UK Market Snapshot
UK markets finished higher yesterday, after the Federal Bureau of Investigation (FBI) cleared allegations against the US Presidential nominee, Hillary Clinton for its email usage probe just ahead of the election. Rio Tinto advanced 3.6%, after it received the highest average price per carat since 1984 for an annual tender from its Argyle mine in Western Australia. Other miners, Anglo American, Glencore and Antofagasta climbed 4.8%, 5.6% and 6.3%, respectively. HSBC Holdings edged up 4.6%, as it posted a rise in its adjusted pre-tax profit for the third quarter and a regulatory decision improved its key capital ratio. On the flipside, Tesco lost 1.1%, as its Tesco Bank division suspended online transactions after it confirmed that money was stolen out of about 20,000 customer accounts. The FTSE 100 gained 1.7%, to close at 6,806.9, while the FTSE 250 rose 1.1%, to settle at 17,457.7.
US Market Snapshot
US markets closed stronger yesterday, after Hillary Clinton received clean-chit from the FBI over alleged email scandal, raising her prospects of becoming the first woman President of the US. Healthcare stocks, Biogen and Ionis Pharmaceuticals surged 6.7% and 18.4%, respectively, after they announced positive results in Phase 3 trial of Spinraza, an investigational treatment for spinal muscular atrophy. JPMorgan Chase and Goldman Sachs Group advanced 3.1% and 3.2%, respectively. Apple and Microsoft gained 1.4% and 2.9%, respectively. LendingClub rallied 15.2%, as it posted upbeat results for the third quarter and also provided an upbeat guidance. Sotheby’s soared 11.2%, despite reporting worse-than-expected loss for the third quarter. Sysco jumped 9.8%, after its profit for the first quarter beat analysts’ expectations. The S&P 500 gained 2.2%, to settle at 2,131.5. The DJIA climbed 2.1%, to settle at 18,259.6, while the NASDAQ advanced 2.4%, to close at 5,166.2.
Europe Market Snapshot
Other European markets closed in the green yesterday, amid a rally in banking shares. Lenders, BNP Paribas, Commerzbank, Intesa Sanpaolo and Deutsche Bank surged 3.7%, 5.0%, 5.9% and 6.7%, respectively. Ferrari jumped 6.8%, as it boosted its projected profit for 2016 after its earnings for the third quarter surpassed market estimates on initial deliveries of the $2.1 million LaFerrari Aperta. Ryanair Holdings climbed 5.3%, after it announced plans to buy back as much as €550.0 million of its shares following upbeat profit for the second quarter. Snam advanced 4.2%, reversing its earlier losses, as the former spins off its gas distribution subsidiary, Italgas. The FTSEurofirst 300 index added 1.7%, to close at 1,318.4. Among other European markets, the German DAX Xetra 30 rose 1.9%, to close at 10,457.0, while the French CAC-40 edged up 1.9%, to settle at 4,461.2.
Asia Market Snapshot
Markets in Asia are trading higher this morning. In Japan, Maruha Nichiro, Mitsui OSK Lines and Unitika have advanced 1.5%, 2.8% and 4.1%, respectively. SoftBank Group has risen 1.1%, after it reported a surge in its profit for the first half of the year. On the contrary, Yamaha, Dowa Holdings and Japan Steel Works have plunged 5.8%, 7.9% and 11.1%, respectively. In Hong Kong, CNOOC and Sinopec Oilfield Service have shed 0.6% each. In South Korea, index major, Samsung Electronics has fallen 0.1%, after South Korean prosecutors raided its offices as part of the influence-peddling investigation involving President, Park Geun-hye. The Nikkei 225 index is trading marginally higher at 17,178.7. The Hang Seng index is trading 0.4% up at 22,883.4, while the Kospi index is trading 0.2% higher at 2,000.7.
Markets bet on Clinton win: Global stock markets rallied after news that the FBI had dropped its investigation into Hillary Clinton, with the S&P 500 index ending its longest losing streak in more than 35 years.
