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Morning Report - 2 November 2021

Yesterday’s UK 100 Leaders	Price (p)	% Chg
BT GROUP PLC	145.0	4.4%
NEXT PLC	8,184.0	2.7%
FRESNILLO PLC	885.4	2.6%
PEARSON PLC	617.0	2.4%
GLAXOSMITHKLINE PLC	1,544.4	2.4%

Yesterday’s UK 100 Laggards	Price (p)	% Chg
DARKTRACE PLC	681.5	-15.1%
BARRATT DEVELOPMENTS PLC	643.8	-2.9%
OCADO GROUP PLC	1755.0	-2.7%
TAYLOR WIMPEY PLC	150.6	-2.6%
BERKELEY GROUP HOLDINGS/THE	4257.0	-2.3%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,289	0.7%	28.9%
DOW JONES INDUS. AVG	35,914	0.3%	33.4%
DAX INDEX	15,806	0.8%	34.1%
NIKKEI 225	29,521	-0.4%	26.7%
S&P/ASX 200 INDEX	7,324	-0.6%	23.1%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	84.36	0.37%
Brent Crude (ICE)	USD/bbl.	85.17	0.54%
Gold Spot	USD/t oz.	1,795	0.1%
Copper (Comex)	USd/lb.	435	-1.0%

The UK 100 is called to open -10 points today at 7280.

4 hours; 6 Months

Click graph to enlarge

Markets Overview:

The UK 100 is called to open -10 points today at 7280. A modestly lower open is expected today for the UK bluechip index, yesterday saw the highest levels for the index post pandemic, Overnight, US stocks were higher, with the tech-fuelled Nasdaq leading the way with a 0.6% gain, while the Dow Jones was up 0.3% and the S&P rose 0.2%. Asian markets were mostly lower on Tuesday as Australia’s central bank kept its cash rate target unchanged. In Japan, the Nikkei fell 0.43% while South Korea’s Kospi surged 1.20%. China’s Shanghai Composite slumped 1.18% and Hong Kong’s Hang Seng index slipped 0.10%

Company News & Broker Comments:

Company News:

BP reported a sharp rise in Q3 profit, lifted by stronger oil and natural gas prices that have soared this year as economies recover from the pandemic. Net earnings reached $3.32bn for Q3, exceeding analysts' expectations for $3.06bn. They also state that further share buybacks of $1.25bn is planned.

Hiscox has set aside $150m to cover losses linked to Hurricane Ida and floods in Europe as they reported a 6.1% jump in gross written premiums for the first nine months of the year on strong rates.

IWG state that the rapid adoption of the hybrid working model by businesses was improving performance in all major markets stating that outlook for the remainder of the year remains "encouraging".

Rolls-Royce and Qatar will team up in a multi-billion pound project to develop and invest in green technology start-ups.

Standard Chartered Q3 pretax profit doubled from a year earlier, beating market forecasts. Statutory pretax profit jumped to $996m in Q3 (2020: $435m), which beat analyst average estimates of $942m. They also reported credit impairment charges of $107m (2020: $353m).

Broker Comments

Berenberg Upgrades Rentokil to Hold from Sell (7 Buys / 3 Holds / 2 Sells)

Credit Suisse Downgrades Homeserve to Neutral from Outperform (7 Buys / 1 Hold / 2 Sells)

Credit Suisse Downgrades Ferrexpo to Neutral from Outperform (2 Buys / 3 Holds / 1 Sell)

Morgan Stanley Downgrades Virgin Money to Underweight from Equal weight (8 Buys / 10 Holds / 1 Sell)

Reporting Today:

Flutter Entertainment

IWG

Standard Chartered

TP ICAP

Reporting Tomorrow:

CLS Holdings

Coca-Cola HBC

Ibstock

Smurfit Kappa Group

Trainline

In Focus Today:

RBA Interest Rate Decision

German Markit Manufacturing PMI

This Weeks's Ex-Dividends:

FTSE 100:

Unilever

FTSE 250:

Balfour Beatty

Ashmore

Hilton Foods Group

ContourGlobal

VinaCapital Vietnam Opportunity Fund

Edinburgh Investment Trust

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

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