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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 decline ahead of UK GDP London stocks declined on Tuesday ahead of the release of UK gross domestic product data that is expected to show economic growth slowed in the third quarter.
GDP, to be released at 0930 GMT, is forecast to ease to 0.6% in the third quarter from 0.7% in the second quarter. On a year-on-year comparison, growth is forecast to remain at 2.4%.
"Today's expected dip in growth will come as little surprise especially since the Eurozone recovery is struggling to gain traction, meaning UK the manufacturing and services sectors will continue to find the going tough," said FX Pro's chief economist Simon Smith.
"But a major concern for the Bank of England is the re-emergence of a deflationary environment. With the exception of September's 0.2% rise in month-on-month inflation the UK would officially be in a deflationary environment following negative readings in August and October. Sterling could come under pressure this morning especially if the GDP number is lower than expected."
Meanwhile, the US will see a batch of data including durable goods orders, consumer confidence, the S&P Shiller Composite on house prices, and the services purchasing managers' index.
US durable goods orders at 1230 GMT are estimated to fall 1.3% in September, following a 2.3% drop a month earlier.
The S&P Shiller 20-City Composite Home Price Index at 1300 GMT is forecast to rise to 5.10% year-on-year in August compared to 4.96% a month earlier.
Markit's PMI on US services at 1345 GMT is expected to rise slightly to 55.2 in October from 55.1 in September, above the 50 level that indicates expansion in the industry.
The consumer confidence index at 1400 GMT is projected to hold at 103 in October.
The Federal Reserve is taking a range of economic releases into account in determining the timing of its first interest rate hike in nearly a decade. The Fed will announce its latest policy decision on Wednesday but many analysts expect the central bank to keep rates unchanged.
Company-wise BP climbed as the group set out plans for maintaining dividend payments through more cuts in capital expenditure and costs after reporting a sharp fall in third quarter underlying replacement cost profit due to plunging oil prices.
St. James Place rose after posting a 17% rise in third-quarter net inflows to a record £1.48bn, taking funds under management to £54.5bn.
DS Smith rallied after saying trading for the half year ending 31 October has been in line with its expectations.
Mining stocks were under pressure, including BHP Billiton, Glencore, Antofagasta and Rio Tinto, as reports that a People Bank of China adviser hinted at further monetary policy easing added to concerns about the health of the nation.
Chemring Group plunged after the defence contractor warned shareholders its profit outlook for the full-year could be dented by a potential revenue delay. |
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| Market Movers
FTSE 100 (UKX) 6,387.23 -0.46%
FTSE 250 (MCX) 17,131.73 -0.27%
techMARK (TASX) 3,089.09 -0.55%
FTSE 100 - Risers
BP (BP.) 389.15p 1.24%
St James's Place (STJ) 937.00p 0.70%
Standard Life (SL.) 423.00p 0.48%
Barratt Developments (BDEV) 649.00p 0.46%
British Land Company (BLND) 874.00p 0.46%
WPP (WPP) 1,454.00p 0.41%
Intu Properties (INTU) 353.10p 0.23%
London Stock Exchange Group (LSE) 2,535.00p 0.20%
Marks & Spencer Group (MKS) 516.50p 0.19%
Next (NXT) 7,975.00p 0.19%
FTSE 100 - Fallers
Anglo American (AAL) 570.90p -3.38%
BHP Billiton (BLT) 1,099.00p -2.83%
Glencore (GLEN) 113.20p -2.37%
Antofagasta (ANTO) 555.50p -2.11%
Rio Tinto (RIO) 2,438.50p -1.97%
Royal Dutch Shell 'B' (RDSB) 1,720.50p -1.69%
Royal Dutch Shell 'A' (RDSA) 1,713.00p -1.66%
