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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; pound gains ground versus dollar London stocks were little changed in early trade following downbeat sessions in the US and Asia, while the pound gained back some ground against the dollar.
At 0830 BST, the FTSE 100 was down 0.1% to 7,062.23. Sterling, meanwhile, was up 1.3% versus the dollar at $1.2273 following a Bloomberg report suggesting Prime Minister Theresa May has accepted to hold a parliamentary vote on her plans for taking the UK out of the European Union, raising hopes that this would help curb her push for a hard Brexit.
Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said: "Sterling volatility continues to drive sentiment and the FTSE 100 performance, but the confirmation by Theresa May that the UK parliament will get to vote on Brexit negotiations has managed to halt the decline in the currency, for now at least. However, the big catalyst for markets today is likely to be the release of September's Federal Reserve minutes. With the direction of market travel still dominated by what the Fed will do this year, these minutes should shed further light on whether the Fed has become more hawkish or not.
"Although the FTSE 100 passed its all-time intraday high yesterday on the back of continued currency weakness, the reality is that individual shares and sectors are experiencing dramatically different fortunes. The FTSE 100 has become polarised between stocks which are perceived to be benefitting from weaker sterling and the prospect of Brexit versus those which have fallen out of favour as currency and referendum concerns grow. The future of the FTSE 100 remains uncertain, but what is clear is that there are plenty of trading opportunities for investors, depending on your short and long term view of how the UK will cope with the pressures ahead."
On the corporate front, miner Fresnillo slipped back after a quarterly production report, while Domino's Pizza also nudged lower despite saying it continued to trade well in the third quarter and reporting an 11.5% jump in system sales.
Shares in Premier Foods tumbled after it warned that first-half trading profit was likely to be slightly below the previous year and posted a drop in second-quarter sales due to warmer weather.
On the upside, property, residential, construction and services company Kier Group rose after saying it has completed the disposal of Mouchel Consulting to WSP Global for a total consideration of £75m.
Countryside Properties was also on the front foot. The private and public partnerships housebuilder said its rate of sales completions slowed but remained robust in the fourth quarter, while its order book swelled to a record size as it eyed major potential to work in partnership with local authorities and housing associations.
There are no major UK data releases due, but the FOMC minutes are at 1900 BST. |
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| Market Movers
FTSE 100 (UKX) 7,066.41 -0.06%
FTSE 250 (MCX) 18,085.24 0.07%
techMARK (TASX) 3,563.12 -0.24%
FTSE 100 - Risers
easyJet (EZJ) 919.00p 2.05%
Hargreaves Lansdown (HL.) 1,284.00p 1.90%
International Consolidated Airlines Group SA (CDI) (IAG) 382.30p 1.65%
Rio Tinto (RIO) 2,715.50p 1.34%
Barratt Developments (BDEV) 484.80p 1.06%
Persimmon (PSN) 1,746.00p 1.04%
Taylor Wimpey (TW.) 149.10p 0.95%
Prudential (PRU) 1,450.00p 0.83%
Centrica (CNA) 213.90p 0.80%
Sainsbury (J) (SBRY) 234.50p 0.73%
FTSE 100 - Fallers
Whitbread (WTB) 3,834.00p -1.36%
Old Mutual (OML) 195.10p -1.32%
Next (NXT) 4,666.00p -0.98%
Wolseley (WOS) 4,513.00p -0.86%
CRH (CRH) 2,670.00p -0.85%
Shire Plc (SHP) 5,178.00p -0.80%
Intertek Group (ITRK) 3,661.00p -0.76%
Rolls-Royce Holdings (RR.) 769.00p -0.71%
Mediclinic International (MDC) 892.50p -0.67%
Randgold Resources Ltd. (RRS) 6,915.00p -0.65%
FTSE 250 - Risers
Pagegroup (PAGE) 381.10p 3.59%
Electrocomponents (ECM) 374.80p 2.97%
Countryside Properties (CSP) 237.00p 2.69%
Millennium & Copthorne Hotels (MLC) 461.00p 2.42%
Zoopla Property Group (WI) (ZPLA) 336.60p 2.12%
Riverstone Energy Limited (RSE) 1,224.00p 1.83%
Hunting (HTG) 556.00p 1.65%
DFS Furniture (DFS) 257.80p 1.58%
Bodycote (BOY) 629.00p 1.37%
Close Brothers Group (CBG) 1,398.00p 1.16%
FTSE 250 - Fallers
Sophos Group (SOPH) 248.60p -4.35%
Sports Direct International (SPD) 283.70p -3.34%
PayPoint (PAY) 1,012.00p -2.69%
Genus (GNS) 1,971.00p -1.74%
Barr (A.G.) (BAG) 473.00p -1.60%
JRP Group (JRP) 131.60p -1.35%
The Renewables Infrastructure Group Limited (TRIG) 107.00p -1.11%
Thomas Cook Group (TCG) 67.30p -0.96%
Smurfit Kappa Group (SKG) 1,830.00p -0.87% |
| | UK Event Calendar | | Wednesday October 12
INTERIMS
Tissue Regenix Group
INTERIM DIVIDEND PAYMENT DATE
Dairy Farm International Holdings Ltd. (Singapore), Jardine Matheson Holdings Ltd (Singapore Reg), Jardine Strategic Holdings Ltd. (Singapore), Maintel Holdings, Mandarin Oriental International (Singapore), Neptune-Calculus Income & Growth VCT, Pagegroup
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (21:30)
Industrial Production (EU) (10:00)
MBA Mortgage Applications (US) (12:00)
FINALS
Animalcare Group, Diurnal Group, Proactis Holdings
IMSS
Hays
DRILLING REPORT
Fresnillo
SPECIAL DIVIDEND PAYMENT DATE
Pagegroup
AGMS
Ashley (Laura) Holding, FinnAust Mining, Project Finance Investments Limited
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drift lower; Ericsson tumbles on profit warning European stocks drifted a little lower in early trade following negative sessions in the US and Asia, with Ericsson under the cosh after a profit warning.
