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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: RBS and IAG lead gains as UK stocks rise on BoJ stimulus London's stock market jumped in early deals on Friday, trading at levels not seen since the start of the month, after Japan's central bank unexpectedly ramped up its monetary-easing plan in a bid to revive growth. Sentiment was also helped by some well-received third-quarter results from heavyweights RBS, IAG and Direct Line. The FTSE 100 rose 0.9% to 6,519 within the opening hour after closing at 6,463.55 on Thursday, its highest finish since 8 October. Just days after the Federal Reserve called an end to its asset purchases, the Bank of Japan said it would be expanding its bond-buying programme to 80trn yen a year, up from the Y60trn-70trn level which has been in place since April 2013, amid downwards pressure on prices and falling consumer spending. The move saw Japanese stocks soar over 5% on Friday and the yen slump close to seven-year lows against the dollar. Analyst Angus Campbell from FxPro said the decision in Japan took "almost everyone by surprise, not because further measures were not expected, but because it was thought the BoJ wouldn't move quite so soon". Economic data will be in focus on Friday, with Eurozone inflation figures due out in the morning, followed by personal spending, and consumer-confidence indicators in the States later on. RBS, IAG and Direct Line provide a boost Royal Bank of Scotland was making decent gains after saying it swung to a profit of nearly £1.3bn in the third quarter of 2014, compared with a loss of £634m the year before, and said it was making early progress in its strategy to create a "simpler, clearer and fairer" bank. The part-nationalised lender also confirmed that it would be keeping Irish arm Ulster Bank following a strategic review. Anglo-Spanish airline conglomerate International Consolidated Airlines Group was also in demand as it reported a 30% jump in third-quarter operating profits on the back of falling fuel costs and lifted its guidance for full-year growth. It now expects full-year adjusted operating profits to grow €550m-600m over last year, compared with an earlier target for €500m growth. Direct Line noted "highly competitive" markets but reassured investors by saying that pricing in the motor insurance market continuing to stabilise in the third quarter. The company said it remains on track to hit its full-year targets. Tougher comparatives led to a slowdown in organic growth at advertising and media giant WPP in the third quarter, though the company maintained its guidance for the full year. The stock was more or less flat early on. Fashion retailer SuperGroup was a heavy faller after lowering its profit guidance for the full year after recent warm weather kept a lid on sales. |
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| | Market Movers techMARK 2,767.73 +0.65%
FTSE 100 6,519.37 +0.86%
FTSE 250 15,443.81 +0.95% FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 404.00p +3.40%
Royal Bank of Scotland Group (RBS) 374.90p +2.63%
Ashtead Group (AHT) 1,041.00p +2.16%
Schroders (SDR) 2,380.00p +2.10%
Friends Life Group Limited (FLG) 320.40p +2.10%
London Stock Exchange Group (LSE) 2,010.00p +1.98%
Intu Properties (INTU) 341.70p +1.91%
St James's Place (STJ) 724.50p +1.68%
Royal Mail (RMG) 442.60p +1.65%
Unilever (ULVR) 2,514.00p +1.58% FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 3,718.00p -1.61%
Fresnillo (FRES) 707.00p -1.33%
BT Group (BT.A) 363.80p -1.11%
WPP (WPP) 1,204.00p -0.33%
Tesco (TSCO) 173.10p -0.12%
RSA Insurance Group (RSA) 478.70p -0.10%
Smith & Nephew (SN.) 1,053.00p -0.09% FTSE 250 - Risers
JD Sports Fashion (JD.) 474.40p +5.42%
Elementis (ELM) 268.00p +4.28%
Henderson Group (HGG) 208.60p +4.25%
Regus (RGU) 192.50p +4.22%
Polymetal International (POLY) 527.00p +3.33%
Card Factory (CARD) 233.00p +3.23%
