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(Alliance News) - Americans vote Tuesday in an election amounting to a referendum on Donald Trump and his uniquely brash, bruising presidency that Democratic opponent and frontrunner Joe Biden urged supporters to end, restoring "our democracy".
The US is more divided and angry than at any time since the Vietnam War era of the 1970s, AFP reports, and fears that Trump could dispute the result of the election are only fuelling those tensions.
Despite an often startlingly laid-back campaign, Biden, 77, leads in almost every opinion poll, buoyed by his consistent message that America needs to restore its "soul" and get new leadership in the midst of a coronavirus pandemic that has killed more than 231,000 people.
"I have a feeling we're coming together for a big win tomorrow," Biden said in Pittsburgh, Pennsylvania, a vital electoral battleground where he was joined by pop superstar Lady Gaga. "It's time to stand up and take back our democracy."
But Trump was characteristically defiant to the end, campaigning at a frenetic pace with crowded rallies in four states on Monday, and repeating his dark, unprecedented claims for a US president that the polls risk being rigged against him.
The dollar was lower against both the pound and the euro early Tuesday.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: up 1.1% at 5,717.46
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Hang Seng: up 2.1% at 24,972.92
Nikkei 225: Tokyo market closed for holiday.
DJIA: closed up 423.45 points, or 1.6%, at 26,925.05
S&P 500: closed up 40.28 points, or 1.2%, at 3,310.24
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GBP: up at USD1.2943 (USD1.2894)
EUR: up at USD1.1670 (USD1.1630)
Gold: flat at USD1,891.26 per ounce (USD1,891.20)
Oil (Brent): up at USD39.08 a barrel (USD37.94)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Tuesday's Key Economic Events still to come
Japan Culture Day holiday. Financial markets closed.
US presidential election.
1100 GMT Ireland monthly unemployment.
0855 EST US Johnson Redbook retail sales index
1000 EST US manufacturers' shipments, inventories & orders
1000 EST US IBD/TIPP economic optimism index
1600 EST US domestic auto industry sales
1630 EST US API weekly statistical bulletin
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Some half a million people are to be offered regular coronavirus testing in a pilot scheme hailed as having the potential to be a "powerful new weapon" in the fight against the disease, PA reports. All residents and workers in Liverpool will be offered repeat testing whether or not they have symptoms, the UK Department of Health said. The approach will see the city, which has a population of 498,042, become the first place to trial a wider testing scheme in England from Friday. The mass testing pilot, which will see 2,000 military personnel deployed to help with the logistics, will come into effect a day after new national lockdown measures are due to take hold across England. UK Prime Minister Boris Johnson said, depending on the success of rapid turnaround tests in the pilot, the aim is to distribute millions of them between now and Christmas to "empower local communities to use them to drive down transmission in their areas".
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Austria and Greece on Tuesday will become the latest European nations to impose spirit-crushing curbs to combat the coronavirus surge, with a deadly terrorist attack in Vienna ahead of a partial lockdown compounding the misery. The virus has infected over 46 million people worldwide, with more than 1.2 million deaths, and the acute outbreaks in Europe and America are sparking further alarm about the state of the already devastated global economy. Austria's cases in recent weeks have surged well past the levels recorded in the spring, forcing the government to impose a curfew between 8 pm and 6 am starting Tuesday until the end of November. A two-week lockdown will also come into force Tuesday in Greece's second-biggest city Thessaloniki, with flights suspended and everything closed except schools. The restrictions follow localised lockdowns in the regions of Kozani and Kastoria earlier this month.
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BROKER RATING CHANGES
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MORGAN STANLEY RAISES ROYAL DUTCH SHELL TO 'OVERWEIGHT' (EQUAL-WEIGHT)
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MORGAN STANLEY RAISES BP TO 'EQUAL-WEIGHT' (UNDERWEIGHT) - PRICE TARGET 232 PENCE
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MORGAN STANLEY RAISES SSE TO 'OVERWEIGHT' ('EQUAL-WEIGHT') - TARGET 1550 (1620) PENCE
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RBC RAISES CENTRICA TO 'OUTPERFORM' ('UNDERPERFORM') - TARGET 55 (33) PENCE
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COMPANIES - FTSE 100
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Primark-owner AB Foods posted an annual earnings fall and also decided not to pay a final dividend, after previously having opted against an interim payout. "The increasing restrictions in a number of Primark's major markets, lead us to be cautious. On balance, we have elected not to propose a final dividend for the year whilst we monitor the impact of further Covid-19 restrictions on Primark during this important trading season," AB Foods explained. It paid a 46.35 pence dividend in financial 2019. AB Foods said group revenue fell 12% in the year ended September 12 to GBP13.94 billion from USD15.82 billion. Revenue was below market consensus of GBP14.40 billion. Pretax profit plunged 42% to GBP686 million from GBP1.17 billion during a year hit by Covid-19 lockdowns. Primark revenue alone was 24% lower at GBP5.90 billion, AB Foods noted, adding that UK like-for-like sales are 12% lower since reopening from the Spring Covid-19 lockdown. Faring better, Grocery revenue was 0.9% higher, and the Agriculture arm saw a 0.7% rise. However, Sugar revenue was down 0.9%, and Ingredients revenue inched 0.1% lower. "Notwithstanding the currently announced periods of restriction, we expect Primark full year sales and profit to be higher next year. There will be a sales decline in the first half compared to last year but higher sales in the second half," AB Foods guided.
