Weir reports rise in equipment orders, Schroders AuM hits record high

Stocks to watch

Weir Group reported a 15% increase in original equipment orders in the third quarter on Tuesday, driven by substantial greenfield projects including the Reko Diq copper and gold mine and OCP phosphate projects, contributing £51m. Aftermarket demand remained steady, with minerals aftermarket orders up 3%, while ESCO saw a slight 2% decline, offset by gains in core ground engaging tools. The FTSE 100 company reaffirmed its full-year guidance for revenue and profit growth, aiming for an 18% operating margin and 90% to 100% cash conversion, alongside cumulative savings of £19m towards a £60m target by 2026.

Schroders reported a record high in assets under management of £777.4bn by the third quarter on Tuesday, with net inflows of £1.6bn over the year, despite negative flows from joint ventures due to volatility in China. Its asset management division saw growth in private markets and steady demand in mutual funds, although its solutions unit faced an anticipated £8bn outflow from the Scottish Widows mandate in the fourth quarter, and £2bn from institutional losses. Its wealth management operation maintained positive momentum driven by Cazenove Capital, with the company on track to meet its annual net new business target of 5% to 7% of opening assets under management.

Newspaper round-up

The $1m-a-day voter sweepstakes that Elon Musk’s political action committee is hosting in swing states can continue through Tuesday’s presidential election, a Pennsylvania judge ruled on Monday. The common pleas court judge Angelo Foglietta – ruling after Musk’s lawyers said the winners are not chosen by chance – did not immediately give a reason for the ruling. – Guardian

Oasis fans who have fallen victim to ticket scammers have lost £346 each on average, according to a high street bank’s analysis of its own data. Lloyds Bank said fans desperate to buy tickets to the Manchester band’s UK reunion shows next year had been hit by a “landslide” of scams, with more than 90% of cases starting with fake adverts and posts on social media. It said an analysis of scam reports made by customers of Lloyds Banking Group – including those with Lloyds, Halifax and Bank of Scotland, and where Oasis was referenced as part of the claim – showed “hundreds” of people said they had been defrauded. – Guardian

House prices in Britain are set to grow almost twice as fast as inflation in the next five years and outpace wages, forecasts suggest, in a blow to Sir Keir Starmer’s ambitions to boost the number of affordable homes. House prices are expected to surge by 20pc between now and 2029, according to the latest residential forecast from property firm JLL. That uptick would outpace a 11.6pc rise in consumer price inflation predicted for the same five-year period by the Office for Budget Responsibility (OBR), and a 14pc increase in wages predicted by Oxford Economics. – Telegraph

Investors ditched nearly £1 billion from funds focused on UK stocks last month as they tried to book profits before Rachel Reeves increased capital gains tax in the budget. Researchers at Calastone, the largest global funds network, found that stock sell orders rose by 36 per cent in the month to October 29 to a record £17 billion, suggesting that investors tried to crystallise profits to avoid paying more tax on them. – The Times

The veteran entrepreneur Sir Peter Wood, one of the largest shareholders in Future, is seeking to oust the chairman of the £1 billion publisher behind Marie Claire after the abrupt resignation of its chief executive. Shares in Future tumbled by almost a fifth last month when the FTSE 250 company unsettled investors by announcing that Jon Steinberg, 47, was stepping down as chief executive to return to the US only 18 months after taking on the role. – The Times

US close

US stock markets finished lower on Monday as traders braced for volatility in the days ahead with the latest polls showing Donald Trump and Kamala Harris neck and neck in the race to become America’s 47th president.

The Dow closed down 0.6%, while the S&P 500 and Nasdaq both slipped 0.3%.

All eyes are firmly fixed on Tuesday’s election, with pundits branding it a deadlocked race between the former president and current vice president.

Congress will also draw an amount of investor attention, with a Republican or Democratic sweep of both the Senate and the House of Representatives likely meaning fresh spending plans or a tax overhaul would be put in place.

While polls are still yet to identify a clear favourite, financial markets had been pricing in a Trump win, with the 'Trump trade' – a stronger dollar, weaker bonds and stronger crypto – having performed well in recent weeks.