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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: UK stocks at one-month high ahead of US jobs report The UK stock market was trading at a one-month high on Friday following more record highs on Wall Street, boosted by upbeat US economic data and hopes for more monetary stimulus from the European Central Bank (ECB). However, investors will be keeping a close eye on the upcoming US jobs report on Friday afternoon which has the potential to spark volatility across global financial markets.
The FTSE 100 had risen 0.7% to 6,595 in early trading, after rising to 6,551.15 on Thursday - it's highest close since 6 October.
The Dow Jones and S&P 500 indices notched record highs for the second straight session on Thursday after US productivity and jobless-claims figures came in better than expected. ADP employment data earlier in the week also beat forecasts, suggesting upside risks to the official government report later on.
The all-important US jobs report, due out at 13:30, is expected to show that non-farm payrolls increased by 232,000 in October, after a 248,000 gain in September. The unemployment rate is forecast to have held steady at 5.9%.
"We expect another strong labour market report for October this afternoon, despite some signs that growth has started to lose some momentum lately," said Danske Bank.
Investors were also digesting comments made on Thursday by ECB president Mario Draghi who said that risks to the Eurozone economy are skewed to the downside and policymakers were unanimous in their commitment to using unconventional measures to help maintain price stability.
Analysts at Rabobank said Draghi's comments were a "clear hint that the ECB is exploring ways to implement full-blown quantitative easing".
Mining stocks provide a lift, Admiral falls
Mining heavyweights Rio Tinto, Fresnillo, Glencore, BHP Billiton and Anglo American were all on the rise early on as commodity prices rebounded slightly after recent weakness.
Insurance firm Admiral was in the red after blaming a competitive market for a fall in profits at its price-comparison website Confused.com in the second half.
Airline conglomerate IAG advanced after pledging to launch a dividend payment to shareholders in 2015 after saying it was confident of hitting its targets for the year. IAG also said group traffic measured in revenue passenger kilometres increased 7.5% versus October 2013.
Utility group National Grid also rose after saying saying it is on track to deliver another year of strong overall returns and dividend growth after a solid first half, with profits rising by 16%.
Experian was continuing to advance after a well-received first-half report on Thursday in which it said earnings per share rose 6%. Canaccord Genuity upgraded its rating on the stock from 'sell' to 'hold' on Friday. |
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| Market Movers
techMARK 2,803.25 +0.29%
FTSE 100 6,594.64 +0.66%
FTSE 250 15,574.66 +0.38%
FTSE 100 - Risers
Tesco (TSCO) 187.55p +3.33%
Royal Mail (RMG) 465.40p +2.90%
Experian (EXPN) 1,026.00p +2.65%
Intertek Group (ITRK) 2,755.00p +2.53%
Fresnillo (FRES) 716.50p +2.43%
Rio Tinto (RIO) 3,035.50p +2.29%
Sainsbury (J) (SBRY) 268.20p +2.29%
IMI (IMI) 1,218.00p +2.10%
Anglo American (AAL) 1,354.50p +1.92%
Glencore (GLEN) 324.90p +1.85%
FTSE 100 - Fallers
Admiral Group (ADM) 1,214.00p -3.57%
RSA Insurance Group (RSA) 451.40p -1.89%
Persimmon (PSN) 1,429.00p -0.56%
ARM Holdings (ARM) 885.00p -0.56%
GlaxoSmithKline (GSK) 1,408.50p -0.35%
British Land Co (BLND) 736.50p -0.20%
Lloyds Banking Group (LLOY) 76.47p -0.10%
WPP (WPP) 1,231.00p -0.08%
CRH (CRH) 1,410.00p -0.07%
International Consolidated Airlines Group SA (CDI) (IAG) 413.90p -0.02%
FTSE 250 - Risers
Ted Baker (TED) 2,070.00p +6.10%
Stock Spirits Group (STCK) 235.80p +4.80%
Spire Healthcare Group (SPI) 313.00p +4.58%
Hochschild Mining (HOC) 98.35p +4.35%
Croda International (CRDA) 2,352.00p +4.26%
Infinis Energy (INFI) 224.50p +3.89%
Supergroup (SGP) 848.00p +3.54%
Ferrexpo (FXPO) 81.00p +3.18%
EnQuest (ENQ) 69.50p +2.96%
SSP Group (SSPG) 247.00p +2.92%
FTSE 250 - Fallers
