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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 push higher on Clinton relief; HSBC rallies Stocks in London rose in early trade as investors breathed a sigh of relief after the FBI cleared Democratic candidate Hillary Clinton of any wrongdoing over the weekend and following some well-received corporate releases.
At 0820 GMT, the FTSE 100 was up 1.3% to 6,780.10. Meanwhile, oil prices pushed higher, with West Texas Intermediate up 1.3% to $44.66 a barrel and Brent crude up 1.1% to $46.08.
The FBI said over the weekend that a fresh inquiry into Clinton's communications found nothing to change the conclusion it had come to over the summer and that there had been no evidence of criminal wrongdoing after she used a private email server for government work.
Henry Croft, research analyst at Accendo Markets, said: "A positive open comes as Hillary Clinton is given the all clear from the FBI for a second time, Director Comey telling Congress the bureau has 'not changed its conclusions' reached in July based on fresh evidence.
"Polls are indicating Clinton pulling away slightly, although her lead remains well below the levels pre-FBI investigation. The election will be the driving force for markets before Wednesday morning, whilst in the meantime the final few third-quarter earnings releases are likely to take a back seat."
In corporate news, HSBC gained ground as it said profits in the third quarter fell 86% compared to last year due to a disposal of its Brazilian bank, but underlying profits were higher in all four of its businesses.
Ryanair flew higher after the budget airline reported a rise in first-half profit as revenue and customer numbers grew despite difficult market conditions, and upped its long-term traffic forecast.
Informa was in the black after the business intelligence group said it was on track to meet full-year expectations.
Hammerson edged up after it exchanged contracts for the disposal of Westmorland Retail Park in Northumberland to Arch Commercial Enterprise for £36m.
Technology company Smiths Group ticked higher as it sold its IVF product to US-based multinational CooperSurgical for £140m.
FTSE 250 funeral services provider Dignity rose as its results for the 39 weeks ending 23 September came in slightly ahead of its expectations, driven by a higher number of deaths in the second and third quarters of the year, and the company said it expects results for the full year to be ahead of market views.
Hiscox advanced after reporting a 14.3% jump in gross written premiums for the first nine months of the year.
Inmarsat rallied after Barclays upgraded its stance on the satellite company to 'equalweight' from 'underweight'.
Drinks company Fever-Tree fizzed higher after saying it expects its full-year results to be ahead of market views following a solid performance in the second half. |
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| Market Movers
FTSE 100 (UKX) 6,795.30 1.52%
FTSE 250 (MCX) 17,472.63 1.17%
techMARK (TASX) 3,299.04 0.94%
FTSE 100 - Risers
HSBC Holdings (HSBA) 616.50p 3.65%
Antofagasta (ANTO) 550.50p 3.57%
BHP Billiton (BLT) 1,207.00p 3.52%
Glencore (GLEN) 245.70p 3.32%
Anglo American (AAL) 1,107.00p 3.31%
Standard Life (SL.) 340.70p 2.84%
Old Mutual (OML) 192.80p 2.83%
Rio Tinto (RIO) 2,803.00p 2.77%
Burberry Group (BRBY) 1,454.00p 2.76%
Ashtead Group (AHT) 1,247.00p 2.47%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 6,700.00p -1.33%
Fresnillo (FRES) 1,607.00p -1.11%
Associated British Foods (ABF) 2,470.00p 0.00%
London Stock Exchange Group (LSE) 2,707.00p 0.00%
Mediclinic International (MDC) 878.00p 0.00%
Bunzl (BNZL) 2,100.00p 0.00%
Provident Financial (PFG) 2,825.00p 0.00%
