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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: Markets rangebound ahead of quiet day - Volumes expected to be low with US markets closed
- Rio Tinto plans to ramp up production
- Kingfisher, Wolseley disappoint with results
techMARK 2,664.08 +0.20%
FTSE 100 6,655.03 +0.08%
FTSE 250 15,456.43 +0.32%
The FTSE 100 opened broadly flat on Thursday on what is set to be a quiet day for financial markets with Wall Street closed for the holidays.
London's benchmark index was trading little changed from its closing price of 6,649.947, with just 10 points or so separating its intraday low and high early on.
"Volumes are likely to remain low for the rest of the week as the US pauses for Thanksgiving and Black Friday. European stocks are indicting a very quiet open, with the FTSE trading unchanged since yesterday's close," said Lee Mumford, Financial Sales Trader at Spreadex.
Markets across the globe performed well on Wednesday after a deluge of economic data from the US, which included a surprise fall in jobless claims, a jump in consumer confidence along with improvements in Chicago manufacturing activity and the leading indicators index.
However, with no data from the States due out today and very little out from the UK, the focus is likely to be on economic indicators from the Eurozone on Thursday.
Data out this morning is expected to confirm a steady unemployment rate in Germany of 6.9% in November. Meanwhile, the final reading of Eurozone consumer confidence is expected to stay at -15.4, in line with the initial estimate and below the -14.5 recorded in October.
Rio Tinto gains, Kingfisher slumps
Rio Tinto gained after saying it will increase its mine production capacity at lower capital cost per tonne at its iron ore business in Western Australia. The miner expects mine production capacity will increase by more than 60m tonnes per year between 2014 and 2017 from a run base rate of 290m tonnes per annum by the end of the first half of 2014.
Fellow miner Anglo American was also in demand after Liberum Capital upgraded its rating for the stock to 'hold'.
Heading the other way was DIY retailer Kingfisher after a weak performance in France held back third-quarter retail profits. Retail profit growth came in at just 1.7%, less than analysts had forecast.
Plumbing and heating products group Wolseley also disappointed with its first-quarter results as trading continues to be mixed across its key regions. The US and UK were still bolstering top-line growth, but like-for-like sales in Canada, Nordic, France and Central Europe all declined.
Travel operator Thomas Cook surged after reporting a 49% jump in full-year operating profits as it lifted its near-term guidance for revenue and cost-cutting. |
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| | UK Event Calendar | | Thursday November 28
INTERIMS
Creston, Digital Barriers, Helical Bar, Latham (James), LondonMetric Property, Mountview Estate, Pennon Group
INTERIM DIVIDEND PAYMENT DATE
IFG Group, Moss Bros Group, Restore
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Business Climate Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
Consumer Price Index (EZ) (10:00)
M3 Money Supply (EU) (09:00)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)
Unemployment Rate (GER) (08:55)
Policy announcement (Brazil)
Q3
Alpha Bank GDR (Reg S) USD
GMS
Mineral & Financial Investments Limited (DI)
FINALS
Impax Asset Management Group, Marston's
AGMS
Altona Energy, Harbourvest Senior Loans Europe Ltd., JPMorgan Global Markets Emerging Income Trust, Kea Petroleum, London Finance & Investment Group, Petra Diamonds Ltd.(DI), Scotgold Resources (DI), Thor Mining, VinaCapital Vietnam Opportunity Fund Ltd., VinaLand Ltd
TRADING ANNOUNCEMENTS
Kingfisher
FINAL DIVIDEND PAYMENT DATE
Wetherspoon (J.D.)
