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Shares in Cadbury owner Mondelez (MDLZ) jumped 4.3% in after hours trading after the global snack group reported a stronger than expected third quarter.

Its shares had slid during trading hours back 3.4% to $39.3, but rose 4.3% to $41 after the market closed due to beating third quarter profits expectations and recording solid organic growth in Europe and Latin America.

Overall net revenues were up 2.1% in the three months to $6.5bn, with organic net revenue increasing by 2.8%.

The sales growth was driven by a 4.5% sales rise in emerging markets with developed markets up a more modest 0.7%.

However, Europe saw the biggest quarterly increase, up 4.7% driven by volume and price growth, with Latin America up 4.6%, Asia, Middle East and Africa down 2.6% and North America up 1.3%.

Mondelez also highlight the “continued strength” of its power brands, which were up 5.6% in the quarter to £4.8bn.

Gross profit margin was 39.1%, which represented an increase of 20 basis points driven primarily by lower restructuring program implementation costs and favourable mark-to-market comparisons, partially offset by expenses related to its recent malware attack.

Operating income margin was 18.1%, up 710bp; Adjusted Operating Income1 margin was 16.9%, up 130bp.

Net earnings were up 81% to $992m in the quarter and diluted earnings per share was up 86% to $0.65.

Soon to be departing CEO Irene Rosenfeld commented: “”We’re pleased with our improving revenue growth, driven by the strength of our Power Brands, continued momentum in emerging markets and Europe.

“We posted another quarter of strong expansion in operating income margin and earnings. We’re making good progress on many of our key strategic initiatives and remain confident in our ability to deliver long-term, sustainable growth on both the top and bottom lines.”

Mondelēz revised back its expectations for full-year organic net revenue growth to approximately 1%, which it put down to the “larger than expected impact from the malware incident”.

However, the company still expects adjusted operating income margin in the mid-16 percent range and double-digit adjusted EPS growth on a constant-currency basis.

Morning update

UK consumer confidence has fallen back once more in October as concerns about the UK’s economic prospects persist.

GfK’s long-running Consumer Confidence Index slipped by one point to -10 in October, with both measures for the general economic situation decreasing.

The measure for the general economic situation of the country during the last 12 months has decreased one point to -29; this is 10 points lower than October 2016. While expectations for the general economic situation over the next 12 months have decreased two points this month to -26; which is nine points lower than this time last year.

However, the index measuring changes in personal finances during the last 12 months has bounced back one point this month to 0 and the forecast for personal finances over the nextr 12 months has stayed at +4.

Joe Staton, Head of Market Dynamics at GfK, commented: “It’s no surprise that the Overall Index Score continues to bump along in negative territory this month. As concerns about the wider economic prospects for the UK economy dampen our outlook, consumers are showing no real ‘get-up-and-go’.

“The tiny shift up a point in how we view our personal finances over the past year is counter-intuitive given rising living costs, an imminent interest rate rise, and the reality that we earn less in real terms in 2017 than in early 2006.

“Our enthusiasm for spending, as witnessed by the uptick in the Major Purchase Index, is more worrying than reassuring. Surging credit card use is fueling spending at the expense of our appetite for saving, which is growing at the slowest rate since the start of the 2008/2009 financial crisis. We are now entering the crucial Christmas trading season and it will be a testing time for retailers and consumers alike. Will consumers carry-on shopping or start to cut-back in the face of mounting pressure on our pockets?”

On the markets this morning, the FTSE 100 has opened up 0.3% at 7,507.5pts.

Early risers include Just Eat (JE), up 3.5% to 766p, Hotel Chocolat (HOTC), up 2.3% to 339.8p, Hilton Food Group (HFG), up 2.2% to 897p and Majestic WINE (WINE), up 2.2% to 368.5p.

Fallers include Science in Sport (SIS), down 2% to 72p, Real Good Food (RGD), down 1.8% to 24p and Devro (DVO), down 1.2% to 242p.

Yesterday in the City

The FTSE 100 started the week on the back foot, falling 0.2% to 7,487.8pts as the value of the pound rose in expectation of a rise in interest rates later this week.

Most major grocery stocks were also down to start the week.

Notably Tesco (TSCO) fell 1.9% to 181.9p amid news the the UK Competition and Markets Authority is due to publish the results of its investigation into the supermarket’s acquisition of wholesaler Booker (BOK) this week.

Booker fell back 1.1% to 201.6p.

Other fallers included Greencore (GNC), down 2.3% to 193.8p, tobacco firms British American Tobacco (BATS) and Imperial Brands (IMB), down 2.1% to 4,917p and 1.1% to 3,140.5p respectively, and Coca-Cola HBC (CCH), down 1.2% to 3,140.5p.

Exceptions of the malaise included Ocado Group (OCDO), up 1.3% to 285p and SSP Group (SSPG), up 1.3% to 587p.

Other rises included Nichols (NICL), up 3.3% to 1,745p, Premier Foods (PFD), up 2.6% to 40.25p, Hilton Food Group (HFG), up 2.2% to 877.5p and Greene King (GNK), up 2.1% to 541.5p.

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