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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 close: Weak Eurozone manufacturing data drag shares lower Weak European manufacturing data dragged London shares lower on Monday despite a rise in the sector’s fortunes in the UK.
The Eurozone Markit manufacturing purchasing managers' index (PMI) for October fell to 50.6 from 50.7 previously with both Germany and Italy declining while France improved slightly.
British manufacturing PMI broke its recent run of falls, jumping to 53.2 in October from a 17-month low of 51.5 in September, but the recovery was based largely on domestic demand.
Although growth of incoming new business accelerated to a three-month high during the month, led by solid gains in new work from domestic clients, new export orders fell for the second straight month.
Economists at Capital Economics said: “October’s Markit/CIPS manufacturing survey provided some tentative signs that the sector’s recovery regained some momentum at the beginning of the fourth quarter. However, it will remain up to the services sector to drive overall growth in the near term.”
Downbeat corporate news from banks also had an impact on the FTSE 100 Index, which closed 58.5 points adrift at 6487.97.
Banks dragged the Footsie lower after a small increase in third quarter profits at HSBC missed City expectations.
David Madden at spread-betting firm IG said fines for alleged FX manipulation and more provisions for apparent mis-selling of PPI "goes to show that Europe’s largest bank isn’t without its flaws.”
Shares in HSBC dropped 11.6p to 627.9p, Royal Bank of Scotland lost 7.8p to 380.2p and Barclays was off 3.8p at 237p.
At the other end of the scale, airlines were leading the risers after good news from Ryanair, which raised its annual profit guidance significantly.
Easyjet led the gains with a 40p lift to 1540p, TUI Travel was up 7.4p at 406p and BA and Iberia owner IAG flew higher by 5.1p to 414.3p.
Supermarkets were having a good day after a wave of bad news in the last few weeks, with Morrisons up 0.3p to 155.1p ahead of its update on Thursday. Tesco gained 0.15p to 173.75p, but Sainsbury’s backtracked 0.9p to 244.6p.
But other retailers were on the slide including Primark owner Associated British Foods, which reports annual results on Tuesday. ABF’s shares were 83p down at 2671p, B&Q and Brico Depot owner Kingfisher reversed 7p to 295.5p and Dixons Carphone dipped 6.3p to 388.9p. |
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| | Market Movers
techMARK 2,765.74 -0.47%
FTSE 100 6,487.97 -0.89%
FTSE 250 15,453.15 -0.31%
FTSE 100 - Risers
easyJet (EZJ) 1,540.00p +2.67%
Petrofac Ltd. (PFC) 1,080.00p +1.89%
TUI Travel (TT.) 406.00p +1.86%
InterContinental Hotels Group (IHG) 2,405.00p +1.52%
International Consolidated Airlines Group SA (CDI) (IAG) 414.30p +1.25%
WPP (WPP) 1,233.00p +1.23%
Carnival (CCL) 2,516.00p +1.13%
ITV (ITV) 204.60p +0.79%
Hargreaves Lansdown (HL.) 1,000.00p +0.65%
ARM Holdings (ARM) 880.50p +0.63%
FTSE 100 - Fallers
Associated British Foods (ABF) 2,671.00p -3.01%
Kingfisher (KGF) 295.50p -2.31%
Centrica (CNA) 295.50p -2.31%
Standard Life (SL.) 385.10p -2.18%
United Utilities Group (UU.) 837.00p -2.05%
Royal Bank of Scotland Group (RBS) 380.20p -2.01%
SSE (SSE) 1,567.00p -2.00%
Weir Group (WEIR) 2,241.00p -1.84%
3i Group (III) 389.70p -1.81%
HSBC Holdings (HSBA) 627.90p -1.81%
FTSE 250 - Risers
Ocado Group (OCDO) 274.30p +10.29%
Bwin party Digital Entertainment (BPTY) 97.70p +8.98%
AO World (AO.) 180.20p +8.62%
Serco Group (SRP) 309.00p +3.80%
Kaz Minerals (KAZ) 238.80p +3.74%
Betfair Group (BET) 1,253.00p +3.55%
Polymetal International (POLY) 530.50p +3.01%
Hochschild Mining (HOC) 101.90p +2.98%
Ophir Energy (OPHR) 189.90p +2.48%
Cairn Energy (CNE) 148.30p +2.21%
FTSE 250 - Fallers
Just Retirement Group (JRG) 126.00p -5.26%
Supergroup (SGP) 803.50p -3.19%
Berendsen (BRSN) 980.50p -2.92%
Alent (ALNT) 328.60p -2.78%
Aveva Group (AVV) 1,494.00p -2.73%
Afren (AFR) 75.15p -2.72%
Telecom Plus (TEP) 1,374.00p -2.69%
COLT Group SA (COLT) 134.50p -2.54%
Stagecoach Group (SGC) 377.20p -2.53%
International Personal Finance (IPF) 473.90p -2.45%
FTSE TechMARK - Risers
Puricore (PURI) 31.00p +6.90%
Torotrak (TRK) 14.25p +3.64%
Promethean World (PRW) 28.38p +3.18%
Oxford Biomedica (OXB) 4.08p +1.24%
Kofax Limited (DI) (KFX) 394.12p +0.96%
RM (RM.) 146.38p +0.95%
Consort Medical (CSRT) 721.50p +0.21%
FTSE TechMARK - Fallers
Optos (OPTS) 227.00p -3.40%
Ricardo (RCDO) 646.00p -2.12%
NCC Group (NCC) 193.00p -2.03%
Skyepharma (SKP) 343.75p -1.93%
XP Power Ltd. (DI) (XPP) 1,396.00p -1.62%
Vectura Group (VEC) 116.75p -1.48%
Anite (AIE) 86.00p -1.43%
Dialight (DIA) 851.50p -0.99%
Innovation Group (TIG) 26.75p -0.93%
