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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 in the red as miners drop on China data Equity markets in London fell in early trade as miners took a hit from uninspiring Chinese data, and after the latest Federal Reserve minutes suggested a December rate hike was on the cards.
At 0830 BST, the FTSE 100 was down 0.8% to 6,968.95.
Meanwhile, oil prices slipped back after OPEC said oil production in September rose to its highest level in eight years. West Texas Intermediate was down 0.8% at $49.78 a barrel and Brent crude was 0.6% lower at $51.49.
Minutes of the Fed's 20-21 September meeting showed it was a close call to keep rates on hold, with policymakers generally of the view that a move higher could be on the cards within months if the economy keeps on track.
Sentiment also took a hit from disappointing Chinese trade data, which weighed on the mining sector. Figures released earlier showed Chinese exports and imports in September missed expectations, with exports down 10% in dollar terms year-on-year and imports down 1.9%. Economists had been expecting a 3% drop in exports and a 1% rise in imports.
In yuan terms, exports were 5.6% lower on the year, while imports were up 2.2%.
BHP Billiton, Rio Tinto, Anglo American and Antofagasta were all under pressure.
In corporate news, subscription broadcaster and broadband provider Sky rallied after saying first-quarter group revenue rose 7%, while WH Smith gained ground after reporting an 8% rise in pre-tax profit for the year to the end of August.
Booker was in the black after the Londis and Budgens owner reported a jump in interim sales and profit as it hiked its dividend and expressed confidence in achieving its full-year expectations.
On the downside, Hargreaves Lansdown was weaker after it posted a rise in first quarter revenue but a drop in new business inflows as it took a hit from low investor confidence in the wake of the Brexit vote.
Unilever was also in the red after a storm broke over a supermarket pricing dispute over Marmite and several other of its brands, although the group reported solid underlying sales amid tough third-quarter conditions.
Paper and packaging group Mondi was on the back foot despite posting an increase in third-quarter underlying operating profit compared to a year ago and saying it expects to benefit from higher selling prices as it moves into 2017.
There are no major UK data releases due but US initial jobless claims are at 1330 BST. |
| Market Movers
FTSE 100 (UKX) 6,975.21 -0.69%
FTSE 250 (MCX) 17,847.88 -0.60%
techMARK (TASX) 3,526.86 -0.25%
FTSE 100 - Risers
Sky (SKY) 878.50p 1.62%
Randgold Resources Ltd. (RRS) 7,035.00p 1.52%
United Utilities Group (UU.) 925.00p 1.09%
Fresnillo (FRES) 1,648.00p 0.73%
National Grid (NG.) 1,053.50p 0.67%
Informa (INF) 658.00p 0.53%
Rolls-Royce Holdings (RR.) 758.00p 0.53%
Severn Trent (SVT) 2,306.00p 0.44%
Shire Plc (SHP) 5,128.00p 0.37%
Provident Financial (PFG) 3,116.00p 0.32%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,184.00p -4.40%
Rio Tinto (RIO) 2,594.00p -4.19%
Standard Life (SL.) 335.00p -3.98%
Hargreaves Lansdown (HL.) 1,197.00p -3.23%
Anglo American (AAL) 1,007.00p -3.22%
Mondi (MNDI) 1,610.00p -2.78%
Tesco (TSCO) 195.75p -2.71%
Antofagasta (ANTO) 542.50p -2.52%
Glencore (GLEN) 230.75p -2.31%
Royal Bank of Scotland Group (RBS) 173.00p -2.20%
FTSE 250 - Risers
Hochschild Mining (HOC) 263.60p 4.60%
Tullow Oil (TLW) 269.80p 2.12%
G4S (GFS) 235.40p 1.95%
WH Smith (SMWH) 1,550.00p 1.64%
Capital & Counties Properties (CAPC) 271.00p 1.38%
Millennium & Copthorne Hotels (MLC) 447.50p 1.24%
UK Commercial Property Trust (UKCM) 79.15p 1.15%
Pagegroup (PAGE) 382.70p 0.74%
Countryside Properties (CSP) 236.80p 0.72%
National Express Group (NEX) 356.40p 0.68%
FTSE 250 - Fallers
Mitie Group (MTO) 197.50p -4.31%
esure Group (ESUR) 287.80p -3.91%
Close Brothers Group (CBG) 1,340.00p -3.53%
OneSavings Bank (OSB) 258.00p -2.82%
Allied Minds (ALM) 358.70p -2.79%
Hays (HAS) 137.10p -2.77%