Q1
Arrow Global Group
UK ECONOMIC ANNOUNCEMENTS
Governor Carney to appear before Treasury Select Committee
|
| FTSE 100 - Risers
Old Mutual (OML) 198.80p +2.47%
Rio Tinto (RIO) 3,193.50p +1.74%
TUI Travel (TT.) 367.40p +1.27%
Hargreaves Lansdown (HL.) 1,206.00p +1.26%
Sports Direct International (SPD) 741.00p +1.16%
United Utilities Group (UU.) 663.50p +1.07%
Amec (AMEC) 1,136.00p +1.07%
Weir Group (WEIR) 2,169.00p +0.98%
Royal Bank of Scotland Group (RBS) 333.80p +0.97%
Persimmon (PSN) 1,258.00p +0.96%
FTSE 100 - Fallers
Kingfisher (KGF) 372.80p -5.86%
Imperial Tobacco Group (IMT) 2,294.00p -2.84%
British American Tobacco (BATS) 3,223.00p -1.53%
Wolseley (WOS) 3,356.00p -1.15%
Compass Group (CPG) 930.00p -0.91%
Marks & Spencer Group (MKS) 486.40p -0.65%
Aberdeen Asset Management (ADN) 483.90p -0.64%
Coca-Cola HBC AG (CDI) (CCH) 1,733.00p -0.57%
Smiths Group (SMIN) 1,380.00p -0.43%
International Consolidated Airlines Group SA (CDI) (IAG) 374.90p -0.42%
FTSE 250 - Risers
Thomas Cook Group (TCG) 169.10p +10.38%
Booker Group (BOK) 166.00p +3.11%
Fidessa Group (FDSA) 2,145.00p +2.88%
Cairn Energy (CNE) 274.20p +2.31%
Pennon Group (PNN) 650.00p +1.88%
Carpetright (CPR) 596.50p +1.88%
Great Portland Estates (GPOR) 586.50p +1.82%
AL Noor Hospitals Group (ANH) 859.00p +1.78%
Marston's (MARS) 157.60p +1.61%
Premier Oil (PMO) 313.00p +1.59%
FTSE 250 - Fallers
IG Group Holdings (IGG) 589.50p -3.04%
Perform Group (PER) 442.00p -2.86%
Betfair Group (BET) 994.50p -2.60%
IP Group (IPO) 191.90p -2.54%
Centamin (DI) (CEY) 41.93p -2.49%
PayPoint (PAY) 1,050.00p -1.69%
Daejan Holdings (DJAN) 4,232.00p -1.35%
Dunelm Group (DNLM) 864.00p -1.26%
BH Macro Ltd. GBP Shares (BHMG) 2,058.00p -1.25% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of Europe data - ECB warns of Fed stimulus tapering
- US market closes for Thanksgiving
- German jobs and CPI reports to be released
- Eurozone confidence data out
FTSE 100: -0.09%
DAX: 0.16%
CAC 40: 0.11%
FTSE MIB: 0.18%
IBEX 35: 0.31%
Stoxx 600: 0.15%
European stocks were little changed as the US market closed for Thanksgiving and as the European Central Bank (ECB) sounded the alarm over Federal Reserve stimulus tapering.
The ECB yesterday warned about the threat posed by the scaling back of US quantitative easing in its latest financial stability report.
The central bank called on Eurozone policymakers to prepare for market shocks from a tapering of the Fed's monthly $85bn bond buying programme.
The Fed has indicated that a tapering could come as soon as its next meeting in December. However, many economists expect a March 2014 start.
The ECB said risks to the Eurozone's financial system from outside the currency bloc had grown since May due to the Fed's talk of a reduction in asset purchases despite an overall pick up in the economy.
"Starting in May, there was a significant repricing in global bond markets, which took place largely because of changing monetary policy expectations in the US – with increased foreign exchange market volatility and stress borne largely by emerging market economies," the ECB said.
German jobs and CPI, Eurozone confidence
German unemployment in November is expected to remain unchanged and the jobless rate is also expected to hold at 6.9%.
Inflation in Europe's biggest economy is forecast to increase to 1.3% in November from 1.2% in October.
Eurozone consumer confidence in November is anticipated to come in at -15.4, in line with the previous month.
Economic confidence may rise slightly to 98 in November from 97.8 last month, a separate report is tipped to show today.
Thomas Cook rallies after annual results
Thomas Cook's shares advanced after the travel company posted a 49% increase in full-year profit.
Swedish copper and zinc producer Boliden AB gained after Morgan Stanley raised its rating on the stock to 'overweight' from 'equalweight'.
Compass Group slid as Citigroup reduced its rating to 'neutral' from 'buy'.
Euro strengthens against dollar
The euro rose 0.20% to $1.3606.
Brent crude futures increased $0.090 to $111.410 per barrel, according to the ICE. |
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| | US Market Report | | US close: Dow, S&P hit new highs after economic data - Jobless claims, consumer confidence brighten outlook
- Durable goods fall due to pull back in defence, aircraft
- H-P jumps after Q4 results exceed forecasts
- Markets prepare for Thanksgiving
Dow Jones: 0.15%
Nasdaq: 0.68%
S&P 500: 0.24%
Economic data came in mostly better than expected on Wednesday, lifting US markets to new highs ahead of the Thanksgiving holidays, with solid gains from tech giant Hewlett-Packard providing a lift.
Figures showing an unexpected fall in jobless claims, a jump in consumer confidence along with improvements in Chicago manufacturing activity and the leading indicators index gave stocks a boost today, with the Dow Jones Industrial Average and S&P 500 finishing at fresh records of 16,097.33 and 1,807.23, respectively. Meanwhile, the Nasdaq Composite set a new 13-year high of 4,044.75.
