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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 in the red as pound rallies but Imagination Technologies surges London stocks fell in early trade on Monday as the pound gained ground against the euro after Angela Merkel secured a fourth term as German chancellor but with the tricky task of setting up a coalition, although chip designer Imagination Technologies bucked the trend on deal news.
At 0830 BST, the FTSE 100 was down 0.5% to 7,277.04 as the pound rose 0.7% versus the euro to 1.1368 after Merkel's conservative bloc saw its worst result in nearly 70 years over the weekend, taking 33% of the vote as anti-immigration party Alternative for Germany (AfD) took 12.6%.
Spreadex analyst Connor Campbell said: "Merkel's diminished authority - and the rise of a party with links, and similar Eurosceptic views (among other things), to UKIP and France's National Front - appears to be weighing on both the euro and the region's indices."
He added: "There isn't much to the UK economic calendar this Monday - or, in fact, much of the week (until Friday, at least) - meaning the FTSE is likely to remain trading in relationship the forex market."
Sterling was also stronger against the dollar, up 0.3% at 1.3549. A firmer pound tends to weigh on the main index as around 70% of its constituents derive most of their earnings from overseas.
On the corporate front, shares in Imagination Technologies bucked the trend, surging 33% after the company agreed late on Friday to be taken over by US-based, Chinese-backed private equity firm Canyon Bridge Partners for £550m.
Tullow Oil was also on the front after it said that its TEN fields offshore Ghana will not be affected by the maritime boundary dispute between Ghana and Cote d'Ivoire.
NMC Health advanced after the UAE-based healthcare provider announced a significant expansion into the Kingdom of Saudi Arabia as it received all the necessary regulatory approvals for a long-term care facility in Jeddah.
On the downside, Essentra dropped after confirming that its health and personal care packaging sites at Manati and Guaynabo in Puerto Rico have been disrupted as a result of Hurricane Maria, although both sites remained "fundamentally intact".
Shaftesbury was a little weaker as it said demand for West End properties has held up but leasing transactions at larger sites have slowed down due to current political and macroeconomic uncertainties.
Shares in Pennon slipped despite the water and waste company saying its half-year results remained "on track to deliver in line" for both businesses and it felt well placed for the rest of the year. |
| | Barclays Vs Lloyds - Which is a better Buy? | | Barclays and Lloyds are two of the UK’s most popular stocks.
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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?
Why Barclays has a ‘secret weapon’ that could unlock serious value
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What you’re about to find out may surprise you…
Click here for your Complimentary Guide |
| Market Movers
FTSE 100 (UKX) 7,277.04 -0.46%
FTSE 250 (MCX) 19,496.97 -0.10%
techMARK (TASX) 3,438.83 -0.13%
FTSE 100 - Risers
Smiths Group (SMIN) 1,531.00p 0.92%
NMC Health (NMC) 2,696.00p 0.86%
Centrica (CNA) 189.70p 0.85%
Convatec Group (CTEC) 268.10p 0.41%
3i Group (III) 920.50p 0.38%
ITV (ITV) 166.90p 0.36%
Scottish Mortgage Inv Trust (SMT) 414.50p 0.34%
G4S (GFS) 274.70p 0.33%
National Grid (NG.) 945.20p 0.12%
Kingfisher (KGF) 297.00p 0.10%
FTSE 100 - Fallers
Mediclinic International (MDC) 665.00p -2.28%
Anglo American (AAL) 1,312.00p -1.58%
Fresnillo (FRES) 1,415.00p -1.53%
Standard Chartered (STAN) 721.50p -1.16%
Johnson Matthey (JMAT) 3,452.00p -1.15%
Prudential (PRU) 1,754.00p -1.13%
Randgold Resources Ltd. (RRS) 7,340.00p -1.08%
Lloyds Banking Group (LLOY) 66.21p -1.05%
Antofagasta (ANTO) 930.00p -1.01%
Old Mutual (OML) 193.30p -0.97%
FTSE 250 - Risers
Tullow Oil (TLW) 190.60p 6.90%
Sirius Minerals (SXX) 26.00p 2.32%
Indivior (INDV) 331.80p 2.06%
Ladbrokes Coral Group (LCL) 122.80p 1.99%
Ted Baker (TED) 2,599.00p 1.84%
Sanne Group (SNN) 775.00p 1.64%
Millennium & Copthorne Hotels (MLC) 449.40p 1.40%
Mitchells & Butlers (MAB) 247.70p 1.18%
Bodycote (BOY) 924.50p 1.09%
Polar Capital Technology Trust (PCT) 1,029.00p 1.08%
