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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: Ebola fears hit UK stocks after NY doctor tests positive for virus UK stocks experienced some selling pressure on Friday morning after rising to their highest in two weeks, as renewed concerns about the spread of Ebola weighed on market sentiment. The FTSE 100 was down 0.6% at 6,380 in early deals, after having closed Thursday's session at 6,419.15, its highest finish since 9 October.
A New York-based doctor who has recently been working in Guinea has become the fourth person in the US to have been diagnosed with Ebola. Craig Spencer reportedly came down with a fever on Thursday and has now been transferred to a hospital in Manhattan.
US stock futures were trading lower on Friday after a strong surge the previous day after earnings results from the likes Caterpillar, 3M and General Motors impressed the market, along with decent economic data. After the closing bell, Microsoft's shares jumped after sales and profits beat forecasts, but Amazon.com reported a worse-than-expected quarterly loss.
In other news, markets were also digesting the news that Chinese property prices fell at an annual rate of 1.3% in September, the first year-on-year decline in nearly two years. The data "will no doubt intensify calls for more stimulus to avoid a bubble bust and hard landing", said Mike van Dulken, head of research at Accendo Markets.
This side of the Pond, investors will be on the lookout for the preliminary estimate of third-quarter UK gross domestic product (GDP) growth, due out at 09:30. GDP growth is expected to have slowed to an annual rate of 0.7% in the July-September period, from 0.9% growth in the second quarter, according to consensus forecasts.
Ebola worries hit travel stocks
Airlines, travel and leisure stocks were in the red on the back of Ebola fears, with IAG, Easyjet, Intercontinental Hotels, TUI Travel, Carnival and Thomas Cook all registering losses.
Publishing and education group Pearson fell after revealing that its chief financial officer is to step down after 10 years of service. The Financial Times owner reiterated its profit guidance for the full year, but shares were under pressure early on.
Later on in the session, third-quarter numbers from pharmaceutical group Shire will no doubt be closely watched following the recent failed $54bn takeover by US rival Abbvie. The stock was lower in morning trade.
UK challenger bank TSB reported 32% higher third-quarter profits and said it was ahead of its long-term target in attracting customers switching from other banks, helping shares higher early on.
Pet shop chain Pets at Home was also in demand after saying first-half sales increased and it was on track to hit full-year forecasts. Total revenue rose 10.2% to £381.5m in the 28 week period ended 9 October.
Molten metal flow engineering firm Vesuvius disappointed investors with a gloomy outlook, saying it has seen a "softening in market conditions in certain regions" since the half-year stage.
Pharmaceuticals group Hikma dropped after revealed it had received a warning letter from the US Food and Drug Administration relating to its manufacturing facility in Portugal. The agency raised issues related to investigations and environmental monitoring at the facility. |
| Market Movers
techMARK 2,677.15 -0.46%
FTSE 100 6,380.41 -0.60%
FTSE 250 15,087.41 -0.32%
FTSE 100 - Risers
CRH (CRH) 1,387.00p +0.73%
British Sky Broadcasting Group (BSY) 865.50p +0.70%
Vodafone Group (VOD) 198.05p +0.61%
Sports Direct International (SPD) 633.00p +0.48%
Meggitt (MGGT) 446.10p +0.47%
Randgold Resources Ltd. (RRS) 4,101.00p +0.47%
ITV (ITV) 200.30p +0.45%
Lloyds Banking Group (LLOY) 76.64p +0.41%
Prudential (PRU) 1,374.50p +0.26%
Dixons Carphone (DC.) 379.80p +0.21%
FTSE 100 - Fallers
Tesco (TSCO) 166.00p -2.92%
BT Group (BT.A) 366.00p -2.81%
InterContinental Hotels Group (IHG) 2,200.00p -2.65%
Anglo American (AAL) 1,317.00p -1.72%
Associated British Foods (ABF) 2,693.00p -1.68%
AstraZeneca (AZN) 4,262.00p -1.67%
Pearson (PSON) 1,152.00p -1.45%
Aggreko (AGK) 1,534.00p -1.35%
Sainsbury (J) (SBRY) 234.00p -1.35%