Hikma Pharmaceuticals (HIK) 1,631.00p 0.31%
AstraZeneca (AZN) 4,383.00p 0.34%
Imperial Brands (IMB) 3,838.00p 0.44%
FTSE 250 - Risers
Inmarsat (ISAT) 797.00p 3.84%
Evraz (EVR) 194.60p 3.57%
Henderson Group (HGG) 225.50p 3.20%
Indivior (INDV) 361.30p 3.08%
Vedanta Resources (VED) 736.00p 3.01%
Amec Foster Wheeler (AMFW) 426.10p 2.90%
Laird (LRD) 138.60p 2.82%
Galliford Try (GFRD) 1,251.00p 2.37%
Sports Direct International (SPD) 315.00p 2.34%
Polar Capital Technology Trust (PCT) 785.00p 2.28%
FTSE 250 - Fallers
Rank Group (RNK) 192.50p -2.28%
Hastings Group Holdings (HSTG) 212.80p -1.57%
Synthomer (SYNT) 340.10p -1.42%
Card Factory (CARD) 253.00p -1.17%
F&C Commercial Property Trust Ltd. (FCPT) 128.50p -1.08%
Centamin (DI) (CEY) 155.40p -0.96%
Jardine Lloyd Thompson Group (JLT) 1,024.40p -0.93%
IP Group (IPO) 143.80p -0.83%
Zoopla Property Group (ZPLA) 297.90p -0.70% |
| | UK Event Calendar | | Monday 07 November
INTERIMS
E2V Technologies
INTERIM DIVIDEND PAYMENT DATE
Cenkos Securities, Manx Telecom , Morrison (Wm) Supermarkets, WPP
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Factory Orders (GER) (07:00)
Retail Sales (EU) (10:00)
Q3
OJSC Magnitogorsk Iron & Steel Works GDR (Reg S)
FINALS
Oncimmune Holdings
UK ECONOMIC ANNOUNCEMENTS
Halifax House Price Index (08:30)
FINAL DIVIDEND PAYMENT DATE
CPL Resources, Quantum Pharma, Schroder Japan Growth Fund
|
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| | US Market Report | | US close: Wall Street extends losses to nine days, longest stretch since 1980 Wall Street slipped into the red in the final two hours of trading, extending its losing streak to nine consecutive days, the longest such stretch since 1980, amid election jitters and despite what economists hailed as a positive reading on the US jobs market.
The Dow Jones Industrial Average dipped 0.24% or 42.39 points to 17,888.28 points, the S&P 500 slipped 0.17% or 3.48 points to 2,085.18 points and the Nasdaq fell 0.24% or 12.04 points to 5,046.37 points.
Oil prices were also down amid reports of tensions between Iran and Saudi Arabia that some worry might foil a potential deal to slash production.
West Texas Intermediate crude oil futures gave back 56 cents to end the day at $44.07.
Data from the Labor Department showed that hiring rose in October as wage growth accelerated at its strongest pace since 2009.
Non-farm payrolls increased a seasonally adjusted 161,000 from an upwardly revised gain of 191,000 in September, while the jobless rate fell to 4.9% in October from 5.0% as the labour force contracted.
Average hourly earnings advanced 0.4% month-on-month (2.8% year-on-year), versus forecasts for a rise of 0.3% (2.6%).
"A solid employment report for October further clears the path for a December Fed rate hike. News of another decent rise in non-farm payrolls and an uptick in pay growth comes hard on the heels of business surveys showing the US economy having gained further growth momentum in October," chipped in Chris Williamson at IHS Markit.
Nonetheless, late in the session the president of the Federal Reserve bank of Atlanta, Dennis Lockhart, cautioned that a December rate hike was not yet necessarily a foregone conclusion, due to the potential risk of turmoil around the presidential elections, although the economic 'bar' for not doing anything was high.
By the end of trading, Fed funds futures were pricing in 66.8% odds of a December rate hike by the Fed, down from 71.5% in the previous session, according to the CME´s Fed Watch tool.
Acting as a backdrop, a RealClearPolitics average of polls showed Democratic candidate Hillary Clinton's lead had been trimmed to 1.7 points by late on Friday, up a touch from 1.3 points late on Thursday, but still lower than her seven point lead in mid-October.
