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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks edge higher ahead of economic data - Eurozone CPI data in focus after last week's rate cut
- Wall Street finishes at record high after Yellen comments
- Vedanta, oil stocks rise early on
techMARK 2,651.26 +0.08%
FTSE 100 6,681.10 +0.22%
FTSE 250 15,288.15 +0.20%
UK stocks opened higher on Friday morning though gains were only modest following yesterday's Federal Reserve-inspired gains, as investors awaited economic data from the Eurozone and US.
Stocks rose strongly on Thursday after the soon-to-be Fed Chairwoman Janet Yellen said that the US economy is still performing "far short of [its] potential", sparking hopes that the central bank will continue with its stimulus programme for the time being.
The dovish comments prompted yet another record finish on Wall Street last night with both the Dow Jones Industrial Average and S&P 500 rising to all-time highs.
As for this morning, corporate news is thin on the ground with earnings season coming to a close "so the immediate attention is on today's macro menu with harmonised inflation from the Eurozone being the show stealer in the region", said Market Strategist Ishaq Siddiqi from ETX Capital.
The final revision of Eurozone consumer price inflation is expected to confirm the initial estimate of an annual price rise of 0.7% in October, though this eased unexpectedly from 1.1% the month before.
The European Central Bank's Erkki Liikanen and Yves Mersch are both due to speak today so comments over policy following last week's rate cut will be closely watched.
Economic data Stateside will also be in focus today with the Empire State manufacturing index, import prices, industrial production and manufacturing output figures all due out this afternoon.
Vedanta up after first-half report
Mining group Vedanta Resources was in demand this morning despite reporting a 17% drop in first-half revenue to $6.2bn on the back of falling commodity prices. Nevertheless, the firm still managed to achieve record oil and gas production and an increase in the output of refined zinc, lead and silver at Zinc India.
Other miners including Antofagasta and Anglo American were also making gains early on.
Oil stocks were also on the advance, tracking crude prices higher this morning, with Tullow, BG and Shell among the best performers. Brent was up 1.3% at $108.54 a barrel on hopes over a continued monetary stimulus from the States.
Defence, security and transport firm Ultra Electronics was a heavy faller after warning that revenue for 2013 would be slightly below the previous year's, hit by "a number of headwinds", in particular the US government-funded market.
Drinks group SABMiller fell after saying that Chairman Graham Mackay is to take another medical leave of absence after a deterioration of his health. |
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| FTSE 100 - Risers
Aberdeen Asset Management (ADN) 425.30p +1.46%
Tullow Oil (TLW) 897.00p +1.36%
Royal Dutch Shell 'A' (RDSA) 2,079.00p +1.32%
BG Group (BG.) 1,263.00p +1.32%
Antofagasta (ANTO) 814.50p +1.31%
Royal Dutch Shell 'B' (RDSB) 2,168.00p +1.19%
Hargreaves Lansdown (HL.) 1,177.00p +1.12%
ARM Holdings (ARM) 939.00p +1.02%
RSA Insurance Group (RSA) 103.50p +0.98%
Royal Bank of Scotland Group (RBS) 330.00p +0.98%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 364.20p -2.36%
Centrica (CNA) 340.10p -1.51%
easyJet (EZJ) 1,221.00p -1.29%
BAE Systems (BA.) 448.40p -1.28%
Rolls-Royce Holdings (RR.) 1,223.00p -0.97%
Diageo (DGE) 1,985.00p -0.75%
Next (NXT) 5,445.00p -0.73%
Meggitt (MGGT) 508.50p -0.68%
Associated British Foods (ABF) 2,300.00p -0.48%
Intertek Group (ITRK) 3,155.00p -0.47%
FTSE 250 - Risers
Genus (GNS) 1,285.00p +2.96%
Imagination Technologies Group (IMG) 244.20p +2.26%
Menzies(John) (MNZS) 774.50p +2.24%
Phoenix Group Holdings (DI) (PHNX) 729.50p +2.24%
Serco Group (SRP) 427.60p +2.03%
Investec (INVP) 433.20p +1.81%
Capital & Counties Properties (CAPC) 329.70p +1.73%
Telecity Group (TCY) 653.00p +1.71%
Fenner (FENR) 464.60p +1.64%
Pace (PIC) 299.80p +1.63%
FTSE 250 - Fallers
Ultra Electronics Holdings (ULE) 1,771.00p -6.59%
Daejan Holdings (DJAN) 3,983.00p -2.43%
Essar Energy (ESSR) 105.90p -2.22%
Dunelm Group (DNLM) 868.14p -2.07%
AL Noor Hospitals Group (ANH) 834.50p -1.82%
Rotork (ROR) 2,845.00p -1.69%
Hochschild Mining (HOC) 143.90p -1.44%
TalkTalk Telecom Group (TALK) 278.80p -0.96%
Dairy Crest Group (DCG) 515.50p -0.96% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of Eurozone, US data - Eurozone CPI figures ahead
- US factory data scheduled for release
- Yellen nomination hearing boosts Wall Street
FTSE 100: 0.22%
DAX: 0.01%
CAC 40: 0.01%
FTSE MIB: -0.55%
IBEX 35: -0.20%
Stoxx 600: -0.01%
European stocks were little changed as investors waited on revised Eurozone inflation figures and US industrial and manufacturing reports.
