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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: Starts move higher ahead of US FOMC Wednesday's session is expected to see a continuation of the previous day's gains, ahead of the latest policy decision announcement by the Federal Open Market Committee (FOMC), this evening. As of 09:20 the FTSE 100 was trading around 23 points higher than Tuesday's close at 6,432.
The gains were being driven in part by US data. The FOMC meeting, which kicked off on Tuesday will be concluded on Wednesday, when the central bank will announce whether it will end the remaining $15bn of monthly bond buys.
In the view of chief market analyst at CMC Markets, Michael Hewson, investors can expect the Fed to call time on the purchases, but predicts that "in an attempt to push out interest rate expectations, it will probably leave the language of the statement unchanged".
Alpari UK market analyst Craig Erlam observed that the mood leading up to the announcement seems to indicate that people are anticipating a more dovish Fed "in response to the slowdown in the Eurozone and the disinflation that has been gripping many of the major economies".
"Expectations are far more dovish than what we had a couple of months ago before that sell-off in the markets knocked everyone's confidence," he said. "If they're correct though, this is positive for the markets and could help them push beyond the current highs if confirmed by the Fed."
Shell Midstream Partners prices NY IPO above expected range
Back in the UK and in company news, clothing retailer Next warned on profits after warmer weather led to much weaker sales in September and October more than offsetting an encouraging August. As a result, sales in the third quarter increased by just 5.4%, versus the company's original expectation for a gain of 10%. Given the recent volatility in trading, the firm has lowered its guidance for fourth quarter and hence full year sales. It reduced its full year profit guidance as well, by 3% to £770m, from £795m.
Standard Life reported a 13% increase in fee revenue from continuing operations over the nine months to the end of September, to hit £1,032m. That came as assets under administration from continuing operations increased to £29bn, driven by net inflows of £4.3bn and the acquisition of Ignis Asset Management. Management highlighted how the increased focus on fee business, which the disposal of its Canadian operations will allow, will enable it to return £1.75bn of capital to shareholders.
Johnson Matthey has agreed to acquire the battery materials business of Clariant AG for $75m. The deal, which is expected to complete early in 2015, covers all of the assets of Clariant's Energy Storage business including its manufacturing facility in Candiac, Quebec, an R&D centre and pilot plant in Moosburg, Germany together with the customer order book and a substantial IP portfolio. |
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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 | | Wednesday 29 October
INTERIMS
Braemar Shipping Services, C&C Group, JZ Capital Partners Ltd, Tissue Regenix Group
INTERIM DIVIDEND PAYMENT DATE
Amiad Water Systems Ltd, Manchester Building Society
QUARTERLY PAYMENT DATE
CQS Diversified Fund Ltd Ord NPV £
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (14:30)
FOMC Interest Rate (US) (18:00)
MBA Mortgage Applications (US) (11:00)
Q3
CSR, Talvivaara Mining Company (CDI)
GMS
Finsbury Food Group
FINALS
Redefine International
IMSS
Johnston Press, Next, Standard Life
DRILLING REPORT
Antofagasta
AGMS
Arcontech Group, Goldplat, Murray Income Trust, New World Oil And Gas, Progility, Ricardo, Sacoven
TRADING ANNOUNCEMENTS
Stagecoach Group, Standard Life
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rally ahead of US policy decision European stocks advanced as investors awaited the US Federal Reserve's latest policy decision.
The Fed is expected to end its monthly bond purchase programme but keep interest rates unchanged at 0.25%.
"It's FOMC decision day and this will be keenly watched as we mark a historical end to the Federal Reserve's massive quantitative easing programme," said FX Pro's Angus Campbell.
"Whilst there's no press conference that follows the decision, the key element to watch will be the statement to see if there's any hint of when rates will start to rise. But hopes maybe dashed as we can expect the dovish tone to remain, in particular the inclusion of the phrase "considerable time", so a reassertion of dollar strength might take some time yet."
Sanofi slides after CEO ousted
Sanofi declined after the French drugmaker removed chief executive Chris Viehbacher.
Total SA advanced after news chief executive Patrick Pouyanne said he'll continue slashing costs after reporting a slowdown in third quarter profits.
