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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 extend gains as pound wallows ahead of busy data day London's FTSE 100 index was extending gains on Friday morning as the pound stabilised after a steepling 1.7% fall on the Bank of England's dovish hike. The UK stock benchmark index was up 21 points or 0.28% to 7,576.10 after half an hour of trading, adding to the 0.9% gain the previous day and following a record close for the Dow Jones on Wall Street but mixed results elsewhere. Sterling's 1.71% tumble against the dollar the previous day, which was the largest since the reaction to the Brexit referendum in June last year, benefits the Footsie's significant contingent of internationally focused companies. The pound was hit by very dovish talk from BoE Governor Mark Carney, while across the Atlantic, Donald Trump confirmed his nomination of Jerome Powell for Federal Reserve chief and the Republicans published full details of their tax reform plans. Soft data on the UK services sector and a big day of hard economic data stateside today is likely to see the needle twitching on the GBP/USD again on Friday. At 1230 GMT, the US Department of Commerce is expected to publish data showing a bumper 310,000 person jump in non-farm payrolls for October, following an unexpected drop of 33,000 in September, as the effects of hurricanes Harvey and Irma unwind and reconstruction efforts are stepped up on the Gulf Coast. "The US jobs report is widely regarded as the most important economic report each month and yet, in a week that's been packed full of other major announcements, it's not attracted the same kind of attention it usually would," said analyst Craig Erlam at Oanda. "Still, with the Fed now poised to raise interest rates again in December having passed up the opportunity to earlier this week, focus will be on the jobs data for signs of weakness." Job creation and unemployment figures will draw the lions share of attention from currency traders, but Erlam said wage growth is likely have a larger influence on Fed policy. The consensus forecast is for an unusually large 312,000 number of new jobs following the hurricane-hit decline a month earlier. "While this rebound in jobs will come as a relief, it's unlikely to trigger the same kind of move that it normally would in the absence of the previous month's decline," said Erlam. Ahead of that, at 0930 GMT IHS Markit will release its services sector purchasing managers' index for last month, with consensus forecasting a print of 53.4, down from the 53.6 recorded in September. Looking at individual London stocks, IAG was flying higher after upping its long term cash flow targets ahead of a capital market day briefing to investors and analysts. Precious metals miners Fresnillo and Randgold Resources were among the top riser after gold prices hit fresh two-week highs on the back of the proposed Republican tax plans. Hospital operator NMC Health was top riser on the blue chip index as Deutsche Bank analysts raised their target to 3,920p from 2,820p. Centrica was slightly higher after making a foray onto the Continent with the acquisition of European demand response aggregator REstore, for €70m (£62m) in cash. The company manages peak loads from a portfolio of industrial and commercial customers across Belgium, the UK, France and Germany. Smith & Nephew fell in early trading but was quickly back to par after saying its full year profits would be at the lower end of its guidance after a third quarter where growth was flat outside US and emerging markets but saw its artificial hips business returned to growth. TP ICAP was a big faller as it updated the market on its trading for the third quarter on Friday and revealing its finance chief was leaving. |
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| | Market Movers FTSE 100 (UKX) 7,579.78 0.32%
FTSE 250 (MCX) 20,419.65 0.17%
techMARK (TASX) 3,558.65 0.26% FTSE 100 - Risers NMC Health (NMC) 3,017.00p 1.86%
Fresnillo (FRES) 1,327.00p 1.53%
Randgold Resources Ltd. (RRS) 7,035.00p 1.52%
International Consolidated Airlines Group SA (CDI) (IAG) 638.50p 1.19%
Mediclinic International (MDC) 607.50p 1.17%
Legal & General Group (LGEN) 274.60p 0.99%
Coca-Cola HBC AG (CDI) (CCH) 2,592.00p 0.93%
Ashtead Group (AHT) 1,951.00p 0.88%
Royal Dutch Shell 'B' (RDSB) 2,495.50p 0.83%
Royal Dutch Shell 'A' (RDSA) 2,453.00p 0.78% FTSE 100 - Fallers Shire Plc (SHP) 3,708.00p -0.72%
Royal Bank of Scotland Group (RBS) 280.10p -0.60%
Lloyds Banking Group (LLOY) 67.57p -0.54%
Marks & Spencer Group (MKS) 327.60p -0.52%
Worldpay Group (WPG) 407.80p -0.44%
Direct Line Insurance Group (DLG) 367.50p -0.43%
Barclays (BARC) 184.30p -0.38%
easyJet (EZJ) 1,325.00p -0.38%
BHP Billiton (BLT) 1,441.50p -0.28%
Convatec Group (CTEC) 185.70p -0.27% FTSE 250 - Risers Tate & Lyle (TATE) 694.00p 2.74%
Big Yellow Group (BYG) 798.00p 2.31%
Diploma (DPLM) 1,099.00p 1.95%
