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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 edge lower on N Korea concerns as investors eye May speech London stocks edged lower in early trade on Friday after North Korea reportedly threatened to test a hydrogen bomb over the Pacific and as investors awaited a key speech by Prime Minister Theresa May.
At 0830 BST, the FTSE 100 was down 0.2% to 7,252.13, while the pound was flat against the dollar at 1.3579 and 0.3% lower versus the euro at 1.1342.
Speaking at a United Nations meeting in New York late on Thursday, North Korea's foreign minister Ri Yong Ho reportedly said the country could consider a nuclear test of "unprecedented scale".
Investors were also looking ahead to a speech by Theresa May in Florence at around 1415 BST, during which she is set to outline her plans for Brexit. May is expected to say she wants a two-year transition deal and is also likely to reference the fact that Britain needs to pay its dues, amid reports of a €20bn divorce payment contingent on access to the single market and some form of customs union.
Mike van Dulken at Accendo Markets said: "There have been no leaks as yet, but she is widely expected to address three issues - citizens' rights, monies owed and a transition period - and bid farewell to the 'no deal is better than a bad deal' mantra.
"She will pledge stronger legal protection for the existing 3m EU citizens in the UK after March 2019, something that has resulted in much uncertainty. She is unlikely to put a number on settling the fabled 'divorce bill', but is expected to ensure no black hole in the EU budget during a two-year Brexit transition - the UK's first official request for such a period."
In corporate news, Smiths Group was under the cosh after it posted a small decline in full year underlying revenue but 11% growth on a reported basis thanks to the weak pound and said its strategic progress set it up to return to growth next year.
Shares in oil rig builder Lamprell tanked as it posted a drop in first-half revenue and warned that revenue for 2018 would be 10% lower on the year.
In terms of sectors, heavily-weighted mining stocks were the worst performers, with BHP Billiton, Antofagasta, Anglo American and Glencore all weaker following S&P's downgrade of China's credit rating on Thursday.
On the upside, Sage, the specialist provider of products and services for those over 50, was in the black after it reported a 5.5% jump in its underlying pre-tax profit for the first half to £110.2m, while Coca-Cola HBC was boosted by an upgrade to 'equalweight' at Morgan Stanley.
Acacia Mining was also on the front foot after saying it has yielded positive results from a trial to increase the proportion of sellable gold produced by its smallest mine in the country.
On the data front, the CBI industrial trends survey is at 1100 BST. |
| | 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.
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Are Lloyds shares set to rocket?
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How do they compare in value and safety?
What you’re about to find out may surprise you…
Click here for your Complimentary Guide |
| Market Movers
FTSE 100 (UKX) 7,252.13 -0.16%
FTSE 250 (MCX) 19,375.97 -0.22%
techMARK (TASX) 3,414.22 -0.01%
FTSE 100 - Risers
Kingfisher (KGF) 303.00p 0.93%
Reckitt Benckiser Group (RB.) 6,762.00p 0.87%
Coca-Cola HBC AG (CDI) (CCH) 2,524.00p 0.84%
Imperial Brands (IMB) 3,240.50p 0.81%
Johnson Matthey (JMAT) 3,416.00p 0.77%
TUI AG Reg Shs (DI) (TUI) 1,295.00p 0.54%
Diageo (DGE) 2,432.50p 0.50%
British American Tobacco (BATS) 4,586.00p 0.46%
