| | | | | | | Think You Know The Markets? PROVE IT Put your trading knowledge to the test at City Index. Whatever’s happening out there, we’ll make sure you’re ready to seize the opportunity, with expert analysis and our award winning platforms. The rest is up to you. Losses can exceed deposits. Trade now | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks edge higher as pound drifts lower Stocks in London started lower but quickly moved back into the black following gains in the previous session.
As of 0819 BST the FTSE 100 was up by 18.81 points or 0.26% to 7,115.87.
On a light day for economic data, all eyes were on central bank speakers and the gyrations of the pound on foreign exchange markets.
Speaking overnight, the president of the US Federal Reserve bank of Chicago, Charles Evans, said progress on meeting the central bank's inflation target had been "unsatisfactory".
The newest member of the Monetary Policy Committee, Michael Saunders, was due to testify before the Treasury Select Committee later in the day.
As regards the pound, after appearing to find some stability on Monday following the flash crash on Friday, on Tuesday it continued to drift lower, down by close to half a percent so far and approaching 1.23 against the dollar.
Oanda's Craig Erlam said: "While we may see it find support soon, there appears to be little faith in sterling right now due to the huge uncertainties around Brexit and therefore further turbulence likely lies ahead for the pound."
One nugget of data emerged from the British Retail Consortium, which showed like-for-like retail sales grew by 0.4% month-on-month in September, after a fall of 0.9% in August (consensus: -0.3%).
Nonetheless, economists at Pantheon Macroeconomics said: "We continue to think, however, that a sharp slowdown in retail sales growth lies ahead, as firms reduce hiring and inflation soars. Indeed, sterling's further depreciation over the last week suggests that goods prices will shoot up next year, reducing growth in retail sales volumes to a near-standstill."
Clothing retailers put in strong performance
In corporate news, profits fell 20% in the first half of the year for specialist-fit clothing retailer N Brown, but this was ahead of company-compiled consensus forecasts and followed a recovery in sales in the second quarter.
The interim dividend was held flat as the company revealed the autumn-winter season has started in line with its plans as it adopts a "more assertive stance" on prices and an agile approach in order to cope with a backdrop which "remains volatile".
Fashion retailer Ted Baker reported a jump in interim profit as revenue grew and the company lifted its dividend following a good performance across all channels, despite challenging trading conditions.
In the 28 weeks ended 13 August, pre-tax profit rose to £21.5m from £17.8m on revenue of £259.5m, up 14.4% from the same period a year ago.
Residential property investment and management company Grainger provided an update on trading for the year to 30 September on Tuesday, reporting "good rental growth" and "strong sales performance" as a result of cost reductions.
The FTSE 250 firm said it expects recurring profit for the year to be above £50m, at the higher end of management expectations, as well as high single digit year-on-year growth in NNNAV for the full year.
Retirement housebuilder McCarthy & Stone said trading had improved in the first few weeks of the financial year in comparison to the sharp fall it experienced after the Brexit vote, while the company announced that its chief executive was stepping down after five years.
In a trading update for the first five weeks of the new financial year, the company said trading was ahead of the previous year as reservations have been stronger and the cancellation rate has returned to normal levels. |
| Market Movers
FTSE 100 (UKX) 7,111.93 0.20%
FTSE 250 (MCX) 18,020.63 0.23%
techMARK (TASX) 3,584.07 0.20%
FTSE 100 - Risers
Whitbread (WTB) 3,884.00p 3.08%
Burberry Group (BRBY) 1,521.00p 2.84%
Next (NXT) 4,636.00p 2.25%
Travis Perkins (TPK) 1,455.00p 1.82%
Rio Tinto (RIO) 2,779.00p 1.70%
Merlin Entertainments (MERL) 446.50p 1.00%
Antofagasta (ANTO) 564.50p 0.98%
Taylor Wimpey (TW.) 145.20p 0.97%
Anglo American (AAL) 1,052.00p 0.91%
Barratt Developments (BDEV) 474.90p 0.87%
FTSE 100 - Fallers
HSBC Holdings (HSBA) 618.50p -1.01%
Informa (INF) 668.00p -0.74%
easyJet (EZJ) 869.00p -0.74%
Mediclinic International (MDC) 913.00p -0.54%
