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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 close: Stocks jump as pound slips again London stocks were in the black by the closing bell as the pound hit a three-week low against the dollar after Prime Minister Theresa May's shambolic speech at the Tory party conference a day earlier cast doubt over her ability to stay in power.
The FTSE 100 was up 0.2% to 7,481.98, while the pound fell 0.9% against the dollar to 1.3130.
Jasper Lawler, head of research at London Capital Group, said: "We think the spurts of coughing, a collapsing sign and a prankster is emblematic of her future. The odds she can hold on until the end of Brexit talks and provide enough stability for markets have been cut by that performance.
"A looming leadership battle at the top of government adds another dose of political uncertainty on top of Brexit negotiations. The battle lines for sterling are clear; rising political uncertainty versus an impending rate hike from the Bank of England. Speeches on Thursday from BOE policymakers McCafferty and Haldane could shape which factor wins out over the short - term."
According to the Telegraph, Theresa May could be gone by Christmas as up to 30 MPs plot to oust her following the conference speech.
The pound could also move on later speeches from two Bank of England rate setters, both of whom have used hawkish language in the past. Chief economist Andy Haldane will speak at 1830 BST at the Economic Research Council and Ian McCafferty will give the Founders' Company Annual Lecture at 1700 BST.
In corporate news, Merlin Entertainments was on the front foot following a report that it has approached marine park operator SeaWorld Entertainment about a potential deal.
Medical products group BTG rallied after saying it grew sales at double-digits at constant exchange rates in the first half of the year, while also announcing it has acquired a US cardiovascular catheters business.
On the downside, Aviva slipped after saying it has agreed to buy a majority shareholding in low cost investment service Wealthify Group for an undisclosed sum. The stock was likely being hit by the fact it went ex-dividend.
Budget airline easyJet reversed earlier gains to trade lower despite reporting an 11% jump in passenger numbers for September as the load factor ticked higher.
Balfour Beatty retreated after saying it was selling its US unit Heery to CBRE Group for $57m (£42m) to allow it to expand operations in the region, while Ferrexpo was trading flat after it posted a drop in pellet production for the third quarter due to its ongoing pellet line maintenance programme.
In broker note action, RBS was boosted by an upgrade to 'outperform' from 'neutral' at Exane BNP Paribas while Mediclinic gained on an upgrade to 'neutral' from 'sell' at Goldman Sachs.
LondonMetric traded higher after Kempen lifted the stock to 'neutral' and bumped its price target up to 175p from 145p, but Ladbrokes Coral was hit by a downgrade to 'hold' at Goodbody Stockbrokers.
WPP, Next, Aviva, British Land, Balfour Beatty, Hays, DS Smith and AA were all ex-dividend on Thursday. |
| | 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?
Why Barclays has a ‘secret weapon’ that could unlock serious value
How do they compare in value and safety?
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| Market Movers
FTSE 100 (UKX) 7,507.99 0.54%
FTSE 250 (MCX) 20,088.51 0.30%
techMARK (TASX) 3,539.95 0.52%
FTSE 100 - Risers
Merlin Entertainments (MERL) 463.80p 3.43%
Anglo American (AAL) 1,473.50p 3.04%
Glencore (GLEN) 370.30p 3.03%
Antofagasta (ANTO) 996.50p 2.36%
Worldpay Group (WPG) 414.40p 1.82%
Paddy Power Betfair (PPB) 7,665.00p 1.79%
Rio Tinto (RIO) 3,676.00p 1.79%
Mediclinic International (MDC) 664.00p 1.61%
Tesco (TSCO) 186.60p 1.44%
Schroders (SDR) 3,437.00p 1.39%
FTSE 100 - Fallers
Aviva (AV.) 489.90p -1.72%
Next (NXT) 5,170.00p -1.43%
WPP (WPP) 1,384.00p -1.35%
Smurfit Kappa Group (SKG) 2,350.00p -1.34%
G4S (GFS) 278.60p -1.28%
Barclays (BARC) 190.15p -1.14%
Centrica (CNA) 177.50p -1.00%
CRH (CRH) 2,810.00p -0.88%
British Land Company (BLND) 602.00p -0.82%
BAE Systems (BA.) 615.00p -0.81%
FTSE 250 - Risers
Tullow Oil (TLW) 190.80p 4.26%
Kaz Minerals (KAZ) 856.50p 4.20%
Amec Foster Wheeler (AMFW) 545.50p 4.10%
Wood Group (John) (WG.) 728.00p 4.00%
Aldermore Group (ALD) 237.20p 3.85%
Tritax Big Box Reit (BBOX) 146.90p 3.60%
BTG (BTG) 714.00p 3.25%
TBC Bank Group (TBCG) 1,675.00p 3.19%
Cairn Energy (CNE) 195.20p 2.95%
Coats Group (COA) 85.60p 2.51%
FTSE 250 - Fallers
Hochschild Mining (HOC) 222.90p -4.50%
AA (AA.) 157.40p -3.26%
Hays (HAS) 188.20p -2.94%
Acacia Mining (ACA) 185.80p -2.72%
Smith (DS) (SMDS) 502.00p -2.52%
Sports Direct International (SPD) 398.30p -2.43%
Virgin Money Holdings (UK) (VM.) 278.50p -2.38%
CYBG (CYBG) 300.60p -2.18%
Euromoney Institutional Investor (ERM) 1,119.00p -2.13% |
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Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe midday: Stocks cut losses, Ibex 35 stages bounce European stocks are taking a breather following timid gains overnight on Wall Street and ahead of Friday's all important monthly US jobs report, although the data from the States is likely to be heavily distorted because of the impact of recent hurricanes.
