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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 head lower ahead of quiet day - Thanksgiving holiday to affect trading volumes
- Britvic, De La Rue, Mitchells & Butlers gain after results
- Severn Trent delivers flat first half
techMARK 2,647.48 -0.15%
FTSE 100 6,682.98 -0.17%
FTSE 250 15,321.35 +0.14%
UK markets opened slightly lower on Tuesday morning as investors showed caution ahead of what's set to be a subdued end to the week.
"It's looking like being another quiet day in the financial markets, similar to what we saw on Monday, with trading volumes being reduced as a result of a lack of economic data or market moving news," said Market Analyst Craig Erlam from Alpari.
What's more, volumes are expected to be even lower in the coming days with US markets closed due to the Thanksgiving holiday on Thursday and Friday.
Stocks across Europe headed higher on Monday on the back of a weekend agreement to limit Iran's nuclear activity, which caused oil prices to fall as much as 3% before recovering slightly. Oil prices were steadier this morning following yesterday's volatility.
"While one could well argue that last weekend's deal has ratcheted down the prospect of a flare up in tensions in the region in the short - term, the fact that the deal doesn't alter the supply versus demand dynamics appears to have pretty much negated any apparent positives," said Chief Market Strategist Michael Hewson from CMC Markets.
Britvic, De La Rue, Mitchells & Butlers gain after results
Soft drinks maker Britvic rose strongly after it delivered a 28.1% jump in annual pre-tax profit on revenues up 4.4% as a hotter-than-usual summer boosted fourth-quarter sales.
Investors celebrated banknote printer De La Rue's interim results as ongoing cost savings helped adjusted profits increase by 20% despite a slip in banknote print volumes.
Mitchells & Butlers was also higher this morning after the pubs group said that full-year profits surged by 81%.
Gold miners Randgold Resources and African Barrick Gold were putting in a decent performance today, rebounding as precious metals prices recovered following a slump on Monday.
Utilities firm Severn Trent was out of favour after delivering a flat first half in terms of underlying profits, as a robust start by the water business was not enough to compensate for a lower contribution from the services arm.
KCOM was also lower after announcing a shake-up of its board, which will see Chairman Bill Halbert assume the role of Chief Executive as of next April. The news came as the company reported a 5.4% fall in first-half profits, in line with its expectations. |
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| FTSE 100 - Risers
Petrofac Ltd. (PFC) 1,236.00p +1.98%
Wolseley (WOS) 3,301.00p +1.76%
William Hill (WMH) 380.40p +1.44%
Burberry Group (BRBY) 1,517.00p +1.27%
Persimmon (PSN) 1,227.00p +0.99%
Babcock International Group (BAB) 1,296.00p +0.93%
Compass Group (CPG) 935.00p +0.86%
ITV (ITV) 186.70p +0.81%
TUI Travel (TT.) 365.70p +0.80%
Barclays (BARC) 260.85p +0.68%
FTSE 100 - Fallers
SABMiller (SAB) 3,202.50p -1.60%
Tesco (TSCO) 349.15p -1.44%
Glencore Xstrata (GLEN) 307.70p -1.39%
Carnival (CCL) 2,244.00p -1.23%
Admiral Group (ADM) 1,234.00p -1.20%
GlaxoSmithKline (GSK) 1,622.50p -1.16%
Mondi (MNDI) 987.50p -1.15%
Sainsbury (J) (SBRY) 404.60p -1.05%
Reckitt Benckiser Group (RB.) 4,895.00p -0.89%
Severn Trent (SVT) 1,771.00p -0.78%
FTSE 250 - Risers
De La Rue (DLAR) 888.50p +6.15%
Mitchells & Butlers (MAB) 415.00p +6.14%
African Barrick Gold (ABG) 172.10p +4.68%
Britvic (BVIC) 634.50p +4.53%
Spirent Communications (SPT) 103.70p +2.88%
Moneysupermarket.com Group (MONY) 177.10p +2.37%
Crest Nicholson Holdings (CRST) 361.50p +2.26%
Imagination Technologies Group (IMG) 245.40p +2.25%
Lonmin (LMI) 314.40p +2.08%
Caledonia Investments (CLDN) 1,919.00p +1.86%
FTSE 250 - Fallers
Perform Group (PER) 445.00p -3.68%
KCOM Group (KCOM) 101.80p -3.05%
Intermediate Capital Group (ICP) 430.10p -2.96%
Alent (ALNT) 325.50p -2.89%
Essar Energy (ESSR) 85.00p -2.69%
Synthomer (SYNT) 225.60p -1.48%
Xaar (XAR) 880.00p -1.23%
Hellermanntyton Group (HTY) 284.00p -1.22%
Chemring Group (CHG) 210.40p -1.22% |
| | UK Event Calendar | | Tuesday November 26
INTERIMS
ACM Shipping Group, Caledonia Investments, Chamberlin, KCOM Group, Scapa Group, Severn Trent, VP
INTERIM DIVIDEND PAYMENT DATE
APR Energy, Hunting
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Conference Board Consumer Confidence (US) (15:00)
GDP (Preliminary) (US) (13:30)
FHFA House Price Index (US) (14:00)
S&P Case-Shiller House Price Index (US) (14:00)
Housing Starts (US) (13:30)
Q3
Public Power GDR SA (Reg S), Signet Jewelers Ltd.
