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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: London stocks were flat in early trade, with investors likely to be reluctant to make any bold moves as the focus shifts to Friday’s non-farm payrolls release. At 0910 BST, the FTSE 100 was down 0.1% to 7,024.38 points. Meanwhile, oil prices slipped back as investors booked some profits after prices rallied overnight on the back of US Energy Information Administration data showing crude supplies fell by 3m barrels in the week ended 30 September, down for the fifth straight week. West Texas Intermediate was down 0.5% at $49.57 a barrel and Brent crude was off 0.5% at $51.61. Lee Wild, Head of Equity Strategy at stockbroker Interactive Investor, said: “Wall Street was up overnight, but Friday's monthly jobs data is the major focus for the rest of this week. Expect trouble if the number comes in below 150,000. For now, the banking sector is shoring up the FTSE 100, although the index is being kept in check by weaker miners and profit taking at Tesco.” In corporate news, BAE Systems was in the black after it reiterated its confidence about hitting full-year targets and supplied encouraging platitudes about ongoing long-term contracts, including the government's politically sensitive talks about the next defence export contract with Saudi Arabia. Furniture retailer DFS was on the front foot after it reported a rise in full-year profit as revenue grew and the company lifted its dividend. On the downside, low-cost carrier easyJet tanked after it warned that profits for the year would be hit by the weakening of the pound. Dunelm was also under the cosh after it posted a drop in first-quarter revenue due to unseasonably warm weather. Shares in SVG Capital retreated after it said it had agreed the terms of the sale of its investment portfolio to funds managed by Goldman Sachs and Canada Pension Plan Investment Board for £748m. There are no major UK data releases due, but US initial jobless claims are at 1330 BST. |
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| | UK Event Calendar | | Thursday October 06
INTERIMS
Morses Club
INTERIM DIVIDEND PAYMENT DATE
888 Holdings, Centaur Media, Churchill China, Crest Nicholson Holdings, HSS Hire Group
INTERIM EX-DIVIDEND DATE
AA , Air Partner, Andrews Sykes Group, Aquatic Foods Group , Ascential, Aviva, Balfour Beatty, Barr (A.G.), Bodycote, Burford Capital , Cello Group, Cenkos Securities, Central Asia Metals, Cobham, Ebiquity, Elecosoft, Fisher (James) & Sons, Hastings Group Holdings , Highland Gold Mining Ltd., ICG Enterprise Trust, IDOX, Johnson Service Group, Judges Scientific, Keywords Studios, Kingfisher, Learning Technologies Group , Menzies(John), Mortgage Advice Bureau (Holdings) , Netplay TV, Premier Technical Services Group , Rightmove, Saga , SIG, Smith & Nephew, StatPro Group, Synthomer, Travis Perkins, TT Electronics, Unite Group, WPP, XLMedia
QUARTERLY EX-DIVIDEND DATE
Albion Technology & General VCT, British Land Company, Fair Oaks Income Fund Limited , Investors Capital Trust 'A' Shares, Mercantile Investment Trust (The), Merchants Trust, Schroder Income Growth Fund, Torchmark Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
FINALS
DFS Furniture
IMSS
Dunelm Group
SPECIAL EX-DIVIDEND PAYMENT DATE
JPMorgan Mid Cap Inv Trust, Photo-Me International
AGMS
Taptica International (DI)
UK ECONOMIC ANNOUNCEMENTS
Factory Orders (GER) (07:00)
FINAL DIVIDEND PAYMENT DATE
Diageo, PZ Cussons, South32 Limited (DI)
FINAL EX-DIVIDEND DATE
Abbey, Alumasc Group, Ashley (Laura) Holding, Begbies Traynor Group, Eckoh, HML Holdings, JPMorgan Mid Cap Inv Trust, Mid Wynd International Inv Trust, Murgitroyd Group, Photo-Me International, Produce Investments, Redde, Sky
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: European stocks rose a little in early trade, taking their cue from a positive close on Wall Street. At 0910 BST, the benchmark Stoxx Europe 600 index was flat, while Germany’s DAX and France’s CAC 40 were up 0.2%. Meanwhile, oil prices slipped back as investors booked some profits after prices rallied overnight on the back of US Energy Information Administration data showing crude supplies fell by 3m barrels in the week ended 30 September, down for the fifth straight week. West Texas Intermediate was down 0.5% at $49.57 a barrel and Brent crude was 0.5% lower at $51.61. James Hughes, chief market analyst at GKFX, said: “Stocks have opened higher in Europe first thing this morning as firmer US data yesterday and strong oil prices have helped to keep the major equity markets testing the highs of the last few days. Add to this the fact that the pound is trying to rebound yet again from the falls of early this week , and the fact that gold has stabilised (for now) at the mid 60s and this means we could be in store for a session where traders take stock ahead of the key data tomorrow. "The calendar is looking a little quiet for today’s session, which may not be a bad thing ahead of tomorrow’s data, as many are still licking their wounds after a brutal start to the week. The headline of the day will be from the ECB as the meeting minutes are released where many will be looking for a hint as to plan for monetary poly from the ECB. The meeting minutes announcement comes after rumours of Mario Draghi mentioning a potential taper back of the QE program, which of course was quickly denied by the ECB.” The ECB minutes of the September meeting are out at 1230 BST. On the corporate front, Deutsche Bank rallied on reports that German officials have said the government was pursuing discreet talks with US authorities to help the lender secure a swift settlement over the mis-selling of mortgage-backed securities. The banking sector also got a boost from a note by Citigroup, which upped its recommendation on European banks to ‘overweight’ from ‘neutral’. Deal news also helped to lift the mood, with Osram Licht shares sharply higher on reports it has received a takeover offer from Chinese chipmaker Sanan Optoelectronics Co. On the downside, budget airline EasyJet tanked after warning that profits for the year would be hit by the weakening of the pound. |
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| | US Market Report | | US close: Stocks cockier as jobs stats help knock rate odds US stocks gained on Wednesday as oil prices rose and, amid a blizzard of data, lacklustre private payrolls jobs data made the chances of an interest rate hike by the Federal Reserve seem less likely.
