| | | | | | | The Top 10 Stocks for Q4 Our latest quarterly stocks report analyses the top and bottom 10 FTSE 100 performers of 2017 so far and looks at our Top Ten Stock Picks for Q4 including City broker consensus and their average target price for each stock. Losses can exceed deposits Download the report here | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London close: Footsie notches up fresh record high even as pound rebounds London's top flight index notched up a fresh record high even as the pound recovered from earlier weakness following comments from the EU's chief Brexit negotiator, Michel Barnier.
The FTSE 100 was up 0.30% to 7,556.24 by the closing bell alongside gains for the pound of 0.25% against the dollar to 1.3254 and 0.39% versus the euro which was to be found at 1.1194.
Earlier, Sterling had retreated amid 'market chatter' that talks between the European Union and UK were floundering, but in later remarks Barnier said that while talks with Britain have reached a "deadlock" over the divorce bill but "decisive progress" could be made by Christmas.
Speaking at a joint press conference with Brexit Secretary David Davis, Barnier said there had been no agreement over the amount of the financial settlement Britain would pay as a divorce bill but admitted some progress had been made on citizens' rights and Ireland's common travel area.
He said Theresa May's speech in Florence gave much needed "momentum" to the negotiations but that while she said the UK would honour commitments it had agreed as member, this week the UK had still been reticent to spell out exactly the level of financial commitment.
As such, he felt not enough progress had been made to enable him to propose to the European Council next week that discussions should start on the future relationship between Britain and the EU.
Although pound reacted poorly to Barnier finding the lack of progress "very disturbing", Connor Campbell at Spreadex said: "These comments overshadowed Barnier's claim that 'decisive progress is within our grasp over the next two months', as well as the news that an agreement had been reached over Ireland."
Market participants were also mulling over a survey from the Bank of England, which revealed that UK consumer credit growth is slowing and lenders expect the biggest decline in consumer credit availability since the financial crisis in the last three months of the year.
The Bank's quarterly credit conditions survey found lenders reined in the availability of unsecured credit in August and, looking to the fourth quarter of 2017, the net balance of lenders expect the availability of unsecured lending to households to worsen fell to -28.6 from -16.2, the sharpest fall since the end of 2008.
While the consumer credit market remains swollen compared to recent years, annual growth eased below 10% in July and August for the first time since spring last year, falling to 9/8% in July and August, the Bank said.
On the corporate front, broadcaster Sky was higher after it posted a jump in earnings and revenue in the first quarter, while Just Eat surged after being given provisional approval by UK competition authorities to complete its acquisition of rival online food ordering website Hungryhouse.
Broker notes were providing a lot of the action, with Burberry the standout gainer after Mirabaud Securities upgraded the stock to 'buy' and Deutsche Bank lifted its price target, while budget carrier easyJet flew higher after Canaccord upped the stock to 'hold'.
Spire Healthcare was on the front foot after being upgraded to 'buy' at Investec, but shares in the AA were hit by a downgrade to 'hold' at Berenberg.
FTSE 250 recruiter Hays advanced after it posted another record quarterly net fee performance, while GVC Holdings gained after saying daily net gaming revenue was up 10% in the third quarter.
Booker drifted lower after posting an 8.6% increase in first-half pre-tax profit and WH Smith ticked up as it said full-year profit and revenue rose thanks to a solid performance from its travel business.
HSBC dipped as it announced that John Flint, the current head of the retail banking and wealth management division, will succeed Stuart Gulliver as chief executive with effect from 21 February 2018. The shares were down, but had been before the announcement as the stock went ex-dividend.
Clothing retailer N Brown was in the red despite reporting a 5.6% increase in half-year revenue, while Tullow Oil gushed lower after announcing the acquisition of 90% stakes in four onshore blocks in Cte d'Ivoire.
