FTSE 100 closes down around 41 at 7,372
Unemployment rate held at 3%, wage growth rises to 2.2%
US shares lower
FTSE 100 joined global equities on Wednesday to finish lower, at 7,372.
That was a drop of around 41 points, or 0.56%. The FTSE 250 tanked even more, shedding over 153 points, 0.77% to close at 19,693.
In the US, the Dow Jones is off around 90 points and the broader based S&P 500 lost over 14 points at 2,570.
In the currency markets, movements were less pronounced, but the pound was up 0.11% against the Euro and up 0.11% against the US dollar.
Top dog on Footsie was silver giant Fresnillo (LON:FRES), which shone 3.27% higher at 1,325p. It came as gold nudged higher but silver fell again after data yesterday from China.
It showed industrial production growth had slowed in October, which weighed on metals prices.
The biggest loser was NMC Health plc (LON:NMC), which sagged 3.61% to 2,750p after broker Jefferies repeated a 'hold' on the shares.
Analysts cited competition concerns in Dubai and a ‘disappointing’ capital markets day.
Miners weigh on Footsie..
The miners weighed on the FTSE 100 on Tuesday and it was the same story again on Wednesday as questions over China’s growth remained.
With around 30 minutes left in the trading day, the blue chip index looks likely to finish below the 7,400 mark and is currently down 46.4 points to 7,367.9.
Economic data on Tuesday from the People's Republic – the world’s biggest raw materials consumer – showed that industrial production growth slowed in October which is still weighing on metals prices.
Glencore PLC (LON:GLEN) (down 2.6% to 345.5p), Anglo American PLC (LON:AAL) (down 2.6% to £14.18), Rio Tinto PLC (LON:RIO) (down 2.3% to £35.11) and BHP Billiton plc (LON:BLT) (down 2.7% to £13.49) all headed sharply lower on Wednesday.
UAE-focused healthcare distributor NMC Health plc (LON:NMC) was the top faller though, down 3.5% to £27.54 after analysts at Jefferies reiterated their ‘hold’ rating, citing competition concerns in Dubai and a ‘disappointing’ capital markets day.
While the mining stocks in the red are focused on digging up base metals (things like copper, zinc and iron ore), those which produce precious metals are faring significantly better as prices of gold and silver ticked higher in the wake of more geopolitical uncertainty, this time in Zimbabwe.
Mexico-focused Fresnillo PLC (LON:FRES), which was also buoyed by a ‘buy’ note from HSBC, has added 2.3% to £13.12, while Randgold Resources Limited (LON:RRS) has jumped 1.2% to £70.75.
Two other stocks that were stopping the FTSE 100 from sliding too far were BT Group plc (LON:BT.A) (up 1.7% to 248p) and logistics groups Bunzl PLC (LON:BNZL) (up 2.4% to £21.65).
Both companies are fighting back from recent lows, with BT having ebbed lower for a few months while Bunzl took a big hit last week amid competition fears from Amazon.com Inc (NASDAQ:AMZN).
On the FTSE 250, investors hung up on Talktalk Telecom Group PLC (LON:TALK) after it issued a profit warning, with shares down 7.1% to 176p shortly before market close.
3.05pm…Dyson reportedly suing former boss
The BBC is reporting that former Dyson boss Max Conze is being sued by the electrical firm for allegedly leaking company secrets.
Conze stepped down last month and was thanked at the time by the company’s founder, James Dyson.
According to the BBC, Conze was actually sacked for an alleged series of breaches, including “the disclosure of confidential information, and a breach of his fiduciary duties”.
A spokesman for the company told the Beeb: "The Dyson board has decided to bring a claim against Max Conze at the High Court of Justice in London in relation to his actions while chief executive."
Exclusive: Dyson to sue its former chief executive Max Conze for allegedly leaking company secrets to third parties. Lawyers for Conze told BBC they could not comment at the moment.
— Simon Jack (@BBCSimonJack) November 15, 2017
2.55pm...What do the events in Zimbabwe mean for miners in the region?
