for the end of the year. Credit Suisse beat analysts’ forecasts for third quarter earnings From a sector stand-point the worst performance on the DJ Stoxx 600 is now to be seen in the following industrial groups: Oil & gas (-1.19%), Basic resources (-1.08%) and Retail (-0.89%). The euro/dollar is edging higher by 0.16% to reach 1.2665. Front month Brent crude futures slipped 0.15% to $84.58 per barrel on the ICE. |
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| | US Market Report | | US stocks fell back on Wednesday, as the price of crude oil fell sharply. The Dow Jones Industrial average closed down 153.49.30 points to 16,461.32, while the S&P 500 dropped 0.73% to 1,927.11 and the Nasdaq was down 36.83 points to 4,382.85. Data released on Wednesday by the Labor Department showed the cost of living barely rose in September. The headline consumer price index (CPI) rose by 0.1% month-on-month in seasonally adjusted terms in September, slightly above expectations, while the core CPI increased by 0.1%, in line with consensus. Headline inflation was pushed down by lower energy prices, which declined by 0.7%, while the 0.3% rise in food prices offset some of the softness in energy. On a year-on-year basis, the overall and core CPI were unchanged from the previous month at 1.7%. “We maintain our view that although the recent drop in energy prices will likely lead to softer headline CPI over the coming quarters core CPI will likely remain solid, supported by rising shelter inflation,” Barclays analysts said in a note. In corporate news, Boeing shares retreated by 4.46% despite beating profit expectations and lifting its earnings forecast for the year, while biotech firm Biogen Idec fell 5.42%, despite reporting better than expected third quarter results and lifting its full year earnings outlook. Dow Chemical shares slid 1.24% even though the firm’s adjusted earnings of 72 cents a share came in above the consensus estimate of 67 cents and Yahoo rose 4.53% after delivering better than expected results late on Tuesday.
Tekmira Pharmaceuticals gained 7.17%, after the drug-maker announced it had started limited production of a new therapeutic drug against Ebola, which should be available by December of this year. GFI Group edged forward 0.97% after BGC Partners announced plans to bid for its rival company, according to sources cited by the Wall Street Journal, while Daimler fell 1.67% after selling its 4% stake in Tesla Motors late on Tuesday. Gold futures dropped back to $1,241.80 while West Texas intermediate lost over two percentage points and closed at just over $80 a barrel. The dollar gained ground against the pound, yen and euro. The yield on the 10-year Treasury note rose by one basis point to 2.23%, while the yield on the 30-year Treasury note rose by the same margin to 3.00 and the yield on the five-year note moved up one basis points to 1.44. S&P 500 - Risers
Broadcom Corp. (BRCM) $39.37 +5.46%
Yahoo! Inc. (YHOO) $41.99 +4.50%
Interpublic Group of Companies Inc. (IPG) $18.45 +3.07%
Boston Scientific Corp. (BSX) $12.32 +2.41%
Netflix Inc. (NFLX) $374.65 +2.37%
Robert Half International Inc. (RHI) $50.50 +2.29%
NRG Energy Inc. (NRG) $29.18 +1.99%
Mondelez International Inc. (MDLZ) $33.89 +1.99%
Lockheed Martin Corp. (LMT) $176.01 +1.97%
Gen Dynamics Corp. (GD) $126.31 +1.95%
S&P 500 - Fallers
Xerox Corp. (XRX) $12.21 -7.50%
Ryder System Inc. (R) $81.17 -6.77%
Northern Trust Corp. (NTRS) $61.91 -5.44%
Biogen Idec Inc. (BIIB) $309.07 -5.42%
Discover Financial Services (DFS) $61.01 -5.23%
Amphenol Corp. (APH) $47.12 -5.13%
Peabody Energy Corp. (BTU) $10.31 -4.98%
Helmerich & Payne Inc. (HP) $85.95 -4.94%
Cimarex Energy Co (XEC) $107.38 -4.68%
Newfield Exploration Co (NFX) $28.17 -4.54%
Dow Jones I.A - Risers
Travelers Company Inc. (TRV) $95.58 +1.42%
Johnson & Johnson (JNJ) $101.22 +0.86%
Merck & Co. Inc. (MRK) $55.51 +0.69%
Pfizer Inc. (PFE) $28.30 +0.07%
Wal-Mart Stores Inc. (WMT) $76.03 +0.01%
Dow Jones I.A - Fallers
Boeing Co. (BA) $121.45 -4.46%
American Express Co. (AXP) $83.96 -1.96%
Goldman Sachs Group Inc. (GS) $176.83 -1.86%
3M Co. (MMM) $138.95 -1.40%
Caterpillar Inc. (CAT) $94.57 -1.38%
Unitedhealth Group Inc. (UNH) $89.77 -1.30%