International Consolidated Airlines Group SA (CDI) (IAG) 588.50p 0.43%
Randgold Resources Ltd. (RRS) 7,330.00p 0.41%
FTSE 100 - Fallers
Smiths Group (SMIN) 1,562.00p -3.16%
BHP Billiton (BLT) 1,316.50p -2.05%
Antofagasta (ANTO) 905.50p -1.79%
Anglo American (AAL) 1,312.00p -1.46%
Glencore (GLEN) 341.75p -1.39%
Standard Chartered (STAN) 726.00p -1.31%
Rio Tinto (RIO) 3,430.50p -1.01%
Direct Line Insurance Group (DLG) 367.40p -0.84%
Schroders (SDR) 3,239.00p -0.83%
Barclays (BARC) 189.00p -0.74%
FTSE 250 - Risers
Acacia Mining (ACA) 184.50p 3.30%
Pets at Home Group (PETS) 199.40p 2.47%
Clarkson (CKN) 2,882.00p 2.38%
CLS Holdings (CLI) 205.00p 2.19%
Sirius Minerals (SXX) 25.91p 1.61%
John Laing Group (JLG) 292.50p 1.56%
TBC Bank Group (TBCG) 1,700.00p 1.19%
Petrofac Ltd. (PFC) 433.90p 1.17%
Polypipe Group (PLP) 400.00p 1.11%
Fisher (James) & Sons (FSJ) 1,499.00p 1.01%
FTSE 250 - Fallers
FDM Group (Holdings) (FDM) 948.00p -2.92%
Kaz Minerals (KAZ) 702.00p -2.64%
Provident Financial (PFG) 745.50p -2.49%
Telecom Plus (TEP) 1,066.00p -2.47%
Vedanta Resources (VED) 809.50p -1.70%
Rank Group (RNK) 216.40p -1.68%
Metro Bank (MTRO) 3,289.00p -1.56%
Marshalls (MSLH) 429.60p -1.45%
Sophos Group (SOPH) 533.00p -1.30% |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Strong PMIs offset fresh barbs from North Korea Stocks are trading on a slightly mixed note amid strong survey readings on the euro area's manufacturing and services sector and ahead of key events in the political scene, including a speech from Prime Minister Theresa May in Florence and the German general elections at the weekend - and fresh barbs from Pyongyang.
As of 0919 BST, the benchmark Stoxx 600 was drifting lower by 0.11% or 0.44 points to 382.44, alongside a dip of 0.04% or 5.47 points to 12,593.83 in the Dax and a gain of 0.24% or 12.44 points to 5,279.73 for the Cac-40.
On a positive note, IHS Markit's composite purchasing managers' index for September jumped to a four-month high of 56.7 (consensus: 55.6), thanks to solid readings on both factory and service sector activity.
However, good news on that front was dulled by remarks from North Korean foreign minister Ri Yong Ho that his country might consider testing a hydrogen bomb over the Pacific Ocean.
Despite that, the US dollar was again on the back foot on the heels of the latest Eurozone PMI readings and in anticipation of May's speech, in which she was expected to try and restart stalled Brexit talks by offering to foot a 'divorce bill' of €20bn, in exchange for access to the single market, possibly in an opening gambit.
Both developments served to bolster the euro and pound versus the Greenback.
Also on the economic front, following revisions from INSEE the rate of growth in French second quarter gross domestic product was marked up from an initially estimated rise of 1.7% year-on-year to 1.8%.
Still on the economic calendar for Friday, a speech from European Central Bank vice-president Vitor Constancio was scheduled for 1315 BST.
Later in the day, at 1445 BST, IHS Markit was to publish its US manufacturing sector PMI for September. Before that, at 1145 BST, San Francisco Fed chief John Williams was due to speak at the Swiss National Bank and Kansas City and Dallas Fed presidents Esther George and Robert Kaplan at 1430 BST at a conference on the outlook for oil.
In corporate news, the spotlight was on the passing away of L'oreal owner Liliane Bettencourt, whose family owned a third of the cosmetics giant.
Air Berlin was still on traders' radar, with Reuters reporting that Lufthansa was set to come away with a large part of the bankrupt carrier's assets, although Easyjet was still in the running for some of those.