Acacia Mining was weaker after it revealed that gold production in the third quarter slowed. |
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| Market Movers
FTSE 100 (UKX) 7,556.24 0.30%
FTSE 250 (MCX) 20,251.24 0.41%
techMARK (TASX) 3,564.30 0.53%
FTSE 100 - Risers
St James's Place (STJ) 1,176.00p 4.07%
Hargreaves Lansdown (HL.) 1,536.00p 2.67%
Burberry Group (BRBY) 1,896.00p 2.65%
easyJet (EZJ) 1,321.00p 2.48%
SSE (SSE) 1,408.00p 2.47%
Unilever (ULVR) 4,507.50p 2.07%
Schroders (SDR) 3,504.00p 2.01%
3i Group (III) 964.00p 1.96%
Centrica (CNA) 179.00p 1.94%
TUI AG Reg Shs (DI) (TUI) 1,344.00p 1.90%
FTSE 100 - Fallers
HSBC Holdings (HSBA) 747.00p -1.50%
Smiths Group (SMIN) 1,590.00p -1.24%
Next (NXT) 4,989.00p -1.21%
Tesco (TSCO) 185.60p -0.85%
Standard Chartered (STAN) 758.50p -0.85%
Merlin Entertainments (MERL) 459.70p -0.84%
British American Tobacco (BATS) 4,881.50p -0.71%
United Utilities Group (UU.) 855.00p -0.58%
Severn Trent (SVT) 2,138.00p -0.56%
Kingfisher (KGF) 303.90p -0.56%
FTSE 250 - Risers
Just Eat (JE.) 749.00p 6.54%
Ferrexpo (FXPO) 278.60p 5.41%
GVC Holdings (GVC) 904.00p 4.38%
Wizz Air Holdings (WIZZ) 3,302.00p 4.36%
Aldermore Group (ALD) 256.00p 4.11%
Jupiter Fund Management (JUP) 580.00p 3.94%
TBC Bank Group (TBCG) 1,648.00p 3.26%
Ashmore Group (ASHM) 353.20p 3.12%
Inmarsat (ISAT) 647.00p 3.11%
Ascential (ASCL) 345.90p 3.04%
FTSE 250 - Fallers
Brown (N.) Group (BWNG) 330.70p -5.51%
FirstGroup (FGP) 109.10p -3.20%
Pets at Home Group (PETS) 192.30p -2.93%
Dixons Carphone (DC.) 189.40p -2.17%
Close Brothers Group (CBG) 1,441.00p -2.04%
Elementis (ELM) 272.80p -1.80%
Vectura Group (VEC) 100.40p -1.57%
Wood Group (John) (WG.) 722.00p -1.57%
Sports Direct International (SPD) 393.40p -1.55% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks little changed as Wall Street takes a breather European stocks finished the session little changed as Wall Street took a breather following a recent string of gains.
That came amid a heightened focus in markets on whether stocks were rising too far and too fast and to what extent central banks should take that into account.
As an aside, but not wholly unrelated perhaps, Bitcoin prices were hitting fresh record highs in early trading.
Against that backdrop, by the closing bell the benchmark Stoxx 600 was 0.03% or 0.13 points higher to 390.28, while the German Dax had added 0.09% or 12.21 points to 12,982.89.
In all things Spain, the clock was ticking as markets waited on Catalan president Carles Puigdemont's response to a petition from Madrid for greater clarity on his plans and the stance of the regional government.
Commenting on the situation in markets, David Madden, market analyst at CMC Markets UK, said: "The ball in now in the separatists' court, and given the update from the Catalan President, Carles Puigdemont on Monday, it doesn't appear that he is too keen to unilaterally declare independence.
"Mr Puigdemont risks having direct rule being imposed from Madrid, but then again, he may secretly desire that in order to stoke nationalist tensions. The IBEX 35, along with other major European indices is slightly lower on the day."
Related to the above, analysts at Deutsche Bank raised their recommendation on Spanish stocks from an 'underweight' to an 'overweight' as - in their opinion - the tail risks of a break-up of the country had faded.
Following 6% underperformance for Spanish shares as a group since early August, mostly on the back of Catalonia independence jitters, they said that "pricing looks attractive".
On the other side of the equation, overnight the minutes of the US central bank's last policy meeting indicated that "many participants" had shown concern that low inflation readings might not only reflect transitory factors.
Euro area industrial production data for August jumped by 1.4% month-on-month in August (consensus: 0.5%).
Meanwhile, in corporate news, Germany's Innogy purchased Statkraft's 50% stake in an offshore UK wind project.
French airport operator ADP on Wednesday announced a 4.7% rise in passenger traffic for September versus a year ago to reach 9.0m. |
| | US Market Report | | US open: Stocks flat amid dovish Fedspeak Wall Street is trading on a mixed note as traders take some money off the table following the latest earnings updates out of Citigroup and JP Morgan and somewhat dovish remarks by a trio of top Fed officials.
As of 1815 BST, the Dow Industrials was dipping 0.01% or 1.83 points to 22,870.65, alongside a 0.3% or 0.85 point drop for the S&P 500 to 2,554.45.
From a sector standpoint, the worst performing areas of the market were: Fixed Line Telecommunications (-2.81%), Telecommunications (-2.66%) and Broadcasting (-1.82%).
The KBW index of banks' shares was also weaker, giving back 0.62% to 99.80 points.
Weighing on lenders perhaps, speaking at the annual meeting of the International Monetary Fund and World Bank, US Federal Reserve governor Lael Brainard reportedly said that US inflationary headwinds now appeared to be "a little more" structural than cyclical.
She also noted that a persistently low neutral interest rate had "big implications".
On the other hand, another Fed governor, Jerome Powell, indicated that policy tightening should remain gradual so long as the economy evolved as anticipated.
Acting as a backdrop, overnight the minutes of the US central bank's last policy meeting had indicated that "many participants" had shown concern that low inflation readings might not only reflect transitory factors. Yet in parallel, some market observers are wary of lofty valuations even for benchmarks such as the S&P 500.
