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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 close: Stocks end higher, but oil stocks limit gains UK listed shares put in a fairly decent gain on Thursday after positive updates from a number of blue chips and despite oil stocks sliding. The FTSE 100 closed 24.41 points higher at 6,635.45.
Oil stocks declined further after the price of Brent crude oil slipped below $80 per barrel for the first time since September 2010 on the back of a slowing Chinese economy and stubborn remarks from key producing country officials ahead of the next OPEC summit.
"US indices continue to provide strength from which the UK and Europe can draw to gain further ground, although the DAX's drop below 9,300 will have a few traders fretting that divergences between the economies of the Eurozone and the US will continue to make themselves felt," IG market analyst Chris Beauchamp said.
"Even so, a few calming words from Mario Draghi could easily allow Europe to make up the gap, as we continue to await an early Christmas present from the European Central Bank."
Over in the States, the number of people who applied for unemployment benefits in the week ended 8 November rose by 12,000, the biggest increase in two months, to a seasonally adjusted 290,000.
Analysts had expected claims to rise to 280,000 from 278,000 and even though the current figure exceeded estimates, it marked the ninth consecutive week since jobless claims rose above the 300,000 threshold.
Meanwhile, the four-week average of new claims climbed by 6,000 to 285,000 in October.
London Stock Exchange climbs after strong first half
London Stock Exchange was a strong riser after it revealed first-half growth across all its business areas as it moved ahead of schedule to complete the acquisition of US index compiler and asset manager Russell Investments.
Peroni and Grolsch maker SABMiller moved higher despite missing analysts' forecasts by reporting flat operating profits in the first half. However, the company said operating profits would have risen by 3% when adjusted for currency movements.
ITV also rose after saying revenue growth accelerated in the third quarter as the TV group continued to generate television advertising revenues ahead of the market. BSkyB, which has changed its name to Sky, fell after going ex-dividend.
On the second tier, Electrocomponents declined after it was announced that chief executive Ian Mason will step down at the end of the financial year. Mason, who has been chief of the FTSE 250 group for the past 13 years, said his decision followed the successful implementation of the group's 2012 strategy to increase market share and sales growth rates.
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| | Market Movers
techMARK 2,855.11 +0.73%
FTSE 100 6,635.45 +0.37%
FTSE 250 15,631.89 +0.18%
FTSE 100 - Risers
Carnival (CCL) 2,606.00p +2.76%
Dixons Carphone (DC.) 413.50p +2.28%
ITV (ITV) 205.10p +2.24%
Morrison (Wm) Supermarkets (MRW) 176.80p +2.20%
Imperial Tobacco Group (IMT) 2,876.00p +2.17%
International Consolidated Airlines Group SA (CDI) (IAG) 420.00p +2.04%
Sage Group (SGE) 388.50p +1.97%
Travis Perkins (TPK) 1,724.00p +1.89%
3i Group (III) 409.70p +1.86%
Wolseley (WOS) 3,455.00p +1.83%
FTSE 100 - Fallers
Tullow Oil (TLW) 464.00p -5.84%
Royal Dutch Shell 'A' (RDSA) 2,176.00p -2.11%
Royal Dutch Shell 'B' (RDSB) 2,273.00p -2.03%
Weir Group (WEIR) 2,155.00p -2.00%
Rolls-Royce Holdings (RR.) 846.00p -1.46%
British Sky Broadcasting Group (BSY) 850.50p -1.39%
Petrofac Ltd. (PFC) 1,123.00p -1.32%
BP (BP.) 429.95p -0.91%
Standard Life (SL.) 401.60p -0.81%
BG Group (BG.) 1,028.50p -0.44%
FTSE 250 - Risers
Supergroup (SGP) 846.00p +6.42%
Rank Group (RNK) 161.00p +5.99%
Ocado Group (OCDO) 321.00p +4.49%
St. Modwen Properties (SMP) 378.80p +3.84%
Telecity Group (TCY) 800.50p +3.69%
Petra Diamonds Ltd.(DI) (PDL) 185.50p +3.06%
Howden Joinery Group (HWDN) 375.40p +2.88%
Synthomer (SYNT) 202.70p +2.53%
Bodycote (BOY) 633.00p +2.51%
Scottish Mortgage Inv Trust (SMT) 249.00p +2.51%
FTSE 250 - Fallers
Electrocomponents (ECM) 206.50p -12.02%
Bwin.party Digital Entertainment (BPTY) 107.40p -9.82%
Rexam (REX) 451.10p -6.27%
Afren (AFR) 72.40p -5.67%
Spirent Communications (SPT) 70.00p -4.96%
Lonmin (LMI) 181.10p -3.41%
Dairy Crest Group (DCG) 482.00p -3.41%
Premier Farnell (PFL) 179.90p -3.28%
Countrywide (CWD) 432.70p -2.98%
Hochschild Mining (HOC) 92.35p -2.94% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks rally as markets shrug off weak Chinese data, ECB inflation estimate downgrade European stocks advanced as investors shrugged off weak Chinese data and a downward revision to euro-area inflation. Chinese industrial production rose 8.4% in October after a 8.5% increase a month earlier, surprising analyst who had predicted unchanged growth.
China's retail sales increased 11.5% last month following a 11.6% rise in September. Analysts had predicted sales would gain 11.6%.