Computacenter (CCC) 596.50p -4.18%
Saga (SAGA) 156.00p -3.11%
Rentokil Initial (RTO) 118.40p -3.03%
Playtech (PTEC) 616.50p -2.99%
Michael Page International (MPI) 387.30p -2.64%
Bank of Georgia Holdings (BGEO) 2,241.00p -2.57%
Jardine Lloyd Thompson Group (JLT) 847.00p -2.48%
Bwin.party Digital Entertainment (BPTY) 100.10p -2.34%
Countrywide (CWD) 439.10p -1.86% |
| | UK Event Calendar | | Friday 07 November
INTERIMS
National Grid
INTERIM DIVIDEND PAYMENT DATE
Amati Vct 2, Bodycote, Cello Group, Cobham, F&C Private Equity Trust, Hydrogen Group, Johnson Service Group, JPMorgan Senior Secured Loan Fund Limited, Judges Scientific, Nationwide Accident Repair Services, Octopus Apollo VCT, Primary Health Properties, Rightmove, SIG, Spirax-Sarco Engineering, Unite Group, Walker Greenbank, Weir Group
QUARTERLY PAYMENT DATE
British Land Co, Investors Capital Trust 'A' Shares
QUARTERLY EX-DIVIDEND DATE
IBM Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Consumer Credit (US) (20:00)
Current Account (GER) (07:00)
Industrial Production (GER) (11:00)
Non-Farm Payrolls (US) (13:30)
Retail Price Index (GER) (07:00)
Unemployment Rate (US) (13:30)
IMSS
Admiral Group, Bovis Homes Group, Spirax-Sarco Engineering, Tullow Oil
EGMS
Alpha Bank GDR (Reg S) USD
AGMS
Galliford Try, Thorntons, Weatherly International
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
FINAL DIVIDEND PAYMENT DATE
Begbies Traynor Group, Clinigen Group, Edge Performance VCT 'F' Shares, Edge Performance VCT 'I' Shares, Edge Performance VCT G Shares, River and Mercantile Group , Schroder Japan Growth Fund |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed ahead of US monthly jobs data European stocks were mixed ahead of the release of the US non-farm payrolls report and unemployment rate. The Labor Department's jobs report is expected to show US employers added 235,000 jobs in October, after adding 248,000 a month earlier.
The unemployment rate is forecast to hold at 5.9% in October.
The officially monthly jobs data is an important indicator for Federal Reserve policymakers in gauging the health of the world's biggest economy as the central bank considers when to raise interest rates.
Ahead of the US data, a report showed German industrial production fell 0.1% in September after falling 1.9% in August, less than the 0.6% drop predicted by analysts.
The German trade surplus widened to €21.9bn in September from €14bn the previous month, beating expectations for €19bn. It was supported by a better-than-estimated 5.5% increase in exports.
UK trade balance figures will be released at 09:30 London time.
The European Central Bank (ECB) will also announce the details of its three-year long-term refinancing operation (LTRO) repayment, which comes a day after the central bank announced it would keep policy unchanged.
ECB official Benoît Cœuré will at 15:15 speak at a conference in Paris before heading to Chicago to deliver another speech at 22:00.
The French policymaker this week urged Eurozone governments to press ahead quickly with reforms to avoid the risks of a delayed economic recovery.
Allianz, Vestas
Allianz SE gained after reporting a rise in third-quarter income and saying it will pay shareholders a larger share of profit.
Vestas Wind Systems A/S jumped after the Danish maker of wind turbines raised its 2014 forecasts for sales, profitability, and free cash flow after better-than-expected third-quarter results.
ArcelorMittal advanced after the world's largest steelmaker said posed an 11% increase in profit, which beat forecasts.
Skanska edged higher after third-quarter sales and profit surpassed analysts' estimates.
The euro rose 0.15% to $1.2393. |
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| | US Market Report | | US close: Markets rise after better than expected jobless and productivity data US stocks rose on Thursday after better-than-forecast jobless claims and productivity data, as the Dow Jonesand S&P 500 notched record highs for second consecutive session The Dow Jones Industrial Average closed 69.64 points up at 17,554.47, while the S&P 500 gained 7.64 points to 2,031.21 and the Nasdaq ended the day 17.75 points up at 4,638.47.
