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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 move higher on oil price gains Stocks in London began the session higher, with investors busy scanning the conflicting headlines coming out of Wednesday's OPEC meeting in Algeria ahead of a raft of US central bank speakers scheduled for later in the day.
As of 0840 BST on Wednesday the FTSE 100 was up 50 points to 6,857.28.
Worth noting, in an apparent conciliatory move Saudi Arabia's energy minister Khalid Al-Falih on Tuesday evening said Iran, Nigeria and Libya ought to be allowed to "produce at the maximum levels that makes sense".
Nevertheless, traders appeared to be wary about buying into the rhetoric coming out of Algiers.
"As always, it seems that a lack of cooperation between Saudi Arabia and Iran is going to be responsible for any deal collapsing at the early stages, with tensions between the two remaining as high as ever," said Craig Erlam, senior market analyst at Oanda. "While I do think some progress has been made lately making a deal in the future more likely, the gap between them still appears to be quite significant.
"Until Iran is pumping at pre-sanction levels, or even at a slightly higher target, I think a deal will be difficult to come by. They may not entirely concede defeat today though, insisting that all members are willing to work together but a freeze or cut seems very unlikely."
European banks continued to be in focus, with news that FTSE 250 outfit Phoenix Group has agreed to buy Abbey Life from Deutsche Bank for £935m in cash, sending the German lender's stock higher early on.
As of 0813 BST shares in Deutsche Bank were up by 2.72% to €10.89.
There are no major UK data releases due. In the US, MBA mortgage applications are at 1200 BST and durable goods orders are at 1330 BST. Investors will also be eyeing a testimony by Federal Reserve Chair Janet Yellen to the financial services committee on Capitol Hill, particularly following last week's rate announcement.
In corporate news, Royal Bank of Scotland agreed to pay $1.1bn (£846) to settle two legal claims that it allegedly mis-sold mortgage securities in the run-up to the 2008 financial crisis.
The settlements, involving its subsidiary RBS Securities, are with the National Credit Union Administration Board, which regulates credit unions, but does not include lawsuits with the US Department of Justice and the Federal Housing Finance agency.
Trading at TUI was in-line with the company´s expectations, the travel operator said in a pre-close trading update. For the year to 18 September, the tourism group reported a 1% year-on-year increase in total revenues, alongside flat average selling prices.
Management expressed confidence in its ability to deliver full-year underlying growth in earnings before interest, taxes, depreciation and amortisation of between 12% and 13%. Results for the full-year were scheduled to be released on 8 December.
Sainsbury blamed food deflation for a fall in like-for-like sales in the second quarter, masking the growth in transactions and volumes in the period.
Total retail sales fell 0.4% in the 16 weeks to 24 September, including the completion of the Argos acquisition on the second of the month, with like-for-like retail sales down 1.1%.
Smiths Group reported a drop in profits for the year to the end of July as its John Crane division suffered on the back of tough conditions in the global energy market.
The company said it expects a broad continuation of the trends experienced in 2016, with ongoing challenges in John Crane's end markets offset by moderate underlying revenue growth in its other divisions. |
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| Market Movers
FTSE 100 (UKX) 6,839.35 0.47%
FTSE 250 (MCX) 17,702.37 0.42%
techMARK (TASX) 3,485.54 0.31%
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 1,118.00p 2.95%
Smiths Group (SMIN) 1,427.00p 2.88%
Anglo American (AAL) 935.20p 2.01%
Rio Tinto (RIO) 2,509.00p 1.99%