By the closing bell the Dow Jones Industrial Average added 0.6% to 18,281.03 points, the S&P 500 increased 0.43% to 2,159.73 points and the Nasdaq Composite climbed 0.5% to 5,316.02 points.
Boosting energy stocks, oil prices were hovering back around the $50 mark after the Energy Information Administration revealed US weekly crude inventories fell by three million barrels last week to 499.7 million barrels.
On Tuesday the American Petroleum Institute said crude inventories dropped 7.6 million barrels last week. West Texas Intermediate picked up 2.2% to $49.74 per barrel and Brent Crude was 1.9% higher at $51.95 per barrel.
Earlier, private US employers added 154,000 jobs in September, according to payroll processor Automatic Data Processing and forecasting firm Moody's Analytics, missing expectations of 165,000. The previous month was revised down to 175,000 from the initial estimate of 175,000.
The slowdown was driven by the services sector, which Barclays Research said was a concern and is a risk to its forecasts outlook for economic activity.
"However, in this instance, the slowing in services growth, relative to recent trends, is concentrated in trade, transportation, and utilities," the bank added.
"This series tends to be related to the pace of manufacturing activity in the US. As such, the slowdown in services is likely a manifestation of a still-weak manufacturing sector rather than a change in trend in the health of services sector more generally."
The report comes ahead of Friday's hallowed non-farm payrolls, which is expected to show employers added 170,000 jobs in September.
Wall Street was pricing in close to a 55% chance of Fed rate hike in December, according to a gauge of federal-funds futures calculated by CME Group.
"I still don't think the Fed is going to move in November, but I think it does raise the odds for December," said David Kelly, chief global strategist at JPMorgan Funds.
"The Fed doesn't want to look political and, to raise rates so close to the election, that would be a political act. I thought they should've raised rates in September because of that reason."
Other data on the US service sector out on Wednesday showed a much greater rebound than was expected for September up to an 11-month high. The Institute for Supply Management's index of non-manufacturing activity rose to 57.1 from 51.4 in August, comfortably beating expectations for a reading of 53.0.
This was the biggest ever one-month jump in the employment index and, economists said, pointed to better payrolls later in the quarter.
Also, US factory orders grew by 0.2% month-on-month in August to $453.1bn, according to the Commerce Department. Economists had pencilled in a drop of 0.5%.
Orders for durable goods were up 0.1% month-on-month to $227.3bn after rising 3.6% in July, beating estimates for no change.
In company news, Twitter rallied amid speculation that the social media company could consider takeover bids this week, with some rumours citing Google.
Chesapeake Energy, Chevron and Exxon advanced as the rise in oil prices boosted energy shares.
Agribusiness giant Monsanto was on the front foot after reporting better-than-expected quarterly earnings.
Goldman Sachs and the Canada Pension Plan Investment Board have bid to acquire the UK's SVG Capital, the London-listed private equity group said, only a day after it proposed winding down.
