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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: FTSE lifted by US data, German GDP in-line - US jobless claims provide boost
- German GDP in-line
- Co-op Bank's former Chairman arrested
techMARK 2,650.47 +0.57%
FTSE 100 6,703.20 +0.33%
FTSE 250 15,190.43 +0.28%
Stocks were off to a generally good start this morning, buoyed by yesterday's US weekly jobless claims report, which revealed better-than-expected figures.
Sentiment was also boosted by the news that the Dow Jones had pushed above the 16,000 mark for the first time ever, along with in-line German GDP.
More relevant even, and if reports are to be believed, the Doha round of trade talks are reportedly set to deliver the first global free trade agreement in decades.
Disgraced former Co-op Bank Chairman arrested
It is being widely reported that Paul Flowers, the former chairman of the Co-op Bank, has been arrested in connection with recent allegations he purchased and used illegal drugs.
Also of interest, Ofgem has reportedly told a number of UK energy providers that they must take bigger measures to cut consumer bills.
Serco has waved goodbye to its head of domestic business in an effort improve its relationship with the UK government, its largest customer.
Jobless claims drop below expectations
Jobless claims fell to their lowest level since September, down by 21,000 to a seasonally adjusted 323,000 for the week ended November 16th. The consensus estimate had been for a print of 335,000.
The previous week's reading was revised higher to show 344,000 unemployment claims, instead of the preliminary estimate of 339,000. The four-week moving average decreased by a hefty 6,750 to 338,500.
German GDP comes in as expected
Gross domestic product (GDP) in Europe's biggest economy increased 0.6% in the third quarter, at the same rate of growth as the previous period, driven by domestic demand in construction and investment which offset a slump in exports.
Light day for company news
Just two FTSE 350 companies made announcements this morning, the biggest of which was Tullow Oil, which reported a fifth oil discovery onshore northern Kenya. The Agete-1 exploration well, in which Tullow has a 50% interest, has an estimated 100 metres of net oil pay in good quality sandstone reservoirs. The group also reported that elsewhere in Kenya, exploration and appraisal activities continued to accelerate with the Amosing-1 well expected to commence drilling before the end of November.
Meanwhile, Essar Energy revealed it is one step closer to its FTSE inclusion after major shareholder Essar Gold Fund Limited (EGFL) said it intends to ensure it meets all the free float requirements with a 25% private sale of its shares in the company. "EGFL believes that the shares of Essar Energy represent exceptional value and will therefore only sell such minimum number of its shares in the company to enable Essar Energy plc to meet the minimum free float requirement," EGFL said.
Whitbread has been raised to overweight from neutral at JP Morgan, while Morrison has been re-instated at buy over at Bank of America. |
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| FTSE 100 - Risers
Whitbread (WTB) 3,496.00p +3.37%
ARM Holdings (ARM) 986.50p +2.33%
Tullow Oil (TLW) 905.50p +2.32%
AstraZeneca (AZN) 3,465.00p +1.90%
William Hill (WMH) 371.10p +1.64%
WPP (WPP) 1,370.00p +1.63%
ITV (ITV) 184.60p +1.54%
Johnson Matthey (JMAT) 3,256.00p +1.43%
Petrofac Ltd. (PFC) 1,200.00p +1.35%
Travis Perkins (TPK) 1,793.00p +1.24%
FTSE 100 - Fallers
TUI Travel (TT.) 368.50p -5.34%
Fresnillo (FRES) 849.50p -1.62%
Aberdeen Asset Management (ADN) 479.50p -1.54%
Anglo American (AAL) 1,377.00p -0.54%
Rexam (REX) 484.40p -0.51%
Randgold Resources Ltd. (RRS) 4,343.00p -0.50%
Severn Trent (SVT) 1,812.00p -0.44%
HSBC Holdings (HSBA) 690.90p -0.42%
Old Mutual (OML) 197.40p -0.40%
Legal & General Group (LGEN) 213.50p -0.33%
FTSE 250 - Risers
Essar Energy (ESSR) 103.40p +6.49%
NMC Health (NMC) 400.80p +3.57%
Centamin (DI) (CEY) 45.58p +2.84%
Serco Group (SRP) 450.20p +2.64%
Carpetright (CPR) 615.00p +2.50%
SIG (SHI) 213.90p +1.95%
Afren (AFR) 160.70p +1.71%
BTG (BTG) 459.40p +1.64%
