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"I turned a £2k account into £9k in 6 weeks" - C Ching member since 2015 Click here to find out more | | | London open: WPP leads losses as FTSE follows US and Asia lower | | | | | London stocks fell in early trade on Thursday, taking their cue from heavy losses in the US and Asia, as advertising giant WPP took a beating on the back a disappointing third-quarter update. At 0840 BST, the FTSE 100 was down 0.9% to 6,903.42, heading back down towards the 6,900 level last seen seven months ago. The pound was up 0.2% against the dollar at 1.2908 and 0.1% firmer versus the euro at 1.1319. "That the pound has risen following yesterday’s meeting between Theresa May and the 1922 Committee, one that reportedly saw the PM escape with her leadership intact, contributed to the FTSE’s decline," said Spreadex analyst Connor Campbell. Neil Wilson, chief market analyst at Markets.com, said: "Is this the start of the long awaited bear market? Stocks crumbled yesterday in the US as investors shrugged off bumper earnings to look at the prospect of weaker growth next year." The Dow Jones declined more than 600 points, with cyclical and tech stocks were the biggest losers, with the Nasdaq ending down more than 4%, while the S&P 500 fell 3% and the Dow dropped 2.4% despite strong earnings from Boeing. "The Nasdaq is now in correction territory while both the Dow and S&P have lost all their 2018 gains. It looks like the poor US housing stats yesterday acted as a warning and investors took fright. We’re in a period of pressure building to the downside as we get more down days than up and the breadth of the decline is important as is the volume," said Wilson. In UK corporate news, advertising group WPP tumbled 20% as it posted a drop in third-quarter revenues, cut its full-year revenue guidance and announced plans to sell a stake in its data division. Hastings Group tumbled as the insurer reported a rise in nine-month gross written premiums but struck a cautious note on the wider outlook for the market. The appointment of Philip Jansen, ex of Worldpay, as new chief executive of BT Group did nothing to help the shares in early trading. Likewise, Polypipe slipped despite announcing the acquisition of Manthorpe Building Products, which makes moulded and extruded plastic and metal products for the UK and Irish markets, for £52m. Relx ticked a touch lower despite reporting a 4% increase in nine-month underlying revenue while chemicals company Elementis lost ground even as it said it had delivered a "resilient" third quarter. On the upside, precious metals miners were back in favour as investors looked for safe havens, with Randgold Resources and Fresnillo the top performers. Lloyds Banking was in the green as it reported flat underlying profits for the third quarter and revealed that chief financial officer George Culmer will retire next year. Kaz Minerals advanced as it reported a jump in third-quarter copper production while Aveva nudged up after the engineering and industrial software provider said it continued to perform well in the first half of its financial year. Embattled department store group Debenhams hit a new all-time low in early trading but popped higher as it unveiled more aggressive restructuring plans, with up to 50 stores to be closed in the coming three-to-five years. In broker note action, Rolls-Royce was lifted to 'buy' at Oddo while Segro was upgraded to 'add' at AlphaValue. Anglo American was boosted to 'buy' at SocGen, but Rio Tinto was cut to 'hold'.Informa was upgraded to 'add' at Peel Hunt. Ferguson, ITV, Rolls-Royce, Coats Group, Dechra, Howden Joinery, JD Wetherspoon and William Hill were among the companies whose stock went ex-dividend. | | | | | Q4's Top 10 Stock Picks The best trading opportunities for the last 3 months of 2018 Has the FTSE bottomed out? Are you looking to revamp your financial portfolio, scouting names with upside potential? This report unveils our Top 10 Stocks for Q4 that could help make your latest investment decisions informed and deliberate. 78% of retail clients lose money, consider affordability. Download here » | | | | Top 10 FTSE 100 Risers| Sponsored by Interactive Investor | 
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- Additional proprietary and exclusive insights and analysis as markets move. Download our free report | | | US open: Stocks drop as investors sift through a raft of earnings releases | | | | | Wall Street trading started off with losses on Wednesday, despite initially recovering from the losses seen in pre-market trading, as investors braced for a raft of earnings releases that have, so far, struggled to lift markets in the face of rising interest rates and growing indications of a global economic slowdown. As of 1540 BST, the Dow Jones Industrial Average was down 0.24% to 25,130.71, while the S&P 500 was 0.46% weaker at 2,728.08 and the Nasdaq was trading 0.75% lower at 7,380.69. After recovering from what looked set to be a 500 point drop on Tuesday, at the opening bell the Dow lost just 50 points , knocking the index back under 25,150 but keeping it safely short of yesterday's intra-day low. SpreadEx analyst Connor Campbell, said: "It appears that the Dow couldn't join in with the European rebound for the very reason its peers are in the green: the dollar. The US currency rose 0.5% against the pound and 0.6% against the euro, despite Donald Trump once again attacking Federal Reserve chief Jerome Powell. "Or, perhaps it is up because of the President's pot-shots, investors taking it as a sign the central bank is on track for another Trump-displeasing hike in December. Brexit worries (sterling) and the ongoing Italian budget issues (euro) also played their part." CMC Markets analyst Michael Hewson said: "Today's focus will again return to the latest numbers from Ford, Microsoft