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| | London open: Stocks edge up as pound slips; McCafferty, Haldane speeches eyed Thu, 05 October 2017 Article viewed 57 times |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks edged higher in early trade on Thursday as the pound lost ground amid concerns about Brexit, ahead of speeches by Bank of England policymakers Ian McCafferty and Andy Haldane.
At 0830 BST, the FTSE 100 was up 0.3% to 7,492.04, while the pound fell 0.5% against the dollar and the euro to 1.3184 and 1.1211, respectively.
Spreadex analyst Connor Campbell said: "After a brief respite on Wednesday, thanks to that better than forecast UK services PMI, sterling has resumed its October slide this Thursday.
"While there was nothing concrete driving the pound lower, there was plenty of news to chip away at the currency's confidence. There were the lingering effects of Standard & Poor's comment yesterday stating that it is 'sceptical' of a Bank of England rate hike. Keeping with the BoE, deputy governor Sam Woods argued that a transition deal with the EU would need to be in place before Christmas to prevent an exodus of City jobs out of the UK."
On top of all this Brexit concerns still weighed, Campbell said, so it was "not hard to see why sterling is continuing to given back chunk after chunk of September's surge".
There are no UK data releases of note due on Thursday but the Bank of England's chief economist, Andy Haldane, will make a speech at 1830 BST at the Economic Research Council and Ian McCafferty will give a speech at the Founders' Company Annual Lecture at 1700 BST.
In corporate news, Aviva nudged up after saying it has agreed to buy a majority shareholding in low cost investment service Wealthify Group for an undisclosed sum.
Budget airline easyJet flew higher as it reported an 11% jump in passenger numbers for September as the load factor ticked up.
Medical products group BTG edged up after saying it grew sales at double-digits at constant exchange rates in the first half of the year and confirming it was on track for the full year, while also announcing it has acquired a cardiovascular catheters business.
Vodafone gained as it announced a "significant evolution" of its brand positioning strategy, strapline and visual identity - the first changes to one of the world's best-known brands since the introduction of the 'Power to you' strapline in 2009.
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.
Balfour Beatty slipped after saying it was selling its US unit Heery to CBRE Group for $57m (£42m) to allow it to expand operations in the region.
Ukrainian iron ore specialist Ferrexpo was in the red after reporting a drop in pellet production for the third quarter due to its ongoing pellet line maintenance programme.
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.
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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?
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Click here for your Complimentary Guide |
| | Market Movers
FTSE 100 (UKX) 7,492.04 0.33%
FTSE 250 (MCX) 20,022.41 -0.03%
techMARK (TASX) 3,527.00 0.15%
FTSE 100 - Risers
Anglo American (AAL) 1,449.00p 1.33%
Mediclinic International (MDC) 661.00p 1.15%
Royal Bank of Scotland Group (RBS) 274.40p 1.14%
Glencore (GLEN) 363.20p 1.06%
Whitbread (WTB) 3,885.00p 1.04%
SSE (SSE) 1,381.00p 1.02%
Sainsbury (J) (SBRY) 244.00p 0.99%
United Utilities Group (UU.) 865.00p 0.99%
Direct Line Insurance Group (DLG) 361.90p 0.95%
Merlin Entertainments (MERL) 452.20p 0.85%
FTSE 100 - Fallers
WPP (WPP) 1,383.00p -1.43%
Next (NXT) 5,175.00p -1.33%
Aviva (AV.) 493.10p -1.16%
British Land Company (BLND) 601.00p -0.99%
British American Tobacco (BATS) 4,700.50p -0.76%
Berkeley Group Holdings (The) (BKG) 3,777.00p -0.74%
ITV (ITV) 175.50p -0.68%
Shire Plc (SHP) 3,857.50p -0.53%
Barclays (BARC) 191.45p -0.47%
BAE Systems (BA.) 617.50p -0.40%
FTSE 250 - Risers
LondonMetric Property (LMP) 170.60p 2.16%
Amec Foster Wheeler (AMFW) 535.00p 2.10%
Wood Group (John) (WG.) 714.00p 2.00%
Sanne Group (SNN) 820.00p 1.61%
Telecom Plus (TEP) 1,112.00p 1.18%
Worldwide Healthcare Trust (WWH) 2,645.00p 1.15%
Nex Group (NXG) 647.50p 1.01%
Polypipe Group (PLP) 412.00p 1.01%
Equiniti Group (EQN) 295.00p 0.99%
Jardine Lloyd Thompson Group (JLT) 1,261.00p 0.96%
FTSE 250 - Fallers
FDM Group (Holdings) (FDM) 980.50p -2.92%
Hays (HAS) 188.30p -2.79%
Ferrexpo (FXPO) 296.70p -2.14%
Smith (DS) (SMDS) 505.00p -1.94%
CYBG (CYBG) 301.50p -1.89%
AA (AA.) 159.70p -1.84%
Kier Group (KIE) 1,136.00p -1.82%
Ladbrokes Coral Group (LCL) 121.00p -1.79%
Rank Group (RNK) 218.90p -1.75%
Inmarsat (ISAT) 635.00p -1.47% |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
| | US close: Stocks continue record run amid slew of data |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Stocks on Wall Street finished in the green on Wednesday, continuing the record run seen in previous sessions.
