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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 up as investors digest Fed London stocks nudged higher in early trade on Thursday as investors mulled over the latest policy announcement from the Federal Reserve and sifted through corporate news.
At 0835 BST, the FTSE 100 was up 0.1% to 7,275.86, while the pound was flat against the dollar at 1.3492.
Overnight, the Fed stood pat on interest rates, as expected, while Chair Janet Yellen confirmed the central bank will start winding down its $4.5trn balance sheet in October and suggested that one more rate increase is likely by the end of the year.
The Fed's monetary policy update delivered exactly what had been expected by the market, but Ipek Ozkardeskaya at London Capital Markets said the comments from the Fed were surprisingly hawkish.
"Yellen said that the causes of low inflation are not well understood and should be temporary, however the solid labour market and the encouraging economic recovery are supportive of another rate hike in 2017 and three more hikes in the course of 2018."
The probability of a December rate hike surged to 63.8% compared to 53.2% prior to the meeting, while US 10-year yields spiked to 2.28%, and the VIX index slid below August's lows, which Ozkardeskaya said points at a complete lack of anxiety from investors.
In UK corporate news, CRH rallied as it struck a deal to acquire Kansas-based Ash Grove Cement Company for $3.5bn, while speciality chemicals group Johnson Matthey gained after confirming its guidance for the year and saying it expects sales growth of around 6%.
Anglo American was also on the front foot on news that Indian billionaire Anil Agarwal plans to up his stake in the company to just over 20% from 13%.
IG Group was trading higher after saying it generated record revenues in the three months to the end of August, boosted by strong overseas growth for the online trading broker as UK client numbers tailed off.
Kier Group surged as it reported an 8% rise in underlying full-year pre-tax profit as revenue grew and its business remained relatively unaffected by Brexit.
On the downside, Capita shares tumbled even as the company said it grew underlying profits 46% in the first six months of the year, though revenue dropped.
Catering group Compass was in the red after announcing that Richard Cousins will step down as chief executive officer in March. He will be succeeded by current chief operating officer for Europe, Dominic Blakemore.
Mitchells & Butlers was on the back foot as it posted growth in sales for the year to date but said the latter part of the summer was hit by poorer weather, while Fresnillo was weaker despite saying that its headquarters and production facilities in Mexico were not affected by the earthquake there.
Taylor Wimpey, Crest Nicholson, Ladbrokes, Bovis and Redrow were all lower as their stock went ex-dividend.
Still to come on the data front, BBA mortgage approvals and public sector net borrowing figures are at 0930 BST. |
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| Market Movers
FTSE 100 (UKX) 7,275.86 0.05%
FTSE 250 (MCX) 19,502.87 -0.19%
techMARK (TASX) 3,425.36 -0.05%
FTSE 100 - Risers
CRH (CRH) 2,756.00p 3.80%
Anglo American (AAL) 1,326.50p 2.51%
Prudential (PRU) 1,786.50p 1.13%
Royal Bank of Scotland Group (RBS) 259.10p 1.09%
Barclays (BARC) 187.90p 1.08%
Scottish Mortgage Inv Trust (SMT) 422.50p 1.00%
HSBC Holdings (HSBA) 729.70p 0.93%
BP (BP.) 462.30p 0.63%
Royal Dutch Shell 'B' (RDSB) 2,212.00p 0.61%
Aviva (AV.) 504.50p 0.60%
FTSE 100 - Fallers
Compass Group (CPG) 1,567.00p -2.79%
Randgold Resources Ltd. (RRS) 7,275.00p -2.61%
Fresnillo (FRES) 1,408.00p -2.36%
Schroders (SDR) 3,243.00p -2.14%
Antofagasta (ANTO) 924.00p -2.07%
Glencore (GLEN) 342.50p -1.79%
Rio Tinto (RIO) 3,453.50p -1.53%
BHP Billiton (BLT) 1,332.00p -1.48%
Old Mutual (OML) 195.00p -1.32%
Severn Trent (SVT) 2,179.00p -1.31%
FTSE 250 - Risers
Kier Group (KIE) 1,165.00p 6.39%
