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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: Stocks open higher on expectations of loose policy by central banks The FTSE opened on the front foot on Friday after gains in the US as sluggish economic data reduced the chances of an interest rate hike by the Federal Reserve this year.
Stocks closed higher in the US as data showed consumer prices fell a seasonally adjusted 0.2% in September, which was in line with expectations but worse than the previous month's 0.1% dip and well below the Fed's 2% target. It follows weak reports including US retail sales and non-farm payrolls, prompting analysts to push back forecasts for a rate increase.
A slate of recent lacklustre data from China has also added to hopes of further stimulus measures from the central bank.
In another lift to markets, remarks from European Central Bank policymaker Ewald Nowotny raised the prospect of additional policy loosening. Nowotny on Thursday said fresh measures were needed to lift inflation towards the monetary authority's target of just below 2%.
"We also have to remember that the ECB only embarked on its €60bn a month QE program in March this year, and it is still due to run until September next year, the stubbornly low levels of inflation throughout Europe has prompted speculation that we may see an announcement that could extend the program into 2017, though even that options is likely to present problems in terms of the amount of assets available," said Michael Hewson, chief market analyst at CMC Markets.
The ECB will be closely monitoring the final estimate on September Eurozone inflation due at 1000 BST. Eurostat is expected to confirm the consumer price index fell 0.1% year-on-year in September, down from August's 0.1% rise, as energy prices continued to drag.
Stateside, the University of Michigan's consumer confidence report will be released at 1500 BST. Industrial and manufacturing production figures will be published at 1415 BST.
On the company front, Astrazeneca plunged as US health regulators declined to approve its fixed-dose diabetes drug combination.
Oil stocks were higher including BP and Royal Dutch Shell as Brent crude and West Texas Intermediate crude futures recovered.
Vodafone climbed after striking a deal to extend its strategic partnership with Russian mobile group MTS and expand its scope in Ukraine.
Rio Tinto rose as it reported increased production in the third quarter.
British American Tobacco edged up as it purchased the final necessary number of shares in Brazilian subsidiary Souza Cruz, the country's largest cigarette maker, to enable it to take the company private in coming months. |
| | The Top 10 Stocks for Q4 | | Your guide to the best investments for the new quarter
Towards the end of September, we've seen markets rally as buyers return to pick up some nicely discounted shares while inflation concerns look to be pushing a US interest rate rise further into the future. Our latest Top 10 Stocks report takes a look at a fresh selection of blue chips that have the potential to offer exciting trading opportunities for the new quarter and into year-end.
Download your copy of this report and discover our top picks for the quarter.
Losses can exceed deposits |
| | Market Movers
techMARK 3,036.67 +0.57%
FTSE 100 6,376.95 +0.60%
FTSE 250 17,034.79 +0.50%
FTSE 100 - Risers
Glencore (GLEN) 122.25p +3.82%
Meggitt (MGGT) 478.60p +2.48%
BP (BP.) 387.05p +1.95%
Shire Plc (SHP) 4,460.00p +1.94%
Royal Dutch Shell 'A' (RDSA) 1,809.50p +1.71%
Tesco (TSCO) 195.40p +1.69%
Capita (CPI) 1,258.00p +1.62%
Royal Dutch Shell 'B' (RDSB) 1,833.00p +1.58%
Old Mutual (OML) 210.00p +1.55%
Barclays (BARC) 251.60p +1.45%
FTSE 100 - Fallers
AstraZeneca (AZN) 4,088.00p -0.80%
Persimmon (PSN) 1,939.00p -0.72%
Fresnillo (FRES) 755.00p -0.72%
Associated British Foods (ABF) 3,277.00p -0.58%
ARM Holdings (ARM) 974.00p -0.56%
Barratt Developments (BDEV) 621.00p -0.40%
Reckitt Benckiser Group (RB.) 6,105.00p -0.38%
Diageo (DGE) 1,827.50p -0.35%
Imperial Tobacco Group (IMT) 3,454.00p -0.35%
Hikma Pharmaceuticals (HIK) 2,053.00p -0.34%
FTSE 250 - Risers
Evraz (EVR) 97.45p +3.67%
Tullow Oil (TLW) 255.60p +3.23%
Premier Oil (PMO) 88.85p +2.90%
Provident Financial (PFG) 3,268.00p +2.83%
Vedanta Resources (VED) 580.50p +2.74%
Entertainment One Limited (ETO) 226.40p +2.44%
Kaz Minerals (KAZ) 138.40p +2.22%
AO World (AO.) 159.00p +2.05%
AA (AA.) 277.30p +1.91%
Ophir Energy (OPHR) 104.00p +1.86%
FTSE 250 - Fallers
ICAP (IAP) 450.00p -2.72%
Computacenter (CCC) 743.00p -2.24%
Bodycote (BOY) 540.00p -1.82%
Shawbrook Group (SHAW) 325.20p -1.39%
Indivior (INDV) 212.00p -1.30%
Wizz Air Holdings (WIZZ) 1,836.00p -1.29%
Rotork (ROR) 179.10p -1.16%
Spire Healthcare Group (SPI) 383.00p -1.14%
Acacia Mining (ACA) 221.30p -1.07%
NMC Health (NMC) 805.00p -0.92%
FTSE TechMARK - Risers
Filtronic (FTC) 7.50p +5.26%
KCOM Group (KCOM) 92.00p +2.51%
Oxford Biomedica (OXB) 7.48p +2.47%
Dialight (DIA) 680.00p +1.49%
E2V Technologies (E2V) 239.00p +0.84%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 203.99 +0.12%
FTSE TechMARK - Fallers