2.45pm…US stocks open in the red
The tech-focused Nasdaq stock exchange saw 1%, or 66.7 points, wiped from its combined value to open the trading day at 6670.3 over in New York, with big data specialist Veritonce Inc (NASDAQ:VERI) and drugmaker Synergy Pharmaceuticals Inc (NASDAQ:SGYP) both suffering double-digit losses.
The Dow Jones also took a beating, shedding 0.6%, or 152 points, to 23,256.8, while the S&P 500 is down 0.5%, or 14.1 points, to 2,564.8.
2.10pm…Papa John’s apologises for blaming sluggish pizza sales on NFL protests
Papa John’s Pizza International Inc (NASDAQ:PZZA) has apologised after its chief executive blamed sluggish pizza sales on NFL players kneeling during the national anthem.
The company is a major NFL sponsor and advertiser and boss John Schnatter said in an earnings call earlier this month that “NFL leadership has hurt Papa John’s shareholders”.
Recent reports have also suggested that NFL ratings are down as viewers boycott the football, which is more bad news for the pizza maker.
For the last Superbowl it was estimated by Forbes that more than 12.5mln pizzas were eaten during the game, so fewer people tuning in likely means fewer people ordering pizzas.
We believe in the right to protest inequality and support the players’ movement to create a new platform for change. We also believe together, as Americans, we should honor our anthem. There is a way to do both. (2/3)
— Papa John's Pizza (@PapaJohns) November 15, 2017
1.50pm…US retail sales rise unexpectedly, inflation falls
US retail sales unexpectedly rose 0.2% in October, with most economists expecting sales to be unchanged.
Data for September was also revised to show growth of 1.9% rather than the 1.6% originally estimated.
Inflation fell to 2% in the year to October, down from 2.2% in September as the impact of higher petrol prices linked to hurricanes Harvey and Irma was unwound.
Analysts noted that rising rents and healthcare pointed to a gradual build-up of underlying inflation, though.
1.10pm…Slow start on Wall Street ahead of key inflation, sales and wage data
After closing modestly lower on Tuesday, US stocks are set to open in the red once again ahead of a raft of data points which could move the markets and/ or the dollar.
The consumer price index, retail sales and wage growth data are all due later on Wednesday.
Ahead of that, the Dow Jones is expected to open 91 points down at 2,3315, while spread bet firms see the broader S&P 500 kicking off nine points in the red at 2,568.8.
As for the tech-heavy Nasdaq, that is called 19.7 points lower at 6,269.8.
1pm...FTSE falters
The FTSE 100 has been in the red all day as investors pull out of mining stocks amid fears that the commodity-guzzling giant that is China is starting to slow down.
Currently the index is down 39.8 points, or 0.5%, to 7,374.6.
Economic data from the People's Republic – the world’s biggest raw materials consumer – yesterday showed that industrial production growth slowed in October which is still weighing on metals prices.
As the stuff they dig out of the ground is worth less (at least temporarily), the majority of the blue chip miners are nursing chunky losses for the second day in a row.
Glencore PLC (LON:GLEN) (down 3.1% to 343.7p), Anglo American PLC (LON:AAL) (down 2.7% to £14.17), Rio Tinto PLC (LON:RIO) (down 2% to £35.20) and BHP Billiton plc (LON:BLT) (down 1.9% to £13.61) all headed sharply lower on Wednesday.
They all predominantly mine base metals, but traders seem more interested in those that produce precious metals given their ‘safe haven’ status in times of instability (think Zimbabwe right now).
As a result, a couple of the top FTSE 100 risers are gold miner Randgold Resources Limited (LON:RRS) (up 1.4% to £70.85), while Mexico-focused silver and gold producer Fresnillo PLC (LON:FRES) (up 2.4% to £13.14) is also in demand.
Fresnillo has the added boon of being upgraded to ‘buy’ by HSBC, which thinks the firm is now undervalued compared to peers.
Topping the blue chip gainers is telecoms giant BT Group plc (LON:BT.A) – I’ve not written that for a while – which is up 2.2% to 249.1p as it looks to arrest a shocking downward trend over the past few months.