Ferrexpo (FXPO) 175.10p +1.57%
Chemring Group (CHG) 189.70p +1.44%
FTSE 250 - Fallers
PayPoint (PAY) 1,046.00p -2.70%
COLT Group SA (COLT) 127.60p -1.77%
Savills (SVS) 630.00p -1.56%
Kenmare Resources (KMR) 19.29p -1.43%
Polymetal International (POLY) 513.50p -1.25%
Alent (ALNT) 322.40p -1.23%
Keller Group (KLR) 1,055.00p -1.22%
Perform Group (PER) 425.10p -1.14%
Thomas Cook Group (TCG) 152.60p -1.10%
Betfair Group (BET) 986.50p -1.10%
FTSE TechMARK - Risers
Skyepharma (SKP) 123.00p +7.42%
Sepura (SEPU) 130.75p +1.36%
Vectura Group (VEC) 103.50p +1.22%
NCC Group (NCC) 177.00p +1.14%
Optos (OPTS) 159.00p +1.11%
Ricardo (RCDO) 596.50p +1.02%
Phoenix IT Group (PNX) 142.25p +0.89%
Kofax (KFX) 378.00p +0.67%
Consort Medical (CSRT) 887.50p +0.28%
Wolfson Microelectronics (WLF) 142.75p +0.18%
FTSE TechMARK - Fallers
Torotrak (TRK) 23.75p -3.55%
XP Power Ltd. (DI) (XPP) 1,540.00p -2.47%
Filtronic (FTC) 60.12p -1.84%
Vislink (VLK) 46.88p -0.27% |
| | UK Event Calendar | |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed on German data - German GDP grows in line with forecasts
- Ifo business confidence figures to be released
- Italy and Spain face scrutiny over budget plans
FTSE 100: 0.36%
DAX: 0.21%
CAC 40: 0.54%
FTSE MIB: -0.01%
IBEX 35: 0.43%
Stoxx 600: 0.47%
European stocks were little changed as the German economy grew in line with expectations and as investors waited for the nation's business confidence figures.
Gross domestic product (GDP) in Europe's biggest economy increased 0.6% in the third quarter, at the same rate of growth as the previous period, driven by domestic demand in construction and investment which offset a slump in exports.
Germany has been relying on its domestic economy as the euro-area struggles to sustain a nascent recovery.
Later on today the Ifo's business confidence index will be released and is tipped to rise to 107.7 in November from 107.4 the prior month.
The data comes a day after Chancellor Angela Merkel defended Germany against international criticism that it was not doing enough to reduce its high trade surpluses.
Speaking in Berlin on Thursday, Merkel also rejected the idea that it should deliberately weaken its competitiveness.
She said it was "absurd" to suggest German companies should reduce their quality or that wages in the export sector should be higher to weaken their competitive strengths, according to Reuters.
"It cannot and should not be the case that anyone tries to weaken Germany's competitiveness artificially," Merkel said.
The US last month scolded Germany for its economic imbalances. Germany's current account surplus, at €19.7bn in September, is the biggest in the world.
Merkel also said she is prepared to accept demands from the Social Democrats party for a national minimum wage in order to forge a coalition that would give her a third term in office.
Italy and Spain meet in Brussels to discuss budgets
Italy and Spain face scrutiny over their 2014 budget plans at a meeting of euro-area finance ministers today.
Fabrizio Saccomanni of Italy and Luis de Guindos of Spain will be asked to justify their draft budgets at the meeting in Brussels. The meeting risks a clash over economic frailties that could undermine efforts to pull the currency bloc out of a debt crisis which is in its fifth year.
"I'm looking forward to a frank and open - but at the same time analytical and substantive - discussion," European Union Economic and Monetary Affairs Commissioner Olli Rehn said yesterday.
Also facing scrutiny is Europe's biggest banks which have racked up more than $77bn in legal costs since the financial crisis.
The 18 banks with the highest litigation expenses have paid at least $24.9bn settling lawsuits and probes since September 2008. They have also set aside $31.5bn to compensate UK clients improperly sold products including mortgage insurance and earmarked $20.9bn for further penalties, data compiled by Bloomberg revealed.
Novartis, Solarworld
Novartis rallied after proposing a $5bn share buyback and saying it will expand in faster-growing areas of health care such as treatments for skin and heart diseases.
Solarworld AG gained following news it will announce the takeover of Bosch Solar Energy AG next week.
