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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: FTSE snaps five-day winning streak ahead of Inflation Report, banks fall UK stocks declined on Wednesday, snapping a five-day winning streak that sent the FTSE 100 to a six-week high, as investors digested a wave of corporate earnings and awaited the Bank of England's (BoE) Inflation Report. News of a massive fine across the UK banking sector was also dragging high street lenders lower.
The Footsie was down 0.4% at 6,599 in early deals. The index closed at 6,627.4 on Tuesday, its highest close since 29 September.
Along with results and updates from a number of blue chips such as Capita, SSE, G4S, Tullow Oil and J Sainsbury, investors were treading cautiously ahead of the Inflation Report, comprising the BoE's detailed analysis of the economy and its inflation projections.
The report is expected to shed some light on the Monetary Policy Committee's recent decision to hold off from hiking rates, and could see policymakers lower their outlook for both economic growth and inflation.
"A soft tone in today's Inflation Report - which is not unlikely - could [...] push the market expectations for the first rate hike further back on the calendar," according to analysts at Rabobank.
Capita, SSE and Sainsbury provide a drag
Outsourcing group Capita dropped despite saying it remains on track to achieve at least 8% organic growth for 2014. However, the company did reveal that its finance director Gordon Hurst would be stepping down next year.
SSE was also lower after reporting a 6.2% drop in pre-tax profit to £316.6m in its first half, though the utility group did lift its interim dividend by 2.3%.
After an initial rise, shares in J Sainsbury sank firmly into the red after the supermarket group warned that its full-year profit and dividend would be lower than last year's. Like-for-like sales fell 2.1% in the first half, while underlying profit sank 6.3%.
Security firm G4S was higher after trading in the third quarter met expectations with organic revenue growth up 4.2% compared to a year ago.
Tullow Oil was also in demand after saying it is reviewing its costs in light of low international oil prices. It also reassured that its financial performance in the year to date was in line with expectations.
The banking sector was lower after the Financial Conduct Authority issued its largest ever fine, slapping a £1.1bn penalty on five banks for rigging forex markets, though Barclays has yet to settle as the regulator continues its investigation. Barclays was falling early on, along with HSBC and RBS. |
| | Market Movers
techMARK 2,828.17 -0.10%
FTSE 100 6,598.96 -0.43%
FTSE 250 15,559.07 -0.46%
FTSE 100 - Risers
G4S (GFS) 271.80p +2.76%
Randgold Resources Ltd. (RRS) 4,150.00p +0.73%
Vodafone Group (VOD) 220.50p +0.66%
SABMiller (SAB) 3,505.50p +0.52%
Tullow Oil (TLW) 483.60p +0.29%
Smith & Nephew (SN.) 1,063.00p +0.19%
Whitbread (WTB) 4,425.00p +0.16%
AstraZeneca (AZN) 4,663.50p +0.13%
British Sky Broadcasting Group (BSY) 869.00p +0.12%
BG Group (BG.) 1,036.50p +0.10%
FTSE 100 - Fallers
Capita (CPI) 1,057.00p -5.71%
Sainsbury (J) (SBRY) 259.80p -3.46%
Aberdeen Asset Management (ADN) 431.20p -3.32%
Tesco (TSCO) 189.15p -2.98%
Morrison (Wm) Supermarkets (MRW) 170.00p -2.30%
Barclays (BARC) 229.65p -2.11%
SSE (SSE) 1,551.00p -1.84%
Sports Direct International (SPD) 616.00p -1.75%
Hargreaves Lansdown (HL.) 1,003.00p -1.67%
St James's Place (STJ) 736.50p -1.54%
FTSE 250 - Risers
COLT Group SA (COLT) 136.30p +2.48%
Rank Group (RNK) 164.80p +2.36%
EnQuest (ENQ) 71.50p +2.22%
Ladbrokes (LAD) 121.20p +2.19%
Essentra (ESNT) 728.00p +2.03%
IP Group (IPO) 200.80p +1.93%
esure Group (ESUR) 210.40p +1.59%
JD Sports Fashion (JD.) 447.10p +1.15%
Dechra Pharmaceuticals (DPH) 749.50p +1.01%
Evraz (EVR) 127.00p +0.95%
FTSE 250 - Fallers
Playtech (PTEC) 624.00p -6.87%
SIG (SHI) 149.50p -5.08%
Morgan Advanced Materials (MGAM) 288.00p -3.36%
Ocado Group (OCDO) 309.80p -2.58%