Markets are continuing to look at incoming data as they await the Federal Reserve's impending decision to scale back stimulus. According to analysts at Capital Economics, non-farm payrolls – due to be released next week – will likely show a solid 180,000 increase in November, "which may be enough to prompt the Fed to taper its asset purchases at the policy meeting in December".
Deluge of economic data
Initial claims for unemployment benefits fell to 316,000 in the week ended November 23rd, down from a revised 326,000 the week before. Analysts were expecting a number closer to 330,000. However, the combination of the later-than-usual timing of Thanksgiving and the Veterans Day holiday makes it more difficult to properly seasonally adjust the data, analysts said.
The final reading of the University of Michigan consumer confidence index increased 75.1 in November from an initial reading of 72 and October's level of 73.2.
The Chicago purchasing managers' index, which measures activity in the manufacturing sector, fell from 65.9 to 63 in November, but this still came in ahead of the prediction of 60 by analysts. Stock building made a large contribution to activity in the sector, MNI said.
The leading indicators composite index increased by 0.2% in October after a revised 0.9% gain the month before. Consensus forecasts were for no change.
Durable goods orders fell by 2% month-on-month in October, in line with estimates, due to the volatile sectors of defence and aircraft which pulled back following strong growth in September. The previous month's growth, however, was revised higher to 4.1%. 'Core' durable goods orders which exclude defence and aircraft declined by 1.2% in October.
A report from the Mortgage Bankers' Assocation (MBA) showed mortgage applications dropped 0.3% in the week to November 22nd, from a 2.3% fall previously.
H-P jumps after Q4 beat
Hewlett-Packard snapped higher after the maker of personal computers posted revenue and profit that beat analysts' estimates. Fourth-quarter revenue fell by 3% to $29.1bn, but that was well ahead of the $27.9bn consensus forecast, helped by better-than-expected growth in its enterprise division.
The share price of Apple was extending gains after hitting its highest close in almost a year on Tuesday.
Analog Devices Inc slumped after forecasting first-quarter profit that missed consensus.
Schlumberger and Noble Energy dropped as crude prices dropped near to a six-month low.
S&P 500 - Risers
Hewlett-Packard Co. (HPQ) $27.36 +9.05%
J.C. Penney Co. Inc. (JCP) $10.08 +7.69%
Cablevision Systems Corp. (CVC) $16.56 +5.08%
Micron Technology Inc. (MU) $21.17 +4.23%
Tesoro Corp. (TSO) $59.08 +3.72%
Valero Energy Corp. (VLO) $45.97 +3.65%
Marathon Petroleum Corporation (MPC) $84.34 +3.42%
Weyerhaeuser Co. (WY) $30.59 +3.38%
Plum Creek Timber Co. (PCL) $44.36 +3.14%
Apple Inc. (AAPL) $545.96 +2.35%
S&P 500 - Fallers
Noble Energy Inc. (NBL) $69.87 -4.52%
Newfield Exploration Co (NFX) $28.26 -4.14%
Analog Devices Inc. (ADI) $48.54 -2.76%
Laboratory Corporation of America Holdings (LH) $102.28 -2.64%
Hess Corp. (HES) $81.48 -2.55%
Pioneer Natural Resources Co. (PXD) $178.91 -2.52%
Occidental Petroleum Corp. (OXY) $95.20 -2.49%
Dollar General Corp (DG) $57.35 -2.45%
Anadarko Petroleum Corp. (APC) $88.60 -2.18%
QEP Resources Inc (QEP) $32.10 -1.89%
Dow Jones I.A - Risers
Intel Corp. (INTC) $23.90 +1.06%
3M Co. (MMM) $133.50 +1.02%
International Business Machines Corp. (IBM) $178.97 +0.94%
Microsoft Corp. (MSFT) $37.60 +0.67%
American Express Co. (AXP) $85.59 +0.59%
JP Morgan Chase & Co. (JPM) $57.48 +0.54%
United Technologies Corp. (UTX) $111.51 +0.51%
Merck & Co. Inc. (MRK) $49.83 +0.50%
Home Depot Inc. (HD) $80.66 +0.39%
AT&T Inc. (T) $35.41 +0.37%
Dow Jones I.A - Fallers
McDonald's Corp. (MCD) $97.06 -1.16%
Walt Disney Co. (DIS) $70.77 -0.58%
Exxon Mobil Corp. (XOM) $93.80 -0.50%
Procter & Gamble Co. (PG) $84.28 -0.43%
Nike Inc. (NKE) $79.33 -0.34%
Chevron Corp. (CVX) $122.42 -0.29%
Verizon Communications Inc. (VZ) $49.93 -0.24%
Coca-Cola Co. (KO) $40.19 -0.15%
Johnson & Johnson (JNJ) $94.98 -0.08%
Boeing Co. (BA) $134.72 -0.04%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $126.94 +5.34%
Green Mountain Coffee Roasters Inc. (GMCR) $67.51 +5.22%
Micron Technology Inc. (MU) $21.17 +4.23%
