| | | | | | | 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 edge higher amid political uncertainty London stocks edged a touch higher on Friday, underpinned by a weaker pound, even as a surprise drop in US unemployment failed to stoke new gains on Wall Street.
By the close of trading, the FTSE 100 was up 0.20% or 14.88 points to 7,522.87, while the pound was down 0.52% against the dollar at 1.3050 and 0.64% weaker versus the euro at 1.1130.
The US economy destroyed 33,000 jobs in September due to the impact of hurricanes Harvey and Irma, data from the Department of Labor's Establishment Survey revealed, missing forecasts for job gains of 88,000.
However, the separate Household Survey showed the rate of unemployment fell from 4.4% in August to 4.2%, its lowest level since January 2011, as employment surged by 906,000.
Back in the UK, all eyes were on Sterling, which was on track for its worst week in a year, weighed down by speculation of a potential leadership challenge following Prime Minister Theresa May's shambolic speech at the Tory party conference.
"The FTSE 100 has been helped by weakness in the pound, and the British index reached a level not seen since early August. Theresa May isn't too popular with some of colleagues in the Conservative Party on the back of their Conference, and the talk of a leadership 'plot' against the Prime Minister is eroding the pounds value, and propping up the FTSE 100. The London market is the top performer out of the major European benchmarks," commented David Madden at CMC Markets UK.
In other economic news, figures out from Halifax showed the average house price in the UK hit its highest on record in September, underpinned by a shortage of homes.
House prices rose 4% in the three months to September compared to a year ago, up from a 2.6% increase in August and putting the average house price at £225,109, which is the highest on record. Economists had expected a smaller gain of 3.6%.
Meanwhile, prices rose 0.8% between August and September following a 1.5% jump in August and versus expectations for a 0.1% rise.
UK retail sales data from BDO for September was solid but growth remained weak amid rising prices, a consumer crunch and declining high street footfall. Total like-for-like sales increased 2.9% but this was versus a decline of 2.8% in the same month last year.
On the corporate front, CRH was on the back foot after its proposed $3.5bn acquisition of US-based Ash Grove was been derailed after the Kansas company received a potentially larger rival offer.
Budget airline easyJet flew lower despite saying pre-tax profit for the year is expected to be at the upper end of the previously guided range as it reported a record number of passengers over the summer. Analysts said the stock was likely being dragged lower by worries that the airline is still expecting market capacity growth to be a headwind.
To the upside, Ultra Electronics was in the black after it said that shareholders in Sparton have approved the acquisition agreed earlier this year.
NMC Health was boosted by an initiation at 'buy' by Berenberg, while Barratt Developments gained after Credit Suisse lifted it to 'outperform' and Pets at Home rallied on an upbeat note from HSBC. |
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| Market Movers
FTSE 100 (UKX) 7,522.87 0.20%
FTSE 250 (MCX) 20,166.54 0.39%
techMARK (TASX) 3,550.89 0.31%
FTSE 100 - Risers
NMC Health (NMC) 2,838.00p 4.26%
Mediclinic International (MDC) 686.00p 3.31%
Direct Line Insurance Group (DLG) 364.30p 2.42%
Admiral Group (ADM) 1,853.00p 2.32%
Pearson (PSON) 629.50p 2.19%
WPP (WPP) 1,407.00p 1.66%
British American Tobacco (BATS) 4,781.50p 1.63%
Barratt Developments (BDEV) 656.00p 1.47%
Old Mutual (OML) 196.20p 1.45%
Aviva (AV.) 497.30p 1.43%
FTSE 100 - Fallers
Centrica (CNA) 174.50p -1.69%
easyJet (EZJ) 1,263.00p -1.64%
Marks & Spencer Group (MKS) 348.70p -1.52%
CRH (CRH) 2,774.00p -1.28%
