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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 bounce ahead of US non-farm payrolls report The Footsie began the Friday session with a bounce following the previous session's thrashing and ahead of the US September jobs report which is due out this afternoon.
As of 09:00 London's top flight index was rising by 46 points to 6,492.
Helping sentiment along, US equities steadied on Thursday evening after having started the session sharply lower, as investors reacted with dismay to the lack of action by the ECB at its policy meeting.
Even so, investors seem to be on guard for any negative surprises. Precisely in that regard, the Eurozone's service sector purchasing managers' index slipped to a reading of 52.4 in September, after a print of 52.8 in the month before. Economists had been expecting an unchanged reading.
Also significant is the fact that the readings for France and Italy both undershot expectations.
US non-farm payrolls are forecast to rise by 205,000 following a gain of 250,000 in the month before. Nevertheless, economists estimate that the unemployment rate will tick higher by a tenth of a percentage point to 6.1%.
Michael Hewson, chief market analyst at CMC Markets UK, said August's number was well below expectations of 225,000 and markets are hoping this will be revised upwards.
"The concern is that given some of the data seen this week, which has been on the weak side, we could well be seeing a little bit of a slowdown as we head into the fourth quarter," he explained.
"The unemployment rate is expected to remain at 6.1%, but it is worth keeping an eye on average hourly earnings, which are expected to move further above the Fed's 2% inflation target to 2.2% for September from 2.1%."
easyJet rises to the top of the leaderboard
In company news, Easyjet increased its outlook for the half year ended 30 September from between £545m and £570m to between £575m and £580m, thanks to a strong finish to the summer season, which saw increased revenue per seat. The group has also benefitted from the Air France pilots' strike in September is expected to increase easyJet's revenue by around £5m.
Engineering and project management company Amec has announced that Kent Masters and Stephanie Newby will join its board as non-executive directors once the acquisition of Foster Wheeler is completed. Masters is currently president and chief executive of Foster Wheeler, while Newby has been a member of the American company's board since 2004.
In response to the draft determination published by The Water Services Regulation Authority, United Utilities has submitted a revised plan which would result in average household bills falling by 4.1% in real terms over the 2015-20 period, compared with a 2.3% reduction in its June plan. |
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| | Market Movers
techMARK 2,754.50 +0.41%
FTSE 100 6,485.98 +0.61%
FTSE 250 15,115.40 +0.73%
FTSE 100 - Risers
easyJet (EZJ) 1,444.00p +5.32%
United Utilities Group (UU.) 810.50p +3.31%
HSBC Holdings (HSBA) 627.80p +2.26%
TUI Travel (TT.) 388.60p +2.24%
Marks & Spencer Group (MKS) 396.70p +2.03%
Petrofac Ltd. (PFC) 1,012.00p +1.71%
Sainsbury (J) (SBRY) 228.60p +1.69%
CRH (CRH) 1,388.00p +1.69%
Barclays (BARC) 224.35p +1.61%
Weir Group (WEIR) 2,379.00p +1.54%
FTSE 100 - Fallers
RSA Insurance Group (RSA) 469.10p -1.37%
Fresnillo (FRES) 742.50p -0.93%
Tesco (TSCO) 176.80p -0.79%
Diageo (DGE) 1,746.50p -0.71%
Antofagasta (ANTO) 695.00p -0.50%
Intertek Group (ITRK) 2,583.00p -0.46%
Randgold Resources Ltd. (RRS) 4,139.00p -0.39%
Coca-Cola HBC AG (CDI) (CCH) 1,319.00p -0.30%
Hargreaves Lansdown (HL.) 931.00p -0.21%
Legal & General Group (LGEN) 224.10p -0.18%
FTSE 250 - Risers
Renishaw (RSW) 1,733.00p +8.99%
Dunelm Group (DNLM) 833.00p +4.91%
PayPoint (PAY) 1,006.00p +3.18%
Amec (AMEC) 1,075.00p +2.87%
Fidelity China Special Situations (FCSS) 118.50p +2.69%
Workspace Group (WKP) 626.00p +2.62%
Diploma (DPLM) 699.50p +2.42%
