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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: Resource stocks drag FTSE 100 to lowest in over two weeks The UK stock market started the new week on the back foot after yet more disappointing economic data from China dampened sentiment, with shares in the mining and oil sectors falling sharply.
The official purchasing managers index (PMI) for China came in below expectations at an eight-month low, adding to concerns about the state of the world's second-largest economy.
The FTSE 100 had dropped 0.94% to 6,659 early on. It has not closed below this mark since 14 November when it settled at 6,654.37.
Government data showed that the China manufacturing PMI fell to 50.3 last month, down from October's reading of 50.8 and under consensus forecast of 50.5.
Meanwhile, the final reading of the unofficial Chinese manufacturing report by HSBC confirmed that the sector stagnated in November, with the PMI falling to the 50-point mark which separates expansion from contraction, a six-month low. This was down from a reading of 50.4 in October.
"Today's PMI readings suggest that the manufacturing sector continues to face headwinds," said analysts at Capital Economics. "And while it is too early to look for the impact of last month's rate cut in today's data, it seems unlikely that it will be enough to prevent a further slide in growth."
A host of manufacturing PMIs were also due out in the UK, Eurozone and US on Monday.
Resource stocks fall, Tullow slumps
A sell-off across the commodities markets dampened stocks in the resource sectors on Monday with oil stocks reeling from the continued plunge in crude prices. West Texas Intermediate dropped below $65 per barrel, its lowest since July 2009, while Brent was trading at $67.82, its lowest since October 2009.
Tullow Oil was leading the decline in the oil sector after a downgrade from JPMorgan Cazenove to 'neutral'. The bank more than halved its target for the stock from 1,000p to just 495p.
JPMorgan also cut its ratings for FTSE 250 peers Ophir, Enquest and Afren.
Oil and gas firm BG Group slumped after revising the remuneration package for its new chief executive Helge Lund, following intense pressure from shareholders. The company had originally proposed a £25m package for its new boss, but has now decided to give him £10.6m in shares.
Blue-chip miners such as Randgold, BHP Billiton, Anglo American and Glencore were also suffering heavy losses as metal prices weakened.
Annual underlying profits at asset manager Aberdeen inched higher in the year to 30 September despite a "more challenging environment", as the company hiked its dividend by over a tenth. The stock advanced slightly early on.
Balfour Beatty was on the rise after John Laing Infrastructure Fund announced it is planning to make a non-binding proposal to Balfour's board for its public-private partnership portfolio for around £1bn in cash. |
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| Market Movers
techMARK 2,934.70 -0.44%
FTSE 100 6,659.40 -0.94%
FTSE 250 15,729.39 -0.77%
FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 472.60p +3.30%
easyJet (EZJ) 1,688.00p +2.12%
Reckitt Benckiser Group (RB.) 5,325.00p +1.33%
BT Group (BT.A) 414.80p +1.12%
Marks & Spencer Group (MKS) 493.60p +1.04%
Whitbread (WTB) 4,633.00p +1.00%
SSE (SSE) 1,656.00p +0.98%
Next (NXT) 6,825.00p +0.74%
Diageo (DGE) 1,995.50p +0.73%
Reed Elsevier (REL) 1,121.00p +0.72%
FTSE 100 - Fallers
Tullow Oil (TLW) 389.00p -8.69%
Weir Group (WEIR) 1,787.00p -4.74%
BG Group (BG.) 865.80p -3.82%
Smiths Group (SMIN) 1,114.00p -3.72%
Vodafone Group (VOD) 225.35p -3.68%
BHP Billiton (BLT) 1,462.50p -3.59%
Randgold Resources Ltd. (RRS) 4,109.00p -3.39%
Anglo American (AAL) 1,278.50p -3.25%
Mondi (MNDI) 1,061.00p -3.10%
Fresnillo (FRES) 690.50p -3.02%
FTSE 250 - Risers
Balfour Beatty (BBY) 191.50p +4.47%
Morgan Advanced Materials (MGAM) 303.00p +3.84%
Riverstone Energy Limited (RSE) 909.50p +3.35%
Zoopla Property Group (WI) (ZPLA) 200.00p +1.63%
William Hill (WMH) 340.30p +1.58%
Euromoney Institutional Investor (ERM) 1,034.00p +1.47%
Croda International (CRDA) 2,478.00p +0.98%
Workspace Group (WKP) 694.50p +0.94%
Barr (A.G.) (BAG) 619.50p +0.90%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 567.00p +0.89%
FTSE 250 - Fallers
EnQuest (ENQ) 44.58p -10.07%
Ophir Energy (OPHR) 132.50p -8.81%
Afren (AFR) 47.25p -8.70%
Soco International (SIA) 264.50p -6.57%
Hochschild Mining (HOC) 87.85p -6.34%
Premier Oil (PMO) 177.80p -4.92%
Wood Group (John) (WG.) 564.50p -4.56%
Cairn Energy (CNE) 155.80p -4.12%
Centamin (DI) (CEY) 43.91p -3.92% |
| | UK Event Calendar | | Monday December 01
INTERIMS
Bonmarche Holdings
INTERIM DIVIDEND PAYMENT DATE
BAE Systems, ITV, Lewis Php.5%Pf 5% Cum Prf Stk #1, Lewis Php.7Hpf 7 1/2% Cum Prf Stk #1
QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
GMS
Innovation Group, Max Petroleum, Peer TV
FINALS
Aberdeen Asset Management, Intelligent Energy Holdings
AGMS
Inland Homes
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
PMI Manufacturing (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks decline as Chinese manufacturing growth slows European stocks were in the red after Chinese manufacturing activity growth slowed more than expected in November.