Oxford Instruments (OXIG) 673.50p -1.82%
Consort Medical (CSRT) 932.00p -0.59%
Spirent Communications (SPT) 77.25p -0.32% |
| | UK Event Calendar | | Friday 16 October
INTERIM DIVIDEND PAYMENT DATE
Barr (A.G.), Christie Group, Computacenter, esure Group, G4S, Glanbia, Highcroft Investment, Highland Gold Mining Ltd., Octopus AIM VCT 2, Petrofac Ltd., Robert Walters, SafeCharge International Group Limited (DI), Total Produce, Treatt, Tribal Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Capacity Utilisation (US) (14:15)
Consumer Price Index (EU) (10:00)
Harmonised Index of Consumer Prices (EU) (10:00)
Industrial Production (US) (14:15)
New Car Registrations (EU) (10:00)
U. of Michigan Confidence (Prelim) (US) (15:00)
Wholesale Price Index (GER) (07:00)
GMS
React Energy, Trinity Exploration & Production
FINALS
Volution Group (WI)
SPECIAL DIVIDEND PAYMENT DATE
esure Group
AGMS
Mortice Ltd. (DI)
TRADING ANNOUNCEMENTS
Record
FINAL DIVIDEND PAYMENT DATE
Best of the Best, Dart Group, Trifast, United Carpets Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks track upbeat sessions in the US and Asia European stocks rose in early trade, taking their cue from upbeat sessions in the US and Asia.
"US futures and European markets are trading higher this morning as the positive momentum from Wall Street is making investors more confident in holding riskier assets," said Naeem Aslam, chief market analyst at Ava Trade.
"This is on the back of optimism that the Fed will stay accommodative with their monetary policy and will not rush to raise the interest rate irrespective of their economic data. The US core CPI data did show some sign of stability yesterday, but the US Philly Fed manufacturing number was below expectations. This has made traders increase their long bets and hence, we had the best closing for the Dow and the S&P index yesterday since August."
At 0850 BST, the benchmark Stoxx Europe 600 index was up 0.8%, Germany's DAX was 0.6% higher and France's CAC 40 was up 0.5%.
On the corporate front, retailer Carrefour rallied after posting a jump in third-quarter revenue thanks to growth in key European markets.
Remy Cointreau nudged higher after the French drinks maker's second-quarter organic sales came in better than expected.
Vodafone edged higher after striking an agreement to extend its strategic partnership with Russian mobile group MTS and expand its scope in Ukraine.
British American Tobacco was a touch higher after saying it has purchased the final necessary number of shares in Brazilian subsidiary Souza Cruz, to enable tit to take the company private in coming months.
Miner Rio Tinto nudged higher as it reported an increase in production in most areas, although there were further declines in copper production.
On the downside, Swiss food company Nestle slumped after cutting its full year outlook.
AstraZeneca slipped into the red after the pharmaceuticals giant said the US Food and Drug Administration has asked for more clinical data to support its application for a new drug to treat type 2 diabetes. |
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| | US Market Report | | US close: Biotechnology bounces back, good tone in financials US stocks ended the day sharply higher as investors digested a raft of mixed data, possibly reinforcing the case for the Federal Reserve to stand pat on rates for longer, along with key earnings reports.
The Dow Jones Industrial Average was up 1.28%, the S&P 500 advanced 1.49% and the Nasdaq by another 1.82%.
CPI, jobless claims, Empire manufacturing and Philly Fed in focus
The number of first time unemployment benefits claimants in the US unexpectedly fell last week to match the lowest level in 42 years.
According to the Department of Labor, new claims declined by 7,000 in the week ended 10 October 255,000, compared with analysts' expectations for a modest increase to 270,000.
Meanwhile, the four-week average, which is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, came in at 265,000, down 2,250 from the previous week's 267,250.
Elsewhere, the US consumer price index fell for a second month in a row in September but was nevertheless stronger than expected when compared with year-ago levels.
The US Bureau of Labor Statistics reported the CPI dropped 0.2% month-on-month in September, in line with analysts' predictions.
Weak manufacturing conditions
The Empire State manufacturing index improved a tad in October but the results of the survey were still rather poor.
The headline index for the regional survey of factory conditions improved to a reading of -11.36 in October from -14.67 in the month before.
However, October marked the third consecutive reading below -10, the first such occurrence since 2009, the Federal Reserve bank of New York said in a statement. Economists had been expecting a reading of -7.5.
The Philadelphia Fed manufacturing index remained in negative territory for the second month running in October, rising just a touch to -4.5 from -6 in September and falling short of economist's expectations for a reading of -1. A gauge of new orders on the other hand registered a sharp drop.
