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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: Shares rise as pound continues to slide lower A shockingly large drop in the value of the pound overnight gave shares a boost at the start of trading, although some traders were left scratching their heads regarding the implications of the sudden moves in foreign exchange markets.
At 0830 BST the Footsie was up by 0.41% or 28.57 points to 7.028.01, alongside a 1.23% fall in cable to 1.2458.
At one point in overnight trading, the pound lost 6.1% of its value against the US dollar to hit 1.1841, mimicking the volatility seen in the South African rand and New Zealand dollar at the start of the year.
One transaction was reportedly crossed at 1.1378.
Initial market commentary appeared to focus on thin liquidity conditions, together with increased activity from algorithmic traders, as the chief triggers behind the move.
The suspicion was that recent large, sudden and unexpected moves in one of the world´s most heavily traded currency crosses might have 'snow-balled' as automatic trading systems were forced to undo some of their trading positions in order to limit their losses, thus accelerating the slide.
Acting as a backdrop, some traders referenced newspaper reports regarding hawkish remarks from France's President in the run-up to the start of the Brexit negotiations, mirroring perhaps the initial negotiation stance taken by Westminster.
"What traders are expecting is that the BOE will come out and support the currency by their jawboning. A fall of this magnitude is clearly spooking investors from the equity market [...]
"In terms of volume, today could turn out to be extremely heavy day. At the same time what speculators will also be looking at will be the news for any casualties due to the flash crash event of last night. It is very common to hear such news, especially when the market is not prepared for any such move," said Naeem Aslam at Think Markets.
"The post-mortem on GBP's alarming overnight slide indicates that the move was on high volume so it's hard to justify this as a fat-finger move, more a one-way market where selling was exacerbated by a cascade of stop-loss activity, including from option market makers," one analyst at JP Morgan asid to clients.
On the data front, UK industrial production is at 0930 BST, but the main focus will be on the US nonfarm payrolls and the unemployment rate are at 1330 BST as investors try to gauge when the Federal Reserve might hike interest rates.
In corporate news, pharmaceutical giant AstraZeneca agreed to divest rights outside the US of its nasal spray to Johnson & Johnson affiliate CilagGmbH International for $330m.
AstraZeneca will not maintain an ongoing interest in the Rhinocort Aqua nasal spray as part of the deal, which is subject to closing conditions, and is expected to be completed in the final quarter of the year.
Vodafone announced on Friday that its subsidiary, Vodafone India, has acquired spectrum in all its key telecom circles in the latest spectrum auction for a total cost of INR 202.8bn.
The FTSE 100 firm said the new spectrum "significantly enhances" the coverage, capacity and speed of Vodafone India's 4G data services in its key circles, complementing existing high-quality 2G and 3G voice and data capabilities.
It now has 17 circles with 4G capability in the country, covering 91% of the subsidiary's total revenues and 94% of mobile data revenues.
Electra Partners said its portfolio company AXIO Group has received a binding offer from M3 Inc. to purchase Vidal Group, a European provider of reference drug information for healthcare professionals, for €100m.
The proposed transaction, which remains subject to certain conditions, would be the fourth major realisation from AXIO's portfolio. |
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| Market Movers
FTSE 100 (UKX) 7,027.82 0.40%
FTSE 250 (MCX) 18,160.02 0.24%
techMARK (TASX) 3,552.93 0.40%
FTSE 100 - Risers
Anglo American (AAL) 1,029.50p 3.11%
BHP Billiton (BLT) 1,236.00p 2.83%
Ashtead Group (AHT) 1,341.00p 2.52%
Antofagasta (ANTO) 546.00p 1.77%
Rio Tinto (RIO) 2,663.50p 1.68%
Rolls-Royce Holdings (RR.) 772.50p 1.64%