Investors received positive news from Europe as Mario Draghi, the president of the European Central Bank (ECB), said the ECB's governing council was unanimous in its commitment to using additional unconventional measures to support the economy, if required.
US initial jobless claims fell to 278,000 in the week ending 1 November, below consensus expectations for 285,000, while claims for the prior week were revised 1,000 higher, to 288,000. The four-week moving average of claims fell to 279,000 from 281,000, reaching the lowest level since April 2000.
"The recent weakness of claims is one of the reasons why we anticipate an above consensus 275,000 increase in non-farm payrolls in October," said economist Paul Ashworth from Capital Economics. The official jobs report is due out on Friday afternoon.
US productivity increased at an annual pace of 2% in the third quarter after a revised 2.9% gain in the second quarter. This came in better than the 1.5% growth rate the market was expecting.
In corporate news, Whole Foods rose 11.88% after announcing late on Wednesday that its earnings beat expectations, thanks to gains in its market share and new product launches. The firm was on track for its biggest one-day gain since May 2013.
Tesla Motors edged forward 4.03%, even though the electric car maker said production of its next vehicle would be delayed until the autumn of 2015. The company, however, said it was ramping up output and expects 50% growth next year.
Qualcomm slumped 8.91% after announcing late on Wednesday that an antitrust investigation and problems collecting royalties could harm its business in China next year, while AOL fell 3.74% after it reported earnings of 52 cents a share on revenue of $626.8m, while Wall Street analysts had forecast the company to earn 52 cents a share on $623m in sales.
The Organisation of Petroleum Exporting Countries (OPEC) said its crude production will fall more than previously anticipated in the near-to-medium term, suggesting the group could at some stage cut the upper limit it places on its collective output.
West Texas intermediate crude fell almost 1% to just under $78 a barrel, while Brent crude lost over 0.2% and ended the day at just under $83.
The dollar registered soared against the euro and the pound and it registered a smaller gain against the yen, while gold futures fell to $1,142.00.
The yield on the 10-year US Treasury note rose four basis points to 2.38%, while the 30-year Treasuries advanced by the same margin to 3.09% and the five-year Treasury note gained three basis point to 1.67%.
S&P 500 - Risers
Whole Foods Market Inc. (WFM) $44.83 +12.11%
Hospira Inc. (HSP) $56.63 +6.65%
Vertex Pharmaceuticals Inc. (VRTX) $117.29 +5.11%
QEP Resources Inc (QEP) $25.54 +4.50%
Noble Corporation plc (NE) $21.11 +4.20%
Southwestern Energy Co. (SWN) $35.55 +4.07%
Ralph Lauren Corp (RL) $171.36 +3.99%
Teradata Corp. (TDC) $42.68 +3.95%
Molson Coors Brewing Co. Class B (TAP) $77.08 +3.94%
GameStop Corp. (GME) $44.73 +3.93%
S&P 500 - Fallers
Genworth Financial Inc. (GNW) $8.66 -38.45%
QUALCOMM Inc. (QCOM) $70.57 -8.59%
Windstream Holdings Inc (WIN) $9.67 -7.82%
CenturyLink Inc. (CTL) $38.99 -6.39%
AES Corp. (AES) $13.06 -6.38%
Discovery Communications Inc. Class A (DISCA) $32.90 -4.55%
Prudential Fincl Inc. (PRU) $85.02 -4.38%
Frontier Communications Co. (FTR) $6.32 -3.95%
Perrigo Company plc (PRGO) $152.41 -3.84%
Western Digital Corp. (WDC) $97.85 -3.39%
Dow Jones I.A - Risers
General Electric Co. (GE) $26.35 +2.07%
Microsoft Corp. (MSFT) $48.70 +1.76%
Home Depot Inc. (HD) $97.29 +1.58%
Caterpillar Inc. (CAT) $100.91 +1.51%
Chevron Corp. (CVX) $118.53 +1.26%
Exxon Mobil Corp. (XOM) $96.21 +1.20%
Walt Disney Co. (DIS) $92.00 +1.10%
United Technologies Corp. (UTX) $108.58 +0.60%
Goldman Sachs Group Inc. (GS) $190.96 +0.59%
E.I. du Pont de Nemours and Co. (DD) $70.13 +0.46%
Dow Jones I.A - Fallers
