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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 little changed; William Hill rallies on merger talks Stocks in London were little changed in early trade, struggling for direction amid a lack of fresh catalysts, although deal news helped to keep things interesting.
At 0830 BST, the FTSE 100 was down 0.1% to 7,040.08, while the pound was off 0.4% versus the dollar at $1.2383.
Rebecca O'Keeffe, head of investment at Interactive Investor, said: "European markets are range bound in early trade and likely to stay that way with the US markets closed for Columbus Day. Two of the main drivers for stocks remain currencies and Deutsche Bank, with the FTSE 100 in positive territory as the pound falls further and investors still anxiously waiting for Deutsche Bank and the Department of Justice to get a deal done. However, with the US earnings season officially kicking off tomorrow with Alcoa, the week is set to provide plenty of stock and sector specific interest for investors.
"The slide in sterling continues, with the currency falling below $1.24 after the steep decline seen last week. While investors may have been expecting politicians to intervene more in order to try and stop the haemorrhage, there has been almost no support for sterling from anyone in May's government, leading the market to conclude that the UK is heading for a hard Brexit rather than the softer version many might have been hoping for."
Oil prices retreated, with West Texas Intermediate down 0.8% at $49.40 a barrel and Brent crude off 0.7% at $51.57.
In corporate news, bookmaker William Hill rallied after confirming it was in merger talks with Toronto-listed Amaya Inc, owner of the PokerStars website, having rejected offers from smaller UK rivals in the summer.
SVG Capital nudged higher as it said it has not received an offer from US rival HarbourVest Bidco for its investment portfolio. It made the statement in response to a press release issued by HabourVest on Saturday evening.
FTSE 100 miner Randgold Resources was firmer despite saying it was "disappointed" that the Malian government shutdown the company's offices in Bamako on Sunday in a long running dispute over taxes.
Ultra Electronics was also on the front foot as it announced it has been awarded a $34.6m cost-plus-fixed-fee contract by the US Department of the Navy to continue providing cyber-secure critical infrastructure solutions.
Outsourcer Mitie gained ground after saying chief executive officer Ruby McGregor-Smith will down on 12 December and be succeeded by Phil Bentley.
On the downside, EasyJet flew lower again after Societe Generale downgraded the stock to 'sell' from 'hold' following the company's profit warning last week. |
| Market Movers
FTSE 100 (UKX) 7,057.50 0.19%
FTSE 250 (MCX) 18,022.33 0.15%
techMARK (TASX) 3,567.76 0.35%
FTSE 100 - Risers
Rolls-Royce Holdings (RR.) 789.00p 1.74%
Fresnillo (FRES) 1,691.00p 1.56%
Randgold Resources Ltd. (RRS) 7,185.00p 1.55%
Sky (SKY) 896.50p 1.13%
Paddy Power Betfair (PPB) 8,585.00p 1.12%
Anglo American (AAL) 1,031.50p 1.03%
Polymetal International (POLY) 862.00p 0.94%
Intu Properties (INTU) 284.40p 0.85%
BAE Systems (BA.) 545.00p 0.83%
Antofagasta (ANTO) 555.00p 0.82%
FTSE 100 - Fallers
easyJet (EZJ) 871.00p -2.12%
Barclays (BARC) 171.10p -1.93%
Royal Bank of Scotland Group (RBS) 179.10p -1.54%
International Consolidated Airlines Group SA (CDI) (IAG) 360.40p -1.21%
Capita (CPI) 596.50p -1.16%
Lloyds Banking Group (LLOY) 51.99p -0.97%
Travis Perkins (TPK) 1,453.00p -0.95%
Tesco (TSCO) 199.90p -0.65%
Sainsbury (J) (SBRY) 231.00p -0.60%
BT Group (BT.A) 367.25p -0.42%
FTSE 250 - Risers
William Hill (WMH) 310.60p 5.43%
Ted Baker (TED) 2,455.00p 2.72%
Ladbrokes (LAD) 136.80p 2.40%
Millennium & Copthorne Hotels (MLC) 435.90p 2.32%
Fidessa Group (FDSA) 2,390.00p 2.09%
CYBG (CYBG) 267.40p 2.02%
Ultra Electronics Holdings (ULE) 1,878.00p 1.73%
Worldwide Healthcare Trust (WWH) 2,170.00p 1.64%
Vedanta Resources (VED) 643.00p 1.50%
NCC Group (NCC) 347.90p 1.49%
FTSE 250 - Fallers
CLS Holdings (CLI) 1,528.00p -3.23%
Tullow Oil (TLW) 266.70p -2.98%
NMC Health (NMC) 1,375.00p -2.34%
Ascential (ASCL) 277.70p -2.32%
Sports Direct International (SPD) 267.60p -1.98%
Wizz Air Holdings (WIZZ) 1,540.00p -1.85%
Grafton Group Units (GFTU) 485.10p -1.80%
TalkTalk Telecom Group (TALK) 212.00p -1.76%
Moneysupermarket.com Group (MONY) 294.50p -1.44% |
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| | UK Event Calendar | | Monday October 10
INTERIM DIVIDEND PAYMENT DATE
Aukett Swanke Group , Hammerson
QUARTERLY PAYMENT DATE
BlackRock Income Strategies Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Current Account (GER) (07:00)
FINALS
Surface Transforms, Waterman Group, YouGov
FINAL DIVIDEND PAYMENT DATE
Colefax Group, Newmark Security PLC, UniVision Engineering Ltd.
