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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: Shares drop amid falling oil prices and economic woe Falling oil prices and downbeat manufacturing data in continental Europe sent London shares into reverse on Monday.
The price of a barrel of Brent crude leaked more than 10% and US light crude was off 11% just after the close in London as Middle East and US oil chiefs continued their stand-off over production.
Shares in Europe were being weighed down by a slowdown in manufacturing growth across the region and in China.
The German purchasing managers index signalled contraction at 49.5, which pushed the Euro-area survey close to contraction at 50.1.
France was still in contraction territory, although it beat expectations, while Spain also cheered economists by expanding further.
The FTSE 100 Index closed 66.25 points adrift at 6656.37 as oil industry losses offset any gains from a slightly faster rate of UK manufacturing growth in November, supported mainly by domestic orders.
Tullow Oil was the biggest faller in the Footsie with a 25.5p drop to 400.5p while oil services group Weir dipped 47p to 1829p and Petrofac slipped 17p to 808p. BP gave up 5.7p at 414.5p.
In the second tier, Afren was 6.1p off at 45.66p and Enquest backtracked 4.46p to 45.11p.
Investors checked out of Intercontinental Hotels Group by 102p to 2608p after UBS downgraded it to a 'sell' from 'neutral' on expensive valuation grounds.
Fund manager Aberdeen Asset Management climbed 7.6p to 457.5p as annual underlying profits inched higher in the year to 30 September despite a "more challenging environment" |
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| | Market Movers
techMARK 2,923.46 -0.82%
FTSE 100 6,656.37 -0.99%
FTSE 250 15,719.77 -0.83% FTSE 100 - Risers
Aberdeen Asset Management (ADN) 457.50p +1.69%
Sports Direct International (SPD) 671.00p +1.59%
Rolls-Royce Holdings (RR.) 854.50p +1.42%
Dixons Carphone (DC.) 428.50p +1.23%
Aggreko (AGK) 1,548.00p +0.98%
Fresnillo (FRES) 719.00p +0.98%
Wolseley (WOS) 3,619.00p +0.81%
International Consolidated Airlines Group SA (CDI) (IAG) 461.00p +0.77%
Compass Group (CPG) 1,098.00p +0.73%
Johnson Matthey (JMAT) 3,346.00p +0.60%
FTSE 100 - Fallers
Tullow Oil (TLW) 400.50p -5.99%
Carnival (CCL) 2,692.00p -4.54%
InterContinental Hotels Group (IHG) 2,608.00p -3.76%
Smiths Group (SMIN) 1,115.00p -3.63%
RSA Insurance Group (RSA) 453.40p -3.16%
SABMiller (SAB) 3,455.00p -3.06%
TUI Travel (TT.) 431.20p -3.04%
Vodafone Group (VOD) 227.20p -2.89%
Old Mutual (OML) 194.80p -2.75%
Coca-Cola HBC AG (CDI) (CCH) 1,413.00p -2.69%
FTSE 250 - Risers
Croda International (CRDA) 2,566.00p +4.56%
SSP Group (SSPG) 275.60p +4.28%
Balfour Beatty (BBY) 191.10p +4.26%
William Hill (WMH) 347.20p +3.64%
Morgan Advanced Materials (MGAM) 300.40p +2.95%
Saga (SAGA) 156.90p +2.02%
Spire Healthcare Group (SPI) 320.00p +1.91%
Foxtons Group (FOXT) 153.90p +1.45%
Brit (BRIT) 252.00p +1.33%
Ted Baker (TED) 2,183.00p +1.16%
FTSE 250 - Fallers
Afren (AFR) 45.66p -11.77%
EnQuest (ENQ) 45.11p -9.00%
Hochschild Mining (HOC) 89.00p -5.12%
Vedanta Resources (VED) 694.50p -4.80%
Lancashire Holdings Limited (LRE) 515.00p -4.63%
Ophir Energy (OPHR) 138.80p -4.47%
Bodycote (BOY) 614.00p -4.36%
Bwin.party Digital Entertainment (BPTY) 103.20p -4.27%
Fisher (James) & Sons (FSJ) 1,007.00p -4.19%
Ashmore Group (ASHM) 295.00p -4.13%
FTSE TechMARK - Risers
Oxford Biomedica (OXB) 5.15p +4.57%
Skyepharma (SKP) 370.25p +3.86%
Vectura Group (VEC) 129.50p +1.97%
Consort Medical (CSRT) 713.00p +1.86%
Filtronic (FTC) 22.88p +1.67%
KCOM Group (KCOM) 86.25p +1.47%
Promethean World (PRW) 24.25p +1.04%
Sepura (SEPU) 148.25p +0.85%
CML Microsystems (CML) 352.50p +0.71%
Dialight (DIA) 783.00p +0.32%
FTSE TechMARK - Fallers
Optos (OPTS) 233.00p -4.90%
Torotrak (TRK) 14.00p -3.45%
Kofax Limited (DI) (KFX) 422.75p -2.48%
Ricardo (RCDO) 617.00p -2.06%
Innovation Group (TIG) 30.50p -1.61%
E2V Technologies (E2V) 170.00p -1.59%
RM (RM.) 159.50p -1.54%
Gresham Computing (GHT) 84.00p -1.18%
Sarossa (SARS) 1.83p -1.08% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Eurozone, China manufacturing PMIs weigh on stocks A slowdown in manufacturing in China and the Eurozone dragged on European stocks on Monday.