IG Group Holdings (IGG) 630.50p 1.94%
BGEO Group (BGEO) 3,324.00p 1.71%
Aldermore Group (ALD) 224.30p 1.68%
Inchcape (INCH) 841.00p 1.39%
Woodford Patient Capital Trust (WPCT) 96.50p 1.15%
Tullow Oil (TLW) 169.70p 1.07%
Electra Private Equity (ELTA) 1,657.00p 1.04%
Virgin Money Holdings (UK) (VM.) 270.50p 1.01%
Marshalls (MSLH) 442.30p 0.98%
FTSE 250 - Fallers
Capita (CPI) 600.50p -6.75%
Senior (SNR) 263.50p -3.09%
Kaz Minerals (KAZ) 723.50p -2.82%
Ladbrokes Coral Group (LCL) 118.80p -2.78%
Bovis Homes Group (BVS) 1,037.00p -2.63%
Crest Nicholson Holdings (CRST) 520.50p -2.62%
Computacenter (CCC) 964.00p -2.43%
Centamin (DI) (CEY) 135.90p -2.09%
Redrow (RDW) 549.50p -2.05% |
| | UK Event Calendar | | Thursday September 21
INTERIMS
Cambridge Cognition Holdings, Elektron Technology, Mission Marketing Group, Quixant, Safestyle UK , Scisys, Venture Life Group
INTERIM DIVIDEND PAYMENT DATE
Cineworld Group, Fidessa Group, Hochschild Mining, Legal & General Group, Rio Tinto, Schroders, Schroders (Non-Voting), Ultra Electronics Holdings
INTERIM EX-DIVIDEND DATE
Applegreen, Bovis Homes Group, Crest Nicholson Holdings, Dignity, Drax Group, EMIS Group, Epwin Group, Forterra, Franchise Brands, Gamma Communications, Good Energy Group, GVC Holdings, Henry Boot, HGCapital Trust, Hunters Property , Irish Continental Group Units, John Laing Infrastructure Fund Ltd, Ladbrokes Coral Group, Luceco , Macfarlane Group, Maintel Holdings, Midwich Group, Non-Standard Finance, Old Mutual, Pendragon, Petrofac Ltd., Playtech, Property Franchise Group, Servelec Group , Stadium Group, Taylor Wimpey, Vitec Group, Weir Group, XLMedia
QUARTERLY PAYMENT DATE
Fair Oaks Income Limited 2014 Shs NPV, Fair Oaks Income Limited 2017 Shs NPV
QUARTERLY EX-DIVIDEND DATE
Funding Circle SME Income Fund
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (12:30)
FINALS
Kier Group, Pan African Resources
AGMS
Accsys Technologies, Auto Trader Group , Begbies Traynor Group, Cambium Global Timberland Ltd., Circle Property , F&C Managed Portfolio Trust Income Shares, First Property Group, Gloo Networks, IG Group Holdings, NCC Group, Park Group, Ryanair Holdings, Twentyfour Income Fund Limited Ord Red, VietNam Holding Ltd, WYG
TRADING ANNOUNCEMENTS
Mitchells & Butlers, NCC Group
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
Public Sector Net Borrowing (09:30)
FINAL EX-DIVIDEND DATE
1pm, AdEPT Telecom, Consort Medical, Coral Products, Dart Group, Hargreaves Services, Joules Group, K3 Capital Group , Kainos Group , Mattioli Woods, Oxford Instruments, Pembroke Vct, Pembroke Vct B, Rank Group, Redrow, Renishaw, Stewart & Wight, Van Elle Holdings
|
| | Barclays Vs Lloyds - Which is a better Buy? | | Barclays and Lloyds are two of the UK’s most popular stocks.
But which is the better buy?
In this Complimentary Guide we explain in plain English what’s really going on at these key British Banks.
Find out:
Are Lloyds shares set to rocket?
Why Barclays has a ‘secret weapon’ that could unlock serious value
How do they compare in value and safety?
What you’re about to find out may surprise you…
Click here for your Complimentary Guide |
| | US Market Report | | US close: Dow, S & P 500 close at session highs as Fed starts QE taper The Dow Industrials and S & P 500 ended slightly higher even as the US Federal Reserve announced the historic end to its balance sheet expansion, although the Nasdaq was held back by losses in shares of Apple.
Following two days of deliberations, and as expected, on Wednesday the US central bank said it would begin limiting the reinvestment of principal payments on its holdings of government and agency debt by $10bn, starting from October, while the target range for the Fed funds rate was kept at between 1.0% and 1.25%.
More interesting perhaps, while not a foregone conclusion, although many analysts thought otherwise, the Fed's Summary Of Economic Projections held out the possibility of another 25 basis point interest rate hike come December.
