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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: UK stocks rise on hopes over China, Japan UK equities advanced on Thursday morning as stimulus hopes in China and easing concerns about the Japanese economy gave London's stock market a boost.
The FTSE 100 was trading 0.2% higher at 6,622 in early deals.
The Footsie slipped on Wednesday for the first time in six sessions after a lower outlook from the Bank of England and a huge fine across the banking sector weighed on sentiment. The UK benchmark index had settled at a six-week high on Tuesday of 6,627.40.
Markets across Asia performed well overnight despite a raft of disappointing economic data in China, where growth in industrial production, retail sales and fixed-asset investment eased in October. Mike van Dulken, head of research at Accendo Markets, said that the figures showed that the economic slowdown had continued into the fourth quarter, "which only goes to stoke the fires of market hope that more stimulus will be forthcoming, buoying risk appetite".
Investors were also reacting to speculation that the People's Bank of China is gauging smaller banks' demand for cash injections to support lending to businesses. Bloomberg cited an official who said that commercial banks in some provinces of China were applying for collateralised loans from the central bank, which could "run into tens of billions of yuan".
Reports that Japanese prime minister Shinzo Abe could call for a snap election next month to seek support for a delay in another sales-tax hike was also helping stocks. An increase in the sales tax from 5% to 8% in April has weighed heavily on growth in Japan and Abe is thought to be looking to postpone any future hike until the economy recovers.
SABMiller, ITV, 3i Group, LSE
Peroni and Grolsch maker SABMiller edged lower after missing analysts' forecasts by reporting flat operating profits in the first half as a stronger US dollar had a $71m negative impact on its bottom line.
ITV underwhelmed despite revenue growth accelerating in the third quarter as the TV group continued to generate television advertising revenues ahead of the market.
Shares in investment firm 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.
London Stock Exchange was also higher 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.
A number of stocks were trading lower after going ex-dividend, including M&S, Shell and BSkyB.
BSkyB was also in focus after revealing that it would be changing its name to Sky after completing the acquisition of Sky Italia and a majority stake in Sky Deutchland. |
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| Market Movers
techMARK 2,849.91 +0.55%
FTSE 100 6,622.35 +0.17%
FTSE 250 15,672.99 +0.44%
FTSE 100 - Risers
3i Group (III) 410.30p +2.01%
Wolseley (WOS) 3,452.00p +1.74%
Aberdeen Asset Management (ADN) 433.10p +1.45%
Hargreaves Lansdown (HL.) 999.00p +1.42%
Mondi (MNDI) 1,070.00p +1.42%
Standard Chartered (STAN) 959.30p +1.40%
Sage Group (SGE) 386.20p +1.36%
Pearson (PSON) 1,198.00p +1.27%
IMI (IMI) 1,244.00p +1.14%
Morrison (Wm) Supermarkets (MRW) 174.90p +1.10%
FTSE 100 - Fallers
British Sky Broadcasting Group (BSY) 846.50p -1.86%
Royal Dutch Shell 'A' (RDSA) 2,192.00p -1.39%
Royal Dutch Shell 'B' (RDSB) 2,288.50p -1.36%
Tullow Oil (TLW) 488.60p -0.85%
ITV (ITV) 198.90p -0.85%
Barclays (BARC) 227.90p -0.70%
Capita (CPI) 1,041.00p -0.67%
easyJet (EZJ) 1,530.00p -0.65%
Sainsbury (J) (SBRY) 264.40p -0.64%
