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Dealers' early call: 20.10.2017

Market commentary

The FTSE 100 is called to open 20 points higher at 7543

UK Gilt 10 Year Yield 1.277 Spot Gold $1282.80 Brent Crude $57.24 +0.18

$ per £ 1.3113
€ per £ 1.1109
$ per € 1.1805

U.S. stocks end the session at a record after falling the entire day until the final two minutes; utilities advanced to a 5-week high.
* S&P 500 up less than 0.1%
* Dow Jones Industrial Average steady at 23,163
* Russell 2000 down 0.2%
* Utilities lead gains, up 1%
* 10-year Treasury yield falls 2 bps to 2.3%
* VIX at 10.1
* Apple down 2.4%, most since August

Press commentary

• The Times: The Brexit secretary David Davis is to present an upbeat assessment of a “no-deal” Brexit to the cabinet in a big shift in Britain’s negotiating strategy.

Upgrades and downgrades

Kering new buy at jefferies pt 425
Saint gobain raised to buy vs hold at berenberg.
Fresnilo cut to neutral at Csuisse vs o/p
SSAB Downgraded to Neutral at Credit Suisse

Company news

Swiss Re AG said the cost to the firm of hurricanes Harvey, Irma and Maria and the Mexico earthquakes will be about $3.6 billion excluding tax and coverage provided to other reinsurers.

Zurich Insurance Group said it expects a loss after tax of $620 million on claims from U.S. hurricanes Harvey, Irma and Maria.

German auto maker Daimler AG (DAI.XE) said that net profit fell in the third quarter, as restructuring costs and recalls offset sales increases.

Volvo AB’s third-quarter earnings surged 45 percent after truck sales in North America recovered and demand for construction and mining equipment in China rose.

Metro 4Q LFL Sales Up 0.5%; Total Revenue EU9.2b vs EU9.3b Est.

South32 Ltd. is studying a potential bid for Rio Tinto Group’s A$2 billion ($1.6 billion) coking coal portfolio, people familiar with the matter said, as it seeks to take advantage of surging prices for the steelmaking ingredient.

Ericsson AB said it’s starting to see signs that it’s turnaround plan is working, as the Swedish network- equipment supplier managed to avoid a loss in the third quarter.

Unilever is expected to receive bids for its margarine and spreads unit from three groups of private equity firms as the deadline arrives for offers, according to people familiar with the situation.

Accor Sees FY Ebit at Upper End of EU460M-EU480M Range.

Barclays Sued by Fund for $850 Million for Copper Market Abuse.

Michelin Third-Quarter Net Sales Match Estimates.

InterContinental reported comparable hotel RevPAR for the third quarter of +2.3%. Says Confident in Outlook for Remainder of Year.

Quilter Cheviot is the trading name of Quilter Cheviot Limited, a private limited company registered in England with number 01923571, registered office at One Kingsway, London, WC2B 6AN. Quilter Cheviot has established an office in Dublin, Ireland with number 904906, is a member of the London Stock Exchange, is authorised and regulated by the UK Financial Conduct Authority, is regulated by the Central Bank of Ireland for conduct of business rules, under the Financial Services (Jersey) Law 1998 by the Jersey Financial Services Commission for the conduct of investment business in Jersey and by the Guernsey Financial Services Commission under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 to carry on investment business in the Bailiwick of Guernsey. Accordingly, in some respects the regulatory system that applies will be different from that of the United Kingdom.

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