Santander returns with new bid for Williams & Glyn: Santander has launched another bid to buy branches owned by Royal Bank of Scotland, bringing hope that the state-controlled bank will finally be able to divest the business.
Alder field finally flowers as gas flows in North Sea: The taps have been turned on at one of the biggest new gas fields for years in the North Sea.
Eurozone fall hits German factory orders: German factory orders fell unexpectedly in September after two months of gains because demand fell at home and in the Eurozone, official data suggested.
HSBC urges clarity over workers’ right to remain as profits slump: The status of thousands of European Union workers in Britain who face uncertainty after the Brexit vote needs to be clarified by the government, HSBC has demanded.
Digital shift rewarded in sales: Growing digital sales at The Wall Street Journal, Dow Jones and other News Corp titles helped the publisher to offset falls in print advertising and edge ahead of expectations.
Virgin Money Chief joins bid to smash banks’ glass ceiling: Philip Hammond stepped up attempts to tackle workplace inequality in the financial sector by appointing Jayne-Anne Gadhia, Chief Executive of Virgin Money and one of the most senior women in British banking, as the Treasury’s gender diversity champion.
Aberdeen drops down 'Best U.K. cities' list due to oil industry downturn: Aberdeen has slipped down the rankings of the best U.K. cities in which to live and work as a result of the downturn in oil and gas, according to a new report.
Brexit vote will make plane tickets 15% cheaper, says Ryanair boss: Ryanair Boss Michael O'Leary said continuing uncertainty over Brexit negotiations would cause the airline's fares to fall by up to 15% this winter.
Elon Musk calls for universal income after robots take human jobs: Elon Musk has said a universal income will eventually need to be adopted as human workers are replaced by robots.
The man who founded the Euro has a warning about Europe: The Eurozone made an error by not creating an exit strategy from the bloc, putting the future of the project at risk, the man widely regarded as the architect of the euro has warned.
Businesses to slash investment as Brexit political turmoil increases: Manufacturers will cut back investment plans over the next two years because of increased political uncertainty following the Brexit vote, according to a new survey. Accountants also issued a separate warning saying that other firms are also scaling back their plans.
HSBC profits down 86% after big losses from Brazilian bank sale: HSBC’s pre-tax profits collapsed by 86% in the third quarter after a big loss from the sale of its Brazilian business.
Theresa May's deal with Nissan put under scrutiny by Brussels: Theresa May faces a grilling from EU officials over whether “assurances” the Government gave to stop Nissan leaving the U.K. have breached European state aid rules
BBC denies it is ‘privatising’ two-thirds of radio programming: The BBC has denied it is “privatising” nearly two-thirds of its U.K. radio programming after it came under attack from some of its best known presenters.
BAE to benefit as U.K. and Australia win fighter-jet support work: Defence contractors in Britain and Australia have clinched decades of support work on the new generation F-35 stealth fighter in a deal which could be worth billions to BAE Systems of the U.K.
BACIT to absorb investment arms to create £1 billion life sciences fund: London-listed investment group BACIT will absorb the investment arm of Cancer Research U.K. and a similar fund at the Wellcome Trust to create a £1 billion fund that aims to become a “national champion of life science investing”.
C5 Capital buys cyber security group ITC for £24 million: C5 Capital has bought ITC Secure Networking for £24 million, after the cyber security company spurned approaches of larger trade buyers.
Total and CNPC set to sign Iranian gas deal: France’s Total and China National Petroleum Corp are set to sign the first major agreement with Iran for the development of its gas fields since the loosening of international sanctions in January.
Investors shrug off more losses at Lending Club: Investors in Lending Club shrugged off another quarter of losses on Monday, sending the shares up as much as 17% as the company said it was rebounding from a governance scandal, increased regulatory scrutiny and rising delinquencies among its riskiest customers.