12.25pm…Fresnillo shines as HSBC issues ‘buy’ note
Gold and silver producer Fresnillo PLC (LON:FRES) is one of the few miners to shine today on the back of a bullish note from HSBC analysts and a jump in precious metals prices.
The bank’s analysts said the shares, down 26% in the year to date, have “overplayed” operational setbacks, while expected improvements haven’t been factored into the current valuation.
“Fresnillo’s valuation now looks very attractive on a historical basis and relative to peers,” said HSBC in a note to clients.
They have moved to ‘buy’ from ‘hold’ and while it has cut its target for the shares from £17.60, at £15.70 this is still well ahead of the current price of £13.05 (up 1.7% on the day).
12.10pm…Precious metals in demand amid Zimbabwe uncertainty
The geopolitical uncertainty caused by the situation in Zimbabwe is pushing the prices of precious metals higher.
The likes of gold and silver are often seen as something of a ‘safe haven’ in times of economic and political instability.
Gold is up 0.4% today to US$1,285 an ounce, while silver has jumped 0.6% to US$17.10 an ounce.
11.50am … Zimbabwe coup could lead to ‘improved stability and certainty’
You’ll have no doubt read this morning that the Zimbabwean military assumed control in the country overnight.
After overrunning the state TV station, an army spokesman confirmed the ‘bloodless transition’ and added that President Robert Mugabe was safe.
Here’s what Shore Capital analyst Yuen Low has had to say about the situation.
“In October, after Mugabe stripped the post of Justice Minister from Deputy President Emmerson Mnangagwa, we wrote that the end game had begun. Following overnight developments, it appears likely that the King has been checkmated, or at least checked by the military’s Castles,” writes Low.
“The Zimbabwean military is claiming that their actions do not represent a coup, that it acted to stave off conflict, that the safety of the King and Gucci Queen are guaranteed (the King is reportedly trying to negotiate safe passage for the Gucci Queen), and that it is simply targeting the criminal pieces around the royal couple that have been “causing social and economic suffering in the country in order to bring them to justice”. Bishop (a.k.a. finance minister) Ignatius Chombo is the most significant capture that we are currently aware of.
“We wonder whether the next game will see Mnangagwa crowned, or whether the military will facilitate elections. Either way, we are hopeful that there will be improved stability and certainty in the country as a result.”
11.20pm … Has the UK reached ‘maximum employment’?
“There has been a muted reaction from the pound this morning, off the back of a rather curious labour market report," said OFX currency analyst Hamish Muress.
"The Bank of England will be relieved to see the gap between wage growth and inflation narrow, but may now be asking whether the UK has reached its maximum employment rate.
"If this is the case, then wage growth could accelerate further in 2018.”
Speaking of the pound, it is slightly up against the dollar to US$1.317, although it has lost 0.3% versus the euro to €1.112.
11.05am … Gocompare shares edge higher after it rejects ZPG takeover offer
Shares in Gocompare.com Group PLC (LON:GOCO) are up this morning after the price comparison website rejected a fresh takeover approach from Zoopla owner ZPG PLC (LON:ZPG) on Tuesday evening.
FTSE 250-listed ZPG – which also owns uSwitch – tabled a cash-plus-shares offer of 110p a share which valued Gocompare at almost £420mln.
Gocompare dismissed the bid out of hand, labelling it “highly opportunistic” and telling investors that it “fundamentally undervalues the company”.
Its shares are currently up 1.5% to 103.5p, while ZPG is down 1.1% to 334.2p.
10.45am … 'Profits not important right now at Talktalk'
We told you earlier that Talktalk Telecoms Group PLC (LON:TALK) has slumped this morning (down 9.8% to 170.9p) after it said profits would now come in at the lower end of guidance.
Well Hargreaves Landown equity analyst George Salmon thinks investors might be missing the point, with profits not the be-all and end-all this year.
“[As] odd as it sounds, this year’s profit was never a top priority for the new management team,” explains Salmon.
“Instead, the focus has been on restoring customer growth, and progress here has been good. 46,000 on-net broadband customers were added in the half, and the TV customer base is now growing again after the turbulence of 2015’s data hack.
