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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 oil slips; Lloyds slumps on results London stocks fell in early trade, taking their cue from a downbeat session on Wall Street, amid declining oil prices.
At 0830 BST, the FTSE 100 was down 0.5% to 6,980.58.
Meanwhile, oil prices retreated, with West Texas Intermediate down 1.1% at $49.39 a barrel and Brent crude down 1 at $50.29.
Oanda's Craig Erlam said: "Oil prices have been in decline over the last couple of days which will be part of the problem. With doubts being cast over the OPEC output deal and API on Tuesday reporting inventories rose more than expected last week - a rise which if confirmed by EIA today would all but offset last week's decline - further declines in oil could lie ahead. From a technical standpoint, a break below $50.50 could trigger a move back towards $49. A similar break below $49 in WTI could prompt a move back towards $47-47.50."
In corporate news, Lloyds Banking Group slid as it set aside a further provision of £1bn for compensation for mis-selling payment protection insurance in the third quarter of the year, as net income and profits both fell. For the three months ended 30 September, net income fell 1% to £2.85bn and underlying profits dropped by 3% to £1.91bn.
Banking group CYBG dropped as confirmed Wednesday it has made a preliminary non-binding proposal to Royal Bank of Scotland regarding its Williams and Glyn operations,
Pharmaceutical giant AstraZeneca edged lower despite saying its Lynparza drug had positive results from a clinical trial to treat women with mutated ovarian cancer.
International distribution and outsourcing group Bunzl was a little weaker after it said group revenue for the third quarter increased by 7%, with 3% contributed by acquisitions and 4% due to the impact of additional trading days compared to the same time last year. Underlying revenue for the quarter was at a similar level to the third quarter last year.
Metro Bank was also on the back foot despite saying it swung to a pre-tax profit in the third quarter - its first quarterly profit - as revenue surged.
Meggitt was little changed as it won a $48m contract for a health and usage monitoring system (HUMS) from engineering and maintenance organisation Guangzhou Hangxin Avionics, for its helicopters. |
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| | UK Event Calendar | | Wednesday 26 October
INTERIMS
JZ Capital Partners Ltd
INTERIM DIVIDEND PAYMENT DATE
BBGI SICAV S.A. (DI), Equiniti Group , Quarto Group Inc.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
GFK Consumer Confidence (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
New Homes Sales (US) (15:00)
Q3
Antofagasta, GlaxoSmithKline, Torchmark Corp., X5 Retail Group NV GDR (Reg S)
FINALS
Earthport
ANNUAL REPORT
Feedback
IMSS
Lloyds Banking Group
AGMS
AFI Development, Maxcyte (DI/Reg S), Oil & Gas Development Company Ltd GDR (Reg S), Redde, Zibao Metals Recycling Holdings
TRADING ANNOUNCEMENTS
British American Tobacco, Mail.ru Group Ltd GDR (Reg S)
UK ECONOMIC ANNOUNCEMENTS
GFK Consumer Confidence (00:05)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge lower as oil slips back European stocks nudged lower in early trade amid declining oil prices and following a weak lead from Wall Street, as investors continued to sift through earnings.
At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.2%, Germany's DAX was off 0.4% and France's CAC 40 was 0.3% lower.
Meanwhile, oil prices retreated, with West Texas Intermediate down 1% at $49.48 a barrel and Brent crude down 0.8% at $50.40.
Tony Cross, market analyst for TopTradr, said: "Crude oil is also worth watching - US front month WTI has lost its grip on the $50 level as fears mount that the proposed OPEC production cuts won't be implemented as planned and with expectations being that we will see a build in stocks when the inventory data is released later in the session, downside pressures could continue to mount here."
In corporate news, Lloyds Banking Group slid as it set aside a further provision of £1bn for compensation for mis-selling payment protection insurance in the third quarter of the year, as net income and profits both fell. For the three months ended 30 September, net income fell 1% to £2.85bn and underlying profits dropped by 3% to £1.91bn.
Heineken was a little lower after a third quarter trading update in which it warned over growing currency headwinds.
Novozymes tumbled after reporting weaker-than-expected earnings for the third quarter, and Bayer was on the back foot even though its third-quarter earnings beat estimates.
Banking group CYBG was weaker after confirming it has made a preliminary non-binding proposal to Royal Bank of Scotland regarding its Williams and Glyn operations,
Pharmaceutical giant AstraZeneca edged lower despite saying its Lynparza drug had positive results from a clinical trial to treat women with mutated ovarian cancer.
International distribution and outsourcing group Bunzl was fell back after it said group revenue for the third quarter increased by 7%, with 3% contributed by acquisitions and 4% due to the impact of additional trading days compared to the same time last year. Underlying revenue for the quarter was at a similar level to the third quarter last year.
Metro Bank was also on the back foot despite saying it swung to a pre-tax profit in the third quarter - its first quarterly profit - as revenue surged.