Chinese fixed assets, excluding rural, rose by 15.9% in October, after a 16.1% increase the previous month, less than the 16% gain that was predicted.
Alpari UK analyst Craig Erlam said: "With inflation so far below the 3.5% target, the data must also encourage the People's Bank of China to undertake more targeted monetary stimulus in a bid to counter to downturn, which is actually good for the markets."
In the Eurozone, the professional forecasters surveyed by the European Central Bank (ECB) for the fourth quarter revised inflation expectations for the next three years to the downside.
"Compared with the previous round, inflation expectations were revised downwards slightly further by between 0.1-0.2 percentage points," the ECB noted in its monthly bulletin.
This left estimates at 0.5%, 1.0% and 1.4% for 2014, 2015 and 2016, respectively.
The revision came as a report showed German inflation rose by 0.8% gain in October, unrevised from the previous estimate and in line with forecasts.
The ECB, which is targeting inflation of just under 2%, has been facing calls to boost stimulus measures to address price instability.
ECB official Benoit Coeure said the fall in Eurozone inflation was a cause for concern.
"What is also a matter of concern is a decline in headline inflation and core inflation," Coeure said at an event in New York.
In the US, initial jobless claims rose by 290,000 in the week to 8 November after increasing 278,000 claims a week earlier. Analysts had expected a gain of 280,000.
Ericsson, RWE
Ericsson climbed after announcing a plan to cut costs by 9bn kronor, including slashing jobs.
RWE slumped as oil prices edged lower including Brent crude and West Texas Intermediate, which both fell below $80 per barrel.
Bayer edged higher after Kepler Cheuvreux SA advised investors to buy the stock.
KBC Groep advanced after reporting third-quarter profit that beat estimates.
3i Group gained after the company said it delivered a "robust performance" in the first half, supported by a good flow of realisations and a strong balance sheet. |
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| | US Market Report | | US open: Markets edge higher as unemployment claims remain under 300,000 US stocks moved slightly forward on Thursday, as the number of weekly jobless claims remained under 300,000 for the ninth consecutive week. Just before 10:00 in New York, the Dow Jones Industrial Average was 27.10 points up at 17,640.59, the S&P 500 rose 3.97 points to 2,042.220, while the Nasdaq was 8.84 points up at 4,204.283.
The number of people who applied for unemployment benefits in the week ended 8 November rose by 12,000, the biggest increase in two months, to a seasonally adjusted 290,000.
Analysts had expected claims to rise to 280,000 from 278,000 and even though the current figure exceeded estimates, it marked the ninth consecutive week since jobless claims rose above the 300,000 threshold.
Meanwhile, the four-week average of new claims climbed by 6,000 to 285,000 in October.
In corporate news, Berkshire and Hathaway advanced slightly after announcing it had agreed to buy the Duracell battery business from Procter & Gamble Co. for $4.7bn in stock.
Wal-Mart, the largest retailer in the world, rose after third-quarter results beat analysts' forecasts. Earnings per share (EPS) only rose to $1.15 from $1.14, but came in ahead of the $1.12 estimate.
The group also said that US same-store sales increased 0.5%, the first time growth was recorded in the domestic market in around two years.
Department-store chain Kohl's dropped after third-quarter EPS fell to 70 cents from 81 cents the year before, missing the 74 cents estimate, while JC Penney slumped after third-quarter results released late Wednesday disappointed.
Dreamworks Animation soared after reports emerged linking Hasbro with a possible takeover of the firm.
The dollar rose against the pound and the yen but fell against the euro, while gold futures advanced to $1.163.20.
The yield on the 10-year US Treasury note fell one basis point to 2.36%, while the yield on the 30-year note dropped two basis points to 3.09% and the yield on the five-year Treasuries shed two points to 1.63%.
The price of Brent crude dropped to a four-year low amid speculations the Organization of Petroleum Exporting Countries won't cut output and energy stocks dragged European markets lower. |
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| | Broker Tips | | Broker tips: Tullow Oil, Standard Life, Wolseley, Rexam Westhouse Securities has lifted its stance on oil explorer Tullow Oil from 'add' to 'buy', hailing the potential of the company's portfolio of assets.
The broker said it now sees "substantial upside" to the stock, with shares now worth just over half of what they were six months ago. However, it has slashed its target from 930p to 770p on the back of a more modest exploration and macro outlook.
Credit Suisse has lifted its target for Standard Life but downgraded the insurer from 'outperform' to 'neutral'.
The target for the stock has been lifted from 410p to 425p to reflect the strong price achieved on the sale of Standard Life's Canadian business - the £2.2bn disposal was £650m above the value Credit Suisse had ascribed to the operations. However, this target only implies 4.7% upside to current prices.
Berenberg has called an end to the earnings downgrade cycle at plumbing- and heating-products group Wolseley as it upgraded its rating on the stock from 'hold' to 'buy' on the back of the firm's US growth potential.
"Complemented by underlying market recovery in US residential and non-residential construction, Wolseley is an attractive proposition with 15% upside to our new price target of 3,900p," Berenberg said. The previous target was 3,500p.
Beverage can maker Rexam said it traded in line with expectations in the third quarter, but a gloomy outlook for 2015 has prompted broker Charles Stanley to cut forecasts and repeat its 'hold' recommendation. | | |
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