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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 open: Stocks edge lower amid slew of corporate news; public deficit eyed London stocks edged lower in early trade on Tuesday as investors sifted through a raft of corporate releases and looked ahead to the latest public sector borrowing figures a day before the Autumn Budget. At 0830 GMT, the FTSE 100 was down 0.2% to 7,378.46, while the pound was flat against the euro at 1.1280 and up 0.1% versus the dollar at 1.3252. Spreadex analyst Connor Campbell said: "Compared to the politically choppy waters of yesterday morning, things are relatively calm this Tuesday. "Good and bad Brexit news sort of cancelled each other out after the bell, with reports that the Cabinet are prepared to pay a higher divorce bill to the EU in order to break the current deadlock somewhat countered by the early signs of exodus from London, as the European Medicines Agency and European Banking Authority both announced their new digs outside the capital." On the data front, public sector net borrowing is at 0930 GMT, while in Westminster there will be a chance to see the Bank of England monetary policy grilled at the quarterly Inflation Report hearings at 1100 GMT, the same time as the CBI's industrial trends survey is released. In corporate news, EasyJet flew higher despite reporting a drop in annual profit as chief executive Carolyn McCall prepared to leave the budget airline after seven years in charge, after saying it sees a winter price boost following the collapse of Monarch Airlines. Specialists building products supplier SIG was on the front foot after it said group revenue from continuing operations rose 6.7% in the period from 1 July to 31 October, while Telecom Plus advanced after posting a 2.6% jump in first-half revenue and saying full-year pre-tax profit is likely to be slightly ahead of current market expectations. WPP was up after JPMorgan Cazenove lifted its price target on the stock, while SSE was boosted by an upgrade to 'buy' at Jefferies and ITV gained after Morgan Stanley upped it to 'overweight'. On the downside, catering group Compass fell despite posting a rise in full-year profit as revenue grew thanks in part to a solid performance in North America, while Johnson Matthey retreated as it reported a 2% drop in first-half operating profit. Home improvement retailer Kingfisher fell despite showing improved like-for-like sales in the third quarter as management kept a lid on disruption from turnaround plans. Building materials group CRH was also on the back foot even as it said it continues to expect another year of progress and reported an increase in sales for the first nine months. Intertek was in the red despite reporting a jump in revenue for the year to date, while Babcock International fell even as its underlying revenue rose 6% in the first half. Melrose Industries was under the cosh after a trading update, as it said Nortek faces currency headwinds in 2018 and that the market for Brush has been "very difficult". Premier Oil gushed lower after a Barclays downgrade to 'underweight', while Mediclinic fell after it was cut to 'underperform' by Macquarie and United Utilities was lower after a downgrade to 'sell' at Investec. |
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| | Market Movers FTSE 100 (UKX) 7,378.46 -0.15%
FTSE 250 (MCX) 19,833.19 -0.19%
techMARK (TASX) 3,443.29 -0.28% FTSE 100 - Risers easyJet (EZJ) 1,326.00p 3.76%
ITV (ITV) 151.90p 2.22%
SSE (SSE) 1,354.00p 1.73%
Standard Life Aberdeen (SLA) 426.50p 0.92%
International Consolidated Airlines Group SA (CDI) (IAG) 604.00p 0.83%
WPP (WPP) 1,276.00p 0.79%
Babcock International Group (BAB) 760.00p 0.73%
British Land Company (BLND) 622.50p 0.65%
Worldpay Group (WPG) 409.90p 0.47%
Smurfit Kappa Group (SKG) 2,297.00p 0.26% FTSE 100 - Fallers Compass Group (CPG) 1,511.00p -5.03%
United Utilities Group (UU.) 768.50p -2.54%