and Visa. Ford has been struggling for a while now, especially in Europe, so expectations probably aren't likely to be that high. "On the tech front which has borne the brunt of the recent selloff, Microsoft's numbers will be in focus, in terms of how well its cloud business continues to do. The decision by CEO Satya Nadella to re-orientate Microsoft's business model towards the cloud has helped the Windows giant keep pace with the technological changes being created across the internet. Having turned over $110.36bn last year, this week's Q1 update should give a decent indication as to whether the company is on track to deliver the 12% revenue growth that investors are pricing-in for this fiscal year." Hewson also said Visa's numbers were also likely to offer some insight into US consumer confidence and the willingness of consumers to use their credit cards to go out and spend. Elsewhere on the corporate front, Northrop Grumman was down 0.68% in early trading despite posting a huge jump in third-quarter profit and lifting its earnings guidance for 2018. Burger King parent Restaurant Brands was up just 0.16% after it reported a 49% increase in quarterly profit, while AT&T dropped 6.10% at the bell after the release of its third-quarter numbers. Boston Scientific rose 0.64% after its quarterly profit beat expectations. Elsewhere, UPS was down 3.46% after the parcel delivery company's third-quarter earnings per share came in in-line with market expectations and above the previous year's. Boeing shares also took off, adding 3.07% after the company raised its full-year guidance. On the data front, activity in America's manufacturing and services sectors picked-up noticeably in October, supporting the case for further policy tightening by the US central bank, economists said. IHS Markit's composite output index for the US factory and services sector rose from a reading from a 53.9 last month to 54.8 in October, notching up a three-month high in the process. Growth was quickest on the manufacturing side of the economy, where the corresponding Purchasing Managers' Index jumped from 55.6 to 55.9, its best level in five months. IHS Markit's chief business economist Chris Williamson said: "The resilience of the domestic economy in the face of trade worries, and the strong price pressures indicated by the survey data, will add to expectations that the Fed will hike rates again before the end of the year." Elsewhere, sales of new homes plunged 5.5% in the States during September, the fourth straight monthly drop. The Commerce Department revealed that newly built homes sold at a seasonally adjusted annual rate of 553,000 last month. New-home sales were downwardly revised for August, wiping out its previously reported gain. The annual rate of home sales has dropped 15.3% since May. | | | | | Set to be another big success story: An SEIS approved investment with the potential of 50% tax relief for early investors. Click here to find out more | | | Thursday newspaper round-up: Debenhams, Microsoft, WPP, Afren | | | | | Debenhams has confirmed plans to shut up to 50 stores, nearly a third of the UK-wide chain, putting up to 5,000 jobs at risk. The struggling department store also unveiled a near £500m annual loss as it writes off the value of its brand and the cost of unwanted shop leases and IT systems. Debenhams, which currently has 165 stores and employs 27,000 people, is struggling to adapt as shoppers switch away from the traditional high street towards spending more on leisure activities and to buying online. Nearly a quarter of all spending on fashion purchases is now made on the internet. – Guardian A Liverpool tower block that had more housing prosecutions in 2017 than any other building was 80% owned by international investors, some of whom were banking publicly funded rents while subjecting tenants to potential danger from hazardously low temperatures. Mill View tower, a 16-storey former council-owned high rise in Toxteth, attracted 13 prosecutions last year for Elite Property Management and Lettings Ltd, a local firm that was managing 13 of the flats. The flats had cost around £60,000 each in 2013 and were all rented to residents claiming housing benefit. The company was prosecuted for licensing offences. - Guardian Microsoft's profits have risen by more than a third despite growth in its crucial cloud computing business slowing down. The software company, which has been reinvigorated under its chief executive Satya Nadella in recent years, posted a profit of $8.8bn (£6.8bn) for the three months to the end of September. This was up 34pc on the previous year. - Telegraph WPP, the world’s largest advertising company, is preparing to sell a stake in Kantar, its data investment management division. The process is going to be run by Goldman Sachs and will see WPP retain a stake in the data company. WPP will detail plans to sell the division when it reports its third quarter results. - Telegraph Two London oil and gas executives were convicted yesterday of a fraud that made them more than £13 million personally in a £35 million money-laundering operation. Osman Shahenshah and Shahid Ullah, the former chief executive and chief operating officer respectively of Afren, were found guilty of fraud and money-laundering offences by deceiving the British company’s board into agreeing a deal valued at more than £230 million. - The Times Theresa May has cited the government’s crisis over Brexit to justify installing her longstanding lieutenant as Britain’s most senior civil servant without a formal recruitment process. Sir Mark Sedwill, 54, was promoted to cabinet secretary after it was announced that Sir Jeremy Heywood, 56, who is being treated for cancer, would not return to work. Sir Mark had been acting in the role since June. - The Times | |
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