Euromoney Institutional Investor (ERM) 983.00p +2.40%
Fidessa Group (FDSA) 2,335.00p +2.37%
Debenhams (DEB) 61.40p +2.33%
FTSE 250 - Fallers
Synthomer (SYNT) 194.50p -5.17%
African Barrick Gold (ABG) 214.60p -2.85%
Afren (AFR) 105.70p -2.13%
Kennedy Wilson Europe Real Estate (KWE) 1,040.00p -1.79%
Countrywide (CWD) 453.90p -1.67%
Ferrexpo (FXPO) 99.65p -1.63%
RPS Group (RPS) 246.60p -1.32%
Cranswick (CWK) 1,299.00p -1.22%
Telecom Plus (TEP) 1,325.00p -1.12% |
| | UK Event Calendar | | Friday October 03
INTERIM DIVIDEND PAYMENT DATE
Aggreko, Arbuthnot Banking Group, ARM Holdings, Ashley (Laura) Holding, BlackRock Latin American Inv Trust, Camellia, Centamin (DI), Churchill China, Cineworld Group, Devro, Elementis, Foresight 2 VCT Infrastructure Shares, Grafton Group Units, Greencore Group, Greggs, International Personal Finance, Irish Continental Group Units, Maintel Holdings, Meggitt, Michael Page International, Millennium & Copthorne Hotels, Pennant International Group, Regus, SEGRO, Shire Plc, TUI Travel, Tullow Oil, Xaar
QUARTERLY EX-DIVIDEND DATE
JP Morgan Chase & Co
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
Non-Farm Payrolls (US) (13:30)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Retail Sales (EU) (10:00)
Unemployment Rate (US) (13:30)
GMS
Standard Life
ANNUAL REPORT
Digital Globe Services Ltd (DI)
EGMS
Fyffes, ROS Agro GDR REG S
AGMS
Abbey, Atlantis Japan Growth Fund Ltd., Henderson Smaller Companies Inv Trust, IPSA Group, SPARK Ventures
UK ECONOMIC ANNOUNCEMENTS
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Betfair Group, Carclo, Darty, Micro Focus International, Pennon Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of US non-farm payrolls European stocks were mostly higher on Friday morning in the aftermath of the European Central Bank's policy announcement which had sent equities lower.
Stocks had fallen on Thursday as President Mario Draghi expressed his concerns over weak inflation and said the economy remained weak and fragile.
His remarks came as the ECB decided to keep its key rates unchanged and unveiled the details of its covered bonds and asset-backed securities (ABS) programmes which are due to start mid-October and last two years.
Analysts said the market was somewhat disappointed at the lack of details on how much the programmes were expected to boost the economy.
Turning to Friday's agenda, the all-important US non-farm payrolls report and unemployment rate will be released. Economists expect the report to show employers added 215,000 jobs in September, compared to 142,000 a month earlier. The unemployment rate is forecast to hold at 6.1%.
The Federal Reserve is monitoring the labour market closely as it considers the timing of an interest rate hike.
In the Eurozone, the September services purchasing managers' index (PMI) falls to 52.4 from 52.8 the previous month, compared to forecasts for an unchanged reading. A level above 50 signals expansion.
Eurozone retail sales figures will be out at 10:00 London time, which are expected to show a 0.7% increase in August, slowing down from July's 0.8% rise.
On the company front, Easyjet was flying higher after reporting a strong finish to the year and increasing its outlook for the second half.
Strong trading saw third quarter sales at homewares retailer Dunelm rise to £180.6m, a 17% year-on-year gain, pushing shares upwards. |
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| | US Market Report | | US close: Markets make par amid ECB and jobless claims reports US stocks recovered from early losses on Thursday to end up broadly flat, ahead of Friday's payroll data. There was mixed news for investors, as the lack of economic stimulus from the European Central Bank left many disappointed, while the number of unemployed surprisingly fell below expectations. The Nasdaq closed 8.11 up to 4,430.19 points, while the Dow Jones Industrial Average dropped 3.66 to 16,801.05 points and the S&P 500 was unchanged at 1,946.17.