Against that backdrop, the Dow Jones Industrials Average closed up by 0.19% or 41.79 points at 22,412.59, alongside a gain of 0.06% or 1.59 points to 2,508.24 for the S&P 500. In parallel, according to the CME's Fed Watch tool, Fed fund futures were pricing-in 71.9% odds of a December rate hike.
The Nasdaq Composite on the other hand closed 0.08% or 5.28 points lower to 6,456.04, as shares of Apple came under selling pressure.
From a sector standpoint, the best performing areas of the market were: Aluminum (2.82%), Non-ferrous metals (2.48%) and Gambling (2.03%).
Commenting on the Federal Open Market Committee's decision (and on the more dovish side of things), Philip Marey at Rabobank told clients:"While the Fed remains on course, we still have our doubts about the third rate hike. Note that the minutes of the previous meeting, in July, revealed a fierce debate about the inflation outlook.
"At the press conference, Fed Chair Yellen was not able to offer a good explanation for low inflation this year. We expect core inflation to continue to fall short, which should induce the FOMC to delay the next hike to next year. Note that retiring Vice Chairman Fischer - who would be inclined to vote for a hike - will no longer be a voter at the next two meetings."
On the other side of the argument, Danske Bank said: "The statement and dots confirm our view that while the four most dovish members (probably Bullard, Brainard, Evans and Kashkari, in our view) are still concerned about low inflation and do not think it is appropriate to raise rates further this year, core FOMC members still believe that above-trend growth and a tighter labour market will lead to higher wage growth and hence inflation eventually."
Also on the economic front, in August existing US home sales dropped by 1.7% on the month to reach an annualised pace of 5.35m (consensus: 5.45m), according to the National Association of Realtors.
In corporate news, Apple was a drag on the main indices as reports surfaced of connectivity problems with its new Apple Watch Series 3.
Going the other way, Pfizer was a notable riser after analysts at Morgan Stanley upgraded their recommendation on the stock from 'neutral' to 'overweight'.
American Outdoor Brands was higher as well following reports late on Tuesday that President Trump will ease rules on gun exports.
Retailer Bed Bath & Beyond tanked nearly 16% after its earnings late on Tuesday missed analysts' expectations. The company said same-store sales declined 2.6% in the second quarter, versus expectations of a 0.7% drop, while sales of $2.9bn fell short of estimates of $3bn.
Elsewhere, FedEx was also in focus after its earnings late on Tuesday also disappointed, with the company cutting its profit forecast for the year as it took a hit from a cyber attack.
Dow Jones - Risers
McDonald's Corp. (MCD) $159.89 1.56%
Pfizer Inc. (PFE) $35.99 1.52%
Boeing Co. (BA) $255.46 1.19%
Travelers Company Inc. (TRV) $121.91 1.10%
International Business Machines Corp. (IBM) $145.79 1.03%
Walt Disney Co. (DIS) $99.21 0.79%
JP Morgan Chase & Co. (JPM) $94.60 0.70%
Home Depot Inc. (HD) $158.69 0.65%
Unitedhealth Group Inc. (UNH) $195.75 0.57%
Wal-Mart Stores Inc. (WMT) $80.50 0.56%
Dow Jones - Fallers
Apple Inc. (AAPL) $156.07 -1.68%
Johnson & Johnson (JNJ) $133.22 -1.48%
3M Co. (MMM) $210.40 -1.43%
Microsoft Corp. (MSFT) $74.94 -0.66%
American Express Co. (AXP) $88.43 -0.64%
Coca-Cola Co. (KO) $45.78 -0.43%
Intel Corp. (INTC) $37.07 -0.43%
Visa Inc. (V) $104.97 -0.42%
Merck & Co. Inc. (MRK) $65.78 -0.24%
E.I. du Pont de Nemours and Co. (DD) $83.93 -0.00%
S&P 500 - Risers
Transocean Ltd. (RIG) $9.77 4.49%
Diamond Offshore Drilling Inc. (DO) $13.82 4.14%
Chesapeake Energy Corp. (CHK) $4.18 3.71%
Interpublic Group of Companies Inc. (IPG) $20.78 3.69%
Marathon Oil Corp. (MRO) $12.42 3.50%
TEGNA Inc (TGNA) $12.80 3.39%
Devon Energy Corp. (DVN) $34.89 3.32%
Roper Technologies Inc (ROP) $246.22 3.19%
Apache Corp. (APA) $43.05 3.11%
Newfield Exploration Co (NFX) $28.67 3.09%
S&P 500 - Fallers
Bed Bath & Beyond Inc. (BBBY) $22.74 -15.87%
