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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 rise on stress-test results, but gains limited ahead of FOMC UK markets opened slightly higher on Monday morning, with sentiment boosted by the weekend's news that most European banks had passed recent 'stress tests'.
The FTSE 100 was trading 0.1% higher at 6,396 within the opening hour, but had trimmed earlier gains which sent it to a high of 6,443.76.
The results from a European Central Bank study found that 25 of the Eurozone's 130 largest banks had failed a health check at the end of last year with a total capital shortfall of €25bn.
However, most have since repaired their finances, leaving only €10bn to be raised to plug holes in balance sheets, with Italian, Greek and Cypriot banks faring the worst. Nevertheless, this shortfall was much less than some had feared.
"Although 25 banks failed, half have already taken measures to shore up their capital and none of them were considered to pose any systemic risk," said Jonathan Sudaria from Capital Spreads.
Limiting upside on equity markets was nervousness ahead of the Federal Open Market Committee meeting on Wednesday, with policymakers expected to announce the end of quantitative easing in the States.
'There is still a lot of anxiety in the markets following that rapid sell-off earlier this month and I don't think it will take much from the Fed to spook everyone again," said analyst Craig Erlam from Alpari.
Travel stocks rise, banks fall
Travel stocks were among the best performers as investors continued to search for bargains after recent Ebola-related weakness in the sector. TUI Travel, Intercontinental Hotels, Carnival and IAG were putting in decent gains.
UK-listed banks were mostly lower despite the news that they all have passed the European stress tests. Lloyds, HSBC, Barclays and RBS were all in the red early on.
Lloyds was suffering the worst on reports that the lender will shortly unveil plans to close 200 branches. Sky News said that 9,000 jobs will be cut and the branches will be closed before the end of 2017.
Salamander Energy saw shares surge over 20% after the oil and gas group confirmed press speculation that it has received a takeover approach from Ophir Energy, the terms of which it is seeking to clarify. It also saw it has received an approach from another consortium of investors, though no action is being taken at this time.
Production volumes at Petra Diamonds reached a record in its first quarter, but the miner warned of a "seasonal softness" in the diamond market, causing shares to fall early on.
Anglo American edged higher after reporting the delivery of the first ore on ship from its Minas-Rio iron ore project in Brazil. Mining peer Randgold also gained after saying that "remedial measures" to overcome technical problems at its Tongon mine in north Cte d'lvoire have begun to bear fruit. |
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| Market Movers
techMARK 2,697.24 -0.04%
FTSE 100 6,396.10 +0.12%
FTSE 250 15,084.20 -0.04%
FTSE 100 - Risers
TUI Travel (TT.) 374.10p +2.32%
InterContinental Hotels Group (IHG) 2,248.00p +1.40%
United Utilities Group (UU.) 849.50p +1.37%
Unilever (ULVR) 2,439.00p +1.37%
Carnival (CCL) 2,380.00p +1.32%
G4S (GFS) 253.90p +1.16%
Aviva (AV.) 512.50p +1.08%
SABMiller (SAB) 3,393.50p +1.07%
Imperial Tobacco Group (IMT) 2,607.00p +0.93%
Severn Trent (SVT) 2,006.00p +0.91%
FTSE 100 - Fallers
Lloyds Banking Group (LLOY) 74.91p -2.36%
Aggreko (AGK) 1,504.00p -2.08%
Aberdeen Asset Management (ADN) 406.10p -1.31%
Fresnillo (FRES) 760.00p -0.85%
ARM Holdings (ARM) 810.50p -0.80%
Barclays (BARC) 224.65p -0.75%
St James's Place (STJ) 675.00p -0.74%
Rio Tinto (RIO) 2,993.00p -0.65%
Royal Bank of Scotland Group (RBS) 361.90p -0.63%
Petrofac Ltd. (PFC) 1,062.00p -0.56%
FTSE 250 - Risers
Renishaw (RSW) 1,636.00p +2.89%
Premier Farnell (PFL) 179.30p +1.88%
SSP Group (SSPG) 241.00p +1.69%
Entertainment One Limited (ETO) 305.70p +1.56%
Nostrum Oil & Gas (NOG) 670.00p +1.44%
IP Group (IPO) 190.10p +1.39%
Millennium & Copthorne Hotels (MLC) 573.00p +1.33%
Diploma (DPLM) 682.00p +1.26%
JD Sports Fashion (JD.) 430.10p +1.20%
Polymetal International (POLY) 473.80p +1.20%
FTSE 250 - Fallers
Ophir Energy (OPHR) 196.20p -3.21%
Petra Diamonds Ltd.(DI) (PDL) 169.90p -3.03%
Bank of Georgia Holdings (BGEO) 2,435.00p -2.79%
Hochschild Mining (HOC) 110.00p -2.65%
Zoopla Property Group (WI) (ZPLA) 205.30p -2.28%
Countrywide (CWD) 458.80p -1.76%
AO World (AO.) 164.80p -1.67%
Evraz (EVR) 127.90p -1.62%
JPMorgan Emerging Markets Inv Trust (JMG) 560.00p -1.58% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rally after European stress tests Stocks in the euro-area gained after European regulators said that all but 13 of the continent's leading banks have enough capital to withstand a financial storm.
