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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 nudge higher amid caution ahead of US election Stocks in London nudged just a touch higher in early trade as investors erred on the side of caution ahead of the US presidential election.
At 0820 GMT, the FTSE 100 was up 0.2% to 6,819.27. Meanwhile, oil prices were fairly steady, with West Texas Intermediate down 0.2% to $44.80 a barrel and Brent crude flat at $46.17.
Spreadex's Connor Campbell said: "Somewhat predictably the markets have lost their appetite this Tuesday morning, the size of yesterday's gains, and the proximity of the US election, seemingly ruling out any more explosive growth.
"The morning session could be a bit of a duff one this Tuesday, given that nothing concrete from the US in terms state-voting etc is going to be out until this evening. It is likely going to be one of those days where the seismic nature of an event renders the market inert for around 24 hours."
In corporate news, Marks & Spencer gained ground. The retailer held its interim dividend as first-half profits fell almost 19%, with new chief executive Steve Rowe announcing a £350m investment plan to close 113 stores in the UK and overseas markets to try and return the retailer to profitable growth.
Direct Line Group edged higher after it said gross written premiums for ongoing operations rose 4.2% in the nine months to the end of September with continued growth in Motor own brands, up 9.7%.
Primark owner Associated British Foods rallied as it reported a rise in full-year revenue and profit.
Aveva was little changed after the FTSE 250 engineering software provider said it swung to a profit in the first half of the year as revenue rose despite "continued tough trading conditions".
On the downside, tobacco company Imperial Brands fell after it reported a drop in profit for the year to end of September, but said revenue rose and upped its dividend by 10%.
On the macroeconomic front, figures released by the General Administration of Customs earlier showed Chinese exports fell 7.3% in October from a year earlier following a 10% drop in September. Meanwhile, imports were down 1.4% compared to a 1.9% drop in September. Analysts had been expecting a 6% fall in exports and a 1% decline in imports.
On the UK data calendar, industrial and manufacturing production figures are due at 0930 GMT.
Campbell said manufacturing production is forecast to rise from 0.2% to 0.5% month-on-month, while industrial production is expected to bounce back out of negative territory once again, from -0.4% to 0.1%. "So nothing too exciting but potentially enough to give sterling a short-term boost," he said. |
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| Market Movers
FTSE 100 (UKX) 6,809.78 0.04%
FTSE 250 (MCX) 17,456.19 -0.01%
techMARK (TASX) 3,300.18 -0.05%
FTSE 100 - Risers
Associated British Foods (ABF) 2,582.00p 3.74%
Hikma Pharmaceuticals (HIK) 1,680.00p 2.38%
Randgold Resources Ltd. (RRS) 6,775.00p 1.50%
Informa (INF) 689.50p 1.47%
Severn Trent (SVT) 2,260.00p 1.30%
Mondi (MNDI) 1,600.00p 1.27%
Next (NXT) 5,050.00p 1.24%
CRH (CRH) 2,631.00p 1.11%
Ashtead Group (AHT) 1,243.00p 0.89%
Mediclinic International (MDC) 915.00p 0.88%
FTSE 100 - Fallers
Imperial Brands (IMB) 3,724.00p -2.08%
HSBC Holdings (HSBA) 614.90p -1.19%
Glencore (GLEN) 248.30p -1.15%
Persimmon (PSN) 1,672.00p -0.95%
Burberry Group (BRBY) 1,460.00p -0.68%
Barclays (BARC) 184.05p -0.62%
Shire Plc (SHP) 4,534.00p -0.57%
Barratt Developments (BDEV) 459.50p -0.54%
Royal Bank of Scotland Group (RBS) 185.50p -0.54%
Lloyds Banking Group (LLOY) 55.88p -0.34%
FTSE 250 - Risers
OneSavings Bank (OSB) 297.50p 2.44%
BBA Aviation (BBA) 251.90p 1.94%
Allied Minds (ALM) 350.00p 1.86%
DFS Furniture (DFS) 239.20p 1.79%
Unite Group (UTG) 568.00p 1.43%
Wetherspoon (J.D.) (JDW) 867.00p 1.17%
Aggreko (AGK) 817.00p 1.11%