BG Group (BG.) 1,035.00p -1.48%
Centrica (CNA) 228.40p -1.47%
Johnson Matthey (JMAT) 2,532.00p -1.44%
FTSE 250 - Risers
TalkTalk Telecom Group (TALK) 237.50p 5.42%
NMC Health (NMC) 800.50p 2.83%
AO World (AO.) 159.90p 2.37%
Circassia Pharmaceuticals (CIR) 289.00p 1.98%
Wizz Air Holdings (WIZZ) 1,909.00p 1.87%
CLS Holdings (CLI) 1,836.00p 1.83%
Smith (DS) (SMDS) 392.00p 1.61%
Micro Focus International (MCRO) 1,197.00p 1.44%
OneSavings Bank (OSB) 365.90p 1.33%
Foxtons Group (FOXT) 208.70p 1.07%
FTSE 250 - Fallers
Nostrum Oil & Gas (NOG) 455.00p -5.03%
Premier Oil (PMO) 68.70p -4.85%
Evraz (EVR) 84.10p -4.76%
Ophir Energy (OPHR) 90.15p -4.30%
Vedanta Resources (VED) 478.70p -3.95%
Tullow Oil (TLW) 196.80p -3.77%
Weir Group (WEIR) 1,051.00p -3.67%
Allied Minds (ALM) 436.10p -3.09%
Hunting (HTG) 373.70p -2.86% |
| | UK Event Calendar | | Tuesday 27 October
INTERIMS
Bloomsbury Publishing
INTERIM DIVIDEND PAYMENT DATE
Smith & Nephew
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
M3 Money Supply (EU) (09:00)
Q3
BP
GMS
Randall & Quilter Investment Holdings (DI)
FINALS
Utilitywise plc
EGMS
VinaCapital Vietnam Opportunity Fund Ltd.
AGMS
Brooks Macdonald Group, Clinigen Group, Indus Gas Ltd., Medilink-Global UK Ltd.
TRADING ANNOUNCEMENTS
Shoe Zone
UK ECONOMIC ANNOUNCEMENTS
GDP (Preliminary) (09:30)
Index of Services (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities slip as investors tread carefully before FOMC announcement European stocks fell in early trade as investors erred on the side of caution ahead of Wednesday's rate announcement by the Federal Reserve.
At 0840 GMT, the benchmark Stoxx Europe 600 index was down 0.5%, while Germany's DAX and France's CAC were both 0.6% weaker.
"European equities are trading moderately lower this morning ahead of a crucial three days filled with plenty of economic and corporate data which most likely will determine if the recent rally can be sustained and still has legs or if markets will enter into reverse mode," said Markus Huber, senior analyst at Peregrine & Black.
"Focus today will be on US corporate earnings with heavyweights like Merck, Pfizer, Ford and Apple all reporting. Tomorrow centre stage will take the FOMC meeting. While nobody expects a change in interest rates at this meeting, many are hoping that the Fed will clarify a bit more where they are stand in regard to possibly hiking rates in December especially as economic data of late has been fairly disappointing and shown some occasional weakness."
On Thursday, all eyes will be on the release of third-quarter US GDP data. A weak reading would most likely put an end to any rate hike speculation for quite a while to come, said Huber.
On the corporate front, shares in chemicals group BASF fell after its cut its full-year earnings guidance on the back of weak sales in China, Brazil and other emerging markets.
Novartis was also in the red after the Swiss drug maker posted a 42% drop in third-quarter profit from the same period last year.
Oil giant BP bucked the trend. Although it posted a sharp fall in third-quarter underlying replacement cost profit to $1.82bn from $3.03bn the previous year, the results were better than expected. |
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| | US Market Report | | US close: Stocks mostly lower ahead of Fed's rate decision US stocks finished Monday's session mostly lower as investors were cautious ahead of the Federal Reserve's decision on interest rates mid-week.
The S&P 500 fell 3.97 points to 2,071.18 and the Dow Jones Industrial Average dropped 23.65 points to 17,623.05, while the Nasdaq rose 2.84 points to 5,034.70.
The Fed is widely expected to hold off on raising rates on Wednesday amid low inflation and risks stemming from a slowdown in emerging markets.