Lloyds Banking Group (LLOY) 66.63p -1.04%
Glencore (GLEN) 366.90p -0.92%
Shire Plc (SHP) 3,862.00p -0.86%
Fresnillo (FRES) 1,424.00p -0.77%
Mondi (MNDI) 2,114.00p -0.75%
Severn Trent (SVT) 2,162.00p -0.74%
FTSE 250 - Risers
Entertainment One Limited (ETO) 282.50p 4.21%
Rank Group (RNK) 233.90p 3.77%
Pets at Home Group (PETS) 219.30p 3.64%
Melrose Industries (MRO) 220.70p 3.13%
Cobham (COB) 147.40p 2.57%
AA (AA.) 161.40p 2.54%
Homeserve (HSV) 828.00p 2.54%
BGEO Group (BGEO) 3,374.00p 2.43%
Playtech (PTEC) 940.50p 2.40%
Euromoney Institutional Investor (ERM) 1,116.00p 2.35%
FTSE 250 - Fallers
Tullow Oil (TLW) 182.10p -4.56%
Renishaw (RSW) 4,670.00p -4.30%
Kaz Minerals (KAZ) 825.00p -3.68%
Polymetal International (POLY) 850.50p -2.74%
Wetherspoon (J.D.) (JDW) 1,248.00p -2.42%
Vectura Group (VEC) 103.80p -2.17%
Hikma Pharmaceuticals (HIK) 1,199.00p -1.88%
Petrofac Ltd. (PFC) 430.20p -1.78%
Virgin Money Holdings (UK) (VM.) 273.70p -1.72% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe midday: Drop is US jobless rate pushes stocks into the red Stocks have been pushed into the red by US data showing a big drop in the country's unemployment rate alongside a big acceleration in the pace of wage gains which has sent government debt yields higher on both sides of the Atlantic.
As of 1415 BST, the benchmark Stoxx 600 was down by 1.23 points to 389.80 alongside a dip of 8,71 points in the German Dax to 12,958.87.
That followed an unexpected two tenth of a percentage point drop in the US unemployment rate to 4.2% (consensus: 4.4%), while average hourly earnings leapt by 0.5% on the month (consensus: 0.3%).
Some economists pointed to a sharp drop in leisure and hospitaly jobs Stateside as a reason for the strong print on wages, but fixed income markets reacted poorly nevertheless.
Thus, the yield on the benchmark 10-year German bund was four basis points higher to 0.50%.
In Spain, the top flight Ibex 35 was down by 0.21% to 10,193.70 - albeit well off its lows of the session - amid news that several large listed firms including Gas Natural, Abertis and Dogi were set to follow in the footsteps of CaixaBank and Banco Sabadell and redomicile outside of Catalonia.
Acting as a backdrop, on Thursday, and at the behest of Catalonia's Socialist party, Spain's Constitutional Court prohibited a plenary session of the Catalan parliament in which it was expected that regional officials might make a unilateral declaration of independence.
Nevertheless, some reports indicated that the region's leaders would still try to forge ahead.
Separately, other reports appeared to indicate that the more moderate nationalists within the Catalan government might be seeking to stall a unilateral declaration of independence, although the more skeptical observers believed it was just an attempt to try and gain legitimacy by provoking foreign mediation between the government in Madrid and regional officials.
On the other side of the argument, Michael Hewson, chief market analyst CMC Markets said: "Despite the splits amongst Catalan lawmakers the language of government officials in Madrid doesn't make any sort of negotiated settlement in the near term particularly likely.
"The sort of inflammatory language used by Spanish finance minister De Guindos in calling Catalan officials "insane" is hardly conducive to encouraging moderate voices to come forward, and prevent a damaging schism. It wouldn't hurt politicians in Madrid to indulge in some velvet glove politics as opposed to the sledgehammer approach, which proved so damaging last weekend."
In other economic news, new factory orders in Germany shot higher by 3.6% in August when compared with the month before, according to the Ministry of Finance, led by a 7.7% jump in orders from outside the euro area.
Still on the economic calendar for later in the day, credit rating agencies DBRS and Moody's were expected to release their latest assessments for Spain and Italy after the close of trading.