Sainsbury (J) (SBRY) 232.70p -0.47%
Tesco (TSCO) 202.15p -0.47%
Standard Life (SL.) 349.80p -0.46%
International Consolidated Airlines Group SA (CDI) (IAG) 361.20p -0.41%
Shire Plc (SHP) 5,303.00p -0.38%
Mondi (MNDI) 1,686.00p -0.35%
FTSE 250 - Risers
Brown (N.) Group (BWNG) 194.00p 10.29%
McCarthy & Stone (MCS) 175.00p 7.36%
Victrex plc (VCT) 1,727.00p 6.47%
Ted Baker (TED) 2,550.00p 5.59%
Euromoney Institutional Investor (ERM) 1,026.00p 4.16%
Pagegroup (PAGE) 361.90p 3.76%
Jupiter Fund Management (JUP) 450.40p 2.71%
Tullow Oil (TLW) 286.50p 2.18%
Inmarsat (ISAT) 724.50p 2.04%
Thomas Cook Group (TCG) 67.60p 1.81%
FTSE 250 - Fallers
Allied Minds (ALM) 344.60p -1.66%
Worldwide Healthcare Trust (WWH) 2,150.00p -1.38%
Crest Nicholson Holdings (CRST) 413.80p -1.36%
OneSavings Bank (OSB) 266.50p -1.30%
Hochschild Mining (HOC) 263.80p -1.27%
CYBG (CYBG) 260.70p -1.25%
Shawbrook Group (SHAW) 238.60p -1.12%
St. Modwen Properties (SMP) 260.70p -0.99%
Big Yellow Group (BYG) 711.00p -0.97% |
| | Discover a new way to trade with eToro | | Trade 1000s of markets independently, connect with millions of other traders and copy top performing traders move-for-move. Click Here 
|
| | UK Event Calendar | | Tuesday October 11
INTERIMS
LiDCO Group, Redstoneconnect, Ted Baker
INTERIM DIVIDEND PAYMENT DATE
Holders Technology, JPMorgan American Inv Trust, UBM
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
FINALS
Genedrive , Nanoco Group, River and Mercantile Group , Volution Group (WI)
ANNUAL REPORT
River and Mercantile Group
IMSS
Pagegroup
EGMS
Fondul Proprietatea S.A. GDR (Reg S)
AGMS
Harvest Minerals Limited (DI)
TRADING ANNOUNCEMENTS
Tricorn Group
|
| | Bargain Blue Chips | | Is the current dip a buy opportunity? The UK's blue chip stock index has delivered exceptional trading opportunities to date in 2016 and, with the FTSE100 currently consolidating, optimism remains that the trend will resume imminently. Download this exclusive report to find out why a good run of UK macro data has been taken badly by the markets, what key event in September could pump them up once more, and which key stocks that could play a leading role in boosting the index back to last year's all-time record highs. Losses can exceed deposits |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver as oil slips back European stocks wavered in early trade following healthy gains in the previous session, as oil prices steadied after Monday's rally.
At 0850 BST, the benchmark Stoxx Europe 600 index and Germany's DAX were flat, while France's CAC 40 was 0.1% higher.
Meanwhile, oil prices were a little weaker after racking up strong gains on Monday, when Russian President Vladimir Putin told an energy congress in Turkey that the nation was ready to join OPEC in a proposed curb on production. West Texas Intermediate was down 0.5% at $51.10 a barrel and Brent crude was off 0.5% at $52.89.
Oanda's Craig Erlam said: "Oil is currently trading a little lower today but is likely to remain volatile throughout the session. Comments from Vladimir Putin on Monday sparked some life into oil once again as he talked up the chances of a coordinated production freeze between Russia and OPEC, something the market needs if gains are going to be sustained. I'm sure we'll continue to hear more on this in the coming weeks ahead of the OPEC meeting next month which should ensure oil remains quite volatile.
"The only notable data release today will be the ZEW economic sentiment surveys from Germany and the eurozone, both of which are expected to marginally improve again but remain below pre-Brexit levels. While the hard data currently suggests the Brexit impact has been muted, confidence clearly remains fragile and expectations are that it's a matter of when the numbers turn bad rather than if."
The ZEW surveys are due out at 1000 BST.
In currency markets, the pound was down 0.6% to $1.2290 as leaked Treasury documents suggested that leaving the single market could cost the UK £66bn a year in lost taxes.
Societe Generale strategist Kit Juckes said: "In real effective terms, sterling is 10% lower than it was in 1992 after leaving the ERM and is now weaker than it was after Lehman. Press comment is now shifting to embracing the positive effects of a weak pound and in due course that'll be true but any further weakness from here might simply reflect loss of confidence and be bad for UK assets (gilts, equities, house prices, you name it...) in general."
