FTSE 100 closes lower
Trade war and economy fears in China
Brexit, Italy and Saudi Arabia also in focus
Dow dumps 300+ points at open in New York
FTSE 100 joined other European indices to close sharply lower on Tuesday as US shares also took a pounding.
Footsie finished the day down 1.24% or around 87 points at 6,955.
The German DAX shed 250 points at 11,274, while on Wall Street, the Dow Jones Industrial Average lost 296 points and ten S&P 500 shed around 32 points.
Top loser on Footsie was online retailer Ocado (LON:OCDO), which dropped 9.72% to 772.80p as its recent run came to an abrupt halt.
Miner Fresnillo PLC (LON:FRES) was Footsie's top riser, up over 9% to 977.20p, as it benefitted from a surge in gold and silver prices.
Fiona Cincotta, analyst at City Index, said: "The FTSE plummeted through 7000 for the first time in 7 months on the open and continued to selloff across the session.
"A bloodbath at the start of trading in the US has only exasperated the declines in Europe.
"A toxic combination of elevated global tensions, disappointing macros and US earning season hitting trouble means investors are pulling risk off the table, and fast. Flows into safe havens are on the up with gold, treasuries and the Japanese yen moving higher."
4.10pm: Tesla short-seller reverses position
Shares of Tesla Inc (NASDAQ:TSLA) are bucking the market's downward trend today and popping after short-seller Andrew Left moved long on the electric-car maker’s stock ahead of its quarterly results Wednesday.
"Citron is long Tesla as the Model 3 is a proven hit and many of the TSLA warning signs have proven not to be significant,” wrote analysts from Citron Research, which Left founded.
“What has changed?? Plain and simple—Tesla is destroying the competition,” they added.
In response to Left’s bullish position, investors sent Tesla shares up 6.2% to $277.13 in Tuesday’s morning trading session.
$TSLA dropping earnings on top of $F tomorrow might be a bad sign for shorts. After reviewing all recent info on $TSLA dominating its categories, Citron is LONG Telsa for this quarter. Full report https://t.co/eZLSbtL0kg
— Citron Research (@CitronResearch) October 23, 2018
3.50pm: Footsie drops almost 100 points
The FTSE 100 is down almost 100 points to 6,948.2 with less than thirty minutes to run in the session.
News from Europe that the European Commission has rejected Italy’s budget proposal has not helped.
In truth, that’s just one of many wider issues affecting the markets today. Fears about China’s economy and trade war with the US; uncertainty over Brexit; and the Saudi Arabian murder cover-up have all rattled the global stock markets.
BREAKING NEWS: Stocks hit fresh lows after EU rejects Italy's budget plan https://t.co/neE67MquGW pic.twitter.com/AvruwlJYf8
— FOX Business (@FoxBusiness) October 23, 2018
Of the 16 stocks in the black on Tuesday, only five registered a gain of more than 1%.
Mexican precious metals miner Fresnillo PLC (LON:FRES) was comfortably the day’s top riser, up 6% to 967.2p, as it benefitted from a sharp uptick in gold and silver prices.
So too did its peer, Randgold Resources Limited (LON:RRS), which occupied second spot with a 2.8% rise to 6,492p.
Tobacco stocks, usually bought as a defensive ‘play’ by traders, were next up, with Imperial Brands PLC (LON:IMB) (up 2% to 2,659p) and British American Tobacco plc (LON:BATS) ( up 3.5% to 3,459p) both puffing higher.
Leading the losers was online grocer Ocado Group PLC (LON:OCDO),which dropped almost 9% to 782.8p as its recent run came to an abrupt halt.
Next up was GVC Holdings PLC (LON:GVC), the owner of Ladbrokes and Coral, which slumped 7% to 871p on further reports that bookies will be slapped with a tax hike as part of next week’s budget.
Not too far behind was Scottish Mortgage Investment Trust PLC (LON:SMT), which has shed 6% to sit at 454.3p thanks to its sizeable stakes in US tech stocks which have plunged today in New York.
