Source: Sharecast
STOCKS TO WATCH
Engineering firm Goodwin said it expected to at least double profits on the back of a strong order book. Goodwin said it expected "with a high degree of confidence" that pre-tax trading profits for the year ending 30 April will be more than £71m, compared with £35.5m a year earlier.
Property developer Great Portland Estates has sold 1 Newman Street, West London to Royal London Asset Management Property for £250m, reflecting a net initial yield of 4.48%, marginally ahead of the March 2025 book value. The FTSE 250-listed firm said the freehold property, which was redeveloped in 2021, generated annual rent of around £11.9m, with a weighted average unexpired lease term of 6.4 years to the earlier of break or expiry.
HSBC has announced that it will take a $1.1bn impairment charge in its third-quarter results after losing an appeal in a long-standing lawsuit in Luxembourg related to Bernard Madoff's multibillion-dollar Ponzi scheme. HSBC Securities Services Luxembourg is defending a claim brought by Herald Fund SPC for the restitution of securities and cash, but was denied an appeal in respect of the securities restitution claim. The $1.1bn provision, which was announced just one day before its quarterly results, will also dent the bank's CET1 capital ratio by 15 basis points.
NEWSPAPER ROUND-UP
Average private rents in Great Britain have climbed to record highs, with the amount tenants are being asked to pay in some hotspots rising more than 25% in a year, data shows. The typical advertised private rent outside London for properties coming on to the market rose to a record £1,385 a calendar month in the third quarter of this year, according to the property website Rightmove. – Guardian
US treasury secretary Scott Bessent claimed on Sunday that the US and China have finalized the details of a deal transferring TikTok's US version to new owners. "We reached a final deal on TikTok," Bessent said on Sunday on CBS's Face the Nation with Margaret Brennan. Alluding to Donald Trump and his Chinese counterpart, Xi Jinping, Bessent continued: "We reached [a deal] in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction" during a meeting scheduled for Thursday in Korea. – Guardian
When the Polish parcel giant InPost announced it was buying up beleaguered courier Yodel in a £106m deal in April, it hailed a "bold leap forward" in the UK market. "This game-changing move dramatically accelerates growth and redefines delivery in the UK," the company said. Six months later, the takeover remains bogged down in High Court litigation, casting doubts over the company's ability to stay afloat. – Telegraph
The founder of one of the UK’s largest employers has accused the government of ignoring family businesses and putting the security of the UK food chain at risk. Ranjit Singh Boparan, 59, the founder and owner of 2 Sisters Food Group, has claimed that family businesses have been "forgotten" by the government in favour of private equity and financial services. – The Times
The boss of the City regulator is heading to America's carmaking capital as he seeks to win support for the Financial Conduct Authority's contentious plan for an £11bn consumer compensation scheme for mis-sold motor finance. Nikhil Rathi, chief executive of the Financial Conduct Authority, will fly later this week to Detroit, where he is expected to hold talks with at least one of the big car manufacturers that are on the hook to pay redress to British consumers. – The Times
US CLOSE
Major indices closed firmly higher on Friday as traders digested September's consumer price inflation report.
At the close, the Dow Jones Industrial Average was up 1.01% at 47,207.12, while the S&P 500 advanced 0.79% to 6,791.69, and the Nasdaq Composite saw out the session 1.15% firmer at 23,204.87.
Reporting by Iain Gilbert at Sharecast.com