“The opportunity to boost margins and profitability should arise once TalkTalk’s investments in getting its house in order are complete, so we’re willing to give the group the benefit of the doubt for now. However, there is no getting away from the fact that, longer-term, profits will need to rise up the priority list.”
9.45am ... Mining stocks still pulling FTSE 100 down
The FTSE 100 has been in negative territory from the word ‘go’, with the blue chip miners weighing heavily on the index.
A slowdown in China’s production, investment and consumption led to a markdown of the value of the integrated majors, whose fortunes are hitched to the economic prosperity of the People’s Republic which is the world’s largest consumer of raw materials.
Weak Chinese data still weighing on miners
Glencore PLC (LON:GLEN) took the biggest blow, down 3.1% to 344p, although Anglo American PLC (LON:AAL) (down 2.6% to £14.17), Rio Tinto PLC (LON:RIO) (down 2% to £35.21) and BHP Billiton PLC (LON:BLT) (down 1.9% to £13.61) all extended yesterday’s losses.
As a result, the FTSE 100 is down 30.9 points to 7,383.6 in mid-morning trade.
In terms of risers there wasn’t too much to write home about. Leading the way was actually one of the miners, Fresnillo PLC (LON:FRES), which is up 2.5% to £13.15 following a 0.4% rise in the price of gold to US$1,285.10 an ounce.
BT Group PLC (LON:BT.A) were offered some light relief as shares crept 1.8% higher to 248.1p, although the stock is still down 16% over the past three months and by almost a third since the turn of the year.
Talktalk slumps on profit warning
There was a bit more going on on the FTSE 250. Talktalk Telecom Group PLC (LON:TALK) plunged 10.1% to 170.3p following a profit warning.
The phone and broadband company said full-year profits will now come in at the lower-end of guidance as it looks to “step up investment” in the second half its year.
9.40am … UK unemployment rate holds at 4.3%; wage growth edges higher
The number of unemployed people fell by 59,000 between July and September to 1.42mln, according to the latest data from the Office for National Statistics. The jobless rate remained at 4.3%.
As for the number of people in work, that fell by 14,000 in the three month period to 32.06mln, largely due to a rise in the number of economically inactive people – those who are neither working nor looking for a job.
There was some good news on the pay front, with wage growth edging up to 2.2% for the year to September, the ONS said.
That’s ahead of the 2.1% reported in the 12 months to August although it remains below inflation which held firm at 3% in October.
Jul-Sep 2017 was the sixth three-month period in a row where earnings including bonuses fell in real terms https://t.co/vYgJXaCR8u pic.twitter.com/gkSUfDgoCd
— ONS (@ONS) November 15, 2017
8.45am ... Miners lead Footsie lower
The FTSE 100 was dragged 22 points lower in early trade to 7,392.32 amid a switch of investing emphasis in the mining sector.
A slowdown China’s production, investment and consumption led to a markdown of the value of the integrated majors, whose fortunes are hitched to the economic prosperity of the People’s Republic.
The retreat was led by Rio Tinto PLC (LON:RIO), off 1.8%, followed by Glencore (LON:GLEN) and Billiton (LON:BLT).
On the plus side, the precious metals diggers Fresnillo (LON:FRES) and Randgold Resources (LON:RRS) were up 3% and 1% respectively as the gold price edged closer to US$1,300 an ounce.
Follow-through buying of Vodafone (LON:VOD) amid earnings upgrades in the wake of Tuesday’s better-than-expected trading update pushed the stock 1.5% higher. Fellow telco BT (LON:BT.A) was up in Vodafone’s wake.
6.45am ... 7,400 trap door to open
After marking time yesterday, the FTSE 100 was seen to be in danger of subsiding below 7,400 this morning, despite a weakening pound.
Having closed down a point at 7,414 on Tuesday, spread betting quotes point to the top-shares index opening at around 7,401 after a soft showing yesterday by US stocks.
Across the pond, the Dow Jones average gave back 30 points to close at 23,409 and the S&P 500 fell 6 points to 2,579.
Heading into the last half hour of trading in Asia, the Nikkei 225 in Tokyo was down 352 at 22,028, as the yen gained ground on forex markets, and the Hang Seng was down 201 at 28,951.