To take note of as well, according to coindesk the price of Bitcoins hit a new all-time high on Thursday of $5,281.59.
In economic news, initial jobless claims in the US fell by 15,000 over the week ending on 7 October to reach 243,000 (consensus: 250,000), according to the Bureau of Labor Statistics.
Wholesale prices advanced at a 0.4% month-on-month and 2.6% yaer-on-year clip last month, as forecast by economists.
On the corporate front, shares of Citi were losing ground despite reporting third quarter earnings per share of $1.42 (consensus: $1.32) on the back of $18.2bn in revenues (consensus: $17.9bn).
Shares of JP Morgan were also trading on the back foot - although they were just off their 52-week highs - even after posted better than expected EPS for the latest three-month stretch, albeit alongside falling market revenues and higher credit loss provisions.
Dow Jones - Risers
Microsoft Corp. (MSFT) $77.14 0.94%
Caterpillar Inc. (CAT) $129.57 0.76%
United Technologies Corp. (UTX) $118.45 0.59%
Wal-Mart Stores Inc. (WMT) $86.23 0.58%
Procter & Gamble Co. (PG) $91.96 0.55%
McDonald's Corp. (MCD) $163.99 0.51%
Boeing Co. (BA) $262.51 0.41%
Travelers Company Inc. (TRV) $125.95 0.27%
Apple Inc. (AAPL) $156.90 0.22%
3M Co. (MMM) $216.96 0.21%
Dow Jones - Fallers
Walt Disney Co. (DIS) $97.15 -1.42%
Nike Inc. (NKE) $50.53 -0.99%
Verizon Communications Inc. (VZ) $48.43 -0.88%
JP Morgan Chase & Co. (JPM) $96.24 -0.62%
Cisco Systems Inc. (CSCO) $33.40 -0.57%
Unitedhealth Group Inc. (UNH) $194.23 -0.53%
Goldman Sachs Group Inc. (GS) $241.36 -0.43%
General Electric Co. (GE) $22.99 -0.37%
Exxon Mobil Corp. (XOM) $82.34 -0.31%
Home Depot Inc. (HD) $164.84 -0.25%
S&P 500 - Risers
Host Hotels & Resorts Inc. (HST) $19.34 3.59%
W.W. Grainger Inc. (GWW) $176.87 2.53%
Fastenal Co. (FAST) $45.60 2.45%
CF Industries Holdings Inc. (CF) $35.73 2.35%
United States Steel Corp. (X) $25.78 2.32%
Blackrock Inc. (BLK) $484.65 2.26%
XL Group Ltd (XL) $40.24 2.25%
Kellogg Co. (K) $62.50 2.04%
ConAgra Brands Inc (CAG) $34.47 2.03%
T. Rowe Price Group Inc. (TROW) $94.71 2.00%
S&P 500 - Fallers
Endo International Plc (ENDP) $8.35 -7.02%
Juniper Networks Inc. (JNPR) $25.27 -5.92%
AT&T Inc. (T) $36.46 -4.53%
Bed Bath & Beyond Inc. (BBBY) $21.16 -3.80%
Helmerich & Payne Inc. (HP) $50.50 -3.40%
Diamond Offshore Drilling Inc. (DO) $14.49 -3.40%
Urban Outfitters Inc. (URBN) $22.22 -3.39%
Comcast Corp. (CMCSA) $36.20 -3.26%
Chesapeake Energy Corp. (CHK) $3.82 -3.18%
TEGNA Inc (TGNA) $12.55 -3.09%
Nasdaq 100 - Risers
Idexx Laboratories Inc. (IDXX) $162.86 3.02%
Fastenal Co. (FAST) $45.60 2.45%
J.B. Hunt Transport Services Inc. (JBHT) $107.58 1.80%
Citrix Systems Inc. (CTXS) $81.87 1.61%
Symantec Corp. (SYMC) $32.10 1.56%
Activision Blizzard Inc. (ATVI) $62.23 1.42%
Paypal Holdings Inc (PYPL) $68.74 1.41%
Applied Materials Inc. (AMAT) $53.91 1.28%
NetEase Inc. Ads (NTES) $272.23 1.28%
CSX Corp. (CSX) $53.72 1.22%
Nasdaq 100 - Fallers
Mercadolibre Inc. (MELI) $248.68 -9.40%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $194.15 -6.61%
Dish Network Corp. (DISH) $48.88 -5.36%
Comcast Corp. (CMCSA) $36.20 -3.26%
Discovery Communications Inc. Class A (DISCA) $19.41 -2.95%
Viacom Inc. Class B (VIAB) $24.50 -2.84%
Discovery Communications Inc. Class C (DISCK) $18.41 -2.75%
JD.com, Inc. (JD) $38.61 -2.55%
Liberty Global Plc Lilac Class C (LILAK) $22.87 -2.39%
Tractor Supply Company (TSCO) $58.10 -2.24% | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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