The European Central Bank (ECB) and the European Banking Authority found that most of the 150 banks passed the so-called stress tests. They identified 13 that still need to come up with a total of €9.5bn in extra capital. There were 25 banks overall that failed the tests, facing a cumulative shortfall of €24.6bn.
"This is fewer than the markets had been anticipating which is a relief given that the last thing the euro area needs right now is for people to lose faith in them again," Alpari UK market analyst, Craig Erlam, said.
"The previous stress tests were heavily criticised for being too easy on the banks but it appears people are more satisfied this time around which should in fact help to restore confidence, rather than erode it."
Separately, the ECB will at 14:30 GMT announce details of its covered bond purchase programme. Traders last week said the central bank bought at least €800m of assets from countries ranging from Portugal to Germany in the three days since the programme began on 20 October.
In other European news, Ifo's German business confidence index fell to 103.2 in October from 104.7 in the previous month. Analysts had predicted a reading of 104.5.
In the US, Markit's services purchasing managers' index and pending home sales data will be released in afternoon trading.
Distribuidora, TNT
Distribuidora Internacional de Alimentacion gained after the Spanish food retailer reported third-quarter adjusted profit that exceeded analysts' estimates.
TNT Express slumped after the Dutch parcel company reported an operating loss for the third quarter.
Lloyds Banking Group edged lower after Jefferies Group cut its rating on the stock to the equivalent of a 'sell'.
The euro rose 0.20% to $1.2696. |
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| | US Market Report | | US close: Markets end the week largely unchanged, as Ford and Amazon fall US stocks were largely unchanged on Friday, as investors looked to be worried by reports of a first Ebola case in New York, while the focus remained on companies results.
The Dow Jones Industrial Average closed 17.90 up points to 16,805.80, while the S&P 500 rose 13.72 points to 1,964.54 and the Nasdaq closed 30.92 points up to 4,483.71.
News emerged late on Thursday that a New York doctor resulted positive to the Ebola virus after returning from West Africa, making him the first confirmed case in the city. Authorities immediately moved to reassure the public that he's been monitored and that the risk of contagion is minimal but travel-related stocks, which have been the hardest hit by the concerns about the virus, remained pressure.
Investors were also adopting a cautious approach ahead of the release of results from the European Union's stress tests for banks, which are set to be released during the weekend, and could provide further proof of a slowdown in growth in the Eurozone.
Meanwhile, sales of new homes in September edged slightly forward reaching a six-year high even though purchases in August were revised downward. According to data released by the Commerce Department on Friday, ew homes sold at an annual rate of 467,000 in September, compared to a revised 466,000 in August, while analysts had forecast sales to fall to a seasonally adjusted 455,000.
In corporate news, Procter & Gamble shares climbed 2.32% after the consumer-goods giant announced plans to get out of its Duracell battery business, while its quarterly-adjusted earnings of $1.07 a share met analyst expectations.
Bristol-Myers Squibb Co. rose 2.15% after the firm's adjusted earnings of 45 cents for the third quarter exceeded Wall Street's estimate by 2 cents a share but the drug maker lowered its full-year 2014 estimate for net earnings per share, though it confirmed its adjusted earnings per share outlook of $1.70 to $1.80.
Microsoft sharesrose over 2.47% after the computer giant posted financial first-quarter earnings of 54 cents a share on revenue of $23.2bn, exceeding analysts' expectations of 49 cents a share on revenue of $22.01 billion, while United Parcel Service advanced 0.11% after better than expected results
Ford shares dropped 4.31% after the car-maker's third-quarter profit fell to $835m and pretax profit fell to $1.18bn, though both figures beat Wall Street's estimates, while Amazon shed 8.34% after the online retailer announced late on Thursday, that its third-quarter loss was bigger than previously anticipated, while projected sales growth fell below expectations.
Gold futures edged slightly forward to $1,231.20, while the price of West Texas intermediate crude fell almost one percentage point to just over $81 a barrel.
The yield on the 10-year Treasury note fell slightly to 2.27%, while the yield on the 30-year note was largely unchanged to 3.05 and the yield on the five-year Treasury note dropped slightly to 1.50.
The dollar ended the week in retreat against the euro, pound and yen.