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $166.40 2.55%
Caterpillar Inc. (CAT) $89.42 2.18%
Boeing Co. (BA) $134.66 1.82%
E.I. du Pont de Nemours and Co. (DD) $68.07 1.79%
JP Morgan Chase & Co. (JPM) $67.69 1.64%
Intel Corp. (INTC) $37.99 1.20%
Chevron Corp. (CVX) $102.23 0.95%
Exxon Mobil Corp. (XOM) $86.98 0.87%
United Technologies Corp. (UTX) $102.23 0.81%
Cisco Systems Inc. (CSCO) $31.59 0.77%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $50.27 -1.93%
Home Depot Inc. (HD) $127.57 -0.48%
Unitedhealth Group Inc. (UNH) $137.57 -0.41%
Walt Disney Co. (DIS) $92.45 -0.15%
Wal-Mart Stores Inc. (WMT) $71.67 -0.11%
McDonald's Corp. (MCD) $113.38 -0.08%
Coca-Cola Co. (KO) $41.80 -0.07%
Nike Inc. (NKE) $52.12 -0.04%
General Electric Co. (GE) $29.50 0.00%
Apple Inc. (AAPL) $113.05 0.04%
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $6.80 6.75%
Transocean Ltd. (RIG) $10.07 5.88%
Endo International Plc (ENDP) $21.42 5.05%
Signet Jewelers Ltd (SIG) $81.43 4.64%
First Solar Inc. (FSLR) $39.74 4.00%
Affiliated Mgrs Group (AMG) $152.81 3.89%
Netflix Inc. (NFLX) $106.28 3.85%
Borg Warner Inc. (BWA) $36.30 3.57%
Cimarex Energy Co (XEC) $139.47 3.53%
Gap Inc. (GPS) $22.53 3.44%
S&P 500 - Fallers
Salesforce.Com Inc. (CRM) $68.41 -5.80%
Apartment Investment & Management Co. (AIV) $42.22 -3.96%
Extra Space Storage (EXR) $74.13 -3.34%
AvalonBay Communities Inc. (AVB) $167.09 -3.21%
Iron Mountain Inc (New) (IRM) $34.27 -3.16%
American Tower Corp (Reit) (AMT) $107.47 -2.87%
Realty Income Corp. (O) $61.92 -2.78%
Westrock Company (WRK) $46.54 -2.78%
VF Corp. (VFC) $54.71 -2.63%
Macerich Co (MAC) $76.30 -2.49%
Nasdaq 100 - Risers
Endo International Plc (ENDP) $21.42 5.05%
Netflix Inc. (NFLX) $106.28 3.85%
Illumina Inc. (ILMN) $186.17 2.73%
Broadcom Limited (AVGO) $173.48 2.62%
Autodesk Inc. (ADSK) $73.21 2.51%
Akamai Technologies Inc. (AKAM) $55.98 2.45%
TripAdvisor Inc. (TRIP) $65.87 2.25%
Bed Bath & Beyond Inc. (BBBY) $44.80 1.82%
Alexion Pharmaceuticals Inc. (ALXN) $125.51 1.70%
Cognizant Technology Solutions Corp. (CTSH) $50.90 1.62%
Nasdaq 100 - Fallers
Sba Communications Corp. (SBAC) $109.05 -2.37%
Dollar Tree Inc (DLTR) $75.12 -1.71%
T-Mobile Us, Inc. (TMUS) $46.06 -1.47%
Tesla Motors Inc (TSLA) $208.46 -1.40%
eBay Inc. (EBAY) $32.15 -1.26%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $235.60 -1.24%
Regeneron Pharmaceuticals Inc. (REGN) $392.60 -1.16%
Stericycle Inc. (SRCL) $76.58 -0.98%
Kraft Heinz Co. (KHC) $87.38 -0.73% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Whirlpool, Tesco, EY The government has ordered a major manufacturer to do more to reassure its customers and the wider public about the risks of allegedly dangerous tumble dryers, which have caused a series of fires across the UK, while promising a new working group on product recalls to improve the safety of all domestic white goods. The move came as manufacturer Whirlpool faced fresh calls to change its advice for consumers owning faulty tumble dryers and urgently take them out of use, after a London fire brigade report concluded that a faulty Indesit machine was the cause of a recent serious tower block blaze in Shepherd's Bush. - Guardian
Deutsche Bank needs a convincing business case to attract investors, senior officials from the International Monetary Fund have said amid fears Germany's biggest bank will need to raise funds to avoid being crippled by a $14bn (£10.5bn) penalty from the US for a decade-old scandal. The officials from the IMF - which has described Deutsche as the world's riskiest bank - also denied suggestions that European banks were facing tougher punishments from the US authorities than domestic ones. - Guardian
he head of BT's consumer business has launched a scathing attack on Sky, accusing his rival of "cynicism", "lies" and "sinking to a new low", after it emerged it cut its costs on broadband by choosing a slower network repair service. The decision by Sky was discovered by The Daily Telegraph in Ofcom documents. - Telegraph
The UK's biggest pension fund manager has called on Britain's biggest companies to publish the difference between the pay of their top bosses and the wider workforce, and for annual bonuses to be capped at just two times salary. The radical measures are among a series of reforms Legal & General Investment Management has made as it steps up the charge against excessive boardroom pay. - Telegraph
The man known as the king of the London insurance market was hundreds of millions of pounds richer last night after the sale of a Bermuda-based business. Endurance Speciality, which boasts a large presence at Lloyd's of London, has been bought by Sompo Holdings, a Japanese insurer, for $6.3 billion. - The Times
Tesco's pension deficit has ballooned to £5.9 billion since the Brexit vote and quantitative easing, in a worrying sign for companies struggling to ensure that they meet defined-benefit promises. The country's largest grocer said that the collapse in bond yields since February meant that the shortfall in its fund, which has made retirement promises to 350,000 people, had widened from £2.6 billion six months earlier. - The Times | | |
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