Antofagasta sees short-term gloom over copper prices: Copper will continue to lag as other commodity prices rebound, FTSE 100 miner Antofagasta has warned, saying the market is likely to remain oversupplied for at least the next three years.
European banks brace as they prepare to disclose U.S. accounts: European banks’ misadventures on Wall Street will come in for fresh scrutiny this week when they publish the first sets of quarterly accounts for what have often been troubled businesses.
Facebook warned by U.K. over WhatsApp data use: Facebook has agreed to pause its collection of WhatsApp user data in the U.K. as a result of a probe by the Information Commissioner’s Office.
Ryanair: web spinning: Ryanair might not have made the most of its online potential, but that time has past. Its website claims the highest traffic of any airline. Now this site is itself becoming a money-spinner.
Lending Club: rhythm and blues: When Renaud Laplanche, Lending Club’s former Chief Executive, resigned, the Californian online lender’s stock price dropped by a quarter. Since then the performance has been comparatively listless.
HSBC: bearing gifts: HSBC, the Asia-focused lender, has become one of Europe’s best capitalised big banks in the space of three months, courtesy of a regulatory quirk. That has made its dividend safe from regulators and raised the prospect of an extension to share buybacks.
Tesco: unexpected cyber-attack in banking area: It isn’t just the wind whipping off the Firth of Forth that is sending shivers down spines at Tesco Bank in Edinburgh. The lender’s systems have become a crime scene after someone stole from 20,000 accounts.
Ignoring the big picture: Investors often prefer to dissect small, numerical uncertainties while glossing over large unknowns less susceptible to analysis. The contrast was evident in a tweak to capital at HSBC which helped boost the shares by 4.6%.
The Daily Telegraph
Tonic maker Fever-Tree warns it could pull manufacturing out of Britain: Fever-Tree, the upmarket tonic water maker, has warned that it could pull manufacturing out of Britain if European tariffs become too “punitive”.
Warning over price-fixing by retailers during Black Friday shopping bonanza: Retailers have been told not to collude to fix prices ahead of the Black Friday shopping bonanza, in an extraordinary warning from the competition regulator.
Sainsbury's poaches Poundland's new boss to be new Chief Financial Officer: Sainsbury’s has poached Poundland’s boss, Kevin O’Byrne, to be its new Chief Financial Officer, despite the discount retailer chain’s new South African owners offering him £2.7 million to stay on.
Channel 5 settles in to repeat profit: Channel 5 has made a profit two years in a row for the first time in its history, after handing over its advertising sales to Sky and attracting more young viewers.
Nissan profits slip on yen's gain as EU looks into British pledge that saved Sunderland car plant: Nissan has taken a double blow after the strengthening yen hitting its results and the European Union began to look at the deal it secured from Britain to maintain its giant car plant in Sunderland.
RBS to set up compensation fund for small businesses: Royal Bank of Scotland is to set up a compensation fund for small business customers who claim they were badly treated by the bailed-out bank, in an attempt to draw a line under the long-running scandal.
£25 billion hole will limit Philip Hammond's options in autumn statement, says IFS: Britain’s leading tax and spending experts have warned Philip Hammond that his options are limited in this month’s autumn statement after predicting that slower growth and higher inflation will punch a £25 billion hole in the public finances by the end of the current parliament.
Sports Direct accused of recording MPs during surprise warehouse visit: Sports Direct’s efforts to rehabilitate its reputation after a year-long scandal over working practices took a farcical turn on Monday when the retailer was accused of secretly recording a group of MPs visiting its controversial warehouse.
U.K. house price surge defies expectations, says Halifax: U.K. house prices surged unexpectedly in October, countering signs of a broad slowdown in the housing market over the last six months, a survey from mortgage lender Halifax claimed on Monday.
Ryanair to buy-back £490 million worth of shares as record passenger numbers send profits soaring: Ryanair has announced plans to buy back as much as £490 million of stock after record passenger numbers helped profits soar. The budget airline said that despite the uncertainty created by Brexit, its half-year profits had increased by 7% to £1 billion. Analysts had predicted earnings of £798 million.