At a press conference in Italy on Thursday, ECB President Mario Draghi announced that the bank will buy assets for the next two years at least, in a bid to boost economic growth and inflation in the Eurozone.
The ECB is expected to begin buying bonds in October, while it plans to purchase asset-backed securities within the final quarter of 2014.
Data released on Thursday showed an unexpected fell in the number of applications for unemployment benefits, an indication, according to analysts, that the jobs market is continuing to progress.
Jobless claims fell to 287,000 in the week ended 27 September, 8,000 down from a revised 295,000 in the previous period and 10,000 units below the estimate.
According to data published by the Labor Department, initial jobless claims have been below 300,000 for three consecutive weeks and five of the last seven, while the average of new claims in September fell to 294,750, just marginally above an eight-year low.
Meanwhile, layoffs in September fell to their lowest level since 2000 and factory orders fell 10.1% in August, after a 10.5% rise in July, dropping below analysts forecats of a 9.7% fall.
In corporate news, Esperion Therapeutics surged as high as 17% after announcing late on Wednesday night that a mid-stage clinical trial showed its ETC-1002 treatment offered a significant help in reducing bad cholesterol.
Bank of America rose 0.6% after announcing that chief executive Brian Moynihan will succeed Charles Holliday Jr as chairman.
DirecTV rose 1% after announcing it had reached an agreement to continue airing National Football League matches on Sundays.
Constellation Brands fell over 2%, as the owner of Modelo and Corona brands reported second-quarter sales of $1.61bn which fell below analyst expectations. The beverage maker added it intends to buy a warehouse, glass plant, land and rail infrastructure in Mexico from Anheuser-Busch InBev NV for $300m.
The 10-year Treasury note yield rose five basis points to 2.44, its lowest close since 8 September, while the 30-year bond yield fell by almost the same margin to 3.15 and the five-year note yield shed three basis points to 1.70.
West Texas intermediate crude rose 0.85% and traded at just over $91.5 a barrel, while the dollar gained against the pound but was in retreat against the euro and the yen.
S&P 500 - Risers
AutoNation Inc. (AN) $52.07 +6.05%
Diamond Offshore Drilling Inc. (DO) $34.83 +3.85%
Autodesk Inc. (ADSK) $57.74 +3.74%
McCormick & Co. (MKC) $67.50 +2.88%
Mylan Inc. (MYL) $46.50 +2.72%
Fossil Group Inc (FOSL) $95.18 +2.61%
Netflix Inc. (NFLX) $449.98 +2.55%
CF Industries Holdings Inc. (CF) $275.96 +2.49%
Ralph Lauren Corp (RL) $167.12 +2.30%
VeriSign Inc. (VRSN) $55.52 +2.23%
S&P 500 - Fallers
Helmerich & Payne Inc. (HP) $91.01 -3.77%
Nabors Industries Ltd. (NBR) $21.51 -2.98%
Avago Technologies Ltd. (AVGO) $83.21 -2.72%
Tyco International Ltd (TYC) $43.26 -2.63%
Avon Products Inc. (AVP) $11.69 -2.58%
Apache Corp. (APA) $88.74 -2.54%
Allegheny Technologies Inc. (ATI) $35.09 -2.45%
Phillips 66 Common Stock (PSX) $77.76 -2.35%
Vertex Pharmaceuticals Inc. (VRTX) $104.80 -2.28%
Garmin Ltd. (GRMN) $49.88 -2.17%
Dow Jones I.A - Risers
Nike Inc. (NKE) $89.30 +1.82%
Home Depot Inc. (HD) $92.24 +1.34%
Goldman Sachs Group Inc. (GS) $182.88 +1.21%
Exxon Mobil Corp. (XOM) $93.30 +0.47%
Merck & Co. Inc. (MRK) $58.85 +0.24%
Wal-Mart Stores Inc. (WMT) $76.23 +0.14%
Cisco Systems Inc. (CSCO) $25.06 +0.12%
American Express Co. (AXP) $85.87 +0.07%
AT&T Inc. (T) $34.97 +0.03%
Unitedhealth Group Inc. (UNH) $84.90 +0.02%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $58.84 -1.56%
Intel Corp. (INTC) $33.52 -1.38%
Walt Disney Co. (DIS) $86.79 -0.80%
United Technologies Corp. (UTX) $103.24 -0.58%
Chevron Corp. (CVX) $117.11 -0.46%
Johnson & Johnson (JNJ) $103.85 -0.43%