Bunzl (BNZL) 2,136.00p -2.47%
Johnson Matthey (JMAT) 3,224.00p -1.41%
CRH (CRH) 2,708.00p -1.17%
Convatec Group (CTEC) 198.80p -1.09%
Mediclinic International (MDC) 534.00p -0.84%
BT Group (BT.A) 244.15p -0.67%
British American Tobacco (BATS) 4,970.00p -0.64%
Croda International (CRDA) 4,290.00p -0.63% FTSE 250 - Risers SIG (SHI) 164.51p 3.08%
Telecom Plus (TEP) 1,195.00p 3.02%
Countryside Properties (CSP) 349.10p 2.44%
Hunting (HTG) 522.50p 1.95%
Millennium & Copthorne Hotels (MLC) 600.50p 1.87%
Nostrum Oil & Gas (NOG) 352.60p 1.58%
OneSavings Bank (OSB) 385.20p 1.37%
Ted Baker (TED) 2,632.00p 1.23%
Polypipe Group (PLP) 380.41p 1.20%
Bovis Homes Group (BVS) 1,126.83p 1.15% FTSE 250 - Fallers Melrose Industries (MRO) 202.90p -5.76%
QinetiQ Group (QQ.) 200.90p -1.66%
Mitie Group (MTO) 222.30p -1.38%
Wetherspoon (J.D.) (JDW) 1,210.35p -1.36%
Redefine International (RDI) 36.37p -1.11%
Hansteen Holdings (HSTN) 140.70p -1.05%
Marston's (MARS) 103.02p -1.03%
Dignity (DTY) 1,830.40p -1.01%
Crest Nicholson Holdings (CRST) 521.00p -0.86% |
| | UK Event Calendar | | Tuesday November 21 INTERIMS
AO World, Babcock International Group, Big Yellow Group, CML Microsystems, De La Rue, Halma, Homeserve, IMImobile , Johnson Matthey, Scapa Group, Severfield, Solid State, Telecom Plus, VP INTERIM DIVIDEND PAYMENT DATE
Intu Properties, Konami Holdings Corporation, Stilo International INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Existing Home Sales (US) (14:00) Q3
AFI Development, Frutarom Industries Ltd GDR (Reg S) FINALS
Compass Group, CYBG , easyJet, Focusrite, Renew Holdings, Stride Gaming, Utilitywise plc SPECIAL DIVIDEND PAYMENT DATE
Artemis VCT AGMS
Diurnal Group, Dunelm Group, Harvest Minerals Limited (DI), Jupiter US Smaller Companies , Pan African Resources, Tiso Blackstar Group SE TRADING ANNOUNCEMENTS
Aggreko, CRH, Equiniti Group , Intertek Group, Kingfisher, SIG, Spectris, Spirax-Sarco Engineering UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
Public Sector Net Borrowing (09:30) FINAL DIVIDEND PAYMENT DATE
Close Brothers Group
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| | US Market Report | | US close: Wall Street starts holiday week mixed Wall Street started the holiday-shortened week in mixed form on Monday, as traders tried to shake off two consecutive weeks of losses. The Dow Jones Industrial Average was ahead 0.31% at 23,430.33 and the S&P 500 added 0.13% to 2,582.14, while the Nasdaq 100 fell 0.09% to settle at 6,308.61. Trading volumes were expected to be somewhat lighter during the week, ahead of the Thanksgiving holiday on Thursday. On Monday afternoon, US Federal Reserve chair Janet Yellen announced that she would not remain on the central bank's board as a governor once her current tenure as president was up. Earlier in the day US President Donald Trump announced that North Korea would be added back to the list of countries that are state sponsors of terrorism, with new sanctions against Pyongyang set to be unveiled on Tuesday. Meanwhile, the economic agenda was rather sparse, with traders left with only the Conference Board's index of leading economic indicators to digest. The think-tank's gauge rose by a hearty 1.2% month-on-month in October, doubling analysts' forecasts. "The growth of the LEI, coupled with widespread strengths among its components, suggests that solid growth in the US economy will continue through the holiday season and into the new year," said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. In corporate news, shares of chip maker Cavium jumped 10.8% following a report that Marvell Technology is close to a deal to buy the company for around $6bn. Marvell's own shares rose 6.41%. Stock in fashion retailer Abercrombie & Fitch was another standout gainer, leaping 9.58% after the company posted better-than-expected third quarter earnings and reported a 4% rise in like-for-like sales, easily beating analysts who had anticipated a modest 0.4% improvement. Chinese e-commerce company Alibaba was also on the front foot, finishing the session 1.57% firmer after saying it will buy a 36% stake in China big-box retailer Sun Art Retail Group for $2.88bn. Dow Jones - Risers Nike Inc. (NKE) $59.25 3.53%