BP (BP.) 433.25p -1.30%
FTSE 250 - Risers
Spectris (SXS) 1,706.00p +3.71%
Pets at Home Group (PETS) 177.70p +3.31%
Just Retirement Group (JRG) 130.90p +2.43%
Morgan Advanced Materials (MGAM) 294.10p +2.12%
Spire Healthcare Group (SPI) 274.00p +1.78%
Diploma (DPLM) 685.00p +1.71%
African Barrick Gold (ABG) 203.20p +1.60%
Domino Printing Sciences (DNO) 588.50p +1.47%
Essentra (ESNT) 669.50p +1.44%
SSP Group (SSPG) 235.80p +1.20%
FTSE 250 - Fallers
Hikma Pharmaceuticals (HIK) 1,815.00p -4.47%
Brit (BRIT) 229.30p -3.82%
TalkTalk Telecom Group (TALK) 282.60p -3.05%
Debenhams (DEB) 61.50p -3.00%
Foxtons Group (FOXT) 160.70p -2.61%
Euromoney Institutional Investor (ERM) 1,011.00p -2.13%
Fidessa Group (FDSA) 2,244.00p -2.09%
Cranswick (CWK) 1,284.00p -1.61%
Domino's Pizza Group (DOM) 592.50p -1.50% |
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| | UK Event Calendar | | Friday October 24
INTERIM DIVIDEND PAYMENT DATE
Air Partner, Charlemagne Capital Ltd., Costain Group, CRH, Epwin Group, Fairpoint Group, Flowtech Fluidpower, Good Energy Group, Henry Boot, Highland Gold Mining Ltd., Inmarsat, International Public Partnerships Ltd., Invesco Perpetual UK Small Companies Inv Trust, Real Estate Investors, Stadium Group, Vitec Group, Volga Gas
INTERIM EX-DIVIDEND DATE
Zhejiang Expressway Co 'H' Shares
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
New Homes Sales (US) (15:00)
Q3
Shire Plc
IMSS
Petra Diamonds Ltd.(DI), Spectris, TSB Banking Group
EGMS
Immedia Group
AGMS
Dechra Pharmaceuticals, GCP Student Living, Go-Ahead Group, Greenko Group, Hargreaves Lansdown, Oil & Gas Development Company Ltd GDR (Reg S)
UK ECONOMIC ANNOUNCEMENTS
GDP (Preliminary) (09:30)
Index of Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Avarae Global Coins, Consort Medical, Norish Units |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Ebola reports from NY and Chinese data weigh on shares European equities started the session lower despite overnight gains on Wall Street, with sentiment weighed down by news of an Ebola case - but not contagion - in New York and a report that Chinese house prices fell in September.
Analysts however are stressing that it is not a case of contagion but rather of a healthcare worker recently returned from travels in Africa.
Also weighing on markets was the 11% drop in shares of US internet retailer Amazon.com in extended hours trading after the company's third quarter results last night.
Stock in Microsoft on the other hand was higher by 3% after the company updated investors with its own numbers.
As of 09:00 the Dax 30 was lower by 55 points to 8,991.91, and the FTSE Mibtel and Ibex 35 were both slipping by 0.38%.
Home prices in China dropped in September in 69 of 70 cities monitored by authorities in Beijing, with falls of 0.7% month-on-month reported in Beijing and another 0.9% in Shanghai.
Market commentary was also focusing on this coming weekend's European bank 'stress test' results.
Shares in Swedish truck-maker Volvo rocketed 12% after the company announced a 54% increase in its cost-cutting target.
Several media organisations are also highlighting the weakness reported in Unilever's China sales yesterday.
From a sector stand-point the worst performance on the DJ Stoxx is now being seen in the following industrial groups: Chemicals (-1.16%), Retail (-1.01%) and Basic resources (-0.85%).
German consumer confidence edges higher
An index of German consumer confidence rose to a reading of 8.5 points in November, after a print of 8.4 in the month before (consensus: 8), survey compiler GfK said.
Crude futures slip
Front month Brent crude futures are lower by 0.64% to $86.28 per barrel on the ICE. |
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| | US Market Report | | US close: Markets rise amid positive news from Eurozone US stocks rose on Thursday, after earnings from General Motors and Caterpillar exceeded analysts' expectations and Eurozone manufacturing registered a surprising gain. The Dow Jones Industrial Average closed 213.79 points up to 16,675.11, while the S&P 500 rose 23.55 points to 1,950.66 and the Nasdaq closed 69.94 points up to 4,452.79.
