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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 100 closing in on record high after positive start - FTSE 100 surpasses last year's closing high
- Chinese central bank eases cash squeeze
- Unilever impresses with 2013 results
- Miners fall as Goldman adjusts metal price forecasts
techMARK 2,861.62 +0.28%
FTSE 100 6,846.21 +0.14%
FTSE 250 16,240.35 +0.08%
UK markets were closing in on their all-time highs on Tuesday, with the FTSE 100 surpassing last year's high in morning trade despite weakness in the heavyweight mining sector.
It was a rather lacklustre session for financial markets across Europe on Monday given that Wall Street was closed for Martin Luther King Jr. Day. Today, however, is likely to see a return to normal trading volumes with US markets due to open as usual later this afternoon.
London's benchmark FTSE 100 was trading 0.14% higher early on at around 6,846.
If index holds on to these gains, it will surpass last year's closing high of 6,840.27 reached in May 2013, coming within touching distance of the record high of 6,930 hit in December 1999.
Sentiment has been lifted by a positive finish for Asian markets overnight on the back of an easing of credit conditions in China as the central bank reportedly injected fresh liquidity into the country's large banks to meet demand for cash ahead of Chinese New Year later this month.
"This comes a day after [data showed that] Chinese growth for 2013 eased, indicating that the central bank there stands ready to act with measures to ease credit conditions in the face of stalling growth – markets have taken heart to this," said Market Strategist Ishaq Siddiqi from ETX Capital.
Unilever jumps, miners fall
Consumer products group Unilever was a high riser this morning after reporting underlying sales growth of 4.3% for 2013, helped by strong growth in the emerging markets. Smaller peer PZ Cussons, however, fell after saying that currency headwinds limited growth in its first half.
Mining stocks were firmly out of favour due to weakness in metals prices. Investors were also focusing on comments from Goldman Sachs which adjusted its commodity price forecasts for 2014 and beyond. The US bank raised its estimates for zinc, lead and potash; kept iron ore and thermal coal unchanged; but downgraded coking coal and platinum forecasts.
As such, Anglo American, the largest producer of platinum in the world, was among the worst performers, followed by Rio Tinto, BHP Billiton, Randgold, Glencore Xstrata and Fresnillo.
Bucking the trend was African Barrick Gold as the Tanzania-focused miner beat its own full-year guidance for gold production.
Beverages group SABMiller was also lower as investors gave a cool reaction to an update on its third-quarter, during which beer volumes rose by a less-than-expected 1%. |
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| FTSE 100 - Risers
Unilever (ULVR) 2,530.00p +3.82%
Intertek Group (ITRK) 2,983.00p +2.58%
easyJet (EZJ) 1,706.00p +1.97%
Standard Chartered (STAN) 1,348.50p +1.54%
Associated British Foods (ABF) 2,729.00p +1.37%
Sainsbury (J) (SBRY) 370.80p +1.31%
British Land Co (BLND) 669.50p +1.21%
Hargreaves Lansdown (HL.) 1,527.00p +1.19%
Tate & Lyle (TATE) 794.50p +1.02%
IMI (IMI) 1,564.00p +0.84%
FTSE 100 - Fallers
SABMiller (SAB) 3,025.00p -2.23%
Randgold Resources Ltd. (RRS) 4,127.00p -1.39%
Rio Tinto (RIO) 3,295.00p -1.23%
Legal & General Group (LGEN) 227.30p -0.92%
Fresnillo (FRES) 770.00p -0.84%
Glencore Xstrata (GLEN) 335.45p -0.75%
BHP Billiton (BLT) 1,872.50p -0.74%
Anglo American (AAL) 1,383.00p -0.72%
Tullow Oil (TLW) 896.00p -0.55%
William Hill (WMH) 360.00p -0.55%
FTSE 250 - Risers
African Barrick Gold (ABG) 210.30p +4.84%
Polymetal International (POLY) 590.00p +3.51%
Pace (PIC) 357.70p +2.85%