Persimmon (PSN) 1,813.00p 1.63%
BHP Billiton (BLT) 1,095.00p 1.62%
Sky (SKY) 860.50p 1.53%
Ashtead Group (AHT) 1,237.00p 1.48%
Travis Perkins (TPK) 1,521.00p 1.40%
Mondi (MNDI) 1,642.00p 1.36%
FTSE 100 - Fallers
HSBC Holdings (HSBA) 573.80p -0.57%
Shire Plc (SHP) 5,124.00p -0.37%
Associated British Foods (ABF) 2,592.00p -0.27%
Direct Line Insurance Group (DLG) 367.70p -0.24%
Centrica (CNA) 223.10p -0.22%
Imperial Brands (IMB) 3,976.50p -0.09%
Diageo (DGE) 2,213.50p -0.07%
Randgold Resources Ltd. (RRS) 7,755.00p -0.06%
Paddy Power Betfair (PPB) 8,670.00p -0.06%
Polymetal International (POLY) 960.50p -0.05%
FTSE 250 - Risers
Petrofac Ltd. (PFC) 848.50p 4.05%
PayPoint (PAY) 1,041.00p 3.27%
Aldermore Group (ALD) 172.30p 3.24%
Kennedy Wilson Europe Real Estate (KWE) 969.50p 2.70%
Tullow Oil (TLW) 220.80p 2.08%
Kaz Minerals (KAZ) 212.00p 1.92%
Grafton Group Units (GFTU) 477.90p 1.90%
esure Group (ESUR) 306.30p 1.86%
Ocado Group (OCDO) 258.60p 1.85%
Morgan Advanced Materials (MGAM) 281.10p 1.74%
FTSE 250 - Fallers
Tritax Big Box Reit (BBOX) 137.90p -3.97%
ICAP (IAP) 460.40p -3.62%
DFS Furniture (DFS) 247.30p -3.25%
Ascential (ASCL) 265.00p -2.07%
International Personal Finance (IPF) 260.30p -2.07%
Stagecoach Group (SGC) 206.50p -1.67%
Hastings Group Holdings (HSTG) 222.80p -1.46%
Marshalls (MSLH) 273.90p -1.37%
Inmarsat (ISAT) 679.00p -1.31% |
| | UK Event Calendar | | Wednesday September 28
INTERIMS
AA , Ebiquity, Inspiration Healthcare Group , Public Power GDR SA (Reg S), Redt Energy , Venn Life Sciences Holdings, Volga Gas
INTERIM DIVIDEND PAYMENT DATE
British American Tobacco, Lloyds Banking Group
QUARTERLY PAYMENT DATE
UIL Limited (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
Durable Goods Orders (US) (13:30)
GFK Consumer Confidence (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
FINALS
Clinigen Group, Mysale Group, Smiths Group
SPECIAL DIVIDEND PAYMENT DATE
Hargreaves Lansdown
EGMS
Acencia Debt Strategies Ltd.
AGMS
Fulcrum Utility Services Ltd. (DI), Infrastructure India, PZ Cussons, Zoo Digital Group
FINAL DIVIDEND PAYMENT DATE
Gateley (Holdings) , Hargreaves Lansdown, ICBC Standard Bank, WYG
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher as Deutsche Bank recovers European stocks rose in early trade, boosted by solid gains in the banking sector as Deutsche Bank recovered from recent losses.
At 0900 BST, the benchmark Stoxx Europe 600 index, Germany's DAX and France's CAC 40 were all up 1%.
Meanwhile, oil prices were a touch higher, with West Texas Intermediate up 0.3% to $44.79 a barrel and Brent crude up 0.4% to $46.15.
Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said: "European equity markets are positive, following oil prices higher, as investors eye Algiers in the hope that today's OPEC meeting will reach some compromise. Although an agreement to curb output today would be a major surprise, the debate may pave the way for a potential deal at their next meeting.
"Although all oil producing nations want a curb in output to push oil prices higher, the oil price at which Saudi Arabia's government finances will balance is significantly higher than that of Iran, making it much easier for Iran to play hardball and simply reiterate their demands to return to pre-sanction output levels, implicitly forcing Saudi Arabia to take the potential hit in terms of lower output."
A recovery in Deutsche Bank shares helped to underpin the tone following two days of heavy losses, after chief executive John Cryan reassured investors that the bank had not asked for state aid to help settle a $14bn fine from the US Department of Justice over the mis-selling of mortgage-backed securities.
The Stoxx 600 banks index was up 1.2%.
The recovery also came as the bank's wholly-owned subsidiary Deutsche Holdings agreed to sell Abbey Life to Phoenix Group for £935m in cash.
Royal Bank of Scotland was in the black after it agreed to pay $1.1bn (£846) to settle two legal claims that it allegedly mis-sold mortgage securities in the run-up to the 2008 financial crisis.
