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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: Miners lift UK stocks higher, but Serco plummets UK stocks advanced on Monday morning, led by decent gains in the heavyweight mining sector despite some mixed trade figures from China.
The FTSE 100 was up 0.4% at 6,594 in early deals after closing Friday's session at 6,567.24, its highest finish since 6 October. However, gains on the FTSE 250 were limited after a profit warning and proposed rights issue at Serco.
Markets were digesting some mixed economic data from China released overnight as the trade surplus widened more than expected in October from $31bn to $45.41bn, albeit mainly because of slowing import growth.
Meanwhile, the annual rate of Chinese consumer-price index (CPI) inflation held steady at 1.6% last month, while producer-price index (PPI) deflation worsened from -1.8% to -2.2%.
However, analyst Craig Erlam from Alpari UK said: "With the PPI falling 2.2% on the year, again due to weaker prices in commodity imports, this is both positive for corporate profitability while the CPI reading is well below the People's Bank of China's 3.5% target, opening the door to further targeted stimulus, It's win-win from the markets perspective."
Economic data is likely to be thin on the ground over the next two trading sessions, though things will pick up on Wednesday with the release of the Bank of England's quarterly Inflation Report.
Serco plummets, Cairn jumps
Under-pressure business-to-government (B2G) outsourcing group Serco saw shares sink by as much as a third early on as the company delivered a profit warning to investors and said it is planning a rights issue after writing down the value of its business by £1.5bn.
Regarding the impairments, chief executive Rupert Soames said: "Whilst it is a bitter pill, it is better for all concerned that we swallow it now and establish a really solid foundation on which to build Serco's future."
The news also dragged B2G outsourcing peers G4S and Capita firmly lower.
Leading the upside on the FTSE 250 was Cairn Energy as the oil explorer announced a "significant" find off the coast of Senegal, with preliminary estimates pointing to commercial viability.
Mining stocks were performing well on the whole, including blue chips Anglo American, Antofagasta, Randgold, Fresnillo and Glencore.
Even platinum producer Lonmin was making gains despite saying that full-year underlying profits sank 71% as a result of a five-month strike in South Africa, which curtailed production and sent costs soaring. |
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| Market Movers
techMARK 2,787.37 +0.11%
FTSE 100 6,594.08 +0.41%
FTSE 250 15,463.35 -0.01%
FTSE 100 - Risers
Antofagasta (ANTO) 718.00p +2.06%
Anglo American (AAL) 1,389.00p +1.80%
Randgold Resources Ltd. (RRS) 4,200.00p +1.65%
Fresnillo (FRES) 746.00p +1.63%
Ashtead Group (AHT) 1,059.00p +1.53%
Petrofac Ltd. (PFC) 1,134.00p +1.43%
Shire Plc (SHP) 4,230.00p +1.41%
Tullow Oil (TLW) 513.50p +1.38%
BHP Billiton (BLT) 1,698.50p +1.34%
Glencore (GLEN) 329.50p +1.29%
FTSE 100 - Fallers
G4S (GFS) 259.50p -1.96%
Hargreaves Lansdown (HL.) 1,024.00p -1.73%
Royal Mail (RMG) 456.50p -1.38%
Vodafone Group (VOD) 205.05p -0.92%
Capita (CPI) 1,093.00p -0.91%
Kingfisher (KGF) 288.80p -0.76%
Babcock International Group (BAB) 1,067.00p -0.74%
Burberry Group (BRBY) 1,508.00p -0.72%
Sainsbury (J) (SBRY) 259.80p -0.69%
BT Group (BT.A) 371.10p -0.64%
FTSE 250 - Risers
Cairn Energy (CNE) 172.20p +9.06%
Aveva Group (AVV) 1,477.00p +5.88%
Kaz Minerals (KAZ) 252.60p +5.47%
Hochschild Mining (HOC) 102.50p +3.59%
Mitchells & Butlers (MAB) 376.20p +2.98%
Centamin (DI) (CEY) 51.35p +2.97%
Redefine International (RDI) 50.95p +2.93%
Ocado Group (OCDO) 316.00p +2.90%
Just Retirement Group (JRG) 128.80p +2.63%
Polymetal International (POLY) 548.50p +2.62%
FTSE 250 - Fallers
Serco Group (SRP) 225.60p -28.86%