Three Fed speakers were also still scheduled to speak on Friday evening, including the president of the Atlanta Fed, Raphael Bostic, at 14:15 BST, followed by his peers at the New York and Dallas Fed banks at 17:15 and 1800 BST, respectively.
"We expect markets to look mainly at average hourly earnings and not so much non-farm payrolls. This is also what the Fed signalled at the latest meeting, as the statement explicitly said that the Fed will look through short-term weakness due to hurricanes," said analysts at Danske Bank.
On the corporate front, low cost airline easyJet guided towards full-year earnings before tax of between £405 to £410m, down from £495m one year earlier. |
| | US Market Report | | US open: Stocks in the red after strong jobs report for September Wall Street was trading on a slightly mixed note but off its session lows following an unexpectedly sharp drop in the country's jobless rate alongside a sharp pick-up in earnings growth.
At 1446 BST, the Dow Jones Industrial Average was drifting lower by 0.06% or 14.21 points to 22,761.18, alongside a dip of 0.14% or 3.56 points on the S&P 500 to 2,548.51 while the Nasdaq Composite was flat at 6,585.63.
In parallel, the yield on the benchmark 10-year US Treasury note was higher by five basis points at 2.39%.
On Thursday, the DJIA closed at a record level for the 56th time this year. Meanwhile, the S&P notched its sixth straight record close and 43rd this year.
Although non-farm payrolls in the US shrank unexpectedly in September, dropping by 33,000, the first negative reading for seven years, unemployment fell from 4.4% to 4.2% - the lowest reading since January 2001.
Furthermore, wage growth accelerated to a 0.5% month-on-month clip (consensus: 0.3%), the Department of Labor said.
"Overall, this was a mixed report, with a much stronger-than-expected drag from the hurricanes in September, but at the same time, the unemployment rate fell unexpectedly and earnings growth was more robust than anticipated. We think that the FOMC will want to separate noise from signal and will likely interpret the weakness as temporary and driven by special factors," said Blerina Uruci and Pooja Sriram at Barclays Research.
Aside from the data, investors were also watch for speeches later in the day by Dallas Fed President Rob Kaplan, New York Fed chief William Dudley and St Louis Fed boss James Bullard.
In remarks to CNBC earlier in the day, Kaplan reportedly said he was still undecided about whether to tighten policy in December.
On the corporate front, Costco Wholesale was a big faller even after it posted worse than expected quarterly profits and earnings.
From a sector standpoint, distillers were doing best, gaining 3.07%, alongside gains of 1.62% the Coal index and of 1.51% for non-ferrous metals.
Netflix shares on the other hand were little changed despite announcing it was raising the price of its two-screen high definition subscription from $9.99 to $10.99 and that for being able to watch on four screens and in ultra-high definition from $11.99 to $13.99.
Meanwhile, just before the opening bell Kellogg said it would acquire Rxbar for $600m
Elsewhere, Yum Brands spin-off Yum China Holdings was also in focus after announcing its first dividend and an increased share buyback plan.
Stock in data operator Switch was rocketing 44% on its first day of trading.