3.20pm: US industrial stocks plunge
US stocks tumbled at the open on Tuesday as investors digested disappointing results from Caterpillar (NYSE:CAT) and 3M (NYSE:MMM) and concerns persisted over trade battles and Italy’s budget problems.
Shortly after the opening bell, shares of 3M and Caterpillar, two industrial bellwethers, plunged 5.7% and 8.2% respectively.
Early in the session, the Dow Jones Industrial Average index shed 341 points to hit 24,976, dragged back by Caterpillar, 3M, Microsoft Corp, Visa, DowDuPont and Chevron.
The tech-laden Nasdaq also plunged, losing 135 points to hit 7,335, dragged back by PACCAR Inc, Seagate Technology, the chip makers Nvidia Corp and ASML Holding NV as well as Wynn Resorts.
Elsewhere, the broader S&P 500 shed 36 points to 2,720
3pm: Dyson to build new electric car in Singapore
Dyson has snubbed the UK and plans to build its new electric car in Singapore, according to media reports citing a memo to staff by the privately-owned company’s chief executive, Jim Rowan.
The firm is developing the electric car at its research facilities in Wiltshire, where it recently opened a test track and unveiled plans to expand its operations to accommodate another 2,000 employees.
However, in the memo, Rowan is quoted as saying the decision to choose Singapore was “complex, based on supply chains, access to markets, and the availability of the expertise that will help us achieve our ambitions”.
Rowan also highlighted the availability of engineering talent in Singapore, in spite of its “comparatively high-cost base”.
great news for UK ingenuity/tech/design Dyson, but the key Brexit business backer does not choose to site his new car factory manufacturing/assembly in the UK https://t.co/9nGq9v9zF1
— Faisal Islam (@faisalislam) October 23, 2018
2.30pm: World’s largest uranium producer to list in London
Kazatomprom, the world’s largest producer of uranium, is planning a listing in London later this year or early next year.
The company’s chief executive Galymzhan Pirmatov cited a recent rise in uranium prices coupled with a bullish outlook for the long-term price as reasons underlying the decision.
At this stage, the plan is for a 25% stake in Kazatomprom to be floated on London, with the remaining 75% stake to be retained by the Kazakh sovereign wealth fund Samruk-Kazyna.
The company currently accounts for around 20% of world production, and its influence has risen in recent years, since the announcement of production curbs at its Kazakh projects often corresponds with an uptick in the spot price.
That there’s likely to be support in London is indicated by the success of another recent listing, that of Yellow Cake PLC (LON:YCA), which debuted earlier this year.
"We are very confident in the long term perspective of uranium." -Kazatomprom CEO Galymzhan Pirmatov with @flacqua https://t.co/El7DkGSlDy pic.twitter.com/bIaFpu20jq
— BSurveillance (@bsurveillance) October 22, 2018
2pm: Uber boss refuses to rule out Deliveroo bid
Uber boss Dara Khosrowshahi has refused to rule out a bid for UK takeaway delivery group Deliveroo.
There were rumours last month that Uber was looking to expand its Uber Eats business, with several reports suggesting Deliveroo was the deal on the table.
Speaking to reporters in London on Tuesday, Khosrowshahi said: “Is something going to happen with Deliveroo? Who knows.”
He did add that Uber is talking with many companies around the world though.
1.30pm: ‘Sobering’ UK manufacturing data
British manufacturing orders fell at the fastest pace since 2015 in the third quarter as uncertainty over a Brexit deal continued, according to the latest statistics from the Confederation of British Industry (CBI).
The organisation said the “sobering” set of figures required “immediate action at home and abroad” as it revealed that a net 6% of businesses reported a drop in orders, the weakest balance since October 2015.2pm: Uber boss refuses to rule out Deliveroo bid
Uber boss Dara Khosrowshahi has refused to rule out a bid for UK takeaway delivery group Deliveroo.
There were rumours last month that Uber was looking to expand its Uber Eats business, with several reports suggesting Deliveroo was the deal on the table.