Meanwhile, Daimler announced it would invest $1bn in its Mercedes-Benz plant in Alabama to start manufacturing its electric sports utility vehicles at the site from about 2020. |
| | UK Event Calendar | |
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Top of the stocks Number of Deals Bought Number of Deals Sold |
| | US Market Report | | US close: Markets end lower as investors digest Fed meeting, economic data Stocks finished lower on Thursday, as traders tried to work out the implications of the US central bank's policy announcement on Wednesday, despite a raft of better-than-expected readings on the economy.
The Dow Jones Industrial Average closed down 0.24% at 22,359.23, the S&P 500 was off 0.3% at 2,500.60, and the Nasdaq 100 finished 0.65% softer at 5,934.91.
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.
Analysts appeared to be somewhat in agreement that the Federal Open Market Committee delivered a 'hawkish' surprise with regards to expectations for an interest rate hike in December, but a 'dovish' surprise in terms of its medium-term outlook.
In her post-meeting press conference Fed chief Janet Yellen appeared to downplay the downtrend in core inflation year-to-date and appeared to put forth an explanation for the divergence between market-pricing for Fed hikes and rate-setters' own projections.
Commenting on the Fed's decisions, analysts at Goldman Sachs led by Jan Hatzius said: "The near-term message from the FOMC was hawkish, with 12 out of 16 participants projecting a third 2017 rate hike, upgrades to the GDP and employment forecasts, and continued skepticism from Chair Yellen about the significance of the weaker-than-expected core inflation numbers.
"We have consequently upgraded our subjective probability of a rate hike in December from 60% to 75%."
In economic news, the Philly Fed's regional manufacturing gauge jumped rose from a reading of 18.9 for August to 23.8 in September (consensus: 17.0).
Initial jobless claims fell by 23,000 to 259,000 during the week ending on 16 September, according to the Department of Labor.
On the corporate front, carbon materials group Calgon Carbon rocketed 62.12% after the company agreed to be bought by Japanese chemical manufacturer Kuraray Co for $1.1bn.
Also high on the Big Board, shares of Transocean and Seadrill were down 7.06% and 22.26% respectively, with the former having received a contract termination notice from Chevron for the Discoverer Clear Leader rig.
AMD was also in the market spotlight, finishing 2.4% lower after CNBC reported it was building a custom processor for Tesla's autonomous autopilot for cars.
Dow Jones - Risers
General Electric Co. (GE) $24.75 1.77%
Goldman Sachs Group Inc. (GS) $231.29 0.65%
JP Morgan Chase & Co. (JPM) $95.03 0.45%
Intel Corp. (INTC) $37.20 0.35%
United Technologies Corp. (UTX) $114.50 0.35%
Visa Inc. (V) $105.31 0.32%
Home Depot Inc. (HD) $159.19 0.32%
Cisco Systems Inc. (CSCO) $32.70 0.31%
Boeing Co. (BA) $256.15 0.23%
Chevron Corp. (CVX) $116.47 0.09%
Dow Jones - Fallers
Procter & Gamble Co. (PG) $92.64 -1.86%
Apple Inc. (AAPL) $153.39 -1.72%
Johnson & Johnson (JNJ) $131.75 -1.10%
Verizon Communications Inc. (VZ) $48.94 -1.09%
Microsoft Corp. (MSFT) $74.21 -0.97%
Coca-Cola Co. (KO) $45.40 -0.83%
Exxon Mobil Corp. (XOM) $79.90 -0.82%
Nike Inc. (NKE) $53.19 -0.69%
Wal-Mart Stores Inc. (WMT) $80.01 -0.61%
McDonald's Corp. (MCD) $159.03 -0.53%
S&P 500 - Risers
Anadarko Petroleum Corp. (APC) $48.49 8.21%
Sl Green Realty Corp. (SLG) $101.13 3.49%
Best Buy Co. Inc. (BBY) $53.95 2.59%
Alliance Data Systems Corp. (ADS) $215.76 2.56%
Marathon Oil Corp. (MRO) $12.74 2.50%
Vornado Realty Trust (VNO) $75.63 2.44%
Equifax Inc. (EFX) $98.25 2.34%
Tenet Healthcare Corp. (THC) $15.92 2.25%
Public Service Enterprise Group Inc. (PEG) $46.22 2.19%
CF Industries Holdings Inc. (CF) $35.96 2.19%
S&P 500 - Fallers
Transocean Ltd. (RIG) $9.08 -7.06%
Diamond Offshore Drilling Inc. (DO) $13.09 -5.28%
United States Steel Corp. (X) $24.66 -4.38%
