| | | London stocks were pretty muted in early trade on Tuesday, with investors opting to keep their powder dry ahead of the US mid-term elections. At 0830 GMT, the FTSE 100 was down 0.1% to 7,099.84, while the pound was up 0.3% against the dollar at 1.3077 and 0.2% firmer versus the euro at 1.1457. The pound was near a three-week peak against the dollar and trading at its best level against the euro since mid-June. "That’s not necessarily down to sterling strength, however," said Spreadex analyst Connor Campbell. "The greenback is edgy ahead of the elections, especially since it is quite tricky to work out what exactly is the best result is in the eyes of investors," he said. "As for the single currency, there is little sign of a resolution to the Italy-EU budget brouhaha, with several eurozone finance ministers supporting Brussels’ attempts to block the plans." Analysts at Rabobank noted that the latest opinion polls have indicated that the gap between the Democrats and the Republicans has narrowed, although the former are still favourites to take the House with the latter regaining control of the Senate. "While such an outcome is the consensus view, the unusually high turnout driven by highly motivated both sides of the political spectrum could produce an unpredictable result which would have significant implications for the markets." Closer to home, the latest survey from the British Retail Consortium and KPMG released overnight showed that retail sales rose 0.1% on the month in October on a like-for-like basis, with total sales up 1.3% on the year. Chief executive Helen Dickinson said: "Overall, retail sales growth remains low by historical standards. Sales in October saw only a slight uplift on the previous year, as cautious consumer spending continues into the final quarter of the year. "Brighter weather and the anticipation of better deals in the Black Friday November sales have dampened demand for discretionary purchases. Moreover, low real wage growth over an extended period has left consumers with less money in their pocket, squeezing retailers’ margins in the face of higher costs. "Furthermore, the very real possibility of a no-deal Brexit presents a huge challenge for retailers who must contend with the prospect of higher import prices, and further drops to consumer demand In UK corporate news, Morrisons was the standout loser as it said further strong expansion of its wholesale arm lifted sales in the third quarter, but growth slowed from the rapid rate in the preceding quarter. Group like-for-like sales were up 5.6% in the 13 weeks to 4 November, excluding fuel, as the supermarkets business grew 1.3% and the wholesale business 4.3%. Meanwhile, William Hill was the worst performer on the 250 as the bookmaker warned that full-year profit for 2018 would be lower than the previous year due to weaker-than-expected footfall and racing margins and challenging conditions on the high street. Direct Line was a little weaker after the insurer posted a 5.8% drop in third-quarter gross written premiums but said it was on track to meet its goals for 2018. Pub group Greene King was also on the back foot as it announced that its chief executive, Rooney Anand, will step down after nearly 14 years in the role. On the upside, packaging company DS Smith gained after saying it expects return on sales and adjusted operating profit in the half year to the end of October to be "materially" ahead of the same period a year ago. Imperial Brands rallied as the tobacco company said full-year operating profits rose 5.7% to £2.4bn, although it took a hit from a write-off relating to its bankrupt Palmer & Harvey (P&H) distribution operation. Associated British Foods was on the front foot as it reported stronger earnings per share for the year to September but said it expects growth to be flat in the coming year. Strong growth from its Primark retail arm, along with its Grocery, Agriculture and Ingredients divisions, offsetting a decline in the sugar business, resulted in adjusted profits before tax of £1.37bn and adjusted earnings per share of 134.9p, up 5% and 6% respectively. On the broker note front, Hikma Pharmaceuticals was given a shot in the arm as it was upped to 'equalweight' at Barclays while Flybe was lifted to 'buy' at HSBC. | | | | | 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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| | | US close: Mixed trading on Monday ahead of latest Fed policy announcement | | | | | US stocks saw some mixed trading on Monday, as investors eyed the mid-term elections and the latest policy announcement from the Federal Reserve later in the week. At the close, the Dow Jones Industrial Average was up 0.76% to 25,461.70 and the S&P 500 had gained 0.56% to 2,738.31. The Nasdaq, however, closed 0.38% weaker at 7,328.85 as tech and internet related stocks were hit hard throughout the session after reports that the White House was looking into the likes of Alphabet and Facebook over potential violations of antitrust laws. On Monday, China’s President Xi Jinping promised to address criticisms of the nation’s “unfair” trade practices by reducing its tariffs and opening up its economy to more imports. On Friday, markets contended with several conflicting headlines regarding the progress of negotiations between Beijing and Washington. The Trump administration's reinstatement of all of the sanctions on Iran that it removed under the 2015 nuclear deal was also in focus, as it sparked worries about a supply shock to crude oil markets. David Cheetham, chief market analyst at XTB, noted that Washington now appears to be taking a more soft approach by announcing that some of its closest allies will have exemptions that allow Tehran’s