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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 flat as investors eye retail sales, Yellen Stocks in London were flat at the open as investors looked to the release of UK retail sales data and a speech by Federal Reserve chair Janet Yellen.
At 0830 GMT, the FTSE 100 was up 0.1% to 6,757.06. Meanwhile, oil prices were also little changed, with West Texas Intermediate and Brent crude down 0.1% to $45.54 a barrel and $46.58, respectively.
Spreadex's Connor Campbell said: "For the FTSE and pound the main focus is on the UK's latest retail sales reading. September's figures failed to see the expected back-to-school bounce into positive territory, instead arriving at a stagnant 0.0%; analysts are still holding out hope, however, for a healthy jump in October, with forecasts suggesting a 0.5% rise.
"If accurate the figure will likely be more beneficial to the pound than the FTSE, though, dependant on the retail sales break-down, any good news could filter through to the index's beleaguered high street favourites. Currently sterling has the edge on its index peer - while the FTSE has slipped by around 6 points the pound has risen by 0.1% against the dollar, though admittedly it did fall 0.3% against the euro."
UK retail sales are at 0930 GMT. In the US, the consumer price index, building permits, housing starts and initial jobless claims are at 1330 GMT, while Yellen is due to testify before Congress at 1500 GMT.
In corporate news, Royal Mail fell into the red after it said half-year revenue edged up thanks to its European business, but the EU referendum resulted in a reduction in UK marketing activity.
Building materials group CRH nudged lower as it reported a 6% rise in cumulative sales in the first nine months of the year and said it continues to expect earnings for the year to be in excess of €3bn, while Great Portland Estates lost ground after reporting a half-year loss.
Engineering consultancy WS Atkins declined as it posted a 14% rise in underlying pre-tax tax profit for the six months to the end of September, but a 58% drop in statutory pre-tax profit.
On the upside, Rio Tinto edged higher after terminating the contracts of two directors following an internal review into a controversial payment to a consultant concerning the Simando iron ore project in Guinea.
Investec advanced as it said first-half profit pushed up 20%, while Ted Baker rallied after it said revenue in the third quarter rose 14.8%, up a touch from the 14.4% acceleration seen in the first half of the year.
Merchant bank Close brothers was also in the black as it said it has made a "very good start to the year", mainly on the back of strength in its banking division and higher trading income in market maker Winterflood. |
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| Market Movers
FTSE 100 (UKX) 6,749.11 -0.01%
FTSE 250 (MCX) 17,519.21 0.26%
techMARK (TASX) 3,297.03 -0.11%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 5,945.00p 1.62%
Capita (CPI) 580.50p 1.57%
Anglo American (AAL) 1,109.50p 1.42%
Johnson Matthey (JMAT) 3,373.00p 1.14%
Carnival (CCL) 4,001.00p 1.14%
Sage Group (SGE) 667.50p 1.06%
easyJet (EZJ) 1,071.00p 1.04%
Barratt Developments (BDEV) 474.30p 1.02%
Antofagasta (ANTO) 678.50p 0.97%
Burberry Group (BRBY) 1,396.00p 0.94%
FTSE 100 - Fallers
Royal Bank of Scotland Group (RBS) 202.10p -3.02%
Royal Mail (RMG) 487.10p -2.37%
Imperial Brands (IMB) 3,410.00p -1.67%
TUI AG Reg Shs (DI) (TUI) 1,016.00p -1.36%
Lloyds Banking Group (LLOY) 59.60p -1.34%
Shire Plc (SHP) 4,781.00p -1.32%
Hikma Pharmaceuticals (HIK) 1,712.00p -1.21%
GlaxoSmithKline (GSK) 1,508.50p -1.15%
Marks & Spencer Group (MKS) 334.20p -0.98%
AstraZeneca (AZN) 4,319.00p -0.79%
FTSE 250 - Risers
Hill & Smith Holdings (HILS) 1,300.00p 7.44%
Safestore Holdings (SAFE) 358.00p 3.08%
Investec (INVP) 514.50p 2.80%
IMI (IMI) 938.50p 2.68%
Rank Group (RNK) 199.10p 2.42%
Synthomer (SYNT) 355.10p 2.16%
Grainger (GRI) 219.40p 1.95%
Regus (RGU) 231.80p 1.89%
IP Group (IPO) 147.70p 1.86%
Ted Baker (TED) 2,546.00p 1.80%
FTSE 250 - Fallers
