Highlights of the Day

Asian Markets

Asian stock markets were mixed, though largely improved, as morning trading progressed Wednesday, as indexes in Japan and Hong Kong stocks recovered somewhat from early weakness.

U.S. Markets

U.S. Stocks fluctuated over the course of the trading session before eventually ending the session mixed. Despite the choppy trading on the day, the U.S. 30 reached a new record closing high.

Today's News

Aston Martin said it had priced its shares at 19 pounds in its eagerly anticipated London stock market debut, giving the luxury carmaker a valuation of £4.33bn. The firm, which last year made its first profit since 2010, is scheduled to begin conditional trading on the London Stock Exchange today.

 

Tesco, Britain’s biggest retailer, reported a 24.4% rise in first half profit, boosted by the contribution from newly acquired wholesaler Booker and by strong summer sales in the core business. Tesco, which spent nearly £4bn buying Booker, said it made an operating profit before one off items of £933m for the six months to Aug. 25, up from £750m in the same period last year.

 

Vodafone said its Italian unit had acquired spectrum for the deployment of new 5G technology for €2.4bn. The spectrum would deliver substantial network operating cost efficiencies to meet the expected future growth in data traffic, the telecom giant said. The company also said it was also leading 5G trials promoted by the country’s Ministry for Economic Development in Milan.

 

Topps Tiles expects full-year adjusted pre-tax profit to be slightly ahead of market expectations, as trading in the fourth quarter improved, the company today. Comparable sales rose 1.2% in the fourth quarter ended Sept. 29, Topps Tiles said. Like-for-like revenue in the previous quarter declined 2.3%.

 

JD Sports Fashion and Sports Direct International are competing toe-to-toe to take control over struggling bike retailer Evans Cycles. It was reported that the two sport high street retailers joined Halfords Group in making an indicative takeover offer for the bike retailer last week, alongside a number of financial investors.

 

Oil Prices held firm on expectations of tighter markets once U.S. sanctions target Iran’s petroleum industry from next month, although a strong dollar and rising U.S. crude supply curbed gains.

 

Gold Prices edged up after gaining over 1% in the previous session, buoyed by safe-haven demand as Italy’s budget plan sets it on course for a potential clash with the European Union.

Companies Reporting this week

Monday: Ryanair
Tuesday: Ferguson
Wednesday: Tesco * Topps Tiles * Grainger
Thursday: Ted Baker * Electrocomponents
Friday: Easyjet, RSA Insurance, Grainger

Early Market Movements

UK 100 7,497.6 +23.1 +0.3%
UK 250 20,294.7 +29.8 +0.2%
GER 30 12,287.58
FRA 40 5,487.1 +19.2 +0.4%
US 30 26,773.94 +122.73 +0.5%
US 500 2,923.43 -1.16 -0.0%
Oil (Crude) 85.00 +0.20 +0.2%
GOLD 1,204.70 +1.38 +0.1%

UK Risers & Fallers (8:15am)

Randgold Resources 5606 +88 +1.6%
Vodafone Group 161.64 +1.76 +1.1%
Rank Group 174.6 +3.8 +2.2%
Tesco 221.8 -13.4 -5.7%
Whitbread 4635 -13 -0.3%
Homserve 996 -42 -4.1%

Latest Broker Views

NMC Health Berenberg Buy 3424 4390
Ferguson JPMorgan Neutral 6083 6350
Jupiter Fund Management Berenberg Hold 402.3 460
Hikma Pharmaceuticals Citigroup Buy 1884.5 2250

Forthcoming Economic Data

9.30am: U.K. Services PMI 54.3 54.0
3.00pm: U.S. ISM Non-Manufacturing PMI 58.5 58.0
3.30pm: U.S. Crude Oil Inventories 1.9m 1.1m

 

Sources:

https://uk.reuters.com/article/global-precious/precious-gold-prices-rise-as-italy-uncertainty-boosts-safe-haven-demand-idUKL4N1WJ07N

 

https://uk.reuters.com/article/us-global-oil/oil-firm-on-iran-sanctions-but-rising-u-s-supply-and-strong-dollar-weigh-idUKKCN1MD03G

 

https://uk.reuters.com/article/uk-tesco-results/tesco-first-half-profit-up-24-percent-on-strong-booker-sales-idUKKCN1MD0GS?il=0

 

https://uk.reuters.com/article/uk-topps-tiles-results/topps-tiles-sees-full-year-profit-above-market-expectations-idUKKCN1MD0H2?il=0

 

http://www.stockmarketwire.com/article/6151105/Vodafone-Italy-acquires-5G-specturm-for-euro2-point-4bn.html

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