Brexit boost for JCB as it seals £35 million digger deal with the U.K.'s largest plant hire firm: JCB has landed one of its biggest orders of the year in a major boost to business following the Brexit vote. The digger maker, whose boss Lord Bamford backed the campaign for Britain to leave the European Union, has received an order for 1,200 machines worth £35 million from the U.K.'s largest plant hire firm.
Tourist spending sends retail profits to a 9-month high: Retail sales grew the fastest since January last month as shoppers dug deep to boost Britain’s growth prospects.
EU considers tightening financial markets to outsiders in threat to Brexit future: The European Commission is considering putting up more trade barriers for finance firms from outside the EU in a threatening signal ahead of Brexit talks.
Tesco Bank suspends all online bank transactions as 20,000 customers lose money: Tesco Bank has suspended online banking transactions after more than 20,000 customers’ registered losing money.
The Scottish Herald
SWA joins May in India as it seeks Scotch deal: The Scotch Whisky Association (SWA) has highlighted the huge potential to grow exports to India after being invited to join the U.K. Government’s trade mission to the country this week.
Maxim joy as Europa arrives: Lanarkshire’s Maxim Office Park has secured a division of logistics giant Europa Worldwide Group as a tenant.
Foundation names its trustees: Former Chancellor Alistair Darling will take the role of chairman of the Standard Life Foundation in the New Year. The Foundation, which was announced at Standard Life’s annual meeting in May, has named ten trustees – made up of six independent trustees and four Standard Life Employees, including Chief Executive Keith Skeoch.
Hetland Hall Hotel changes hands: Scottish hotel operator RAD Hotels Group has grown its portfolio to five with the acquisition of the Hetland Hall Hotel in Carrutherstown.
SSE avoids further scrutiny with vow to open networks: Energy giant SSE has made a legally binding commitment to make it easier for competitors to connect their customers to its distribution network.
Slow or no growth in prospect as Brexit weighs: Prospects of “slow to no growth” in the Scottish economy remain high amid Brexit worries, the North Sea slowdown and falling construction output, after a worrying six quarters of “flatlining” on an underlying basis, a senior economist has warned.
Pay growth slows as recruitment declines: The Scottish jobs market started the final quarter of the year on a weaker footing, with permanent staff placements by recruitment firms falling for the first time in three months, a survey shows.
Study says BT worth £1 billion to Scots economy: Telecoms giant BT has rung up a £1 billion-plus boost to the Scottish economy in the past year and supported more than 12,000 jobs, according to a new independent study.
Bumper contract haul boosts sales at Perth CCTV outfit: A Perth-based specialist in CCTV and digital communications has seen its turnover jump by almost a third following a string of contract wins.
Scottish Equity Partners raises £260 million for tech fund: Scottish Equity Partners (SEP), the venture capital firm that backed Edinburgh-based travel search engine Skyscanner, has raised £260 million for a new technology-focused fund.
Brexit opening up a whole new world of work for lawyers: June's vote for Brexit has shaken up the legal industry, including revealing lucrative pockets of work for lawyers, according to a report published.
Better, not less, red tape would really help financial firms: Red tape needs to be cleaned up rather than cut to boost the financial sector, a report out argues.
Black Friday could end up being a flop-day this year: Demand for bagging a bargain on Black Friday has dropped this year, as the novelty of the promotions day seems to be wearing off.
Hiscox to scale back Lloyd's operations after revealing that rates are under “severe pressure”: One of the best known Lloyd's insurers revealed a strategic pivot, saying its London market operations will “shrink materially” next year.
Auction house Sotheby's reports $54.5 million loss in last quarter: Sotheby’s reported a $54.5 million (£43.5 million) loss in the third quarter, compared to $17.9 million (£14.4 million) the same period a year ago.
Dignity profits dip in line with drop in death rate: Dignity announced that its profits have slipped slightly as the country’s death rate dropped.