The Dow Jones Industrial Average finished up 0.09% at 22,661.54, the S&P 500 was up 0.12% at 2,537.74 and the Nasdaq 100 closed 0.06% firmer at 5,998.84.
"After kicking off the week with two record closes, US indices are currently seen opening marginally lower as we prepare for speeches from Federal Reserve Chair Janet Yellen and ECB President Mario Draghi," said Oanda analyst Craig Erlam earlier in the session.
"While the two central banks are in very different phases of the tightening cycle, both heads are facing very similar problems in that there is a strong desire within the banks to become less accommodative before the end of the year but the data is making life difficult.
"Inflation in particular is a massive headache for many central banks around the world, with the normal models proving ineffective in determining when it will return to target."
On the economic front, Wednesday's data releases came in firmly ahead of economists' forecasts.
The ISM institute's service sector purchasing managers' index rose from a reading of 55.3 for August to 59.8 in September, against a consensus forecast for 55.1.
Ahead of Friday's non-farm jobs report, private consultancy ADP reported that US private payrolls rose by 135,000 in September, missing a consensus for 138,000, as hurricanes Harvey and Irma began to impact the US Gulf of Mexico.
Nevertheless, some economists warned the impact from the storms wouldn't be fully apparent until October.
Meanwhile in the corporate space, electric car maker Tesla rose 1.97% after Nomura initiated coverage of the stock at 'buy'.
Office Depot was in focus as well, losing 17.65% after saying late on Tuesday that it was cutting its 2017 profit guidance and announcing the acquisition of CompuCom for $1bn.
Amazon.com was also in the spotlight, rising 0.87% as the EU antitrust regulator ordered the company to repay $293m in back taxes after claiming it had been given an unfair tax advantage.
Verizon Communications rose 0.1% after announcing late on Tuesday that every Yahoo account was hit in a 2013 hack.
PepsiCo stock gained 0.19% after its third-quarter earnings beat, while Mylan surged after it got approval from the Food and Drug Administration for a drug for multiple sclerosis. |
| | Dow Jones - Risers
Nike Inc. (NKE) $52.08 1.19%
Caterpillar Inc. (CAT) $126.74 0.98%
Unitedhealth Group Inc. (UNH) $200.46 0.93%
3M Co. (MMM) $216.51 0.91%
Coca-Cola Co. (KO) $45.53 0.69%
Johnson & Johnson (JNJ) $132.89 0.60%
Microsoft Corp. (MSFT) $74.69 0.58%
Merck & Co. Inc. (MRK) $64.61 0.36%
Procter & Gamble Co. (PG) $92.42 0.33%
McDonald's Corp. (MCD) $157.22 0.22%
Dow Jones - Fallers
General Electric Co. (GE) $24.48 -1.29%
Cisco Systems Inc. (CSCO) $33.44 -1.21%
JP Morgan Chase & Co. (JPM) $96.36 -1.02%
Apple Inc. (AAPL) $153.48 -0.65%
Goldman Sachs Group Inc. (GS) $240.31 -0.54%
Pfizer Inc. (PFE) $35.96 -0.50%
American Express Co. (AXP) $91.01 -0.46%
Visa Inc. (V) $105.30 -0.27%
Walt Disney Co. (DIS) $100.51 -0.24%
International Business Machines Corp. (IBM) $146.48 -0.20%
S&P 500 - Risers
Mylan Inc. (MYL) $37.80 16.20%
TripAdvisor Inc. (TRIP) $43.40 3.73%
Entergy Corp. (ETR) $78.41 3.61%
Netflix Inc. (NFLX) $184.45 2.94%
Dentsply International Inc. (XRAY) $57.21 2.80%
Dollar Tree Inc (DLTR) $89.05 2.57%
Crown Castle International (CCI) $101.89 2.25%
Royal Caribbean Cr (RCL) $121.69 2.24%
Helmerich & Payne Inc. (HP) $51.14 2.24%
Macerich Co (MAC) $56.48 2.21%
S&P 500 - Fallers
Tenet Healthcare Corp. (THC) $15.69 -5.02%
Republic Services Inc. (RSG) $63.31 -4.87%
Advance Auto Parts (AAP) $94.93 -4.09%
Waste Management Inc. (WM) $76.33 -3.72%
H&R Block Inc. (HRB) $25.70 -3.35%
L Brands Inc (LB) $41.36 -3.18%
Frontier Communications Co. (FTR) $12.26 -2.70%
Southwestern Energy Co. (SWN) $6.13 -2.24%
Ryder System Inc. (R) $83.00 -2.19%
Micron Technology Inc. (MU) $39.56 -2.01%
Nasdaq 100 - Risers
Mylan Inc. (MYL) $37.80 16.20%
Netflix Inc. (NFLX) $184.45 2.94%
Dentsply International Inc. (XRAY) $57.21 2.80%
Dollar Tree Inc (DLTR) $89.05 2.57%
