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LONDON (Alliance News) - Shares opened narrowly mixed in London Thursday, ahead of scheduled announcements from the Bank of England, European Central Bank and US Federal Reserve.
FTSE 250 constituents provided the main early company news interest. Shares in recruiter Hays were down 5.7% after revealing a heavy currency translation drag on its net fee income in its first quarter.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 0.1% at 6,330.97
FTSE 250: up 0.1% at 17,046.37
AIM ALL-SHARE: flat at 733.59
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Hang Seng: down 1.0% at 22,288.09
Nikkei 225: closed down 1.0% at 18,141.17
DJIA: closed up 0.7% at 16,912.29
S&P 500: closed up 0.8% at 1,995.83
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GBP: flat at USD1.5313
EUR: up at USD1.1265
GOLD: down at USD1,143.11 per ounce
OIL (Brent): down at USD51.56 a barrel
(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Thursday's Key Economic Events still to come
(all times in BST)
11:00 Ireland Consumer Price Index
12:00 UK BoE Interest Rate Decision and MPC Minutes
12:30 EU ECB Monetary Policy Meeting Accounts
13:15 Canada Housing Starts
13:30 US Initial and Continuing Jobless Claims
13:30 Canada New Housing Price Index
14:30 US Fed's Bullard speech
15:30 US EIA Natural Gas Storage
18:00 US Fed Minneapolis's Narayana Kocherlakota speech
19:00 US FOMC Minutes
20:30 US FOMC Member Williams speech
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Permanent job placements in the UK increased at the slowest pace in two-and-a-half years in September, the Report on Jobs compiled by the Recruitment and Employment Confederation and KPMG showed. The number of people placed in permanent jobs continued to increase in September, but the rate of expansion eased to a two-and-a-half year low. Similarly, temporary and contract staff billings increased at the weakest pace in the current 29-month period of growth.
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British house price growth slowed unexpectedly in September, latest survey from the Royal Institution of Chartered Surveyors showed. The survey showed that monthly house price balance fell to +44 in September from +53 in August, which was the highest in more than a year. Economists had expected the balance to rise again to +55. "Activity is now picking up which is encouraging, but unless the stock being sold is replenished there is a limit to how sustainable this modest improvement in market turnover will prove to be," Simon Rubinsohn, RICS chief economist, said.
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Germany's exports declined at the fastest pace in more than six years in August, provisional data from Destatis revealed. Exports plunged by seasonally adjusted 5.2% month-on-month in August, reversing a 2.2% rise in July. This was the biggest decline since January 2009, when it slid 6.9%.
At the same time, imports dropped 3.1%, in contrast to a 2.3% rise seen a month ago. Consequently, the trade surplus decreased to around EUR 19.6 billion from EUR 22.4 billion in July.
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The Chinese government committed itself to delivering economic data that meets International Monetary Fund standards, the crisis lender said. The People's Republic of China will meet the IMF's Special Data Dissemination Standard, which the Washington-based crisis lender called "a major step forward for official statistics" in the world's most populous country.
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Democratic presidential candidate Hillary Rodham Clinton came out against the Trans-Pacific Partnership trade deal agreed this week between the US and 11 other nations. "Based on what I know so far, I can't support this agreement," Clinton said in a statement. She said trade deals must meet "clear tests" of creating US jobs, raising wages and advancing national security interests. The announcement puts Clinton at odds with US President Barack Obama, who has pushed the deal as a major part of his international agenda.
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Greek Prime Minister Alexis Tsipras survived a confidence vote late Wednesday in parliament after a three-day debate on the new left-right government's programme. As he presented the government's policies and 2016 budget, Tsipras on Monday promised speedy implementation of reforms demanded by Greece's international creditors. There was little doubt of the outcome in the 300-seat parliament. The confidence vote won the support of all 155 members of Tsipras' own left-wing SYRIZA party and junior coalition partner Independent Greeks, while 144 opposition lawmakers voted no.
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French President Francois Hollande warned that the Middle East is at risk of "all-out war" if its religious confrontations are left unchecked. "If we let the religious confrontations ... get bigger still, let's not think that we will be protected. It will be all-out war, a war that could also affect our own territories," he said, pointing to the increasing clashes between Muslim Shiites and Sunnis. In a joint address to the European Parliament with German Chancellor Angela Merkel, Hollande added that France had taken its military responsibilities in the Syrian conflict.
