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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 rise, but Lloyds and StanChart fall Despite some heavy falls from banking heavyweights Lloyds and Standard Chartered, UK stocks advanced on Tuesday morning as the FTSE 100 rebounded from a one-week low.
London's benchmark index was up 0.6% at 6,404 in early deals, helped by decent gains from oil major BP.
The Footsie closed at 6,363.46 on Monday, its lowest finish since 20 October, after weak business confidence figures from Germany and the results of bank stress-tests in Europe dampened sentiment.
Meanwhile, Wall Street indices closed broadly flat after weak US services and pending-home sales data, as well as a subdued reading of manufacturing activity in Dallas. The S&P 500 finished 0.1% lower after rising 4.1% last week, its best weekly performance this year.
Markets were set for a calmer morning on Tuesday in the absence of any major economic economic data from this side of the Pond, as investors readied themselves for Wednesday's Federal Open Market Committee decision, at which US policymakers are expected to bring their quantitative easing (QE) programme to an end.
"The lack of or progress by the indices suggests investors taking a pause after last week's rally amid all the volatility of late, digesting the flurry of data and changes in views/outlook, ahead of what may/may not be the Fed's last taper of its QE programme, taking us a step closer to policy normalisation," said Mike van Dulken, head of research at Accendo Markets.
Lloyds, StanChart disappoint
Underlying profits were higher than expected at Lloyds Banking Group, rising 44% year-on-year in the third quarter, but shares fell in early deals as analysts raised concerns about further PPI impairment charges and the outlook for the UK housing market.
Shares in banking counterpart Standard Chartered dropped after the company reported a 16% decline in operating profit in the third quarter and said that full-year earnings would be lower than last year.
Not all banking stocks were weak in morning trade with RBS, Barclays and HSBC making small gains. Financial peers Aberdeen Asset Management, Prudential and Aviva were also putting in a decent performance.
BP reported that profits fell by almost a fifth in the third quarter, but the stock edged higher after the oil major still beat the market's expectations and said it was "well on track" to hit its targets this year.
Lower prices and higher costs led to a 26% drop in adjusted profits at BG Group in the third quarter despite revenues at the natural gas firm growing 4% over last year. The stock was flat early on.
Shares of Synthomer sank after the chemicals company delivered a profit warning to investors, saying that the demand momentum in Europe seen earlier in the year had tailed off. The FTSE 250 company, which develops polymers for consumer products, now expected full-year pre-tax profit to be "slightly below current consensus". |
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| | Market Movers
techMARK 2,706.66 +0.69%
FTSE 100 6,404.34 +0.64%
FTSE 250 15,150.72 +0.73%
FTSE 100 - Risers
Mondi (MNDI) 1,011.00p +2.43%
Royal Mail (RMG) 452.60p +1.98%
Ashtead Group (AHT) 1,011.00p +1.86%
Morrison (Wm) Supermarkets (MRW) 154.50p +1.85%
Dixons Carphone (DC.) 386.00p +1.82%
GKN (GKN) 309.80p +1.77%
St James's Place (STJ) 686.00p +1.71%
Sainsbury (J) (SBRY) 244.50p +1.71%
ITV (ITV) 202.40p +1.71%
CRH (CRH) 1,386.00p +1.69%
FTSE 100 - Fallers
Standard Chartered (STAN) 1,015.00p -7.31%
Lloyds Banking Group (LLOY) 74.06p -1.70%
BG Group (BG.) 1,040.00p -0.29%
FTSE 250 - Risers
Ocado Group (OCDO) 236.20p +3.42%
NMC Health (NMC) 497.80p +3.30%
Afren (AFR) 94.55p +2.77%
UBM (UBM) 549.50p +2.52%
Britvic (BVIC) 664.50p +2.31%
Bodycote (BOY) 601.00p +2.12%
Dunelm Group (DNLM) 828.00p +2.10%
Rotork (ROR) 2,496.00p +2.09%
AL Noor Hospitals Group (ANH) 1,014.00p +2.06%
Bank of Georgia Holdings (BGEO) 2,551.00p +2.04%
FTSE 250 - Fallers
Synthomer (SYNT) 197.00p -7.42%
Dignity (DTY) 1,546.00p -1.53%
F&C Commercial Property Trust Ltd. (FCPT) 124.70p -0.95%
Petra Diamonds Ltd.(DI) (PDL) 168.50p -0.94%
Rank Group (RNK) 161.40p -0.92%
Morgan Advanced Materials (MGAM) 284.20p -0.70%
Evraz (EVR) 127.30p -0.70%
Senior (SNR) 255.70p -0.62%
Alent (ALNT) 327.00p -0.61% |
| | UK Event Calendar | | Tuesday 28 October
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Consumer Confidence (US) (14:00)
Durable Goods Orders (US) (12:30)
Q3
BG Group, BP, Marsh & Mclennan Cos Inc.