Verizon Communications Inc. (VZ) $46.20 3.19%
Home Depot Inc. (HD) $170.45 1.76%
Cisco Systems Inc. (CSCO) $36.50 1.67%
International Business Machines Corp. (IBM) $150.53 0.93%
Boeing Co. (BA) $264.58 0.90%
3M Co. (MMM) $231.48 0.90%
Caterpillar Inc. (CAT) $136.91 0.57%
JP Morgan Chase & Co. (JPM) $99.02 0.55%
American Express Co. (AXP) $93.95 0.28% Dow Jones - Fallers Coca-Cola Co. (KO) $45.47 -2.34%
Merck & Co. Inc. (MRK) $54.10 -1.94%
General Electric Co. (GE) $17.99 -1.48%
United Technologies Corp. (UTX) $116.45 -1.28%
Procter & Gamble Co. (PG) $88.27 -1.10%
Visa Inc. (V) $109.95 -0.96%
Walt Disney Co. (DIS) $102.75 -0.82%
Travelers Company Inc. (TRV) $129.80 -0.80%
McDonald's Corp. (MCD) $167.00 -0.69%
Johnson & Johnson (JNJ) $137.95 -0.68% S&P 500 - Risers Gap Inc. (GPS) $29.93 8.92%
Hewlett Packard Enterprise (HPE) $14.09 6.18%
Under Armour Inc. Class A (UAA) $13.44 5.33%
Target Corp. (TGT) $57.88 5.05%
PVH Corp. (PVH) $136.37 4.95%
Kohls Corp. (KSS) $44.33 4.90%
Kroger Co. (KR) $23.20 4.13%
Frontier Communications Co. (FTR) $7.23 3.88%
TEGNA Inc (TGNA) $13.03 3.74%
Nordstrom Inc. (JWN) $41.44 3.68% S&P 500 - Fallers SCANA Corp. (SCG) $42.67 -5.18%
PG&E Corp. (PCG) $52.65 -4.53%
Ryder System Inc. (R) $76.64 -4.52%
Cardinal Health Inc. (CAH) $55.00 -4.36%
Chesapeake Energy Corp. (CHK) $3.87 -3.73%
Endo International Plc (ENDP) $7.27 -3.58%
Patterson Companies Inc. (PDCO) $34.82 -3.39%
Tenet Healthcare Corp. (THC) $13.17 -3.16%
McKesson Corp. (MCK) $138.23 -3.13%
Mylan Inc. (MYL) $36.50 -2.90% Nasdaq 100 - Risers Micron Technology Inc. (MU) $47.64 3.21%
Wynn Resorts Ltd. (WYNN) $156.96 3.07%
Analog Devices Inc. (ADI) $93.07 2.93%
Dollar Tree Inc (DLTR) $97.11 2.64%
Lam Research Corp. (LRCX) $215.10 2.20%
Applied Materials Inc. (AMAT) $57.62 2.00%
Tractor Supply Company (TSCO) $65.73 1.91%
Liberty Global Plc Lilac Class A (LILA) $21.81 1.82%
Cisco Systems Inc. (CSCO) $36.50 1.67%
PACCAR Inc. (PCAR) $67.70 1.51% Nasdaq 100 - Fallers NetEase Inc. Ads (NTES) $344.07 -6.38%
Incyte Corp. (INCY) $98.95 -6.18%
Shire Plc Ads (SHPG) $141.37 -4.07%
Mylan Inc. (MYL) $36.50 -2.90%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $209.16 -2.76%
JD.com, Inc. (JD) $39.20 -2.61%
Henry Schein Inc. (HSIC) $67.50 -2.34%
Alexion Pharmaceuticals Inc. (ALXN) $108.49 -2.15%
Tesla Inc (TSLA) $308.74 -2.00% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Brexit payment, WTO, term funding scheme, Carillion Theresa May’s cabinet is prepared to increase its financial offer to the EU in an attempt to break the deadlock in Brexit talks but will make clear that any figure is contingent on the final deal, including the shape of a future trading arrangement. A crunch meeting of the prime minister’s new Brexit sub-committee, set up to discuss the government’s strategy for critical negotiations, agreed to a calculation of the divorce bill that would result in a larger payment. - Guardian Senior Tory Brexiteers demanded last night that Theresa May exploit Angela Merkel's political weakness and suspend plans to offer billions of pounds more to the European Union. The prime minister's allies said that she had bound her cabinet to Britain's negotiating stance, including the offer of more money at a meeting before the European Council next month. - The Times World Trade Organisation members may block British companies' ability to bid for overseas government contracts worth $1.7 trillion as leverage in high-stakes agriculture negotiations. Liam Fox, the trade secretary, met members of the organisation last week to discuss plans by Britain and European Union to divide between them the agricultural quotas that set limits on the amount