Investec (INVP) 504.00p 1.10%
Centamin (DI) (CEY) 155.50p 0.97%
Assura (AGR) 59.20p 0.94%
FTSE 250 - Fallers
Sports Direct International (SPD) 314.10p -3.35%
Lancashire Holdings Limited (LRE) 704.00p -3.03%
Ascential (ASCL) 286.40p -2.85%
Safestore Holdings (SAFE) 348.40p -2.35%
Workspace Group (WKP) 632.50p -2.24%
CMC Markets (CMCX) 199.10p -2.16%
Rank Group (RNK) 196.10p -2.10%
Paysafe Group (PAYS) 422.20p -1.86%
Zoopla Property Group (ZPLA) 293.00p -1.48% |
| | UK Event Calendar | | Tuesday 08 November
INTERIMS
Aveva Group, Grafenia , Marks & Spencer Group
INTERIM DIVIDEND PAYMENT DATE
Travis Perkins
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Current Account (GER) (07:00)
Industrial Production (GER) (07:00)
FINALS
Associated British Foods, Ceres Power Holdings, Imperial Brands , Imperial Brands , Punch Taverns
IMSS
Direct Line Insurance Group
AGMS
Craneware, Genesis Emerging Markets Fund Ltd Ptg NPV, Global Petroleum Ltd., Ortac Resources Ltd. (DI)
TRADING ANNOUNCEMENTS
Direct Line Insurance Group
UK ECONOMIC ANNOUNCEMENTS
Industrial Production (09:30)
Manufacturing Production (09:30)
|
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| | US Market Report | | US close: Markets end green on last day of campaign madness US markets were buoyed on Monday by news that Hillary Clinton was likely to be heading to the White House on 8 November, after the FBI cleared the Democratic candidate over use of her emails on a private server.
James Comey, the director of the FBI, told Congress before markets opened that the second probe into Clinton's emails reaffirmed his July verdict of no evidence of criminal wrongdoing.
The Dow Jones Industrial Average increased 2.08% to 18,259.60 points, the S&P 500 climbed 2.22% to 2,131.52 points and the Nasdaq 100 soared 2.43% to 4,773.73 points.
Connor Campbell, financial analyst at Spreadex, said the Dow Jones displayed a clear preference for president, as expected, with the index surging 250 points following Clinton's email verdict.
"That takes the Dow back ... after abandoning that level last Tuesday in the aftermath of the FBI controversially re-opening the Clinton email case.
"So, Monday has proceeded in a way eerily similar to the scenes before the Brexit back in June."
Campbell said In the run-up to the Brexit referendum, the markets saw a last minute surge as investors prepared for Britain to remain in the EU, only to suffer a shock when the votes were counted.
"The market has a bit more time to steady itself before the results of the election are announced, as the US electorate head to the polls tomorrow it will be interesting to see whether investors opt for continued Clinton confidence, sensible stability, or a sharp turn Trump-wards."
Meanwhile, oil rebounded on the news that the secretary general of OPEC said the cartel was committed to a deal to cut production, but doubts persist over the feasibility of the plan.
An earthquake also hit Oklahoma on Sunday near the country's biggest crude-storage base.
Brent crude was last up 1.62% to $46.33 per barrel and West Texas Intermediate leapt up 2.02% to $44.98.
In corporate news, shares in Sotheby's increased 11.2% as the auctioneer reported a wider-than-expected $545m loss, or 99 cents a share, in the third quarter, compared to $17.9m, or 26 cents, last year.
Revenue fell 34% to $91.5m, but ahead of the forecast consensus of $75.8m.
Lending Club shares jumped 15.2%, reversing earlier gains of more than 18%, as the peer-to-peer lending company's third quarter results beat expectations as revenue fell 1.48% to $114.56m, compared to last year and ahead of expectations of $103.65m.
Shares in Dean Foods rose 2.28% as the milk producer also beat third quarter expectations, with earnings down 25% to $15m, or 16 cents a share, and adjusted earnings was 37 cents, above the forecast consensus of 36 cents.
Revenue slipped to $1.96bn from $2.03bn.