GMS
Balfour Beatty, Doriemus, Octopus Titan VCT 1, Octopus Titan VCT 2, Octopus Titan VCT 3, Octopus Titan VCT 4, Octopus Titan VCT 5, SnackTime, TUI Travel
FINALS
EpiStem Holdings, Utilitywise
ANNUAL REPORT
Digital Globe Services Ltd (DI)
IMSS
Lloyds Banking Group
EGMS
Bellzone Mining, Fyffes, TUI Travel
AGMS
China Nonferrous Gold Limited (DI), Indus Gas Ltd., JPMorgan Mid Cap Inv Trust, Murgitroyd Group
UK ECONOMIC ANNOUNCEMENTS
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as France vows to cut budget deficit European stocks gained after France pledged to cut its budget deficit by €3.6-3.7bn next year in an effort to meet EU rules.
In a letter to the European Commission, France's finance minister Michel Sapin vowed to cut back on spending with an update on the country's original budget for 2015.
France plans to slash public spending by €50bn by 2017 when the country holds its next presidential election.
In the US, reports on durable goods orders and consumer confidence will be in focus as traders gauge the health of the world's largest economy ahead of Wednesday's Federal Reserve policy decision.
The Fed is expected to end its monthly bond purchase programme but keep interest rates at the record low of 0.25%.
"I think any major surprises tomorrow is very unlikely simply because there is no press conference following the decision, which means there would be no opportunity to question any big changes in policy or stance," said Alpari UK analyst Craig Erlam.
"There will be a statement released alongside the announcement but I think the FOMC would rather save any big announcements for those meetings when they can explain themselves, the next one of which is in December."
UBS slides after Q3 results
UBS advanced as the Swiss bank posted a weaker-than-forecast rise in third-quarter profit after setting aside $1.94bn for legal costs to settle a case on alleged currency rigging.
Standard Chartered declined as the bank reported a 16% fall in third-quarter profit before tax.
Sanofi slumped after saying pricing in the US diabetes market has become ''more challenging'', which will hurt sales of Lantus insulin next year.
Novartis rallied after third-quarter earnings beat analysts' estimates, driven by sales of new medicines.
The euro rose 0.06% to $1.2705. |
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| | US Market Report | | US close: Markets fluctuate as crude price falls US stocks fluctuated on Monday, as energy producers registered losses after oil prices dropped.
The Dow Jones Industrial Average closed 12.53 points up to 16,817.94, while the S&P 500 dropped 2.95 points to 1,961.63 and the Nasdaq closed 4.00 points up to 4,046.01.
Brent crude and West Texas Intermediate futures dropped as Goldman Sachs Group cut its oil price forecasts, with West Texas intermediate closing the day at just over $80 a barrel.
The broker now sees front month West Texas crude futures falling to $75 per barrel in the first quarter of 2015 and remaining at that level throughout the second half of the year. In the second quarter of 2015 Brent futures are seen dropping to $80 per barrel and West Texas crude futures to $70 per barrel, while gold futures fell to $1,228.40.
Meanwhile, Markit's purchasing managers index (PMI) for services fell to 57.4 in October from 58.9 a month earlier. Analysts had predicted a reading of 57.8. However, a level above 50 signals expansion.
Another report showed pending home sales rose 1% year-on-year in September after falling 4.1% in August. It missed forecasts for a 2.2% increase.
In corporate news, Italian lender Monte dei Paschi was making waves that were being felt all the way over on the other side of the Pond. Its shares cratered after news the bank must replenish €2.1bn in capital within nine months to meet European Central Bank requirements.
GoPro shares dropped 9.77% continuing a sharp decline from Friday, when Oppenheimer analysts initiated a sell rating on the wearable camera maker, while Citizens Financial Group dropped 1.42% despite reporting a rise in third-quarter profit as the bank set aside less money for bad loans.
Novavax Inc. shares soared 13.06% after it said it is preparing to begin a Phase 1 clinical trial of its Ebola vaccine before the end of 2014, while Merck & Co. fell 2.01% after the firm tightened its outlook for the rest of the year as expiring patents dragged down sales.
After the bell, Twitter reported earnings after that largely met analysts' forecasts but shares fell 9.27% after the close.
The yield on US 10-year Treasuries fell one basis points to 2.26%, while the yield on the 30-year Treasury note and the five-year note fell by the same margin to 2.21 and 1.48 respectively.
The dollar closed the first session of the week in retreat against the pound, euro and yen.
