| X1 Chatham Waters is a new waterfront buy-to-let opportunity in London's commuter belt, 45 minutes from London St Pancras. High-specification apartments start from £205,000. Pay only 10% on exchange. Enquire today! | | | London open: Stocks rally as investors digest US mid-terms; M&S drops on results | | | | | London stocks rose in early trade on Wednesday as investors digested a broadly in-line outcome to the US mid-terms, helped along by a strong performance from the mining sector. At 0840 GMT, the FTSE 100 was up 0.8% to 7,099.22, while the pound was up 0.4% against the dollar at 1.3145 and flat versus the euro at 1.1461. The mid-term election results in the US saw the Democrats take control of the House of Representatives while the Republicans tightened their grip on the Senate. "Tuesday’s elections were broadly in line with what was expected, the fireworks-free outcome in and of itself seeming to have been welcomed by investors," said Spreadex analyst Connor Campbell. "There’s also the chance that this result will stymie Trump’s trade war with China, something that at the moment is outweighing the potential increase in instability brought about by the fresh round of investigations into the President and his administration likely to be pursued by the Dems." Miners were the standout gainers on the FTSE 100, with Antofagasta, Anglo and Rio Tinto all higher as copper prices rose. Housebuilder Persimmon was a touch higher as it announced that chief executive Jeff Fairburn will step down at the end of the year following outrage over his £75m pay package. The company also reported a 9% increase in third-quarter forward sales. Sector peer Redrow fell, however, as it announced the retirement of chairman and founder Steve Morgan at the end of next March and said the London sales market remained subdued in the first 18 weeks of the year due to high Stamp Duty tax and Brexit uncertainty. Marks & Spencer was the worst performer on the Footsie as the retailer reported sales down 3.1% in the first half of the year but higher underlying profits thanks to phasing of cost cuts. The retailer's food like-for-like sales fell 2.9% amid tough competition in the supermarket sector, while clothing and home sales shrank 1.1%. ITV followed close behind as the broadcaster warned that it has seen some softening in advertising revenues at the start of the fourth quarter due to Brexit uncertainty and now expects total advertising to be broadly flat over the full year. Pub group JD Wetherspoon was on the back foot after posting a rise in like-for-like and total sales for the 13 weeks to 28 October but warning that the trading outcome for the current financial year was likely to be below the previous year. Security software group Sophos tumbled 35% as its first-half revenues fell short of analysts' expectations and the company warned on billings and future growth. Security services firm G4S also suffered heavy losses after a disappointing trading statement, with organic growth for the third quarter coming in at 2.5% versus expectations of around 4.5%. Low-cost airline Wizz Air flew lower after cutting its full-year profit guidance as it blamed "unprecedented" disruptions, higher fuel prices, air traffic control strikes and congested airports. In broker note action, British Land was cut to 'equalweight' by Barclays, while Hammerson was downgraded to 'underweight'. Royal Bank of Scotland was lifted to 'outperform' at Macquarie. | | | | | THE DOWNTURN MILLIONAIRE MASTERCLASS Master the skill to making money in a market crash... in less than 60 minutes ***Attendance is FREE for a limited time*** GO HERE TO GET YOUR TICKET NOW
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| | | | | 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 » | | | US close: Stocks end higher ahead of mid-term results | | | | | Wall Street stocks ended higher on Tuesday ahead of US mid-term election results. At the close, the Dow Jones Industrial Average was up 0.68% at 25,635.01, while the S&P 500 had gained 0.63% to 2,755.45 and the Nasdaq closed 0.64% firmer at 7,375.96. The Dow Jones ended 170 points higher as investors closely watched mid-term election results throughout the day, where analysts expect the Democrats to take the House, while the Republican Party is expected to maintain its single-seat majority in the Senate. Goldman Sachs analysts said this seems to be the most likely outcome, particularly given the number of competitive races for both chambers. "As our economists have written, polling and historical trends seem to be in the Democrats’ favour to win the House. For example, the president’s party has lost an average of 24 House seats in midterm elections since 1950, and Democrats only need to win 23 seats to gain majority. Meanwhile, Republicans appear to have the advantage in the Senate as Democrats would need to win 8 of 10 competitive races to take the majority, mostly in states that voted for President Trump in the 2016 elections." GS pointed out that there were two risk scenarios most relevant for markets: that the Democrats take the majority in the Senate and the House and that the Republicans keep control of the House and the Senate. In the first case, it would expect to see lower Treasury yields due to reduced prospects for fiscal stimulus and therefore lower growth expectations. It would also expect to see weakness in equity sectors exposed to regulatory and tax policies, and underperformance in pharmaceutical stocks given the higher likelihood of new drug price regulations. In the second case - which GS said has become increasingly likely in recent weeks but remains far from the base case - it would likely see higher Treasury yields and higher