Zoopla Property Group (WI) (ZPLA) 211.50p +2.92%
Berendsen (BRSN) 1,006.00p +2.81%
Bank of Georgia Holdings (BGEO) 2,568.00p +2.64%
AL Noor Hospitals Group (ANH) 1,048.00p +2.54% FTSE 250 - Fallers
Supergroup (SGP) 811.00p -8.36%
Bwin.party Digital Entertainment (BPTY) 94.90p -4.96%
Centamin (DI) (CEY) 53.40p -2.64%
African Barrick Gold (ABG) 210.40p -1.73%
Ted Baker (TED) 1,943.00p -0.61%
Serco Group (SRP) 294.10p -0.57%
Workspace Group (WKP) 635.50p -0.47%
Playtech (PTEC) 701.00p -0.43%
Premier Oil (PMO) 258.10p -0.39%
Provident Financial (PFG) 2,115.00p -0.38% |
| | UK Event-Calendar | | Friday 31 October
INTERIMS
1Spatial
INTERIM DIVIDEND PAYMENT DATE
32Red, Advanced Medical Solutions Group, BBA Aviation, Central Asia Metals, Crawshaw Group, Dignity, EMIS Group, Hargreave Hale AIM VCT 2, Huntsworth, Lighthouse Group, Maven Income & Growth 2 VCT, NAHL Group, Old Mutual, Servelec Group , Smurfit Kappa Group, Tandem Group, Wynnstay Group, XLMedia
QUARTERLY PAYMENT DATE
Albion Technology & General VCT, F&C Commercial Property Trust Ltd., JP Morgan Chase & Co, Mercantile Investment Trust (The), Middlefield Canadian Income PCC, Schroder Income Growth Fund, Torchmark Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (13:45)
International Reserves (EU) (11:00)
Personal Consumption Expenditures (US) (12:30)
Personal Income (US) (12:30)
Personal Spending (US) (12:30)
Retail Sales (GER) (07:00)
U. of Michigan Confidence (Final) (US) (13:55)
Unemployment Rate (EU) (10:00)
Q3
International Consolidated Airlines Group SA (CDI), Royal Bank of Scotland Group
GMS
Gresham House, Jupiter Second Split Trust Geared Gwth Shares
IMSS
Berendsen, Direct Line Insurance Group, Regus, Royal Bank of Scotland Group, Weir Group
AGMS
CEB Resources, Cientifica , Ideagen
UK ECONOMIC ANNOUNCEMENTS
Consumer Confidence (09:30)
GFK Consumer Confidence (00:05)
FINAL DIVIDEND PAYMENT DATE
Abbey, Chemring 7% Cumulative Preference Shares 1, City of London Investment Group, Heavitree Brewery 11 1/2% Cum Prf , Latham (James) 8% Cumulative Preference 1, Mid Wynd International Inv Trust |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks gain after Bank of Japan boosts stimulus European stocks gained after the Bank of Japan unexpectedly boosted its stimulus, raising its annual target for monetary expansion. The BoJ lifted its target to 80trn yen from a previous 60trn-70trn yen. The move came as Japan’s jobless rate rose to 3.6% in September from 3.5% the previous month, as expected. Inflation in the world’s third-largest economy fell to 3.2% in September from 3.3% the month earlier, which was also predicted by the market. However, the core rate which strips out the effect of the recent sales-tax hike fell to 1%, further away from the BoJ's 2% target. The Eurozone has inflation data due out on Friday amid pressure on the European Central Bank to address price instability. The unemployment rate will also be released in morning trading. In other euro-area news, German retail sales rose 2.3% year-on-year in September, following a 0.1% rise the prior month. Analysts had estimated a 1.2% gain. The US will see the release of personal spending and consumer confidence data later on. BNP, RBS BNP Paribas gained after posting an 11% increase in third-quarter profit that beat analysts’ estimates. Royal Bank of Scotland Group jumped after swinging to a third-quarter profit. International Consolidated Airlines Group advanced as the owner of the British Airways and Iberia raised its full-year earnings guidance. The euro fell 0.33% to $1.2572. Brent crude futures dropped 1.18% to $85.24 per barrel, according to the ICE. |
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| | US Market Report | | US close: Markets gain after better than expected GDP data US stocks advanced on Thursday, following better-than-expected real gross domestic product (GDP) data, fuelling speculation the economy is strong enough to withstand higher interest rates.