"I personally think that the Federal Reserve completely missed the boat with an opportunity to begin raising US interest rates during its September policy meeting and that the chances of a US interest rate rise at all this year have weakened each passing week since," said Jameel Ahmad, chief market analyst at FXTM.
"The reduced US interest rate expectations are not limited to just slowing US economic momentum, but because the central bank cited global economic weakness as a reason to leave US rates unchanged in September."
Monday's agenda was relatively quiet on economic data in the US. The only notable release was a report on new home sales which showed the lowest rate in 10 months in September.
According to figures released by the Commerce Department, new home sales tumbled 11.5 % last month to a seasonally adjusted annual rate of 468,000, after a 5.2% gain in August. Analysts had expected a 0.4% decline to a 550,000 annual rate last month, compared with a downwardly revised 529,000 reading in the previous month.
In another knock to markets, oil prices slid after Goldman Sachs warned that refined product storage sites are coming close to maximum capacity, adding to worries about an oversupply.
Brent crude futures fell 1.4% to $47.31 per barrel and West Texas Intermediate dipped 2.08% to $43.69 per barrel at 2139 GMT.
The fall hit energy stocks on the S&P 500.
Elsewhere, most Asian markets started the week upbeat note after Chinese authorities gave the green light to a new round of stimulus measures, while European stocks pulled back slightly.
"Chinese Premier Li Keqiang took the sting out of the tail of rate cut by saying China won't defend to the death its 7% growth target," said CMC Markets' analyst Jasper Lawler.
"Operating within a reasonable range of growth as opposed to defending 7% would imply a willingness to allow growth to slip to perhaps as low as 6%, which would require less stimulus."
Among companies, Apple was providing a drag ahead of Tuesday's fourth quarter interims. Twitter's shares gained, however, before its earnings on the same day.
Whirlpool rose after analysts at Raymond James upgraded their rating on the stock to 'strong buy'.
Pharmaceutical group Valeant declined after revealing it has formed a special committee to review allegations over relationship with mail-order Philidor Rx Services.
Management solutions provider Xerox slid after posting better-than-expected results, although revenue fell short of estimates.
S&P 500 - Risers
Laboratory Corporation of America Holdings (LH) $117.74 +5.17%
Priceline Group Inc (PCLN) $1,416.32 +3.65%
Roper Technologies Inc (ROP) $182.91 +3.42%
VF Corp. (VFC) $65.91 +3.39%
AbbVie Inc (ABBV) $51.87 +3.04%
Netflix Inc. (NFLX) $103.04 +3.00%
Celgene Corp. (CELG) $123.65 +2.97%
Whirlpool Corp. (WHR) $150.17 +2.93%
Kohls Corp. (KSS) $45.33 +2.88%
Microsoft Corp. (MSFT) $54.25 +2.61%
S&P 500 - Fallers
United States Steel Corp. (X) $10.63 -9.38%
Chesapeake Energy Corp. (CHK) $7.13 -8.94%
QEP Resources Inc (QEP) $14.32 -7.67%
Range Resources Corp. (RRC) $29.02 -7.34%
Peabody Energy Corp. (BTU) $21.66 -7.08%
Denbury Resources Inc. (DNR) $3.59 -6.99%
CONSOL Energy Inc. (CNX) $8.86 -6.74%
NRG Energy Inc. (NRG) $13.15 -6.21%
Allegheny Technologies Inc. (ATI) $13.71 -5.84%
Avon Products Inc. (AVP) $3.57 -5.05%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $54.25 +2.61%
Visa Inc. (V) $78.18 +1.44%
Goldman Sachs Group Inc. (GS) $187.01 +0.81%
Nike Inc. (NKE) $131.38 +0.65%
Procter & Gamble Co. (PG) $77.49 +0.60%
Unitedhealth Group Inc. (UNH) $116.53 +0.53%
3M Co. (MMM) $156.54 +0.48%
Travelers Company Inc. (TRV) $112.77 +0.44%