Dow Jones - Risers
Intel Corp. (INTC) $34.69 3.21%
Goldman Sachs Group Inc. (GS) $181.43 3.16%
JP Morgan Chase & Co. (JPM) $69.88 3.13%
Unitedhealth Group Inc. (UNH) $141.93 3.06%
General Electric Co. (GE) $29.31 3.06%
Microsoft Corp. (MSFT) $60.42 2.91%
Visa Inc. (V) $82.45 2.68%
Boeing Co. (BA) $143.03 2.50%
Cisco Systems Inc. (CSCO) $30.94 2.48%
Home Depot Inc. (HD) $123.75 2.35%
Dow Jones - Fallers
Travelers Company Inc. (TRV) $105.36 0.66%
Verizon Communications Inc. (VZ) $47.46 0.81%
Wal-Mart Stores Inc. (WMT) $69.78 0.90%
Pfizer Inc. (PFE) $30.38 1.27%
E.I. du Pont de Nemours and Co. (DD) $69.52 1.33%
Johnson & Johnson (JNJ) $116.66 1.35%
Apple Inc. (AAPL) $110.41 1.44%
McDonald's Corp. (MCD) $112.82 1.60%
United Technologies Corp. (UTX) $103.05 1.70%
Procter & Gamble Co. (PG) $86.56 1.74%
S&P 500 - Risers
Tenet Healthcare Corp. (THC) $19.82 11.66%
Sysco Corp. (SYY) $52.76 9.83%
Regeneron Pharmaceuticals Inc. (REGN) $365.39 7.03%
Biogen Inc (BIIB) $295.62 6.72%
Southwestern Energy Co. (SWN) $10.09 6.10%
Centene Corp. (CNC) $65.22 5.86%
Rockwell Automation Inc. (ROK) $124.24 5.68%
Nvidia Corp. (NVDA) $71.27 5.48%
United Rentals Inc. (URI) $76.11 5.47%
NetApp Inc. (NTAP) $32.11 5.45%
S&P 500 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $120.05 -6.94%
Newmont Mining Corp. (NEM) $36.49 -3.47%
Westrock Company (WRK) $45.27 -2.33%
Diamond Offshore Drilling Inc. (DO) $15.42 -1.91%
Activision Blizzard Inc. (ATVI) $41.09 -1.46%
DaVita Inc (DVA) $57.83 -1.33%
Qorvo, Inc. (QRVO) $50.47 -1.19%
O'Reilly Automotive Inc. (ORLY) $259.61 -0.61%
AvalonBay Communities Inc. (AVB) $170.72 -0.52%
Alcoa Corporation (AA) $25.08 -0.48%
Nasdaq 100 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $365.39 7.03%
Biogen Inc (BIIB) $295.62 6.72%
Nvidia Corp. (NVDA) $71.27 5.48%
NetApp Inc. (NTAP) $32.11 5.45%
Vertex Pharmaceuticals Inc. (VRTX) $83.22 5.40%
Incyte Corp. (INCY) $92.15 5.23%
Cognizant Technology Solutions Corp. (CTSH) $54.75 5.13%
Seagate Technology Plc (STX) $34.65 5.00%
Western Digital Corp. (WDC) $57.67 4.82%
Mylan Inc. (MYL) $36.59 4.54%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $120.05 -6.94%
Activision Blizzard Inc. (ATVI) $41.09 -1.46%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $38.95 -1.14%
O'Reilly Automotive Inc. (ORLY) $259.61 -0.61%
Discovery Communications Inc. Class A (DISCA) $25.55 -0.35%
TripAdvisor Inc. (TRIP) $63.43 -0.33%
Nxp Semiconductors Nv (NXPI) $98.72 0.02%
Whole Foods Market Inc. (WFM) $28.94 0.03%
Vodafone Group Plc ADS (VOD) $27.18 0.22% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Hammond, Barclaycard, Williams & Glyn, Airbnb Britain's leading tax and spending experts have warned Philip Hammond that his options are limited in this month's autumn statement after predicting that slower growth and higher inflation will punch a £25bn hole in the public finances by the end of the current parliament. The Institute for Fiscal Studies said that if economic forecasters were right about the impact of Brexit, the new chancellor would have to extend austerity after the next election in order to finally eradicate the budget deficit built up during the financial crisis of 2008-09. - Guardian
Philip Hammond must focus on "targeted, timely and temporary" tax cuts and spending increases to deal with the economic squeeze of leaving the EU, according to the Institute for Fiscal Studies. The think-tank said an infrastructure spending boost would provide the Government with the most "bang for their buck" in the forthcoming Autumn Statement as it warned that the Chancellor faced £25bn in extra public borrowing following the Brexit vote, even if the UK stopped its EU budget contributions. - Telegraph
Bumper box office takings, strong trade in pubs and a rush for winter clothes drove a solid rise in consumer spending last month, according to new figures. Barclaycard said spending rose 5.5% on a year earlier in October, the strongest growth since it started publishing monthly health checks on consumer finances in 2011. But it warned the trend of solid spending growth could soon fizzle out as households worry about inflation. - Guardian