In corporate news, luxury goods company LVMH rallied after reporting a 4% jump in nine-month revenue on the back of strength in Asia and its perfume business. |
| | IS Lloyds a Brexit Bargain? | | Get all the details now in this FREE Report Lloyds shares have fallen around 40% from last year's high. Download your FREE special report now |
| | US Market Report | | US close: Stocks rise as oil prices gain ground US stocks ended in the black on Monday as oil prices gained ground, with investors digesting the second presidential debate.
The Dow Jones Industrial Average and the S&P 500 closed up 0.5%, while the Nasdaq rose 0.7%.
At the same time, oil prices settled higher after Russian President Vladimir Putin told an energy congress in Turkey that the nation was ready to join OPEC in a proposed curb on production. Brent crude was up 2% at $52.96 a barrel and West Texas Intermediate was up 2.8% to $51.19.
With little on the agenda due to the Columbus Day holiday, traders continued to mull Sunday's debate between Donald Trump and Hillary Clinton. While analysts had mixed views about who won the debate, the recent scandal surrounding Trump's inappropriate comments about women has seen Clinton slightly increase her lead in the polls.
"The overall market reaction to Round 2 of the Presidential Debate is far less volatile to what we experienced at the end of Round 1, although this could be because the race to who could possibly win the US election was far closer at that time," said FXTM vice president of market research Jameel Ahmad.
"Donald Trump appears to have now managed to alienate himself from his own political party, with the feeling in the air being that the comments released from a 2005 recording has gone some distance towards self-destructing his own presidential campaign."
In corporate news, US-listed shares of Deutsche Bank recovered after investors were left disappointed that chief executive John Cryan did not strike a deal with US authorities over the $14bn Department of Justice fine for mis-selling mortgage-backed securities, after he attended the International Monetary Fund and World Bank's autumn meetings in Washington.
The Financial Times reported on Monday that Deutsche was given special treatment in the European bank stress tests carried out over the summer.
According to the FT, the lender, which has been using the results of the July stress tests as evidence of its healthy finances, was boosted by a special concession agreed by its supervisor, the European Central Bank.
Elsewhere, Mylan rallied following news of a settlement in the company's EpiPen pricing controversy.
On the downside, Twitter Inc. fell after Bloomberg reported the social media company is unlikely to attract any takeover bids, while Dover Corp. slumped as the group cut its full year sales and profit outlook.
Netflix shares declined after Deutsche Bank initiated the stock at 'sell' with a $90 price target, citing worries that market expectations for the video streaming service are too high.
S&P 500 - Risers
Mylan Inc. (MYL) $38.87 +8.15%
Salesforce.Com Inc. (CRM) $75.17 +6.01%
Tyson Foods Inc. (TSN) $70.50 +4.06%
NRG Energy Inc. (NRG) $11.42 +4.01%
Endo International Plc (ENDP) $21.18 +3.98%
Devon Energy Corp. (DVN) $44.39 +3.69%
Pioneer Natural Resources Co. (PXD) $193.26 +3.69%
Southwest Airlines Co. (LUV) $39.76 +3.35%
Tenet Healthcare Corp. (THC) $21.35 +3.14%
Diamond Offshore Drilling Inc. (DO) $17.61 +3.10%
S&P 500 - Fallers
Bristol-Myers Squibb (BMY) $49.81 -10.14%
Dover Corp. (DOV) $66.69 -7.68%
Cabot Oil & Gas Corp. (COG) $24.15 -2.50%
Coca-Cola Enterprises Inc. (CCE) $37.88 -2.50%
Rockwell Automation Inc. (ROK) $117.00 -2.26%
Frontier Communications Co. (FTR) $4.15 -1.89%
News Corp Class B (NWS) $14.25 -1.86%
Emerson Electric Co. (EMR) $51.79 -1.73%
Analog Devices Inc. (ADI) $63.35 -1.66%
Netflix Inc. (NFLX) $103.33 -1.42%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $88.44 +1.96%
Merck & Co. Inc. (MRK) $63.89 +1.78%
Apple Inc. (AAPL) $116.06 +1.75%
Chevron Corp. (CVX) $103.97 +1.66%
Boeing Co. (BA) $135.84 +1.49%
McDonald's Corp. (MCD) $114.71 +1.11%
Unitedhealth Group Inc. (UNH) $138.08 +1.04%
International Business Machines Corp. (IBM) $157.02 +0.87%
E.I. du Pont de Nemours and Co. (DD) $68.92 +0.83%
JP Morgan Chase & Co. (JPM) $68.65 +0.79%
Dow Jones I.A - Fallers
Procter & Gamble Co. (PG) $89.05 -1.06%
Wal-Mart Stores Inc. (WMT) $67.98 -1.05%
Home Depot Inc. (HD) $127.25 -0.83%
General Electric Co. (GE) $28.86 -0.76%
United Technologies Corp. (UTX) $99.98 -0.60%
