| | | | | | | 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: Stocks slip lower despite gains for miners London stocks slipped on Monday as miners rallied on the back of Chinese inflation data, but Convatec slid after a profit warning.
The FTSE 100 drifted lower by 0.11% to 7,526.97, while the pound was up 0.09% against the euro at 1.1249 and flat firmer versus the dollar at 1.3285.
Meanwhile, oil prices gushed higher as conflict broke out between Iraqi and Kurdish forces south of oil-rich Kirkuk. West Texas Intermediate was up 0.85% to $51.89 a barrel and Brent crude was 1.03% higher at $57.77.
IG analyst Joshua Mahony said: "The FX market is showing a significant divergence between the pound and euro, with traders selling the single currency amid ongoing fears surrounding events in Spain.
"Meanwhile, conflict in the Middle East has seen oil prices spike higher, as Iraqi forces take over the North Oil Company, and the Babagurgur oil fields from the Kurdish Peshmerga."
The gains seen in the energy sector contributed to a strong showing for the commodities sector, while a strong rise in copper on the back of China data lifted the likes of Antofagasta, Rio Tinto, and BHP Billiton to the top of the leaderboard.
Against that backdrop, on Monday Prime Minister Theresa May ws expected in Brussels for what appeared to be a potential Brexit intervention. A dinner date with European Commission president Jean-Claude Juncker and the EU's chief Brexit negotiator Michel Barnier would be closely watched after the latter said last week that Brexit negotiations had reached "deadlock".
The rest of the week's economic calendar was already busy, with readings on UK inflation, wage growth and retail sales all due out, as well as the latest GDP data from China and the potentially crucial EU summit on Thursday and Friday.
Spanish politics were also in focus after Catalan president Carles Puigdemont rebuffed Madrid's calls to clarify whether he had declared independence for the region last week, calling instead for two months of dialogue.
Puigdemont also made two petitions, one of them being that the central government not bring charges against the two nationalist leaders and the head of the regional police force who were due to testify in a court in Madrid on Monday morning. He also called for a meeting with Madrid to explore possible solutions.
In response, Madrid said it would activate the second and last deadline set for Thursday at 1000 BST, which would trigger Article 155 of its Constitution.
Miners top the leaderboard
On the UK corporate front, heavily-weighted mining stocks racked up the strongest gains as copper prices hit a fresh three-year high after China's consumer price index jumped 1.6% in September from the year before, in line with expectations. Meanwhile, the producer price index was up 6.9% last month from a year ago, beating expectations.
Credit data over the weekend, showing the supply of credit at 13.5% in the year to August, also provided encouragement.
Catheters and wound care specialist ConvaTec tanked after it warned that revenues and profit margins for the full year will be lower than it had previously guided and that growth targets in 2018 may need to be adjusted.
Ultra Electronics edged lower despite saying that its Cheltenham-based Precision Control Systems business has received contracts valued $16m from Boeing and Lockheed Martin.
Financial technology company NEX Group was also the red after announcing that - having put into motion the "significant restructure" of the company's post trade division 'NEX Optimisation' - Jenny Knott has decided to step down as the division's CEO.
Polymetal, the Russian gold miner, advanced after saying it was on track for the full year as it posted a jump in third-quarter sales.
ITV was boosted by an upgrade to 'buy' at HSBC, while AstraZeneca was in the black after Credit Suisse upgraded the stock to 'outperform' and Sky nudged up as AlphaValue lifted it to 'add'.
GKN was hit by a downgrade to 'hold' at Societe Generale.
There were no major UK macroeconomic releases due on Monday apart from Rightmove house prices data showing asking prices in England and Wales rose 1.1% in October, following a 1.2% drop the previous month. |
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| Market Movers
FTSE 100 (UKX) 7,526.97 -0.11%
FTSE 250 (MCX) 20,217.13 -0.21%
techMARK (TASX) 3,554.36 0.08%
FTSE 100 - Risers
Standard Life Aberdeen (SLA) 446.30p 2.08%
Shire Plc (SHP) 3,920.50p 1.88%
Antofagasta (ANTO) 1,034.00p 1.87%
Glencore (GLEN) 382.40p 1.54%
BHP Billiton (BLT) 1,418.00p 1.43%
Micro Focus International (MCRO) 2,440.00p 1.16%
ITV (ITV) 174.10p 0.87%
Rio Tinto (RIO) 3,718.00p 0.80%
Sainsbury (J) (SBRY) 243.60p 0.79%
Berkeley Group Holdings (The) (BKG) 3,888.00p 0.70%
FTSE 100 - Fallers
Convatec Group (CTEC) 205.00p -26.60%
GKN (GKN) 307.10p -3.43%
Bunzl (BNZL) 2,218.00p -2.89%
Reckitt Benckiser Group (RB.) 7,020.00p -2.32%
Fresnillo (FRES) 1,435.00p -2.18%
Pearson (PSON) 621.50p -1.97%
United Utilities Group (UU.) 830.50p -1.71%
easyJet (EZJ) 1,288.00p -1.68%
National Grid (NG.) 916.20p -1.67%
Croda International (CRDA) 3,900.00p -1.57%
FTSE 250 - Risers
Sirius Minerals (SXX) 27.65p 6.35%
CLS Holdings (CLI) 221.40p 4.88%
TalkTalk Telecom Group (TALK) 214.50p 4.69%
Provident Financial (PFG) 925.00p 4.28%
Rank Group (RNK) 235.10p 3.30%
Kaz Minerals (KAZ) 875.50p 3.12%
Vedanta Resources (VED) 926.00p 3.12%
Euromoney Institutional Investor (ERM) 1,158.00p 3.02%
Renewi (RWI) 101.80p 2.83%
TBC Bank Group (TBCG) 1,680.00p 2.75%
FTSE 250 - Fallers
Brown (N.) Group (BWNG) 317.50p -8.53%
Capita (CPI) 546.00p -4.46%
Centamin (DI) (CEY) 144.40p -3.41%
Pagegroup (PAGE) 460.20p -3.16%
Domino's Pizza Group (DOM) 329.60p -2.77%
Howden Joinery Group (HWDN) 414.50p -2.65%
Ocado Group (OCDO) 301.00p -2.56%
SIG (SHI) 174.60p -2.40%
Tullow Oil (TLW) 185.60p -2.32% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | US Market Report | | US open: Stocks push higher following upbeat factory data Stocks have started the week higher on the back of a stronger-than-expected reading on the Empire State factory index and amid somewhat hawkish Fedpseak.