of produce that can be exported before prohibitive tariffs kick in. - The Times Britain's unusually weak pay growth could be caused by workers reining in their demands due to Brexit uncertainty, a senior Bank of England official has said. In his first speech since joining the Bank from the Treasury, Dave Ramsden said the impact of the EU referendum on inflation had persuaded him to vote against an increase in interest rates earlier this month. - Guardian The Bank of England has been accused of "mishandling" part of its post-Brexit stimulus package after extending a cheap funding scheme for the banks by an extra £25 billion, a move that appeared to fly in the face of this month's interest rate rise. In a letter to the chancellor, Mark Carney, the Bank's governor, asked for an extension to the term funding scheme because demand for cheap money by banks and building societies had overshot forecasts. - The Times The government has come under fire after Carillion continued to win new contracts, despite Whitehall rules designed to limit taxpayer exposure to "financially distressed" companies. Cabinet Office policy states that departments and agencies should reduce "where possible" the additional work given to "strategic suppliers" designated "high-risk" under existing contracts to "contain the risk to the taxpayer". - The Times The Office for National Statistics is overhauling the way in which it measures the UK economy by including vast amounts of VAT data from small firms for the first time. Previously, GDP estimates have been generated from a survey of the turnover at 45,000 companies - including all of the country's largest businesses. - Telegraph Non-executive directors at the London Stock Exchange have brought in a City law firm to advise them on what to tell shareholders about its boardroom upheaval, in a move that appears to lower the chances of a public airing of dirty laundry. Reports at the weekend suggested that the full details of disagreements between Xavier Rolet, the exchange group's chief executive, and Donald Brydon, its chairman, would have to come out ahead of the shareholders' meeting. - The Times Imagine a world in which you don't have to deal with your water company directly or search for the best energy rate on the internet. That is the vision that will be conjured today by Cathryn Ross, chief executive of Ofwat, in her last speech in the role before heading to work for BT. In a speech in which she had been expected to talk about the tough customer price-cap settlement for water companies from 2019, Ms Ross instead will tell utility providers that this is the least of their worries: by 2025, they may not even exist. - The Times The widespread adoption of Bitcoin and other cryptocurrencies will be stymied by the fact that they are not backed by a so-called 'lender of last resort', the French bank BNP Paribas has claimed. Replacing traditional currencies with Bitcoin would come with significant risks and undermine monetary policy, the French bank said. - Telegraph Thirty years on from the first spade breaking ground on the construction of a fixed rail link under the English Channel, the company that was created to run it, Eurotunnel, is to change its name and start making significant sums of money from not running trains. Groupe Eurotunnel as a company emerged a decade ago after a period of administration, a multibillion-pound write-off of its debts and a move across the Channel, from the London Stock Exchange to the Euronext bourse in Paris. Now, the business is to become Getlink. - The Times The US Department of Justice has filed a lawsuit to block AT&T's planned $85.4bn (£64.5bn) takeover of CNN-owner Time Warner, citing concerns over higher prices for pay-TV subscribers. The head of the department's anti-trust division, Makan Delrahim, said the merger would "greatly harm American consumers". - Telegraph |
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