FTSE 250 - Fallers
McCarthy & Stone (MCS) 146.30p -2.73%
IP Group (IPO) 124.20p -2.59%
Alfa Financial Software Holdings (ALFA) 477.30p -2.31%
Stobart Group Ltd. (STOB) 278.20p -2.25%
Clarkson (CKN) 2,752.00p -2.24%
Euromoney Institutional Investor (ERM) 1,126.00p -2.00%
Acacia Mining (ACA) 178.10p -1.98%
Kaz Minerals (KAZ) 713.50p -1.79%
Essentra (ESNT) 498.30p -1.52% |
| | UK Event Calendar | | Monday September 25
INTERIMS
Amerisur Resources, Elecosoft, Nasstar, Osirium Technologies, SimiGon Ltd. (DI), Sprue Aegis, Trinity Exploration & Production
INTERIM DIVIDEND PAYMENT DATE
Merlin Entertainments
QUARTERLY EX-DIVIDEND DATE
Total SA
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
FINALS
MJ Gleeson
AGMS
Associated British Engineering, Clipper Logistics , Hidong Estate, Lucky Cement Ltd GDR (Reg S), Zoo Digital Group
TRADING ANNOUNCEMENTS
Pennon Group |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks start on a soft note after German elections European stocks have begun the morning on a mixed note following a weak showing for Germany's two mainstream political parties in elections held at the weekend and amid news of possible delays in the approval of the Spanish government's 2018 Budget Law.
As of 0907 BST, the German Dax was up by 0.11% or 14.34 points at 12,604.7, alongside a dip of 0.04% or 2.12 points to 5,279.31 for the French Cac-40.
Spain's Ibex 35 on the other hand was lower by a heftier 0.59% to 10,247.10 amid reports that Spain's Basque nationalist party might withdraw its support for the central government in its attempts to gain parliamentary approval for the country's 2018 budget due to events in Catalonia.
Against that backdrop, euro/dollar was down by 0.38% to 1.1906.
Commenting on the result of the German elections, Holger Schmieding at Berenberg said coalition talks between Angela Merkel's CDU/CSU would be "difficult" after her party lost heavily to the right-wing Alternative for Deutschland in Bavaria.
The most likely scenario, according to Schmieding, was a so-called 'Jamaica' coalition, between Merkel's party, the Free Democrats and the Greens.
In Germany, such a coalition might be expected to focus on income tax cuts, with less emphasis on increasing pension entitlements, he said.
Against that backdrop, the IFO institute reported that its widely-followed business confidence gauge for Germany fell from a reading of 115.9 for October to 115.2 in September (consensus: 116.0).
Still on the economic calendar for later in the session, European Central Bank chief Mario Draghi was scheduled to speak before the European parliament at 1500 BST.
Stateside, the market spotlight on Monday was to be on Fedspeak, with New York Fed chief William Dudley set to take to the podium at 1330 BST, followed by his opposite number at the Chicago Fed at 1740 BST and Minneapolis Fed president Neel Kashkari just before midnight.
On the corporate front, France's Alstom and German rival Siemens were reportedly studying a combination of their rail activities.
Meanwhile, Lufthansa had reportedly offered €200m to take over Air Berlin and an additional €100m which would go towards operating costs in order to keep the carrier running. |
| | US Market Report | | US close: Stocks end on mixed note, North Korea threats weigh Wall Street ended the session on a mixed note, with a threat from North Korea's top diplomatic official weighing on sentiment.
At the closing bell, the Dow Jones Industrial Average had dipped 0.04% or 9.64 points to trade at 22,349.59, with the S&P 500 up by 0.06% or 1.62 points to 2,502.22 alongside it and the Nasdaq Composite higher by 0.07% or 4.23 points to 6,426.92.
From a sector standpoint, the best performing areas of the market were: Electronic office equipment (2.18%), Mobile telecommunications (2.05%) and Telecommunications (1.39%).
Speaking at a United Nations meeting in New York late on Thursday, North Korea's foreign minister Ri Yong Ho said the country could consider a nuclear test of "unprecedented scale".
Meanwhile, in a statement reported by North Korea's official news agency, Kim Jong Un said US President Donald Trump is "deranged" and will "pay dearly" for his threats. He added that his country would consider "the hardest level of hardline countermeasure in history" against the US.