At 1552 BST, the Dow Jones Industrials was higher by 0.15% or 35.05 points to 22,907.07, alongside a gain of 0.08% or 2.15 points on the S&P 500 to 2,555.37, while the Nasdaq Composite was ahead by 0.20% or 13.04 points at 6,618.85.
From a sector standpoint, the best performance on Wall Street was being seen among the following industrial groups: Nonferrous metals (1.65%), Heavy construction (1.49%) and Fixed line Telecommunications (1.42%).
In parallel, the yield on the benchmark 10-year US Treasury note was up by two basis points to 2.29%.
Contributing to those gains, on Saturday the head of the Federal Reserve bank of Boston, Eric Rosengren, told the Journal the US central bank would probably need to raise short-term rates again in December and three or four more times over the course of 2018.
What's more, should inflation reached the Fed's target level even as unemployment was below 4%, that might be a signal of an 'overheating' economy, Rosengren said.
For her part, Fed chief Janet Yellen said rate-setters continued to expect economic strength would justify gradual rate increases in order to stabilise inflation around the central bank's 2% target.
In economic news, the Empire State manufacturing index printed for October printed ahead of forecasts, rising from a reading of 24.4 for the month before to 30.2.
The survey results prompted Ian Shepherdson at Pantheon Macroeconomics to tell clients: "On the face of it, the Empire State headline is consistent with the national ISM manufacturing index nudging up even further from September's already-elevated 60.1. Either way, the overall message from this and other surveys is that the industrial sector is very strong."
On the corporate front, earnings were due after the close from Netflix, while banking giants Goldman Sachs and Morgan Stanley are slated to report on Tuesday. |
| | Broker Tips | | Europe close: Political standoff weighs on Spanish stocks Stocks on the Continent were little changed at the start of the week, save in Spain where the ongoing political standoff between the central government in Madrid and regional officials in Catalonia weighed on sentiment.
On Monday morning, Catalan president Carles Puigdemont decided to ignore Madrid's calls for him to clarify whether he had declared independence the week before, calling instead in a letter sent to Madrid for two months of dialogue between international, Spanish and Catalan organisations and personalities.
Reacting to the Catalan leader's missive, Madrid said it would activate the second and last deadline for Puigemont to step back from a declaration of independence, set for Thursday at 1000 BST, which would trigger Article 155 of its Constitution.
Spain's Deputy Prime Minister, Soraya Saenz de Santamaria was also at pains to underscore that the aim was not to suspend Catalonia's regional autonomy, but rather for its elected officials to return to the legal framework.
Against that backdrop, Spain's Ibex 35 finished down by 0.75% or 76.60 points at 10,181.40, with shares of Siemens Gamesa, Banco Sabadell and Telefonica trading at the bottom of the pile.
Meanwhile, the benchmark Stoxx 600 was flat at 391.41, alongside a gain of 0.09% or 11.83 points to 13,003.70 for the Dax while the Cac-40 was higher by 0.21% or 11.14 points to 5,362.88.
Commenting on the situation in Spain, Michael Hewson, chief market analyst at CMC Markets UK, said: "Spanish stock markets have slid back over concerns that this lack of clarity will prompt the Madrid government to implement article 155 of the Spanish constitution and impose direct rule, though at this point it's not clear how he could reasonably implement that without inciting unrest in the region."
In other political news, Austria's conservative centre-right OVP won the country's legislative elections, taking 31.4% of the vote, but the far-right FPO also made off with 27.4%, which according to analysts meant that it may to re-enter the government, for the first time since 1999.
Further north, in Germany, the centre-right CDU lost in regional elections in Lower Saxony, winning 33.7% of the ballots versus 37.1% for the Socialist SPD.
As far as corporate news was concerned, shares of wind turbine manufacturer Siemens Gamesa were sharply lower after the company cut its guidance for full-year operating profits to about €790m versus a previous estimate of €900m.
Also in the spotlight, people close to the matter told Reuters that Italy's Atlantia was willing - if necessary - to raise its takeover bid for Spanish rival Abertis to roughly €17.8bn. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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