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UK Corporate Announcements Standard Chartered states it has shown a strong performance in Q3, but stays cautious on the macro economic outlook BP announces a Q3 pre-tax profit of $5.43bn up from $5.04bn and lifts its quarterly dividend by 12.5% to 9cents Imperial Tobacco reports a full year adjusted operating profit of £3.16bn against forecasts of around £3.2bn seen, on full year revenues of £28.6bn Stagecoach announces that its profitability has been good and its maintains its profit targets Wolfson Electronics announces Q3 revenues of $53m from $40.4m and states that strong revenue momentum continues into Q4, but sees persistent macro-economic headwinds Regus announces that Q3 has been in line TT Electronics announces that it has seen a softening of order intakes, and now warns that it is lowering its full year outlook |
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UK Market News The Independent details how UK shoppers took an extra £1.2bn in personal loans and credit card debt in September, mortgage lending increased and loans for house purchases gained over 50,000 for the first time since May Bloomberg suggests that with its results due tomorrow Barclays is expected to announced Q3 pre-tax profit of £1.67bn up around 25% In the UK papers Informa and Abbot Group are the centre of separate M&A talk The German finance minister feels the need to state that Britain was sorely needed in the EU Premier Foods announces that it has sold its Pickles unit to Mizkan for £92.5m The UK sells £1.5bn in 2015 bonds at 10:30 |
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UK Analyst Upgrades Marks & Spencer Raised To Buy From Hold At Socgen Direct Line Rated New Outperform At Credit Suisse; Pt 225P Rightmove Rated New Buy At Citi, Pt 2,050P |
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UK Analyst Cuts Marks & Spencer Cut To Underweight From Equalweight At Barclays |
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UK Insider Buying Astrazeneca Plc, (AZN), 1 insider(s) bought 275 shares, £28.76 Pathfinder Minerals Plc, (PFP), 1 insider(s) bought 1,000,000 shares, £0.02 UBM Plc, (UBM), 1 insider(s) bought 200,000 shares, £6.75
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Major European Companies Reporting Bayer AG, Q3, 1.143, Bolsas y Mercados Espanoles SA, Q3, 0.378, BP PLC, Q3, 0.217, Danske Bank A/S, Q3, 1.504, Deutsche Bank AG, Q3, 0.819, Eni SpA, Q3, 0.432, Erste Group Bank AG, Q3, 0.412, Ferrovial SA, Q3, 0.19, Fiat SpA, Q3, 0.13, Geberit AG, Q3, 3.23, Hugo Boss AG, Q3, 1.784, Imperial Tobacco Group PLC, R, 1.993, MAN SE, Q3, 1.014, Metro AG, Q3, 0.523, Nokian Renkaat OYJ, Q3, 0.548, Software AG, Q3, 0.442, Swedish Match AB, Q3, 3.766, UBS AG, Q3, 0.294, YIT OYJ, Q3, 0.309 |
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European Market Summary Telefonica announces the IPO price of its German unit at €5.6, placed with institutional investors UBS detailed that it is looking to cut 10,000 jobs, and retreat from the capital intensive trading business Deutsche Bank is expected to announce Q3 pre-tax profit of around €1.06bn up 13% |
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S&P 500 Companies Reporting Allergan Inc/United States, Q3, 1.037, Archer-Daniels-Midland Co, Q1, 0.473, Automatic Data Processing Inc, Q1, 0.625, Avon Products Inc, Q3, 0.226, Cardinal Health Inc, Q1, 0.794, CBRE Group Inc, Q3, 0.33, Cummins Inc, Q3, 1.834, DaVita Inc, Q3, 1.552, Ecolab Inc, Q3, 0.869, Electronic Arts Inc, Q2, 0.103, Entergy Corp, Q3, 2.003, Fiserv Inc, Q3, 1.274, Ford Motor Co, Q3, 0.301, Genworth Financial Inc, Q3, 0.192, HCP Inc, Q3, 0.692, JDS Uniphase Corp, Q1, 0.12, Johnson Controls Inc, Q4, 0.753, Kimco Realty Corp, Q3, 0.308, L-3 Communications Holdings Inc, Q3, 1.853, MetroPCS Communications Inc, Q3, 0.264, NiSource Inc, Q3, 0.052, ONEOK Inc, Q3, 0.323, Pentair Ltd, Q3, 0.629, Pfizer Inc, Q3, 0.525, Pitney Bowes Inc, Q3, 0.478, QEP Resources Inc, Q3, 0.351, Seagate Technology PLC, Q1, 1.665, TripAdvisor Inc, Q3, 0.419, United States Steel Corp, Q3, -0.002, Valero Energy Corp, Q3, 1.787, Waste Management Inc, Q3, 0.599, Western Union Co/The, Q3, 0.449, Williams Cos Inc/The, Q3, 0.266 |
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US Market News Hurricane Sandy remains the dominant story today as the US markets were mostly closed yesterday and the storm system disrupts travel in the region and also impacts on the final last few days of Presidential campaigning NYSE Euronext confirms that it US markets will remain closed for today, with US equity trading now closed for two days in a row, the first time for more than a century The Carlyle Group announces a £1bn planned development on the London South Bank for a new 48 storey skyscraper and 500 luxury apartments Apple announces a couple of senior executive changes, with the departure of mobile head of software amongst those leaving, with analysts citing the recent bad press over its iPhone mapping service Baidu announces that the macro situation is not as healthy as last year and states that its transition to mobile search was well under way and announces a Q3 revenues just under the forecasts and also guided lower for Q4 |
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Overnight Market News The Reserve Bank of India has cut its full year growth forecasts to 5.8%, and sees inflation of 7.5% and maintains its benchmark interest rate at 7.5%, but cuts the lenders reserve requirements, adding around 175bn rupees into the system The Bank of Japan has also left its rate unchanged and increases its asset purchase fund to 66tn yen, in line with the expectations Hitachi has agreed to buy the UK Horizon nuclear project from the previous German owners for £700m, ahead of interest from Westinghouse, while France’s top regulator states that the safety failings seen in the nuclear industry in Japan ahead of the Fukushima disaster are being played out in other countries Shanghai Securities News suggests that regulators are looking at easing limitations on foreign investment in Chinese commodity futures firms Sharp continues its volatile trading, up 8% yesterday on vague talk that it is looking to form a partnership deal with Apple, Google or Microsoft |
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Major Global IPOs Due Today Shanghai Fosun Pharmaceutical Group Co Ltd, (2196), 336.07m, HKD 11.8 Southcross Energy Partners LP, (SXE), 9m, USD 19 – 21 Telefonica Deutschland Holding AG, (O2D), 225m, EUR 5.25 – 6.5 |
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FX Summary The Canadian dollar has dropped back under parity as the risk appetite continues to dampen in the near term |
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Commodity Summary Oil prices have stayed relatively muted despite refineries in the US east coast shutting down production, as the storm system while bad so far appears to be causing less damage to infrastructure than the very worst of forecasts |
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Economic Data Due 10:00 Eurozone October Consumer Confidence, -25.6 exp. -25.6 previous 11:00 UK October CBI Reported Sales, 8 exp. 6 previous 14:00 US October Consumer Confidence, 73.0 exp. 70.3 previous |