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Syrian government forces, backed by Russian warplanes, launched a multi-pronged assault Wednesday on rebel positions north and north-west of the central city of Hama, a monitoring group said. The Syrian troops pushed north toward rebel-held towns and villages, including Khan Sheikhoun and Latamina - both of which have been hit in Russian airstrikes, the Syrian Observatory for Human Rights said. The fighting was the fiercest seen in the area for months and was accompanied by intense Russian air raids, the Britain-based Observatory said.
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BROKER RATING CHANGES
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GOLDMAN RAISES STANDARD CHARTERED TO 'BUY' ('NEUTRAL') - PRICE TARGET 910 (1080) PENCE
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TRADERS: JPMORGAN RAISES TULLOW OIL TO 'OVERWEIGHT' ('NEUTRAL')
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TRADERS: PEEL HUNT CUTS MARKS & SPENCER TO 'SELL' ('HOLD')
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UBS RAISES FIRSTGROUP TO 'NEUTRAL' ('SELL') - TARGET 108 (112) PENCE
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COMPANIES - FTSE 100
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Satellite communications company Inmarsat reiterated its guidance for the full year as it said no material change in its trading environment is expected for the rest of 2015. The company said it expects group revenue for the full year to be USD1.25 billion to USD1.30 billion, including USD70.0 million in revenue from its cooperation agreement with LightSquared Inc.
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Mondi said its underlying operating profit was 27% higher in the third quarter year-on-year as it benefited from good trading in all of its divisions. The Anglo-South African paper and packaging company said underlying operating profit in the third quarter rose to EUR221.0 million, up from EUR174.0 million a year earlier following strong trading in its Packaging Paper and Uncoated Fine Paper units and in its business in South Africa. Selling prices for key paper grades in the third quarter were generally stable or higher year-on-year in the quarter, Mondi said.
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Vodafone Group is set to add its voice to the mounting calls for a break-up of BT Group, separating its Openreach network infrastructure arm, part of wider market reforms ahead of a regulatory review of the communications industry in the UK, the Financial Times reported. Ofcom, the media and communications regulator, is due Thursday to close a consultation into a review of the sector, which will set the regulatory framework for the next decade.
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COMPANIES - FTSE 250
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Tate & Lyle said trading in the first half of its financial year was in line with its expectations, and guidance for the full year remains unchanged. The sugar and sweeteners company said its Specialty Food Ingredients business performed encouragingly in the six months to September 30 and ahead of the comparative period, returning to volume growth in the second quarter. Tate & Lyle added that it has received regulatory approval for the realignment of its Eaststarch joint venture in Europe and expects to complete the transaction during the third quarter.
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Recruiter Hays said its net fee income rose in the first quarter from a year before, despite taking a heavy currency translation hit from its Asia Pacific operations, as trading in Europe and in the UK and Ireland remained robust. The company said its total net fee income in the first quarter to the end of September was up 3.0% from a year earlier, while net fee income increased 8.0% on a like-for-like basis at constant currencies. UK and Ireland net fee income grew 6.0% in the quarter, despite the group coming up against tougher comparables.
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Specialty chemicals company Victrex said it delivered a good finish to the end of its financial year, with a robust fourth quarter and overall trading across its divisions which was sufficient to offset challenges from the downturn in the oil and gas industry and tough markets for its Invibio unit. Victrex said revenue for the full year to the end of September was 4.0% higher year-on-year to GBP263.5 million, with fourth quarter revenue coming in flat at GBP68.7 million.
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Construction and housebuilding group Galliford Try said it has been appointed the preferred supply chain partner under the ProCure21+ framework for the GBP150.0 million project to redevelop Luton and Dunstable University Hospital. "This prestigious scheme is one of the largest on the ProCure21+ framework and is a fantastic win for our business. Galliford Try has a growing presence in the healthcare market and this is an excellent opportunity to demonstrate our capability in delivering complex public sector healthcare projects," said Peter Truscott, Galliford's chief executive.
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Centamin said production was in line with its forecasts in the third quarter of 2015 and said production is on track to hit the company's full year guidance. The gold miner produced 105,413 ounces in the third quarter of 2015. That is up 13% from a year earlier when it produced 93,624 ounces, but slightly down from the 107,781 ounces produced in the second quarter of 2015.
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Tullow Oil said it has regained its 7.5% stake in the Onal Complex fields and the Ezanga block in Gabon after the company reached an agreement with the government. The oil producer has been in talks with the government regarding the Onal Complex fields and the Ezanga exploration block, formerly known as the Omoueyi exploration block, throughout 2015. Following the talks, Tullow has also secured a new licence for the Onal Complex fields that started on August 1 2015 and will expire in 2034. It said it has also gained access to two small oil discoveries made within the Ezanga block in 2014.