Balfour Beatty (BBY) 159.20p -2.57%
Redrow (RDW) 270.10p -2.31%
AO World (AO.) 204.90p -2.06%
NMC Health (NMC) 480.10p -2.02%
Carillion (CLLN) 337.10p -2.01% |
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| | UK Event Calendar | | Wednesday 12 November
INTERIMS
Burberry Group, Flybe Group, Heath (Samuel) & Sons, Sainsbury (J), SSE, Workspace Group
INTERIM DIVIDEND PAYMENT DATE
BrainJuicer Group, Centrica, Spectris
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Industrial Production (EU) (10:00)
MBA Mortgage Applications (US) (12:00)
Wholesales Inventories (US) (15:00)
Q3
CSR, Damac Real Estate Development Limited GDR (Each Repr 3 Ord) (Reg S) , MirLand Development Corporation, Telecom Egypt SAE GDS (Regs), Telefonica SA
FINALS
Tracsis
IMSS
Barratt Developments, Brit , Derwent London, G4S, Interserve, Kier Group, SIG
AGMS
Alternative Asset Opportunities PCC Ltd Red Ptg Prf Shs, Avingtrans, Barratt Developments, China Growth Opportunities Ltd, Digital Globe Services Ltd (DI), Hays, Henderson EuroTrust, Macau Property Opportunities Fund Ltd., Picton Property Income Ltd, Target Healthcare Reit Ltd
TRADING ANNOUNCEMENTS
Safestore Holdings
UK ECONOMIC ANNOUNCEMENTS
BoE Inflation Report (09:30)
GDP (output, income & expenditure) (09:30)
FINAL DIVIDEND PAYMENT DATE
Ideagen, JPMorgan Mid Cap Inv Trust |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red ahead of Bank of England's Inflation Report European stocks were in the red as investors awaited the release of the Bank of England's (BoE) Inflation Report and a speech from European Central Bank (ECB) President Mario Draghi. The BoE's quarterly Inflation Report at 10:30 will be closely watched for any clues on the central bank's next policy move.
"As well as a stronger guidance on future monetary policy and the timing of impending interest rate rises from Governor Mark Carney and fellow committee members Martin Weale and David Miles, the market will be particularly interested in what new member Nemat Shafik has to say, since her views are still fairly unknown," noted Sam Tombs at Capital Economics.
The UK also sees the release of jobs data including jobless claims, employment change and the unemployment rate.
In the euro-area, Draghi speaks in Rome at 14:00 London time amid pressure on the ECB to enact full-on quantitative easing to tackle low inflation and a weak economy.
Ahead of his remarks is the Eurozone industrial production data at 09:30 which is forecast to show a 0.2% year-on-year drop in September after a 1.9% fall a month earlier.
Banks drop after forex rigging fines
Banks slumped after US, Swiss, and British regulators fined lenders including Royal Bank of Scotland Group, HSBC Holdings and UBS AG to settle an investigation into foreign-exchange manipulation.
Enel SpA dropped after third-quarter profit fell more than forecast by analysts.
Deutsche Post AG slipped after reporting third-quarter profit that fell short of market estimates.
SBM Offshore gained on reports the Dutch supplier of floating oil production platforms paid $240m to settle a case of alleged improper payments to sales agents.
SSE declined after saying full-year profit will be little changed from the prior year due to low production and consumption of energy. |
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| | US Market Report | | US Close: Markets rise as yen falls to seven-year low US stocks ended higher on Tuesday as the markets focused on earnings in a quiet day for economic data. The Dow Jones Industrials finished 0.01% higher at 17,615, the S&P 500 up by about 0.09% and the Nasdaq Composite rose 0.20% to 4,661.
Trading volumes were significantly below average levels for the previous month as many traders were away from their desks to the Veteran's Day holiday, which saw Treasury markets remain closed.
Acting as backdrop, the Japanese yen hit seven-year lows against the greenback as speculation ramped up that Prime Minister Shinzo Abe might call 'snap' elections and defer an unpopular consumption tax hike.
