Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Early Morning Call: FTSE 100 down as Halifax house price index falls

European indices opened today’s session in the red as the UK Halifax house price index fell by 0.4% in October.

Equity market overview

Better than forecast job creations in the US gave a boost to equity markets.

The S&P 500 ended Friday’s session up 1.36%. Nonetheless, the three benchmarks posted weekly losses. Tech stocks recorded the worst performances, sending the Nasdaq lower 5.7% on the week.

In the Asia Pacific region, equity markets followed the US's lead.

For the first time since May 2020, China exports and imports simultaneously fell last month. Exports unexpectedly declined by 0.3% from a year earlier, after a 5.7% gain in September, and well below analysts' expectations for a 4.3% increase. It was the worst performance since May 2020. Imports declined 0.7% from a 0.3% gain in September, below a forecast 0.1% increase.

The overall trade figures resulted in a trade surplus of $85.15 billion, missing a forecast of $95.95 billion.

European indices open today’s session in the red.

In the UK, the Halifax house price index fell by 0.4% in October month-over-month (MoM). Year-on-year (YoY), the house price index increased by 8.3%, its lowest annual increase since December 2021.

Earnings

Ryanair posted its largest ever after-tax profit for the first half (H1) of its financial year. Europe's largest airline by passenger numbers earned €1.371bn in the period, missing however estimates of €1.385bn. Ryanair said it was hopeful it could deliver an after-tax profit of between €1 billion and €1.2 billion for the year to March 31.

On Sunday, Apple signalled that a significant production cut at a plant in China hit by Covid will impact its iPhone 14 shipments, while reiterating that demand for its latest phones remained strong.

But earlier this morning, Bloomberg News reported that Apple expects to produce at least three million fewer iPhone 14 handsets than originally planned, due to softer demand for some iPhone 14 models.

According to the Wall Street Journal, Meta Platforms is planning to begin large-scale layoffs this week. Thousands of employees will be affected. Meta CEO, Mark Zuckerberg, had already warned: "In 2023, we're going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organisation than we are today.”

Currently, Meta Platforms employs over 83,000 people worldwide.

Lyft is set to report earnings after the market close. Analysts expect earnings of eight cents per share on revenue of $1.06 billion. During the same quarter a year ago, the company posted earnings of five cents per share on revenue of $862.68 million. Investors will focus particularly on the number of active users.

Lyft enjoyed a strong rebound in the first and second quarters and ended the second quarter (Q2) with 19.86 million active riders, generating an active revenue of $49.89 per active rider.

Tomorrow, Walt Disney is expected to report earnings of 59 cents per share on revenue of $21.38bn. Disney shares have been underperforming recently. The stock is down some 44% from its 52-week high. Investors are wary of the stock because of the slowdown in consumer spending.

The market will be focused on the performance of Disney+, especially after strong third quarter (Q3) earnings from Netflix. Current company expectations at Disney are of between 230 and 260 million subscribers by the end of 2024. The company has now just over 152 million subscribers, which means that it will have to make substantial investments if it wants to reach that two-year target, which could really weigh on its profits.

On Wednesday, Beyond Meat is forecast to post a loss of $1.14 per share, on revenue of just over $98m, to be compared with a loss of 87 cents per share on revenue of $106.43 million for the same quarter a year ago. The stock has lost 80% of its value so far this year.

Another stock that has lost a lot of ground this year is WeWork. The group is expected to post earnings on Thursday. Analysts expect a loss per share of 53 cents, on revenue of $824m. The stock trades at $2.60, from over $9 at the beginning of the year.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Seize your opportunity

Deal on the world’s stock indices today.

  • Trade on rising or falling markets
  • Get one-point spreads on the FTSE 100
  • Unrivalled 24-hour pricing

See opportunity on an index?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on an index?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from one point on the FTSE 100
  • Trade more 24-hour indices than any other provider
  • Analyse and deal seamlessly on smart, fast charts

See opportunity on an index?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities
website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

" edit-mode="false" style="--live-prices-table-rows:5" >


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.