The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
Tesco is still the talk of the town for all the wrong reasons. The troubled supermarket giant has drafted in Alan Stewart as the new CFO; Mr Stewart was originally due to take up the post in December but desperate times call for desperate measures, as the stock is off 2.5%.
Foods company Tate & Lyle is also far from flavour of the month after issuing a profit warning. Increased competition and supply chain issues were cited as reasons for the poor performance.
Mothercare has announced a £100 million rights issue to help finance the mother of all comebacks, with the aim to reduce its presence on the high street and focus on the online business.
Mining companies have breathed a sigh of relief, as the HSBC survey of Chinese manufacturing revealed a surprise jump in output in September. Traders were preparing themselves for underwhelming numbers, and judging by the small bounce in mineral extractors this could be the calm before the next wave of selling.
In the US, we are calling the Dow Jones down 30 points at 17,142. US index futures are being dragged lower by sentiment in Europe.