Against that backdrop, at 1230 BST the benchmark Stoxx 600 was 0.13% or 0.52 points lower to 389.88, alongside a dip of 0.23% or 30.27 points for the German Dax which was trading at 12,940.17. The Cac-40 on the other hand was flat at 5,363.28.
On the economic front, political uncertainty in Catalonia continued to be very much on traders' minds.
Indeed, in Spain the Ibex 35 was bouncing back by 1.43% to 10,106.90 on Thursday amid reports that the two largest Catalan lenders might redomicile outside of the region.
Overnight, the regional president, Carles Puigdemont, reiterated a call for "mediation" between his government and authorities in Madrid.
In reply, Spain's finance minister, Luis de Guindos, on Thursday told Bloomberg that independence was out of the question and that there is nothing to discuss until the rule of law is reestablished.
Two days before, Puigdemont had told the BBC he would make a unilateral declaration of independence "at the end of this week or the beginning of next".
Elsewhere, Greek unemployment declined from 21.3% in June to 21.0% for July, according to ELSTAT.
Later in the day, the focus would shift to figures on US durable goods orders and international trade for the month of July.
Three Fed speakers were also set to take to the podium: San Francisco Fed chief John Williams at 1415 BST, Philly Fed boss Patrick Harker at 1500 BST and the president of the Federal Reserve bank of Kansas City at 2130 BST.
Meanwhile, in the corporate space, Spain's Banco Sabadell, which owned TSB, was expected to decide on whether to move its domicile to Alicante or Madrid on Thursday evening.
Caixabank, perhaps the most iconic Catalan lender, was reportedly also mulling a similar move should the Catalan government decide to embark on a unilateral declaration of independence.
Elsewhere, Spain's Gas Natural had decided upon a sale of its Italian retail unit to EDF subsidiary Edison and its distribution network to 2i Rete Gas, Reuters reported. |
| | US Market Report | | US open: Stocks notch record highs again as investors digest data, Fedspeak US stocks notched fresh record highs again in early trade on Thursday as investors digested a series of data releases and speeches from Federal Reserve officials.
At 1520 BST, the Dow Jones Industrial Average was up 0.1% to 22,693.25, the S&P 500 was 0.2% firmer at 2,543.50 and the Nasdaq was up 0.3% to 6,556.79.
Market participants were mulling over comments from Fed governor Jerome Powell, who refrained from saying anything about monetary policy when he spoke earlier at a Fed-sponsored Treasury Market Practices Group. He said industry groups can help to "fill in the cracks" left by competing regulations enforced by US agencies.
"There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets, a balance that must be constantly weighed. More regulation is not the best answer to every problem," he said.
Meanwhile, San Francisco Fed President John Williams said at conference of community banks and state bank supervisors that the long-term trend in annual US economic growth might be as low as 1.5%, meaning that future interest rates will be lower than historical norms.
Still to come, Philadelphia Fed President Patrick Harker will speak in Texas at 1530 BST and Kansas City Fed President Esther George will make a speech at 2030 BST.
On the data front, US initial jobless claims decreased by 12,000 from the previous week's unrevised level to 260,000. Economists had been expecting a smaller drop to 265,000.
The four-week moving average was down 9,500 from the previous week's unrevised average to 268,250.
Figures from the Commerce Department showed that the US trade deficit narrowed more than expected in August, to $42.4bn from a revised $43.6bn the month before. Economists had expected a figure of $42.7bn.
Meanwhile, factory goods orders rose 1.2% according to the Commerce Department, compared with a 3.3% drop in July and expectations for a 1% increase.
In corporate news, SeaWorld Entertainment was in the red, giving back some of the previous day's gains following reports that Legoland owner Merlin Entertainments is looking to buy part of the water park operator.
Brewer Constellation Brands rallied after its quarterly earnings beat on profit, while Microsoft was in the black after Canaccord Genuity upped the stock to 'buy'.
Biogen was also trading higher as Morgan Stanley bumped it up to 'overweight'.
Costco is due to report earnings after the market close. |
| | Broker Tips | | Berkeley Group: Canaccord downgrades to Hold with a target price of 3860p. Tesco: Deutsche Bank reiterates Buy with a target price of 240p.
Greggs: Berenberg reiterates Buy with a target price of 1350p.
Reckitt Benckiser: Credit Suisse reiterates Outperform with a target price of 7700p.
SSP Group: Goldman Sachs reiterates Neutral with a target price of 535p.
SSE: HSBC reiterates Buy with a target price of 1530p.
Centrica: HSBC reiterates Hold with a target price of 190p.
Ferguson: Jefferies reiterates Hold with a target price of 5170p.
Glencore: Citi reiterates Buy with a target price of 400p.
Inmarsat: RBC reiterates Outperform with a target price of 825p. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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