Southwestern Energy Co. (SWN) $5.83 -3.64%
Allergan plc (AGN) $202.69 -3.50%
Clorox Co. (CLX) $131.33 -2.98%
Kroger Co. (KR) $20.22 -2.79%
Nvidia Corp. (NVDA) $180.76 -2.73%
Zimmer Biomet Holdings Inc (ZBH) $113.06 -2.72%
Urban Outfitters Inc. (URBN) $22.74 -2.70%
Nasdaq 100 - Risers
American Airlines Group (AAL) $46.29 1.92%
Netflix Inc. (NFLX) $188.78 1.76%
Shire Plc Ads (SHPG) $155.36 1.28%
Discovery Communications Inc. Class C (DISCK) $20.30 1.15%
Seagate Technology Plc (STX) $32.72 1.05%
Biomarin Pharmaceutical Inc. (BMRN) $93.42 0.92%
Cintas Corp. (CTAS) $137.45 0.68%
Analog Devices Inc. (ADI) $84.24 0.66%
Discovery Communications Inc. Class A (DISCA) $21.35 0.42%
Baidu Inc. (BIDU) $238.92 0.40%
Nasdaq 100 - Fallers
JD.com, Inc. (JD) $42.98 -3.29%
Mercadolibre Inc. (MELI) $281.87 -2.87%
Nvidia Corp. (NVDA) $180.76 -2.73%
NetEase Inc. Ads (NTES) $277.62 -2.09%
Symantec Corp. (SYMC) $33.04 -2.02%
Tesla Inc (TSLA) $366.48 -1.99%
Electronic Arts Inc. (EA) $118.02 -1.93%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $219.74 -1.83%
Apple Inc. (AAPL) $153.39 -1.72% |
| | Newspaper Round Up | | Friday newspaper round-up: North Korea, May's speech, SEC, HBOS North Korean leader Kim Jong-un Friday mocked Donald Trump as "mentally deranged" - and warned he will make the US president "pay dearly" for threatening the destruction of his country at the United Nations. Then hours later Ri Yong Ho, the North Korean foreign minister, raised the stakes suggesting Pyongyang could consider a hydrogen bomb test on the Pacific Ocean of an unprecedented scale. - Telegraph
Donald Trump has issued a new executive order that expands US sanctions on North Korea's shipping, banking, ports and manufacturing. Trump also claimed China's banking system had shut down business with the country. Earlier in the day Reuters reported that China's central bank had ordered financial institutions to implement UN sanctions rigorously after frequent complaints from Washington that Beijing was leaving open too many loopholes. - Guardian
Theresa May will call on EU leaders to be more "imaginative and creative" about Brexit in her long-awaited speech in Florence, after Michel Barnier, the EU's chief negotiator, warned that a substantive offer to settle the UK's bills was needed to break the deadlock in talks. The prime minister will urge her European counterparts to share her vision for building a successful new relationship between the UK and EU after Brexit, despite talks with the European commission negotiators having reached a stalemate after three rounds. - Guardian
Theresa May will today tell EU leaders that they share a "profound sense of responsibility" to forge a Brexit deal for the benefit of those who "inherit the world we leave them". The Prime Minister will use a landmark speech in Florence to tell European negotiators and heads of state that "the eyes of the world are upon us" and that they must use imagination to make a success of "this chapter of our European history". - Telegraph
China and Hong Kong have begun to feel the first menacing tremors from monetary tightening by the US Federal Reserve, an early warning of what may lie in store for East Asia as borrowing costs rise and dollar liquidity drains away. The Fed's decision to start unwinding its $4.5 trillion (£3.3 trillion) balance sheet after eight years of emergency stimulus may force Asian central banks to tighten in parallel. It greatly complicates the coming task for China, shortening the window of opportunity needed to put its financial house in order. - Telegraph
Wall Street's top regulator came under fire on Thursday about its cybersecurity and disclosure practices after admitting hackers had breached its database of corporate announcements in 2016 and may have used it for insider trading. The breach involved Securities and Exchange Commission's Edgar filing system, which houses market-moving information with millions of filings ranging from quarterly earnings to statements on acquisitions. - Guardian