More significantly, Germany's foreign minister warned of the risk of renewed fighting in eastern Ukraine.
Chinese internet giant in focus
Alibaba Group fell by 3.87% despite generating over $2bn in sales within the first hour of 11 November, dubbed 'Singles Day' in China.
Market analyst Chris Beauchamp argued that in spite of falling shares, "Jack Ma continues to do well in his promotion of China's 'Singles Day' into a major selling opportunity". However,"having rebounded from its post IPO lows," he said "the question is how the upward momentum can be sustained into the rest of the month."
Alibaba is expected to make sales worth $8.2bn during the whole day, compared with $5.75bn in 2013 and $3.04bn in 2012.
Casino operator Caesars Entertainment dropped by 3.47% after the company said its loss widened to $908.1m in the third quarter due to unfavourable gambling results and higher bad-debt expenses.
Zynga rose by 10.89% after analysts at Jefferies Group upgraded the firm's rating on the shares, while D.R. Horton Inc. rose by 2.22% after reporting fourth-quarter profit that missed analysts' estimates, and Rackspace Hosting advanced by 13.21% after third-quarter profit of 18 cents a share beat Wall Street's estimates.
From a sector stand-point the largest gains were to be seen in the following sectors: Gold mining (4.17%), Platinum&precious metals (3.68%) and Travel&tourism (2.61%).
Oil prices mixed
Oil prices were mixed as West Texas intermediate futures increased 0.206% to $77.56 a barrel while Brent crude traded in at $81.32 a barrel after dropping by 1.254.
Instutrade analyst Alin Puian noted that this may point to "signs the Organization of Petroleum Exporting Countries isn't prepared to tackle the global supply glut".
To take note of as well, Bloomberg reported that Senate Democrats may attempt to push for approval of the controversial Keystone XL oil pipeline from Canada.
S&P 500 - Risers
Zoetis Inc (ZTS) $43.72 +8.86%
CF Industries Holdings Inc. (CF) $266.81 +4.88%
Priceline Group Inc (PCLN) $1,167.36 +4.23%
Newmont Mining Corp. (NEM) $18.70 +3.54%
Genworth Financial Inc. (GNW) $8.40 +3.45%
PulteGroup Inc. (PHM) $20.97 +3.25%
Regeneron Pharmaceuticals Inc. (REGN) $398.36 +3.21%
Humana Inc. (HUM) $136.44 +3.00%
Ford Motor Co. (F) $14.37 +2.64%
CBRE Group Inc (CBG) $32.64 +2.61%
S&P 500 - Fallers
Juniper Networks Inc. (JNPR) $20.28 -5.67%
United States Steel Corp. (X) $35.06 -4.47%
TripAdvisor Inc. (TRIP) $69.99 -3.98%
Adt Corp (ADT) $35.65 -3.23%
Cablevision Systems Corp. (CVC) $18.09 -2.74%
Nordstrom Inc. (JWN) $70.48 -2.64%
Peabody Energy Corp. (BTU) $11.13 -2.37%
Mattel Inc. (MAT) $30.75 -2.37%
Diamond Offshore Drilling Inc. (DO) $36.64 -2.22%
AGL Resources Inc. (GAS) $53.27 -1.91%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $95.69 +0.99%
Merck & Co. Inc. (MRK) $59.37 +0.95%
Boeing Co. (BA) $125.36 +0.58%
Chevron Corp. (CVX) $118.44 +0.44%
Pfizer Inc. (PFE) $30.32 +0.40%
Caterpillar Inc. (CAT) $102.53 +0.31%
Coca-Cola Co. (KO) $42.51 +0.28%
Procter & Gamble Co. (PG) $89.67 +0.25%
Walt Disney Co. (DIS) $89.98 +0.22%
Intel Corp. (INTC) $33.31 +0.15%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $61.37 -0.90%
American Express Co. (AXP) $91.74 -0.71%
United Technologies Corp. (UTX) $108.26 -0.68%
Wal-Mart Stores Inc. (WMT) $79.01 -0.54%
3M Co. (MMM) $157.11 -0.35%
General Electric Co. (GE) $26.38 -0.34%
Verizon Communications Inc. (VZ) $50.61 -0.22%
Visa Inc. (V) $249.73 -0.19%
International Business Machines Corp. (IBM) $163.30 -0.12%
Nike Inc. (NKE) $94.88 -0.08%
Nasdaq 100 - Risers
Vodafone Group Plc ADS (VOD) $34.80 +5.39%
Priceline Group Inc (PCLN) $1,167.36 +4.23%
Tesla Motors Inc (TSLA) $251.08 +3.78%
Regeneron Pharmaceuticals Inc. (REGN) $398.36 +3.21%
Amazon.Com Inc. (AMZN) $312.01 +2.26%
Equinix Inc. (EQIX) $222.00 +1.82%