Back home, a relatively busy day is expected in terms of trading updates, though none of the top echelon companies are scheduled to report.
Barratt Developments will continue the season of house-builders' trading updates, while credit checking firm Experian will be reporting interims.
TalkTalk's second quarter results are expected to shed light on the group’s enterprise business which is seen as a catalyst to the share price performance.
“Q2 will likely provide more details of TalkTalk Business unit which is growing (Enterprise revs. +3.1% in Q2 ex volatile carrier revenues) as well as update as to how its MVNO model will be replaced with a distribution deal,“ Deutsche Bank analyst Robert Grindle said.
The German bank reckons TalkTalk will report a 4.2% decline in total revenue, with earnings seen 30% lower.
Interims from Premier Foods should reveal a “sprightlier” second quarter on the top-line front but lower profits, according to broker Jefferies.
The broker expects sales to be modestly down from last year’s £48mln at £47mln, with pre-tax profit dipping from £26mln at the halfway point last year to £23mln.
“The big picture - of tough markets and nip and tuck on share - doesn't change and we apply some incremental caution to our top line forecasts. We welcome the arrival of new chair Keith Hamill, who has a rich but complex agenda to prosecute,” Jefferies said, as it trimmed its price target to 43p from 46p.
Significant announcements expected
Interim results: Premier Foods PLC (LON:PFD), Celtic PLC (LON:CCP), Talktalk Telecom Group PLC (LON:TALK), Great Portland Estates PLC (LON:GPOR), Experian PLC (LON:EXPN), Helical Bar PLC (LON:HLCL)
Final results: Zambeef Products PLC (LON:ZAM), Game Digital (LON:GMD), Avon Rubber PLC (LON:AVON), Fenner PLC (LON:FENR), AB Dynamics PLC (LON:ABDP)
Trading statement: Blue Prism Group PLC (LON:PRSM), Barratt Developments PLC (LON:BDEV)
Around the markets
- Sterling: US$1.3152, down 0.13 cents
- 10-year gilt: yielding 1.322%
- Gold: US$1,281.10 an ounce, down US$1.80
- Brent crude: US$61.42 a barrel, down 79 cents
Proactive news headlines
Film production underwriter FFI Holdings PLC (LON:FFI) has completed the acquisition of digital post-editing group Cineworks Digital Studios, its first since listing on AIM in June.
Bezant Resources PLC (LON:BZT) has moved to the next phase in the ramp-up of production at the Choco alluvial mine in Colombia after successful grade verification work.
Metal Tiger PLC (LON:MTR) has slammed the board of Aussie miner Kinsgate Consolidated and called a meeting to replace all but one of the directors.
Shares in Kin Group PLC (LON:KIN) resumed trading on AIM this morning having been suspended since the middle of July while the company shored up its finances.
Diagnostics specialist Akers Biosciences Inc (LON:AKR, NASDAQ:AKER) said its third quarter revenues grew 10% to US$675,831, buoyed by sales of its breathalyser products and its rapid cholesterol tests. It also said the commercial performance of its core product, used to spot allergic reactions to the blood thinner heparin, was “robust”.
Energy developer Oracle Power PLC (LON:ORCP) has submitted a power plant proposal to the regulator of Pakistan's power industry.
Avacta Group PLC (LON:AVCT) said a partner company will be presenting data on Avacta’s Affimer technology at a leading industry conference in Barcelona, which kicks off Wednesday.
Clinical stage biopharmaceutical company Motif Bio PLC (LON:MTFB) has entered into an agreement for up to US$20mln in debt financing with Hercules Capital Inc. The funds will be used to support pre-commercialisation activities and other corporate activities in preparation for the anticipated US launch of iclaprim in 2019.
Savannah Petroleum PLC (LON:SAVP) has shed more light on its proposed acquisition in Nigeria, where it is picking up major stakes in a series of assets. A new ‘lock-up’ agreement has been signed in respect of the proposed deal, setting out the terms for the acquisition of specific assets held by Seven Energy International.