"Political uncertainty has already taken its toll in the past few weeks, with the year's lowest trading levels reported in October and today's weaker than expected jobs market figures," Paul Sirani, chief markets analyst at Xtrade, said.
In corporate news, Starbucks' shares rose 1.49% as fourth-quarter results released late on Thursday said the coffee giant was ahead of estimates for earnings per share and revenue.
Whereas shares in camera maker GoPro were down 6.53% after it posted weaker-than-expected quarterly earnings, while shares in Monster Beverage decreased 5.88% after its results missed targets and sales fell.
From a sector standpoint, the largest losses were seen in the following industrial groups: Healthcare (-4.21%), Electronic office equipment (-3.26%) and Marine transportation (-2.17%).
Dow Jones - Risers
Caterpillar Inc. (CAT) $82.31 1.28%
Merck & Co. Inc. (MRK) $58.82 0.67%
Home Depot Inc. (HD) $120.91 0.61%
General Electric Co. (GE) $28.44 0.57%
Nike Inc. (NKE) $49.96 0.46%
Verizon Communications Inc. (VZ) $47.08 0.45%
Pfizer Inc. (PFE) $30.00 0.37%
United Technologies Corp. (UTX) $101.33 0.28%
American Express Co. (AXP) $65.51 0.28%
E.I. du Pont de Nemours and Co. (DD) $68.61 0.16%
Dow Jones - Fallers
Procter & Gamble Co. (PG) $85.08 -1.76%
Travelers Company Inc. (TRV) $104.67 -0.99%
Walt Disney Co. (DIS) $92.45 -0.99%
Intel Corp. (INTC) $33.61 -0.94%
JP Morgan Chase & Co. (JPM) $67.76 -0.91%
Apple Inc. (AAPL) $108.84 -0.90%
Microsoft Corp. (MSFT) $58.71 -0.84%
Coca-Cola Co. (KO) $41.69 -0.81%
Wal-Mart Stores Inc. (WMT) $69.16 -0.67%
McDonald's Corp. (MCD) $111.04 -0.61%
S&P 500 - Risers
NRG Energy Inc. (NRG) $11.03 8.88%
Mohawk Inds Inc. (MHK) $190.75 7.78%
Motorola Solutions Inc (MSI) $75.90 6.47%
Baker Hughes Inc. (BHI) $58.11 5.25%
Alcoa Corporation (AA) $25.20 4.35%
CIGNA Corp. (CI) $121.65 3.70%
United States Steel Corp. (X) $19.86 3.44%
Allergan plc (AGN) $195.00 3.27%
AES Corp. (AES) $12.11 3.06%
Perrigo Company plc (PRGO) $82.39 3.05%
S&P 500 - Fallers
Intercontinental Exchange Inc (ICE) $53.37 -80.19%
Fluor Corp. (FLR) $44.80 -13.50%
Qorvo, Inc. (QRVO) $51.08 -9.98%
Symantec Corp. (SYMC) $23.49 -7.70%
Diamond Offshore Drilling Inc. (DO) $15.72 -6.26%
NetApp Inc. (NTAP) $30.45 -6.16%
First Solar Inc. (FSLR) $32.48 -5.88%
Willis Towers Watson Public Limited Company (WLTW) $116.78 -5.57%
Tyson Foods Inc. (TSN) $67.18 -3.99%
Murphy Oil Corp. (MUR) $26.01 -3.88% |
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| | Newspaper Round Up | | Monday newspaper round-up: Clinton off hook, Tesco, Javid, London property Bourses across Asia and assets sensitive to the outcome of the US election bounced on a perception in the market that Hillary Clinton's chances of being elected president had firmed. The FBI said on Sunday it would take no action against Mrs Clinton following its investigation of new emails related to a probe into her use of a private server. - Financial Times
Investors and businesses are being warned to brace for potentially huge swings in share prices and currency rates in the early hours of Wednesday morning as one of the most seismic political decisions in decades reverberates around global markets. The big City investment banks are staffing up for a rollercoaster trading session with asset prices expect to gyrate wildly on the thinnest of exit poll evidence before moving more emphatically in one or other direction as the US election result becomes more certain. - The Times
Thousands of Tesco Bank accounts have been compromised and customers have seen hundreds of pounds wiped from their balances in a wave of fraudulent activity. The bank, which has more than 7 million customers, issued a text alert to account holders late on Saturday after it observed suspicious activity in multiple current accounts and moved to block some customer cards. - Guardian