Lancashire Holdings Limited (LRE) 651.00p -7.40%
Virgin Money Holdings (UK) (VM.) 319.50p -5.61%
Softcat (SCT) 312.00p -4.15%
Euromoney Institutional Investor (ERM) 1,003.00p -3.09%
Genus (GNS) 1,889.00p -2.78%
Great Portland Estates (GPOR) 613.00p -2.31%
Redefine International (RDI) 37.96p -2.22%
AO World (AO.) 154.30p -2.16%
Atkins (WS) (ATK) 1,635.00p -1.51% |
| | UK Event Calendar | | Thursday 17 November
INTERIMS
Creston, Great Eastern Energy Corp Ltd. GDR, Great Portland Estates, Johnson Matthey, Majestic Wine, NewRiver REIT, Norcros, QinetiQ Group, Royal Mail
INTERIM DIVIDEND PAYMENT DATE
Aviva, Dillistone Group, Plus500 Ltd (DI)
INTERIM EX-DIVIDEND DATE
Braemar Shipping Services, Bunzl, Downing Three VCT F Shs, Downing Three VCT H Shs, Downing Two VCT F Shs , Downing Two VCT G Shs, E2V Technologies, Ingenious Entertainment VCT 1 'D' Shares, Ingenious Entertainment VCT 1 E Shares, Ingenious Entertainment VCT 1 F Shares, Ingenious Entertainment VCT 2 'D' Shares, Ingenious Entertainment VCT 2 E Shares, Ingenious Entertainment VCT 2 F Shares, Marks & Spencer Group, Prime People, ProVen Growth & Income VCT, ProVen VCT, Sainsbury (J), Scottish Mortgage Inv Trust, Sophos Group , Spire Healthcare Group, Vedanta Resources
QUARTERLY EX-DIVIDEND DATE
Honeycomb Investment Trust, Honeywell International Inc., M Winkworth, MedicX Fund Ltd., Raven Russia Ltd. Cum Red Pref Shares
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Consumer Price Index (EU) (09:30)
Consumer Price Index (US) (13:30)
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (15:30)
Housing Starts (US) (13:30)
Initial Jobless Claims (US) (13:30)
Q3
Shin Kong Financial Holdings Co Ltd GDR (Reg S)
FINALS
Tracsis
SPECIAL EX-DIVIDEND DATE
Best of the Best, Lancashire Holdings Limited, Octopus Eclipse VCT 1, PCI-PAL, Softcat
AGMS
Bluefield Solar Income Fund Limited, Close Brothers Group, El Oro Ltd, Genus, Qatar Investment Fund, Sirius Petroleum
TRADING ANNOUNCEMENTS
Close Brothers Group, Safestore Holdings, Ted Baker
UK ECONOMIC ANNOUNCEMENTS
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Hansard Global, Haynes Publishing Group
FINAL EX-DIVIDEND DATE
Aberdeen Frontier Markets Investment Company, Fidelity Special Values, Finsbury Food Group, Gattaca, Genus, Lok'n Store Group, London Finance & Investment Group, Manchester & London Investment Trust, MJ Gleeson , Sanditon Investment Trust, Softcat, Tristel, Volution Group (WI)
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| | US Market Report | | US close: Stocks lose as Trump rally runs out of steam A week after Donald Trump's unexpected election victory sent US stocks on a contrarian seven-day surge, the steam finally ran out on Wednesday as banks wobbled and the dollar notched up a 14-year high.
The Dow Jones Industrial Average could not build on its record closing high from the previous day, losing 55 points or 0.29% to close at 18,868.14 and the S&P 500 lost 3.45 points or 0.16% to 2,176.94.
The Nasdaq however gained almost 19 points or 0.36% to 5,294.58 as tech stocks, led by Apple and Microsoft, rebounded after their 'Trump dump'.
Oil prices were only just below flat, with West Texas Intermediate still above $45.
The dollar index hit a 14-year high of 100.57 during the Wall Street session, as markets continued to price-in the prospect of higher inflation and interest rates.
"The market is due for a correction, and we have two factors: the dollar ... and rising bond yields," said Peter Cardillo, chief market economist at First Standard Financial. "If you look at the 10-year yield, it's knocking on the door of 2.5 percent," he said. "At some point, that is going to prevent equities from going much higher."
Bank stocks JP Morgan and Goldman Sachs led the fallers as they particularly felt the pressure as investors digested renewed hawkish commentary from several Federal Reserve officials, the latest being Dallas Fed chief Robert Kaplan saying it was time to normalise interest rates.
Earlier St Louis Fed President James Bullard said only a "surprise" might keep the Fed from tightening in December.