HSBC Holdings and Markit Economics' purchasing managers' index (PMI) fell to 50.3 last month from 50.8 in October, more than the 50.5 forecast by analysts. A reading above 50 signals expansion.
In the euro-area, the manufacturing PMI slipped to 50.1 in November from 50.4 the previous month. Economists had pencilled in a reading of 50.4.
Markit at 09:30 London time will release is PMI for UK manufacturing which is predicted to decline to 53 in November from 53.2 a month earlier.
In the UK investors are also awaiting the release of mortgage approval figures for October at 09:30.
US manufacturing data will be released at 15:00 by ISM. Analysts see the index dropping to 58 in November from 59 the prior month.
Vodafone moves lower
In company news, Vodafone Group's shares slumped following reports the company is considering a combination with John Malone's Liberty Global.
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.
E.On SE jumped on news the German biggest utility will spin off conventional power generation.
The euro rose 0.14% to $1.2469. |
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| | US Market Report | | US Close: Markets up as Thanksgiving retailers rise and crude prices plummet US stocks were up on Friday after an early Thanksgiving close while declining oil companies prompted lower crude prices.
The Dow Jones Industrial Average rose by 0.49% to 17,828.24 while the S&P 500 increased by 5.8% to 2,072.83 and the Nasdaq gained 4.31% to 4,791.63.
As the markets were closed for Turkey-Day on Thursday, early trading returned on Friday for energy shares to play catch-up with Europe as OPEC decided not to slash output. Following the OPEC revelation, oil prices crashed to a four-year low.
"Opinion is divided on whether the fall is good news or bad news, but it looks like the power of OPEC to maintain a balance in the market has been severely weakened, if not broken entirely," said IG market analyst Chris Beauchamp.
West Texas Intermediate crude fell 3.74% to $66.53 a barrel and Brent crude dropped 2.86% to $70.56 a barrel.
However, the holiday week has benefit retailers. "Black Friday mania and the boost to consumer spending from falling petrol prices will keep retailers in the frame, while airlines should also feel positive headwinds," Beauchamp added.
In corporate news, various oil companies experienced a sharp decline once OPEC's decision was announced.
Exxon fell 4.17%, Devon Energy plummeted by 7.89% and Chevron went down 5.42%
Meanwhile, lower fuel price projections gave travel stocks a boost. Delta Air Lines rose 5.46% while Southwest Airlines increased 6.47% and cruise operator Carnival gained 4.84%.
Wal-Mart Stores received a boost of 3% after claiming it experienced its second-highest online sales ever on Thanksgiving Day, beaten only by Cyber Monday in 2013.
GoPro shares receded by 1.37% on Friday, dampening the idea that the wearable video camera maker would reach a fourth straight gain.
The dollar gained against the euro, the pound and the yen, while mini-gold futures slid by 2.56% to 1,167.60 points.