Brown (N.) Group (BWNG) 195.00p -2.69%
Vedanta Resources (VED) 634.00p -2.61%
Metro Bank (MTRO) 2,552.00p -2.41% |
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| | UK Event Calendar | | Thursday October 13
INTERIMS
Booker Group
INTERIM DIVIDEND PAYMENT DATE
Arrow Global Group, Communisis, Macfarlane Group, Molins, Restaurant Group, Zotefoams
INTERIM EX-DIVIDEND DATE
Action Hotels, Amati Vct 2, Braime (T.F.& J.H.) Holdings, British American Inv Trust, Centrica, Charles Taylor, Curtis Banks Group, Dillistone Group, F&C Private Equity Trust, Kerry Group 'A' Shares, Manx Telecom , Mears Group, Morgan Sindall Group, OneSavings Bank, Restore, Scisys, Spectris, Spirax-Sarco Engineering, Sprue Aegis, Staffline Group, Tandem Group, Witan Pacific Inv Trust
QUARTERLY PAYMENT DATE
GlaxoSmithKline, XP Power Ltd. (DI)
QUARTERLY EX-DIVIDEND DATE
Custodian Reit , F&C Commercial Property Trust Ltd., Middlefield Canadian Income PCC, Primary Health Properties
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Budget Statement (US) (19:00)
Consumer Price Index (GER) (07:00)
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (16:00)
Import and Export Price Indices (US) (13:30)
Initial Jobless Claims (US) (13:30)
Q3
Unilever
FINALS
Imperial Innovations Group, WH Smith
EGMS
Avarae Global Coins
AGMS
Leeds Group, Renishaw, Sky
TRADING ANNOUNCEMENTS
Mondi
UK ECONOMIC ANNOUNCEMENTS
RICS Housing Market Survey (00:01)
FINAL DIVIDEND PAYMENT DATE
Avation
FINAL EX-DIVIDEND DATE
City of London Investment Group, Close Brothers Group, CPL Resources, Daejan Holdings, Hays, JPMorgan Emerging Markets Inv Trust, Pacific Horizon Inv Trust, Schroder Japan Growth Fund, Strategic Equity Capital
Q1
Sky
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Resources pace the decline after weak China data European stocks fell in early trade, with basic resources pacing the decline following weak Chinese trade data, as investors digested the latest minutes from the Federal Reserve.
At 0850 BST, the benchmark Stoxx Europe 600 index was down 1%, Germany's DAX was off 1.3% and France's CAC 40 was 1.4% weaker.
In currency markets, the pound was down 0.3% versus the dollar at $1.2159.
Meanwhile, oil prices slipped back after OPEC said oil production in September rose to its highest level in eight years. West Texas Intermediate was down 1% at $49.69 a barrel and Brent crude was 0.8% lower at $51.39.
Minutes of the Fed's 20-21 September meeting showed it was a "close call" to keep rates on hold, with policymakers generally of the view that a move higher could be on the cards within months if the economy keeps on track.
Sentiment also took a hit from disappointing Chinese trade data, which weighed on the mining sector, pushing the Stoxx 600 basic resources index down nearly 3%.
Figures released earlier showed Chinese exports and imports in September missed expectations, with exports down 10% in dollar terms year-on-year and imports down 1.9%. Economists had been expecting 3% drop in exports and a 1% rise in imports.
In yuan terms, exports were 5.6% lower on the year, while imports were up 2.2%.
Lee Wild, heady of equity strategy at stockbroker Interactive Investor, said the market had already pencilled in a December hike, so finding out that September was a close call was not a needle mover.
"Fears about the global economy are. Overnight data shows Chinese exports fell 10% last month, much more than expected. Imports in dollar terms were down, too, proving August's surprise increase was a one-off. Expect the Chinese currency to devalue further, which could have a major impact on demand for commodities and imported goods.
"Oil prices are already lower Thursday, although figures showing producers are pumping like crazy to beat a possible cut in output is hurting here. An extra 220,000 barrels a day left the ground last month as oil nations fill their boots before OPEC's meeting in Vienna next month. If a cut doesn't happen - and there are no guarantees with OPEC - prices will fall much further."