The Eurozone's consumer price index (CPI) for October is expected to be confirmed at 0.7% following last week's estimate, which fell unexpectedly from 1.1% the month before.
The European Central Bank (ECB) last week reduced its benchmark interest rate to 0.25% from 0.50%, citing concerns of deflation.
ECB President Mario Draghi at the time warned that the outlook for the Eurozone's economy could deteriorate in the coming months.
"The risks surrounding the economic outlook for the euro area continue to be on the downside," he said.
In the US, industrial output is expected to rise 0.1% in October, compared to 0.6% jump a month earlier. Manufacturing is also tipped to increase last month at the same rate as September by 0.1%.
The US data comes a day after Janet Yellen attended her Federal Reserve Chair nomination hearing before the Senate Banking Committee when she said the economy needs to improve before the central bank starts scaling back monetary stimulus.
Yellen, who is to replace Ben Bernanke as head of the Fed in January, said that the central bank's quantitative easing (QE) programme has made a "meaningful contribution to economic growth" but the labour market and wider economy are still performing "far short of their potential".
Her remarks on maintaining QE provided a boost to global stocks yesterday.
Vivendi, Serco
Vivendi rallied after reporting third-quarter profit that beat estimates and revealing plans to spin off its French phone carrier SFR by July 2014.
Service provider Serco advanced after UBS upgraded its rating on the stock to 'buy' from 'neutral', citing valued for money.
PSA Peugeot Citroen edged higher on news the French carmaker may sign an agreement with DongFeng Automobile Co. this year to co-operate in China and Southeast Asia.
Safran slumped as the French government, its biggest stakeholder, sold a 4.7% stake, in the manufacturer.
Oil gains
Brent crude futures rose $0.046 to $108.330 per barrel on the ICE.
The euro fell 0.04% to $1.3455. |
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| | US Market Report | | US close: Dow, S&P hit another record as Yellen sparks QE hopes - Yellen comments spark stimulus hopes
- Jobless claims edge lower but miss forecasts
- Cisco drops, Wal-Mart edges higher
Dow Jones: 0.35%
Nasdaq: 0.19%
S&P 500: 0.48%
It was yet another record finish for the Dow Jones Industrial Average and S&P 500 on Thursday as hopes of a continuation of stimulus by the Federal Reserve lifted sentiment.
The Dow rose 54.59 points (0.35%) to an all-time high of 15,876.22, while the S&P gained 8.62 (+0.48%) to 1,790.62. The Nasdaq, however, rose just 7.17 (+0.18%) to 3,972.74, as sharp falls from computer networking group Cisco Systems limited gains.
Markets were focused on the hearing of soon-to-be Fed Chairwoman Janet Yellen before the Senate Banking Committee, as she gave a dovish outlook on the near-term future of monetary policy.
Yellen, who is to replace Ben Bernanke as head of the Fed in January, said that the central bank's quantitative easing (QE) programme has made a "meaning contribution to economic growth". However, she said that the labour market and wider economy are still performing "far short of their potential" with unemployment still too high.