At 0900 BST, the benchmark Stoxx Europe 600 was flat, Germany's DAX was down 0.1% and France's CAC 40 was 0.3% weaker.
In currency markets, the pound was up 1.4% versus the dollar at $1.2283 following a Bloomberg report suggesting Prime Minister Theresa May has accepted to hold a parliamentary vote on her plans for taking the UK out of the European Union, raising hopes that this would help curb her push for a hard Brexit.
Spreadex's Connor Campbell said: "It's not a formal vote on the issue, but it's better than nothing, and has momentarily put to bed the fears of a hard exit from the EU, allowing sterling a chance to recapture some lost ground. Of course the pound is barely above $1.22 and €1.10, so it's hardly a champagne-worthy rise. Nevertheless those traders that have been desperately fishing about for sterling's bottom may be breathing a sigh of relief this morning."
Oil prices were in the black, with West Texas Intermediate up 0.5% at $51.09 a barrel and Brent crude 0.7% higher at $52.80.
On the corporate front, shares in Swedish telecom equipment firm Ericsson tumbled after it warned on profit, saying third-quarter earnings will be "significantly lower" than expected amid falling sales in its core mobile-network equipment business. Peer Nokia also fell sharply.
In London, miner Fresnillo slipped back after a quarterly production report, while shares in Premier Foods tanked after it warned that first-half trading profit was likely to be slightly below the previous year and posted a drop in second-quarter sales due to warmer weather.
On the upside, chemical maker BASF advanced after it reported a smaller-than-expected drop in quarterly profit, while E.ON and RWE edged up following a report the German government has reached an agreement with the utility industry on nuclear decommissioning.
More broadly, investors will be keeping an eye on the third-quarter US earnings season, particularly after aluminium giant Alcoa kicked it off on a rather downbeat note on Tuesday, missing analysts' expectations. |
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| | US Market Report | | US open: Fedspeak hits shares Wall Street's main stock market averages fell back in the wake of the latest dose of Fedspeak and following disappointing results from aluminum maker Alcoa.
Speaking in Sydney, Chicago Fed president Charles Evans said progress on inflation had been unsatisfactory thus far.
Nevertheless, and on the subject of the next potential interest rate hike, he added that "one move isn't that big of a deal either way".
That was enough to send US Treasuries lower and spark selling in the equity space, pushing the yield on the benchmark up by three basis points to 1.75%.
Evans's remarks were made ahead of the release of the minutes of the Fed's last policy meeting and speeches from two more Fed speakers scheduled for the following session.
In turn, as of 1618 BST, the Dow Jones Industrial Average was off 0.87% to 18,160.57, the S&P 500 down 1.02% at 2,141.69 and the Nasdaq Composite was losing 1.11% %.
Jamieson Blake, retail sales manager at ADS Securities London, said: "It's a relatively quiet day ahead in terms of economic data for US markets, although by all accounts the key release today will be Alcoa's earnings update, nominally kicking off the quarter's reporting season.
"As it stands, Wall Street is eyeing a slightly softer start with continued appreciation of the greenback making dollar denominated assets look generally expensive. This earnings season sits squarely on top of the closing phase of the US Presidential election, so any notable bias in the fortunes of corporates could end up tipping the balance in either direction. Alcoa is just the starting point here but it seems inevitable that this strand of news will provide another layer of volatility for markets in the coming weeks."
Meanwhile, oil prices were weaker after racking up strong gains in the previous session 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 1.4% at $50.65 a barrel and Brent crude was off 1.6% to $52.28.