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Dunelm Group reported growth in sales in the first quarter of its financial year which it said was due to improved product ranges, seasonal merchandise, and a better shopping experience for customers. The homewares retailer said that total sales in the 13 weeks to October 3 grew 12% to GBP202.3 million from GBP180.6 million the year before, as like-for-like sales rose 5.5% to GBP183.3 million from GBP163.1 million. Dunlem said trading was strong both in-store and online, with all categories showing a robust performance.
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Home Retail Group said its Argos catalogue retail business has started offering same-day store collection and same-day home delivery services in the UK. The Fast Track service will allow customers to collect their goods from 800 Argos stores in the UK, with the collection service to be free and the delivery service to charge a fee. The roll-out of the service comes ahead of the all-important Christmas shopping season and appears to be a direct challenge to Amazon.
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COMPANIES - LONDON MAIN MARKET AND AIM
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Telit Communications said it has secured a smart electricity meters contract in the Netherlands and said a UK court has ruled in favour of is plans to cancel its share premium account. The communications technology company, which makes technology for Internet of Things products, said it has secured a USD30.0 million contract to supply modules to an unnamed smart electricity meters provider in the Netherlands.
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fastjet said it has signed an interline deal with major Gulf airline Emirates, which will boost traffic and passenger numbers using the pair's network across Africa and the Middle East. An interline agreement is commercial agreement between individual airlines to handle passengers traveling on itineraries that require multiple airlines. Under the deal, Emirates passengers will be able to book fastjet tickets via all of Emirates' sales channels using a bespoke link between Emirates and fastjets reservations system.
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DFS Furniture reported growth in profit in its recently-ended financial year as sales grew in what it said are "favourable" conditions in the upholstery market. The furniture retailer said pretax profit in the year ended August 1 tripled to GBP10.7 million from GBP3.6 million the year before, as revenue grew 7.5% to GBP706.1 million from GBP656.8 million.
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COMPANIES - INTERNATIONAL
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The head of Volkswagen in the US will offer an apology for the company's manipulation of emissions software in its diesel cars in testimony before Congress Thursday, according to a company statement. Michael Horn released prepared remarks Wednesday ahead of his scheduled appearance before a US congressional committee. According to the remarks, Horn also will say the company has withdrawn its application to US regulators to certify its 2016 models pending full disclosure of all aspects of their emission systems.
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German lending major Deutsche Bank will to take USD8 billion charges for the third quarter, it was announced. The charges were from its position in China's Hua Xia Bank, litigation provisions and impairment of goodwill.
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Macquarie Group, a provider of banking, financial, advisory, investment, and funds management services, has agreed to acquire the Esanda dealer finance portfolio from Australia and New Zealand Banking Group for about AUD8.2 billion. The deal is expected to close by October 31. The Australian Competition and Consumer Commission said it will not oppose the deal. The portfolio has net lending assets with a book value of AUD7.8 billion. It will become part of Macquarie Leasing, the automotive and equipment financing division of Macquarie's Corporate Asset Finance Group.
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PC maker Dell is in talks with data-storage company EMC over a possible merger, the Wall Street Journal reported, citing people familiar with the matter. According to the WSJ report, it was not clear whether the two tech industry heavyweights were in talks about a full-blown merger or a partial takeover of EMC. A merger of the two companies could rank as one of the largest in the tech industry, as EMC has a market capitalization of nearly USD50 billion. Dell, which was taken private in 2013 in a USD24 billion leveraged buyout by its founder Michael Dell and private equity firm Silver Lake, has transitioned from personal computers towards more profitable areas like storage and security.
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Sony Corp is moving closer to selling off its half of Sony/ATV Music Publishing, after recently triggering a clause in its contract with its co-owner, the Michael Jackson estate, that allows one party to buy out the other, the Wall Street Journal reported citing people familiar with the matter.
Sony/ATV is co-owned by Sony and the estate of the late pop star. Sony and Jackson have jointly owned the company since 1995, each with a 50% stake. Music industry veterans reportedly estimate Sony/ATV's value at around USD2 billion. Sony hasn't put a price tag on its share yet.
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Franco-Dutch carrier Air France-KLM said its traffic in the month of September, measured in terms of revenue pax-kilometers, climbed 24.3% to 20.64 billion from 16.61 billion in the prior year. This includes Air France, KLM, and HOP!. Load factor edged up to 86.8% from 86.1%. Passengers carried increased 23.6% to 7.07 million from 5.72 million.
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Thursday's Scheduled AGMs/EGMs
Univision Engineering
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite
Copyright 2015 Alliance News Limited. All Rights Reserved.
