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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: Resource stocks drag FTSE lower, but Eurozone data impresses UK stocks pulled back from their highest levels in a month and a half on Friday, though the downside was being limited by some rare positive economic data from the Eurozone. Figures released on Friday morning showed that both Germany and France returned to growth in the third quarter, reassuring the market that the Eurozone's two largest economies are not in recession.
The FTSE 100 was down 0.2% at 6,623 in early deals with heavyweight oil and mining stocks providing a drag. The index settled at 6,635.45 on Thursday, its highest close since 29 September, when it finished at 6,646.60.
German gross domestic product (GDP) expanded by 0.1% over the third quarter after a revised 0.1% contraction in the second, as anticipated by the market. Growth on an annualised basis came in better than expected at 1.2%.
French GDP beat forecasts by growing 0.3% quarter-on-quarter after a 0.1% decline in the preceding three months. Annual growth was 0.4% after a flat reading in the second quarter.
Analyst Angus Campbell from FxPro said that the data "shows tentative signs that possibly the worst is over for the Eurozone".
The figures also mean there is now upside risk to GDP estimates for the wider Eurozone due out later on Friday morning. Consensus expects quarter-on-quarter growth to have remained steady at 0.1%, though annual growth is expected to have slowed to 0.7% from 0.8%.
Economic data from the States will also be in focus during the session, with US retail sales and the University of Michigan US consumer-confidence index being closely watched.
Resources stocks fall, Aggreko impresses with Q3 update
A host of resources stocks were lower as commodity prices weakened with Brent crude in particular extending four-year lows. Tullow Oil was joined in the red by mining firms Fresnillo, Randgold and Anglo American as metals prices weakened.
Glencore was also out of favour on reports that it will stop coal output in Australia for three weeks.
Temporary power and temperature control group Aggreko was higher after keeping its full-year profit guidance unchanged, despite organic growth slowing the third quarter. The company said it continued to expect 2014 underlying trading profits to be "similar to 2013", when it earned £357m.
Engineering group IMI declined after announcing that organic growth eased to just 1% in the third quarter. The company also revealed it would be spending £120m on the acquisition of German power valve specialist Bopp & Reuther.
Tesco was trading higher after analysts at HSBC upgraded their rating on the supermarket stock to 'overweight'.
Rivals J Sainsbury and Wm Morrison were also putting in decent gains, along with the wider retail sector including Next, Card Factory, N Brown and Home Retail.
Technology group Premier Farnell was a heavy faller after warning that full-year operating margins would be below last year due to a "softer trading environment". |
| | Market Movers
techMARK 2,859.21 +0.14%
FTSE 100 6,622.87 -0.19%
FTSE 250 15,632.19 0.00%
FTSE 100 - Risers
Aggreko (AGK) 1,605.00p +4.09%
Tesco (TSCO) 195.05p +2.04%
Sainsbury (J) (SBRY) 269.20p +1.55%
InterContinental Hotels Group (IHG) 2,583.00p +1.37%
Aberdeen Asset Management (ADN) 437.30p +1.16%
TUI Travel (TT.) 416.40p +0.97%
Compass Group (CPG) 1,051.00p +0.96%
Morrison (Wm) Supermarkets (MRW) 178.40p +0.91%
Reed Elsevier (REL) 1,050.00p +0.86%
ITV (ITV) 206.80p +0.83%
FTSE 100 - Fallers
Fresnillo (FRES) 707.00p -2.62%
Intertek Group (ITRK) 2,674.00p -2.34%
Randgold Resources Ltd. (RRS) 4,090.00p -2.34%
Tullow Oil (TLW) 454.30p -2.09%
BHP Billiton (BLT) 1,631.00p -1.92%
Anglo American (AAL) 1,335.50p -1.87%
Rio Tinto (RIO) 2,997.00p -1.56%
Weir Group (WEIR) 2,126.00p -1.35%
SABMiller (SAB) 3,517.00p -1.07%
Antofagasta (ANTO) 710.00p -1.05%
FTSE 250 - Risers
Card Factory (CARD) 235.60p +2.26%
