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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: Oil and mining stocks limit gains on FTSE Falling oil and mining stocks and a poorly-received update from Kingfisher were limiting gains on the FTSE 100 on Tuesday morning, as investors awaited a wave of global economic data.
London's benchmark index was trading just 0.1% higher at 6,737 within the opening hour.
The Footsie had dropped 0.3% on Monday after closing at a two-month high of 6,750.76 last week following a surprise interest-rate cut by the People's Bank of China (PBoC).
Data released on Tuesday morning showed that Germany gross domestic product (GDP) growth was confirmed at 0.1% for the third quarter, expanding by 1.2% over the same period last year. The figures were in line with the initial estimates earlier this month, though the second-quarter contraction was revised to -0.1% from -0.2%.
In the UK, Bank of England governor Mark Carney is due to speak in London, while a report on loans for house purchases from the British Bankers' Association will also be closely watched.
The second estimate for third-quarter US GDP is also due out later on, with analysts expecting the world's largest economy to have expanded at an annual rate of 3.3%, lower than the initial 3.5% estimate.
The index for US consumer confidence is expected to increase to 96 in November from 94.5 a month earlier. Personal spending and house price figures will also be released in the States on Tuesday afternoon.
Kingfisher disappoints, oil and mining stocks slump
Shares in Kingfisher declined after the B&Q and Screwfix owner saw like-for-like (LFL) sales fall in the third quarter as decent growth in the UK and Ireland was offset by falling sales in its largest market, France. LFL sales declined 0.9%, compared with 1.8% growth in the first half.
Oil stocks were weak as Brent fell for a second straight day ahead of the pivotal OPEC meeting this week. According to reports, OPEC is looking to spare three countries - Iraq, Iran and Libya - from potential cuts to production. Shell, Tullow and BP were all trading lower.
Mining stocks were also out of favour as share prices continue to retreat after a PBoC-inspired rally last week. Anglo American, BHP Billiton, Fresnillo and Antofagasta were among the worst performers on the FTSE 100.
The Questor column in The Telegraph gave the mining sector a 'sell' rating on Tuesday, saying that companies' earnings forecasts may yet have further to fall due to declining commodity prices, and promises of cash returns may fail to materialise.
First-half results from Severn Trent were broadly in line with expectations, though shares fell early on. The group said negotiations with regulator Ofwat about the upcoming price review will mean bringing forward extra capital expenditure into the second half.
Petrofac was extending losses after slumping by 26% on Monday on the back of a profit warning. The oilfield services stock was under further selling pressure after analysts at Credit Suisse and Deutsche Bank downgraded their ratings on the stock. |
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| Market Movers
techMARK 2,912.15 +0.33%
FTSE 100 6,737.24 +0.11%
FTSE 250 15,737.98 +0.18%
FTSE 100 - Risers
Sky (SKY) 915.50p +2.29%
Marks & Spencer Group (MKS) 485.40p +1.95%
BT Group (BT.A) 400.60p +1.65%
easyJet (EZJ) 1,571.00p +1.62%
Associated British Foods (ABF) 3,089.00p +1.18%
Shire Plc (SHP) 4,546.00p +1.13%
International Consolidated Airlines Group SA (CDI) (IAG) 439.70p +1.08%
Ashtead Group (AHT) 1,070.00p +1.04%
Standard Life (SL.) 417.40p +1.04%
HSBC Holdings (HSBA) 634.90p +1.00%
FTSE 100 - Fallers
Petrofac Ltd. (PFC) 841.50p -4.10%
Kingfisher (KGF) 295.80p -2.63%
BHP Billiton (BLT) 1,597.00p -1.48%