Glencore (GLEN) 217.90p 1.61%
Hikma Pharmaceuticals (HIK) 2,026.00p 1.40%
Pearson (PSON) 804.50p 1.32%
Burberry Group (BRBY) 1,442.00p 1.19%
FTSE 100 - Fallers
easyJet (EZJ) 904.00p -3.16%
Marks & Spencer Group (MKS) 322.20p -2.54%
Barratt Developments (BDEV) 494.90p -2.00%
International Consolidated Airlines Group SA (CDI) (IAG) 374.00p -1.91%
ITV (ITV) 180.60p -1.85%
Sainsbury (J) (SBRY) 240.60p -1.76%
Persimmon (PSN) 1,791.00p -1.76%
Next (NXT) 4,671.00p -1.60%
Taylor Wimpey (TW.) 151.10p -1.50%
Whitbread (WTB) 3,837.00p -1.18%
FTSE 250 - Risers
Smith (DS) (SMDS) 416.30p 4.55%
Halma (HLMA) 1,129.00p 3.96%
BTG (BTG) 703.00p 2.78%
Evraz (EVR) 190.00p 2.70%
Acacia Mining (ACA) 470.50p 2.30%
Renishaw (RSW) 2,937.00p 2.30%
JPMorgan Indian Investment Trust (JII) 670.00p 2.29%
JPMorgan American Inv Trust (JAM) 346.10p 1.97%
Vedanta Resources (VED) 626.50p 1.95%
Petrofac Ltd. (PFC) 927.50p 1.81%
FTSE 250 - Fallers
Fidessa Group (FDSA) 2,395.00p -2.80%
William Hill (WMH) 299.60p -2.63%
McCarthy & Stone (MCS) 166.20p -2.46%
Ladbrokes (LAD) 138.40p -2.40%
Greene King (GNK) 756.50p -2.01%
Grafton Group Units (GFTU) 496.40p -1.90%
Countrywide (CWD) 206.30p -1.72%
Pets at Home Group (PETS) 234.00p -1.64%
DFS Furniture (DFS) 269.00p -1.57% |
| | UK Event Calendar | | Friday October 07
INTERIM DIVIDEND PAYMENT DATE
1pm, Admiral Group, Berendsen, Camellia, Cape, Capital Drilling Ltd. (DI), Centamin (DI), Clarke (T.), Countrywide, Devro, Drax Group, Eurocell , Fyffes, Glanbia, Grafton Group Units, Greggs, H&T Group, InterContinental Hotels Group, International Personal Finance, Irish Continental Group Units, Lavendon Group, Martinco , PPHE Hotel Group Ltd, Regus, Shire Plc, STV Group, Taylor Wimpey
QUARTERLY PAYMENT DATE
Blackrock North American Income Trust , Land Securities Group, Regional REIT Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Industrial Production (GER) (07:00)
Non-Farm Payrolls (US) (13:30)
Unemployment Rate (US) (13:30)
Wholesales Inventories (US) (15:00)
FINALS
Progility
SPECIAL DIVIDEND PAYMENT DATE
Admiral Group, Carr's Group
EGMS
Sable Mining Africa Ltd. (DI)
AGMS
Abbey, Legendary Investments
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
Halifax House Price Index (08:30)
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
AdEPT Telecom, Conviviality, Fletcher King, Goodwin Plc, Micro Focus International, Miton UK Microcap Trust |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red ahead of payrolls; pound in focus European stocks fell in early trade as investors awaited the release of the nonfarm payrolls report and following a 'flash crash' in the pound in Asian trading.
At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.5%, while Germany's DAX and France's CAC 40 were off 0.7%.
Oil prices were firmer. West Texas Intermediate was up 0.5% to $50.70 a barrel and Brent crude was 0.5% higher at $52.79.
Meanwhile, the pound was down 1.3% against the dollar at 1.2458, having plunged to below $1.20 in Asian trade.
Spreadex's Connor Campbell said: "While the pound has recovered the majority of its losses against the dollar (at its nadir it struck 1.18), the event has still spooked investors, leaving sterling with a fresh 31 year low hitting 1.4% decline. Those losses have extended to sterling's standing with the euro, the currency dropping another 1% to sporadically dip below 1.12.
"There seem to be three main reasons being used to explain the flash crash: 1) it was a fat finger error, 2) it was an issue with algorithmic trading or 3) it was a reaction to Francois Hollande's comments that the EU has to act firmly with Britain when negotiating the Brexit if it is to protect the 'fundamental principles' of the group. Most likely the rapid decline was caused by a mixture of 2 and 3, with thinner than usual trading ahead of this afternoon's US non-farm jobs report exacerbated the drop."
Investors were exercising caution as they awaited US nonfarm payrolls and the unemployment rate at 1330 BST.
Societe Generale expects payrolls to have recovered further from their July lull, reaching 200,000 in September.
"Together with the strong ISM non-manufacturing number, this should continue to support our call for a Fed hike in December," it said.