Confidential minutes from a high-level City meeting in 2007 raise questions about the ruling this week by the Financial Reporting Council that KPMG was "reasonable" in vouching for the health of the soon-to-fail bank HBOS. With the credit crunch in full swing, a meeting of investment chiefs and senior accounting professionals at the offices of Schroders two weeks before Christmas 2007 heard how the FRC was "fully aware that there might be 'going concern' problems" at UK banks. - The Times
Eon has announced plans to scrap its standard variable tariff, in a first for the Big Six energy giants. The German-owned group said yesterday it would put all customers onto fixed tariffs if they agreed to fit a smart meter in their home that measures energy consumption in real-time. - The Times
Britain's pensioners are racking up ever-growing levels of debts as higher house prices mean families take longer to get on the property ladder, and people have to borrow more to cover care costs or help their children financially. The mortgage debts of over-65s are set to double over the next 13 years from £20.1bn to £39.9bn by 2030, the Financial Conduct Authority believes. - Telegraph
Amazon and Facebook are likely to bid for Premier League streaming rights, which will further escalate the huge financial boom for England's top clubs, the Manchester United vice-chairman, Ed Woodward, has said. In his quarterly call with bank executives who invest in United's shares on the New York stock exchange, Woodward said the pair were very interested in the last round of rights deals for 2016-19, which the Premier League sold primarily to BSkyB and BT for £8.4bn. - Guardian
Uber is expected to find out on Friday whether Transport for London will give it a licence to continue operating in the capital. The US car-hailing smartphone app launched in London in 2012 and has signed up millions of customers as well as thousands of drivers, but faced vocal opposition from the taxi trade. - Telegraph
Flagging down a waiter to ask for the bill is too time consuming and socially awkward for young Britons, who prefer the idea of paying a robot instead. Two-thirds of those aged between 21 and 34-years old would be happy to pay via a machine instead of a person, according to a survey from WorldPay. - Telegraph
MPs are set to investigate whether the spread of electric vehicles could crash Britain's electricity grid. The Business, Energy and Industrial Strategy committee said it will examine the challenges that electric cars pose to infrastructure and what actions will be needed to support the industry's growth. Critics say the mass take-up of electric cars could overload the power network, forcing the network's owners to invest large sums reinforcing it. - The Times
Confidence among property professionals about the health of the real estate market has doubled since last year, according to a new survey. Property investors, developers and agents controlling a combined £400bn of assets were asked about how optimistic they were about the future of UK real estate, with 29pc saying they were feeling optimistic. - Telegraph
Australia's biggest bank is eyeing up a float of its global asset management business after securing a multi-billion pound deal to sell its life insurance unit to Hong Kong-based AIA. The Commonwealth Bank of Australia (CBA) announced the moves as it battles to clean up its reputation after being accused of allegedly breaching money laundering and terrorism financing laws more than 53,000 times. - Telegraph
New rules requiring companies to publish the difference between what male and female employees earn was supposed to help to close Britain's 18.1 per cent gender pay gap. However, as it became the first FTSE 100 company to publish its figures under the new rules, SSE, the utility group, admitted yesterday that the difference had widened in the last year. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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