However, said he believed just one more rate rise would be needed in order to bring rates back to "neutral", while also observing that policy changes mooted by the US President-elect such as on immigration and trade, were likely only to have an impact on the macroeconomy in the longer-term.
On the data front, the US producer price index was flat in October on weak services, following September's 0.3% increase, and below the 0.3% consensus forecast.
In the year to October, the index increased 0.8%, the biggest gain since December 2014, following a 0.7% rise last month, and below the 1.2% last year.
While US industrial production also remained unchanged in October following a 0.2% drop in September, economists had expected output to rise 0.2%.
September's figure was revised down from a previously-reported 0.1% increase. Manufacturing output increased 0.2%, while mining climbed 2.1%, its biggest rise since March 2014.
Even though factories stepped up production less than expected in October, the shortfall is unlikely to dissuade the Fed hiking interest rates in December, said Chris Williamson, chief business economist at IHS Markit.
"The resilient economic growth at the start of the fourth quarter, a strengthening labour market and signs of inflation creeping higher mean the Fed looks almost certain to hike interest rates again on 14 December. Inflation rose to a near two-year high of 1.5% in September and financial markets are pricing in further upward pressure on prices resulting from the stimulative policies likely to be introduced by president-elect Donald Trump."
He said he expected rates to gradually rise to 1.25% by the end of 2017 as the Fed tightens policy in response to a steady acceleration of economic growth and rising inflation, however it remains to be seen how businesses and consumers will react to the surprise election result.
In commodity markets, gold on Comex rose 0.27% to $1,227.80 per troy ounce at 1443 GMT.
In corporate news, shares in Lowe's dropped as the DIY store chain's third quarter results missed expectations.
Target's shares soared as the retailer topped expectations. In the third quarter it earned $1.04 per share, on sales of $16.44bn, ahead of expectations of 83 cents on $16.3bn.
Elsewhere, LinkedIn's shares were up following a report that Microsoft has offered concessions to EU regulators to get the okay for its $26bn bid for the social network.
Dow Jones - Risers
Apple Inc. (AAPL) $109.99 2.69%
Visa Inc. (V) $80.08 1.92%
Walt Disney Co. (DIS) $99.12 1.45%
Microsoft Corp. (MSFT) $59.65 1.32%
Verizon Communications Inc. (VZ) $47.93 1.18%
Nike Inc. (NKE) $50.69 1.10%
McDonald's Corp. (MCD) $119.21 0.75%
Home Depot Inc. (HD) $125.33 0.75%
International Business Machines Corp. (IBM) $159.25 0.39%
E.I. du Pont de Nemours and Co. (DD) $68.88 0.35%
Dow Jones - Fallers
JP Morgan Chase & Co. (JPM) $77.40 -2.47%
Goldman Sachs Group Inc. (GS) $206.32 -2.33%
Merck & Co. Inc. (MRK) $62.63 -1.60%
3M Co. (MMM) $172.01 -1.28%
Exxon Mobil Corp. (XOM) $85.75 -1.23%
Caterpillar Inc. (CAT) $93.35 -1.15%
Boeing Co. (BA) $146.45 -1.13%
American Express Co. (AXP) $71.68 -1.09%
Pfizer Inc. (PFE) $31.95 -0.84%
United Technologies Corp. (UTX) $106.96 -0.67%
S&P 500 - Risers
Target Corp. (TGT) $76.03 6.42%
Nvidia Corp. (NVDA) $91.63 6.31%
Alcoa Corporation (AA) $31.42 4.01%
TJX Companies Inc. (TJX) $76.41 3.95%
Frontier Communications Co. (FTR) $3.43 3.94%
Autodesk Inc. (ADSK) $77.57 3.22%
Crown Castle International (CCI) $85.09 2.78%
Apple Inc. (AAPL) $109.99 2.69%
Red Hat Inc. (RHT) $78.64 2.38%
International Flavors & Fragrances Inc. (IFF) $120.83 2.35%
S&P 500 - Fallers
Mallinckrodt Plc Ordinary Shares (MNK) $59.60 -12.02%
H&R Block Inc. (HRB) $22.23 -6.99%
Regions Financial Corp. (RF) $12.89 -4.73%
Endo International Plc (ENDP) $17.10 -4.15%
Whole Foods Market Inc. (WFM) $31.06 -3.66%
Martin Marietta Mtrl (MLM) $220.85 -3.63%
Southwestern Energy Co. (SWN) $10.80 -3.40%
Zions Bancorporation (ZION) $37.46 -3.35%
Kroger Co. (KR) $33.70 -3.33%
Vulcan Materials Co. (VMC) $130.28 -3.25%
Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $91.63 6.31%
Autodesk Inc. (ADSK) $77.57 3.22%
Liberty Global plc Series A (LBTYA) $31.79 2.98%
Apple Inc. (AAPL) $109.99 2.69%
Liberty Global plc Series C (LBTYK) $31.13 2.37%
Sba Communications Corp. (SBAC) $99.24 2.25%