Liberty Global plc Series A (LBTYA) $46.46 +1.57%
Wynn Resorts Ltd. (WYNN) $180.35 +1.38%
Baidu Inc. (BIDU) $250.34 +1.11%
Intuitive Surgical Inc. (ISRG) $514.34 +1.05%
Nasdaq 100 - Fallers
TripAdvisor Inc. (TRIP) $69.99 -3.98%
Mattel Inc. (MAT) $30.75 -2.37%
Verisk Analytics Inc. (VRSK) $63.01 -1.53%
Activision Blizzard Inc. (ATVI) $20.61 -1.48%
Netflix Inc. (NFLX) $382.55 -1.22%
Nvidia Corp. (NVDA) $19.78 -1.20%
CA Inc. (CA) $29.58 -1.17%
Whole Foods Market Inc. (WFM) $47.49 -1.17%
Biogen Idec Inc. (BIIB) $324.59 -1.00% |
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| | Wednesday newspaper round up: NATO, LNG, FCA | | Year-to-date North Atlantic Treaty Organisation fighters have flown over 100 interception sorties against Russian bombers and surveillance aircraft, having hit a peak over the past fortnight. The above, together with recent Russian military activity in Ukraine are increasing fears of a wider conflict. “This is about three times more than we conducted in 2013,” a Nato official said. That comes as President Obama and his Russian counterpart yesterday held their first face-to-face conversations since June, according to The Times. Thanks to the construction of facilities for the export of liquefied natural gas (LNG) in many countries, come the early 2020´s Britain´s households may benefit from an oversupply of LNG, contrary to the findings of other research. That is according to a report from the UK Energy Research Centre which holds that Russia´s Gazprom may find itself forced to cut the costs of its supplies to Europe in response to the inreased competition, especially from the US, The Times says. UK, US and Swiss regulators have fined five financial institutions over £2bn for having failed to avoid the manipulation of the $5.3 trillion-a-day foreign exchange market. Royal Bank of Scotland (RBS), HSBC, Citigroup, JPMorgan and UBS were fined by the regulators in Britain and the US for "ineffective controls at the banks" which allowed traders "to put their banks’ interests ahead of those of their clients". The total penalties levied by the FCA , Britain´s financial markets watch-dog, amounted to £1.1bn, the most ever. The US CFTC´s total fines reached £900m, The Daily Telegraph writes. The quality of employment since the financial crisis has been dominated by rising self-employment and part-time work, not full-time employee jobs, according to the Trades Union Congress (TUC). Thus, the share of full-time employees, not counting the self-employed, fell to 62% in 2014 from 64% in 2008. That is equivalent to a shortfall of 669,000 full-time employees. Just one out of every 40 new jobs since the recession has been for a full-time employee, The Guardian reports. The number of first-time home buyers fell 3% in September, The Independent reported. According to new figures from the Council of Mortgage Lenders, there were 26,800 first-time buyer loans in September, a 3% decline month-on-month, though the figure represented a 16% increase compared with the corresponding period in 2013. Lending to home movers also fell month-on-month for the second month in a row, with the number of 31,700 loans granted to movers in September, a 10% drop on the previous month. Nigel Wilson, the chief executive of Legal & General, said Britain’s younger generation are being let down by the government, The Daily Telegraph reported. "We need to step up and contribute ideas and the type of innovative thinking that can solve the UK's deep-rooted economic problems,” Wilson said, adding that building on 1% of current brownfield sites would create an extra 250,000 homes. “No government since Margaret Thatcher has had a housing policy and her big mistake was not replacing the council houses she sold off.” | | |
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