S&P 500 - Risers
Southwest Airlines Co. (LUV) $41.82 +6.47%
Delta Airlines Inc. (DAL) $46.67 +5.49%
Carnival Corp. (CCL) $44.16 +4.84%
Expeditors International Of Washington Inc. (EXPD) $46.83 +3.63%
KLA-Tencor Corp. (KLAC) $69.41 +3.08%
Wal-Mart Stores Inc. (WMT) $87.54 +3.01%
United Parcel Service Inc. (UPS) $109.92 +2.75%
Target Corp. (TGT) $74.00 +2.55%
TJX Companies Inc. (TJX) $66.16 +2.54%
Laboratory Corporation of America Holdings (LH) $104.64 +2.44%
S&P 500 - Fallers
Newfield Exploration Co (NFX) $27.23 -16.16%
QEP Resources Inc (QEP) $20.44 -15.47%
Denbury Resources Inc. (DNR) $8.26 -15.20%
Nabors Industries Ltd. (NBR) $13.12 -12.94%
Chesapeake Energy Corp. (CHK) $20.26 -12.07%
LyondellBasell Industries (LYB) $78.86 -11.93%
Apache Corp. (APA) $64.09 -11.28%
Marathon Oil Corp. (MRO) $28.92 -11.02%
Pioneer Natural Resources Co. (PXD) $143.23 -10.93%
Halliburton Co. (HAL) $42.20 -10.86%
Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $87.54 +3.01%
Procter & Gamble Co. (PG) $90.43 +1.74%
Home Depot Inc. (HD) $99.40 +1.74%
Nike Inc. (NKE) $99.29 +1.52%
Coca-Cola Co. (KO) $44.83 +1.22%
Merck & Co. Inc. (MRK) $60.45 +1.17%
3M Co. (MMM) $160.09 +1.12%
Verizon Communications Inc. (VZ) $50.59 +1.10%
American Express Co. (AXP) $92.42 +1.06%
Johnson & Johnson (JNJ) $108.25 +0.97%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $108.87 -5.42%
Caterpillar Inc. (CAT) $100.60 -4.91%
Exxon Mobil Corp. (XOM) $90.54 -4.17%
General Electric Co. (GE) $26.49 -1.41%
Boeing Co. (BA) $134.36 -0.31%
JP Morgan Chase & Co. (JPM) $60.16 -0.30%
E.I. du Pont de Nemours and Co. (DD) $71.40 -0.10%
United Technologies Corp. (UTX) $110.08 -0.07%
Goldman Sachs Group Inc. (GS) $188.41 -0.06%
Nasdaq 100 - Risers
Liberty Global plc Series A (LBTYA) $51.99 +7.43%
Expeditors International Of Washington Inc. (EXPD) $46.83 +3.63%
KLA-Tencor Corp. (KLAC) $69.41 +3.08%
Vodafone Group Plc ADS (VOD) $36.56 +2.55%
Mattel Inc. (MAT) $31.56 +2.20%
Vertex Pharmaceuticals Inc. (VRTX) $117.88 +2.16%
Ross Stores Inc. (ROST) $91.50 +1.93%
Starbucks Corp. (SBUX) $81.21 +1.89%
Expedia Inc. (EXPE) $87.12 +1.79%
Intuit Inc. (INTU) $93.87 +1.77%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $5.25 -9.01%
Tesla Motors Inc (TSLA) $244.37 -1.64%
Netflix Inc. (NFLX) $346.59 -1.30%
Sandisk Corp. (SNDK) $103.43 -0.80%
Activision Blizzard Inc. (ATVI) $21.65 -0.78%
Priceline Group Inc (PCLN) $1,160.19 -0.57%
Illumina Inc. (ILMN) $190.89 -0.53%
PACCAR Inc. (PCAR) $67.03 -0.49%
Avago Technologies Ltd. (AVGO) $93.40 -0.41% |
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| | Newspaper Round Up | | Monday newspaper round-up: Cyber Monday, Co-op, Osborne Over 25m shoppers are expected to buy gifts online on 1 December, with £451,000 expected to be spent every minute, the Guardian reports.
Analysts expect sales on the first Monday of December, which has been christened Cyber Monday, to reach £650m, with almost 1m shoppers doing half of their Christmas shopping on the day.
The Times says that the Co-operative Bank is expected to fail a crucial test of its financial strength in December and could be forced to fast-track its recovery plan to keep regulators onside. The troubled lender is thought to have acknowledged that it has insufficient buffers to withstand a very severe recession, despite building £1.9bn in extra capital over the last 12 months.
Economists at the EY Item Club have warned that George Osborne might not be able to deliver a budget surplus until 2018-2019, 12 months later than planned, reports the Telegraph. While the economy is growing at a faster rate than anticipated, government borrowing has soared and the government is struggling to cut the deficit because of a "persistent weakness" in income tax receipts.
Wealthy countries have been criticised by Brazil and China for not committing enough money to help poorer nations deal with global warming, reports the Financial Times. Negotiators from both countries said the $10bn that the US, Japan and European countries have pledged was far from the $100bn in annual financing that poorer countries are expecting from 2020. | | |
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