In China, the HSBC Holdings and Markit Economics' purchasing managers' index (PMI) on manufacturing fell to 50.3 last month from 50.8 in October, worse than the 50.5 expected by analysts. A reading above 50 signals expansion.
The data adds to concerns about the health of the world's second-largest economy, which recently prompted the People's Bank of China to cut interest rates.
In the euro-area, the final reading of the manufacturing PMI was revised to 50.1 in November from the initial estimate of 50.4. Economists had expected no change.
"As in China, the focus at the moment is on the central bank and what it can do to support growth and slow the decline in inflation, with the Eurozone lying dangerously close to deflation territory," said Alpari UK analyst Craig Erlam.
"The European Central Bank (ECB) has already announced a large batch of measures in an attempt to stop the decline but they don't appear to be working. Following Draghi's comments a couple of weeks ago when he claimed the ECB must do more, the latest policy decision on Thursday should be extremely interesting, with some suggesting that the ECB may be ready to unleash the QE bazooka."
Markit's PMI for UK manufacturing rose to 53.5 in November from 53.3 in October, compared to the forecast of 53.
In the US, Markit's manufacturing PMI in November was revised up to 54.8 from 54.7 previously, compared to forecasts of 55. The reading was in line with October.
ISM's US manufacturing index fell to 58.7 in November from 59 the prior month. However it beat the 58 projection.
Vodafone Group's shares edged lower following reports the company is considering a combination with John Malone's Liberty Global.
EON SE jumped on news the German biggest utility will spin off conventional power generation.
Gagfah SA rallied as Deutsche Annington Immobilien SE agreed to buy the German property company.
Altice SA advanced as it entered exclusive talks to acquire Oi SA's Portuguese assets.
The euro rose 0.26% to $1.2484. |
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| | US Market Report | | US open: Retailers and energy stocks lead Wall Street lower US stocks opened with moderate losses on Monday as weak global manufacturing data and a disappointing performance by retailers over the crucial Thanksgiving weekend dampened sentiment on Wall Street.
By 10:01 in New York, the Dow Jones Industrial Average was 0.5% lower, the S&P 500 fell 0.6% and the Nasdaq dropped 0.9%.
US markets were tracking declines over in Europe after the official Chinese manufacturing purchasing managers' index (PMI) fell to an eight-month low of 50.3 last month. Meanwhile, the final reading of the November Eurozone manufacturing PMI was unexpectedly revised to 50.1 from the initial reading of 50.4.
The Institute for Supply Management's (ISM) US manufacturing index fell to 58.7 in November, down from 59 the month before but ahead of the 58 estimate.
Meanwhile, the final reading of the Markit US manufacturing PMI was revised to 54.8, up from the flash reading of 54.7 but below the 55 forecast and still at the lowest level in 10 months.
In corporate news, retailers were sold off in early after the National Retail Federation said retail spending over the Thanksgiving weekend fell 11%. This was the second consecutive annual decline for the four days to 30 November.
Heavyweight retailers such as Macy's, Sears, Amazon.com, Kohl's, JC Penney, Wal-Mart and Target were trading firmly in the red.
Oil prices stabilised on Monday after their recent plunge, but that didn't ease the downwards pressure on the energy sector, with Anadarko Petroleum, Devon Energy, Marathon Oil and Conocophillips all out of favour. |
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| | Broker Tips | | Broker tips: Oil stocks, IHG, Vodafone, Balfour Beatty A continued drop in oil prices was weighing heavily on the exploration and production sector again on Monday, with stocks dampened further after a number of ratings downgrades by US broker JPMorgan Cazenove.
The bank has cut its recommendations for UK-listed Afren (from 'overweight' to 'underweight'), Enquest (from 'overweight' to 'neutral'), Ophir Energy (from 'neutral' to 'underweight') and Tullow Oil (from 'overweight' to 'neutral').
UBS has downgraded Holiday Inn and Crowne Plaza owner Intercontinental Hotels Group from 'neutral' to 'sell', saying that the stock is expensive given its concerns about slowing growth.
In regard to revenue per available room growth in the US, the bank said: "We are not calling the end of the cycle, but we believe it is late enough in the cycle to not pay peak multiples."
Credit Suisse has lifted its target for Vodafone, saying that price erosion is slowing and usage of 4G is accelerating at the telecoms giant.
The bank raised its target for the shares from 220p to 250p and reiterated its 'outperform' recommendation.
The £1bn potential bid by John Laing Infrastructure Fund for Balfour Beatty's public-private partnership portfolio will test the latter's new boss, according to analysts at Canaccord Genuity. | | |
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