Infinis Energy (INFI) 219.00p -2.71%
Bwin.party Digital Entertainment (BPTY) 99.00p -2.65%
Zoopla Property Group (WI) (ZPLA) 201.70p -2.42%
Stock Spirits Group (STCK) 241.70p -2.34%
Brit (BRIT) 252.30p -2.21%
JD Sports Fashion (JD.) 455.00p -1.94%
Diploma (DPLM) 706.50p -1.88%
Redrow (RDW) 268.00p -1.87% |
| | UK Event Calendar | | Monday 10 November
INTERIMS
Aveva Group, E2V Technologies, Grafenia
INTERIM DIVIDEND PAYMENT DATE
Blackstar Group SE (DI), Manx Telecom , Morrison (Wm) Supermarkets, WPP
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
Q3
Afarak Group (DI), Bank Pekao SA GDS (Reg S), EFG-Hermes Holding SAE GDR (Reg S)
FINALS
Carr's Milling Industries, Ceres Power Holdings, Lonmin
IMSS
Dignity, Hammerson, Industrial Mlulti Propety Trust , Just Retirement Group, Redrow
EGMS
OJSC Cherkizovo Group GDR (Reg S)
AGMS
Kofax Limited (DI), Redrow
FINAL DIVIDEND PAYMENT DATE
Wilmington Group, ZCCM Investments Holdings 'B' Shares |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks jump as weak Chinese data spurs stimulus hopes European stocks gained as investors weighed Chinese inflation data and awaited the release of a report on Eurozone investor confidence.
China's consumer price index (CPI) rose by 1.6% in October, as expected by analysts and unchanged from the prior month.
Chinese producer prices fell 2.2% in October, more than the forecast for a 2% drop, after declining 1.8% a month earlier.
"With the producer price index falling 2.2% on the year, again due to weaker prices in commodity imports, this is both positive for corporate profitability while the CPI reading is well below the People's Bank of China's 3.5% target, opening the door to further targeted stimulus, It's win-win from the markets perspective," said Alpari UK analyst Craig Erlam.
The figures follow trade data over the weekend which showed growth in China's exports and imports slowed in October.
In Europe, Sentix's Eurozone investor confidence index, to be released at 09:30, is forecast to fall to -13.8 in November from -13.7 a month earlier.
Confidence in the health of the European market has waned amid weak data pointing to a stagnant recovery and dangerously low inflation.
Carlsberg, Nutreco
Carlsberg advanced after Russia's biggest brewer said its markets share improved in the country as it reported third-quarter profit in line with estimates.
Nutreco NV edged higher after a Dutch investment company increased its bid for the animal-feed maker by 11%, to fend off rival approach by Cargill Inc.
Kabel Deutschland Holding AG rallied after reporting a rise in second-quarter sales and adjusted earnings.
Serco Group slumped after the government-services company lowered its operating profit outlook for 2014.
The euro rose 0.20% to $1.2480. |
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| | US Market Report | | US close: Stocks register marginal gains to end week US stocks registered marginal gains on Friday, following reports showing that companies hired less people than expected in October while the unemployment rate dropped to a six-year low.
The Dow Jones Industrial Average closed 19.46 points up at 17,573.93, while the S&P 500 advanced by 0.71 points to 2,031.92 and the Nasdaq finished the day 3.58 points down at 4,160.50.
US non-farm payrolls increased by a less-than-expected 214,000 in October, missing consensus estimate of 235,000 but the unemployment rated nudged down to 5.8%.
Estimates for September and August were both revised up by a combined 31,000.
About 256,000 jobs were added in September, up from the initial estimate of 248,000, while August's reading was revised up to 203,000 from 180,000.
The revisions mean that the US economy has now increased non-farm employment by 200,000 or more for nine consecutive months, a feat not achieved since 1994. The jobless rate unexpectedly fell from 5.9% in September, while the labour-force participation rate inched up to 62.8% from 62.7%.