FINALS
Britvic, Cambria Automobiles, Mitchells & Butlers, Sanderson Group, Topps Tiles
ANNUAL REPORT
BowLeven
AGMS
Allocate Software, Base Resources Ltd , JPMorgan Smaller Companies Inv Trust, Range Resources Ltd. (DI), Wolseley
FINAL DIVIDEND PAYMENT DATE
Close Brothers Group
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed ahead of US economic data - US consumer confidence released
- US house prices unveiled
- BoE's Carney explains Inflation Report
FTSE 100: -0.07%
DAX: 0.08%
CAC 40: -0.06%
FTSE MIB: -0.19%
IBEX 35: 0.34%
Stoxx 600: -0.10%
European stocks were little changed as investors waited for reports on US consumer confidence and house prices to gauge the health of the world's biggest economy.
The Conference Board's index for consumer sentiment in the US is forecast to rise to 72.4 in November from 71.2 in October when it declined the most since August 2011 due to the budget impasse and debt ceiling negotiations.
"This should give important insight into whether the shutdown and near-default had any lasting impact on consumer sentiment, which could then affect spending," Alpari analyst Craig Erlam pointed out.
The S&P/Case-Shiller index of house prices in 20 US cities is expected to increase 13% in the year through September from 12.8% in the 12-month period through August, according to consensus ahead of the report's release later today.
Policymakers are turning to economic indicators to determine whether the US is ready to have the Federal Reserve start scaling back its monetary stimulus.
The Fed has indicated that a tapering of its $85bn-a-month bond buying programme could come as soon as its December policy meeting.
BoE's Carney gives evidence on Inflation Report
Bank of England Governor Mark Carney will take centre stage today as he gives evidence to MPs on the central bank's latest quarterly Inflation Report.
In the Inflation Report, released earlier this month, the BoE said that higher borrowing costs would depend on various factors such as the labour market.
The bank has vowed to keep its benchmark interest rate at a record low of 0.50% until unemployment reaches at least 7% provided inflation pressures remained subdued.
However, the Bank has stressed that while unemployment could hit 7% as soon as late 2014, it would not necessarily prompt a rate increase. Carney's remarks today may provide further clues on the BoE's next move.
Algeta, Repsol
Algeta advanced after it said Bayer AG has started talks to acquire the Norwegian drugmaker.
Repsol surged after the Spanish and Argentinian governments reached a preliminary agreement to compensate the Madrid-based oil-company for its stake in YPF SA.
Tesco slumped following news the supermarket chain is continuing to lose market share to Aldi, Dunnes Stores and Lidl in Ireland.
Brent crude slides on Iran deal
Oil prices continued to decline after Iran agreed to curb its nuclear programme with Brent crude futures down $0.298 to $110.670 per barrel in morning trading, according to ICE data.
The euro rose 0.27% to $1.3554. |
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| | US Market Report | | US close: Stocks end flat as markets pause after strong run - Iran deal pushes oil prices lower
- Trading volumes thin ahead of Thanksgiving
- Markit US services PMI jumps in November
Dow Jones: 0.05%
Nasdaq: 0.07%
S&P 500: -0.15%
US markets ended broadly flat on Monday after a choppy day as benchmarks tiptoed at record highs with investors reacting to a groundbreaking deal in Iran and economic data closer to home.
The Dow Jones Industrial Average managed to eke out a small gain of 0.05% to finish at an all-time high of 16,072.54, but the S&P 500 pulled back by 0.15% from Friday's record. The Nasdaq ended 0.07% higher but gains were pared slightly after it briefly surpassed 4,000, a level not seen since September 2000.
"We could well be in for a disjointed week of US trading with the Thanksgiving holidays hitting on Thursday, and the natural dearth of activity the following Friday. We could see particularly thin trading volumes posted for the week," said Market Analyst Alastair McCaig from IG.
Iran and the so-called P5+1 nations of Russia, China, France, Germany, the UK and the US this weekend came to an interim agreement to limit Iran's nuclear activity in exchange for the easing of economic sanctions. The deal will run for the next six months as both sides work on a final agreement.
The news pushed the price of oil down with West Texas Intermediate futures falling 75 cents to $94.09 per barrel, its lowest level in a week.
