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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 but RBS bucks the trend London stocks fell in early trade as investors digested some uninspiring consumer confidence data, although Royal Bank of Scotland was a bright spot after a third-quarter update.
At 0835 BST, the FTSE 100 was down 0.4% to 6,957.14.
At the same time, oil prices retreated, with West Texas Intermediate down 0.6% at $49.43 a barrel and Brent crude down 0.5% at $50.19.
Investors were mulling over two surveys on Friday, neither of which provided too much cheer. A survey from market research firm GfK showed sentiment dropped in October for the first time since the Brexit vote, with its consumer confidence index down to -3 from -1 the month before.
Meanwhile, the YouGov/Cebr consumer confidence index fell to 109.3 in October, marking its lowest level since 2013 apart from the drop in July after the Brexit vote.
In corporate news, Royal Bank of Scotland rallied after its third-quarter update. The bank reported a loss attributable to shareholders of £469m compared to a profit of £940m in the same period last year as it took a hit from litigation and restructuring costs. However, adjusted operating profit came in at £1.3bn, up from £1.1bn the year before and beating company-compiled consensus of £734m.
Engineer Smiths Group was trading flat after saying it will de-risk its pension liabilities further with a £250m bulk buy-in agreement with an insurer.
International Consolidated Airlines Group gained ground despite reporting a drop in third quarter operating profit before exceptional items to €1.21bn from €1.25bn a year ago and cutting its earnings outlook.
Tullow Oil advanced after receiving a $345m loan to cover April's scheduled amortisation and ensure the company has enough headroom throughout 2017 as it refinances its bank facilities.
There are no major UK data releases due, but in the US the first release of third-quarter GDP is at 1330 BST, while University of Michigan sentiment is at 1500 BST.
CMC Markets' Michael Hewson said the Q3 GDP figures are expected to show a jump to 2.4% from 1.4% in Q2.
"An improvement in Q3 would be most welcome given that it would break a run of 5 consecutive quarters of slower GDP growth. A number significantly lower than what is being expected, below 2%, could well take some of the heat out of the recent US dollar rebound, though I'm not sure it will alter the probability that the Fed will look to act on rates in December. Next week's Fed meeting is more than likely to be a do-over given the proximity of the US Presidential election 6 days later, with the Fed remaining on the sidelines, despite the three September dissenters." |
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| Market Movers
FTSE 100 (UKX) 6,957.09 -0.42%
FTSE 250 (MCX) 17,540.92 -0.23%
techMARK (TASX) 3,388.32 -0.31%
FTSE 100 - Risers
Royal Bank of Scotland Group (RBS) 202.50p 3.11%
International Consolidated Airlines Group SA (CDI) (IAG) 422.10p 2.08%
Pearson (PSON) 751.00p 1.08%
British American Tobacco (BATS) 4,653.00p 0.91%
Barclays (BARC) 191.90p 0.73%
Imperial Brands (IMB) 3,955.50p 0.44%
InterContinental Hotels Group (IHG) 3,144.00p 0.32%
Capita (CPI) 595.00p 0.25%
GlaxoSmithKline (GSK) 1,633.50p 0.18%
3i Group (III) 660.50p 0.15%
FTSE 100 - Fallers
Land Securities Group (LAND) 965.50p -1.98%
Intu Properties (INTU) 276.10p -1.88%
Dixons Carphone (DC.) 310.70p -1.52%
Hikma Pharmaceuticals (HIK) 1,785.00p -1.49%
British Land Company (BLND) 569.50p -1.47%
ITV (ITV) 170.00p -1.22%
Associated British Foods (ABF) 2,443.00p -1.21%
Royal Dutch Shell 'A' (RDSA) 2,057.50p -1.15%
BP (BP.) 487.95p -1.12%
HSBC Holdings (HSBA) 620.50p -1.12%
FTSE 250 - Risers
Elementis (ELM) 235.80p 9.93%
Electrocomponents (ECM) 379.20p 4.12%
Sophos Group (SOPH) 231.80p 3.07%
Inchcape (INCH) 652.00p 1.32%
Tullow Oil (TLW) 288.30p 1.30%
Halfords Group (HFD) 343.40p 1.30%
Fidelity China Special Situations (FCSS) 193.60p 1.10%
Just Eat (JE.) 512.00p 1.09%
Vesuvius (VSVS) 369.00p 1.07%
Serco Group (SRP) 139.10p 1.02%
FTSE 250 - Fallers
Unite Group (UTG) 561.00p -3.61%
Amec Foster Wheeler (AMFW) 452.20p -2.94%
