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Morning Report - 21 October 2021

Yesterday’s UK 100 Leaders	Price (p)	% Chg
VODAFONE GROUP PLC	112.0	2.4%
BURBERRY GROUP PLC	1,872.5	2.3%
SSE PLC	1,621.0	2.1%
AUTO TRADER GROUP PLC	607.2	2.1%
KINGFISHER PLC	336.6	1.9%

Yesterday’s UK 100 Laggards	Price (p)	% Chg
INTL CONSOLIDATED AIRLINE-DI	157.5	-4.9%
BRITISH LAND CO PLC	485.2	-3.3%
RIO TINTO PLC	4885.5	-3.3%
LAND SECURITIES GROUP PLC	678.2	-2.9%
WHITBREAD PLC	3195.0	-2.9%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,223	0.1%	25.0%
DOW JONES INDUS. AVG	35,609	0.4%	26.2%
DAX INDEX	15,523	0.1%	23.6%
NIKKEI 225	28,788	-1.6%	23.3%
S&P/ASX 200 INDEX	7,415	0.0%	19.8%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	83.87	1.10%
Brent Crude (ICE)	USD/bbl.	85.58	-0.28%
Gold Spot	USD/t oz.	1,784	0.1%
Copper (Comex)	USd/lb.	471	-0.6%

The UK 100 is called to open -33 points today at 7190.

4 hours; 5 Months

Click graph to enlarge

Markets Overview:

The UK 100 is called to open -33 points today at 7190. A modestly lower open is expected for the UK blue chip index this morning, after a fall on Wall Street yesterday, the Dow gained 152.03 points, or 0.4%, to about 35,609.34, touching a fresh all-time high of 35,669.69 earlier in the session. While the index surpassed its intraday high, the 30-stock average was 0.1% from its record close. The S&P 500 added 16.56 points, or 0.3%, to 4,536.19 and was less than 0.2% from its own record. The Nasdaq however gave up ground, falling by 0.05% to close at 15,121.68. In Asia this morning, Japan’s Nikkei fell 462 points or 1.58% at 28,794 whilst Hong Kong’s Hang Seng shed 1% to 25,877. The Shanghai Composite meanwhile gained slightly, to trade at around 3,593, up 0.17%.

Company News & Broker Comments:

Company News:

Anglo American says their Q3 production was up 2% YoY as operating levels are at 95% of normal capacity.

Babcock says H1 trading was in line with expectations as FY outlook remains unchanged. They have completed the sale of Frazer-Nash consultancy for £293m.

Barclays reported better than expected Q3 earnings as it followed Wall Street rivals in reaping bumper investment banking fees from a surge in trading and advisory mandates. They reported a profit before tax of £2bn for Q3, better than the £1.6bn average analysts' forecast. The results were boosted by the bank releasing £622m in cash set aside for bad debt charges that have yet to materialise.

Dechra Pharmaceuticals says Q1 trading was strong, especially in the USA.

GlaxoSmithKline gets US CDC approval for shingle treatment Shingrix in adults.

Rentokil remains on track to deliver FY performance in line with guidance.

St James's Place reported higher funds undermanagement for Q3 as they expect the rate of growth of gross inflow for H2 to exceed its prior guidance, due to surging savings and rising consumer confidence.

Unilever reported higher than expected underlying sales growth for Q3 helped by higher prices and strong demand in the USA, India, China and Turkey. They reported a 2.5% rise in underlying sales, beating the 2.2% analysts had expected.

Broker Comments

Jefferies Upgrades Legal & General to Buy from Hold (7 Buys / 3 Holds / 2 Sells)

Reporting Today:

AJ Bell

Barclays

Dechra Pharmaceuticals

RELX

Renishaw

Rentokil

Spectris

St James's Place

Unilever

Reporting Tomorrow:

Essentra

InterContinental Hotels Group

London Stock Exchange Group

National Express Group

In Focus Today:

Philadelphia Fed Manufacturing Survey

US Initial Jobless Claims

EU Consumer Confidence

Today's Ex-Dividends:

FTSE 100:

Smiths Group

BAE Systems

FTSE 250:

PZ Cussons

Coats Group

Marshalls

European Opportunities 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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