Entertainment One Limited (ETO) 303.50p +1.85%
Thomas Cook Group (TCG) 132.10p +1.85%
Inmarsat (ISAT) 735.00p +1.80%
Saga (SAGA) 159.10p +1.66%
Brown (N.) Group (BWNG) 342.90p +1.48%
Diploma (DPLM) 705.50p +1.44%
Computacenter (CCC) 618.50p +1.39%
Dairy Crest Group (DCG) 488.60p +1.37%
Dignity (DTY) 1,561.00p +1.36%
FTSE 250 - Fallers
Premier Farnell (PFL) 164.20p -8.73%
Restaurant Group (RTN) 649.00p -5.19%
EnQuest (ENQ) 65.30p -3.62%
Electrocomponents (ECM) 200.10p -3.10%
Polymetal International (POLY) 520.50p -2.35%
Rotork (ROR) 2,445.00p -2.20%
Hochschild Mining (HOC) 90.35p -2.17%
African Barrick Gold (ABG) 215.50p -2.05%
Lonmin (LMI) 177.50p -1.99% |
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| | UK Event Calendar | | Friday 14 November
INTERIMS
Castings, Record
INTERIM DIVIDEND PAYMENT DATE
British Polythene Industries, Kerry Group 'A' Shares, Kingfisher, Learning Technologies Group , Lombard Risk Management, M&C Saatchi, Restore, Staffline Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Consumer Price Index (EU) (10:00)
GDP (Flash Estimate) (EU) (10:00)
Gross Domestic Product (GER) (07:00)
Harmonised Index of Consumer Prices (EU) (10:00)
Import and Export Price Indexes (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:30)
Retail Sales Inventories (US) (15:00)
U. of Michigan Confidence (Prelim) (US) (14:55)
Q3
New Europe Property Investments, Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)
ANNUAL REPORT
Bellway
IMSS
Aggreko, Alpha Pyrenees Trust Ltd., Hill & Smith Holdings, IMI, Premier Farnell, Restaurant Group, Rotork
EGMS
OAO Severstal GDR (Reg S)
AGMS
Genus, Ludgate Environmental Fund Ltd., Matchtech Group, Strategic Equity Capital
FINAL DIVIDEND PAYMENT DATE
Daejan Holdings, Go-Ahead Group, Hays, Murgitroyd Group, Redrow, Ricardo |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of Eurozone GDP and inflation reports European stocks were little changed as investors awaited the release of Eurozone gross domestic product (GDP) data amid concerns about the health of the region. Analysts expect euro-area GDP to have risen by 0.7% year-on-year in the third quarter, after 0.9% growth the previous period.
German GDP rose 1.2% in the third quarter, after a 1% increase the previous three months, more than the 1.1% predicted by analysts.
A report at 10:00 London time is forecast to confirm Eurozone inflation rose by 0.4% in October, well below the European Central Bank's (ECB) target of just under 2%.
The market has called on the ECB to boost stimulus measures to address dangerously low inflation and a stagnant economy. On Thursday, professional forecasters surveyed by the ECB for the fourth quarter revised inflation expectations for the next three years to the downside.
"Compared with the previous round, inflation expectations were revised downwards slightly further by between 0.1-0.2 percentage points," the ECB noted in its monthly bulletin. This left estimates at 0.5%, 1.0% and 1.4% for 2014, 2015 and 2016, respectively.
In the US on Friday, a report on retail sales is expected to show sales rose 0.2% in October, following a 0.3% fall the previous month.
The University of Michigan also releases its consumer confidence index, which is projected to drop to 87.5 in November from 86.9 in October.
In company news, Airbus advanced after reporting third quarter earnings that beat analysts' estimates.
Bouygues gained as the French construction, telecommunications and media conglomerate raised its outlook for 2014 revenue.
The euro fell 0.08% to $1.2467.
Brent crude futures gained 0.07% to $77.51 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks edge higher as oil prices tumble below $75 a barrel US stocks edged higher on Thursday, as Wal-Mart earnings boosted Dow Jones, while the prices of oil continued to tumble. The Dow Jones Industrial Average closed 40.59 points up at 17,652.79, while the S&P gained 1.08 points to 2,039.33 and the Nasdaq ended the day 18.08 points up at 4,213.48.