Sirius XM Holdings Inc (SIRI) $5.73 2.32%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $55.98 2.28%
Viacom Inc. Class B (VIAB) $28.14 2.14%
Tesla Inc (TSLA) $355.01 1.97%
Idexx Laboratories Inc. (IDXX) $157.41 1.95%
Ctrip.Com International Ltd. Ads (CTRP) $55.49 1.78%
Nasdaq 100 - Fallers
Liberty Global plc Series A (LBTYA) $32.10 -3.34%
Liberty Global plc Series C (LBTYK) $30.99 -3.25%
JD.com, Inc. (JD) $38.34 -2.22%
Micron Technology Inc. (MU) $39.56 -2.01%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $223.52 -1.80%
Tractor Supply Company (TSCO) $62.19 -1.58%
Activision Blizzard Inc. (ATVI) $62.63 -1.29%
Liberty Interactive Corporation QVC Group (QVCA) $23.28 -1.27%
Walgreens Boots Alliance, Inc. (WBA) $75.83 -1.25%
Baidu Inc. (BIDU) $243.97 -1.23% |
| | Thursday newspaper round-up: Tesco, Airbnb, Merlin Entertainments, Royal Mail | | A top official at the Bank of England has warned the government it has less than 12 weeks to agree a transition deal with the EU to prevent City firms starting to move jobs and business out of the UK. Sam Woods, a deputy governor at the Bank, said City firms would activate their Brexit contingency plans if there was no deal on a transition period by Christmas which would mitigate the impact of a hard Brexit in March 2019. Woods also repeated his warning of the strain being put on the Bank's ability to police the financial sector as a result of the changes firms needed to make. - Guardian
Tesco staff were under pressure and at least one executive feared jail over actions they were alleged to be taking to meet 2014 financial targets that looked "insurmountable", a whistleblower has told a court in London. Carl Rogberg, former finance director of Tesco UK, together with John Scouler, former commercial director for food, and Christopher Bush, former Tesco UK managing director, are allcharged with one count of fraud by abuse of position and one count of false accounting. The three deny any wrongdoing and have pleaded not guilty. - Guardian
Airbnb is looking to grab a larger slice of the business trip market in partnering with WeWork to offer those staying in accommodation listed on its website the option to rent a desk in their nearest office. The trial, which launches on Thursday, covers WeWork offices in Chicago, London, Los Angeles, New York, Sydney, and Washington, DC and is expected to run for a few months. - Telegraph
Merlin Entertainments, the owner of Legoland and Thorpe Park, has reportedly made an offer for part of SeaWorld's business. It is thought this part could be the Busch Gardens theme parks. The news that Merlin approached SeaWorld about a potential deal, first reported by Bloomberg, comes just months after Merlin chief financial officer Anne-Francoise Nesmes said the group was potentially interested in the Busch Gardens assets. - Telegraph
Businesses rounded on the Conservatives after a "let down" of a conference season that left them confused about the government's free market principles, questioning its economic strategy and increasingly worried about Brexit. The budget in November will have to be bold and ambitious if the government is to rescue "wavering confidence in the wider economy", the Institute of Directors said after the prime minister's speech. Others warned that companies would turn their back on the UK unless it steps up its efforts to secure a transition deal with the European Union. - The Times
Royal Mail has claimed that a national postal strike at Christmas is unlikely and that there would definitely be no walkouts around Black Friday, the new pre-festive season internet shopping and e-commerce delivery bonanza at the end of November. Royal Mail says that while postal workers represented by the Communication Workers Union (CWU) have voted in favour of strike action, the union is legally bound to what could be a drawn-out mediation process. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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