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drift lower as Deutsche Bank declines European stocks drifted lower in early trade amid weaker oil prices and as Deutsche Bank shares declined.
At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.3%, while Germany's DAX and France's CAC 40 were 0.1% lower.
"European markets are range bound in early trade and likely to stay that way with the US markets closed for Columbus Day," said Rebecca O'Keeffe, head of investment at Interactive Investor. She added that two of the main drivers for stocks remain currencies and Deutsche Bank.
Oil prices retreated amid doubts that non-OPEC producers will cut production, with West Texas Intermediate down 0.8% at $49.40 a barrel and Brent crude off 0.7% at $51.57.
Meanwhile, the pound remained under pressure versus the dollar, down 0.4% at $1.2383.
In corporate news, Deutsche Bank was under the cosh as investors waited to hear news on the bank's $14bn fine from the US Department of Justice. This weighed on the Stoxx 600 sub-index for banks, which fell 1%. Investors had been hopeful some good news would be announced as the German lender's chief executive John Cryan attended the International Monetary Fund and World Bank's autumn meetings in Washington, raising hopes he might have been able to negotiate the fine.
EasyJet flew lower again after Societe Generale downgraded the stock to 'sell' from 'hold' following the company's profit warning last week.
German utility E.ON was in the red as it came under scrutiny again at the weekend for its Uniper spinoff.
On the upside, bookmaker William Hill rallied after confirming it was in merger talks with Toronto-listed Amaya Inc, owner of the PokerStars website, having rejected offers from smaller UK rivals in the summer.
Media conglomerate Vivendi was also firmer after French billionaire Vincent Bollore upped his stake in the company to over 20%. |
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| | US Market Report | | US close: Stocks dip ahead of Columbus Day holiday US stocks finished slightly lower on Friday following the release of a September jobs report which left economists divided, although several labelled it as "solid".
By the closing bell, and ahead of the Columbus Day holiday on the following Monday, the Dow Jones Industrial Average had dropped 0.15% or 28.01 points to 18,240.49, the S&P 500 declined by 0.33% or 7.03 points to end at 2,153.74 and the Nasdaq fell 0.27% or 14.45 points to 5,292.40.
Stocks slipped on the heels of data showing the US economy added jobs at a slower than expected pace in September and the unemployment rate showed an unexpected increase from 4.9% to 5%.
Non-farm payrolls rose by 156,000 after a gain of 167,000 in August, below market expectations for a 175,000 person increase. Nonetheless, the lower than expected reading was offset by upwards revisions to data for the prior month.
Likewise, the rise in the unemployment rate was partly a function of an increase in the labour force participation rate.
The September non-farms report was to be the last one to be published before the Federal Reserve policy meeting on 1-2 November and in the run-up to the 8 November presidential election a rate hike seems dubious.
Fed chair Janet Yellen had previously appeared to suggest she would likely raise interest rates this year.
As of the end of trading, Fed funds futures were assigning a 65.1% probability to a December rate hike by the Fed, having pointed to greater than 70% odds at one point in the session.
The yield on the benchmark 10-year US Treasury note ended two basis points lower at 1.72%.
Chris Williamson, chief business economist at IHS Markit, said the "disappointing" September employment report is a setback for those who were banking on a Fed rate rise later this year, but it has not shut the door on a December hike.
He said: "Today's data are not weak enough to substantially alter the underlying picture of the Fed's next move being one of tightening policy. It likely remains just a case of when, rather than whether, rates will rise.
"While a November rate hike therefore looks highly unlikely, given the proximity of the election and signs of a current weak-spot in the economy persisting into the third quarter, an election result that is positively received by the markets and business leaders will most likely pave the way for a December Fed rate hike, providing the economic data flow does not deteriorate further in the meantime."