Anglo American (AAL) 1,334.50p -1.44%
Morrison (Wm) Supermarkets (MRW) 184.50p -1.34%
Tullow Oil (TLW) 497.50p -1.09%
Burberry Group (BRBY) 1,606.00p -0.74%
Royal Dutch Shell 'B' (RDSB) 2,362.50p -0.69%
BP (BP.) 444.15p -0.68%
Severn Trent (SVT) 2,049.00p -0.63%
FTSE 250 - Risers
Paragon Group Of Companies (PAG) 395.70p +4.71%
Balfour Beatty (BBY) 170.00p +4.23%
IG Group Holdings (IGG) 673.00p +3.94%
De La Rue (DLAR) 564.50p +2.54%
Nostrum Oil & Gas (NOG) 645.00p +2.38%
Informa (INF) 473.40p +2.05%
Zoopla Property Group (WI) (ZPLA) 193.60p +1.89%
Greencore Group (GNC) 264.60p +1.69%
Rexam (REX) 451.60p +1.67%
Electra Private Equity (ELTA) 2,589.00p +1.49%
FTSE 250 - Fallers
AO World (AO.) 209.90p -3.27%
Hochschild Mining (HOC) 97.75p -2.83%
Centamin (DI) (CEY) 51.35p -2.56%
Lonmin (LMI) 182.50p -2.25%
EnQuest (ENQ) 68.05p -2.16%
Domino Printing Sciences (DNO) 631.00p -1.94%
Afren (AFR) 68.05p -1.80%
Riverstone Energy Limited (RSE) 880.50p -1.78%
Card Factory (CARD) 246.30p -1.36% |
| | UK Event Calendar | | Tuesday 25 November
INTERIMS
Accumuli , AO World, Byotrol, Caledonia Investments, Chamberlin, Creston, Custodian Reit , De La Rue, Essar Energy , KCOM Group, Renold, Scapa Group, Severfield, Severn Trent
INTERIM DIVIDEND PAYMENT DATE
Intu Properties
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
GDP (Preliminary) (US) (13:30)
House Price Index (US) (15:00)
Q3
OSJC Center for Cargo Container Traffic Transcontainer GDR (Reg S)
GMS
MTI Wireless Edge Ltd., Rurelec
FINALS
Cambria Automobiles, Greencore Group, Mitchells & Butlers, Paragon Group Of Companies, Renew Holdings, Sanderson Group, Topps Tiles, Zoopla Property Group (WI)
EGMS
3Legs Resources, Conexion Media Group
AGMS
Black Mountain Resources Ltd, Just Retirement Group, Pantheon International Participations, Wildhorse Energy Ltd. (DI), Wolseley
TRADING ANNOUNCEMENTS
IG Group Holdings, Kingfisher
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:25)
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
Close Brothers Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed after German GDP European stocks were little changed after a report showed the German economy grew slightly in the third quarter.
The Federal Statistics office in its final estimate confirmed German gross domestic product (GDP) rose 0.1% in the third quarter after a 0.1% contraction in the second quarter.
The revision of second-quarter GDP to a 0.1% contraction followed a preliminary reading showing a 0.2% decline.
"Overall, the composition lends support to our expectations that German GDP will continue to grow moderately at around 0.1% quarter-on-quarter in the fourth quarter," said Berenberg.
"Risks to our fourth quarter forecast are slightly to the upside given the strong negative stocks contribution in the third quarter."
Elsewhere in the Eurozone, Bundesbank will at 10:00 London time release its Financial Stability Report while the OECD releases its economic outlook for the region.
In the UK, Bank of England Governor Mark Carney speaks in London at 10:00 and the UK sees the release of loans for house purchases data from the British Bankers' Association.
Later in the US, GDP is due with analysts expected it to rise by an annualised 3.3% in the third quarter, compared to 3.5% previously.
Separately, the Conference Board's index for US consumer confidence is projected to increase to 96 in November from 94.5 a month earlier.
Volvo, ING
Volvo AB declined after the truckmaker said it will set aside €400m due to a European Commission investigation into violation of antitrust rules.
ING Groep NV rallied after the Dutch lender said it plans to cut 1,700 jobs in the next three years.
Kingfisher slumped after the home improvement retailer reported a 9.3% fall in France sales in the 13 weeks to 1 November.