Apple Inc. (AAPL) $545.96 +2.35%
Nuance Communications Inc. (NUAN) $13.40 +2.29%
Netflix Inc. (NFLX) $362.49 +2.05%
Check Point Software Technologies Ltd. (CHKP) $61.74 +1.97%
Monster Beverage Corp (MNST) $59.85 +1.79%
Western Digital Corp. (WDC) $76.19 +1.78%
Biogen Idec Inc. (BIIB) $293.83 +1.60%
Nasdaq 100 - Fallers
Analog Devices Inc. (ADI) $48.54 -2.76%
Sears Holdings Corp. (SHLD) $63.68 -1.35%
Equinix Inc. (EQIX) $160.62 -1.18%
Celgene Corp. (CELG) $161.52 -1.17%
Applied Materials Inc. (AMAT) $17.35 -0.97%
Charter Communications Inc. (CHTR) $134.98 -0.84%
Mylan Inc. (MYL) $44.14 -0.81%
Regeneron Pharmaceuticals Inc. (REGN) $292.88 -0.76%
KLA-Tencor Corp. (KLAC) $64.03 -0.65%
Dollar Tree Inc (DLTR) $55.83 -0.64% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Tapering, Oil and gas, Pension system The European Central Bank has warned that the risks to the global financial system from market turbulence have increased since May. In its bi-annual Financial Stability Review published yesterday the Eurozone's central bank warned in particular that the widely predicted slowing or tapering of America's $85bn a month asset purchase scheme could cause market shocks. The ECB noted that cutting back on the bond buying programme "might be a harbinger of further realignment of risk premia with fundamentals in bond markets, or even an overshooting". – The Times
Almost every contractor in the oil and gas sector is planning to hire workers next year, despite the uncertainty created by the vote on independence. A survey by Aberdeen and Grampian Chamber of Commerce, published today, found that the referendum is a key issue governing the future of the industry. But it also shows that there is significant optimism in the sector, with a record 98% of North Sea contractor firms looking to recruit in the next 12 months. - The Scotsman
The UK has the second-worst state pension system in the developed world, with only Mexico providing a less generous retirement income, a study has found. A damning report by the Organisation for Economic Development and Co-operation found that average earners in the UK will retire with a state pension worth just 32.6% of their working income. Only Mexicans, with 28.5%, are worse off, with the Dutch topping the table of the 34 OECD members with a replacement income rate of an impressive 90.7%. – The Daily Mail
The Post Office said yesterday that the future of its network of 11,500 outlets had been secured after another £640m injection of taxpayers' money. Consumer groups, however, claimed that modernisation plans would mean the end of the local post office. Unions also warned that 4,000 sub-postmasters would be out of a job unless they accepted unsustainable cuts in income. – The Times
Deutsche Bank is in exclusive talks with private equity group Permira to sell the loss-making part of its UK wealth management business as part of a strategy to concentrate on ultra-rich clients. Germany's largest lender was hoping to reach a deal to dispose of Tilney Investment Management to Permira before Christmas, three people familiar with the negotiations said. The planned sale comes seven years after Deutsche bought into the UK wealth management market with the acquisition of Tilney for £300m. – Financial Times
Burberry's signature check trademark is under threat in China, where the luxury brand faces a ruling which challenges its exclusive rights to use the red, black and tan design. China's trademark office last week revoked Burberry's copyright of the design after a legal challenge by local fashion house Polo Santa Roberta (PSR), which also wants to use the plaid, known as the 'Haymarket Check' in its bags and accessories. – The Daily Telegraph
Shops in Greece must be free to offer buy-one-get-one-free deals and determine their own product sell-by dates as part of wide ranging reforms to regulations that have prevented the debt-stricken country from recovering after the financial crash, according to a leading thinktank. The Organisation of Economic Co-operation and Development (OECD) said a bonfire of harmful regulations restricting trade and investment in four key industries was needed to create a more vibrant economy and foster growth. – The Guardian | | |
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