Caterpillar Inc. (CAT) $88.21 -0.29%
Intel Corp. (INTC) $38.02 -0.21%
3M Co. (MMM) $171.11 -0.13%
Nike Inc. (NKE) $51.79 -0.00%
Nasdaq 100 - Risers
Mylan Inc. (MYL) $38.87 +8.15%
Endo International Plc (ENDP) $21.18 +3.98%
American Airlines Group (AAL) $38.89 +3.07%
Stericycle Inc. (SRCL) $76.86 +2.34%
Ctrip.Com International Ltd. Ads (CTRP) $48.16 +2.29%
Tesla Motors Inc (TSLA) $200.95 +2.21%
T-Mobile Us, Inc. (TMUS) $46.15 +1.94%
Lam Research Corp. (LRCX) $102.15 +1.79%
Apple Inc. (AAPL) $116.06 +1.75%
Alphabet Inc. Class A (GOOGL) $814.17 +1.68%
Nasdaq 100 - Fallers
Maxim Integrated Products Inc. (MXIM) $38.67 -3.81%
Incyte Corp. (INCY) $95.95 -1.92%
Analog Devices Inc. (ADI) $63.35 -1.66%
Netflix Inc. (NFLX) $103.33 -1.42%
QUALCOMM Inc. (QCOM) $67.25 -1.38%
Texas Instruments Inc (TXN) $69.93 -1.33%
Xilinx Inc. (XLNX) $52.21 -1.29%
Applied Materials Inc. (AMAT) $29.38 -1.24%
Bed Bath & Beyond Inc. (BBBY) $43.93 -0.92% |
| | It's been an incredible year for gold! | | The precious metal has rallied more than 25% since January. But how much higher will it go? Download your FREE report now |
| | Newspaper Round Up | | Tuesday newspaper roundup: £66bn a year Brexit, Putin, tourism boost Cabinet ministers are being warned that the Treasury could lose up to £66 billion a year in tax revenues under a "hard Brexit", according to leaked government papers. GDP could fall by as much as 9.5 per cent if Britain leaves the single market and has to rely on World Trade Organisation rules for trading with the continent, compared with if it stayed within the EU, the forecasts show. - The Times
Theresa May has been accused of tyranny and lack of respect for democracy by some of her own MPs over the government's refusal to give parliament a say on the terms of leaving the EU. A string of Conservatives were critical of the government's Brexit strategy in a House of Commons debate on Monday, with some asking for more details about the government's negotiating plan and others calling for a greater say on the way the UK will leave the EU. - Guardian
The slump in sterling is a blessing in disguise after years of overvaluation and helps to break the corrosive stranglehold of the financial elites over the British economy, according to a former bail-out chief for the International Monetary Fund. "It is desirable from every point of view. The idea that Britain is in crisis or is on its knees before the exchange rate vigilantes is ludicrous," said Ashoka Mody, the IMF's former deputy-director for Europe and now at Princeton University. - Telegraph
Retailers have warned of challenging times ahead as the weak pound ramps up their import costs and consumer confidence is buffeted by a climate of economic uncertainty as the UK embarks on Brexit negotiations. Underscoring the volatile pattern of recent months, the latest snapshot of high street and online spending showed like-for-like sales were up 0.4% on the year in September, a turnaround from August's 0.9% drop. - Guardian
President Putin came to the rescue of the oil price yesterday, driving it to a one-year high as Russia revealed that it was ready to join other leading producers in cutting supply this year. The Opec cartel, led by Saudi Arabia, is planning to broker a production cut at a meeting next month, but a deal was beginning to look unlikely after Iraq, its second-biggest producer, said that it wanted to raise output in 2017. - The Times
The UK has recorded its biggest-ever month for tourist visits after the referendum-related slump in the pound lured 3.8 million people to British shores in July. In the highest month ever for inbound tourism, overseas visitors spent £2.5bn - 4% more than last year, according to new figures from the tourism agency VisitBritain. - Guardian
The Canadian online gaming group that was confirmed yesterday to be in merger talks with William Hill was recently fined $870 million and its former chief executive is being investigated over insider trading. In news that took the City by surprise, William Hill confirmed speculation that it is in discussions about a nil-premium, all-share merger with the Toronto-listed Amaya, owner of the online gaming site PokerStars. - The Times
Monarch Airline's multi-million pound rescue bid will go down to the wire this week, with a financial lifeline expected to come through just hours before the extension on its operating licence is due to expire on Wednesday. The low-cost airline is locked in talks with major stakeholder Greybull Capital and Boeing, and expects to unveil a massive funding overhaul to satisfy the Civil Aviation Authority's financial health check-list and clinch a new Air Travel Operators' Licence. - Telegraph