On the corporate front, Deutsche Bank was a little firmer following a Financial Times report that the lender is working on a spin-off of its asset management business.
Dutch insurer Delta was also in the black after it rejected a takeover bid from rival NN Group, saying it undervalues the company.
Germany utility E.ON was a high riser following reports that activist shareholder Cevian was mulling the possibility of taking a 10% stake in the company.
Pharmaceuticals giant AstraZeneca edged up after announcing that it sold its rights outside the US for nasal spray Rhincourt Aqua to Johnson & Johnson for $330m. |
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| | US Market Report | | US close: Markets flat as investors await nonfarm payrolls US stocks finished virtually flat on Thursday, as investors kept their wallets firmly shut ahead of Friday's non-farm payrolls report.
The Dow Jones Industrial Average was last down 0.07% at 18,268.50 points, the S&P 500 added 0.05% to 2,160.77 points and the Nasdaq 100 edged down 0.08% to 4,873.92 points.
Oil prices were firmly higher after data from the Energy Information Administration showed another drop in US weekly crude inventories.
West Texas Intermediate crude rose above the $50 per barrel mark for the first time since June, up 1.41% to $50.54 per barrel, while Brent crude gained 1.37% to $52.58 per barrel.
Meanwhile, the main event this week is Friday's non-farm payrolls report as the Federal Reserve considers the health of the labour market in deciding the timing of the next interest rate hike.
Economists expect the report to show US employers added 170,000 jobs in September following a 151,000 increase in August. The unemployment rate is forecast to remain at 4.9%.
Ahead of the report, the Labor Department revealed the number of Americans filing for unemployment benefits unexpectedly fell last week.
US initial jobless claims fell by 5,000 from the previous week's unrevised level to 249,000.
This marked the 83rd consecutive week of initial claims below 300,000 - the longest streak since 1970.
The four-week moving average came in at 253,500, down 2,500 from the previous week's unrevised level, and the lowest level for this average since 9 December, 1978.
"The low level of initial claims indicates that, from the separations side, the labour market remains healthy," said Barclays Research.
"With continuing claims also declining at a rapid rate, these data imply that workers who are losing their jobs are likely finding new ones.
"We expect this resumption in strength to manifest in improvement in employment growth over the remainder of this year at least relative to the doldrums we saw in the first half of 2016."
On the corporate front, Twitter shares tumbled 20.09% following a report that Alphabet's Google is not planning to make a bid for the company.
Technology news website Recode also cited sources familiar with the matter on Wednesday as saying that Disney and Apple were also unlikely to make a bid.
Yum Brands shares fell 1.33% after its quarterly results released late on Wednesday missed analysts' expectations.
Wal-Mart Stores was under pressure, falling 3.22% during the session, after the retailer provided a weak outlook for 2017.
It was last up 0.32% in after-hours trading.
Dow Jones - Risers
Home Depot Inc. (HD) $130.19 2.05%
E.I. du Pont de Nemours and Co. (DD) $69.06 1.44%
Apple Inc. (AAPL) $113.89 0.74%
Goldman Sachs Group Inc. (GS) $167.15 0.45%
McDonald's Corp. (MCD) $113.92 0.45%
Procter & Gamble Co. (PG) $89.22 0.42%
Walt Disney Co. (DIS) $92.83 0.41%
JP Morgan Chase & Co. (JPM) $67.87 0.27%
Intel Corp. (INTC) $38.07 0.21%
Microsoft Corp. (MSFT) $57.74 0.17%
Dow Jones - Fallers
American Express Co. (AXP) $61.94 -3.76%
Wal-Mart Stores Inc. (WMT) $69.36 -3.22%
Unitedhealth Group Inc. (UNH) $136.48 -0.82%
General Electric Co. (GE) $29.28 -0.78%
Pfizer Inc. (PFE) $33.65 -0.74%
3M Co. (MMM) $171.64 -0.44%
Johnson & Johnson (JNJ) $118.75 -0.36%
Cisco Systems Inc. (CSCO) $31.48 -0.35%
Coca-Cola Co. (KO) $41.71 -0.24%