Glencore (GLEN) 328.20p -0.56%
FTSE 250 - Risers
Rank Group (RNK) 161.90p +6.58%
Kaz Minerals (KAZ) 265.70p +2.51%
Essentra (ESNT) 752.50p +2.38%
Ocado Group (OCDO) 314.20p +2.28%
Millennium & Copthorne Hotels (MLC) 567.50p +2.25%
St. Modwen Properties (SMP) 372.90p +2.22%
Croda International (CRDA) 2,456.00p +2.04%
Mitchells & Butlers (MAB) 382.40p +1.95%
Cable & Wireless Communications (CWC) 48.58p +1.91%
Supergroup (SGP) 810.00p +1.89%
FTSE 250 - Fallers
Rexam (REX) 451.50p -6.19%
Electrocomponents (ECM) 223.80p -4.64%
Soco International (SIA) 325.50p -2.60%
Domino Printing Sciences (DNO) 623.50p -1.97%
Afren (AFR) 75.30p -1.89%
Brit (BRIT) 250.30p -1.84%
Mitie Group (MTO) 292.10p -1.82%
Polymetal International (POLY) 529.50p -1.58%
Premier Farnell (PFL) 183.50p -1.34% |
| | UK Event Calendar | | Thursday 13 November
INTERIMS
Atkins (WS), Great Portland Estates, Infinis Energy, London Stock Exchange Group, Norcros, SABMiller, Vedanta Resources
INTERIM DIVIDEND PAYMENT DATE
Dillistone Group, Ladbrokes, Scisys, Tullett Prebon
INTERIM EX-DIVIDEND DATE
Action Hotels, Braemar Shipping Services, Burford Capital , CareTech Holding, DCC, First Derivatives, Home Retail Group, Marks & Spencer Group, Maven Income & Growth VCT, Panther Securities
QUARTERLY EX-DIVIDEND DATE
Blackrock North American Income Trust , F&C Commercial Property Trust Ltd., M Winkworth, MedicX Fund Ltd., Picton Property Income Ltd, Royal Dutch Shell 'A', Royal Dutch Shell 'B'
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (15:30)
ECB Report (EU) (09:00)
Initial Jobless Claims (US) (13:30)
PMI Manufacturing (GER) (08:55)
Treasury Budget Statement (US) (19:00)
Q3
Biofrontera AG (DI), Caledonia Mining Corporation, Ithaca Energy Inc. (DI), Mood Media Corp. (DI), New World Resources A Shares, Princess Private Equity Holding Ltd.
GMS
Best of the Best
FINALS
AB Dynamics
ANNUAL REPORT
Earthport
IMSS
Catlin Group Ltd., Genel Energy, Gulf Keystone Petroleum Ltd.(DI), Premier Oil, Rexam, Rolls-Royce Holdings, Soco International, Spirent Communications, Ted Baker, UTV Media
SPECIAL EX-DIVIDEND PAYMENT DATE
Investec Structured Products Calculus VCT
AGMS
Kier Group, Swallowfield, Thorpe (F.W.), Wetherspoon (J.D.)
UK ECONOMIC ANNOUNCEMENTS
RICS Housing Market Survey (09:30)
FINAL DIVIDEND PAYMENT DATE
Hansard Global, Haynes Publishing Group
FINAL EX-DIVIDEND DATE
Allocate Software, British Sky Broadcasting Group, Craneware, DX (Group), Fidelity Special Values, Just Retirement Group, Utilitywise |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rally as China stimulus hopes European stocks gained as weaker-than-expected Chinese data fuelled speculation of further stimulus measures to boost the slowing economy.
A report showed industrial production in the world's second largest economy rose by 8.4% in October after an 8.5% increase a month earlier, surprising analysts 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 expected.
"Today's activity and spending data have brought further evidence that the fourth quarter has got off to a slow start," said Capital Economics.
"But with President Xi sounding relaxed about the prospect of a drop to 7% GDP growth, a shift in policy still seems unlikely."
In the euro-area German inflation was confirmed at 0.8% in October, unrevised from the previous estimate and in line with forecasts.
The European Central Bank (ECB), which is targeting inflation of just under 2%, has been facing calls to boost stimulus measures to address price instability.