equities, particularly pharma stocks, on stronger growth expectations, reduced regulatory uncertainty, and more fiscal stimulus. In corporate news, Amazon shares closed 0.92% higher following a Wall Street Journal report suggesting that it could split its second headquarters between two cities. Eli Lilly ended the day 3.85% lower despite better-than-expected third-quarter earnings and revenue from the pharmaceutical company, which also lifted its full-year guidance. CVS Health was 5.71% firmer at there close after better-than-expected third-quarter earnings and revenue, while Coach parent Tapestry was closed 0.70% lower after it said chief financial officer Kevin Willis will leave the company with effect from February 2019. Facebook shares closed 0.85% higher after the social media company was informed by authorities of online activity that could be linked to foreign entities. Facebook deleted 30 Facebook accounts and 85 Instagram accounts that could be engaged in coordinated "inauthentic" behaviour. | | | Wednesday newspaper round-up: LLoyds, BHP, Barclays, bacon and sausages | | | | | Donald Trump claimed “tremendous success” despite his party losing control of the House of Representatives in midterm elections last night after mixed results saw Republicans strengthen their grip on the Senate. The results were hailed as a turning point by Democrats in elections billed as a verdict on the first two years of Mr Trump’s divisive presidency but fell short of a “blue wave” of sweeping victories. - The Times MPs could be blocked from scrutinising the economic fallout of the Brexit divorce ahead of a crucial vote on the issue. Nicky Morgan MP, head of the Treasury Select Committee (TSC) and a Conservative MP said that there needed to be at least two weeks between the production of Government analysis of the deal and the final vote to allow for proper scrutiny to be carried out. - Telegraph Lloyds is making more than 6,000 roles redundant in another round of cuts by the bank that have shrunk its staff by more than half since the financial crisis. The lender, which received a £20 billion taxpayer bailout a decade ago, has shed 65,000 jobs since 2009, equivalent to 20 jobs a day for nine years. - The Times One of the biggest cash prizes in world economics has been launched to find “radical ideas” to reinvigorate the British economy. Launched against a backdrop of deep public distrust in politicians to revitalise the UK economy, the Institute for Public Policy Research (IPPR) thinktank has lined up an £150,000 prize fund to uncover fresh ideas. - Guardian The boss of Barclays’ investment bank failed to disclose for two months a loan from one of the lender’s biggest rivals in the latest breach of rules by a senior employee at the London-based bank. It revealed yesterday that Tim Throsby, chief executive of Barclays International, had taken out a “personal credit facility” with JP Morgan in September that it had not previously revealed to investors as required. - The Times The star fund manager Neil Woodford faces a grilling at the High Court over his role in the failed boardroom coup attempt at Stobart Group earlier this year. Mr Woodford, 58, has been named as a witness for Andrew Tinkler, the former Stobart chief executive who was sacked as an executive director and then tried to unseat the company’s chairman Iain Ferguson. - Telegraph The worst environmental disaster in Brazil’s history has triggered one of the biggest legal claims ever filed in a British court. The Anglo-Australian mining company BHP Billiton is being sued for about £5bn by Brazilian victims of the Samarco dam collapse in Mariana three years ago. - Guardian The Financial Reporting Council has called on Aim-listed companies to improve the quality of their financial statements after accounting scandals at groups such as Patisserie Holdings and Yu Group. The regulator said that it had increased its scrutiny of accounts filed by companies listed on the junior stock market and was concerned that basic errors in compliance with industry standards were more frequent at smaller companies. - The Times Casual dining chain Prezzo swung sharply into the red last year as it counted the cost of a painful restructuring. Trading entity Prezzo Limited posted a loss before tax of £65.7m in the year to December 2017, compared with a profit of £5.3m in 2016, according to accounts filed with Companies House. - Telegraph England’s care regulator has warned that one of the country’s largest home care providers, private equity-owned Allied Healthcare, could stop operating at the end of the month. The Care Quality Commission (CQC) has written to 84 local authorities telling them as many as 9,300 elderly and vulnerable people are at risk of losing their home care services after 30 November. - Guardian A Qatari state-backed company is to buy the Grosvenor House hotel on London’s Park Lane, the latest in a string of acquisitions of the capital’s trophy assets. Katara Holdings, which is owned by the Qatar Investment Authority (QIA), has bought Grosvenor House for an undisclosed price from private American property investment firm Ashkenazy Acquisition Corporation. - Guardian/Reuters The cost of a fry-up would almost double under plans for a tax to combat the health problems caused by eating too much meat. Putting a 79 per cent tax on sausages and bacon and a 14 per cent tax on steak would prevent thousands of deaths a year, researchers at the University of Oxford claim. Taxing red and processed meat would also save the NHS millions of pounds by cutting consumption and therefore rates of cancer, heart disease and type 2 diabetes, they say. - The Times | |
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