Paul Answorth, chief economist at Capital Economics, said that new report suggests the Federal Reserve could hike the interest rates soon.
"The Fed doves could still cling to the news that, despite the decline in the unemployment rate, there is still no sign of a pick -up in average hourly earnings, which increased by a muted 0.1% month-on-month last month," he said.
"The immediate post-announcement rally in the Treasury market, presumably because the headline payroll figure missed slightly, looks badly misplaced to us. This is a strong report that suggests the first rate hike is coming soon. We expect the Fed to start tightening in March next year."
In corporate news, Zynga rose 2.97% after the online gaming group reported a 12.8% fall in third-quarter revenue that was not as bad as the market had feared.
The firm, however, reported that monthly active users totalled just 112m during the quarter, down from 133m the year before and 331m the year before that.
King Digital Entertainment, famous for its 'Candy Crush' game, advanced 3.90% announcing a share repurchase programme and beating third-quarter forecasts.
Salix Pharmaceuticals shares plunged 33.98% after the drug and medical-device maker missed profit and revenue estimates, while Capstone Turbine Corp. saw its stock sink 16% in the premarket after reporting a fiscal second-quarter loss of $6.5m on Friday but rebounded to close down 6.67%.
The dollar was in retreat against the pound, the yen and the euro, while gold futures advanced to $1,171.20.
The yield on the 10-year US Treasury note fell eight basis points to 2.30%, while the yield on the 30-year note shed six basis points to 3.04% and the five-year treasuries slid by nine basis points to 1.59%.
Brent crude and West Texas Intermediate crude rebounded after a difficult week and closed at just over $83.5 a barrel and just under $78.5 a barrel respectively.
S&P 500 - Risers
Monster Beverage Corp (MNST) $108.39 +7.87%
Peabody Energy Corp. (BTU) $11.64 +7.38%
Diamond Offshore Drilling Inc. (DO) $38.74 +5.70%
Newmont Mining Corp. (NEM) $19.19 +5.44%
Whole Foods Market Inc. (WFM) $46.81 +4.37%
Iron Mountain Inc. (IRM) $38.05 +4.33%
Allegheny Technologies Inc. (ATI) $32.68 +4.28%
Rowan Companies plc (RDC) $24.80 +4.20%
United States Steel Corp. (X) $37.57 +4.07%
Devon Energy Corp. (DVN) $65.03 +3.95%
S&P 500 - Fallers
First Solar Inc. (FSLR) $50.29 -10.85%
Humana Inc. (HUM) $130.58 -6.64%
Tenet Healthcare Corp. (THC) $47.85 -6.51%
DaVita HealthCare Partners Inc (DVA) $74.49 -4.54%
General Mills Inc. (GIS) $51.36 -3.59%
Avago Technologies Ltd. (AVGO) $85.00 -3.00%
Genworth Financial Inc. (GNW) $8.41 -2.89%
WellPoint Inc. (WLP) $124.15 -2.86%
Aetna Inc. (AET) $82.29 -2.85%
Unitedhealth Group Inc. (UNH) $93.61 -2.70%
Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $78.77 +1.23%
Verizon Communications Inc. (VZ) $50.86 +1.15%
Visa Inc. (V) $252.43 +0.94%
Caterpillar Inc. (CAT) $101.76 +0.84%
American Express Co. (AXP) $92.26 +0.74%
AT&T Inc. (T) $34.91 +0.55%
McDonald's Corp. (MCD) $95.10 +0.46%
United Technologies Corp. (UTX) $109.08 +0.46%
Travelers Company Inc. (TRV) $102.37 +0.45%
E.I. du Pont de Nemours and Co. (DD) $70.41 +0.41%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $93.61 -2.70%
Walt Disney Co. (DIS) $90.00 -2.17%
Nike Inc. (NKE) $93.78 -0.87%
Johnson & Johnson (JNJ) $108.20 -0.74%
Intel Corp. (INTC) $33.58 -0.71%
Pfizer Inc. (PFE) $29.92 -0.40%
Goldman Sachs Group Inc. (GS) $190.71 -0.15%
Boeing Co. (BA) $124.45 -0.10%
Microsoft Corp. (MSFT) $48.67 -0.06%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $108.39 +7.87%
Whole Foods Market Inc. (WFM) $46.81 +4.37%
Sba Communications Corp. (SBAC) $114.62 +2.66%
Cognizant Technology Solutions Corp. (CTSH) $53.62 +1.86%
Liberty Global plc Series A (LBTYA) $46.60 +1.59%
Yahoo! Inc. (YHOO) $48.55 +1.29%
Expedia Inc. (EXPE) $85.11 +1.25%
CA Inc. (CA) $30.05 +1.25%
Vimpelcom Ltd Ads (VIP) $5.99 +1.18%
F5 Networks Inc. (FFIV) $126.66 +1.16%
Nasdaq 100 - Fallers