Dow Jones - Risers
Travelers Company Inc. (TRV) $125.00 0.45%
American Express Co. (AXP) $91.55 0.43%
McDonald's Corp. (MCD) $159.47 0.42%
Unitedhealth Group Inc. (UNH) $198.71 0.41%
JP Morgan Chase & Co. (JPM) $97.34 0.26%
Cisco Systems Inc. (CSCO) $33.67 0.24%
Goldman Sachs Group Inc. (GS) $246.55 0.20%
Nike Inc. (NKE) $52.27 0.17%
Pfizer Inc. (PFE) $36.06 0.15%
Merck & Co. Inc. (MRK) $64.68 0.12%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $49.07 -1.41%
Chevron Corp. (CVX) $117.64 -0.79%
Walt Disney Co. (DIS) $99.39 -0.72%
General Electric Co. (GE) $24.39 -0.63%
Wal-Mart Stores Inc. (WMT) $78.96 -0.57%
Exxon Mobil Corp. (XOM) $81.57 -0.55%
Apple Inc. (AAPL) $154.92 -0.30%
Coca-Cola Co. (KO) $45.40 -0.27%
Boeing Co. (BA) $258.21 -0.26%
Microsoft Corp. (MSFT) $75.89 -0.11%
S&P 500 - Risers
Motorola Solutions Inc (MSI) $89.01 3.50%
Western Digital Corp. (WDC) $85.55 2.36%
United Continental Holdings Inc. (UAL) $65.75 2.22%
Mallinckrodt Plc Ordinary Shares (MNK) $36.23 2.06%
Vertex Pharmaceuticals Inc. (VRTX) $155.27 1.95%
Charles Schwab Corp. (SCHW) $45.99 1.80%
Best Buy Co. Inc. (BBY) $58.49 1.74%
Endo International Plc (ENDP) $8.81 1.73%
Yum! Brands Inc. (YUM) $75.80 1.64%
American Airlines Group (AAL) $51.35 1.57%
S&P 500 - Fallers
Costco Wholesale Corp. (COST) $157.87 -5.51%
Iron Mountain Inc (New) (IRM) $37.80 -3.10%
Hess Corp. (HES) $44.38 -2.48%
Frontier Communications Co. (FTR) $11.88 -2.30%
Transocean Ltd. (RIG) $10.30 -2.28%
National Oilwell Varco Inc. (NOV) $35.24 -2.18%
Kansas City Southern (KSU) $105.16 -2.09%
FMC Corp. (FMC) $89.90 -1.98%
Chesapeake Energy Corp. (CHK) $4.22 -1.98%
Freeport-McMoRan Inc (FCX) $14.46 -1.97%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $85.55 2.36%
Incyte Corp. (INCY) $116.20 2.32%
Vertex Pharmaceuticals Inc. (VRTX) $155.27 1.95%
American Airlines Group (AAL) $51.35 1.57%
T-Mobile Us, Inc. (TMUS) $62.37 1.38%
Biomarin Pharmaceutical Inc. (BMRN) $95.32 0.95%
Cintas Corp. (CTAS) $149.39 0.93%
J.B. Hunt Transport Services Inc. (JBHT) $107.83 0.90%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $58.93 0.89%
Regeneron Pharmaceuticals Inc. (REGN) $467.08 0.79%
Nasdaq 100 - Fallers
Costco Wholesale Corp. (COST) $157.87 -5.51%
Liberty Global Plc Lilac Class A (LILA) $24.71 -2.56%
Liberty Global Plc Lilac Class C (LILAK) $24.58 -2.29%
Tractor Supply Company (TSCO) $61.36 -1.75%
Wynn Resorts Ltd. (WYNN) $144.64 -1.58%
Walgreens Boots Alliance, Inc. (WBA) $75.89 -1.38%
PACCAR Inc. (PCAR) $73.77 -1.28%
Shire Plc Ads (SHPG) $151.84 -0.98%
Citrix Systems Inc. (CTXS) $79.02 -0.82%
Hasbro Inc (HAS) $95.79 -0.82% |
| | Broker Tips | | Barratt Developments: Credit Suisse upgrades to Outperform with a target price of 702p. DFS Furniture: Berenberg downgrades to Hold with a target price of 230p.
Ferrexpo: Deutsche Bank downgrades to hold with a target price of 280p.
Standard Chartered: Investec downgrades to Sell with a target price of 740p.
NMC Health: Berenberg initiates on Buy with a target price of 4000p.
British American Tobacco: Jefferies reiterates Buy with a target price of 6100p.
Entertainment One: JPMorgan reiterates Overweight with a target price of 331p.
Ferrexpo: JPMorgan reiterates Neutral with a target price of 175p.
Reckitt Benckiser: Investec reiterates Sell with a target price of 6400p.
Brown N: HSBC maintains Hold with a target price of 330p. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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