Britain's jobs market is "thriving" again after a summer dip following the Brexit vote, according to a survey by the Recruitment and Employment Confederation. The monthly REC/Markit barometer showed the number of people finding permanent roles climbed at the fastest pace in eight months in October, marking the third consecutive month of increases. - Telegraph
The dollar value of China's exports and imports shrank for the second month running in October, indicating continued deterioration for the country's external trade at the start of the fourth quarter. Outbound shipments valued in dollars fell 7.3 per cent year on year in October, according to China's General Administration of Customs, versus a fall of 6 per cent predicted by economists. - Financial Times
Santander has launched another bid to buy branches owned by Royal Bank of Scotland, bringing hope that the state-controlled bank will finally be able to divest the business. The move represents another change of direction by the Spanish bank, which walked away from the negotiating table two months ago after making a lowball offer for the 314-branch business that RBS had named Williams & Glyn. - The Times
Royal Bank of Scotland is set to announce a compensation scheme worth hundreds of millions of pounds for small and medium-sized companies mistreated by its restructuring division. After years of controversy over the activities of its Global Restructuring Group, RBS will admit today that it failed some business customers and it will outline plans to offer them redress. - The Times
Airbnb's market share in London nearly tripled last year, according to a study, piling more pressure on the market for residential lettings. Research by Colliers, a property services company, found that 7.6 per cent of overnight stays in London were in Airbnb homes in December last year, up from 2.8 per cent in January. - Financial Times
The taps have been turned on at one of the biggest new gasfields for years in the North Sea. Gas has started flowing from the high-pressure Alder field 100 miles off the Scottish coast, Chevron, the American oil major, said. It will be piped via the Forties pipeline to the Grangemouth terminal on the Firth of Forth. - The Times
France's Total and China National Petroleum Corp are set to sign the first major agreement with Iran for the development of its gasfields since the loosening of international sanctions in January. Iran's oil ministry said on Monday it expected to finalise the preliminary deal, involving development of a new phase of the giant South Pars gasfield, on Tuesday. - Financial Times
Liberty Media's takeover of Formula One could be stopped in its tracks after competition authorities launched an inquiry yesterday. The Competition and Markets Authority wants to find out whether the £600 million takeover breaches laws on sporting cartels. Liberty's buyout, expected to be completed next year, would give the American media conglomerate control of Formula One, as well as broadcasting contracts covering the sport around the world. - The Times
McDonald's has filed a $20m lawsuit against Florence for blocking a proposed outlet in the city's most revered square. The US fast-food chain said on Monday that it was claiming €17.8m ($19.65m) in damages after the city rejected an application to open an outlet in the historic Piazza del Duomo, one of the most visited places in Europe. - Guardian
Sainsbury's is stepping up its drive to tackle the UK's food waste epidemic by announcing a further £1m to help towns and cities reduce the number of items thrown away by consumers. In the second phase of the retailer's "waste less, save more" programme, which aims to reduce food waste by 50% and save the average household £350 a year, funding is being extended to regions keen to replicate the lessons learned from an ongoing trial in Swadlincote, Derbyshire. - Guardian |
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