Visa Inc. (V) $210.92 -1.12%
Microsoft Corp. (MSFT) $44.38 -1.11%
Cisco Systems Inc. (CSCO) $23.26 -1.06%
General Electric Co. (GE) $25.19 -1.02%
Nasdaq 100 - Risers
Broadcom Corp. (BRCM) $39.37 +5.46%
Yahoo! Inc. (YHOO) $41.99 +4.50%
Illumina Inc. (ILMN) $184.82 +2.94%
Netflix Inc. (NFLX) $374.65 +2.37%
Mondelez International Inc. (MDLZ) $33.89 +1.99%
Mattel Inc. (MAT) $29.98 +1.52%
Google Inc. Class C (GOOG) $532.72 +1.17%
NetApp Inc. (NTAP) $39.66 +0.99%
Regeneron Pharmaceuticals Inc. (REGN) $384.46 +0.91%
Google Inc. (GOOGL) $542.69 +0.87%
Nasdaq 100 - Fallers
Biogen Idec Inc. (BIIB) $309.07 -5.42%
Discovery Communications Inc. Class A (DISCA) $34.89 -3.74%
Xilinx Inc. (XLNX) $41.72 -3.45%
F5 Networks Inc. (FFIV) $112.75 -3.31%
Mylan Inc. (MYL) $50.36 -3.24%
Equinix Inc. (EQIX) $200.46 -3.18%
Intuitive Surgical Inc. (ISRG) $481.51 -2.88%
Twenty-First Century Fox Inc Class A (FOXA) $32.76 -2.70%
Fastenal Co. (FAST) $41.51 -2.54%
Liberty Media Corporation - Class A (LMCA) $45.02 -2.49% |
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| | Thursday newspaper round-up: | Thursday newspaper round-up: BoE, Lloyds, JP Morgan Bank of England policymakers have revealed that they do not intend to raise interest rates in the short-term amid a slowing economic recovery and increased risks from the Eurozone, the Guardian reported on Thursday. Minutes of the October meeting of the Bank’s rate-setting Monetary Policy Committee (MPC) showed that seven members voted to leave rates unchanged at the historic low of 0.5% they fell to when the financial crisis reached its peak in March 2009. “Unless pay growth shoots up in the next couple of months, a rate rise soon after the [general] election [in May 2015] now looks the most likely scenario,” said Chris Williamson, chief economist at Markit. Lloyds Banking Group is set announce plans to cut 9,000 jobs over the next three years, the Financial Times reported. The cuts, which amount to about 10% of Lloyds' workforce, will be announced on 28 October and are part of group chief executive Antonio Horta-Osorio's strategy review to make the UK's biggest retail lender more digitally focused. Executives at JP Morgan Chase & Co were alerted of potential problems related to the bank's hiring practices in China more than a year before the program came under scrutiny by the US government, The Wall Street Journal reported. A bank official in Asia warned legal and compliance executives in New York in 2011 of anonymous accusations that the bank's recruitment of a son or daughter of a senior Chinese official helped it win an investment-banking assignment, as revealed by emails disclosed in the report. JP Morgan officials later discussed the accusations and dismissed them, but decided to go ahead with the changes to the region's hiring practices. Come 2020 NHS will require an additional £8bn a year, according to the head of the health service, Simon Stevens, said. That comes despite plans for savings on a scale never seen before and marks an unprecedented plea for extra funds. If above-inflation increases in spending are not approved then patients will face cuts, staff shortages or freezes on new drugs, The Times reports. Lloyds plans to cut its head count by 9,000 persons or 10% over the coming three years as part of the lender’s strategy for greater automation to be outlined next week. The announcement will come alongside the lender’s third quarter results which are due to be published on 28 October. Nevertheless, plans to expand certain areas such as consumer finance and the credit card business – as well as larger digital operations – will help to offset some of the pain of job cuts, according to The Times. Embattled grocer Tesco is under increasing pressure to appoint a new chairman quickly. According to insiders shareholders have already been sounded out regarding the potential appointment of Richard Cousins, the chief executive of Compass. Other candidates in the running include John Gildersleeve, an ex-director of Tesco who heads up British Land and Archie Norman, the chairman of ITV who revitalised Asda in the 1990s, writes The Times. | | |
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