Meanwhile, oil prices were slightly lower but remained above the $50 a barrel mark following reports that some OPEC members and Russia will meet next week to talk about Russia's involvement in cutting production.
West Texas Intermediate was down 0.31% to $50.28 per barrel and Brent crude was lower by 0.38% to 52.31 at 1459 BST.
On companies, shares of industrial conglomerate Honeywell International slid 7.5% to $106.94 after the company cuts its projection for sales due to a business slowdown.
Fashion retailer Gap's shares soared 15.23% to $26.25 after it reported that margins in September were significantly higher than previously forecast despite a fire at its distribution centre in Fishkill, New York.
S&P 500 - Risers
Gap Inc. (GPS) $26.25 +15.23%
Frontier Communications Co. (FTR) $4.23 +6.02%
NextEra Energy Inc. (NEE) $121.74 +3.14%
CenturyLink Inc. (CTL) $27.76 +2.93%
Kohls Corp. (KSS) $46.13 +2.58%
Qorvo, Inc. (QRVO) $56.64 +2.35%
XL Group Ltd (XL) $33.99 +2.35%
Range Resources Corp. (RRC) $39.26 +2.11%
Chubb Corp. (CB) $124.43 +2.09%
Urban Outfitters Inc. (URBN) $36.61 +2.09%
S&P 500 - Fallers
Tyson Foods Inc. (TSN) $67.75 -8.91%
PPG Industries Inc. (PPG) $93.73 -8.28%
Honeywell International Inc. (HON) $106.94 -7.50%
First Solar Inc. (FSLR) $37.58 -5.46%
Martin Marietta Mtrl (MLM) $170.12 -4.67%
Chesapeake Energy Corp. (CHK) $6.35 -4.51%
Vulcan Materials Co. (VMC) $106.47 -4.32%
Perrigo Company plc (PRGO) $90.95 -4.10%
Masco Corp. (MAS) $33.51 -4.07%
News Corp Class B (NWS) $14.52 -3.71%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $169.83 +1.60%
Travelers Company Inc. (TRV) $114.53 +1.19%
Procter & Gamble Co. (PG) $90.00 +0.87%
Johnson & Johnson (JNJ) $119.24 +0.41%
JP Morgan Chase & Co. (JPM) $68.11 +0.35%
Merck & Co. Inc. (MRK) $62.77 +0.18%
Apple Inc. (AAPL) $114.06 +0.15%
Unitedhealth Group Inc. (UNH) $136.66 +0.14%
Microsoft Corp. (MSFT) $57.80 +0.10%
Chevron Corp. (CVX) $102.27 +0.09%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $100.58 -1.47%
Home Depot Inc. (HD) $128.31 -1.44%
E.I. du Pont de Nemours and Co. (DD) $68.35 -1.03%
Wal-Mart Stores Inc. (WMT) $68.70 -0.95%
Caterpillar Inc. (CAT) $88.47 -0.92%
International Business Machines Corp. (IBM) $155.67 -0.77%
Verizon Communications Inc. (VZ) $49.92 -0.68%
General Electric Co. (GE) $29.08 -0.65%
Visa Inc. (V) $82.88 -0.58%
Nike Inc. (NKE) $51.79 -0.46%
Nasdaq 100 - Risers
Incyte Corp. (INCY) $97.83 +3.22%
Liberty Media Corporation - Class A (LMCA) $29.10 +2.11%
Liberty Media Corporation - Series C (LMCK) $28.82 +2.02%
Alexion Pharmaceuticals Inc. (ALXN) $125.05 +1.76%
KLA-Tencor Corp. (KLAC) $72.67 +1.23%
Western Digital Corp. (WDC) $58.67 +1.07%
QUALCOMM Inc. (QCOM) $68.19 +0.96%
Biomarin Pharmaceutical Inc. (BMRN) $93.51 +0.95%
Vertex Pharmaceuticals Inc. (VRTX) $85.70 +0.87%
Starbucks Corp. (SBUX) $53.46 +0.60%
Nasdaq 100 - Fallers
Liberty Global plc Series A (LBTYA) $32.47 -2.90%
Liberty Global plc Series C (LBTYK) $31.56 -2.68%
Mylan Inc. (MYL) $35.94 -2.44%
Discovery Communications Inc. Class A (DISCA) $27.17 -2.41%
Discovery Communications Inc. Class C (DISCK) $26.49 -2.36%
Tesla Motors Inc (TSLA) $196.61 -2.18%
Stericycle Inc. (SRCL) $75.10 -1.70%
Cognizant Technology Solutions Corp. (CTSH) $50.35 -1.68%
Whole Foods Market Inc. (WFM) $28.86 -1.60%
Bed Bath & Beyond Inc. (BBBY) $44.34 -1.60% |
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| | Newspaper Round Up | | Monday newspaper round-up: BCC, foreign investment, William Hill, Gemfields In a role reversal for the British economy, manufacturers have enjoyed a sales boost since the EU referendum, but the dominant services sector is showing signs of faltering, according to one of the first big economic surveys since the Brexit vote. The British Chambers of Commerce (BCC) said that a mixed picture emerged after it took responses from more than 7,000 companies between August and September, in the largest private sector business survey in Britain. - The Times
Theresa May is to push ahead with a new system to vet foreign investment in Britain, but has heeded warnings from chancellor Philip Hammond that the country cannot afford to adopt "French-style" protectionism. The UK prime minister wants the government to be able to intervene in an "orderly and structured" way in sensitive foreign investment and is studying regimes used in other countries such as the US and Australia. - FT