Three law firms have agreed to merge in a deal that creates the sixth-largest legal practice in the country. Olswang, Nabarro and CMS announced what is the biggest such move in the British legal profession only ten days after they had revealed they were in merger talks. - The Times
The scandal over BAE Systems' decision to use French steel to build Britain's new Trident submarines has intensified, with claims the metal could have been produced in UK after all. Defence Secretary Sir Michael Fallon ceremonially started work on the £41bn project last week, with a cutting of the first steel plate for the "Successor" submarines at BAE's plant in Barrow on Furness. - Telegraph
Russia's VTB Bank has become the first big lender to publicly say it will move its European headquarters out of the UK because of the disruption expected to be caused by the country's decision to leave the EU. Herbert Moos, deputy chairman and chief financial officer of VTB, said the board of the state-owned lender was considering several alternative locations for its European hub, including Frankfurt, Paris and Vienna and would decide later this year. - FT
The government is being urged to end the political drive to get more people into university after new research showed that graduates are "colonising" jobs in banking, education, the police and estate agency that were the preserve of school-leavers in the past. The Chartered Institute of Personnel and Development - which represents people working in human resources - said the all-party consensus to get more young people into higher education was no longer justified given student debt and the careers many ended up pursuing. - Guardian
The operator of crisis-hit Southern Rail has defended its record as a rail franchise holder against fierce Government criticism, hours after threatening to take a major trade union to court in a last-ditch bid to avert another round of strikes. Govia Thameslink Railway (GTR) is on the offensive after its latest bid to end the ongoing dispute with the Rail and Maritime and Transport (RMT) workers union broke down over the weekend, prompting unions to call for a three day strike this week. - Telegraph
Employees entering BP headquarters in St James's Square, London, are given a daily reminder of the imprint left on their company by the Deepwater Horizon oil spill. A sign in the entrance declares BP's priorities to be: "No accidents; No harm to people; No damage to the environment." Shareholders visiting the offices could be forgiven the temptation to add a fourth slogan: No growth. - FT
Data has been transmitted across a national electricity grid for the first time, in what could be a significant step towards the creation of virtual power stations, where many thousands of homes and businesses combine to manage electricity use more smartly. The new technology could lead to lower energy bills for consumers who allow small variations in the energy consumption of their appliances, such as water heaters or freezers. - Guardian
Uber's growing popularity has been confirmed after new accounts revealed the taxi technology's drivers billed more than £100m in UK fares last year, leading to a doubling of profits at its parent company. Uber London, the taxi app's UK holding company, recorded a profit before tax of £1.83m, up 105pc on the prior year, on the back of revenue that more than doubled. - Telegraph
One of Britain's biggest manufacturers has quit its membership of the CBI amid anger over the employers' group's anti-Brexit stance. JCB, which makes construction equipment to be exported around the world, resigned as a CBI member during the summer, in the aftermath of June's historic referendum. - The Times
Singapore's central bank has shut down a second Swiss bank under investigation for alleged money laundering activities linked to the Malaysian state fund 1MDB. The Monetary Authority of Singapore (MAS) said it had ordered Falcon Bank to cease its operations in the city-state because of a "persisistent and severe lack of understanding" of Singapore's money laundering controls. - Guardian | | |
New ADVFN Service - FREE Reports Get your free report on Isa's, Investment Trusts, Funds,
Sipps Travel and Cars - FREE and Easy service CLICK HERE
To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
| | | | | | | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
No comments:
Post a Comment