Dixons Retail (DXNS) 46.94p +1.93%
BTG (BTG) 620.50p +1.64%
TR Property Inv Trust (TRY) 241.70p +1.38%
Imagination Technologies Group (IMG) 211.70p +1.34%
Supergroup (SGP) 1,564.00p +1.30%
IP Group (IPO) 174.70p +1.28%
Kentz Corporation Ltd. (KENZ) 671.50p +1.13%
FTSE 250 - Fallers
Perform Group (PER) 245.00p -2.00%
PZ Cussons (PZC) 389.00p -1.82%
Fidessa Group (FDSA) 2,460.00p -1.60%
Ferrexpo (FXPO) 177.30p -1.50%
International Personal Finance (IPF) 487.90p -1.35%
Ladbrokes (LAD) 164.80p -1.14%
PayPoint (PAY) 1,134.00p -1.13%
NMC Health (NMC) 492.40p -1.10%
Barr (A.G.) (BAG) 583.50p -1.10% |
| | UK Event Calendar | | FINALS
Unilever
INTERIMS
1pm, PZ Cussons
Q4
Unilever
TRADING ANNOUNCEMENTS
Cairn Energy
IMSs
Intermediate Capital Group
AGMs
Marston’s, Next Fifteen Communications
GMs
Komercni banka AS GDR (level 1)
UK ECONOMIC ANNOUNCEMENTS
CBI Industrial trends survey (11:00)
Trends in Lending (09:30)
Speech Andy Haldane (08:40)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ZEW Economic confidence survey (GER) (10:00)
Monetary policy announcement (TKY) (12:00)
Monetary policy announcement (HNG) (13:00)
IMF World Economic Outlook updated |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: China cash injection boosts stocks - China pumps liquidity into banks
- IMF updates world economic forecast
- ZEW releases German economic sentiment survey
FTSE 100: 0.08%
DAX: 0.21%
CAC 40: 0.03%
FTSE MIB: 0.58%
IBEX 35: 0.21%
Stoxx 600: 0.18%
European stocks rose after China's central bank injected more than 255bn yuan into the financial system and expanded a loan facility.
The People's Bank of China pumped fresh liquidity into the country's large commercial banks, aimed at ensuring the stability of the monetary market ahead of the Lunar New Year holiday later this month.
Turning to today's agenda, activity is expected to pick up as the US resumes trading after closing for yesterday's Martin Lutin King Jr. Day.
Investors will focus on the release of the International Monetary Fund's World Economic Outlook update.
The IMF is expected to report faster expansion of the world economy this year, led by the UK. In October, the group forecast global growth would accelerate to 3.6% this year from 2.9% growth in 2013.
Germany's ZEW survey for economic sentiment is also due out, with economists forecasting the index to rise to 63 in January from 62 in December.
Unilever rises on fourth quarter sales growth
Unilever's shares advanced after the consumer goods giant reported a rise in fourth-quarter underlying sales that exceeded estimates.
Alstom declined after the French maker of trains and power equipment lowered its operating-margins forecast.
SAP slumped as the maker of business-management software delayed its profitability target.
PSA Peugeot Citroen gained following news the European carmaker is considering a capital increase of €3bn.
The euro fell 0.13% to $1.3535.
Brent crude futures rose $0.580 to $106.970 per barrel on the ICE. |
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| | US Market Report | | US close: Markets finish mixed after weak data, earnings - Housing starts, permits decline month-on-month
- Consumer confidence unexpected declines
- Results from Intel, UPS and GE disappoint
Dow Jones: 0.26%
Nasdaq: -0.49%
S&P 500: -0.37%
US markets finished mixed on Friday as investors digested weak economic data and a list of disappointing corporate earnings.
Figures showed that US housing starts and permits both fell in December, while a key gauge of consumer confidence unexpectedly declined in January.
Heavyweights Intel, UPS and General Electric all closed with losses after their quarterly results.
The Dow Jones Industrial Average edged higher to finish up 0.3%, while the Nasdaq and S&P 500 ended with losses of 0.5% and 0.4%, respectively.
