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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: Shares rebound ahead of Fed's interest rate decision After an initial stumble, the FTSE 100 on Wednesday reversed the previous day's slump ahead of the Federal Reserve's decision on interest rates.
London's top index had fallen into the red on Tuesday following a worse-than-expected slowdown in third quarter UK gross domestic product to 0.5% from 0.7% the previous three months.
By 0900 GMT, stocks were sitting up in Wednesday's morning session as investors turned their attention to the Fed's policy announcement at 1800 GMT.
The Fed is expected to keep rates at 0.25% amid low inflation and concerns about the risks arising from a slowdown in emerging markets. Investors, however, will be scrutinising the press release for any hints on when the first rate hike in nearly a decade will happen.
"While expectations for a rate hike have drifted well into 2016, we still don't anticipate any real commitment/news on timing," said Michael van Dulken, head of research at Accendo Markets.
Ahead of the Fed's policy announcement, the US will see economic data on weekly mortgage applications and advance goods trade balance at 12 GMT and 1230 GMT respectively.
In the Eurozone, GfK's forward-looking consumer confidence index fell to 9.4 in November from 9.6, as expected by analysts. GfK said the economic expectations are "decreasing significantly, seemingly as a result of the feelings created by the ongoing refugee crisis in particular".
On the company front, BT jumped on news its £12.5bn acquisition of the EE mobile network has been provisionally approved by UK competition officials unconditionally and without remedies.
Lloyds Banking Group declined after reporting a decline in third quarter underlying profit after it was hit by a further charge for insurance mis-selling.
A big faller was Meggitt, which dropped more than 20% as the aerospace and industrial components supplier warned that full year profits will be well below forecasts after it endured softer trading during the third quarter, with a "marked deterioration" in September in energy markets.
Chilean copper producer Antofagasta edged lower after cutting its annual production target for the third time this year as it reported fairly stable output for the third quarter compared with the second.
British American Tobacco rallied after reporting a better-than-estimated fall in sales for the first nine months of the year. |
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| | Market Movers
FTSE 100 (UKX) 6,382.42 0.27%
FTSE 250 (MCX) 17,056.23 0.06%
techMARK (TASX) 3,075.47 -0.51%
FTSE 100 - Risers
BT Group (BT.A) 470.00p 3.98%
Hikma Pharmaceuticals (HIK) 2,078.00p 1.86%
British American Tobacco (BATS) 3,863.00p 1.83%
Randgold Resources Ltd. (RRS) 4,594.00p 1.73%
Inmarsat (ISAT) 983.00p 1.44%
Wolseley (WOS) 3,792.00p 1.39%
Fresnillo (FRES) 744.00p 1.36%
Glencore (GLEN) 113.55p 1.34%
CRH (CRH) 1,770.00p 1.32%
Mondi (MNDI) 1,493.00p 1.29%
FTSE 100 - Fallers
Meggitt (MGGT) 358.40p -22.32%
Lloyds Banking Group (LLOY) 73.79p -4.66%
Antofagasta (ANTO) 534.00p -1.93%
Rolls-Royce Holdings (RR.) 664.00p -1.56%
Morrison (Wm) Supermarkets (MRW) 169.80p -1.51%
Marks & Spencer Group (MKS) 505.50p -1.27%
Next (NXT) 7,865.00p -1.01%
Royal Bank of Scotland Group (RBS) 322.60p -0.77%
BHP Billiton (BLT) 1,084.00p -0.64%
Rio Tinto (RIO) 2,418.00p -0.60%
FTSE 250 - Risers
Hunting (HTG) 367.70p 3.26%
Bwin.party Digital Entertainment (BPTY) 108.60p 2.26%
Petrofac Ltd. (PFC) 848.00p 1.80%
Euromoney Institutional Investor (ERM) 966.50p 1.74%
BTG (BTG) 546.50p 1.58%
Wizz Air Holdings (WIZZ) 1,918.00p 1.43%
Centamin (DI) (CEY) 68.00p 1.34%
PayPoint (PAY) 1,003.00p 1.31%
UDG Healthcare Public Limited Company (UDG) 478.00p 1.27%
Wood Group (John) (WG.) 599.00p 1.27%
FTSE 250 - Fallers
Petra Diamonds Ltd.(DI) (PDL) 74.30p -7.64%
Cobham (COB) 280.20p -3.61%
Redefine International (RDI) 55.75p -1.85%
Ultra Electronics Holdings (ULE) 1,728.00p -1.82%
TalkTalk Telecom Group (TALK) 251.20p -1.53%
Vectura Group (VEC) 163.30p -1.51%
F&C Commercial Property Trust Ltd. (FCPT) 143.60p -1.31%
Bank of Georgia Holdings (BGEO) 2,025.00p -1.22%
FirstGroup (FGP) 94.45p -1.10%
Serco Group (SRP) 91.05p -1.09% |
| | UK Event Calendar | | Wednesday 28 October
INTERIMS