Speaking to reporters in London on Tuesday, Khosrowshahi said: “Is something going to happen with Deliveroo? Who knows.”
He did add that Uber is talking with many companies around the world though.
“A disappointing and worrying survey on many fronts,” said Howard Archer, the chief economic to the EY ITEM Club.
“The weakened CBI survey points to manufacturing activity faltering at the start of the fourth quarter and unsettled by heightened Brexit uncertainties. Skilled labour shortages are also a concern.”
A pretty grim #CBI_ITS:
❌Falling sentiment
❌Plant & machinery investment plans at their weakest since 2009
❌Export orders down for the first time in two-and-half years
❌Skills shortages biting hard
✅Manufacturing output growth holding up (❌but expectations weak) https://t.co/6nSeU2Ajx1
— Alpesh Paleja (@AlpeshPaleja) October 23, 2018
1.15pm: Bookies drag FTSE down again
London’s blue-chips, like their European counterparts, are still struggling today, with the FTSE 100 down 63.4 points, or 0.9%, to 6,979.4.
Traders are reluctant to pile into equities given the wealth of geopolitical and macroeconomic issues dominating the news (think Saudi Arabia, China, US, Brexit, Italy…).
The risk-off attitude is perhaps best shown by the handful of companies in the black today, most of which are what you would consider defensive stocks – reliable businesses that investors tend to return to when the going gets tough.
Cigarette makers top the leaderboard, with Imperial Brands PLC (LON:IMB) (up 2.9% to 2,698p) and British American Tobacco plc (LON:BATS) ( up 3.9% to 3,502p) both puffing higher.
Electricity and gas provider National Grid PLC (LON:NG.) (up 1.5% to 844.5p) and United Utilities Group PLC (LON:UU.) (up 1.3% to 722.2p), the UK’s largest listed water company, have also edged higher.
Among the slew of fallers – seriously, there are more than 90 – Ladbrokes and Coral owner GVC Holdings PLC (LON:GVC) is the biggest drag on the index, sliding more than 7% to 870p on the back of further reports that Philip Hammond is set to up taxes for offshore bookmakers.
Rival betting firm Paddy Power Betfair plc (LON:PPB), down 6.6% to 6,170p, is unsurprisingly down at the bottom as well.
Packing group DS Smith PLC (LON:SMDS) (down 5.4% to 360.5p) is another notable faller, as is online grocer Ocado Group PLC (LON:OCDO) (down 5.3% to 810.4p) after its recent run came to an abrupt end.
12.55pm: Wall Street to join in the bloodbath
Wall Street shares are set to follow their global peers lower, with investors fretting over geopolitical matters as they await another round of corporate US earnings.
Dean Popplewell, an analyst at forex group Oanda, said: "Global stocks have swung sharply lower overnight, amid growing fears about the health of the Chinese economy and a slew of geopolitical concerns – UK, Italy and Saudi Arabia."
He added: "In the U.S, President Trump indicated late Monday he wanted more information about the death of Jamal Khashoggi before the US proposed an official reaction."
Yesterday (Monday), US stocks having started on the front foot on the back of China’s stock market surging ahead, ended the day mostly lower.
The Dow Jones Industrial Average fell almost 127 points to 25,317, while the S&P 500 dipped by almost 12 points to 2,755. The tech-heavy Nasdaq exchange added over 19 points at 7,468.
In futures trade, the Dow Jones has plunged 289 points, while the Nasdaq is down 107 points and the S&P 500 almost 36 points lower.
12.30pm: Communisis agrees to £154mln takeover
Communisis PLC (LON:CMS) is the top riser in London today.
The business services group has agreed to a £153.8mln cash takeover offer from New York-based payment solutions firm OSG Group Holdings Inc.
Investors in Communisis are being offered 71p per share in cash, representing a premium of approximately 39.8% to Monday’s closing price of 50.8p.
OSG said shareholders representing almost half of the shares had indicated their intention to agree to the offer and sell up.