Household spending bounced back last month, with people splashing out on theatre trips, restaurants and holidays, according to new figures. UK consumer spending was up 2.4% year-on-year in September, having been broadly flat in August, said payments company Visa. That was the fastest growth since April. - Guardian
Bets against the pound have hit record highs and are expected to rise further as hedge funds, investors and other speculators see the pound falling to some of its lowest levels against the US dollar. Speculators held 97,572 more contracts betting against, or "shorting", sterling than those who were betting the currency would rise, in the week of October 4, according to data collected since 1988 by the US Commodity Futures Trading Commission, nearly 10,000 more than the previous week. - The Times
William Hill's planned tie-up with the Canadian owner of PokerStars was under discussion even before 888 and Rank approached the British gambling company with their audacious bid earlier this year. The Anglo-Canadian merger, which is expected to be finalised within weeks, will see the new £5bn online gambling giant list in London and retain William Hill's headquarters in the capital. - Telegraph
The government has watered down plans to make companies reveal how many foreign workers they employ, after an international outcry and claims by a former ally of David Cameron that they were "divisive, repugnant and insanely bureaucratic". Amber Rudd, home secretary, attracted international criticism after announcing that companies would have to "be clear" about the proportion of their workforce that was international, as part of a drive to encourage them to hire locally. - FT
Britain will support China's application for full rights as a member of the World Trade Organisation in a move that could have damaging consequences for the UK's struggling steel industry. China is pushing for market economy status at the WTO that would limit other members' ability to impose anti-dumping duties on its exports. Under WTO rules, countries become eligible 15 years after joining - in China's case this December. - The Times
The luxury property market in the UK is gradually recovering following the shock of Britain voting to leave the EU, according to one of the country's leading property agents. Knight Frank said the number of exchanges agreed on homes worth more than £750,000 was down 20% on last year since the referendum, while the value of commercial property sales in July and August was 47% down on 2015. - Guardian
Gemfields, the emerald and ruby miner, is weighing a potential sale of its luxury jewellery business Fabergé after receiving interest from a number of suitors over the past few months. Gemfields bought Fabergé - famed for its intricate, jewelled Russian Imperial eggs - for around £90m in 2012 from private equity firm Pallinghurst Resources. - Telegraph
High street banks are about to be forced to redirect all the small business loan applications that they reject to a rival. A Treasury initiative designed to help to break the stranglehold that the big banks have on small business lending is scheduled to be implemented within the next three months. - The Times
Goldman Sachs has yet to decide whether to move jobs from London after the Sunday Times reported it was preparing to shift 2,000 staff in the advent of a hard Brexit. Responding to the report that the firm would move one in three of its London-based employees elsewhere in Europe if single market access was lost, a Goldman Sachs spokeswoman said the bank was undecided on its response to Brexit. - Telegraph
The Metropolitan police is planning to make the fight against crime pay. The force wants to go into business with the private sector to make money from providing training to other constabularies and foreign police forces in a market that is reckoned to be worth more than £1 billion. In setting up a commercial arm called Met Enterprise, the largest police force in the country hopes to monetise its brand and its training expertise as well as to help with the funding of policing the capital. - The Times
Samsung's smartphone recall crisis has deepened after South Korean media said the tech giant had suspended production of its troubled Galaxy Note 7 model amid reports that replacement devices had caught fire. Citing an unnamed source at a Samsung supplier, the news agency Yonhap said the company on Monday decided to halt production of the smartphone, one of the most advanced and expensive products of its kind on the market. - Guardian | | |
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