The number of people who applied for unemployment benefits in the week ended 8 November rose by 12,000, the biggest increase in two months, to a seasonally adjusted 290,000.
Analysts had expected claims to rise to 280,000 from 278,000 and even though the current figure exceeded estimates, it marked the ninth consecutive week since jobless claims rose above the 300,000 threshold.
Meanwhile, the four-week average of new claims climbed by 6,000 to 285,000 in October.
The US federal government posted a budget deficit of $121.7bn in October, in line with consensus expectations of $122.0bn and $31.1bn wider than the same period last year.
In corporate news, Exxon Mobil fell 0.75% as energy shares suffered from the decline of oil prices.
Berkshire and Hathaway advanced 0.55% after announcing it had agreed to buy the Duracell battery business from Procter & Gamble Co. for $4.7bn in stock.
Wal-Mart, the largest retailer in the world, rose 4.72% after third-quarter results beat analysts' forecasts. Earnings per share (EPS) only rose to $1.15 from $1.14, but came in ahead of the $1.12 estimate.
The group also said that US same-store sales increased 0.5%, the first time growth was recorded in the domestic market in around two years.
Department-store chain Kohl's dropped 3.18% after third-quarter EPS fell to 70 cents from 81 cents the year before, missing the 74 cents estimate, while JC Penney slumped 8.51% after third-quarter results released late Wednesday disappointed.
Dreamworks Animation soared 11.75% after reports emerged linking Hasbro with a possible takeover of the firm.
The dollar rose against the pound and the yen but fell against the euro, while gold futures advanced to $1.160.10.
The yield on the 10-year US Treasury note fell two basis points to 2.35%, while the yield on the 30-year note dropped three basis points to 3.08% and the yield on the five-year Treasuries shed two points to 1.63%.
The price of Brent crude dropped to a four-year low amid speculations the Organization of Petroleum Exporting Countries won't cut output and energy stocks dragged European markets lower.
Both Brent crude and West Texas intermediate crude lost over three percentage points and ended the day at just under $78 and just over $74.5 a barrel respectively.
S&P 500 - Risers
Baker Hughes Inc. (BHI) $58.75 +15.24%
Genworth Financial Inc. (GNW) $9.31 +5.80%
Wal-Mart Stores Inc. (WMT) $82.94 +4.72%
Tyson Foods Inc. (TSN) $41.18 +3.29%
Time Warner Cable Inc. (TWC) $140.96 +3.28%
Discovery Communications Inc. Class A (DISCA) $32.86 +3.14%
Viacom Inc. Class B (VIAB) $71.20 +2.82%
Ford Motor Co. (F) $14.94 +2.47%
GameStop Corp. (GME) $44.46 +2.42%
Sandisk Corp. (SNDK) $94.98 +2.32%
S&P 500 - Fallers
Helmerich & Payne Inc. (HP) $79.83 -6.70%
Denbury Resources Inc. (DNR) $10.99 -5.91%
Peabody Energy Corp. (BTU) $11.03 -4.91%
Adt Corp (ADT) $34.98 -4.87%
Hasbro Inc (HAS) $54.98 -4.33%
First Solar Inc. (FSLR) $47.55 -4.11%
Jabil Circuit Inc. (JBL) $20.52 -3.89%
Rockwell Automation Inc. (ROK) $108.19 -3.78%
Ametek Inc. (AME) $50.32 -3.64%
Nabors Industries Ltd. (NBR) $16.62 -3.60%
Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $82.94 +4.72%
Cisco Systems Inc. (CSCO) $25.68 +2.27%
Boeing Co. (BA) $128.53 +2.11%
Microsoft Corp. (MSFT) $49.61 +1.70%
Intel Corp. (INTC) $33.68 +0.90%
Verizon Communications Inc. (VZ) $51.22 +0.79%
Walt Disney Co. (DIS) $90.49 +0.66%
AT&T Inc. (T) $35.60 +0.56%
International Business Machines Corp. (IBM) $162.78 +0.53%
Home Depot Inc. (HD) $99.00 +0.52%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $101.10 -1.84%