Avago Technologies Ltd. (AVGO) $85.00 -3.00%
Nvidia Corp. (NVDA) $19.79 -2.13%
NetApp Inc. (NTAP) $42.30 -2.02%
QUALCOMM Inc. (QCOM) $69.18 -1.98%
Twenty-First Century Fox Inc Class A (FOXA) $34.61 -1.98%
Illumina Inc. (ILMN) $186.35 -1.85%
Intuitive Surgical Inc. (ISRG) $500.02 -1.70%
Seagate Technology Plc (STX) $61.56 -1.55%
Charter Communications Inc. (CHTR) $156.37 -1.40% |
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| | Newspaper Round Up | | Monday newspaper round-up: Economic recovery, London, Banks The economic recovery will continue over the next two years, leading to average wage rises for all workers - not just certain professions - finally outstripping inflation in both 2015 and 2016, according to the employers' organisation the CBI. But the recovery could be put at risk if the eurozone's economy slumps further and other global tensions damage British exports, the group warns in its latest forecast. The CBI's report, issued today ahead of its annual conference this week, predicts economic growth of 3% this year, dipping slightly to 2.5% in the following two years. - The Daily Mail
Up to 40% of commercial premiums written through London's insurers - equivalent to £12bn to £16bn a year - could be lost to rivals in locations such as Singapore, according to a new study. The London Market Group and Boston Consulting are urging concerted action among all the City's players, from insurers, brokers, regulators and even politicians, if London is to avoid losing its crown at the top of the worldwide market for commercial protection. - The Times
Barclays, HSBC and Royal Bank of Scotland are set to be fined billions by US and UK regulators for currency market rigging, as part of a settlement being worked out this weekend. A source at the Financial Conduct Authority (FCA) said that there was a 50:50 chance of a settlement being announced as early as this week. Swiss banking group UBS and Wall Street giants JP Morgan and Citigroup also face fines for manipulating the foreign exchange market. It is understood that the FCA will fine the six banks at least £1.5bn, however, the total bill will be significantly higher as the US Justice Department and Commodities Futures Commission typically impose heavier fines. - Daily Express
Ten million British jobs could be taken over by computers and robots over the next 20 years, wiping out more than one in three roles. Low-paid, repetitive positions are most likely to go, with people earning less than £30,000 a year five times more likely to see their jobs taken over by machines than those paid £100,000, new research has warned. Huge advances in technology risks creating an under-class of low-skilled people whose jobs have been automated, according to a joint report from Deloitte, the Big Four accountancy firm, and the University of Oxford. - The Daily Telegraph
A third of mortgage borrowers say they will struggle to meet their repayments if interest rates rise by two percentage points, with those in the south-east most concerned about coping with an increase in their monthly loan bills, according to ICM research. The survey asked mortgage borrowers how far, on a five-point scale, they agreed that a two-point rise in interest rates would mean that they would "struggle" to pay their mortgage. Across Britain as a whole, 14% answered with a five, indicating they "strongly agreed" that they would struggle, while another 18% gave a four, indicating that they too could struggle considerably. - The Guardian
The independence of the CBI has been undermined because it received more than £800,000 in funding from the European Commission over the past five years, Business for Britain, a eurosceptic lobby group, has claimed. The revelation, which will spark renewed questions about the transparency of the CBI, comes amid an increasingly bitter war of words between business leaders about a European referendum and a possible exit from the European Union. - The Times | | |
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