Data showed that the Eurozone purchasing managers index reached a two-month high of 50.7, exceeding expectations of a reading of 50. Some analysts saw the unexpected improvement as a sign that Europe may avoid plunging deeper into its current economic slump.
Over $2.1trn in US equity values have been erased since 6 September, amid fears that a slowdown in global growth led by the Eurozone's shaky economy would hurt the US, just as the Federal Reserve winds down stimulus.
According to figures released by the Labor Department on Thursday, the number of Americans filing new claims for unemployment benefits rose 17,000 to a seasonally adjusted 283,000 for the week ended 18 October.
The increase, which was in line with economists' forecasts, was the first time the number of claims rose after three weeks of decline.
The four-week moving average, which is considered a more reliable indicator of the labour market trends as it is not affected by week-to-week volatility, fell 18,260 to 281,000, its lowest level since May 2000.
The jobless claims report showed the number of people still receiving benefits after an initial week of aid fell 38,000 to 2.35m in the week ended 11 October.
In corporate news, Caterpillar shares advanced 4.97% after the construction equipment maker lifted its full year earnings forecast, while General Motors dropped 1.21% after gaining just under 2% early on as group chief executive Mary Barra told investors the firm is striving to boost performance.
3M rose 4.39% after reporting better than expected third quarter earnings per share, though total sales were $8.1bn, slightly short of Wall Street's estimate of $8.2bn.
Tractor Supply surged 15.82% after its quarterly results, which were released late on Wednesday, beat estimates, while Southwest Airlines dropped 2.78% despite reporting third-quarter adjusted earnings of 55 cents a share, more than Wall Street's estimate of 53 cents a share.
Yelp shares plummeted 18.60% after the online review site issued a bleak outlook late on Wednesday night, despite posting better than expected results.
The dollar edged forward against the yen and the pound, but slid back slightly against the yen.
The yield on the 10-year Treasury note rose six basis points to 2.27%, while the yield on the 30-year Treasury note edged forward five basis points to 3.04 and the yield on the five-year note gained seven basis points to 1.49.
Gold futures slid to $1,231.60, while West Texas intermediate crude rebounded strongly after losing over two points on Wednesday and was closed at just over $82 a barrel.
S&P 500 - Risers
Tractor Supply Company (TSCO) $71.00 +15.82%
Carmax Inc. (KMX) $52.73 +9.10%
Alexion Pharmaceuticals Inc. (ALXN) $185.92 +7.30%
Parker-Hannifin Corp. (PH) $116.39 +6.64%
O'Reilly Automotive Inc. (ORLY) $167.44 +6.41%
Diamond Offshore Drilling Inc. (DO) $39.60 +5.97%
Celgene Corp. (CELG) $100.40 +5.95%
EQT Corp. (EQT) $87.65 +5.74%
Lam Research Corp. (LRCX) $75.64 +5.25%
Union Pacific Corp. (UNP) $112.23 +5.03%
S&P 500 - Fallers
Citrix Systems Inc. (CTXS) $61.84 -4.54%
Torchmark Corp. (TMK) $50.57 -3.88%
Southwest Airlines Co. (LUV) $33.25 -2.78%
Newmont Mining Corp. (NEM) $22.00 -2.61%
Under Armour Inc. Class A (UA) $64.34 -2.59%
AT&T Inc. (T) $33.66 -2.43%
Airgas Inc. (ARG) $109.06 -2.05%
Varian Medical Systems Inc. (VAR) $79.69 -1.61%
International Flavors & Fragrances Inc. (IFF) $96.19 -1.56%
Equifax Inc. (EFX) $72.78 -1.46%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $99.27 +4.97%
3M Co. (MMM) $145.05 +4.39%
Merck & Co. Inc. (MRK) $56.63 +2.02%
United Technologies Corp. (UTX) $103.18 +1.98%
American Express Co. (AXP) $85.61 +1.97%
Chevron Corp. (CVX) $116.19 +1.92%
Goldman Sachs Group Inc. (GS) $180.06 +1.83%
Visa Inc. (V) $214.28 +1.59%
Home Depot Inc. (HD) $94.80 +1.56%
Johnson & Johnson (JNJ) $102.63 +1.39%
Dow Jones I.A - Fallers
AT&T Inc. (T) $33.66 -2.43%
Procter & Gamble Co. (PG) $83.23 -1.19%