Boeing Co. (BA) $124.17 -0.40%
3M Co. (MMM) $138.67 -0.37%
E.I. du Pont de Nemours and Co. (DD) $70.23 -0.35%
Pfizer Inc. (PFE) $29.06 -0.31%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $251.42 +4.65%
Autodesk Inc. (ADSK) $57.74 +3.74%
Mylan Inc. (MYL) $46.50 +2.72%
Netflix Inc. (NFLX) $449.98 +2.55%
Fastenal Co. (FAST) $45.47 +2.15%
Mattel Inc. (MAT) $31.11 +2.13%
PACCAR Inc. (PCAR) $57.06 +1.51%
Automatic Data Processing Inc. (ADP) $72.50 +1.51%
Intuitive Surgical Inc. (ISRG) $469.64 +1.48%
CH Robinson Worldwide Inc (CHRW) $66.10 +1.40%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $6.66 -3.48%
Avago Technologies Ltd. (AVGO) $83.21 -2.72%
Vertex Pharmaceuticals Inc. (VRTX) $104.80 -2.28%
Garmin Ltd. (GRMN) $49.88 -2.17%
Applied Materials Inc. (AMAT) $20.53 -2.05%
Expedia Inc. (EXPE) $83.37 -1.66%
Intuit Inc. (INTU) $84.52 -1.40%
Intel Corp. (INTC) $33.52 -1.38%
Broadcom Corp. (BRCM) $38.84 -1.27% |
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| | Friday newspaper round-up: Tesco, Bank of England, Oil market | | Billionaire Warren Buffett said investing in Tesco was a “huge mistake”, The Times reported on Friday. The American investor, one of the world’s richest men, is Tesco’s third-largest shareholder, with a 3.7% stake, but has seen his shares fall in value by about £465m over the last 12 months. “I made a mistake on Tesco. That was a huge mistake by me,” Buffett, who first bought into Tesco in 2006, was quoted as saying to American network CNBC. The retailing giant has seen its shares drop 45% this year amid a series of scandals and profit warnings and the UK’s top financial regulator has now launched a full-scale probe into the accounting scandal that has plunged the group into crisis over the last two weeks. The Bank of England (BoE) is demanding powers to intervene in the mortgage market, to allow policymakers to limit the value of loans to homeowners and prevent a housing bubble that could disrupt the financial system, The Guardian reported. Threadneedle Street officials are monitoring the housing market because two-thirds of the global banking crises were preceded by housing boom-bust cycles and will ask the Chancellor George Osborne for powers to limit the size of mortgages according to the value of a property and borrowers’ income. Contact information for about 76m US households and over 7m of small businesses in the US were compromised in a cyber-security attack this summer, the Wall Street Journal reported. JP Morgan said financial information wasn't compromised in the attack and that customer assets are safe, given there was no breach of any login information such as passwords, dates of birth, social security numbers or account numbers. Aldermore, one of the new s-called challenger banks, is set to float on 17 October. After setting the price range for its stock at between 217p and 265p the lender is hoping to raise approximately £75m. The new banks which have been coming to the market are seeking to fill a short-fall of up to £60bn in the market for lending to small businesses. Pre-tax profits in the six months to June nearly tripled to £18.6m in comparison with the same period of a year ago, The Daily Telegraph says. Oversupply in the oil market and uncertainty about what will be the next move by the Organization of Petroleum Exporting Countries (Opec) sent the price of Brent oil to its lowest since June 2012 and below the $93 per barrel mark. In fact, US November oil futures at one point even fell below the $90 mark. Pressuring the price of crude lower, Saudi Arabia, the largest exporter in the world, announced this week that it would cut its sales price to Asia for the month of November, The Daily Telegraph wrote. | | |
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