Oil-services firm Fugro slumped after saying third-quarter results are below expectations.
The euro fell 0.05% to $1.2727. |
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| | US Market Report | | US close: Markets rise after better-than-expected earnings US stocks advanced on Tuesday as investors were buoyed by better-than-expected corporate earnings, ahead of the Federal Reserve's two-day policy meeting. The Dow Jones Industrial Average closed 187.81 points up at 17,005.75, breaking the 17,000 threshold for the first time since 3 October, while the S&P 500 rose 23.41 points up to 1,985.05 and the Nasdaq closed 60.61 points up to 4,106.62.
According to data released on Tuesday, US consumer confidence rose to 94.5 in October, up from 89 in September and topping estimates that had forecast an 87.3 reading.
Home-price growth declined in August, as the S&P/Case-Shiller 20-City Home Price Index fell 0.15%, against expectations of a 0.2% increase.
The reading marked the fourth consecutive monthly decline and left the index up 5.6% year-on-year as 12 of the 20 metropolitan statistical areas reported a decrease during the period. The slowdown in the pace of home price appreciation comes after prices rose consistently for much of the previous two years.
Meanwhile, durable goods orders fell 1.3% in September, below consensus expectations of a 0.5% increase. Excluding transportation, orders were also weaker-than-expected, declining 0.2% against a predicted 0.8% increase, while core capital goods orders fell 1.7% in September and August figures were revised downward from 0.6% to 0.3%.
In corporate news, Amgen rose 6.07% after announcing it will buy back more shares and raise its dividend, while Parker Hannifin rose 4.87% after lifting its guidance for 2015.
Twitter plummeted 9.84% as the social media giant was hit by downgrades from several analysts on Tuesday, after its fourth-quarter revenue forecast came slightly under analysts' expectations, and growth in new users slowed in the third quarter.
Whirlpool shares fell after earnings per share missed expectations, before rebounding to close the day 6.77% up, while Kohl's shares dropped 6.64% after the retailer said its annual profit will be at the lower end of its forecasts, while rail and airlines stocks gained ground.
Apple advanced 1.55% after Alibaba Group Holding chief executive officer Jack Ma announced he was interested in cooperating with the technology giants on financial payments.
The dollar was in retreat against the pound and the euro, but rose marginally against the yen.
Gold futures retreated slightly to $1,228.30, while West Texas intermediate and Brent crude rose slightly, closing at just under $81 a barrel and just over $86 a barrel respectively.
The yield on the 10-year US Treasury note rose three basis points to 2.29, while the yield on the 30-year note gained the same margin to 3.07 and the yield on the five-year Treasuries advanced by two basis points to 1.51.
S&P 500 - Risers
AutoNation Inc. (AN) $55.58 +6.91%
Cummins Inc. (CMI) $144.59 +6.81%
Whirlpool Corp. (WHR) $168.06 +6.77%
Goodyear Tire & Rubber Co. (GT) $21.90 +6.26%
Amgen Inc. (AMGN) $157.19 +6.07%
First Solar Inc. (FSLR) $57.38 +5.69%
Allegheny Technologies Inc. (ATI) $33.19 +5.30%
United States Steel Corp. (X) $38.15 +5.10%
Juniper Networks Inc. (JNPR) $20.71 +5.02%
Parker-Hannifin Corp. (PH) $122.95 +4.87%
S&P 500 - Fallers
Kohls Corp. (KSS) $54.66 -6.64%
Coach Inc. (COH) $34.00 -5.95%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $76.44 -5.68%
Freeport-McMoRan Inc (FCX) $29.03 -4.16%
Masco Corp. (MAS) $22.14 -3.61%
Plum Creek Timber Co. (PCL) $40.16 -2.88%
Aetna Inc. (AET) $77.23 -2.46%
Regeneron Pharmaceuticals Inc. (REGN) $397.89 -2.28%
Macy's Inc. (M) $57.27 -2.09%
Eli Lilly and Company (LLY) $64.83 -2.07%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $101.16 +2.66%
United Technologies Corp. (UTX) $106.27 +2.00%
Chevron Corp. (CVX) $117.13 +1.83%
JP Morgan Chase & Co. (JPM) $59.63 +1.69%
Walt Disney Co. (DIS) $89.93 +1.67%
Intel Corp. (INTC) $33.74 +1.63%
American Express Co. (AXP) $88.01 +1.59%
Visa Inc. (V) $216.71 +1.55%
Exxon Mobil Corp. (XOM) $95.10 +1.48%