FLSmidth & Co. A/S jumped after announcing it signed a contract for a large cement project.
The euro fell 0.03% to $1.2438. |
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| | US Market Report | | US Close: Markets edge higher on hopes of further central bank action US stocks edged higher on Monday after the possibility was raised that Chinese interest rates could be slashed further and on hopes the European Central Bank might be spurred into action.
The Dow Jones Industrials finished 7.84 points higher at 17,818, the S&P 500 gained 6 points to 2,069 while the Nasdaq Composite jumped 42 points to 4,755.
Continuing speculation that China will cut down rates and lessen lending restrictions has reinforced confidence in the global outlook somewhat.
The People's Bank of China said it would slash rates for the first time in two years on Friday amid record-breaking highs for US stocks.
"The decision came as a surprise and the prospect of greater policy support from Beijing initially spurred a rally across all EM assets. But we suspect that the implications for the wider emerging world are actually fairly limited," said Capital Economics chief emerging markets economist Neil Shearing.
As the US begins its holiday season, kicking off with Thanksgiving, "traders are unlikely to be cashing in their long positions" before the festivities end, according to IG market analyst David Madden.
Tetraphase Pharmaceuticals rose by 10.86% in response to reports that the firm is contemplating a sale.
Platinum Underwriters Holdings soared 21.09% after the reinsurer claimed that RenaissanceRe Holdings would purchase it for around $76 per share.
Best Buy increased by 2.02% in the lead up to Black Friday on 28 November. "Retailers will be in fashion this week, as Black Friday kicks off the spending season," Madden noted while adding that "a slip in the service industry could keep interest rates low for a 'considerable time'".
Tesla Motors also gained, rising 1.62% as its chief executive revealed plans to partner with BMW on battery technology and charging stations.
Crude futures slide
The dollar retreated against the pound and the euro, but gained against the yen.
Oil prices remained negative on Monday as Brent crude and West Texas intermediate both fell more than 1% to $79.50 and $75.7 a barrel, respectively.
S&P 500 - Risers
Urban Outfitters Inc. (URBN) $33.17 +5.37%
Gap Inc. (GPS) $40.21 +4.55%
Edwards Lifesciences Corp. (EW) $127.52 +3.26%
Actavis plc (ACT) $266.88 +2.74%
KLA-Tencor Corp. (KLAC) $83.71 +2.69%
Gannett Co. Inc. (GCI) $32.28 +2.64%
Time Warner Cable Inc. (TWC) $146.24 +2.61%
Coach Inc. (COH) $37.41 +2.61%
Celgene Corp. (CELG) $110.98 +2.57%
Hospira Inc. (HSP) $60.30 +2.52%
S&P 500 - Fallers
Mosaic Company (MOS) $45.46 -3.71%
Jacobs Engineering Group Inc. (JEC) $47.51 -3.20%
Nabors Industries Ltd. (NBR) $16.40 -3.02%
Pioneer Natural Resources Co. (PXD) $171.00 -2.95%
Exelon Corp. (EXC) $35.25 -2.76%
FMC Technologies Inc. (FTI) $55.48 -2.67%
Newmont Mining Corp. (NEM) $19.17 -2.64%
Peabody Energy Corp. (BTU) $11.16 -2.45%
Tyson Foods Inc. (TSN) $41.25 -2.39%
FirstEnergy Corp. (FE) $36.33 -2.36%
Dow Jones I.A - Risers
Intel Corp. (INTC) $36.25 +1.85%
Walt Disney Co. (DIS) $90.58 +1.82%
Boeing Co. (BA) $134.61 +1.38%
Wal-Mart Stores Inc. (WMT) $85.40 +0.89%
JP Morgan Chase & Co. (JPM) $60.96 +0.84%
International Business Machines Corp. (IBM) $162.15 +0.76%
American Express Co. (AXP) $91.04 +0.72%
Cisco Systems Inc. (CSCO) $27.03 +0.56%
Nike Inc. (NKE) $97.95 +0.54%
McDonald's Corp. (MCD) $97.17 +0.51%
Dow Jones I.A - Fallers
AT&T Inc. (T) $34.70 -1.64%