American Express Co. (AXP) $91.58 -0.91%
AT&T Inc. (T) $34.71 -0.60%
Merck & Co. Inc. (MRK) $59.22 -0.59%
International Business Machines Corp. (IBM) $161.39 -0.27%
Procter & Gamble Co. (PG) $88.88 -0.14%
Verizon Communications Inc. (VZ) $50.27 -0.14%
Nike Inc. (NKE) $94.60 -0.08%
Coca-Cola Co. (KO) $42.29 -0.05%
Pfizer Inc. (PFE) $30.03 -0.03%
Nasdaq 100 - Risers
Whole Foods Market Inc. (WFM) $44.83 +12.11%
Henry Schein Inc. (HSIC) $130.31 +6.63%
Vertex Pharmaceuticals Inc. (VRTX) $117.29 +5.11%
Tesla Motors Inc (TSLA) $241.18 +4.42%
TripAdvisor Inc. (TRIP) $74.00 +2.86%
Bed Bath & Beyond Inc. (BBBY) $69.84 +2.46%
Citrix Systems Inc. (CTXS) $65.99 +2.45%
Regeneron Pharmaceuticals Inc. (REGN) $377.41 +2.42%
Liberty Global plc Series A (LBTYA) $45.87 +2.14%
Celgene Corp. (CELG) $107.14 +1.89%
Nasdaq 100 - Fallers
QUALCOMM Inc. (QCOM) $70.57 -8.59%
Vimpelcom Ltd Ads (VIP) $5.91 -7.08%
Discovery Communications Inc. Class A (DISCA) $32.90 -4.55%
Western Digital Corp. (WDC) $97.85 -3.39%
Seagate Technology Plc (STX) $62.53 -1.91%
Sirius XM Holdings Inc (SIRI) $3.44 -1.29%
Activision Blizzard Inc. (ATVI) $20.57 -1.25%
Linear Technology Corp. (LLTC) $43.42 -1.23%
Garmin Ltd. (GRMN) $54.94 -1.19% |
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| | Friday newspaper round-up: Sports Direct/Debenhams, Songbird Estates, Miliband... | | Mike Ashley’s Sports Direct International has increased its stake in Debenhams, the Daily Telegraph reported on Friday. The firm has sold an equity stake in its rival but has taken out a derivative over some of its shares, meaning its stake in the department store has risen from 11.22% to 12.7%. Sports Direct first invested in Debenhams in January, by purchasing a 4.6% holding in the group, before selling it only four days later, when it entered into a "put" option over 6.6% of Debenhams' shares. Songbird Estates, the owner of Canary Wharf, confirmed it was approached by a US investor and the Qatar Investment Authority (QIA) over a possible takeover, the Independent says. The majority owner of the Canary Wharf estate, which is already partially owned by QIA, said on Thursday that it would consider the approach, though it described it as being at a preliminary stage. Songbird, which also owns part of the “Walkie Talkie” building in the City of London, is 28.6% owned by QIA. Ed Miliband has dismissed rumours that he was facing a crisis of confidence among the Labour party, according to the Guardian reported. Andrew Harrop, the general secretary of the Fabian Society thinktank which is affiliated with Labour, admitted the Labour leader was damaging the party’s chances of winning the general elections in May 2015. “This is nonsense. My focus, and the Labour party’s focus, is on the country, and the things that matter to the country,” Miliband said. UK supermarkets have cut fuel prices again, following a government warning over the cost of fuel, the Financial Times reported. Danny Alexander, chief secretary to the Treasury, warned retailers that the savings from the falling cost of oil must translate into lower fuel cost for consumers. The price of petrol is set to reach its lowest point in almost four years on the 8-9 November, but motoring groups insist Britain’s drivers will continue to pay over the odds until fuel duty is reduced. Business lobby group, the Confederation of Business Industry (CBI), has said that business rates in Britain are choking investment and has called on chancellor George Osborne to reform "the UK’s clunky and outdated business rates system”, writes The Telegraph. CBI director general John Cridland has said that rates have "become disproportionately high".
The Times has cited government estimates which said claim that green levies on energy bills will double by 2020 to £188 a year for the average household. | | |
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