General Mills Inc. (GIS) $52.17 -5.80%
Qorvo, Inc. (QRVO) $70.32 -5.38%
L Brands Inc (LB) $37.22 -5.10%
Adobe Systems Inc. (ADBE) $149.96 -4.24%
Skyworks Solutions Inc. (SWKS) $103.51 -4.10%
Western Digital Corp. (WDC) $86.37 -3.95%
Signet Jewelers Ltd (SIG) $64.91 -3.26%
Microchip Technology Inc. (MCHP) $88.32 -2.92%
CVS Health Corp (CVS) $80.70 -2.89%
Nasdaq 100 - Risers
Liberty Interactive Corporation QVC Group (QVCA) $23.19 2.38%
American Airlines Group (AAL) $45.42 2.34%
Viacom Inc. Class B (VIAB) $27.72 2.14%
CSX Corp. (CSX) $52.81 1.99%
Henry Schein Inc. (HSIC) $80.39 1.58%
Regeneron Pharmaceuticals Inc. (REGN) $438.17 1.57%
J.B. Hunt Transport Services Inc. (JBHT) $104.26 1.55%
Liberty Global plc Series A (LBTYA) $33.81 1.47%
Paypal Holdings Inc (PYPL) $64.74 1.43%
Dentsply International Inc. (XRAY) $58.65 1.38%
Nasdaq 100 - Fallers
Adobe Systems Inc. (ADBE) $149.96 -4.24%
Skyworks Solutions Inc. (SWKS) $103.51 -4.10%
Western Digital Corp. (WDC) $86.37 -3.95%
Microchip Technology Inc. (MCHP) $88.32 -2.92%
Walgreens Boots Alliance, Inc. (WBA) $78.84 -2.92%
T-Mobile Us, Inc. (TMUS) $63.52 -2.90%
Broadcom Limited (AVGO) $242.91 -2.74%
Lam Research Corp. (LRCX) $173.02 -2.31%
KLA-Tencor Corp. (KLAC) $99.66 -2.30% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Newspaper Round Up | | Thursday newspaper round-up: Google-HTC, BHS, Sky Google has announced a deal to acquire part of Taiwanese firm HTC Corp's smartphone operations for about $1bn. The deal will not involve the purchase of a direct stake and HTC will continue to run its remaining smartphone business. Google has sought to beef up its hardware capability with deals and product launches, and last year hired Rick Osterloh, a former Motorola executive, to run its hardware division. - Guardian
The former owner of BHS has told a court he did not receive demands for information from the pensions watchdog as he was "offshore on a boat". Dominic Chappell, who headed Retail Acquisitions which bought BHS for £1 from Topshop entrepreneur Sir Philip Green about a year before the department store fell into administration, has been accused of failing to provide information to the pensions regulator. - Guardian
The City's top lobby group has urged Theresa May to get a move on with a Brexit transition deal as she prepares for a landmark speech in Italy tomorrow. Echoing a warning made by the head of the Financial Conduct Authority earlier this year, TheCityUK has slammed the lack of progress made on agreeing a transitional arrangement since the EU referendum and called for urgent action to limit damage to the City. - Telegraph
Britain's top competition watchdog has been forced to cut off his friendship with a senior City lawyer over potential accusations of bias in the investigation of the Murdoch family's £11.7bn Sky takeover bid. Andrea Coscelli, chief executive of the Competition and Markets Authority (CMA), will "take the prudent step of ceasing social interaction" with Antonio Bavasso, an antitrust partner at 21st Century Fox's law firm Allen & Overy. - Telegraph
MPs are to investigate the radical pension freedoms of two years ago that allow anyone over the age of 55 unfettered freedom to blow their retirement savings. The Commons' work and pensions committee is to launch an inquiry into how the "freedom and choice" reforms are working in practice, in particular over concern that they are exposing vulnerable people to fraud. - The Times
The accounting watchdog is under pressure to publish a register of conflicts of interest after clearing KPMG of any wrongdoing in the HBOS scandal while 11 of the firm's present or former partners sat on its key decision-making committees. The Financial Reporting Council is vulnerable to potential conflicts of interest and is at serious risk of regulatory capture as a result, some investors argue. More than 40 present and former Big Four partners sit on its main board or other key committees. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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