SDL (SDL) 390.00p -0.89% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | Europe open: Stocks little changed amid batch of manufacturing PMIs European stocks were mixed as investors weighed manufacturing data in China and the Eurozone. HSBC’s Chinese manufacturing purchasing managers’ index (PMI) was confirmed at 50.4 in October, as expected. A reading above 50 signals expansion. China’s non-manufacturing PMI fell to 53.8 in October from 54 a month earlier. The Eurozone PMI was revised lower to 50.6 from 50.7, surprising analysts who predicted an unchanged reading. The UK and the US will also see the release of manufacturing PMIs on Monday. European Central Bank (ECB) officials Carlos Costa, Vitor Constancio, Daniele Nouy and Ewald Nowotny are due to speak later, while Federal Reserve officials Charles Evans and Richard Fisher will also make remarks. Increased M&A activity Portugal Telecom SA rallied after Altice SA offered to buy some assets from Oi SA. Ryanair Holdings gained after raising its full-year profit forecast. Publicis Groupe declined after agreeing to buy Sapient Corp. for $3.7bn. The euro fell 0.22% to $1.2498. Brent crude futures dropped 0.50% to $85.43 per barrel, according to the ICE. |
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| | US Market Report | | US open: Stocks largely unchanged after Friday's record US were largely unchanged on Monday, as investors awaited several key economic reports on manufacturing and weighed global growth prospects.
Just before 10:00 in New York, the Dow Jones Industrial Average was 2.66 points down to 17,387.86, while the S&P 500 lost 0.23 points to 2,017.82 and the Nasdaq was 2.71 points up to 4,160.92.
The S&P 500 and the Dow Jones Industrial average surged on Friday to all-time closing highs of 2,018 and 17,391 respectively, with investors buoyed by an unexpected increase to Japan's monetary-easing programme.
"The S&P 500 was looking a little exposed at all-time highs having skyrocketed higher on Friday [...] but disappointing Chinese and European manufacturing data now look set to bring stocks back down to earth on Monday," said Jasper Lawler, analyst at CMC Markets.
The government's official Chinese manufacturing purchasing managers' index (PMI) unexpectedly declined from 51.1 to a five-month low of 50.8, while the non-manufacturing PMI fell from 54 to a nine-month low of 53.8.
Meanwhile, the final reading of Markit's Eurozone manufacturing PMI for October was revised to 50.6, up from 50.3 in September but down from the initial estimate of 50.7.
In corporate news, Sapient surged after French advertising group Publicis SA announced a $3.7bn all-cash deal to buy the US firm.
Geron soared after the US Food and Drug Administration removed its hold on the pharmaceutical firm's new drug research application for imetelstat, which is focused on myeloid malignancies.
Covance rose sharply after Laboratory Corp. of America Holdings announced it would buy the firm in a $5.6bn cash and stock deal.
American Realty Capital Properties tumbled following news that the Federal Bureau of Investigation has opened a criminal probe into accounting errors at the real estate investment trust.
The yield on the 10-year US Treasury note was stable at 2.34%, while the 30-year note was unchanged at 3.06 and the five-year Treasuries advanced one basis point to 1.62.
Gold futures slid back slightly to $1,169.90, while West Texas intermediate and Brent crude were largely unchanged, trading at just over $80.5 and just under $86 respectively. |
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| | Broker Tips | | Broker tips: HSBC, RBS, Wm Morrison, Rolls-Royce, Just Eat Hargreaves Lansdown Stockbrokers has hailed a "strong operating quarter" for HSBC, but has said that analysts covering the stock remain on the fence due to regulatory issues.
"Unfortunately, the provisions cannot be ignored and the ongoing costs of PPI and the forex investigations are also joined by an additional US booking. General cost inflation is another drag on the numbers whilst the company's exposure to the emerging markets is occasionally of concern," Hargreaves said.
Investec has downgraded its recommendation for Royal Bank of Scotland from 'hold' to 'sell' despite Friday's well-received third-quarter results, saying that the earnings and returns outlook for the bank is still weak.
"It is true that RBS is (by far) the top performing UK bank year-to-date. However it has regularly offered clear (short-term) selling opportunities throughout the year and we believe the strength of Friday's euphoria has just presented another one," Gordon said.
Current trading conditions at Wm Morrison are a "worry to our minds", according to analysts at Shore Capital who repeated their 'hold' rating on the stock ahead of the supermarket chain's third-quarter update this week.
"We expect Morrison's to continue to report trading that is a little short of grim," said analysts Clive Black and Darren Shirley, adding that the firm is now entering a "critical quarter".
Canaccord Genuity has lowered its recommendation and slashed its target for Rolls-Royce, saying it sees "trouble ahead" for the engine maker as some divisions enter a period of slower growth.
The broker said it has "tempered our expectations for group earnings progression" after Rolls-Royce downgraded its 2014 and 2015 growth guidance last month. As such, the stock is now rated 'hold' (previously 'buy') and the target has been cut from 1,200p to just 850p.
Online takeaway food marketplace Just Eat is growing at an impressive rate, but Peel Hunt reiterated its 'hold' recommendation for the stock on Monday on the back of the company's long-term outlook. | | |
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