biggest customers, mostly in Asia, to still buy crude for now. Eight countries have been granted the waiver including Japan, India and South Korea. In corporate news, Lowe's closed 0.26% higher after the retailer announced that it would close underperforming stores in the US and Canada in order to focus on its most profitable stores and "improve the overall health of its store portfolio". Verizon Communications gained 1.06% throughout the session after it said it will reorganise its business segments into consumer, business, and Verizon Media. Ferrari was down 1.63% at the close despite confirming its full-year guidance and posting a rise in third-quarter net profit, while SeaWorld sunk 4.30% despite the company's third-quarter revenue beating analysts' expectations. Under Armour picked up 1.22% during the day after its target price was upped from $27 to $30 by analysts at Stifel Nicolaus and Cabot Oil and Gas shot up 5.87% as forecasts were made for colder than expected weather across the United States. On the data front, US manufacturing firms signalled a strong start to the final quarter of the year, with operating conditions improving at a faster pace in October. IHS Markit’s US Manufacturing PMI report turned in a seasonally adjusted figure of 55.7 in October, broadly in line with September’s figure of 55.6. While manufacturing firms recorded pressures on profit margins in October, with the rate of input price inflation quickening to a marked pace, the rate of job creation reached a ten-month high. Elsewhere, activity in the US services sector deteriorated less than expected in October, according to data released on Monday. The Institute for Supply Management's services index slipped to 60.3 from 61.6 in September, beating expectations for a bigger drop to 59.5. The business activity index fell to 62.5 from 65.2 in September, while the new orders index printed at 61.5 in October from 61.6 the month before. The employment index dipped to 59.7 from 62.4 and the prices index came in at 61.7 from 64.2. Andrew Hunter, US economist at Capital Economics, said that despite the drop in the index, it remains close to a 21-year high and consistent with strong GDP. However, other surveys like the Markit PMIs have been much less upbeat, said Hunter, adding that he still thinks GDP growth is set for a gradual slowdown in the fourth quarter." "On past form, a weighted average of the ISM manufacturing and non-manufacturing surveys is consistent with GDP growth of more than 5% annualised. But the ISM surveys are increasingly at odds with the other survey evidence.” | | | Tuesday newspaper round-up: Bird, US-Iran, October retail sales | | | | | The chancellor is prioritising jobs in the gambling industry over the lives of addicts by delaying a cut in maximum stakes on fixed-odds betting terminals, the chair of an influential committee of MPs has said. Nicky Morgan, who chairs the Treasury committee, criticised the decision to put off the stake reduction until October next year, citing a warning from the former sports minister Tracey Crouch – who resigned over the delay last week – that two people take their lives every day due to gambling addiction. “It is the case that the government has prioritised the preservation of jobs in the gambling industry over the addiction of those who suffer from these machines,” she said. – Guardian Theresa May is to face her cabinet at a critical point in the Brexit negotiations after the Irish premier told her he could not allow the UK to dictate the terms of any backstop. Amid intense concern over whether it will be possible to agree a deal, the British prime minister will update colleagues after Leo Varadkar rejected the idea that the UK could unilaterally call time on the Irish border backstop, shortly after a morning phone call between the two leaders. - Guardian Electric scooter-sharing business Bird will open in the UK when it launches its service in the Queen Elizabeth Olympic Park on Tuesday. The start-up allows customers to rent powered electric scooters by picking them up from the pavement. The scooters cost £1 to unlock and then 20p per minute to ride. Once a customer arrives at their destination, they can end the ride and leave the scooter on the pavement. - Telegraph The Trump administration has imposed draconian sanctions on Iran and vowed to punish any company in the world that flouts the embargo, asserting universal jurisdiction against bitter protests from Europe. “I promise you that doing business in Iran in defiance of our sanctions will ultimately be a much more painful business decision than pulling out of Iran,” said Mike Pompeo, the US Secretary of State. Violators will face “swift and severe" penalties. - Telegraph A prominent US investor who made hundreds of millions of dollars by predicting the causes of the financial crisis is betting against two British banks in anticipation of a no-deal Brexit. Steve Eisman was the inspiration for Steve Carell’s character Mark Baum in the 2015 film The Big Short, based on the book by Michael Lewis. - The Times October offered retailers more tricks than treats, with sales only marginally increasing compared with the same time last year. Figures from the British Retail Consortium (BRC) and KPMG show that comparable or like-for-like sales rose very slightly, by 0.1 per cent, last month compared with the same time last year, when they had fallen 1 per cent from the preceding year. Total UK retail sales rose by 1.3 per cent last month, against an increase of 0.2 per cent at the same time last year. This is above the three-month average of 1.1 per cent but still below the 12-month average of 1.4 per cent. - The Times | |
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