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DS Smith said "it remains our intention to declare a dividend" after its performance improved as the six months ended October 31 drew to a close. "While the profit for the half year will be lower than the comparable prior year period due to Covid, we have seen significant improvement in Q2 compared to Q1, on both sides of the Atlantic," the packaging firm explained. Corrugated box volumes returned to comparable annual growth in the second quarter, with half year volumes expected to be around 1.5% lower from the year before.
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COMPANIES - FTSE 250
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Crest Nicholson said adjusted pretax profit for the year ended October 31 will be "significantly ahead" of consensus of GBP37.9 million. The housebuilder guided for it to come in at the upper end of its previous GBP35 million to GBP45 million forecast range as the trading environment has been "positive" since the UK housing sector re-emerged from the Spring virus shutdown. Forward sales as of October 31 was 2,289 units with gross development value of GBP480.5 million. Crest also said it will reinstate its dividend, effective from its financial 2021 interim results on a two and a half times cover basis.
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Office space operator IWG saw third quarter revenue fell 14% to GBP583.3 milllion from GBP680.3 million. With more working from home due to Covid-19 restrictions, office space providers have seen earnings hit. IWG added however that is on track to deliver GBP200 million in annual cost savings. "As anticipated, the third quarter has been a challenging environment for the group as a result of the Covid-19 pandemic. This has also created difficulties for many of our customers whom we have supported with measures worth approximately GBP80 million so far this year, including rent deferrals. This support will continue during the fourth quarter and could rise to approximately GBP100 million for the full year," the company explained.
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Eastern Europe-focused Wizz Air said capacity, measured in seats, was 53% lower year-on-year in October, and passenger numbers plunged 69%. Load factor was 29.4 percentage points lower annually at 65.9%.
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COMPANIES - MAIN MARKET AND AIM
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Ryanair reported a 70% plunge in October passengers to 4.1 million from 13.8 million a year earlier. In its short update, the budget airline said it operated just 40% of its usual October schedule, with a 73% load factor. On Monday, Ryanair had posted a swing to an interim loss during a period that included its normally busy summer season.
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COMPANIES - GLOBAL
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Oil giant Saudi Aramco released its third-quarter results, with numbers showing a profit fall. Chief Executive Officer Amin Nasser insisted the company saw "early signs of a recovery in the third quarter". Net income fell 45% year-on-year to USD11.79 billion and earnings before interest and tax were down 42% to USD25.46 billion. Saudi Aramco said the average realised crude price dropped 30% to USD43.6 a barrel
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BNP Paribas reported lower income for the third quarter of 2020 as a result of higher cost of risk during the Covid-19 health crisis. The Paris-based bank posted pretax income of EUR2.67 billion for the three months ended September 30, down 5.0% from EUR2.81 billion the year before. Although revenue was almost flat at EUR10.89 billion from EUR10.90 billion the year before, cost of risk climbed 48% to EUR1.25 billion from EUR847,000 which hurt income performance. The bank's common equity tier 1 ratio as at September 30 was 12.6%, a 20 basis point rise from June 30.
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Fintech giant Ant Group is facing growing Chinese pressure over potential risks in its online lending business, with co-founder Jack Ma and other executives summoned to an unusual meeting with regulators just ahead of its record-breaking IPO this week. The firm's Alipay platform has helped revolutionise commerce and personal finance in China, with consumers using the smartphone app to pay for everything from meals to groceries and travel tickets. But Ant Group, which has more than 700 million monthly active users, has also caused concern in China's state-controlled finance sector by venturing into personal and consumer lending, wealth management and insurance. Regulators and state media have recently issued a number of warnings about potential financial instability that could result from Ant Group's rapid growth, suggesting official unease as the company prepares to list in Shanghai and Hong Kong on Thursday in the biggest initial public offering in history.
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Tuesday's Shareholder Meetings
London Stock Exchange Group PLC - GM re Italy sale to Euronext
Provident Financial PLC - GM re changes to remuneration policy
Alcentra European Floating Rate Income Fund PLC - GM re voluntary liquidation
KCR Residential REIT PLC - AGM
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By Tom Waite; thomaslwaite@alliancenews.com
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