The Dow Jones Industrial average closed 221.11 points up to 17,195.420,while the S&P 500 gained 12.35 points to 1,994.65 and the Nasdaq closed 10.08 points up to 4,096.22.
Data released on Thursday showed US GDP rose an annualised 3.5% in the third quarter of 2014, exceeding consensus estimates of a 3.0% rise.
Government spending increased to 4.6%, driven by a 16% rise in federal defence spending, the largest increase in five years, while business investment spending rose 5.5% and real consumer spending advanced slightly more than expected to 1.8%.
"The GDP figure was stronger than expected, the fact that the surprise was in defence spending, which is unlikely to be repeated, leads us not to extrapolate the stronger growth into future quarters," Barclays said in a note, adding that it expected real GDP growth to be 2.5% in the final quarter of 2014.
Figures published by the Labor Department showed that the number of Americans who applied for new unemployment benefits in October remained below the 300,000 unit for the seventh consecutive week.
In the week ended 25 October, initial jobless claims rose by 3,000 to 287,000, in line with consensus expectations of 285,000, while claims for the previous week were revised to 284,000, as the four-week moving average remained at 281,000, its lowest level since 2000.
In corporate news, Visa rallied 10.24% after fourth quarter earnings fell less than analysts expectations, while rival Mastercard rose 9.40% after its third quarter profit and sales also beat analyst estimates.
Lakeland Industries soared 22.97% after the maker of hazmat suits announced it accelerated manufacturing capacity due to the Ebola crisis.
Take-Two Interactive Software rose 10.83% after reporting losses that were less severe than previously anticipated, while Harman International Industries advanced 7.46% after posting first quarter adjusted earnings of $1.31 a share above the $1.12 a share forecast by analysts.
Kraft Food fell 1.32% after reporting its third quarter profit from $500m to $446m, while Avon Products shares dropped 9.03%, even though the firm topped analysts' estimates after positive results in Europe.
The yield on the 10-year US Treasury note was stable at 2.31%, while the yield on the 30-year note fell one basis poin to 3.04 and the five-year Treasuries were unchanged at 1.58.
Gold futures slid to $1,198.80, while West Texas intermediate and Brent crude both retreated and closed at just over $81 and just over $86 respectively.
The dollar advanced marginally against the pound, the euro and the yen.
S&P 500 - Risers
Visa Inc. (V) $236.65 +10.24%
Mastercard Inc. (MA) $83.13 +9.40%
Bristol-Myers Squibb (BMY) $58.98 +8.90%
Harman International Industries Inc. (HAR) $108.87 +7.46%
Akamai Technologies Inc. (AKAM) $59.83 +6.44%
Amerisource Bergen Corp. (ABC) $84.84 +6.40%
Owens-Illinois Inc. (OI) $24.96 +6.08%
Allegion (ALLE) $52.64 +4.67%
Hospira Inc. (HSP) $54.24 +4.17%
Perrigo Company plc (PRGO) $161.33 +4.08%
S&P 500 - Fallers
Avon Products Inc. (AVP) $9.97 -9.03%
Ball Corp (BLL) $63.30 -4.94%
Borg Warner Inc. (BWA) $54.37 -4.38%
CH Robinson Worldwide Inc (CHRW) $69.22 -3.99%
Intel Corp. (INTC) $32.58 -3.95%
Cabot Oil & Gas Corp. (COG) $30.39 -3.83%
Denbury Resources Inc. (DNR) $12.21 -3.17%
Freeport-McMoRan Inc (FCX) $28.08 -3.14%
Unum Group (UNM) $33.46 -3.13%
Avago Technologies Ltd. (AVGO) $82.39 -2.93%
Dow Jones I.A - Risers
Visa Inc. (V) $236.65 +10.24%
Merck & Co. Inc. (MRK) $57.31 +1.98%
Johnson & Johnson (JNJ) $107.04 +1.40%
E.I. du Pont de Nemours and Co. (DD) $67.66 +1.29%
Pfizer Inc. (PFE) $29.84 +1.19%
Nike Inc. (NKE) $93.00 +1.14%
Home Depot Inc. (HD) $97.52 +1.14%
Coca-Cola Co. (KO) $41.40 +1.07%
Unitedhealth Group Inc. (UNH) $93.88 +0.99%
Walt Disney Co. (DIS) $90.22 +0.77%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $32.58 -3.95%
Microsoft Corp. (MSFT) $46.05 -1.22%