In currency markets, the dollar continued to gain ground, with the pound down 1.24% to $1.2208 as leaked Treasury documents suggested that leaving the single market could cost the UK £66bn a year in lost taxes.
On the corporate front, Twitter shares rose following a Reuters report on Monday that Salesforce is still mulling a bid for the company.
Stock in Alcoa crashed after the firm reported third quarter earnings per share of 32 cents (consensus: 33 cents) on sales of $5.21bn (consensus: $5.33bn). |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Pump prices, buy-to-let, Brexit costs Motorists are set to feel the pinch on petrol station forecourts after new figures showed that British fuel prices have hit the highest level in more than a year. The slide in the value of the pound has already sent the average price of unleaded petrol surging to 112.35p a litre, the most expensive since August 24 last year, according to figures from the Department for Business, Energy and Industrial Strategy. - The Times
The buy-to-let market is showing early signs of recovery after the number of investors crashed in April. Online property portal Rightmove reported that inquiries for buy-to-let properties had jumped 30pc since May following a sharp fall in transactions and a short-term dip in interest after stamp duty was hiked by 3pc for buy-to-let properties and second homes. - Telegraph
The British economy will be hit by a "permanent cost" of more than £25bn a year if it decides to withdraw from the EU customs union, a new government adviser on Brexit has said. Raoul Ruparel, who has been hired by David Davis to provide expertise on the process of leaving the EU, said he believed there was no question of the UK staying in Europe's free-trade bloc. - Guardian
Facebook is fighting back against US tax authorities, which the social network says are asking for too much information over allegations that the company undervalued assets when it transferred them to Ireland. The world's largest social network has accused the IRS of being "extraordinarily broad" when it issued summonses to obtain documents that may help it establish if Facebook's accountants undervalued the assets by billions of dollars. - Financial Times
PureGym sent jitters through the new issues market yesterday, after Britain's biggest fitness club operator put plans to raise £190 million on ice because of fresh post-Brexit volatility. Bankers who had been looking forward to an IPO bonanza as markets stabilised last month are nervous again as prospects for a hard Brexit and currency fluctuations create uncertainty. - The Times
The first face-to-face talks between the boss of Southern Rail and the leader of the RMT union are to be held on Wednesday in an attempt to resolve the six-month-long dispute. Conductors on Southern, which is ultimately operated by Go-Ahead Group, will be on the second day of three consecutive days of action, with a further four 72-hour strikes planned over the autumn. - Guardian
Communities Secretary Sajid Javid has promised a "radical" set of reforms to boost the housing market as he admits that current government policy is barely keeping up with demand. Mr Javid said that the measures the Government had outlined last week, including £5bn of funding to support smaller developers and encourage innovative building methods, were "short - term" and that a fundamental reshaping of housing policy was needed. - Telegraph
A leading Wall Street bank has blamed a dearth of market trading for the flash crash that sent the pound tumbling in a matter of minutes last week. Analysts at Bank of America Merrill Lynch blamed "phantom liquidity" for the fall and warned that an increasing shortage of active buyers and sellers in the foreign exchange markets was becoming a significant concern. - The Times
Almost 2,000 British staff face the axe as Japanese IT giant Fujitsu launches a series of cost cuts. One in five of the company's UK workforce - some 1,800 workers - are set to lose their jobs as it begins a consultation across all areas of the business. - Telegraph
Companies should be fined for trying to dump pensions commitments during takeovers, according to the body that takes control of pension schemes when businesses fail. The Pension Protection Fund has called for stronger anti-avoidance regulation in evidence to MPs on the work and pensions select committee. - The Times
A BT ad campaign fronted by Deadpool star Ryan Reynolds has been banned following a complaint from rival Virgin Media. The big budget campaign, which featured Reynolds parodying his fast-paced Hollywood lifestyle, ran across TV, national press and online. - Guardian
J Sainsbury has revealed its latest look for the "supermarket of the future" - and it resembles a department store. Britain's second-largest grocery group said that while it was "never going to be a John Lewis", it was mimicking some aspects of department store retailing to draw shoppers to its new "one-stop-shop" large format. - The Times
Tens of thousands of Uber drivers in the UK could qualify for holiday and sick pay when an employment tribunal reconvenes in London on Wednesday, in what has been heralded as the employment law case of the year. In July lawyers representing 19 drivers contested their status as self-employed workers. - Guardian
The companies owed money by Lehman Brothers when it collapsed eight years ago are set to avoid a tax bill of more than £1bn on their bigger-than-expected refunds, after the bank's administrators in Europe won a legal fight with HMRC. The High Court criticised HMRC's "inconsistent" and "confusing" statements about what taxes were due, as it sided with Lehman Brothers International Europe's administrators PwC and ruled that creditors should not pay income tax on the interest they are earning while their money is tied up in the failed bank. - Telegraph | | |
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