S&P 500 - Risers
Micron Technology Inc. (MU) $32.30 +3.99%
Juniper Networks Inc. (JNPR) $19.72 +3.79%
Yahoo! Inc. (YHOO) $44.70 +2.76%
Cerner Corp. (CERN) $62.63 +2.47%
Garmin Ltd. (GRMN) $56.61 +2.44%
Chipotle Mexican Grill Inc. (CMG) $630.11 +2.33%
Carmax Inc. (KMX) $54.77 +2.22%
Xerox Corp. (XRX) $12.82 +2.15%
Graham Holdings Co. (GHC) $753.00 +2.01%
Whole Foods Market Inc. (WFM) $38.45 +1.96%
S&P 500 - Fallers
Nabors Industries Ltd. (NBR) $17.48 -6.67%
Halliburton Co. (HAL) $52.39 -6.08%
LyondellBasell Industries (LYB) $87.19 -5.63%
Transocean Ltd. (RIG) $28.52 -5.59%
Helmerich & Payne Inc. (HP) $82.28 -5.40%
QEP Resources Inc (QEP) $23.13 -4.89%
Newfield Exploration Co (NFX) $28.17 -4.64%
Allegheny Technologies Inc. (ATI) $31.52 -4.54%
Baker Hughes Inc. (BHI) $51.13 -4.41%
Marathon Oil Corp. (MRO) $33.00 -4.35%
Dow Jones I.A - Risers
Verizon Communications Inc. (VZ) $49.42 +1.33%
Travelers Company Inc. (TRV) $98.87 +1.17%
Procter & Gamble Co. (PG) $85.95 +0.93%
Johnson & Johnson (JNJ) $104.07 +0.91%
Nike Inc. (NKE) $91.64 +0.81%
AT&T Inc. (T) $34.11 +0.71%
3M Co. (MMM) $149.56 +0.65%
Unitedhealth Group Inc. (UNH) $92.13 +0.53%
Home Depot Inc. (HD) $95.47 +0.51%
McDonald's Corp. (MCD) $92.01 +0.37%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $56.45 -2.01%
E.I. du Pont de Nemours and Co. (DD) $67.88 -1.62%
Caterpillar Inc. (CAT) $98.54 -0.91%
Exxon Mobil Corp. (XOM) $93.71 -0.83%
Chevron Corp. (CVX) $115.02 -0.77%
Coca-Cola Co. (KO) $40.76 -0.66%
Microsoft Corp. (MSFT) $45.91 -0.48%
General Electric Co. (GE) $25.52 -0.47%
Pfizer Inc. (PFE) $29.03 -0.27%
Walt Disney Co. (DIS) $88.45 -0.18%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $32.30 +3.99%
Yahoo! Inc. (YHOO) $44.70 +2.76%
Cerner Corp. (CERN) $62.63 +2.47%
Garmin Ltd. (GRMN) $56.61 +2.44%
Whole Foods Market Inc. (WFM) $38.45 +1.96%
Gilead Sciences Inc. (GILD) $112.59 +1.70%
Vertex Pharmaceuticals Inc. (VRTX) $111.59 +1.53%
Western Digital Corp. (WDC) $92.95 +1.39%
Twenty-First Century Fox Inc Class A (FOXA) $33.78 +1.29%
Illumina Inc. (ILMN) $191.31 +1.16%
Nasdaq 100 - Fallers
Tesla Motors Inc (TSLA) $221.67 -5.77%
TripAdvisor Inc. (TRIP) $86.93 -1.50%
Equinix Inc. (EQIX) $191.98 -1.48%
Netflix Inc. (NFLX) $379.40 -1.46%
Expedia Inc. (EXPE) $80.38 -1.41%
Dish Network Corp. (DISH) $61.35 -1.37%
Keurig Green Mountain Inc (GMCR) $143.28 -1.35%
CA Inc. (CA) $28.09 -1.20%
Baidu Inc. (BIDU) $219.92 -1.18% |
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| | Broker Tips | | Broker tips: Lloyds, GlaxoSmithKline, Airlines Lloyds may have passed the Europe-wide stress tests, but the UK's own bank-health checks may be an issue, according to broker Jefferies which downgraded the stock from 'hold' to 'underperform' on Monday.
The broker reckons that Lloyds is now "at risk" ahead of the Prudential Regulation Authority's forthcoming stress tests, which include scenarios such as a 35% fall in house prices and a 30% drop in commercial real estate prices. Jefferies said: "None of this bodes particularly well for LLOY given that it is UK mortgage centric (60% of first-half customer loans are in secured retail)."
UBS has cut its target for GlaxoSmithKline after trimming its estimates for the pharmaceutical company, and said that its dividend "still looks unsustainable". The bank has reduced its target for the shares from 1,380p to 1,250p and kept a 'sell' rating.
"We believe the current dividend level beyond 2015 is only safe if we see strong and sustained recovery of respiratory sales, for which we have no indication yet, UBS said.
Despite ongoing concerns about the spread of Ebola and its effect on tourism, Morgan Stanley has recommended investors to buy shares of UK-listed airline peers Easyjet, Ryanair and IAG, hailing the companies' fundamentals. | | |
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