Commenting on the takeover bid, Communisis chairman David Gilbertson said: "Whilst the Communisis board believes that the business would have a promising future as an independent listed company, a combination with OSG will provide Communisis with the scale, global presence and digital technology capabilities to ensure it remains at the forefront of its industry and maximises its future potential.”
Shares are currently just below the offer price at 70.6p - a 39% rise for the day.
12.05pm: Investors bet big on Plus 500
Plus 500 PLC (LON:PLUS) shares are up 6% to 1,323p after the trading group said it expected full-year results to be better than expected.
After a relatively quiet spring and summer, volatility has returned to the markets of late which means Plus 500 picks up more commission from the increased number of trades.
As a result: “The board now expects trading to be ahead of 2018 market expectations.”
On top of this, Plus 500 also announced a US$10mln share buyback, although this looks like a drop in the ocean given that the cash balance stood at US$371mln at the end of September.
11.40am: Explosive device found at George Soros’ home
An explosive device has reportedly been found in the mailbox of George Soros’ Westchester County mansion in New York.
The New York Times said the billionaire wasn’t in at the time the package was opened by an employee.
It was taken to a wooded area in the sprawling grounds before the bomb squad arrived to carry out a controlled detonation.
We are conducting an investigation at and around a residence in Bedford, NY. There is no threat to public safety, and we have no further comment at this time.
— FBI New York (@NewYorkFBI) October 23, 2018
11.20am: Investor confidence at ‘lowest for 23 years’
Hargreaves Lansdown has carried out some research which suggests UK investor confidence is at its lowest for 23 years.
More so than the day after Lehman Brothers’ collapse? We’re not so sure.
Anyway, the investment platform claims Brexit is top of the worry list, closely followed by general global instability and the UK’s productivity problem.
“Investors are in a grim mood, as time is running out on Brexit negotiations with little progress on show,” says senior analyst Laith Khalaf.
“Sentiment was dented by the financial crisis, but not to the extent we are seeing today. That’s perhaps because the crisis unfolded in an unscheduled fashion, while the timeline on the UK’s withdrawal from the EU is there for all to see.”
He adds: “A looming early Budget and a stormy October on the markets will do little to settle nerves.”
11am: ASOS poaches Britvic’s CFO
Online fashion giant ASOS plc (LON:ASC) has raided drinks maker Britvic Plc (LON:BVIC) in its search for a new chief financial officer.
Mathew Dunn, who joined Britvic three years ago, has handed in his resignation and will serve out his notice before joining ASOS next spring.
He will fill the void created by the surprise departure of former chief number cruncher Helen Ashton earlier this year.
Most of his career was spent at Foster’s lager maker SABMiller prior to its US$107bn merger with Anheuser-Busch InBev, although he did spend a year at record label EMI Music.
New CFO at @ASOS to join in spring 2019. Mathew Dunn from Britvic - bringing international experience
— Maureen Hinton (@maureen_retail) October 23, 2018
10.35am: European markets struggling
Only 11 of London’s blue-chip stocks are in positive territory this morning as global markets are pummelled by a barrage of geopolitical and macroeconomic issues.
Uproar at Saudi Arabia’s botched cover-up of a journalist’s murder persists, as does US-China trade war concerns, Brexit worries and Italy’s debt stand-off with the EU.
With that in mind, it is perhaps no surprise that markets across Europe are flashing red. The FTSE 100 is down 85.1 points, or 1.2%, to 6,957.7 – not too far its previous low for the year.
Ladbrokes and Coral owner GVC Holdings PLC (LON:GVC) was the biggest drag, down 5.7% to 886p on further reports that the Chancellor will slap offshore bookmakers with a tax hike in next week’s Budget.
Wealth manager St James’s Place PLC (LON:STJ) was also knocked after it reported a sharp slow down in gross inflows in the third quarter. Shares are down 4.8% to 984.6p.