Exxon Mobil Corp. (XOM) $94.45 -0.15%
Cisco Systems Inc. (CSCO) $24.08 -0.08%
Caterpillar Inc. (CAT) $100.16 -0.03%
Nasdaq 100 - Risers
Catamaran Corp (CTRX) $47.54 +12.87%
Equinix Inc. (EQIX) $207.47 +7.82%
Akamai Technologies Inc. (AKAM) $59.83 +6.44%
Baidu Inc. (BIDU) $237.01 +5.55%
F5 Networks Inc. (FFIV) $121.78 +3.98%
Vimpelcom Ltd Ads (VIP) $6.42 +3.55%
Gilead Sciences Inc. (GILD) $114.22 +3.16%
Mylan Inc. (MYL) $52.37 +2.99%
Activision Blizzard Inc. (ATVI) $19.58 +2.84%
Cognizant Technology Solutions Corp. (CTSH) $47.98 +2.70%
Nasdaq 100 - Fallers
CH Robinson Worldwide Inc (CHRW) $69.22 -3.99%
Intel Corp. (INTC) $32.58 -3.95%
Avago Technologies Ltd. (AVGO) $82.39 -2.93%
Discovery Communications Inc. Class A (DISCA) $35.94 -2.92%
Nxp Semiconductors Nv (NXPI) $65.41 -2.45%
Facebook Inc. (FB) $74.11 -2.31%
Texas Instruments Inc (TXN) $47.53 -1.66%
Maxim Integrated Products Inc. (MXIM) $28.40 -1.63%
Micron Technology Inc. (MU) $31.82 -1.43% |
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| | Friday newspaper round-up: JP Morgan, Shadow banking, Standard Chartered | | JP Morgan directors are top of the pile when it comes to income average of investment banks, the Guardian reported on Friday. According to research carried out by salary benchmarking website Emolument.com, directors at the American bank earn on average £461,000 a year – £214,000 in salary and a £272,000 bonus. JP Morgan bankers, working in sales, trading and research, also earn 15% more than rivals at equivalent grades at second-place Deutsche Bank, with Bank of America Merrill Lynch clinching third spot, as it pays an average of £376,000. Global shadow banking assets rose to a record $75trn (£46.5trn) in 2013, the Daily Telegraph reported. According to a research by the Financial Stability Board (FSB), the value of mortgage-backed securities, risky investment products and other non-bank entities rose by $5trn to $75trn in 2013 Holding about 25% of the world's total financial assets, shadow-banking, which is not constrained by bank regulation, now represents almost half of the global banking system. It is also equivalent to 120% of global gross domestic product (GDP). Standard Chartered shares plummeted to their lowest level in five-and-a-half years on Thursday after reports that US authorities had reopened an investigation into the bank over breaching sanctions with Iran, the Financial Times reported. US regulators, which fined Standard Chartered £415m in 2012 for breaching sanctions with Iran, have now reopened their investigation, adding to the bank woes only days after Peter Sands, the group chief executive, admitted the bank could not achieve its profits promises for the year. The future of Standard Chartered, which has lost more than 30% this year, is likely to generate concerns among investors after its shares slumped to 943p for the first time since 2009. A tax dispute with the Mongolian government has cut into the value of Rio Tinto's huge copper project in Mongolia, the Oyu Tolgoi mine. The miner thus looks set to take a $2.5bn write-down on the value of that roubled undertaking, although it had already flagged that risk at the half-year stage. At $5bn to develop the deposit could see the Asian country's economic growth rate increase by approximately half, the International Monetary Fund recently estimated, according to The Times. The fall in the international price of oil is indeed making itself felt in the shale oil industry. In its latest quarterly results the outfit said that each quarter during which the price of crude remained at $85 per barrel its quarterly profits would be reduced by $2bn. That is proof of the magnitude of the pressures which the sector is coming under as a result of the recent fall in crude prices, says The Times. | | |
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