Ibstock (IBST) 255.40p 1.87%
Victrex plc (VCT) 2,522.00p 1.65%
Howden Joinery Group (HWDN) 460.50p 1.41%
Just Group (JUST) 156.00p 1.36%
Elementis (ELM) 299.00p 1.29%
Thomas Cook Group (TCG) 121.90p 1.25%
Rotork (ROR) 271.80p 1.23% FTSE 250 - Fallers TP ICAP (TCAP) 503.50p -5.89%
Spire Healthcare Group (SPI) 292.60p -2.60%
Sophos Group (SOPH) 607.00p -2.33%
Dixons Carphone (DC.) 165.90p -1.31%
Inmarsat (ISAT) 606.50p -1.30%
PZ Cussons (PZC) 328.40p -1.20%
Playtech (PTEC) 759.00p -1.17%
Indivior (INDV) 394.40p -1.15%
Fisher (James) & Sons (FSJ) 1,586.00p -1.06% |
| | UK Event Calendar | | Friday 03 November INTERIM DIVIDEND PAYMENT DATE
Andrews Sykes Group, Arena Events Group , BBA Aviation, Bodycote, Cello Group, CRH, F&C Private Equity Trust, Fisher (James) & Sons, ICG Enterprise Trust, Johnson Service Group, Judges Scientific, M. P. Evans Group, OneSavings Bank, Rightmove, SIG, Taylor Wimpey, Unite Group, Weir Group QUARTERLY PAYMENT DATE
F & C UK High Income Trust INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Factory Orders (US) (15:00)
ISM Non-Manufacturing (US) (15:00)
Non-Farm Payrolls (US) (13:30)
PMI Composite (US) (14:45)
PMI Services (US) (14:45)
Unemployment Rate (US) (13:30) Q3
Smith & Nephew SPECIAL DIVIDEND PAYMENT DATE
F & C UK High Income Trust , River and Mercantile Group AGMS
Frontera Resources Corporation (DI), Gunsynd TRADING ANNOUNCEMENTS
Smith & Nephew UK ECONOMIC ANNOUNCEMENTS
Halifax House Price Index (08:30)
PMI Services (09:30) FINAL DIVIDEND PAYMENT DATE
Murgitroyd Group |
| | The Top 10 Stocks for Q4 | | Our latest quarterly stocks report analyses the top and bottom 10 FTSE 100 performers of 2017 so far and looks at our Top Ten Stock Picks for Q4 including City broker consensus and their average target price for each stock. Losses can exceed deposits Download the report here |
| | US Market Report | | US open: Wall Street set for dip, despite tax reform and Fed news Stocks have started the session lower with investors reacting poorly to the latest quarterly updates out of Facebook and Tesla overnight and ahead of Friday's all-important monthly US jobs report. The muted start to trading on Thursday was also despite leaks of Republicans' tax reform plans and 'market chatter' that the White House was set to name current Federal Reserve governor Jerome Powell in the place of Janet Yellen next March. Against that backdrop, as of 1413 GMT, the Dow Jones Industrial Average was down by 0.24% or 56.93 points at 23,378, alongside a 0.36% or 9.39 point fall in the S&P 500 to 2,570 and a 0.31% or 20.28 point dip in the Nasdaq Composite to 6,696. From a sector standpoint, the weakest segments of the market were: Durable hosuehold products (-7.19%), Furnishings (-3.20%) and Home construction (-3.09%). Traders yawn amid reports Powell to succeed Yellen as Fed chair Where news of Powell's likely nomination was being felt was in the Treasury market, where the yield on the benchmark 10-year US Treasury note was trading lower by three basis points at 2.34%. Banks were lower in tandem with the KBW sector index down 0.66% to 101.02. According to Kathleen Brooks, research director at City Index, Powell was the "continuity choice" although he was seen as "soft" on financial market regulation. Brooks also pointed out that the position of Fed vice chair had yet to be filled as were four other seats in the central bank's top echelons. Hence, there was still room for surprises on that front, she surmised. "The prospect of tax reform has been discounted by the markets over recent months anyways, which is another reason why Powell and his regulatory stance could be the next main driver of US banks in the coming months. "[...] Overall, we expect the Powell nomination to be taken in the market's stride, but as we mention above, it is the other positions (spefically, John Taylor as Fed vicechair) that could really shake things up at the Fed, so we wait and see who is next to be nominated to the board," she said. On the economic front, according to the Journal US House Republicans would propose a permanent reduction in the corporate tax rate from 35% to 20% and a reduction in the number of individual income tax brackets - and a repeal on taxes paid by large estates. Meanwhile, the Department of Labor reported a 3.0% in non-farm labour productivity during the third quarter (consensus:1.9%). The drop in weekly jobless claims also exceeded economists' forecasts, dropping by 5,000 to reach 229,000 (Barclays: 240,000). In corporate news, shares of electric car maker Tesla was down after it posted a bigger-than-expected loss late on Wednesday, while Facebook was also in the red despite better-than-expected quarterly earnings late on Wednesday. Qualcomm on the other hand was higher despite the chip designer reporting a near-90% drop in fourth-quarter profit. Elsewhere, Yum Brands was also in the red in the wake of its third-quarter numbers, the same as DowDuPont after the company announced job cuts as part of a cost-cutting plan although it did post third-quarter profit and sales ahead of analysts' expectations. Apple and Starbucks would report after markets closed. |