S&P 500 - Risers
Edwards Lifesciences Corp. (EW) $116.76 +11.00%
KLA-Tencor Corp. (KLAC) $75.90 +6.90%
FLIR Systems Inc. (FLIR) $32.04 +6.41%
Avery Dennison Corp. (AVY) $46.37 +4.96%
State Street Corp. (STT) $71.86 +4.24%
Delta Airlines Inc. (DAL) $39.43 +3.98%
VeriSign Inc. (VRSN) $58.55 +3.92%
Gilead Sciences Inc. (GILD) $110.71 +3.29%
Nucor Corp. (NUE) $52.80 +3.29%
Seagate Technology Plc (STX) $58.36 +3.26%
S&P 500 - Fallers
Amazon.Com Inc. (AMZN) $287.00 -8.36%
Juniper Networks Inc. (JNPR) $18.99 -6.55%
Southwestern Energy Co. (SWN) $31.64 -4.84%
Ford Motor Co. (F) $13.78 -4.27%
Flowserve Corp. (FLS) $64.31 -3.09%
Range Resources Corp. (RRC) $66.58 -2.96%
Wyndham Worldwide Corp. (WYN) $76.32 -2.65%
LyondellBasell Industries (LYB) $92.41 -2.04%
Xerox Corp. (XRX) $12.54 -1.88%
Cimarex Energy Co (XEC) $109.15 -1.87%
Dow Jones I.A - Risers
3M Co. (MMM) $148.61 +2.45%
Microsoft Corp. (MSFT) $46.12 +2.45%
Procter & Gamble Co. (PG) $85.14 +2.29%
Goldman Sachs Group Inc. (GS) $183.27 +1.78%
Pfizer Inc. (PFE) $29.09 +1.71%
Merck & Co. Inc. (MRK) $57.60 +1.71%
Intel Corp. (INTC) $33.17 +1.47%
JP Morgan Chase & Co. (JPM) $58.74 +1.17%
Verizon Communications Inc. (VZ) $48.76 +1.12%
Unitedhealth Group Inc. (UNH) $91.64 +1.08%
Dow Jones I.A - Fallers
Visa Inc. (V) $213.42 -0.40%
Chevron Corp. (CVX) $115.87 -0.28%
International Business Machines Corp. (IBM) $162.05 -0.08%
Nasdaq 100 - Risers
KLA-Tencor Corp. (KLAC) $75.90 +6.90%
Maxim Integrated Products Inc. (MXIM) $28.74 +3.90%
Gilead Sciences Inc. (GILD) $110.71 +3.29%
Seagate Technology Plc (STX) $58.36 +3.26%
Citrix Systems Inc. (CTXS) $63.61 +2.86%
Celgene Corp. (CELG) $103.24 +2.83%
Vodafone Group Plc ADS (VOD) $32.26 +2.64%
Catamaran Corp (CTRX) $42.80 +2.54%
Baidu Inc. (BIDU) $222.54 +2.54%
Microsoft Corp. (MSFT) $46.12 +2.45%
Nasdaq 100 - Fallers
Amazon.Com Inc. (AMZN) $287.00 -8.36%
Altera Corp. (ALTR) $33.15 -1.73%
Intuitive Surgical Inc. (ISRG) $477.79 -1.59%
Equinix Inc. (EQIX) $194.85 -1.46%
Whole Foods Market Inc. (WFM) $37.70 -0.87%
Google Inc. (GOOGL) $548.90 -0.86%
Google Inc. Class C (GOOG) $539.78 -0.77%
Bed Bath & Beyond Inc. (BBBY) $65.24 -0.72%
Stericycle Inc. (SRCL) $123.05 -0.61%
Twenty-First Century Fox Inc Class A (FOXA) $33.35 -0.57% |
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| | Newspaper Round Up | | Monday newspaper round-up: Stress tests, Vodafone, Bank of England... One in five banks in Europe have failed 'stress tests' and been ordered to come up with nearly €10bn to plug a shortfall in their balance sheets, reports The Times. Italian banks came out worst in the review, with four being responsible for a €3.3bn shortfall. All of the British banks passed the test.
Vodafone has launched an investigation into its Spanish arm Ono, according to The Telegraph, amid allegations that the cable operator's profits were inflated by tax fraud. The probe is said to be centred around how much senior management knew about the alleged fraud ahead of Vodafone's 6bn acquisition which completed in July.
Monetary Policy Committee member Ian McCafferty has called on the Bank of England (BoE) to raise interest rates now, claiming that spare capacity could be used up by the summer and add to inflation pressures, The Guardian reports. McCafferty "reiterated his view that raising borrowing costs now would help the BoE to nudge up rates only gradually", the paper said.
Plans backed by Gazprom to create a gas link between Russia and Britain have been binned on the back of worries that it would have increased dependence on Russian gas, writes The Times. British ministers were believed to have backed the Russian state-owned energy group's plans when they were first proposed two years, but worsening relations between Moscow and the West as of late have changed that.
The Scotsman cited figures from recruiter Brightpool which showed that financial-services firms have recently chosen the north of England over Scotland to expand in due to uncertainty caused by the independence referendum. | | |
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