Market Pulse
Sector movers: Technology helps boost market to two-month highs
The technology hardware and equipment sector helped extend the London market’s run of rises for the week, as China said it will cut its benchmark interest rates.
Broker tips: Pearson, Mothercare, Carillion
Exane BNP Paribas downgraded Pearson to ‘’neutral’ from ‘outperform’ and cut the price target to 1,000p.
London close: Stocks end higher after China rate cuts, positive PMIs
The FTSE ended the week on a high note after China’s central bank cut key rates and as better-than-expected manufacturing reports in the Eurozone and the US boosted investor confidence.
Europe close: Stocks rally on promises of ECB stimulus and PBoC's rates cut
European equity markets ended the week on an upbeat note, as investors continued to take heart from European Central Bank president Mario Draghi’s dovish comments on Thursday and were buoyed by some positive data.
Commodities: Metal and oil prices slide as dollar strengthens
Metal and oil prices were under pressure on Friday as the dollar strengthened and as rate cuts by China’s central bank failed to calm concerns about the country’s economic slowdown.
Origin Enterprises appoints Rose Hynes as non-exec chairman
Origin Enterprises has appointed Rose Hynes as non-executive chairman effective immediately.
Pearson departing chairman continues to back company
Pearson chairman Glen Moreno may be stepping down from the board within the next six months, but that’s not stopping him backing the company he’s overseen for the last nine years.
PBoC unlikely to depreciate Yuan in near-term, Goldman says
The Chinese central bank acted on Friday to curb the risk of an unwelcome tightening in financial conditions, Goldman Sachs believes.
IMF said to hint at blessing for China reserve currency status
Representatives from the International Monetary Fund have told China that its currency, the yuan, is likely to join the fund's basket of reserve currencies soon, according to Chinese officials with knowledge of the matter, Bloomberg reported.
Monsoon named and shamed over minimum wage
Privately-owned UK retailer Monsoon Accessorize has been named by the government as one of the companies failing to pay some of its workers the national minimum wage.
FX round-up: Euro still under pressure on ECB, Chinese rate cut
The euro remained under pressure, weighed by Thursday’s dovish comments from European Central Bank president Mario Draghi and a rate cut announcement from the People’s Bank of China.
TUI reduces stake in Russian joint venture
Tourism services operator TUI Group has unveiled plans to reduce its equity stake in TUI Russia & CIS, its joint venture with Severgroup.
PBoC easing not a sign of greater economic concerns, Capital Economics says
The People’s Bank of China lowered its key interest rates on Friday, as might have been expected, and lifted its last limitations on bank deposit rates, an important milestone in the process of liberalising interest rates, a leading research house said.
China cuts benchmark interest rates
The People's Bank of China will cut its one-year deposit rate and one-year lending rate by 25 basis points each to 1. 5% and 4. 35%, respectively, as it looks to bolster the slowing economy.
FTSE 100 movers: China boosts market led by miners
The FTSE 100 looked to finish the week on a high, up 80. 59 points (1. 26%) to 6,456. 87 by mid-afternoon Friday and hitting its highest point in over two months.
US manufacturing PMI beats expectations in October
The US manufacturing sector rebounded strongly in October reaching a five-month high, according to data released on Friday.
FTSE 250 movers: Carillion jumps on JPM upgrade; William Hill slumps on warning
London’s FTSE 250 was up 1. 1% to 17,222. 94 at 1450 BST, with sentiment underpinned by hopes of more stimulus from the European Central Bank and a rate cut announcement by the People’s Bank of China.
US open: Equities rally on strong earnings and PBoC's decision
US stocks rallied early on Friday, boosted by a series of positive earnings and by news the People Bank of China has opted to cut its interest rates.
Aviva, St.James's and Standard Life set to outperform, JP Morgan says
The upcoming implementation of the Solvency II capital regime will lift a significant source of uncertainty which has been hanging over UK and European life insurers, JP Morgan said in a research note sent to clients.