Braemar Shipping Services, C&C Group, Gear4music (Holdings), JZ Capital Partners Ltd
INTERIM DIVIDEND PAYMENT DATE
Air Partner, Hunters Property , Hunting
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate (US) (19:00)
GFK Consumer Confidence (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
Q3
GlaxoSmithKline
FINALS
EpiStem Holdings, Redefine International
IMSS
British American Tobacco, Lloyds Banking Group, Standard Life
AGMS
Haynes Publishing Group, Murray Income Trust, Progility, Rosslyn Data Technologies
TRADING ANNOUNCEMENTS
Petra Diamonds Ltd.(DI), Standard Life, Telecity Group
FINAL DIVIDEND PAYMENT DATE
Alumasc Group, Brooks Macdonald Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities edge higher as investors look to FOMC rate announcement Stocks in Europe edged higher in early trade as investors sifted through a batch of corporate results ahead of the Federal Open Market Committee rate decision, which is due after the European close.
At 0850 GMT, the benchmark Stoxx Europe 600 index was up 0.3%, while Germany's DAX and France's CAC 40 were 0.5% higher.
"Even as US interest rates are likely to stay at current levels for now until at least the next meeting in December, traders are hoping to get a clear indication if a rate rise for 2015 is still on the cards," said Markus Huber, senior analyst at Peregrine & Black.
"Plenty of disappointing economic data as of late plus slowing growth in China have many analysts doubting not only if the US economy is strong enough to withstand a rate rise but also if the slowdown manifesting itself in recent weeks might worsen going into 2016. While there are still plenty of US earnings reports due out today the FOMC is likely to take limelight."
Shares in Lloyds Bank fell sharply after it reported a decline in third-quarter underlying profit as it was hit by a further charge for insurance mis-selling.
Barclays was a little weaker as the bank confirmed the appointment of former JPMorgan investment banking head Jes Staley as its new chief executive.
Clothing retailer Next fell despite posting a 6% increase in third-quarter sales and nudging up its profit guidance for the year.
Chilean copper producer Antofagasta was firmly in the red after cutting its production target for this year again as it reported fairly stable output for the third quarter compared with the second.
BT Group was a high riser after the company's £12.5bn acquisition of the EE mobile network was provisionally approved by UK competition officials.
Shares in Volkswagen advanced even though the German car maker posted an operating loss of €3.84bn in the third quarter, while Heineken rallied after its third-quarter results beat expectations.
Earlier, data from market research group GfK revealed that German consumer sentiment is set to weaken for the third month in a row in November as the migrant crisis takes its toll. |
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| | US Market Report | | US close: Wall Street slips ahead of Apple and the Fed US stocks slipped slightly lower on Tuesday, as investors digested a raft of economic reports and awaited quarterly earnings from Apple and Twitter, not to mention the US Fed´s policy decision the next day.
The Dow Jones Industrial Average finished lower by 22 points to 17,581.43, while the S&P 500 and the Nasdaq were five points off and flat, at 2,065.89 and 5,030.15, respectively.
Mixed economic data
On the economic data front, according to the Commerce Department, orders for goods made to last more than three years declined 1.2% over the month in September compared with the 1.5% decline analysts had forecast but marking their second consecutive drop.
August's reading was revised downward to show a 3% drop compared with the initial figure showing a 2.3% decline.
"The details of the report suggest that equipment investment expanded only modestly in the third quarter and could be even softer in the fourth quarter," said Steve Murphy, US economist at Capital Economics.
"The strong dollar, weak global demand, and the contraction in the energy and manufacturing sectors are all weighing on demand for capital goods."
There was downbeat use on the consumer confidence front as well, as the Conference Board´s index declined from a downwardly revised 102.6 to 97.6 in October, compared with expectations for a print of 102.9.