The Government is prepared to use "carrots and sticks" to "disrupt" Britain's house-building industry and break the "stranglehold" of the big developers, to encourage smaller developers and the faster building of more new homes. Calling for "far more competition" to change "a market that is not diversified enough", Communities Secretary Sajid Javid has escalated his criticism of the UK's large house-builders and developers, ahead of a Government white paper on housing supply expected next month. - Telegraph
Chinese investors have increased their focus on London's property market, partly because of the fall in the pound and partly because there are signs of an end to China's own property bubble. Sales of homes in the capital's most exclusive areas to Chinese buyers have risen since the Brexit vote, while investment into commercial property from China is on track to grow this year, even as other investors draw back. - Financial Times
Manufacturers are scaling back investment plans as the sector struggles against a "double whammy" of weak demand and political uncertainty. The EEF, which represents the sector, said that rising levels of uncertainty about demand at home and abroad had led the sector to "shy away" from investment in plant and machinery over the next two years. - The Times
The price of a basket of 20 Unilever products, including Hellman's mayonnaise, Carte D'Or ice cream and Comfort fabric conditioner has risen by an average of 5.7% across the UK's major supermarkets since the Brexit vote, as the pound's post-referendum struggles feed through to shop shelves. Analysis by the Guardian and price comparison site MySupermarket.com of 20 everyday items made by the Anglo-Dutch supplier indicates volatility in prices since the poll. - Guardian
Ministers and defence giant BAE are under pressure to ensure British steel is used to build the next generation of warships. The Ministry of Defence has struck a deal with BAE Systems to start work on eight anti-submarine vessels at its Glasgow shipyard by next summer, but they have refused to guarantee that the UK's struggling steel industry will be awarded the vital contracts. - Daily Mail
Britain taking the lead developing a new generation of mini-nuclear reactors could create 40,000 highly skilled jobs in the UK and generate hundreds of billions in export sales. The claim comes from Rolls-Royce, which is heading a consortium competing in the Government's £250m competition to develop "small modular reactors" (SMRs). - Telegraph
The supermarket space race can be declared well and truly over as fresh figures reveal that plans to build new stores have ground to a halt. Two thirds of plans to build new large stores have been cancelled by the major grocers over the past two years, according to figures compiled exclusively by Barbour ABI reveal. - Telegraph
The number of trains on Britain's network will grow faster than at any time since steam engines were phased out half a century ago. Figures show that deals for more than 5,700 carriages have been signed in recent years as part of an upgrade designed to cope with demand from passengers. - The Times
Smart technology that could shave £90 off household energy bills and curb carbon emissions is being stymied by government policy, a leading thinktank has said. In a wide-ranging report, Policy Exchange also claimed that current energy policy offered too many incentives to build polluting diesel generator farms at the expense of cleaner technology. - Guardian
Brussels is reconsidering how it grants EU market access to overseas financial firms, casting doubt over the use of the bloc's "equivalence" arrangements as a fallback option for the City of London after Brexit. No decisions have yet been taken by the European Commission about the regime, which extends limited access rights to non-EU jurisdictions that have rules deemed equivalent, such as the US. - Financial Times
German prosecutors have widened their investigation of the Volkswagen emissions scandal to include the company's new chairman. Yesterday VW said that Hans Dieter Pötsch was included in a criminal probe into whether executives manipulated the markets in the wake of last year's diesel emissions tests scandal. - The Times |
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