Cognizant Technology Solutions Corp. (CTSH) $55.33 2.14%
Yahoo! Inc. (YHOO) $40.98 1.91%
Alexion Pharmaceuticals Inc. (ALXN) $122.51 1.79%
Dollar Tree Inc (DLTR) $80.54 1.73%
Nasdaq 100 - Fallers
Whole Foods Market Inc. (WFM) $31.06 -3.66%
Biomarin Pharmaceutical Inc. (BMRN) $89.39 -3.05%
Vertex Pharmaceuticals Inc. (VRTX) $90.47 -2.78%
Incyte Corp. (INCY) $100.74 -2.35%
Regeneron Pharmaceuticals Inc. (REGN) $420.08 -2.00%
Mylan Inc. (MYL) $37.90 -1.97%
CSX Corp. (CSX) $33.87 -1.91%
Biogen Inc (BIIB) $317.65 -1.53%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $39.57 -1.49% |
| | Q4 Top 10 Stock Picks | | Moving into the final quarter of the year, a packed events calendar is going to create opportunities aplenty for investors, and we've highlighted the top 10 stocks we believe could outperform the market in Q4. Download this report today Losses can exceed deposits |
| | Newspaper Round Up | | Thursday newspaper round-up: £100bn Brexit hole, RBS, Virgin Money Philip Hammond will admit to the largest deterioration in British public finances since 2011 in next week's Autumn Statement when the official forecast will show the UK faces a £100bn bill for Brexit within five years. Slower growth and lower-than-expected investment will hit tax revenues hard, the official forecasts will show, supporting the Treasury's pre-referendum warnings that the long-term economic costs of Brexit are high. - Financial Times
Britain has jumped five places to tenth position in a World Bank league table of business-friendly tax regimes, in a sign of the government's drive to increase competitiveness. The move reflected the corporate tax cuts introduced by George Osborne, the former chancellor, to demonstrate that Britain was "open for business", as well as the relatively light compliance burden in the UK. The rise up the rankings also reflected Britain's high score on a new indicator used for the survey, measuring how easy it is to receive VAT refunds, correct errors in tax forms and comply with a tax audit. - Financial Times
Car insurers have vowed to pass on the savings from a fresh crackdown on fake and exaggerated whiplash claims, which the Government has confirmed a year after the reforms were first announced. The right to cash compensation for minor whiplash could be abolished entirely, or capped at £425 for victims who can prove their injuries, under the proposals unveiled by the Ministry of Justice. - Telegraph
Royal Bank of Scotland could be forced to pay more than $12bn (£9.7bn) to settle claims in the US that it mis-sold toxic mortgage securities in the run-up to the financial crisis, according to UKFI, the body which manages the taxpayers' stake in the lender. James Leigh-Pemberton, the chairman of UK Financial Investments (UKFI), told the Treasury Select Committee that the potential fine imposed on RBS by the US Department of Justice (DoJ) "might be $5bn, it might be $12bn". He continued: "Based on what was said to Deutsche Bank it could be more". - Telegraph
The archbishop of Canterbury will spend the next two years as part of a commission launched by a left-leaning thinktank that aims to rewrite the rules for Britain's post-Brexit economy. Justin Welby will join other leading figures including the general secretary of the TUC, Frances O'Grady, and the chairman of the John Lewis Partnership, Sir Charlie Mayfield, on the Institute for Public Policy Research (IPPR) programme that will seek remedies for six key UK weaknesses. - Guardian
Wilbur Ross, the American billionaire, is planning to sell about half his stake in Virgin Money in a share sale worth £91 million at the bank's current price. Funds managed by WL Ross & Co, the private equity firm, were putting the finishing touches to the disposal of 27 million shares, or 6.1 per cent of the bank, last night. - The Times
Camelot has called on the government to clamp down on "bet-on-lottery" companies such as Lottoland after blaming "often aggressive competition" for a fall in National Lottery ticket sales in the first half. The group, which has run the National Lottery since its launch in 1994, reported a 6.3 per cent fall in sales to £3.39 billion, with the returns to good causes declining by 10.5 per cent to £783 million. - The Times |
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