Deutsche Post edged higher after announcing an agreement to buy integrated mail and parcel operator UK Mail Group for 440p per share, valuing the company at £242.7m. |
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| | US Market Report | | US close: Stocks rebound on confidence upswing US stocks gained ground on Tuesday as better data on services activity and outstanding consumer confidence numbers offset lower oil prices.
The Dow Jones Industrial Average added 133.5 points or 0.7% to close at 18,228.30, while the S&P 500 increased 13.83 or 0.64% to 2,159.93 and the Nasdaq picked up 48.22 points or 0.92% to end at 5,305.71.
This was despite a retreat in crude oil prices after Saudi Arabia played down expectations for a production agreement, calling the OPEC meeting "consultative" and dashing hopes that an agreement will be made.
West Texas Intermediate dropped 3.1% to $44.5 a barrel and Brent crude was down 3.2% to $45.8.
In economic data, Markit's flash US services purchasing managers' index printed at 51.9 in September from 51.0 in August, beating expectations for a reading of 51.1. A reading above 50 indicates expansion in the industry.
This marked the fastest monthly rise in activity since April, albeit still relatively modest.
Adjusted for seasonal influences, the flash US Composite PMI Output Index ticked up to 52.0 in September from 51.5 in August.
A gauge US consumer confidence rose in September to a new high. The Conference Board's consumer confidence index increased to a seasonally adjusted 104.1 in September from an upwardly revised 101.8 in August, beating expectations of 99.0.
Consumer confidence was therefore at its highest level since the 2008 crisis, noted analyst Josh Mahony at IG, which he said highlighted a generally positive feeling within the US as the jobs market improves.
"Contrary to Donald Trump's pessimistic rhetoric, it turns out that confidence is on the rise, and that surely says a lot about the condition of the US economy right now."
Meanwhile, investors continued to assess the first US presidential debate on Monday. Markets appeared to declare Clinton the winner of the debate as she went on the offensive against Trump, mentioning his controversial comments towards women and attacking the non-release of his tax returns.
Elsewhere on the corporate front, EndoChoice Holdings Inc. shared surged trade after Boston Scientific Corp said it would buy the medical technology company for about $210m.
Kite Pharma rallied after the drugmaker later on Monday released positive test results for its non-Hodgkin lymphoma drug.
After the market closed, Nike released its estimates for quarterly futures orders up 5% to $12.3bn, which was short of forecasts. |
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| | Newspaper Round Up | | Wednesday newspaper round-up: IMF, Global competitiveness, German banks Urgent action is needed to reverse a slowdown in trade and stop low inflation from triggering a downward spiral of weak growth, job cuts and higher debt, the International Monetary Fund has warned. A global lurch towards protectionism and the sluggish recovery had driven a "remarkable" slowdown in trade since 2012, according to analysis by the Fund. - The Daily Telegraph
Britain's sharp rise up the league table for global competitiveness to its highest place in a decade risks being reversed by the vote for Brexit, according to the World Economic Forum. The body that runs the annual Davos event said Britain had risen three places in the past year to rank seventh, but said the analysis for its Global Competitiveness report had used data collected before the 23 June referendum. - The Guardian
Struggling German banks pose a looming threat to the European Union, which will "hit a fence" as the bloc struggles with a series of crises over the coming years, the former chancellor Lord Lamont of Lerwick has warned. Lord Lamont said that the EU was at risk of buckling under the weight of distressed lenders, not only in peripheral countries such as Italy but also in its powerhouse economy. - The Times
Investors paid several million pounds to lend to the government yesterday after the Treasury issued public debt at a record negative interest rate. The Debt Management Office, which manages the nation's borrowing, sold £400m of inflation-linked 36-year debt for £870m. The yield on the issue was -1.77%, the lowest in history, and means that investors will get only £855m back in 2052 after inflation. - The Times
Royal Bank of Scotland is to pay $1.1bn (£846m) to settle US lawsuits over claims it sold toxic mortgage securities to two American credit unions in the run-up to the financial crisis. But the bank still faces almost 20 claims over its sale of mortgage-backed securities in the US, the largest of which are those brought by the Federal Housing Finance Agency and the US Department of Justice (DoJ). - The Daily Telegraph |
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