As such, she assured that Fed policy is "not on a set course", raising hopes that the central bank could put off a tapering of QE until next year.
"Overall, her appearance seemed to reassure markets and Republicans on the committee that she would continue with the current Chair Bernanke's approach and wouldn't pursue a more aggressive policy in order to reduce the unemployment rate more quickly," said Chief US Economist Paul Ashworth from Capital Economics.
Acting as a backdrop, US initial jobless claims fell to 339,000 in the week ended November 9th from the previous week's revised 341,000, the Labor Department revealed. However, economists had predicted a larger drop to 330,000.
In other economic data, the trade deficit widened by 8% to $41.8bn in September from $38.7bn the month before. Analysts were expecting a deficit of $39bn.
Cisco plunges as outlook disappoints
Cisco Systems was a heavy faller after the opening bell as it warned investors that profits could decline this year with earnings expected to come within the range of $1.95-2.05 a share. Current consensus estimates were for earnings of around $2.10 a share, compared with last year's $2.02.
Retail giant Wal-Mart edged higher despite earlier losses after it reported a 2.8% gain in profits in the third quarter, beating expectations by an inch. Quarterly revenues rose 1.7% to $115.7bn however, below the $117.05bn forecast.
Department-store firm Kohl's disappointed as profits fell from 91 cents a share to 81 cents in the third quarter, below the 86 cents forecast. The firm also reduced its profit guidance for the full year.
Office Depot rallied after Bank of America recommended investors 'buy' the stock.
NetApp gained after reporting a rise in second-quarter earnings that beat analysts' expectations.
Viacom advanced as the cable network operator posted fourth-quarter profit that exceeded forecasts.
S&P 500 - Risers
Western Digital Corp. (WDC) $75.85 +4.71%
Regeneron Pharmaceuticals Inc. (REGN) $288.83 +4.20%
Amazon.Com Inc. (AMZN) $367.40 +3.14%
Alexion Pharmaceuticals Inc. (ALXN) $119.97 +2.89%
NASDAQ OMX Group Inc. (NDAQ) $37.20 +2.82%
Seagate Technology Plc (STX) $50.10 +2.74%
Mondelez International Inc. (MDLZ) $34.16 +2.55%
VF Corp. (VFC) $223.01 +2.38%
Netflix Inc. (NFLX) $342.57 +2.17%
TripAdvisor Inc. (TRIP) $89.18 +1.93%
S&P 500 - Fallers
Cisco Systems Inc. (CSCO) $21.36 -10.96%
Citrix Systems Inc. (CTXS) $54.96 -5.27%
Xilinx Inc. (XLNX) $42.99 -4.34%
Viacom Inc. Class B (VIAB) $80.80 -2.80%
JDS Uniphase Corp. (JDSU) $12.19 -2.45%
Broadcom Corp. (BRCM) $26.94 -2.32%
Altera Corp. (ALTR) $32.48 -2.11%
KLA-Tencor Corp. (KLAC) $62.63 -2.03%
Electronic Arts Inc. (EA) $25.96 -1.74%
LSI Corporation (LSI) $8.21 -1.44%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $92.59 +0.00%
Johnson & Johnson (JNJ) $93.34 +0.00%
Caterpillar Inc. (CAT) $84.20 +0.00%
3M Co. (MMM) $128.59 +0.00%
Coca-Cola Co. (KO) $40.12 +0.00%
E.I. du Pont de Nemours and Co. (DD) $60.94 +0.00%
Home Depot Inc. (HD) $77.60 +0.00%
Nike Inc. (NKE) $77.85 +0.00%
General Electric Co. (GE) $27.15 +0.00%
Boeing Co. (BA) $133.17 +0.00%
Dow Jones I.A - Fallers
Cisco Systems Inc. (CSCO) $21.36 -10.96%
Intel Corp. (INTC) $24.39 -0.87%
Chevron Corp. (CVX) $119.09 -0.83%
Microsoft Corp. (MSFT) $38.02 -0.35%
Verizon Communications Inc. (VZ) $49.99 -0.00%
American Express Co. (AXP) $81.44 -0.00%
Pfizer Inc. (PFE) $31.87 -0.00%
Wal-Mart Stores Inc. (WMT) $78.90 -0.00%
Walt Disney Co. (DIS) $68.97 -0.00%
International Business Machines Corp. (IBM) $183.55 -0.00%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $75.85 +4.71%
Regeneron Pharmaceuticals Inc. (REGN) $288.83 +4.20%
Baidu Inc. (BIDU) $158.99 +3.93%
Amazon.Com Inc. (AMZN) $367.40 +3.14%