US services PMI surges in November
There was little reaction to Markit's new US service sector purchasing managers' index (PMI) during the session given that it is a new indicator and differs slightly from the ISM's more closely watched non-manufacturing PMI.
The 'flash' reading of Markit's new services PMI - which focuses on private US services rather than simply the non-manufacturing sectors covered by the ISM - rose to 57.1 points in November after a reading of 49.3 for the month before, marking a sharp rebound in activity levels within the sector. It came in above the series average of 55.5 and was one of the highest for over one and a half years. Markit has been collecting US data since late 2009.
Chris Williamson, Chief Economist at Markit, said that the data "adds to the upbeat picture painted by the manufacturing survey of an economy that continues to grow at a robust pace in November".
Williamson pointed out that the employment index contained in the report is a reliable guide to underlying non-farm payroll trends and the November data points to another month of employment growth in the region of 200,000. "The on-going resilience of the data therefore tips the balance even further towards the Fed tapering policy at its next meeting, in early December, rather than waiting until next year," he added.
In other economic data, pending home sales declined by 0.6% in October, better than the revised 4.6% fall the month before but below the 1% increase expected by analysts. Compared with last October, sales were down 2.2%.
Alcoa, Caterpillar boosted by broker upgrades
Aluminium giant Alcoa was making gains after analysts at Goldman Sachs upgraded the stock to 'buy', saying that the market "is not fully appreciating Alcoa's solid position in growing valued-added and high-margin aluminium products for the aerospace and automotive industries". The target was lifted from $8 to $11.
Caterpillar edged higher after Bank of America lifted its rating of the world's largest maker of mining equipment to 'buy' as it expects the power-systems business to boost earnings next year.
Mining stocks including Barrick Gold and Randgold Resources, slid as the prices of gold, silver and copper declined. Meanwhile, oilfield services firm Schlumberger and rig contractor Noble fell into the red as the price of crude dropped.
DaVita HealthCare Partners and Fresenius Medical Care rose strongly after payments to kidney dialysis providers through Medicare were reduced less than expected. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: RBS, RWE, Iran According to The Times, RBS is facing fresh break-up calls after an advisor to the Department for Business called yesterday for it and Lloyds to be split into six retail banks. Lawrence Tomlinson, advisor to Vince Cable, suggested that RBS had "pushed healthy small and medium-sized enterprises into administration to strip their assets and then buy them back cheaply to turn a profit", the paper writes.
Britain's green ambitions have been dealt a blow as a big six energy company has pulled the plug on one of the world's largest offshore wind farms, with the political storm enveloping the industry threatening the multibillion-pound investments needed to meet emissions targets and head off a looming capacity crunch. Weeks after warning that the government was treating environmental subsidies as a "political football", the German-owned RWE npower is pulling out of the £4bn Atlantic Array project in the Bristol Channel because the economics do not stack up, The Guardian says.
President Barack Obama will face a decisive test of his influence over Senate Democrats in December when he tries to fend off sanctions legislation that he believes could scupper nuclear negotiations with Iran. Senior members of both parties have called for new sanctions after rushing to criticise the historic interim agreement that was reached with Iran at the weekend, however some of the proposals might not clash with the next round of nuclear talks, the Financial Times reports.
Premier Oil is looking to raise cash from savers with a seven-year retail bond offering an annual return of 5%. The offer from the oil and gas explorer and producer requires a minimum investment of £2,000 and the official deadline is December 6th. But retail bond deals can close early if they prove popular enough to meet firms' fundraising targets quickly. Another oil firm, EnQuest, launched a 'top-up' on an existing retail bond returning 5.5% last Wednesday, but this has already closed, The Daily Mail says.
Minutes from the Bank of Japan's last meeting reveal tension over how to frame the communiqué and meet its 2% inflation target - arguably the chief goal of the central bank's aggressive easing programme it initiated in April. The Oct 31st minutes also reveal pessimism and show that some members believe the 2015 inflation target might be too ambitious, the Financial Times says.
A telecoms company looking to build an extensive fibre-optic network covering Britain's "second-tier" cities will float by the end of the year after resisting private equity funds to speed up its expansion. CityFibre is looking to raise about £25m through a quote on AIM in the coming weeks that is likely to value the business at between £50m and £55m. The company already operates an extensive network covering 50 towns and cities and 30,000km of cable but is looking to up the ante as it competes with BT for business in areas underserved by the nation's telecoms companies, writes The Times.
Chinese, Indian and Russian investors are tipped to be among bidders for Glasgow-based whisky distiller Whyte & Mackay after Diageo put the brand up for sale. The Office of Fair Trading (OFT) today said that Diageo has offered to sell the "bulk" of the Whyte & Mackay business – including its grain distillery at Invergordon and its Fettercairn and Jura malt units – in order to satisfy competition concerns, The Scotsman says. | | |
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