Earnings in focus
Among the companies that reported quarterly earnings before the opening bell, Alibaba rose 4% after the Chinese e-commerce giant posted better-than-expected quarterly revenue.
Biopharmaceutical giant Pfizer advanced 2.43% after its results beat Wall Street's estimates and the firm raised its full-year outlook, even though revenue and earnings both declined on the back of some adverse currency movements.
Going the other way, tobacco group Reynolds American surrendered 2.3% despite posting better-than-expected quarterly revenue, while profit was in line with estimates.
Ford Motor fell 5% after the car-maker's quarterly operating profit increased, although operating earnings slightly missed expectations, while JetBlue Airways slumped 3% even though its third quarter revenue rose in line with consensus.
Printing technology provider Lexmark crashed 13% after swinging to a loss and cutting its full-year outlook, while media company Comcast slid 1% after its quarterly earnings left investors disappointed.
After the closing bell, investors were set to turn their attention to Twitter and Apple, with both companies scheduled to publish their latest quarterly results.
"Few doubt Apple's earnings power but there is a concern that iPhone 6s sales won't live up to sky-high expectations," said CMC Markets' analyst Jasper Lawler.
"If the number of iPhone units sees a year-over-year decline, it might be taken as a sign that the global smartphone super cycle has peaked.
From a sector standpoint the best performance was seen in the following industrial groups: Hotels (3.42%), Drug retailers (3.12%) and biotechnology (2.78%).
All eyes on the Fed
Finally, the Federal Open Market Committee kicked off its two-day meeting on Tuesday, with market participants looking to Wednesday's statement as they look for clues over the timing of a first interest rates hike.
However, analysts warned investors should not expect too much indication from the Fed, which is unlikely to give much away, one way or the other.
"While the US central bank is probably not going to raise rates in December, be assured we're unlikely to get any form of confirmation either way this week," said Michael Van Dulken, head of research at Accendo Markets.
Elsewhere, Asian stocks closed on a mixed note, while their European counterparts pulled back slightly and oil prices fell.
Front West Texas Intermediate gained 0.37% to $43.36 a barrel.
S&P 500 - Risers
Starwood Hotels & Resorts Worldwide Inc. (HOT) $74.81 +9.13%
Biogen Inc (BIIB) $290.63 +5.84%
Vertex Pharmaceuticals Inc. (VRTX) $121.01 +5.44%
Corning Inc. (GLW) $18.26 +5.43%
Wyndham Worldwide Corp. (WYN) $80.64 +5.41%
Mylan Inc. (MYL) $44.09 +5.35%
Allergan plc (AGN) $285.77 +5.23%
Coach Inc. (COH) $31.65 +4.39%
Amerisource Bergen Corp. (ABC) $97.54 +4.18%
Textron Inc. (TXT) $40.43 +4.15%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $16.93 -21.84%
CONSOL Energy Inc. (CNX) $6.98 -21.22%
Cummins Inc. (CMI) $102.35 -8.70%
Xerox Corp. (XRX) $9.29 -7.38%
Hartford Financial Services Group Inc. (HIG) $45.34 -7.11%
PACCAR Inc. (PCAR) $51.20 -6.72%
Murphy Oil Corp. (MUR) $26.19 -5.83%
Chesapeake Energy Corp. (CHK) $6.72 -5.75%
Anadarko Petroleum Corp. (APC) $65.29 -5.38%
Union Pacific Corp. (UNP) $90.24 -5.18%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $62.05 +2.78%
Unitedhealth Group Inc. (UNH) $119.37 +2.44%
Pfizer Inc. (PFE) $34.99 +2.43%
Boeing Co. (BA) $148.46 +1.20%
Merck & Co. Inc. (MRK) $53.47 +1.06%
Travelers Company Inc. (TRV) $113.41 +0.57%
Cisco Systems Inc. (CSCO) $29.05 +0.35%
Johnson & Johnson (JNJ) $100.19 +0.25%
Walt Disney Co. (DIS) $113.77 +0.22%
3M Co. (MMM) $156.73 +0.12%
Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $137.86 -4.04%
Caterpillar Inc. (CAT) $70.39 -1.58%
United Technologies Corp. (UTX) $98.88 -1.35%
Chevron Corp. (CVX) $87.70 -1.21%
Microsoft Corp. (MSFT) $53.69 -1.03%
Wal-Mart Stores Inc. (WMT) $57.48 -0.93%
Visa Inc. (V) $77.52 -0.84%
Apple Inc. (AAPL) $114.55 -0.63%
McDonald's Corp. (MCD) $111.64 -0.48%
Home Depot Inc. (HD) $124.47 -0.43%
Nasdaq 100 - Risers
Biogen Inc (BIIB) $290.63 +5.84%
Vertex Pharmaceuticals Inc. (VRTX) $121.01 +5.44%