The ECB publishes its Monthly Report and Survey of Professional Forecasters at 09:00 London time. ECB officials Benoit Coeure and Sabine Lautenschlaeger are due to speak in afternoon trading in New York and Stockholm, respectively, potentially shedding light on the central bank's policy.
In the US, a report on initial jobless claims is forecast to come in at 280,000 in the week to 8 November, following 278,000 claims a week earlier.
Company-wise Aveva Group rallied after Barclays raised the software engineering company's shares to 'overweight'.
Shares in investment firm 3i Group gained on Thursday 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.
Brent crude oil fell as much as 0.9% to $79.70 a barrel after hitting its lowest price since September 2010 yesterday. |
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| | US Market Report | | US close: Markets fluctuate amid growing concerns on Eurozone US stocks fluctuated on Wednesday, amid concerns that a slowdown in the Eurozone could hit the US economy.
The Dow Jones Industrial Average closed 2.70 points down at 17,612.20, while the S&P 500 dropped 1.43 points to 2,038.25 and the Nasdaq closed 8.24 points up at 4,195.40.
Concerns that a slowdown in Europe could weigh on the US economy were exacerbated on Wednesday after the Bank of England governor, Mark Carney, unveiled lower UK growth and inflation forecasts, while officials adjusted to account for "moribund" global expansion and stagnation in Europe.
Investors were also monitoring developments in Ukraine, as growing tensions in the nation's eastern combat zone threatened to boil over into open conflict.
Citigroup and JPMorgan Chase & Co slid 0.72% and 1.32% respectively after having to pay regulators settlements of $668m and $662m respectively in foreign-exchange manipulation cases. The banks, along with three others, had to pay fines worth a combined $3bn.
Retailers were also in focus as companies gear up for Black Friday in two weeks' time, the day after Thanksgiving that traditionally marks the start of holiday shopping season for US consumers.
Department-store chain Macy's rose 5.09% after topping forecasts with a 23% rise in third-quarter profit, though the company did cut its outlook for full-year sales.
JM Smucker fell 3.55% after cutting its profit target for the year, while Fossil Group rose 8.41% as results topped estimates.
Susquehanna Bancshares soared 32.53% after BB&T agreed to buy the lender for $2.5bn, while Beazer Homes USA fell 3.27% even though sales beat estimates.
The dollar rose against the pound and the euro but fell against the yen, while gold futures slid to $1,159.00.
The price of West Texas intermediate and Brent crude tumbled, with the former losing over 1.5% and closing at just under $77 a barrel and the latter shedding over 2% and closing at just under $80 a barrel. |
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| | Broker Tips | | Broker tips: J Sainsbury, Barclays, Tullow Oil, Playtech First-half results from grocer J Sainsbury were ahead of market forecasts, but analysts at Shore Capital decided to stay on the fence on the back of continued uncertainties facing companies in the sector. "Whilst we applaud Sainsbury's greater capital discipline, the focus on debt reduction and strengthening the group's balance sheet, we struggle to forecast future years with confidence. We therefore retain our neutral 'hold' stance."
Investec has maintained its 'buy' recommendation on Barclays after agreeing with the bank's logic in deciding "not to play" in Wednesday's otherwise predictable "round one" of regulatory settlements for forex rigging.
After the UK's FCA and the USA's CFTC imposed fines totalling £2bn on five banks, Barclays held off from agreeing as it seeks a co-ordinated settlement to include other agencies such as the US Department of Justice, Securites Exchange Commission and SEC, New York Department of Financial Services and the Swiss regulator.
The news that Tullow Oil is re-evaluating its spending in light of the recent slump in crude prices should be welcomed by the market, according to analysts.
"The market may actually be pleased with Tullow's decision to place more emphasis on near-term production and development delivery and hence we reiterate our 'add' recommendation on the stock," Westhouse Securities said.
Credit Suisse has said it sees further downside to the share price of gaming software group Playtech after recent falls, as it downgraded its rating on the stock from 'neutral' to 'underperform'. | | |
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