Authorised and Regulated by The Financial Services Authority - Member of the London Stock Exchange
MARKET REPORT: FRIDAY 29th OCTOBER TODAY'S FEATURES CURRENCY £ = $ 1.5899 € = £ 0.8716 FTSE 250 MIDCAP 10851.63 NIKKEI 225 $1,333.5 HK HANG SENG 23016.24 BRENT CRUDE 10 YR GILT YIELD XETRA DAX Market Headlines
Investors face large potential losses on Eurozone debt under German plans likely to win backing from EU leaders on Friday – risking a boycott of Greek, Irish, and Portuguese bonds. Germany has agreed to give the EU's €440bn (£383bn) bail-out fund permanent status rather than letting it expire in 2013 as planned, but only as part of a "Crisis Resolution Mechanism" that forces bondholders to share losses from any future bail-outs, the Telegraph reports.
Nationwide said the average price of a home dropped 0.7% this month, the equivalent of £2,376 in a month. If prices continue to fall, the annual rate of house price inflation would drop to between 0% and -1% at the end of the year, Nationwide said. It compares to a rate of growth of 5.9% at the end of 2009. It follows a drop in prices of £6,000 in September, recorded by Halifax, Britain’s largest mortgage lender. Concerns about the economy and a greater supply of properties for sale have helped to push down prices. Economists said the latest figures meant the key question facing the market is no longer whether house prices will fall, but rather by how much, the Telegraph reports.
In the US, currency investors are bracing for dynamic changes to monetary and fiscal policy that could come next week. Election night is Tuesday, and Republicans are expected to retake control of the House of Representatives, which could lead to a change in how much the federal government spends on economic stimulus. But for the currency market, the bigger story is on Wednesday with a widely anticipated policy announcement from the Federal Reserve. The central bank is expected to unveil a new round of asset purchases at its policy meeting to be completed on 03 November 2010, CNNMoney reports.
UK Major Changes
To receive a $100m upfront payment from Daiichi Sankyo after agreeing a deal for the co-promotion and supply of Nexium, a proton pump inhibitor, in Japan.
Panmure Gordon has at a buy with price target at 535p believing the life insurance sector looks set to benefit from the easing of fears over both the impact of solvency 2 and a double-dip recession.
Raises price target to 240p from 225p.
In talks with Sinopec to develop shale gas resource in China.
Credit Suisse increases target to 310p from 242p.
Yesterday denied takeover rumours and issued a holding statement on progress in the Falklands, reports the Times.
Citigroup upgrades to buy from hold and raises the price targetto 1530p from 1300p following its production report for Q3.
Yesterday added 4.5p amid hopes a deal may be worked to sell its 45% stake in Verizon Wireless, reports the Times.
Deutsche Bank cuts target to 220p from 230p. Company Results Trading Statements
For the period from 01 July to 30 September 2010, the group's ports business continues to have good visibility, is underpinned by significant long-term contracts with a broad range of customer cargoes and is strongly cash generative. The Board believes that trading for the year will be in line with its expectations.
Q3 LFL revenues +12% (+4% in first 9 months). Q3 sales +12.2%. Operating margins, both before and after incentives, also improved over last year in Q3 and a result, full year margins should exceed the group's margin target of 1.0 marginpoint improvement.
For the period of 6 months ending 30 September 2010, pre-taxprofit £158m compared to the loss of £292m a year ago. Revenue +8%, operating costs -1.5%. The Group continue to focus on managing its costs. Major Economic Releases Forecast Chartist's View FTSE may be topping-out in the short-term although the index has yet to show any downward dynamics. Breadth indicators remain high but have not turned negative, so we await further evidence before becoming bearish. YESTERDAYS HIGHLIGHTS FTSE 100 DJ INDUSTRIAL 11113.95 MARKET VOLUME S&P 500 FTSE 250 MIDCAP 10848.83 FTSE 100 %age Gainers FTSE 250 %age Gainers Top 3 UK Sectors FTSE 100 %age Losers FTSE 250 %age Losers Bottom 3 UK Sectors
Information contained within this document is believed to be correct but cannot be guaranteed
Opinions constitute our judgement as of this date and are subject to change.
This document is not intended as an offer or solicitation to buy or sell securities. Acronyms AGM - Annual General Meeting
PSNCR - Public Sector Net Cash Requirement
BOEPD - Barrels of Oil Equivalent Per Day
Clinical and Pathological Findings of a Newly Recognized Disease of Elephants Caused by Endotheliotropic Herpesviruses Introduction Between 1983 and 2000 eight different zoos in North America had eleven different elephants (2 African, 9 Asian) get sick from a Herpesvirus (HV) with most dying. 5 cases were studied initially with 6 cases identified as being related to the HV with similarit
Lesvoorbereiding De Buren Beginsituatie : De kinderen weten wat “buren” zijn. De meeste kinderen zagen hun ouders vriendelijk met de buren omgaan. Ze beseffen echter niet welke waarde de Islam hecht aan een goede relatie met de buren. Doelstellingen : De leerlingen kunnen verwoorden dat een moslim respect moet hebben voor zijn buren. De leerlingen gaan spontaan hun buren goed behandelen
Authorised and Regulated by The Financial Services Authority - Member of the London Stock Exchange
MARKET REPORT: FRIDAY 29th OCTOBER