Alexion Pharmaceuticals Inc. (ALXN) $119.97 +2.89%
Equinix Inc. (EQIX) $162.24 +2.79%
Seagate Technology Plc (STX) $50.10 +2.74%
Mondelez International Inc. (MDLZ) $34.16 +2.55%
Randgold Resources Ltd. Ads (GOLD) $73.50 +2.24%
Activision Blizzard Inc. (ATVI) $17.70 +2.19%
Nasdaq 100 - Fallers
Cisco Systems Inc. (CSCO) $21.36 -10.96%
Avago Technologies Ltd. (AVGO) $42.95 -5.35%
Citrix Systems Inc. (CTXS) $54.96 -5.27%
Xilinx Inc. (XLNX) $42.99 -4.34%
Viacom Inc. Class B (VIAB) $80.80 -2.80%
Vimpelcom Ltd Ads (VIP) $12.47 -2.73%
Broadcom Corp. (BRCM) $26.94 -2.32%
Altera Corp. (ALTR) $32.48 -2.11%
KLA-Tencor Corp. (KLAC) $62.63 -2.03%
Expedia Inc. (EXPE) $61.04 -1.10% |
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| | Newspaper Round Up | | Friday newspaper round-up: Barclays, Iran, JP Morgan Chase Barclays will make 1,700 of its branch staff redundant as it scrambles to boost returns. Five per cent of employees in the 33,600-strong retail network will lose their jobs next year, staff were told last night in a conference call to the 1,577 branches. Barclays said it was making the cuts as fewer customers were visiting branches and more were doing their banking over the internet. The redundancies, which will start as voluntary but will become compulsory if insufficient staff come forward, was criticised by Unite, The Times reports.
Iran has sharply slowed down the expansion of its nuclear programme over the past three months, the international nuclear watchdog said on Thursday, providing a potential boost to ongoing nuclear talks with Tehran. The International Atomic Energy Agency said that Iran was continuing to enrich uranium which could potentially be used to build a nuclear bomb, in contravention of a series of UN resolutions, the Financial Times writes.
Moody's has cut the credit ratings of big US banks including Morgan Stanley, Goldman Sachs and JPMorgan Chase, after deciding that the federal government is less likely to bail the financial institutions out if they get into future difficulties. Goldman, Morgan Stanley and JPMorgan had the ratings on their long-term senior unsecured debt lowered one notch to Baa1, Baa2 and A3, respectively, Moody's said on Thursday. The credit ratings on the three banks' subordinated debt were also cut by one notch, the Financial Times says.
Sir Philip Green is looking at a move into the food sector for the first time with a trial of convenience stores at some of his BHS stores. The development comes as the Arcadia retail empire, which also includes Topshop, looks to return to growth after it yesterday reported a drop in annual sales growth and a worsening in recent trading due to the mild autumn weather, The Scotsman says.
Nine of the world's biggest pharmaceuticals companies have demanded an overhaul of NHS processes that they claim are damaging the "health of the British public and wealth of the British economy".In a joint letter to The Telegraph, the drugs giants, including Pfizer, Sanofi and Novartis, have warned that new and innovative medicines are being blocked from the health service by "overly complicated" approval processes and a heavy emphasis on cost control, The Daily Telegraph writes.
Home repossessions have fallen to their lowest level since records began in 2008, but experts have warned those taking advantage of cheap mortgage conditions now could find themselves in serious trouble when interest rates rise. Some 7,200 families crippled by mortgage debt ended up losing their homes between July and September, which is the lowest quarterly figure recorded by the Council of Mortgage Lenders and a 5.3% drop on the previous three months, according to The Daily Mail. | | |
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