Housing data comes in mixed; consumer sentiment weakens
US housing starts fell 9.8% over the month in December to reach an annualised rate of 999,000, according to the US Department of Commerce. This was a significant pull-back from the revised 23.1% gain in November but still came in ahead of the consensus forecast of 990,000.
Putting last month's fall into context, Property Economist Paul Diggle from Capital Economics said: "It only reversed half of November's (upwardly revised) increase; starts are still up on this time last year and they are more than double their low point from 2009."
However, data also released on Friday showed that building permits – more closely-watched by analysts given that they are a forward-looking indicator of housing activity – dropped by a worse-than-expected 3% during December to 986,000, coming in below the 1.014m prediction.
The preliminary reading of the University of Michigan consumer confidence index unexpectedly fell from 82.5 to 80.4 in January, surprising analysts who had expected a rise to 83.5.
Meanwhile, industrial production increased by 0.3% in December, as expected. Manufacturing output expanded by 0.4%, ahead of the 0.3% rise predicted.
Intel, UPS and GE fall; Morgan Stanley gains
Microprocessor group Intel was a heavy faller early on after saying after the bell last night that no revenue growth is expected in 2014, with the struggling PC market affecting demand. Fourth-quarter profit, however, rose to $2.6bn from $2.5bn the year before on sales that rose to $13.83bn from $13.48bn.
Delivery firm UPS was in the red after lowering its guidance for 2013 due to a shorter-than-expected holiday shopping season. Despite an "unprecedented" surge in last-minute orders, the company said that a shorter peak season for deliveries and poor weather dampened results.
Conglomerate General Electric also declined despite a broadly in-line fourth-quarter with income rising 4.8%. Margins at its manufacturing divisions, however, failed to meet guidance.
Banking group Morgan Stanley gained strongly after topping estimates despite a 70% drop in fourth-quarter profits due to weak fixed-income trading results, legal costs and expenses. Investors were also reacting to its updated strategic plan, in which is reiterated its target for return on equity to exceed 10%.
American Express was higher after the credit-card group reported the profits in its fourth quarter doubled.
S&P 500 - Risers
Electronic Arts Inc. (EA) $24.10 +11.88%
Visa Inc. (V) $232.18 +4.69%
Morgan Stanley (MS) $33.40 +4.38%
Intuitive Surgical Inc. (ISRG) $430.14 +3.80%
American Express Co. (AXP) $90.97 +3.63%
SunTrust Banks Inc. (STI) $39.34 +3.50%
Expedia Inc. (EXPE) $70.69 +3.23%
Alcoa Inc. (AA) $11.36 +2.90%
NetApp Inc. (NTAP) $44.49 +2.80%
Wynn Resorts Ltd. (WYNN) $215.70 +2.67%
S&P 500 - Fallers
SLM Corp. (SLM) $24.47 -9.84%
Best Buy Co. Inc. (BBY) $24.43 -8.95%
Edwards Lifesciences Corp. (EW) $68.54 -5.68%
Capital One Financial Corp. (COF) $72.39 -5.30%
Masco Corp. (MAS) $22.10 -4.25%
Bank Of New York Mellon Corp. (BK) $32.70 -3.60%
People's United Financial Inc. (PBCT) $14.85 -3.38%
Micron Technology Inc. (MU) $22.38 -3.24%
United States Steel Corp. (X) $27.42 -3.21%
Avon Products Inc. (AVP) $16.31 -2.63%
Dow Jones I.A - Risers
Visa Inc. (V) $232.18 +4.69%
American Express Co. (AXP) $90.97 +3.63%
International Business Machines Corp. (IBM) $190.09 +0.70%
Goldman Sachs Group Inc. (GS) $176.28 +0.63%
Johnson & Johnson (JNJ) $95.06 +0.44%
Chevron Corp. (CVX) $119.29 +0.39%
Exxon Mobil Corp. (XOM) $99.16 +0.22%
Boeing Co. (BA) $140.46 +0.18%
E.I. du Pont de Nemours and Co. (DD) $64.02 +0.05%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $25.85 -2.60%
General Electric Co. (GE) $26.58 -2.28%
Nike Inc. (NKE) $73.39 -1.87%
JP Morgan Chase & Co. (JPM) $58.11 -1.49%