Berendsen (BRSN) 1,004.00p -2.52%
IP Group (IPO) 150.80p -2.14%
CMC Markets (CMCX) 186.00p -2.11%
Zoopla Property Group (ZPLA) 300.20p -1.83%
Workspace Group (WKP) 626.00p -1.73%
John Laing Group (JLG) 270.30p -1.60%
Big Yellow Group (BYG) 690.00p -1.50% |
| | UK Event Calendar | | Friday 28 October
INTERIM DIVIDEND PAYMENT DATE
32Red, AA , Advanced Medical Solutions Group, Air Partner, BlackRock Latin American Inv Trust, Burford Capital , Central Asia Metals, Dignity, Ebiquity, EMIS Group, John Laing Group , John Laing Infrastructure Fund Ltd, JPMorgan Russian Securities, Keywords Studios, Learning Technologies Group , Maven Income & Growth 2 VCT, Mortgage Advice Bureau (Holdings) , Old Mutual, Premier Technical Services Group , Servelec Group , Smurfit Kappa Group, Sprue Aegis
QUARTERLY PAYMENT DATE
Real Estate Investors
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (13:00)
Employment Cost Index (US) (13:30)
Gross Domestic Product (US) (13:30)
Personal Consumption Expenditures (US) (13:30)
U. of Michigan Confidence (US) (14:55)
Q3
International Consolidated Airlines Group SA (CDI), International Consolidated Airlines Group SA (CDI), Royal Bank of Scotland Group
EGMS
Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)
AGMS
Ideagen, Reabold Resources
TRADING ANNOUNCEMENTS
Berendsen
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
Abbey, Brooks Macdonald Group, Fulcrum Utility Services Ltd. (DI), ICBC Standard Bank, IG Group Holdings, Sky |
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| | US Market Report | | US close: Wall Street slips on rising bond yields Wall Street fell back amid a torrent of quarterly earnings and another leg higher for market interest rates.
By closing bell the Dow Jones Industrial Average had slipped 0.16% to 18,169.68 points, the S&P 500 gave back 0.30% to 2,133.04 points and the Nasdaq was off 0.65% to 5,215.97 points.
"The market reaction to Q3 results has been rather muted so far and asymmetric to the downside. The median outperformance of the US stocks that beat estimates is 0.6% on the results day, while those that miss estimates underperform by 2.3%," JP Morgan strategist Emmanuel Cau said in a research report sent to clients overnight.
Benchmark 10-year US Treasury note yields rose six basis points to 1.85% despite mixed economic data, with the odds of a 25 basis point rate hike implied by Fed funds futures creeping higher to 78.5% according to the CME´s Fed Watch tool.
Google parent Alphabet and Amazon.com were to publish results after the close.
By sectors, interest rate sensitive REITs fared worst, while the KBW Bank Index added 0.47% to 75.10.
So-called 'core' orders for capital goods dropped by 1.2% over the month in September (consensus: 0.0%).
Reacting to the figures, Rob Martin and Blerina Uruci from Barclays Research said: "We view the weakness in orders and shipments as downside risk to our forecast for the industrial sector."
Nevertheless, in a later note Uruci told clients: "September durable goods orders released today did little to change the strong signal from the advance trade report, and as a result, we decided to take its implications onboard for our Q3 GDP forecast."
She lifted her tracking estimate for third quarter GDP from 2.5% to 3.0%.
In other data released on Thursday, figures from the Labor Department showed that initial jobless claims declined by 3,000 to 258,000 from an upwardly-revised 261,000, economists had expected a drop to 255,000.
This was the 86th consecutive week of initial claims below 300,000 - the longest streak since 1970.
Shares were up 0.88% in Tesla Motors as the carmaker reported that it made a surprise profit and better than expected revenue, whereas shares in Ford Motor Company were down 1.6% after it said its third quarter profit fell 56% due to recall costs, but its 26 cents per share operating profit exceeded expectations.
Twitter edged up 0.64% as it beat profit and sales expectations but said it was to cut 9% of its workforce amid uncertainty over a potential takeover.
Oil and gas explorer ConocoPhillips' shares rose 5.26% as it reported that its 66 cents per share quarterly adjusted loss was narrower than expected of 68 cents.
