1630: Close The FTSE ended today's session up 29 points, lifted by a strong Q3 from HSBC and data from China which showed that its services sector expanded at its fastest pace in the last year, reinforcing confidence that the world's largest economy is on a stable growth path, which in turn boosted the mining sector. UK construction PMI climbed from 58.9 in September to 59.4 in October, ahead of forecasts of 58.8. Early this morning the Co-op Group announced the details of its rescue plan for the troubled Co-operative Bank, raising the necessary 1.5bn pounds needed for its recapitalisation. The FTSE closed up 28.88 points at 6,763.62.
1601: For analysts at Deutsche Bank RyanAir´s profit warning on Monday is a company specific event, so it should not have read-across to the wider sector. "So whilst we cannot yet confirm it, we think the yield weakness is demand driven and potentially Ryanair specific. If confirmed, that would be a worrying outlook", they wrote. Analysts at Goodbody, however, today flagged indications that RyanAir is looking to up the ante in its rivalry with easyJet, the FT Alphaville is pointing out.
1500: US factory orders grew by 1.7 per cent month-on-month in September, versus the 1.8 per cent rise forecast by the consensus.
1420: Blackberry has ditched a plan to be sold to its biggest shareholder Fairfax Financial Holdings. The smartphone maker will instead replace its Chief Executive Officer and raise 1bn dollars in financing. Fairfax will contribute 250m dollars to the fund-raising.
1330: St. Louis Federal Reserve President James Bullard has said the central bank should not rush a decision to taper its stimulus due to low inflation. Bullard last week voted in favour of maintaining the Fed's monthly $85bn bond buying programme. He told CNBC he wanted to see inflation heading back towards the central bank's two per cent target before scaling back on asset purchases, noting that inflation has been closer to one per cent.
1149: Commenting on today´s third quarter results out of HSBC analysts at Credit Suisse had this to say: "Underlying results were broadly in line but with better revenue offset by slightly higher costs. The outlook comment is positive and the capital position is significantly better at 10.6 per cent from 10.1 per cent in the second quarter. Having under-performed since the second quarter we expect the stock to go better on these numbers and trading on 1.2 times´ 2014 estimates for a RoTE close to 14 per cent we remain outperform".
1023: As of Friday´s close shares
of HSBC had underperformed the wider Stoxx 600 bank sector benchmark by 7 per cent, although it had outperformed the same by 12 per cent since July, analysts at Nomura wrote to clients before the release of the interim management statement, on Monday. "With recent underperformance and consensus not looking demanding, and with the bar lowered by recent peer results, we feel HSBC is well positioned in results on Monday", they added. A trading update call with analysts and shareholders is scheduled for 11:00.
0930: The UK construction PMI for the month of October improved to 59.4 points, from 58.9 September. The consensus estimate was for a reading of 58.9. FTSE 100 up 28 to 6,763.
0911: HSBC is a high riser this morning after saying that underlying profit before tax totalled 5.06bn dollars in the three months to September 30th, up 10 per cent from 4.6bn dollars the year before. Underlying revenues however were broadly unchanged at 15.6bn dollars. Mining stocks are also on the rise this morning, buoyed by upbeat data from top metals consumer China. Antofagasta, Rio Tinto, Anglo American and BHP Billiton are among the best performers. The FTSE 100 is up 35.31 points at 6,770.05.
0858: Thus, the final Eurozone manufacturing purchasing managers' index (PMI) for October edged up to 51.3, from September's reading of 51.1. However, Markit's chief economist seemed daunted by the slow pace of the stabilization, stating that, "While the recovery goes on, it is by all measures frustratingly slow [...] In particular, the modest gains in output and new orders remain insufficient to encourage firms to take on more staff".
0834: The UK´s top flight index has begun the session modestly higher, led by rises in the share prices
of the main listed mining groups. That comes on the heels of a better-than-expected reading on China´s services sector, overnight. Airlines, on the other hand, are being dragged down by a full-year profit warning out from RyanAir. European services sector purchasing managers´ indices are due out in the first hour of trading. Worth noting, BP shares have been upgraded by analysts at Morgan Stanley to equalweight, versus underweight before. G4S has been removed from UBS´ least preferred list. Engineering company Weir Group has cut its full year profit outlook due to the impact of the recent weakness in the US and Australian dollar. FTSE 100 up 16 to 6,751 points.