Savannah Resources PLC (LON:SAV) said the environmental operating permits for the Mahab 4 and Maqail South mining licence applications in Oman have been issued by the Ministry of Environment and Climate Affairs.
ADES International Holding Ltd (LON:ADES) has launched a new venture in Egypt where it is partnering with Vantage Drilling International to provide deepwater oil and gas services in the Mediterranean basin. It will see ADES generating additional revenues without the outlay of capital that would’ve been required to start-up deepwater services otherwise.
Eland Oil & Gas PLC (LON:ELA) has confirmed that the Opuama-7 has started production, with the well coming online at a rate of 7,500 barrels of oil per day. The company highlighted that the Opuama field production is now seen as “strong” as it is yielding some 19,000 bopd from three wells.
Mosman Oil And Gas Limited (LON:MSMN) is taking more time to make a decision on the Arkoma project in Oklahoma. The company has moved its first option to acquire Arkoma to February 28 from November 15 but the second option deadline is still in March.
Mobile payments specialist Bango PLC (LON:BGO) said its platform is now being used by Nigerian mobile network operator 9mobile to enable purchases through Google Play. Through the 9mobile 9pay wallet customers in Nigeria can pay for media, games, apps and digital content in Google Play with one-click, without the need to own a credit card or bank account.
Full-services marketing agency The Marketing Group said its network is “now gelling together well”, unlocking looked-for synergies.The third quarter saw turnover of €7.04mln, taking turnover for the first nine months of the year up to €19.59mln.
Business headlines
The Daily Telegraph
Zurich ends coal investments as insurers pull US$20 billion from sector: Zurich has become the latest insurance giant to cut ties with coal-intensive businesses, bringing the amount insurers have pulled from these companies to around US$20 billion (£15.2 billion) in just two years.
Shadow Chancellor calls for transparency over UK's US$2 billion loan to Saudi Aramco: Labour's John McDonnell has written to Chancellor Philip Hammond calling for more transparency over the Government's attempts to secure the listing of Saudi Aramco in London.
Theresa May doubles visa numbers for tech workers: Theresa May has doubled the number of specialist technology visas available to high-skilled workers entering the UK from outside the EU, in a significant boost to British start-ups that have feared a post-Brexit skills shortage.
Intermediate Capital Group shares soar after it raises record €5.2 billion: Asset manager Intermediate Capital Group (ICG) saw its shares soar on Tuesday after it raised €5.2 billion (£4.7 billion) – the largest fund of its kind raised in Europe this year and the company's biggest ever.
The Times
Cabot share sale stalls amid ‘lack of momentum’: Bankers working on the float of Britain’s biggest debt collector have yet to sell all the shares in the business, despite offering them well below its mooted £1 billion market value.
Kalashnikov ready to pull the trigger on going private: Russia is privatising the company behind Kalashnikov rivals rifle to mitigate the impact of western sanctions imposed after its annexation of Crimea.
Eurozone grows at faster rate than US economy: Growth in the eurozone is on course to beat both Britain and the United States in the best year for the single currency area since the financial crash a decade ago.
Brexit ‘means change in fortunes for millionaires’: The UK will lose 63,000 dollar millionaires over the next five years as a result of Brexit, while the rest of the world creates eight million more, according to a survey of global wealth.
The Independent
Health insurance tax hike pushes 200,000 people from private cover to NHS, research finds: A tax hike on health insurance could be putting more strain on the NHS by causing almost 200,000 people to ditch their private cover in the last three years, new research has suggested.
Michael Bloomberg says London will remain Europe's financial capital despite Brexit: London will remain an important global financial hub after Brexit, according to billionaire businessman and former New York City Mayor, Michael Bloomberg.
Sean Hannity loses Volvo advertising from his Fox News show amid criticism over Roy Moore coverage: Volvo has pulled its adverts from Sean Hannity’s show on Fox News amid criticism of the presenter’s coverage of sexual misconduct allegations made against Senate candidate Roy Moore.
UK inflation holds steady in October suggesting peak in price rises: Inflation unexpectedly held steady in October, prompting analysts to speculate that price pressures for the UK have now peaked.