Verizon Communications Inc. (VZ) $46.36 +0.43%
Walt Disney Co. (DIS) $113.52 +0.38%
Dow Jones I.A - Fallers
Apple Inc. (AAPL) $115.28 -3.19%
Chevron Corp. (CVX) $88.77 -2.71%
Exxon Mobil Corp. (XOM) $81.22 -2.12%
Cisco Systems Inc. (CSCO) $28.95 -1.36%
Intel Corp. (INTC) $34.59 -0.89%
International Business Machines Corp. (IBM) $143.66 -0.70%
American Express Co. (AXP) $74.19 -0.54%
Wal-Mart Stores Inc. (WMT) $58.02 -0.48%
Coca-Cola Co. (KO) $42.59 -0.47%
United Technologies Corp. (UTX) $100.23 -0.39%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $166.24 +5.48%
Priceline Group Inc (PCLN) $1,416.32 +3.65%
Netflix Inc. (NFLX) $103.04 +3.00%
Celgene Corp. (CELG) $123.65 +2.97%
Tesla Motors Inc (TSLA) $215.26 +2.95%
Microsoft Corp. (MSFT) $54.25 +2.61%
Staples Inc. (SPLS) $12.91 +2.42%
Expedia Inc. (EXPE) $128.39 +2.38%
Autodesk Inc. (ADSK) $53.61 +2.33%
Stericycle Inc. (SRCL) $123.09 +2.31%
Nasdaq 100 - Fallers
Whole Foods Market Inc. (WFM) $30.70 -4.89%
Nxp Semiconductors Nv (NXPI) $91.41 -4.87%
Avago Technologies Ltd. (AVGO) $123.61 -4.61%
NetApp Inc. (NTAP) $33.15 -4.38%
Seagate Technology Plc (STX) $39.55 -3.89%
Micron Technology Inc. (MU) $16.58 -3.83%
Analog Devices Inc. (ADI) $61.53 -3.29%
Keurig Green Mountain Inc (GMCR) $53.24 -3.22%
Apple Inc. (AAPL) $115.28 -3.19%
Western Digital Corp. (WDC) $67.16 -3.14% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Tax credits, Equiniti, Equity release George Osborne vowed last night to rein in the power of the Lords after he suffered a humiliating defeat over his plan to cut tax credits by £4bn. The chancellor said that the unprecedented vote, which left his budget policy in limbo, raised constitutional issues about unelected peers that would be "dealt with" by himself and the prime minister. - The Times
Equiniti, the share registrar company that handles dividend payments for most FTSE 100 companies, has attracted enough interest to support its imminent £500m-£600m flotation, despite growing investor indifference to all but the larger share issues. The company's advisers will price the new shares on Tuesday. Bankers expect thiem to be at the lower end of the 165p-200p price range. - The Guardian
Older homeowners withdrew a record total of £5m from their properties each day as an increasing number of retired people used their main asset as a source of income at a time of dismal savings rates. Equity release lending to homeowners over the age of 55, which allows people to use money drawn on their property without having to make monthly repayments or downsize, jumped by £68.3m to £452.6m in the three months between June and September, compared with the previous quarter. - The Times
British households are using higher wages to pay off their credit card debts, rather than relying on the plastic for their shopping, in the latest sign that the economy is performing well. At the same time businesses are reducing their reliance on the banks by borrowing directly from investors such as pension funds and insurance companies through the capital markets. - The Daily Telegraph
The US Navy early on Tuesday conducted freedom of navigation operations in the South China Sea, in a high-stakes effort to push back against Chinese territorial claims in the disputed resource-rich waters. The USS Lassen, a destroyer, sailed through the 12-nautical-mile zones of two artificial islands - Subi and Mischief reefs - that China has constructed in the Spratly chain. The warship began its mission at roughly 6.40am local time in the South China Sea, according to a senior US defence official. - Financial Times |
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