Rhoen-Klinikum AG declined after saying its second-biggest shareholder B. Braun Melsungen AG sued to block the sale of 43 clinics to Fresenius SE's Helios unit.
Other asset classes mixed
The euro rose 0.10% to $1.3496.
Brent crude fell $0.374 to $109.670 per barrel on the ICE. |
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| | US Market Report | | US close: Dow Jones breaks 16,000 for first time - Dow hits new all-time high
- Investors cheered by fall in jobless claims
- Retailers disappoint
Dow Jones: +0.69%
Nasdaq: +1.22%
S&P 500: +0.82%
US stocks markets ended higher on Thursday night after weekly jobless claims came in better-than-expected, pushing the Dow Jones above the 16,000 mark for the first time ever.
Investors also cheered news that the US Senate's Banking Committee had chosen to back Yellen's candidacy to Fed Chairwoman.
The Dow Jones climbed 109.17 points (0.7%) to end the session at a record 16,009.99, while the Nasdaq and S&P 500 rose 1.22% and 0.81%, respectively.
Jobless claims drop below expectations
Jobless claims fell to their lowest level since September, down by 21,000 to a seasonally adjusted 323,000 for the week ended November 16th.
The consensus estimate had been for a print of 335,000.
The previous week's reading was revised higher to show 344,000 unemployment claims, instead of the preliminary estimate of 339,000.
The four-week moving average decreased by a hefty 6,750 to 338,500.
Attitudes to Fed minutes relax
The session also saw investors relax somewhat over the minutes from the latest Federal Reserve meeting, which revealed members had continued to support the idea of winding down bond purchases in the 'coming months'.
The minutes showed that members of the committee believe the US economy has shown signs of improvement, but assured short-term interest rates would remain low for quite some time to come.
October producer prices decline 0.2%
In other US economic news, producer prices slipped by 0.2% month-on-month in October, after a 0.1% fall in the month before (Consensus: -0.2 per cent).
The Federal Reserve bank of Philadelphia's regional manufacturing sector gauge for November fell back to 6.5 points from the prior month's reading of 19.8, to reach its lowest level since May.
Retailers' earnings disappoint
The latest quarterly results out retailers such as Target, Dollar Tree and Sears, came in beneath market forecasts.
In contrast, Green Mountain Coffee Roasters was a big gainer after it reported fourth-quarter profit that beat analysts' estimates.
Stock in Johnson Controls, the auto-parts maker, sprang higher after increasing the size of a stock-repurchase programme by $3bn.
The US Treasury Department announced its intention to sell its remaining stake in General Motors.
S&P 500 - Risers
Micron Technology Inc. (MU) $19.99 +6.33%
International Game Technology (IGT) $17.22 +4.81%
Johnson Controls Inc. (JCI) $50.35 +4.42%
Sealed Air Corp. (SEE) $32.11 +4.22%
Ace Ltd. (ACE) $101.53 +3.76%
Yum! Brands Inc. (YUM) $74.92 +3.60%
Borg Warner Inc. (BWA) $106.16 +3.54%
TE Connectivity Ltd (TEL) $53.17 +3.50%
Masco Corp. (MAS) $22.04 +3.38%
International Paper Co. (IP) $46.71 +3.29%
S&P 500 - Fallers
GameStop Corp. (GME) $48.80 -6.94%
Dollar Tree Inc (DLTR) $56.28 -4.48%
Patterson Companies Inc. (PDCO) $41.11 -3.50%
Target Corp. (TGT) $64.19 -3.46%
Philip Morris International Inc. (PM) $86.60 -3.02%
Cliffs Natural Resources Inc. (CLF) $26.43 -2.94%
Transocean Ltd. (RIG) $52.38 -2.89%
Sears Holdings Corp. (SHLD) $59.93 -2.87%
Peabody Energy Corp. (BTU) $18.64 -2.87%
Amgen Inc. (AMGN) $112.25 -2.86%
Dow Jones I.A - Risers
Intel Corp. (INTC) $25.23 +2.73%
American Express Co. (AXP) $83.95 +2.07%
JP Morgan Chase & Co. (JPM) $57.22 +2.00%
Visa Inc. (V) $201.61 +1.76%
Travelers Company Inc. (TRV) $89.22 +1.47%
E.I. du Pont de Nemours and Co. (DD) $61.60 +1.33%
Goldman Sachs Group Inc. (GS) $167.07 +1.25%
Chevron Corp. (CVX) $123.46 +1.20%
Cisco Systems Inc. (CSCO) $21.47 +1.13%
Walt Disney Co. (DIS) $69.94 +1.03%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $82.12 -0.68%
International Business Machines Corp. (IBM) $184.13 -0.57%