The Guardian
Deliveroo wins right not to give riders minimum wage or holiday pay: Deliveroo won the right not to give its couriers the minimum wage or holiday pay on Tuesday, dealing a blow to campaigners for workers’ rights in the gig economy.
London’s Bond Street has world’s third-highest business rents: The tourism boom prompted by the weakness of sterling since the Brexit vote has helped propel Bond Street in London into the top three of the world’s most expensive store locations.
Paddington does not get sworn at in Christmas ad for M&S, says watchdog: It’s official: Marks & Spencer’s Christmas ad does not feature Paddington bear being sworn at, according to the UK advertising watchdog.
Honda UK warns MPs of consequences of leaving EU customs union: The devastating impact of a hard Brexit on the UK car industry was laid bare on Tuesday to MPs, who were told every 15 minutes of customs delays would cost some manufacturers up to £850,000 a year.
Daily Mail
HSBC pays £269 million to settle claims it helped shady Swiss banking clients evade taxes: Tainted bank HSBC is handing over £269 million to the French to settle claims it helped shady Swiss banking clients evade taxes.
Vodafone boss blasts BT Openreach for poor service as he prepares to roll out ultra-fast home broadband: The boss of Vodafone launched a scathing attack on BT yesterday as he vowed to take the company on in the race to give millions of households cutting-edge internet connections.
Luxury fashion website Farfetch sees losses widen to £34 million amid expansion drive: Expansion has come at a cost for luxury fashion website Farfetch. Losses at the British firm widened to £34 million in 2016 from £28.7 million the year before, as investment in technology and staff took its toll.
House-builders back in favour as they pin their hopes on a Budget cut in stamp duty or support for retirement housing: House-builders were back in favour yesterday as investors cheered bullish updates from two of the sector’s biggest players and looked to the Chancellor for a Budget boost.
New chief faces ITV drama as ad sales slide 7% despite hit shows such as Victoria and Poldark: The scale of the task facing new ITV boss Carolyn McCall was laid bare yesterday as the broadcaster posted a fresh drop in advertising revenues.
Price comparison website Go Compare jumps 10% after it rejects £460 million Zoopla bid: Shares in price comparison website Go Compare rose by 10% last night after it rejected a £460 million bid from Zoopla owner ZPG.
Daily Express
UK house prices soar 5.4% in a year with regions outside London driving surge: House prices rose 5.4% in the year to September while mortgage lending surged ahead of the first interest rate rise in a decade.
Tesco gets go ahead for £3.7 billion takeover of cash and carry giant Booker: Tesco's £3.7 billion takeover of wholesale giant Booker has been provisionally cleared after the Competition and Markets Authority said it does not raise competition concerns.
EU bank unveils plans allowing lender to keep customers’ cash in future crisis: A year of European financial crises showed banks needed the ability to buy time to make decisions should they fall into turmoil, according to the ECB’s Executive board member Sabine Lautenschlaeger.
The Scotsman
Ikea raises prices after rise in import costs from Brexit: Swedish retailer Ikea has increased prices on some UK products after being confronted by higher import costs following sterling’s slump since the Brexit vote.
City AM
FirstGroup's shares slump after transport firm swings to a loss: Transport firm FirstGroup's share price slumped today after it unveiled a loss in its half year results, despite an increase in revenues.
Centrica's British Gas will start selling Hive smart home devices in Italy through a partnership with Eni: Centrica, the owner of British Gas, today announced it was making a move into the Italian market with its Hive smart home devices. The energy supplier signed a five-year partnership arrangement with Italy's Eni, which has 8 million retail customers. Centrica's smart energy devices are already available in the UK, Ireland and North America.
HonestBrew is funding small breweries with a new investment scheme: Online craft beer retailer HonestBrew is starting an investment fund to help breweries grow, and will ask its beneficiaries to pay back in the form of beer.
Goldman Sachs has now completely written off its stake in the Weinstein Company: Goldman Sachs has written down the value of its stake in film producer Harvey Weinstein's company to zero, according to a report. Goldman had originally put its stake in the Weinstein Company, which is behind the likes of The King's Speech, The Hateful Eight and Paddington, up for sale last month.