Merck & Co. Inc. (MRK) $62.66 -0.22%
S&P 500 - Risers
Whole Foods Market Inc. (WFM) $29.33 4.90%
Lam Research Corp. (LRCX) $100.19 4.18%
Salesforce.Com Inc. (CRM) $71.27 4.15%
Dollar Tree Inc (DLTR) $78.09 3.95%
LyondellBasell Industries (LYB) $84.09 3.39%
United Rentals Inc. (URI) $83.21 3.26%
Dollar General Corp (DG) $69.05 3.11%
MetLife Inc. (MET) $47.15 2.52%
Baker Hughes Inc. (BHI) $52.28 2.09%
Home Depot Inc. (HD) $130.19 2.05%
S&P 500 - Fallers
American Express Co. (AXP) $61.94 -3.76%
Endo International Plc (ENDP) $20.63 -3.69%
Freeport-McMoRan Inc (FCX) $10.31 -3.47%
Synchrony Financial (SYF) $26.99 -3.40%
Wal-Mart Stores Inc. (WMT) $69.36 -3.22%
Mylan Inc. (MYL) $36.84 -3.13%
Vertex Pharmaceuticals Inc. (VRTX) $84.96 -3.07%
Viacom Inc. Class B (VIAB) $36.62 -2.97%
Tenet Healthcare Corp. (THC) $21.07 -2.81%
Staples Inc. (SPLS) $8.04 -2.43%
Nasdaq 100 - Risers
Whole Foods Market Inc. (WFM) $29.33 4.90%
Lam Research Corp. (LRCX) $100.19 4.18%
Dollar Tree Inc (DLTR) $78.09 3.95%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $241.57 2.53%
Skyworks Solutions Inc. (SWKS) $79.34 2.05%
Fastenal Co. (FAST) $42.73 1.96%
Tractor Supply Company (TSCO) $68.16 1.37%
Fiserv Inc. (FISV) $100.81 1.12%
Henry Schein Inc. (HSIC) $163.12 1.10%
QUALCOMM Inc. (QCOM) $67.54 1.05%
Nasdaq 100 - Fallers
Endo International Plc (ENDP) $20.63 -3.69%
Tesla Motors Inc (TSLA) $201.00 -3.58%
Biomarin Pharmaceutical Inc. (BMRN) $92.63 -3.43%
Mylan Inc. (MYL) $36.84 -3.13%
Vertex Pharmaceuticals Inc. (VRTX) $84.96 -3.07%
Viacom Inc. Class B (VIAB) $36.62 -2.97%
Liberty Global plc Series A (LBTYA) $33.44 -2.19%
Alexion Pharmaceuticals Inc. (ALXN) $122.89 -2.09%
Western Digital Corp. (WDC) $58.05 -2.01% |
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| | Newspaper Round Up | | Friday newspaper round-up: Pound, Snapchat, Saudi Aramco A "fat finger" error by a trader or computerised chain reaction was thought responsible as the pound plunged to a new three-decade low during early trading in Asia on Friday - adding to the huge losses sterling had already suffered amid speculation that Britain is heading for a "hard Brexit". The pound fell almost 10% at one point to US$1.1378, prompting confusion among traders who were struggling to identify any news or market event that could have been to blame. - The Guardian
Snap, the company behind the popular messaging app Snapchat, is laying the groundwork for a $25 billion flotation next year. It is drawing up paperwork for an initial public offering that could take place as early as March, according to The Wall Street Journal. Snapchat users share photos and short videos with each other. The images, or snaps, self-destruct within a time frame picked by the sender. Snap makes money from posting advertisements on Snapchat. - The Times
Saudi Aramco is expected to publish its full annual accounts for the first time, as the state-controlled oil producer seeks to boost transparency in preparation for an initial public offering. The company, which pumps more than 10 per cent of the world's crude oil, is preparing to list 5 per cent of its shares in 2018, offering international investors the chance to own a stake in what is easily the world's biggest oil company. - The Times
Heathrow is hoping an 11th-hour push pegged to Brexit will secure approval to build a third runway, with a final verdict from the government expected within a fortnight. A government committee chaired by the prime minister, Theresa May, is understood to be on the verge of deciding whether new runway capacity will be added at Gatwick or Heathrow, and industry insiders expect a verdict on 18 October. - The Guardian
Deutsche Bank is slashing another 1,000 jobs in Germany as the beleaguered lender battles to convince investors it has a solid future. The reduction is on top of 3,000 German job losses announced in June. Almost half of the latest cuts will hit the company's head operating office and the rest will be spread over several other departments. - The Daily Mail | | |
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