His comments came after Trump delivered a speech at the United Nations earlier in the week in which he pledged to destroy North Korea if the US was attacked.
Acting as a backdrop, markets were also keeping a close eye on several Fed speakers. Speaking earlier in the day from the Swiss National Bank, San Francisco Fed chief John Williams reportedly held out the possibility of an interest rate hike as soon as in December.
However, he also indicated that in his view the "new normal" for the Fed funds rate - the US central bank's main policy rate - was around 2.5%.
He was joined later in the day by his opposite number at the Dallas Fed, Robert Kaplan, who according to Reuters suggested the equilibrium rate of interest lay at 2.25%.
Alongside those remarks, the yield on the benchmark two-year US Treasury was one basis point lower to 1.43%, but off an overnight low of 1.42%.
In parallel, IHS Markit reported a modest drop in its composite purchasing managers' index for the US manufacturing and services sector from 55.3 in August to 54.6 for September.
Nonetheless, the survey compiler labelled the economy's performance "resilient" given the disruptions from various hurricanes.
Meanwhile, Baker Hughes reported that the weekly US oil rig count dropped by five to 744.
On the corporate front, Sprint shares were wanted on the heels of a report that it was now nearer to agreeing on a tie-up with T-Mobile. However, at the weekend, Bloomberg reported that Sprint's majority owner, Softbank, might be willing to accept an offer that valued the US telecoms carrier at near its current market capitalisation of $34bn.
shares in biopharmaceuticals group Versartis crashed after it said late on Thursday that its drug somavaratan did not meet its primary endpoint in a phase 3 trial.
Elsewhere, Phillips 66 Partners said it had reached an agreement to buy assets from Phillips 66 in a transaction worth $2.4bn.
Stock in CarMax was a top riser after the used car retailer posted second quarter earnings and sales of 98 cents per share and $4.39bn, respectively.
Dow Jones - Risers
Cisco Systems Inc. (CSCO) $33.37 2.05%
Verizon Communications Inc. (VZ) $49.90 1.96%
Chevron Corp. (CVX) $117.29 0.70%
Home Depot Inc. (HD) $159.97 0.49%
General Electric Co. (GE) $24.87 0.48%
Travelers Company Inc. (TRV) $122.09 0.45%
United Technologies Corp. (UTX) $115.01 0.45%
Microsoft Corp. (MSFT) $74.41 0.27%
Visa Inc. (V) $105.56 0.24%
Coca-Cola Co. (KO) $45.49 0.20%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $193.03 -1.12%
Apple Inc. (AAPL) $151.89 -0.98%
Merck & Co. Inc. (MRK) $65.18 -0.72%
Wal-Mart Stores Inc. (WMT) $79.53 -0.60%
Procter & Gamble Co. (PG) $92.24 -0.43%
Walt Disney Co. (DIS) $98.60 -0.29%
Caterpillar Inc. (CAT) $124.41 -0.29%
Johnson & Johnson (JNJ) $131.39 -0.27%
JP Morgan Chase & Co. (JPM) $94.83 -0.21%
Goldman Sachs Group Inc. (GS) $231.00 -0.11%
S&P 500 - Risers
Carmax Inc. (KMX) $74.19 7.77%
L Brands Inc (LB) $39.64 7.51%
Equifax Inc. (EFX) $105.04 6.91%
First Solar Inc. (FSLR) $51.41 5.43%
Navient Corporation (NAVI) $14.78 5.35%
AutoZone Inc. (AZO) $574.13 3.71%
O'Reilly Automotive Inc. (ORLY) $209.59 3.62%
Hewlett Packard Enterprise (HPE) $14.26 3.41%
Southwestern Energy Co. (SWN) $6.01 3.26%
Paychex Inc. (PAYX) $59.75 2.68%
S&P 500 - Fallers
DaVita Inc (DVA) $57.49 -6.15%
SCANA Corp. (SCG) $55.22 -3.43%
Westrock Company (WRK) $55.67 -3.37%
United States Steel Corp. (X) $23.83 -3.37%
Mohawk Inds Inc. (MHK) $245.66 -3.32%
Mattel Inc. (MAT) $14.52 -3.20%
HCP Inc. (HCP) $27.89 -2.45%
Tiffany & Co. (TIF) $87.84 -2.24%
Ventas Inc. (VTR) $66.04 -2.19%
International Paper Co. (IP) $56.05 -2.16%
Nasdaq 100 - Risers
O'Reilly Automotive Inc. (ORLY) $209.59 3.62%
Liberty Interactive Corporation QVC Group (QVCA) $23.76 2.72%
Paychex Inc. (PAYX) $59.75 2.68%
Seagate Technology Plc (STX) $33.57 2.60%
Lam Research Corp. (LRCX) $176.73 2.58%
Texas Instruments Inc (TXN) $88.27 2.58%
Cisco Systems Inc. (CSCO) $33.37 2.05%
Expedia Inc. (EXPE) $145.77 1.85%
Dollar Tree Inc (DLTR) $84.69 1.78%
Liberty Global plc Series A (LBTYA) $34.25 1.72%
Nasdaq 100 - Fallers
Tesla Inc (TSLA) $351.09 -4.20%