In corporate news, Unilever was under pressure after a storm broke over a supermarket pricing dispute over Marmite and several other of its brands, although the group reported solid underlying sales amid tough third-quarter conditions.
The dispute was with Tesco, whose shares declined on Thursday.
On the upside, subscription broadcaster and broadband provider Sky was in the black after saying first-quarter group revenue rose 7%, while WH Smith gained ground after reporting an 8% rise in pre-tax profit for the year to the end of August.
ProSiebenSat.1 Media was also higher after it lifted its 2016 and 2018 sales projections. |
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| | US Market Report | | US close: Biotech stocks slump on likely Clinton election victory Wall Street ended on a mixed note amid sharp falls in basic materials and biotechnology issues and as minutes of the Federal Reserve´s last policy meeting showed rate-setters had moved closer to another interest rate hike.
The Dow Jones Industrial Average gained 15.54 points or 0.09% to 18,144.20 points, the S&P 500 increased 0.11% or 2.45 points to close at 2,139.18 points and the Nasdaq lost 0.15% or 7.77 points to finish at 5,239.02 points.
At the same time, West Texas Intermediate crude oil futures slipped 1.2% to $50.18 per barrel in NYMEX trading.
Minutes of the US Federal Open Market Committee´s last meeting on 21 September revealed a still divided group of policymakers, although several of those who opted to stay put believed it had been a "close call" while "some" believed it would be appropriate to tighten "relatively soon" if the jobs market and the economy continued to strengthen.
The release of the minutes saw the yield on the benchmark 10-year US Treasury note finish up by one basis point at 1.77%.
Ahead of the minutes, New York Fed President Bill Dudley said since US inflation remains low and economic expansion could last at least five years, the Fed can be "gentle" in removing monetary stimulus.
"We're at a point where the economic expansion has plenty of room to run," he said.
"Inflation is a little below our target, rather than above our target, so I think we can be quite gentle as we go in terms of gradually removing monetary policy accommodation."
For Michael Gapen at Barclays Research: "Our base case remains for a December rate increase, but the FOMC minutes reveal widespread discord within the committee on a variety of issues. These divisions, plus the tendency of the incoming data to be positive, but with blemishes, means a rate hike in December is not a done deal by any means."
Among stocks, the best performance was seen in the following industrial groups: Speciality REITs (1.63%), durable household products (1.54%) and Mortgage finance (1.51%).
Going the other way, Biotechnology stocks lost 3.27%, with market commentary highlighting the prospect of a Clinton victory in the next presidential elections as a negatve factor.
Overnight, a WSJ/NBC poll showed Clinton had extender her lead over the Republican presidential contender Donald Trump to nine points.
To take note of perhaps, in a research note sent to clients HSBC technical analyst Murray Gunn cautioned that: "the possibility of a severe fall in the stock market is now very high."
Data from the Department of Labor revealed that job openings fell by 388,000 in July to reach 5.4m, alongside a drop in the rate of job openings from 3.9% to 3.6%.