Verizon Communications Inc. (VZ) $49.50 -1.41%
United Technologies Corp. (UTX) $108.79 -1.37%
Exxon Mobil Corp. (XOM) $95.72 -1.13%
Johnson & Johnson (JNJ) $106.88 -0.91%
Chevron Corp. (CVX) $117.59 -0.83%
Microsoft Corp. (MSFT) $47.59 -0.81%
Pfizer Inc. (PFE) $30.22 -0.76%
Merck & Co. Inc. (MRK) $59.25 -0.69%
Procter & Gamble Co. (PG) $88.11 -0.55%
Nasdaq 100 - Risers
Dish Network Corp. (DISH) $76.05 +3.19%
Illumina Inc. (ILMN) $191.16 +2.87%
KLA-Tencor Corp. (KLAC) $83.71 +2.69%
Celgene Corp. (CELG) $110.98 +2.57%
Charter Communications Inc. (CHTR) $164.36 +2.54%
Discovery Communications Inc. Class A (DISCA) $34.58 +2.47%
Vertex Pharmaceuticals Inc. (VRTX) $113.80 +2.15%
Sandisk Corp. (SNDK) $102.91 +2.06%
Bed Bath & Beyond Inc. (BBBY) $73.69 +1.91%
Symantec Corp. (SYMC) $25.80 +1.86%
Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $138.35 -1.44%
Autodesk Inc. (ADSK) $61.28 -1.08%
Netflix Inc. (NFLX) $356.47 -1.06%
Vodafone Group Plc ADS (VOD) $35.34 -0.93%
Microsoft Corp. (MSFT) $47.59 -0.81%
Mattel Inc. (MAT) $31.20 -0.79%
DIRECTV (DTV) $86.79 -0.74%
Monster Beverage Corp (MNST) $108.79 -0.60%
Baidu Inc. (BIDU) $243.91 -0.57% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Germany, Schroders, Goldman Sachs German bond yields are to fall below Japanese levels and plumb depths never seen before in history as Europe becomes the epicentre of global deflationary forces, according to new forecast from the Royal Bank of Scotland. "We are seeing `Japanification' setting in across Europe," said Andrew Roberts, the bank's credit strategist. "We expect 10-year Bund yields to cross the 10-year Japanese government bond and we are amply positioned for such an outcome." - The Daily Telegraph
Schroders faces a potential conflict of interest in the wake of Aviva's surprise £5.4bn approach to buy Friends Life. The blue-chip fund manager is the second-largest shareholder in Friends Life, with a stake of more than 9% that is worth about £480m based on yesterday's share price. However, Schroders is also one of several fund managers that run money for the insurer, which contracts out the management of the lion's share of its £10bn of assets. - The Times
A high court judge has ordered Goldman Sachs to reveal how much profit it made on a deal that lost Libya's government more than $1bn when financial bets turned sour. The Libyan Investment Authority, created in 2006 to look after the country's oil riches, accused the Wall Street bank of duping it into making investments that its "naive" staff didn't understand. - The Guardian
One of the City's most influential shareholder groups has issued a warning about a £25m pay deal for the new boss of BG Group. The Investment Management Association issued its "red top" alert - its most serious warning signal about corporate governance breaches - as Legal & General, the biggest investor in the UK stock market, also revealed it was concerned about the £25m pay deal for Helge Lund, which is being put to a shareholder vote next month.- The Guardian
A dip in confidence across the services sector will limit growth heading into the new year, according to a wide ranging business survey. High demand going into the pre-Christmas period for leisure, hotels and professional services was unable to maintain the buoyant confidence levels seen earlier in the year, the CBI said in its quarterly report on the sector. A price freeze will also dent the profitability of business and professional services as intense competition limits inflationary pressures, it added. - The Guardian | | |
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