Defensive stocks made up most of the positive side of the leaderboard, with cigarette makers Imperial Brands PLC (LON:IMB) (up 1.8% to 2,662p) and British American Tobacco plc (LON:BATS) ( up 2.1% to 3,429.3p) both puffing higher.
British Gas owner Centrica PLC (LONP:CNA) (up 0.8% to 148.4p) and fellow utilities National Grid PLC (LON:NG.) (up 1.9% to 844.1p) and SSE plc (LON:SSE) (up 0.7% to 1,147p) have also edged higher.
#FTSE100 below 7,000 level & now in oversold territory, again.
This is an 11% drop from it's high in May.
More than 10% is a correction, more than 20% constitutes a bear market. pic.twitter.com/QlmXrkmeZo
— Justin Waite (@SharePickers) October 23, 2018
10.10am: Just not into Intu
The collapse of clothes retailers House of Fraser and Coast has forced shopping centre owner Intu Properties PLC (LON:INTU) to cut its rental income guidance for the year.
Intu said tenant administrations this year, particularly write-offs relating to the two above, will result in a 1.5% hit to like-for-like rental income for the year. It now expects like-for-like net rental income growth of 0% to 1%.
In the third quarter to September, property valuations dropped 3% on a like-for-like basis due to negative investment sentiment in the hard-hit retail sector.
The net asset value per share fell to 344p at September 30, down from 362p on June 30, reflecting a property revaluation deficit of £298mln.
Footfall at its malls has fallen 1.3% in the year-to-date, although occupancy rates are up to 97%. Shares are currently down 2% to 197.5p.
Private equity interest in Intu Properties will be eyeing up its 470 acres of surface car parks and other potentially developable land. Intu analysis shows potential for 5,000 homes and nearly 600 hotel rooms https://t.co/NhkcV1FLS9
— Louisa Clarence (@LouisaClarence) October 23, 2018
9.45am: Whitbread warns new hotel chain could dent profits
You may remember from yesterday that Whitbread plc (LON:WTB) is launching a no-frills (even more so) version of its Premier Inn chain as it looks to target budget-conscious travellers.
Well, it has said today that that investment, coupled with Brexit uncertainty and weaker consumer confidence could dent profitability over the next few years.
“The combination of our commitment to the investment programme and the current UK consumer environment naturally means our near-term profit growth may be lower than in previous years,” read a company statement.
Excluding Costa, which is in the process of being sold off to Coca-Cola, first-half revenue rose 2.6% to £1.08bn and underlying pre-tax profit increased by 2.5% to £270mln.
Total UK accommodation sales increased 4.8% on a reported basis but weak consumer demand led to broadly flat like-for-like sales growth of 0.2% and a 0.9% dip in revenue per available room.
Whitbread shares are down 3.2% to 4,323p early on Tuesday.
9.20am: News of the day
NEWS OF THE DAY -
TUESDAY 23RD OCTOBER 2018
with @AndrewScottTV#stocks #LSE #FTSE100 #AIM #proactive #investors #news #business #finance https://t.co/0yyspbjGfB pic.twitter.com/J7MzAuyd6Z
— Proactive News Desk (@UK_Proactive) October 23, 2018
9am: O2 puts IPO on hold - reaction
8.40am: Jittery start
The FTSE 100 was hit by a bout of the jitters emanating from Asia and Wall Street as it dipped below 7,000 for the first time since March and only the second time in 21 months.
The end of China’s short-lived rally, combined with worries over Sino-American relations, allied to concerns over Italy’s continued budget wrangling and Brexit proved a toxic mix.
As a result of the index of blue-chip shares fell 51 points to 6,991.55, with traders in what’s called “risk-off mode”.
The big corporate news came from Whitbread (LON:WTB), which is soon to be shorn of its Costa Coffee operation, following Coca Cola’s £3.9bn takeover of the business.
The UK’s exit from the EU could put a dampener on trade, warned the company, which is now essentially a budget hotelier. The shares fell 2%.
