Ex divs are taking some 2.91 points from the FTSE today, including Aviva, WPP, Next, Kingfisher, Smith & Nephew, Travis Perkins.
TESCO (-0.61%) UBS ‘’We see scope for Tesco to recover trading and earnings momentum in the UK over the next 2-3 years; the business is relatively well differentiated versus peers and we think management's initiatives to improve service and availability will be rewarded’’ UBS have a Buy recommendation PT 245p from 250p
Shire PLc +1.25%: Cosmo Patent for Shire’s Lialda to Be Reviewed by Patent Office
Hedge-fund manager Kyle Bass persuaded the U.S. Patent and Trademark Office to take a second look at a patent that protects Shire Plc’s colitis medicine Lialda from generic competition.
Bass’s Coalition for Affordable Drugs has a “reasonable likelihood” of proving that the patent is invalid, the U.S. Patent and Trademark Office said in a decision posted on its website. A trial will be held with both sides making arguments, and a final decision is expected in 12 months.
Deutsche Bank +0.16%: 3Q15 Profit Warning & Major Write- Downs Charges of €7.6bn - Deustche has announced an impairment of €5.8bn on goodwill and intangibles of CB&S and PBC, a €0.6bn write-down of the 20% stake in Hua Xia Bank and an extra €1.2bn litigation provision. Citi on DB ‘Importantly the first two charges will have no significant impact on capital. Meanwhile the latter is only €0.2bn heavier than consensus expectations.’ The stock had initially dropped at the open by 6% but has recovered. Still remains in a long term downtrend and would need to break above EUR28 per share to provide a real bull case. Dividend cut also makes fears of a capital raise less likely hence the lack of significant downside.
Wall Street was already 100 points off when Trump suggested that the Fed shouldn’t be raising rates and whilst the Dow bounced marginally as the dollar receded, this wasn’t enough to stop the Dow closing near its session lows. The broader US market also closed…Read more
Wall Street finished predominantly higher overnight as more evidence of a strong US economy poured in and as corporate updates impressed. The S&P ended the session at a 5-month high and the Dow with a fifth straight positive close, as solid earnings booste…Read more
Bullish Powell Expects Rates To Keep Gradually Rising
In his appearance in front of the Senate Banking Committee Federal Reserve Chair Jerome Powell was unequivocal in his upbeat assessment of the US economy.
The US jobs market continues to impress with soli…Read more
The British Pound has tumbled to a new low for the year after UK CPI inflation data missed market expectations. The general market consensus was for inflation to inch higher to 2.6% versus the 2.4% y/y previous reading. However, the annualised UK inflation r…Read more