1630: Close The FTSE ultimately ended the session higher, albeit marginally, tracking some modest gains on the S&P 500
in the US and despite some less-than-impressive data ahead of the Federal Reserve's two-day meeting which begins tomorrow. Company wise, Aggreko topped the leaders after it said it expected full year profits to be in line with market expectations, while Tullow Oil sat at the bottom on the pile after it temporarily suspended some of its operations. On the macro front, consumer credit rose in October for the first time since the recession, while UK asking house prices rose 0.5 per cent on September. The FTSE 100 closed up 4.48 points at 6,725.82.
1547: December gold futures
are now rising by 0.41 per cent to the 1,358 dollar/per ounce mark on COMEX following the weaker than expected pending home sales numbers released Stateside. Shares of Randgold are at the top of the leaderboard. FTSE 100 down 2 to 6,719.
1450: Monetary Policy Committee member and bank of England Chief Economist Spencer Dale has reportedly said that "tightening will be slower than in previous recoveries", and that the option of further expanding quantitative easing is still firmly on the table.
1437: Shares of Ophir Energy are now dropping by 2.1p to the 327p level after having encountered technical resistance towards 330p. That also comes after a price target cut out of Credit Suisse today, to 495p from 550p, and a sharp bounce in the company's share price last Thursday, albeit on larger than usual trading volumes.
1400: US pending home sales dropped at a 5.6 per cent month-on-month pace in September, well below the unchanged reading expected by most economists. In its weekly Global Economics report, last Friday, Barclays Research referenced the greater uncertainty related to the pace of US expansion during the next two quarters, in part due to potential impact of higher bond yields.
1315: US industrial production rose by 0.6 per cent month-on-month in September, following a 0.4 per cent gain in the month before (Consensus: 0.4 per cent). The degree of capacity utilisation increased to 78.3 per cent, after 77.9 per cent in the month before. FTSE 100 down 7 to 6,715.
1100: The UK CBI's reported sales balance dropped precipitously in October, to a reading of +2 from +34 (Consensus: +32).
0944: Shares of AstraZeneca have been upgraded to neutral versus underperform by analysts at Bank of America Merrill Lynch. Some reports are referencing speculation that BT might raise its dividend by more than 10 per cent when its publishes its results, which are due out on October 31st. FTSE 100 up 3 to 6,724.
0900: Third quarter trader trading was a bit below expectations at InterContinental Hotels Group, analysts at Panmure Gordon point out, with a weak showing for the Americas in September (RevPar up 3.7% and the US at 1.6%), due to Holiday Inn. As well, the broker believes RevPar expectations may edge back a bit for the fourth quarter in both Americas and Greater China, to which one must add a strengthening sterling. With the shares
changing hands at 18.9 times 2014 earnings per share Panmure reiterates its recommendation to hold. The same broker has also lowered its price target on shares of Aggreko to 1,736p from 1,822p; although it remains a 'buyer.' FTSE 100 down -0.08 to 6,721.
0859: Shares of G4S are now leading gains on the top flight index after the security giant rejected a 1,550m-pound offer from Charterhouse Capital Partners for its cash solutions business, saying that the proposal 'fundamentally undervalues the business and its prospects'. Shares of Aggreko are also doing well after the company indicated that it expects underlying revenues to come in "slightly ahead of last year," while fiscal year profits are seen in-line with expectations. Stock in Admiral has been upgraded by analysts at Numis to add versus reduce, previously.
0824: UK stocks have begun the day trading slightly higher, much as shares over on the Continent, following modest gains on Wall Street on Friday and overnight in Japan. The latter comes after the Bank of Japan's (BoJ) Deputy Governor reiterated the BoJ's pledge to continue with asset repurchases until the country's two per cent inflation rate target is reached. Also worth pointing out, over the weekend a member of China's Politburo announced that the Communist Party's November meeting will see unprecedented, strong and deep economic reforms. US industrial production data and the latest quarterly figures from tech-giant Apple are due out later in the day. FTSE 100 up 4 to 6,725.