Financial Markets Update 08/11/2016

The FTSE 100 is called to open 10 points lower at 6796.
UK Gilt 10 Year Yield 1.2025 Spot Gold $1283.15 +1.36 Brent Crude $46.52 +0.77
$ per £ 1.2423
€ per £ 1.1240
$ per € 1.1054
U.S. stock markets rebounded from a nine-day losing streak, posting its biggest gain in eight months and driving the Dow Jones industrial average up more than 370 points. Financial stocks led the broad market rally, which erased more than half of the losses racked up by the Standard & Poor's 500 index since October 25. The gains came as investors mostly focused on the latest developments in the U.S. presidential race a day before the general election. The Dow gained 371.32 points, or 2.1 percent, to 18,259.60. The S&P 500 index rose 46.34 points, or 2.2 percent, to 2,131.52. Heading into Monday, the index had been down 66 points over the previous nine trading days. The Nasdaq composite index added 119.80 points, or 2.4 percent, to 5,166.17.
PRESS COMMENTARY
European banks’ misadventures on Wall Street will come in for fresh scrutiny this week when they publish the first sets of quarterly accounts for what have often been troubled businesses, FT.
BUY Scottish Mortgage; BUY John Laing Infrastructure; TAKE PROFITS from Informa, Times.
COMPANY NEWS
Marks & Spencer Group Plc announced plans to close 60 U.K. stores and retreat from 10 countries as Chief Executive Officer Steve Rowe unwinds the expansion efforts of his predecessor in an effort to reverse years of underperformance.
Credit Agricole SA, said quarterly profit doubled from a year earlier as it booked gains from a reorganization and bond-trading income surged. The lender also pledged a stable or rising dividend for next year.
AB Foods Plc, said earnings should improve this financial year as world sugar prices turn more favorable and the weakening pound boosts the value of profit made outside its home market.
Deutsche Post AG’s third-quarter profit jumped more than threefold as the mail operator recovered from costs for a failed software project at its freight forwarding unit a year ago.
Imperial Brands PLC reported a fall in full year net profit as duty and other costs rose, but increased its dividend and announced a new investment plan to raise revenue.
ArcelorMittal 3Q Ebitda Misses; FY ’16 Cash Flow to Exceed Capex.
Punch Taverns PLC posted a swing to pretax profit during the fiscal 2016 year-end.
Direct Line 9M Gross Written Premiums from Operations Rise 4.2%.
Henkel AG reported third-quarter profit that beat analyst estimates as the German maker of Persil washing powder reported sales growth across its three business units and confirmed its outlook for the 2016 fiscal year.
Toyota Motor Corp. raised its profit forecast for this fiscal year as the yen’s rally stopped short of levels that the automaker had predicted, providing some respite from a sales slowdown that’s threatening its position as the world’s top seller. Source Quilter Cheviot
International Finance