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BofA - ML cuts miners, sees consolidation for banks and insurers
The move higher in equity markets was to continue but first investors would pause for breath following recent sharp moves, strategists at Bank of America-Merrill Lynch said.
Sector movers: Investors catch their breath after sharp rotation towards cyclicals, ponder next move
Defensives and so-called 'bond proxies' took over from cyclicals such as aerospace and defence or industrial engineers following two days of gains for the latter after the unexpected election results Stateside.
Week ahead: New US administration in focus
In all likelihood, the focus during the coming week would continue to be on US President-elect Donald Trump, with markets avid for more information regarding the make-up of his cabinet and what his policy priorities would be.
FX roundup: Sterling rises on Trump win, hopes some MPs will vote against Brexit
Sterling pressed its foot to the floor on Friday and accelerated higher against most major crosses, helped in part by the US election result and obviously welcomed reports that some UK MPs are prepared to vote against triggering Brexit.
UK insider-trading probe produces three arrests at major banks - report
An insider-trading probe that could become the UK's biggest linked to the crime has resulted in three employees at major banks being arrested, a report says.
Directors dealings: BAE Systems director takes profits
BAE Systems's group director for business development took advantage of a two-day spike in the shares of the aerospace and defence engineer to take some profits.
Europe close: Shares end on mixed note, traders undecided
European stocks finished on a mixed note as markets took a breather, mimicking the price action over in the States.
S&P reaffirms Italian debt at BBB-, cuts GDP forecasts
Ratings agency Standard&Poor's cut its growth forecasts for Italy but reaffirmed its rating on the country's long-term debt.
London close: FTSE finishes lower as pound strengthens on Brexit news
The FTSE 100 closed Friday’s session in the red as the pound strengthened against the dollar on reports some MPs are prepared to vote against triggering the formal Brexit process.
Small cap round up
AIM-listed Aquatic Foods Group’s revenues were down as market growth in China slowed during the year, but the seafood processor remains positive about its long-term prospects. For the nine months ended 30 September, revenue fell 5%, to ¥644. 9m ( about £76. 3m) compared to last year, while third quarter revenue improved by 5. 1% compared to the first quarter and 10. 6% compared to the second.
US open: Stocks pause for breath, fund managers cautious
Stocks paused for breath following two days of sharp gains as analysts continued to adjust to the changing market landscape following the presidential election results.
FTSE 100 movers: Gold miners retreat as sterling rallies
London’s FTSE 100 fell 1. 41% in afternoon trade on Friday to 6,731. 87 as the pound rallied.
Commodities: Oil flops on production jitters as gold tumbles
Crude oil futures were firmly lower on Friday afternoon as OPEC revealed yet another spike in output for October, with safe-haven gold declining as US election uncertainties abate.
Brussels orders Ryanair to repay €2m in illegal Austrian airport aid
Ryanair has been given a slap on the wrists by the European Commission, ruling that the low-budget carrier must repay over €2m in illegal aid given to it by an Austrian airport.
Mark Darby makes swift exit from Kellan
Kellan announced the resignation of Mark Darby as chief operations officer on Friday, with immediate effect.
Emerging market-focused stocks battered
Financials with exposure to emerging markets, such as StanChart, Aberdeen Asset Management and Ashmore Group were near the bottom of the pile, amid worries of capital outflows from emerging markets as US interest rates climbed higher, in part on the prospect for increased fiscal spending Stateside.
GCM Resources and China Gezhouba Engineering to work closer
Resource exploration and development company GCM Resources announced on Friday that a memorandum of understanding has been agreed with China Gezhouba Group International Engineering Company.
Stratex International's shares slip after Homase/Akrokerri update
Shares in Stratex International were down more than 2% late on Friday following an update on the Homase/Akrokerri project in Ghana by Goldstone Resources Ltd.
RedstoneConnect launches share-backed Save As You Earn scheme
Smart buildings and commercial spaces technology provider RedstoneConnect announced on Friday that it has launched a Save as You Earn share scheme for all employees.