Verizon Communications Inc. (VZ) $48.22 -0.19%
E.I. du Pont de Nemours and Co. (DD) $68.59 -0.09%
Nasdaq 100 - Risers
Tractor Supply Company (TSCO) $71.00 +15.82%
Alexion Pharmaceuticals Inc. (ALXN) $185.92 +7.30%
O'Reilly Automotive Inc. (ORLY) $167.44 +6.41%
Celgene Corp. (CELG) $100.40 +5.95%
Check Point Software Technologies Ltd. (CHKP) $71.00 +5.37%
Seagate Technology Plc (STX) $56.51 +4.13%
Comcast Corp. (CMCSA) $53.22 +3.36%
Charter Communications Inc. (CHTR) $156.02 +3.23%
Discovery Communications Inc. Class A (DISCA) $35.97 +3.10%
Liberty Global plc Series A (LBTYA) $43.89 +2.62%
Nasdaq 100 - Fallers
Citrix Systems Inc. (CTXS) $61.84 -4.54%
Equinix Inc. (EQIX) $197.73 -1.36%
Baidu Inc. (BIDU) $217.03 -1.02%
DIRECTV (DTV) $84.43 -0.83%
Keurig Green Mountain Inc (GMCR) $144.00 -0.77%
Monster Beverage Corp (MNST) $97.63 -0.57%
Sigma-Aldrich Corp. (SIAL) $135.35 -0.37% |
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| | Friday newspaper round-up: SFO, EU, BP | | The Serious Fraud Office (SFO) has been forced to ask the government for an additional £26.5m because of ongoing fraud investigations into Barclays, Rolls-Royce and Libor rigging, the Guardian reported on Friday. SFO chief David Green said that the agency was handling the “most demanding caseload the SFO has ever shouldered”. “We have blockbuster or ringfenced funding to protect our most expensive investigations," Green said. "The arrangement recognises that the SFO is demand-led and honours the pledge that on my watch the SFO will never turn down any investigation simply on grounds of cost. The mechanism is not perfect, but it does the job.” The European Union (EU) has told Britain to pay an extra €2.1bn to the EU budget over the next couple of weeks, as its economy performed better than other EU nations since 1995, the Financial Times reported. To compensate for its relative prosperity over the last two decades, the UK will have to make a top-up payment by 1 December, which amounts to almost a fifth of the country’s net contribution last year, while France will receive a €1bn refund. “It’s not acceptable to just change the fees for previous years and demand them back at a moment’s notice," a Downing Street source said. Irish drinks company C&C has seen an offer for Spirit Pubs Group rejected late on Thursday, the Daily Telegraph reported. C&C, best known for producing Magners cider as well as manufacturing Bulmers in Ireland and Tennent’s lager, is understood to have approached Spirit with a 115p per share offer, higher than Greene King’s planned £723m takeover. On Monday, Spirit announced that it would recommend a proposed 109.5p offer from Greene King, whose brands include Loch Fyne and Hungry Horse, having previously rejected a 100p per share approach on 15 September. Spirit confirmed late on Thursday that it had rejected C&C’s offer. Oil major BP announced its first North Sea oil discovery since 2011 yesterday, which may hold 50m barrels of crude. Initial tests generated a flow rate of 5,350 barrels a day, which suggests the reservoir is sufficiently large for commercial exploitation. The company’s regional president described it as a perfect example of the need for collaboration and increased exploration so as to realise the remaining potential of the North Sea. In parallel the firm announced a significant discovery in the Gulf of Mexico alongside Chevron, The Times reports. Britain is right the EU has finally conceded, a year after Westminster’s Business Taskforce suggested 30 ways the EU could make it easier for UK companies to operate. Well, on at least six of those points on how to cut red tape, and they have already been adopted. Many of the rest have seen some support from the EU however. In exchange, Europe has introduced 1,000 new financial regulations, according to The Daily Telegraph. | | |
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