General Electric Co. (GE) $25.88 +1.41%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $55.85 -1.06%
Coca-Cola Co. (KO) $40.56 -0.49%
Wal-Mart Stores Inc. (WMT) $76.35 -0.31%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $242.77 +9.52%
Vimpelcom Ltd Ads (VIP) $6.32 +6.40%
Amgen Inc. (AMGN) $157.19 +6.07%
Baidu Inc. (BIDU) $228.96 +4.11%
F5 Networks Inc. (FFIV) $120.25 +4.03%
Akamai Technologies Inc. (AKAM) $57.15 +3.36%
Vodafone Group Plc ADS (VOD) $32.93 +3.26%
Avago Technologies Ltd. (AVGO) $84.20 +3.22%
Cognizant Technology Solutions Corp. (CTSH) $46.93 +3.10%
Intuitive Surgical Inc. (ISRG) $491.83 +2.96%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $397.89 -2.28%
Staples Inc. (SPLS) $12.36 -0.80%
Biogen Idec Inc. (BIIB) $318.03 -0.61%
Sirius XM Holdings Inc (SIRI) $3.33 -0.60%
Monster Beverage Corp (MNST) $97.45 -0.45%
Ross Stores Inc. (ROST) $80.32 -0.37% |
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| | Wednesday newspaper round-up: BoE, Vodafone, EU referendum | | The Bank of England deputy governor Jon Cunliffe has said the BoE can afford to keep interest rates low for longer than previously thought, the Guardian reported on Wednesday. Speaking at an event marking his first year on the monetary policy committee on Tuesday, Cunliffe said factors such as weaker growth mean the current level [of Bank Rate] can be maintained for a longer period than previously thought. “The softening in the pay and inflation data, together with the weaker external environment, for me implies that we can afford to maintain the current degree of monetary stimulus for a longer period than previously thought,” Cunliffe said in a speech to the Cambridge Society for Economic Pluralism. Vodafone has been accused of illegally withholding a report on its £6bn takeover of Kabel Deutschland, the Daily Telegraph reported. US hedge fund Elliot said the firm's actions were part of a “pattern of obstructing” efforts by shareholders to uncover the details of the deal and it has now decided to try to extract a premium for the shares compared with what Vodafone paid for the rest of the German cable operator. On Tuesday, Eliot said Kabel Deutschland had repeatedly refused to hand over a special auditor’s report since it was delivered to management at the end of September, adding that it had applied to a court in Munich for the document to be released immediately. The Conservative party's plans to enshrine a European Union (EU) referendum in law have fallen apart, amid a Coalition row, the Independent reported. The European Union (Referendum) Bill, which aimed at creating an obligation for the next government to hold a vote on Britain's EU membership by 2017, cleared its first hurdle in Parliament earlier this month and was due to return to the Commons later in the current Parliamentary session. The Bill, however, has now collapsed, as Tory MPs have accused the Lib Dems of deliberately stopping the legislation in its tracks by demanding backing for reform of the so-called bedroom tax as the price to pay for their for support. Balfour Beatty's annual company meeting was unusually colurful this year, after one attendee called the chairman a "corporate psychopath". He was protesting against the firm's decision to sell Parsons Brinckerhoff, Balfour’s American project management division, to WSP Global, for £820m. He also accused Marshall of an “appalling track record”. The shareholder was duly escorted to the lifts at the London offices of Goldman Sachs. Nevertheless, nearly the entire group of investors present voted for the sale, The Times reports. The recent accounting scandal at Tesco has set off alarm bells ringing at the multiple multinational food and drink manufacturers which supply the grocer, to such an extent that some have flown in audit teams to run the rule over their UK operations. There is no suggestion of wrongdoing among the suppliers. However, there are questions in the industry about how a black hole of that scale might have emerged at Britain’s biggest retailer, and whether there are financial repercussions for its suppliers, according to The Daily Telegraph. | | |
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