Dow Jones - Risers
Verizon Communications Inc. (VZ) $48.54 1.91%
E.I. du Pont de Nemours and Co. (DD) $69.88 1.69%
International Business Machines Corp. (IBM) $153.35 1.01%
Johnson & Johnson (JNJ) $115.70 1.00%
Merck & Co. Inc. (MRK) $61.29 0.69%
Walt Disney Co. (DIS) $94.02 0.57%
Goldman Sachs Group Inc. (GS) $177.88 0.38%
Wal-Mart Stores Inc. (WMT) $69.83 0.34%
Pfizer Inc. (PFE) $32.48 0.25%
Visa Inc. (V) $81.92 0.21%
Dow Jones - Fallers
Boeing Co. (BA) $143.31 -1.53%
Caterpillar Inc. (CAT) $83.01 -1.33%
Chevron Corp. (CVX) $99.92 -1.26%
Apple Inc. (AAPL) $114.48 -0.96%
Procter & Gamble Co. (PG) $86.58 -0.94%
United Technologies Corp. (UTX) $100.07 -0.93%
Microsoft Corp. (MSFT) $60.10 -0.87%
General Electric Co. (GE) $28.63 -0.83%
Coca-Cola Co. (KO) $42.12 -0.75%
Travelers Company Inc. (TRV) $108.02 -0.74%
S&P 500 - Risers
Level 3 Communications, Inc. (LVLT) $51.87 10.55%
F5 Networks Inc. (FFIV) $130.99 9.58%
Alexion Pharmaceuticals Inc. (ALXN) $131.37 8.04%
Celgene Corp. (CELG) $104.72 6.41%
Bristol-Myers Squibb (BMY) $51.96 5.42%
Western Digital Corp. (WDC) $59.58 5.41%
ConocoPhillips (COP) $44.00 5.26%
CenturyLink Inc. (CTL) $31.06 5.24%
Southwestern Energy Co. (SWN) $10.87 3.92%
Cabot Oil & Gas Corp. (COG) $21.65 3.44%
S&P 500 - Fallers
O'Reilly Automotive Inc. (ORLY) $253.00 -8.72%
Teradata Corp. (TDC) $27.67 -8.08%
National Oilwell Varco Inc. (NOV) $33.70 -7.82%
Extra Space Storage (EXR) $70.59 -7.39%
L-3 Communications Holdings Inc. (LLL) $137.88 -7.37%
Mead Johnson Nutrition Co. (MJN) $74.63 -7.35%
Murphy Oil Corp. (MUR) $27.60 -7.10%
Robert Half International Inc. (RHI) $36.77 -6.86%
News Corp Class A (NWSA) $12.22 -5.34%
Public Storage (PSA) $202.25 -5.17%
Nasdaq 100 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $131.37 8.04%
Celgene Corp. (CELG) $104.72 6.41%
Western Digital Corp. (WDC) $59.58 5.41%
QUALCOMM Inc. (QCOM) $70.09 2.77%
Akamai Technologies Inc. (AKAM) $68.81 1.64%
American Airlines Group (AAL) $39.91 1.50%
Baidu Inc. (BIDU) $175.10 1.32%
Amgen Inc. (AMGN) $160.57 0.99%
Tesla Motors Inc (TSLA) $204.01 0.88%
Cognizant Technology Solutions Corp. (CTSH) $51.30 0.85%
Nasdaq 100 - Fallers
O'Reilly Automotive Inc. (ORLY) $253.00 -8.72%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $35.71 -5.95%
Vertex Pharmaceuticals Inc. (VRTX) $75.84 -3.65%
Stericycle Inc. (SRCL) $73.96 -3.41%
Fiserv Inc. (FISV) $96.75 -3.24%
Sirius XM Holdings Inc (SIRI) $4.11 -3.07%
Dollar Tree Inc (DLTR) $74.45 -3.06%
Liberty Media Corporation - Class A (LMCA) $27.25 -3.06%
Liberty Media Corporation - Series C (LMCK) $26.82 -2.69% |
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| | Newspaper Round Up | | Friday newspaper round-up: nuclear power, Brexit, pensions Deepening problems in France's nuclear power sector are threatening to increase energy bills for UK consumers this winter because of a squeeze on the supply of imported electricity. Safety concerns over the resilience of certain components has led to the shutdown of several French reactors, cutting the amount of French electricity available for export across the English channel. Britain has relied on imports for more than 7 per cent of its electricity so far this year, most of it through subsea interconnectors with the French and Dutch power grids. - Financial Times
The mayor of London is to warn the government that its "hard-headed, hard-nosed, hard Brexit approach" is reckless and will cause the loss of millions of jobs, not just in the financial district but across the UK. Sadiq Khan will tell business leaders that the vote for Brexit did not mean the government needed to choose a route of "economic self-sabotage" and will urge Theresa May to approach the UK's departure from the EU with more pragmatism. - Guardian
European Union leaders have expressed hope of signing a trade deal with Canada after Belgian politicians overcame differences that had been blocking the treaty. The Belgian prime minister, Charles Michel, confirmed that leaders of five regional parliaments had reached an agreement with the federal government shortly after midday on Thursday. - Guardian
Barclays and Deutsche Bank tried their damnedest not to be party poopers on the 30th anniversary of the biggest regulatory shake-up in the history of the City. But in the end it was less of a Big Bang and more of a damp squib really. - Telegraph
Thousands of small companies have been fined for failing to enrol staff in a workplace pension as businesses struggle to cope with the biggest overhaul to retirement savings in generations. An increase in enforcement action by the pensions regulator resulted in more than 3,700 businesses being issued with penalties between July and September, compared with 861 in the previous three months. - The Times |
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