"The details of the survey were, on balance, quite soft and confirm the signal from this morning's release of the Empire State survey that suggests a sharp slowing in Northeast manufacturing," Barclays said in a research note sent to clients.
Banking behemoths report earnings
From a sector standpoint the best performance was seen in: Coal (4.42%), Biotechnology (4.16%) and Recreational services (3.80%).
Shares in Goldman Sachs shook off opening losses to finish comfortably higher despite its third-quarter results missing expectations. Net earnings for the quarter ended 30 September fell to $1.43bn or $290 a share, from $2.24bn or $4.57 a share a year earlier and against expectations of $3.00.
Citigroup shares rallied as the bank's second-quarter profits beat expectations, jumping 54% to $4.3bn.
Philip Morris International was also on the front foot after the tobacco company's third-quarter profit and sales came in better than expected.
On the downside, shares in health insurer United Health fell sharply in early trade despite the company posting a 27% rise in revenue for the third quarter, while Netflix slumped after saying late on Wednesday that it is getting fewer US viewers than it had hoped.
In commodities, oil prices turned around to end the day higher, with West Texas Intermediate up 1.03% to $46.86 a barrel.
The yield on the benchmark 10-year Treasury note was one basis point lower at 2.01%.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $23.58 +9.32%
Denbury Resources Inc. (DNR) $3.81 +8.55%
Genworth Financial Inc. (GNW) $5.49 +5.78%
Southwestern Energy Co. (SWN) $13.26 +5.66%
Alexion Pharmaceuticals Inc. (ALXN) $161.07 +5.51%
Keycorp (KEY) $13.31 +4.72%
Noble Energy Inc. (NBL) $36.41 +4.69%
Carnival Corp. (CCL) $50.61 +4.65%
Viacom Inc. Class B (VIAB) $49.24 +4.59%
Tesoro Corp. (TSO) $103.51 +4.57%
S&P 500 - Fallers
Seagate Technology Plc (STX) $41.44 -13.31%
Garmin Ltd. (GRMN) $32.28 -12.66%
Netflix Inc. (NFLX) $101.09 -8.29%
Wyndham Worldwide Corp. (WYN) $74.14 -3.95%
Coach Inc. (COH) $29.86 -2.96%
Sherwin-Williams Co. (SHW) $236.08 -2.65%
Keurig Green Mountain Inc (GMCR) $52.77 -2.58%
Alcoa Inc. (AA) $9.70 -2.51%
Western Digital Corp. (WDC) $81.12 -2.49%
Urban Outfitters Inc. (URBN) $29.40 -2.36%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $61.89 +3.17%
Pfizer Inc. (PFE) $34.08 +3.15%
Goldman Sachs Group Inc. (GS) $184.96 +3.04%
Johnson & Johnson (JNJ) $97.15 +2.77%
Merck & Co. Inc. (MRK) $50.72 +2.38%
Boeing Co. (BA) $137.39 +2.36%
Nike Inc. (NKE) $128.79 +2.34%
Travelers Company Inc. (TRV) $104.96 +2.13%
Walt Disney Co. (DIS) $107.89 +2.04%
Exxon Mobil Corp. (XOM) $81.48 +1.65%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $120.17 -1.56%
Wal-Mart Stores Inc. (WMT) $59.33 -1.17% |
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| | Newspaper Round Up | | Friday newspaper round-up: Bankers, Ringfencing, Steel plants Bankers declared themselves victorious in a key battle with the authorities over new regulations intended to make them accountable for mistakes after the Treasury abandoned its controversial "guilty until proven innocent" rule. The stipulation was to be the financial regulators' most powerful tool in putting senior bankers on the hook for severe wrongdoing and was a response to public fury that almost no individuals were seriously punished for the banking crisis. - The Times
The City on Thursday won the second clear signal in 24 hours of a political shift in its favour when financial regulators granted a key concession on the ringfencing rule for the UK's largest banks. In rules set out by the Bank of England, "ringfenced" banks will be allowed to transfer capital from their retail arms to other parts of their businesses in the form of dividends. - Financial Times
Up to a thousand job losses are feared at one of Britain's biggest remaining steel plants as ministers and business chiefs hold a high-powered summit to discuss the in-crisis industry's future. It is understood that an announcement could come as soon as next week that Tata Steel will launch a restructuring focused on its plant in Scunthorpe, Lincolnshire, which employs a total of 3,000 staff, though more jobs could go elsewhere, potentially in Scotland. - The Daily Telegraph
Volkswagen will recall 8.5m vehicles across Europe as the diesel emissions scandal engulfing the company continues to escalate. The carmaker announced yesterday that vehicles will be taken off the road across the Continent to have pollution cheating software stripped out following an intervention by the German automotive watchdog. After the German Federal Motor Transport Authority rejected earlier VW proposals to allow car owners to voluntarily bring their cars in for repair, the company said the recall would "give customers clarity" about the future of their vehicles. - The Times
China's military establishment has reacted angrily to a planned US naval mission to skirt artificial islands Beijing has constructed in the South China Sea, as the US gears up to challenge Chinese claims in the area. - Financial Times |
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