Dow Jones - Risers
Nike Inc. (NKE) $52.44 1.20%
Travelers Company Inc. (TRV) $115.34 1.18%
McDonald's Corp. (MCD) $114.73 0.91%
Apple Inc. (AAPL) $117.34 0.89%
Verizon Communications Inc. (VZ) $50.30 0.80%
Home Depot Inc. (HD) $126.71 0.67%
Coca-Cola Co. (KO) $41.78 0.58%
Johnson & Johnson (JNJ) $117.98 0.28%
Unitedhealth Group Inc. (UNH) $135.16 0.26%
Visa Inc. (V) $82.25 0.26%
Dow Jones - Fallers
Cisco Systems Inc. (CSCO) $30.34 -2.26%
Chevron Corp. (CVX) $102.14 -0.86%
Exxon Mobil Corp. (XOM) $87.13 -0.70%
Walt Disney Co. (DIS) $91.41 -0.49%
Merck & Co. Inc. (MRK) $61.66 -0.44%
Boeing Co. (BA) $133.16 -0.43%
Intel Corp. (INTC) $37.13 -0.38%
International Business Machines Corp. (IBM) $154.34 -0.32%
American Express Co. (AXP) $60.69 -0.28%
JP Morgan Chase & Co. (JPM) $68.13 -0.26%
S&P 500 - Risers
Best Buy Co. Inc. (BBY) $39.77 3.76%
L Brands Inc (LB) $73.04 3.53%
Kroger Co. (KR) $31.17 3.52%
Stanley Black & Decker Inc. (SWK) $121.05 2.88%
Crown Castle International (CCI) $91.45 2.75%
Iron Mountain Inc (New) (IRM) $34.62 2.73%
American Tower Corp (Reit) (AMT) $111.54 2.39%
Legg Mason Inc. (LM) $32.70 2.16%
Newell Brands Inc (NWL) $51.42 2.15%
Equinix, Inc. (EQIX) $359.90 2.01%
S&P 500 - Fallers
Humana Inc. (HUM) $168.44 -5.12%
Mosaic Company (MOS) $23.79 -4.30%
Endo International Plc (ENDP) $19.63 -4.06%
F5 Networks Inc. (FFIV) $117.80 -3.29%
Regeneron Pharmaceuticals Inc. (REGN) $373.47 -3.26%
Mylan Inc. (MYL) $37.07 -3.24%
Frontier Communications Co. (FTR) $4.02 -3.13%
Allergan plc (AGN) $230.78 -3.11%
International Flavors & Fragrances Inc. (IFF) $131.36 -3.05% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Brexit bill, Tesco/Unilever, rail delays Britain is facing a divorce bill from the EU for as much as €20bn, according to a Financial Times analysis that shows the bloc's shared budget is emerging as one of the biggest political obstacles to a Brexit deal. More than €300bn of shared payment liabilities will need to be settled in the divorce reckoning, according to EU accounts. It is a legacy of joint financial obligations stretching back decades - from pension pledges and multi-annual contracts to commitments to fund infrastructure projects - that Brussels will insist the UK must honour. - Financial Times
The plummeting pound is threatening UK households' supplies of Ben & Jerry's ice cream and Marmite spread, as Tesco, the country's biggest supermarket, pulled dozens of products from sale online in a row over who should bear the cost of the weakening currency. Unilever has demanded steep price increases to offset the higher cost of imported commodities, which are priced in euros and dollars, according to executives at multiple supermarket groups. - Financial Times
Two coal power plants will be paid a combined £77m to be on standby this winter as part of National Grid's plan to minimise the risk of electricity blackouts. The size of the UK's capacity margin - the buffer zone between available power supply and predicted peak demand - will be revealed on Friday when National Grid publishes its winter outlook. - Guardian
Rail passengers will be able to claim compensation when trains are more than 15 minutes late, under new plans revealed by the Department for Transport (DfT). The policy, Delay Repay 15, will be launched first on Southern trains, which have suffered months of disruption over disputes about the role of conductors. It will then feature on other Govia Thameslink Railway (GTR) services in the coming months before being rolled out across the country. - Guardian
John Stumpf, the embattled chief executive of Wells Fargo, has resigned with immediate effect after the US bank admitted that staff opened unauthorised accounts for several years to meet sales targets. Mr Stumpf, who led Wells Fargo since 2007 and steered the bank through the financial crisis, will also step down as the bank's chairman, the company said last night. - Telegraph
British businesses should stop hiding and instead travel the world promoting "Brand Britain" as "cheerleaders of open markets", according to former Sainsbury's boss Justin King. The self-confessed "remoaner" - a nickname reflecting his vote to remain in the EU and his subsequent grumbling - said the economy was performing well, but that should not be taken for granted. - Telegraph
The Treasury and the Financial Conduct Authority have denied an accusation of insider dealing after it emerged that they exchanged confidential information about a regulatory investigation into Royal Bank of Scotland. Before the partial sale of the government's stake in RBS, John Kingman, one of the Treasury's top civil servants, sought and was provided with secret details about the timing of an FCA report into the activities of the bank's global restructuring group (GRG). - The Times
Europe would shoot itself in the foot if it tried to dismantle the City of London in Brexit negotiations, a deputy governor of the Bank of England has warned. Sir Jon Cunliffe, formerly Britain's permanent representative to the European Union, admitted that the nation would suffer if Brussels tried to attract business to the Continent, but he said that Europe also would be harmed because the costs of finance would rise. - The Times | | |
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