“Whitbread is in something of a holding pattern at present, with the Costa sale leaving Coca-Cola requiring regulatory approvals,” said Richard Hunter, stocks guru at Interactive Investor.
“In addition, the exact distribution of the proceeds is yet to be decided, although the intention is to return the vast majority to shareholders, whilst reducing some of its debt and the pension fund deficit.
“In the meantime, there is a renewed focus on Premier Inn by management and investors alike, as the company aims for a portfolio of 100 000 rooms in the UK and also has further international ambitions, with the burgeoning branded hotel sector in Germany being a particular focus.”
Precious metals stocks Randgold Resources (LON:RRS) and Fresnillo (LON:FRES) offered a haven for those investors seeking shelter from the current market volatility.
Their ascent - they up 1.2% and 1% respectively - mirrored the rise in the price of gold, which also buoyed the second-tier miners.
Proactive news headlines:
88 Energy Limited (LON:88E) has told investors that its 3D seismic inversion work is now substantially complete across both the shallow and deep horizons for its conventional exploration assets at Project Icewine, on Alaska’s North Slope.
Recovery play Corero Network Security PLC (LON:CNS) was on the rise again on Tuesday after announcing two orders worth US$1.0mln. The company received a U$600,000 order for its 100 gigabytes per second (Gbps) SmartWall Threat Defense System technology from a global cloud security company and a U$400,000 follow-up order for Corero’s 10Gbps SmartWall technology from an existing customer.
An Italian workwear maker is paying €500,000 to use Directa Plus Plc’s (LON:DCTA) graphene technology in thousands of its garments over the next two years.
Publishing group Bloomsbury Publishing PLC (LON:BMY) is trading in line this financial year, with half-year adjusted profits before tax ahead of last year.
Collagen Solutions PLC (LON:COS) expects to report a surge in revenues when it publishes its first-half results at the beginning of December.
StatPro Group PLC (LON:SOG) has secured a five-year contract with a large South African financial institution for its Infovest service, worth roughly £1.0mln.
Belvoir Lettings PLC (LON:BELV) is to advertise all of its properties on digital property platform OnTheMarket PLC (LON:OTMP). With 61,000 properties, franchise group Belvoir is the UK’s second largest letting agency and will actively promote the portal with digital and branch-based marketing activity.
Arc Minerals LTD (LON:ARCM) is shortly to commence a comprehensive high resolution airborne geophysical survey over its Zamsort copper-cobalt project in Zambia. The survey will cover around 1,000 square kilometres.
Kibo Energy PLC (LON:KIBO) has released a questions-and-answers (Q&A) statement addressing a number of investor queries made to the gas-to-power company in recent weeks.
NQ Minerals PLC (LON:NQMI) (OTCQB: NQMLF), the mineral processing, exploration and mining company announced today that it has issued 541,666 new ordinary shares at a price equivalent to 15p per share to raise approximately £81,250 for working capital purposes.
WideCells Group PLC (LON:WDC) said that, following the financing agreement entered into by the stem cells services group and the European High Growth Opportunities Securitization Fund announced on 27 September 2018, it has now received a second notice from the investor in respect of the exercise of its conversion rights for the principal amount of £10,000.00 at a price per ordinary share of 0.03p resulting in the issue of 3,333,333 new ordinary shares.
MySQUAR Limited (LON:MYSR), the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, said it was today informed by MyPay Limited that as of 22 October 2018 MyPay no longer holds a notifiable interest in the shares of the company.
Custodian REIT (LON:CREI), the UK commercial real estate investment company, said its unaudited net asset value as at 30 September 2018 was 108.6p, up from 107.8p as at 30 June 2018.
Oracle Power PLC (LON:ORCP), the AIM-listed UK energy developer of a combined lignite mineral resource and mine mouth power plant located in the Thar desert in the south-east of Sindh Province, Pakistan, announced today that it has appointed Strand Hanson Limited as its nominated adviser with immediate effect.
6.25am: FTSE 100 expected to dip below 7,000
The FTSE 100 looks set to drop below 7,000 for the first time since March and only the second time in 21 months after a pretty brutal session in Asia overnight.