Mylan Inc. (MYL) $44.09 +5.35%
Baidu Inc. (BIDU) $173.86 +4.58%
Regeneron Pharmaceuticals Inc. (REGN) $567.79 +4.02%
Alexion Pharmaceuticals Inc. (ALXN) $176.59 +3.87%
Xilinx Inc. (XLNX) $49.22 +2.97%
Yahoo! Inc. (YHOO) $34.30 +2.69%
Check Point Software Technologies Ltd. (CHKP) $83.02 +2.52%
Cerner Corp. (CERN) $66.48 +2.29%
Nasdaq 100 - Fallers
PACCAR Inc. (PCAR) $51.20 -6.72%
CH Robinson Worldwide Inc (CHRW) $69.99 -3.46%
Keurig Green Mountain Inc (GMCR) $51.58 -3.12%
Wynn Resorts Ltd. (WYNN) $64.56 -2.79%
Mattel Inc. (MAT) $23.89 -2.45%
Bed Bath & Beyond Inc. (BBBY) $57.66 -2.35%
Expeditors International Of Washington Inc. (EXPD) $50.46 -2.32%
Tesla Motors Inc (TSLA) $210.35 -2.28%
TripAdvisor Inc. (TRIP) $81.76 -2.26% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Shell, Morrisons, steel industry Royal Dutch Shell is to take a $2bn writedown after cancelling its Carmon Creek project in the oil sands of western Canada, saying the decision was partly a result of a shortage of pipeline capacity in the region. It will also write off 418m barrels of oil from its reported proved reserves, about 3 per cent of its worldwide total at the end of last year. - Financial Times
David Cameron will use a summit with Nordic and Baltic leaders in Iceland on Wednesday to take on eurosceptics who argue that Britain should leave the EU and adopt a "Norway-style" trading relationship with the bloc. Mr Cameron believes campaigners advocating Brexit use flawed arguments about the benefits to Britain of withdrawing from the EU while trying to maintain its influence in the continent's internal market. - Financial Times
Thousands of former and present staff at Wm Morrison are to sue the supermarket group in a class action after their personal and financial information was leaked online. In a test case that has been billed as Britain's "biggest claim for breach of data security", more than 2,000 people are alleging that Morrisons was ultimately responsible for serious breaches of privacy, confidence and data protection law. - The Times
The steel industry was offered emergency aid last night after MPs were told that the industry was "bleeding" and "likely to die". About 4,000 workers have lost their jobs in recent weeks, with about 1,700 in danger in the West Midlands, as steelmakers grapple with global oversupply, cheap Chinese imports, green taxes and a strong pound. - The Times
Europe could soon be swamped with cheap sugar - including fructose, which is blamed for fuelling the US obesity epidemic - because of the planned liberalisation of the sugar market, experts have said. The market reforms take no account of their likely impact on health or their potential effect on those on the lowest incomes, according to Emilie Aguirre and colleagues from Cambridge University writing in the British Medical Journal. - Guardian
Volkswagen's new boss will accompany Angela Merkel, the German chancellor, as she flies to China on Wednesday on a charm offensive to promote the nation's trading interests, aiming to limit the damage caused from the diesel emissions scandal. Matthias Müller will be a key member of the German business delegation, with car exports accounting for about one third of the country's €75bn (£54bn) in annual exports to China. - Guardian
The Home Office will award EE a controversial contract worth hundreds of millions of pounds to replace the bespoke radio network used by Britain's police, paramedics and firefighters with standard mobile phone service, sources have revealed.
The mobile operator is poised to clinch the landmark deal as the Competition and Markets Authority (CMA) is on Wednesday due to publish its decision on BT's £12.5bn takeover of Britain's biggest mobile operator. The watchdog is widely expected to approve the merger with only minor interventions to protect competition. - Telegraph
Britain has leapfrogged the US to become the top country in the G7 to do business, according to the World Bank. The UK moved up two places in its annual Doing Business report to become the sixth easiest place in the world for businesses to start and operate. - Telegraph |
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