Incyte Corp. (INCY) $110.85 -3.65%
Mattel Inc. (MAT) $14.52 -3.20%
NetEase Inc. Ads (NTES) $271.61 -2.16%
Kraft Heinz Co. (KHC) $77.52 -1.89%
JD.com, Inc. (JD) $42.37 -1.42%
Amazon.Com Inc. (AMZN) $955.10 -0.99%
Apple Inc. (AAPL) $151.89 -0.98%
Nvidia Corp. (NVDA) $179.00 -0.97% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Newspaper Round Up | | Monday newspaper round-up: Credit report, Uber, drug spat, Canyon Bridge Britain's biggest banks are braced for new restrictions on consumer lending as the Bank of England today prepares to unveil the results of its review of the booming sector. Credit cards, unsecured loans and car finance deals have all surged in popularity over the past year, leading Mark Carney and his colleagues on the powerful Financial Policy Committee (FPC) to investigate if there are any growing risks in the sector. - Telegraph
The far right stormed into the German parliament for the first time in more than 50 years yesterday as it capitalised on fears about the influx of migrants under Angela Merkel, who held on for a fourth term as chancellor. More than five million voters ignored appeals from Mrs Merkel and other mainstream leaders not to back the Alternative for Germany (AfD) as it came third with 13 per cent of votes and about 90 seats in parliament. In the former East Germany it came second. - The Times
Germany's federal elections, whatever coalition Angela Merkel forms after the victory of her CDU party, are unlikely to make much difference either to Brexit or, ultimately, the European project. Analysts and commentators say Brexit campaigners' hopes that with the vote behind her, Merkel - especially if her government included the pro-business Free Democratic party (FDP) - would back a favourable deal for the UK were always misplaced. - Guardian
Uber has hired top barrister Thomas de la Mare to lead the ride-hailing app's appeal against its London ban, picking a QC who has successfully fought Transport for London (TfL) before. The company, which on Friday received notice from the capital's transport regulator that its operating licence would not be renewed, has also drafted in law firm Hogan Lovells. - Telegraph
The credibility of an expert witness put up by the pharmaceuticals industry has been shot down by a NHS watchdog in a legal row over drugs pricing. Court papers obtained by The Times show that the National Institute for Health and Care Excellence (Nice) has dismissed evidence from drugs companies as "plainly not independent". - The Times
The boss of the Chinese-backed private equity firm behind a proposed £550m takeover of Imagination Technologies is already eyeing further acquisition opportunities in the UK. Ray Bingham, partner at Canyon Bridge, told The Daily Telegraph that there are other British technology businesses that it is looking at and the firm is in the process of raising more money from investors. "There are UK companies in other technology areas that are still consistent with our strategy", he vowed. - Telegraph
Deliveroo has been valued at more than $2 billion in its latest investment round, more than 1,300 times the gross profit it achieved last year. The London-based food service, which had losses greater than the £128.5 million it generated in revenues in 2016, has secured $385 million of new funding from backers of companies such as Facebook, Airbnb and Tesla. - The Times
The fierce battle for dominance among online estate agents has led to a surge in the number of complaints upheld against them for misleading adverts. The Advertising Standards Authority has upheld 45pc more complaints against property companies in the first nine months of this year alone compared with the whole of 2016, with much of the increase blamed on online agents. - Telegraph
Apple and Google have been named the world's most valuable brands for the fifth consecutive year. Interbrand raised the value of Apple's brand to $184 billion last year. Amazon, Facebook and Netflix also crept higher in its rankings. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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