AT&T Inc. (T) $35.30 -0.28%
General Electric Co. (GE) $26.91 -0.19%
Wal-Mart Stores Inc. (WMT) $78.86 -0.05%
Verizon Communications Inc. (VZ) $50.38 -0.04%
Procter & Gamble Co. (PG) $84.67 -0.02%
Nasdaq 100 - Risers
Green Mountain Coffee Roasters Inc. (GMCR) $70.57 +14.14%
Micron Technology Inc. (MU) $19.99 +6.33%
Wynn Resorts Ltd. (WYNN) $163.53 +3.25%
Cerner Corp. (CERN) $57.69 +3.11%
Autodesk Inc. (ADSK) $43.53 +2.81%
Intel Corp. (INTC) $25.23 +2.73%
Staples Inc. (SPLS) $15.50 +2.65%
Netflix Inc. (NFLX) $348.50 +2.64%
Applied Materials Inc. (AMAT) $17.26 +2.58%
Biogen Idec Inc. (BIIB) $252.43 +2.56%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $56.28 -4.48%
Sears Holdings Corp. (SHLD) $59.93 -2.87%
Amgen Inc. (AMGN) $112.25 -2.86%
Akamai Technologies Inc. (AKAM) $44.45 -1.70%
Ross Stores Inc. (ROST) $80.26 -1.30%
Sba Communications Corp. (SBAC) $85.48 -1.21%
Randgold Resources Ltd. Ads (GOLD) $70.66 -1.12%
Catamaran Corp (CTRX) $45.89 -1.10%
Intuitive Surgical Inc. (ISRG) $390.52 -1.01%
DIRECTV (DTV) $62.86 -0.93% |
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| | Newspaper Round Up | | Friday newspaper round-up: WTO, Serco, National Grid Negotiators are poised to seal the first global trade deal for more than a decade, in a rare victory for the World Trade Organisation, whose struggle to secure an international pact has increasingly threatened its relevance. The US and powerful developing-nation players, including China and India, have overcome differences in agriculture. This leaves negotiators in Geneva to put the final touches to a deal that will impose binding requirements to reduce red tape and ease the path for goods at borders around the world, the Financial Times says.
The UK boss of Serco has left the troubled outsourcing company as it tries to rebuild relations with the government, which has accused it of overcharging taxpayers. The embattled group announced on Thursday that Jeremy Stafford, the head of UK and western Europe since March last year, had left with immediate effect. Stafford's departure follows the shock resignation last month of the group Chief Executive, Chris Hyman, The Guardian writes.
A wave of new power plants due to come on line in the next two-and-a-half years have now have now been delayed because of political rows and policy uncertainty - increasing the risk of energy shortages, National Grid has warned. More than half of a series of new plants that had been due to start generating across the UK by March 2016 have now had their start dates pushed back, Steve Holliday, the company's Chief Executive, revealed, The Daily Telegraph.
US Republican Senator Mitch McConnell seemed barely able to contain his fury as the Senate voted last night to curtail one of the chamber's most storied procedural manoeuvres, the filibuster. "Some of us have been around here long enough to know that the shoe is sometimes on the other foot," the Republican minority leader said. "You may regret this a lot sooner than you think." Senators in both parties have long held off on ending the filibuster, which allows the minority party in the 100-member Senate to hold up and derail presidential nominations by demanding a 60-vote threshold for approval, the Financial Times reports.
Drugs giant GlaxoSmithKline is today expected to unveil new jobs at its Montrose plant which it once came close to closing. GSK has had a presence in the town for more than 60 years and now employs about 270 workers producing ingredients for its respiratory treatments. Finance Secretary John Swinney is due to meet Roger Connor, the group's president of global manufacturing and supply, at the facility and the pair will reveal more details about the investment to the workforce, The Scotsman writes.
Video games specialist Game Group is eyeing a £200m return to the stock market 18 months after controversial financier Henry Jackson bought the business out of administration. Sources told the Daily Telegraph that an IPO was one of the options under consideration as investors led by the American tycoon seek an exit from the chain. | | |
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