Microsoft Corp. (MSFT) $36.38 -1.38%
McDonald's Corp. (MCD) $94.93 -1.18%
Coca-Cola Co. (KO) $39.28 -1.08%
Merck & Co. Inc. (MRK) $51.95 -1.05%
Travelers Company Inc. (TRV) $86.47 -0.88%
Procter & Gamble Co. (PG) $79.88 -0.84%
Nasdaq 100 - Risers
Illumina Inc. (ILMN) $136.34 +8.85%
Intuitive Surgical Inc. (ISRG) $430.14 +3.80%
Expedia Inc. (EXPE) $70.69 +3.23%
NetApp Inc. (NTAP) $44.49 +2.80%
Wynn Resorts Ltd. (WYNN) $215.70 +2.67%
Fastenal Co. (FAST) $47.61 +2.01%
Nxp Semiconductors Nv (NXPI) $46.72 +1.57%
Stericycle Inc. (SRCL) $120.09 +1.43%
Vertex Pharmaceuticals Inc. (VRTX) $82.09 +1.35%
O'Reilly Automotive Inc. (ORLY) $135.48 +1.32%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $22.38 -3.24%
Intel Corp. (INTC) $25.85 -2.60%
Apple Inc. (AAPL) $540.67 -2.45%
Viacom Inc. Class B (VIAB) $83.08 -2.19%
Activision Blizzard Inc. (ATVI) $16.96 -2.14%
Staples Inc. (SPLS) $13.61 -2.02%
Equinix Inc. (EQIX) $175.87 -2.01%
Catamaran Corp (CTRX) $49.39 -1.69%
Baidu Inc. (BIDU) $170.14 -1.65%
Bed Bath & Beyond Inc. (BBBY) $66.05 -1.64% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: StanChart, Cost of Energy, QE When Standard Chartered and HSBC engaged in a 500m pound bidding war for Royal Bank of Scotland more than 30 years ago, it did not end well. The UK competition authority blocked both bids, citing their damaging impact on "career prospects, initiative and business-enterprise in Scotland". Now this UK-based commercial lender specialising in Asia, Africa and the Middle East is back at the top of the list for many investment bankers and analysts as the most likely target of a big banking takeover. - Financial Times
The gap in the cost of energy between Europe and its leading trading partners is widening, according to an official paper to be released by Brussels this week. The research shows that industrial electricity prices in the region are more than double those in the United States and 20% higher than in China. - The Times
Central banks will be able to unwind quantitative easing with little impact on the real economy, a study by the Bank of England suggests. Two senior advisers have countered economists' fears of a surge in inflation and a spike in borrowing costs once the recovery is firmly established. They argue that central banks should be able to end their stimulus without significant disruption. - The Times
Axa, the French-owned insurer and fund manager, has unveiled pricing for its DIY investor service, aiming to compete with the UK's biggest broker, Hargreaves Lansdown. Unveiling what it called a "crystal clear price promise", it said its Self Investor service would be cheaper than Hargreaves – at least for a certain profile of investor. Like Hargreaves, it will levy an annual charge as a percentage of the total assets a saver holds via their account. Axa's charge will be 0.5%. Hargreaves equivalent charge, for most customers, will be 0.45%. - Daily Telegraph
The world could face years of jobless economic recovery, with young people set to be hit hardest as global unemployment continues to rise this year, a report from the International Labour Organisation warns. As the World Economic Forum kicks off in the Swiss town of Davos on Wednesday with a focus on growing inequality, the ILO has highlighted a "potentially dangerous gap between profits and people". - The Guardian
The Co-operative Group did a U-turn on the planned sale of its general insurance arm today, as the accountancy regulator launched a probe into the auditing of the distressed mutual's books by industry giant KPMG. The dramatic developments came ahead of the appearance today before MPs of Lord Levene and Gary Hoffman, the Chairman and Chief Executive respectively of the former NBNK Investments banking consolidation vehicle. - The Scotsman | | |
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