Meggitt was little changed as it won a $48m contract for a health and usage monitoring system (HUMS) from engineering and maintenance organisation Guangzhou Hangxin Avionics, for its helicopters.
On the upside, Airbus gained ground despite posting a drop in third-quarter profit, while luxury group Kering surged as it said sales rose 10% in the third quarter.
Santander was also in the black as the lender reported a small increase in third-quarter net profit, although a weaker sterling dented returns from its UK business, while PSA Peugeot Citroen advanced despite posting a 4% drop in third-quarter revenue. |
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| | US Market Report | | US close: Markets finish red amid deluge of corporate data US equities finished in the red on Tuesday as a deluge of earnings were posted and traders awaited Apple's fourth quarter results after the markets close.
The Dow Jones Industrial Average was last down 0.3% to 18,169.27 points, the S&P 500 fell 0.38% to 2,143.16 points and the Nasdaq also declined 0.38% to 4,891.46 points.
Oil prices retreated, as Brent crude dropped 2.33% to $50.29 a barrel and West Texas Intermediate was down 2.37% to $49.35 at 1515 BST.
"All eyes will be on Apple when it will announce its quarterly performance", Naeem Aslam, chief market analyst at ThinkMarkets, said.
"Tim Cook has promised that services such as iTunes and other similar lines of business will start to make a meaningful figure for the firm's revenue.
"The biggest flop in phone launch history - Samsung Note 7 - represented some real opportunities for Apple and the question is: does Apple have what it takes to break these loyal customers, not their phones only, but also the ecosystem?"
Pharmaceutical giant Merck's shares were up 1.98% as the company reported better-than-expected third quarter revenue due to an increase of vaccine and cancer drug sales.
Sales rose 5% to $10.54bn compared to last year, which was above analysts' expectations of $10.18bn.
Carmaker General Motors' third quarter earnings also beat expectations as revenue edged up 10% to $42.83bn, a quarterly record and higher than the $39.3bn anticipated by analysts.
Its shares were down 4.18%.
Shares in Procter & Gamble climbed 3.41% after the consumer goods behemoth maintained the trend as it posted better than anticipated first quarter earnings, helped by strong demand for home care goods.
Sales were largely flat at $16.52bn, but the company beat expectations of $16.49bn.
Meanwhile, consumer confidence fell to 98.6 in October from 103.5 in September. The index was forecast to drop to 101.
Paul Sirani, chief market analyst at Xtrade, said: "Consumer confidence rose in September to its highest level in nine years, but that positivity has proven short-lived for Federal Reserve Chair Janet Yellen following a worse than expected October reading.
"Although the US economy is performing well on the whole, Yellen has been singled out for criticism by presidential candidate Donald Trump, who claims she is keeping interest rates low for political reasons. And it seems highly unlikely that she will pull the trigger before the presidential race in November, with a December rise more likely."
The S&P/Case-Shiller home price index rose by 5.3% for the year ended in August, an increase from 5% in July.
The 20-city composite index increased to 5.1% year-over-year, up from 5% in July and the 10 city composite index also rose 4.3%, up 4.1 from the prior month.
Dow Jones - Risers
Procter & Gamble Co. (PG) $87.02 3.41%
Merck & Co. Inc. (MRK) $61.95 1.98%
United Technologies Corp. (UTX) $101.36 1.85%
Boeing Co. (BA) $139.02 1.14%
Apple Inc. (AAPL) $118.25 0.51%
Pfizer Inc. (PFE) $32.28 0.47%
Johnson & Johnson (JNJ) $113.96 0.31%
Wal-Mart Stores Inc. (WMT) $69.36 0.25%
Goldman Sachs Group Inc. (GS) $175.55 0.25%
International Business Machines Corp. (IBM) $150.90 0.21%
Dow Jones - Fallers
Home Depot Inc. (HD) $123.35 -3.47%
3M Co. (MMM) $166.23 -2.94%
Caterpillar Inc. (CAT) $84.48 -1.76%
Nike Inc. (NKE) $51.05 -1.58%
Visa Inc. (V) $82.03 -1.37%
General Electric Co. (GE) $28.65 -0.93%
Verizon Communications Inc. (VZ) $47.84 -0.77%
McDonald's Corp. (MCD) $112.72 -0.75%
E.I. du Pont de Nemours and Co. (DD) $69.62 -0.74%
Walt Disney Co. (DIS) $92.75 -0.66%
S&P 500 - Risers
Lockheed Martin Corp. (LMT) $249.26 7.37%
Keycorp (KEY) $13.87 5.88%
Valero Energy Corp. (VLO) $58.93 4.93%
Baker Hughes Inc. (BHI) $54.39 4.30%
Centene Corp. (CNC) $65.37 3.66%
Freeport-McMoRan Inc (FCX) $10.55 3.63%
Procter & Gamble Co. (PG) $87.02 3.41%
Endo International Plc (ENDP) $21.48 3.22%
Mylan Inc. (MYL) $38.68 2.98%
Micron Technology Inc. (MU) $17.54 2.81%