The rally of Chinese stocks ran out of steam abruptly Tuesday as optimism gave way to trade worries.
"Big swings in the Chinese markets continued, with the previous two-day rally moving sharply into reverse," said Jasper Lawler of London Capital Group.
"After mulling over Chinese stimulus plans the market is seeing these stimulus measures as cushioning a fall rather than boosting the economy. The yuan has displayed this glass half full sentiment all along as it remains little changed around a 21 month low.
"Asian markets traded firmly lower, with European bourses also set to open to a sea of red. Sentiment continues to take a hit from a combination of geopolitical tensions including the growing isolation of Saudi Arabia, Italy’s defiant stance towards the ECB and Brexit."
Adding to the sombre mood were concerns over America’s threat to withdraw from a missile pact with Russia and political issues in Europe, most notably Brexit and the Italian budget.
Across the pond, a bout of jitters over the financial stocks led to a wobble on Wall Street.
Against this backdrop, the spread betting firms are predicting the UK’s blue-chip index will open down 45 points at 6,997.03.
In terms of scheduled news, Whitbread’s update tops the list with investors keen to gain some granularity on its plans to deploy the £3.9bn it received from Coca-Cola for its Costa Coffee business.
Also reporting are the wealth manager St James’ Place and builders’ merchant Travis Perkins.
Significant announcements expected on Tuesday October 23:
Interims: Whitbread plc (LON:WTB), Bloomsbury Publishing PLC (LON:BMY), iSpatial PLC (LON:SPA)
Trading updates: St James’s Place PLC (LON:STJ), Travis Perkins PLC (Q3) (LON:TPK), Anglo AmericanPLC (LON:AAL), Bunzl PLC (Q3) (LON:BNZL), Intu Properties PLC (LON:INTU), McBride plc (LON:MCB), Plus 500 Limited (LON:PLUS)
Economic data: CBI UK industrial trends survey; Richmond Fed manufacturing index
Around the Market:
- Pound worth US$1.2961
- Gold trading at US$1,226.8 an ounce, up US$2.20
- Brent crude off 30 cents at US$79.53 a barrel
City Headlines:
- Financial Times
- Chancellor may be handed a £13bn NHS tax windfall after under-estimate of receipts is uncovered
- Whitehall set to issue direct orders on no-deal Brexit – minister tells departments to move from warnings to telling businesses to act
- Hard Brexit threatens UK research, scientists warn - Crick Institute staff more likely to leave UK after country exits the EU
- Uber chief says workplace culture needs improvement - Dara Khosrowshahi’s comments come on same day as senior executive resigns
- Times
- Leading investors in Patisserie Valerie want Luke Johnson, chairman of the troubled café chain, to give up control of an internal investigation into a £40mln hole in its accounts over concerns that the review is not sufficiently independent
- MP Stephen Hammond has quit crypto firm IronX amid reports the influential Treasury Select Committee, of which he is a member, was likely to continue examining cryptocurrencies
- Rivals could go bust, says Ryanair chief Michael O’Leary
- A £10bn float of O2, Telefónica’s British mobile phone business, has been delayed until after Brexit amid stock market uncertainty
- Daily Telegraph
- Crest Nicholson a takeover target, shareholder claims
- Saab hits out at MoD over AWACS replacement in hard-hitting letter to MPs
- US private equity giant Cerberus has been accused of misleading the government on a deal to snap up £13bn worth of mortgages from bust lender Northern Rock
- The Serious Fraud Office is pressing its case for criminal charges to be reinstated against Barclays in the High Court over its £11.8bn emergency fundraising at the height of the financial crisis
- Guardian
- Netflix has announced plans to raise a further $2bn in debt, adding to mounting long-term liabilities which now total more than $30bn
- Morrisons could face a hefty compensation bill after the supermarket lost an appeal against a ruling that it is liable for a former employee leaking personal information about 100,000 members of staff