U.K. Stocks Are Little Changed as British Land Gains
Stock Chart for British Land Co PLC (BLND)
British Land (BLND) Co. led gains as UBS AG recommended the developer’s shares. Royal Bank of Scotland Group Plc (RBS) rose 2.2 percent after the Bank of England unveiled measures to widen lenders’ access to funds. British Sky Broadcasting Group Plc dropped after Macquarie Group Ltd. said it may face competition for Champions League soccer broadcast rights.
The FTSE 100 fell 2.53 points, or less than 0.1 percent, to 6,710.65 at 9:22 a.m. in London, after closing at the highest level in almost five months yesterday. The gauge has climbed 1.3 percent this week. The broader FTSE All-Share Index (ASX) also dropped less than 0.1 percent today, while Ireland’s ISEQ Index lost 0.2 percent.
In the U.S., a government report at 8:30 a.m. Washington time may show orders for durable goods increased 2.3 percent in September after a 0.1 percent gain the prior month, according to the median economist estimate compiled by Bloomberg.
Data from Germany showed business confidence unexpectedly decreased for the first time in six months in October. The Ifo institute’s business climate index, based on a survey of 7,000 executives, fell to 107.4 from 107.7 in September. That compared with a median forecast of 108 in a Bloomberg survey of 39 economists.
British Land, the developer of the Broadgate and Leadenhall office spaces in London, rose 1.6 percent to 633 pence. UBS upgraded its recommendation on the stock to buy from neutral, citing prospects for stronger rental growth.
Bank of England Governor Mark Carney unveiled an overhaul of the central bank’s money-market operations to widen access and cut the cost of liquidity insurance to the financial system. The BOE will expand the range of collateral it accepts in its facilities and offer money for longer periods on cheaper terms, Carney said in a speech in London late yesterday. Officials will also consider making some liquidity tools available to a wider array of institutions.
BSkyB (BSY) fell 1.5 percent to 936 pence, the first retreat in five days, as Macquarie cut its recommendation on the stock to neutral from outperform, the equivalent of buy. The U.K.’s largest pay-TV provider may face competition from BT Group Plc for broadcast rights for Europe’s Champions League, Macquarie wrote in a report today.
BT shares slipped 0.1 percent to 362.5 pence.
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