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| | Newspaper Round Up | | Friday newspaper round-up: Volkswagen UK bank, Capita, Gym Group, Apple Europe’s largest carmaker is looking at opening a British bank to help to fund sales of its cars in the UK after Brexit. Talks with the Bank of England are expected to lead to Volkswagen making a formal application for a banking licence that will allow it for the first time to take savers’ money. - The Times Hundreds of trainee GPs have not received their salaries from the outsourcing company responsible for paying them, forcing some to turn to charities for emergency funds. Some GPs have been unable to cover their mortgages because of the delays by Capita, which holds a contract to administer training grants for GPs through a body called Primary Care Services England. - Guardian All the main suppliers of trains to Britain's railways have been shortlisted to build the fastest and most prestigious carriages on the UK network. The bidding process to supply the £2.75 billion, 225mph trains for HS2 has included a wild-card bid from Patentes Talgo, the Spanish high-speed manufacturer that has no rolling stock operating in the UK or any facilities in the country. High Speed Two, the government agency charged with delivering the £55 billion London-Birmingham-Manchester-Leeds project, announced a shortlist of five: Bombardier Transportation, Hitachi Rail Europe, Alstom Transport, Siemens and Patentes Talgo. - The Times Apple expects record sales of iPhones in the run-up to Christmas, and dismissed any talk of weaker demand for its iPhone 8 models saying they "instantly became out top 2 selling products" on release. The update sent Apple shares to an all-time-high in after hours trading, up 3.2pc, taking its market capitalisation above $900bn (£670bn) for the first time. - Telegraph The controversy over workers being being pushed into "dubious" self-employment has been reignited, with a parliamentary committee accusing a leisure group of "egregious" use of such contracts. On Thursday, parliament's work and pensions committee said it had written to The Gym Group, an operator of 89 "low-cost" UK gyms, questioning why its contracts classify its personal trainers as self-employed when it places restrictions on what they can charge clients and when they can take holidays. - Guardian Oleg Deripaska's En+ Group has met scepticism among investors, leading to a London stock market debut at the bottom end of its price range. The aluminium and hydro-electricity producer will be priced at $14 per global depository receipt, valuing the business at $7 billion and raising $1 billion. - The Times Argos is opening two new regional warehouses and creating 500 new jobs as it gears up to expand its same-day delivery service in time for Christmas. The former catalogue retailer, which was bought by Sainsbury's last year in a bid an attempt to up its digital defences against Amazon, has opened two regional fulfillment centres in Birmingham and Reading. - Telegraph Telit Communications, the troubled UK tech company, is the subject of enquiries from the financial regulator over its departed chief executive. The Aim-listed firm, whose shares had already fallen 42.5 per cent so far this year, dropped a further 2 per cent after it confirmed the Financial Conduct Authority was looking into "various matters which were of concern". - The Times Tesco executives stalled for more than a fortnight before telling their new boss about a £246m black hole in the company accounts, a court heard. Giving evidence in the trial of directors Carl Rogberg, 50, Chris Bush, 51, and John Scouler, 49, who face charges of fraud and false accounting, chief executive Dave Lewis said that once he was made aware of the shortage on September 19, 2014, it was 'very important' for the matter to be looked into quickly. - Daily Mail Virgin Media, the cable operator owned by Liberty Global, signed up nearly 150,000 new UK households to its cable network during the third quarter as it sought to accelerate an expansion drive that had fallen behind schedule earlier this year. Virgin Media said its cable network now reached a total of more than 14.7 million UK homes and businesses, an increase of 147,000 on the previous quarter. - The Times Ferrari is on course to rake in a record €1bn (£766m) profit this year as the world's wealthy buy more supercars than ever before. Sergio Marchionne, the company's chief executive, said on Thursday that Ferrari's adjusted profits for the first nine months of 2017 were up 24% and that the firm was on track to meet its target of €1bn annual profit two years ahead of target. - Guardian |
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