Chevron Corp. (CVX) $116.44 -1.03%
Procter & Gamble Co. (PG) $88.59 -0.99%
Exxon Mobil Corp. (XOM) $94.66 -0.75%
JP Morgan Chase & Co. (JPM) $60.22 -0.56%
American Express Co. (AXP) $91.07 -0.52%
Visa Inc. (V) $250.92 -0.41%
General Electric Co. (GE) $26.42 -0.38%
Goldman Sachs Group Inc. (GS) $190.15 -0.02%
Pfizer Inc. (PFE) $30.42 -0.00%
Nasdaq 100 - Risers
Discovery Communications Inc. Class A (DISCA) $32.86 +3.14%
Viacom Inc. Class B (VIAB) $71.20 +2.82%
Charter Communications Inc. (CHTR) $152.73 +2.50%
Sandisk Corp. (SNDK) $94.98 +2.32%
Cisco Systems Inc. (CSCO) $25.68 +2.27%
Mylan Inc. (MYL) $54.74 +1.75%
Symantec Corp. (SYMC) $25.55 +1.71%
Microsoft Corp. (MSFT) $49.61 +1.70%
Amazon.Com Inc. (AMZN) $316.48 +1.60%
Broadcom Corp. (BRCM) $41.79 +1.56%
Nasdaq 100 - Fallers
Vertex Pharmaceuticals Inc. (VRTX) $112.72 -3.39%
NetApp Inc. (NTAP) $41.08 -2.90%
Gilead Sciences Inc. (GILD) $104.20 -2.53%
Baidu Inc. (BIDU) $244.07 -2.30%
TripAdvisor Inc. (TRIP) $68.99 -1.97%
Vimpelcom Ltd Ads (VIP) $5.90 -1.67%
Whole Foods Market Inc. (WFM) $46.72 -1.59%
Xilinx Inc. (XLNX) $42.83 -1.21%
Netflix Inc. (NFLX) $379.39 -1.16% |
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| | Friday newspaper round-up: Asda, British American Tobacco, BT... | | Asda has accused its rivals of being "desperate" and misleading customers with price gimmicks, the Daily Telegraph reported on Friday. Barry Williams, one of the supermarket chain’s most senior executives, said Asda’s traditional rivals were feeling "chirpy, chirpy not cheap, cheap", as they vowed to deliver price cuts without sticking to them. Williams said Tesco, Sainsbury's and Morrisons were relying on issuing money-off vouchers to boost sales. According to The Times, British American Tobacco executives could be questioned by MPs after HMRC said that the cigarette maker breached anti-smuggling laws. BAT, the world's second-largest listed tobacco group, was ordered to pay £650,00 for oversupplying in Belgium. The Telegraph says that BT is planning to scrap its wholesale unit and fold the business into its telecoms infrastructure division Openreach. The paper says that BT has appealed to Ofgem for permission. David Cameron is set to tell the G20 summit in Brisbane that tax avoidance is a key issue worldwide, writes The Times. The prime minister’s stance could embarrass Jean-Claude Juncker, the president of the European commission, whose nomination was strongly opposed by Cameron, and who has been accused of presiding over a lax corporate tax regime as Luxembourg prime minister. The Conservatives received double the donations of Labour and 60 times more than UKIP in the three months to September, The Guardian said. David Cameron’s party received a total of £6.8m between July and September, including over £1m from hedge funds, while donations received by Labour amounted to £3.2m, including £1.3m courtesy of trade unions. UKIP brought in £98,000 during the three months but has since been given £1m by Arron Banks, a former Tory donor. The main UK banks could see the control of the UK’s trillion pound payments system wrestled away from them, the Financial Times reported. A new financial watchdog, called the Payment Systems Regulator, will be introduced in April and will be able to clear the way for smaller banks to be included in running the infrastructure responsible for overseeing £75trn of money transfers every year in the UK. | | |
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