S&P 500 - Fallers
Under Armour Inc. Class A (UA) $32.89 -13.22%
Waters Corp. (WAT) $138.60 -12.14%
Sherwin-Williams Co. (SHW) $247.61 -10.89%
Whirlpool Corp. (WHR) $152.09 -10.78%
Masco Corp. (MAS) $30.38 -9.48%
Mohawk Inds Inc. (MHK) $186.04 -6.25%
Pentair plc (PNR) $55.92 -5.12%
Agilent Technologies Inc. (A) $43.51 -5.10%
Chesapeake Energy Corp. (CHK) $6.11 -3.93%
Southwestern Energy Co. (SWN) $10.74 -3.93%
Nasdaq 100 - Risers
Endo International Plc (ENDP) $21.48 3.22%
Mylan Inc. (MYL) $38.68 2.98%
Micron Technology Inc. (MU) $17.54 2.81%
Stericycle Inc. (SRCL) $75.90 1.92%
Nvidia Corp. (NVDA) $71.87 1.64%
Regeneron Pharmaceuticals Inc. (REGN) $366.93 1.29%
Whole Foods Market Inc. (WFM) $28.59 1.13%
Vodafone Group Plc ADS (VOD) $27.91 0.87%
Apple Inc. (AAPL) $118.25 0.51%
Priceline Group Inc (PCLN) $1,479.03 0.49%
Nasdaq 100 - Fallers
T-Mobile Us, Inc. (TMUS) $49.60 -3.11%
Illumina Inc. (ILMN) $138.18 -2.87%
PACCAR Inc. (PCAR) $54.80 -2.73%
Baidu Inc. (BIDU) $176.68 -2.31%
Tractor Supply Company (TSCO) $63.14 -2.11%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $246.99 -2.09%
Discovery Communications Inc. Class C (DISCK) $25.47 -1.70%
Discovery Communications Inc. Class A (DISCA) $26.18 -1.65%
Biogen Inc (BIIB) $286.00 -1.64% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Brexit, Vodafone, Heathrow Theresa May privately warned that companies would leave the UK if the country voted for Brexit during a secret audience with investment bankers a month before the EU referendum. A recording of her remarks to Goldman Sachs, leaked to the Guardian, reveals she had numerous concerns about Britain leaving the EU. It contrasts with her nuanced public speeches, which dismayed remain campaigners before the vote in June. - Guardian
The worsening economic outlook could leave Philip Hammond facing a black hole of more than £80bn when he lays out the government's spending plans next month. The Resolution Foundation thinktank warned the chancellor that lower tax receipts and higher spending following the Brexit vote would leave the Treasury with a shortfall in every year until 2020-21. - Guardian
UK regulator Ofcom has stung Vodafone with a £4.6m fine over "mis-selling, inaccurate billing and a poor complaints handling service". The fine follows two investigations by the watchdog, one of which found that over 10,000 pay-as-you-go customers lost out when the telecoms company failed properly to credit their accounts, and then failed to deal with the issue quickly. The other probe found that the company failed to comply with rules on handling complaints. - Financial Times
From the outside, the blue Ford Focus looks like any other as it trundles past roundabouts and crosses junctions on a journey around Coventry, in the English Midlands. Only a thick shaft protruding from the exhaust gives any indication this is not a normal car. But inside, an array of boxes and wires measures the fumes pouring from the tailpipe in an example of a real world emissions test that will next year be compulsory for all new cars sold in the EU. - Financial Times
Women will not reach global parity with men for 170 years, the World Economic Forum has said. In its tenth Global Gender Gap Report, it calculated that the world will not eliminate the gender gap until 2186, a rise of 63 years from their 2015 estimate. According to the report, the gap between men and women in terms of economic participation and opportunity is now larger than at any time since 2008 - women have just 59pc of the opportunities and access available to men in this sector. - Telegraph
High youth unemployment is costing the British economy £45bn per year, according to research from PwC, as well as blighting the careers of workers who miss out on a job in their teens and twenties. Youth unemployment has fallen sharply since the height of the financial crisis, but at 15.4pc last year the level remains above the rate a decade ago, and above the average of developed countries in the Organisation of Economic Co-operation and Development. - Telegraph
Heathrow is drawing up plans to build its new runway at least eight metres above Britain's busiest motorway amid warnings of gridlocked roads and a £3.5 billion bill for the taxpayer. The airport is preparing to scrap plans to create a tunnel for the M25 under the third runway, The Times has learnt, after senior highways officials complained that it would cause years of traffic mayhem. Highways England warned that the 650-metre tunnel would cause a national shortage of contractors, delaying road-building schemes nationwide and causing "frustration" among drivers. - The Times | | |
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