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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: Stocks rebound from five-week low as energy shares gain UK stocks edged higher on Thursday after sinking to a five-week low, though gains were only modest ahead of a data-heavy session.
The FTSE 100 was up 0.3% at 6,520 early deals, helped by a small rebound in the energy sector.
A three-day sell-off wiped 3.5% off the value of the Footsie and sent the index to its lowest level since 4 November, closing Wednesday's session at 6,500.04.
Concerns about a plummeting oil price, political uncertainty in Greece and a steeper-than-expected slowdown in China have weighed heavily on global stock markets this week.
Sentiment was repaired somewhat on Thursday on the back of a Reuters report saying that China told banks to issue more loans in the final months of 2014 to boost lending. The People's Bank of China has also reportedly relaxed limits on banks' loan-to-deposit ratios and is allowing lenders to give out a record 10trn yuan (£1.03trn) in loans over 2014 as a whole.
Oil prices stabilised slightly, but were still close to the fresh five-year lows reached on Wednesday - Brent dipped below $65 a barrel - after OPEC cut its demand forecast for next year and the US reported a surprise increase in crude stockpiles. Meanwhile, Saudi Arabia's oil minister questioned OPEC's need to cut output despite a supply glut.
Investors were likely to be keeping a close eye on economic data on Thursday, with inflation figures out in Germany, and retail sales, jobless claims and business inventories in the States. The European Central Bank will also publish its monthly bulletin.
Energy shares rebound, Bunzl and Whitbread fall
Stocks in the oil producing and oil services sectors were making gains early on as investors hunted for bargains in the aftermath of a recent sell-off. Petrofac, Tullow Oil, BP and Shell were all putting in a decent performance.
Heading the other way was distribution and outsourcing group Bunzl after saying that full-year underlying revenue growth would be around 2.5%, compared with the 3% increase reported in the third quarter.
Whitbread, the owner of Costa coffee, Premier Inn and Beefeater, also underwhelmed with a slight slowdown in like-for-like sales growth in the third quarter to 6%, from 7% in the first half.
Sports Direct edged higher after announcing that underlying profits rose by a tenth in the first half as decent top-line growth was met with a strong improvement in margins - a result which the sports retailer described as "solid".
A number of stocks were trading lower after going ex-dividend on Thursday, including Associated British Foods, Aberdeen Asset Management, Babcock and 3I Group. |
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| Market Movers
techMARK 2,918.70 +0.24%
FTSE 100 6,520.08 +0.31%
FTSE 250 15,733.28 -0.03%
FTSE 100 - Risers
Petrofac Ltd. (PFC) 735.50p +2.58%
BP (BP.) 406.35p +1.69%
Next (NXT) 6,570.00p +1.55%
Tullow Oil (TLW) 385.30p +1.53%
Royal Dutch Shell 'A' (RDSA) 2,063.00p +1.38%
Royal Dutch Shell 'B' (RDSB) 2,126.00p +1.31%
Legal & General Group (LGEN) 244.40p +1.28%
BG Group (BG.) 883.50p +1.27%
Sainsbury (J) (SBRY) 229.20p +1.24%
Old Mutual (OML) 189.50p +1.12%
FTSE 100 - Fallers
Aberdeen Asset Management (ADN) 426.20p -2.83%
3i Group (III) 438.60p -2.34%
Randgold Resources Ltd. (RRS) 4,269.00p -2.33%
Bunzl (BNZL) 1,766.00p -1.56%
Babcock International Group (BAB) 1,097.00p -1.35%
British American Tobacco (BATS) 3,548.50p -0.96%
Anglo American (AAL) 1,196.50p -0.91%
Associated British Foods (ABF) 3,175.00p -0.81%
Whitbread (WTB) 4,532.00p -0.81%
Weir Group (WEIR) 1,681.00p -0.71%
FTSE 250 - Risers
Wood Group (John) (WG.) 586.00p +4.18%
Laird (LRD) 311.00p +2.57%
Foxtons Group (FOXT) 158.30p +2.13%
FirstGroup (FGP) 108.60p +1.97%
Just Retirement Group (JRG) 141.50p +1.80%
Afren (AFR) 36.76p +1.69%
Amec Foster Wheeler (AMFW) 856.00p +1.60%
Ocado Group (OCDO) 339.20p +1.56%
PayPoint (PAY) 909.00p +1.28%
Hays (HAS) 142.30p +1.28%
FTSE 250 - Fallers
Hochschild Mining (HOC) 83.90p -4.66%
EnQuest (ENQ) 36.15p -3.88%
IP Group (IPO) 203.50p -3.65%
Riverstone Energy Limited (RSE) 855.00p -3.12%
Centamin (DI) (CEY) 49.93p -2.58%
Stock Spirits Group (STCK) 247.10p -2.45%
Big Yellow Group (BYG) 578.50p -2.28%
Acacia Mining (ACA) 252.10p -2.14%
Spire Healthcare Group (SPI) 327.60p -1.89% |
| | UK Event Calendar | | Thursday 11 December
INTERIMS
Abzena, Darty, Dixons Retail , Polar Capital Holdings, Science In Sport, Sports Direct International, Supergroup
INTERIM DIVIDEND PAYMENT DATE
Infinis Energy
INTERIM EX-DIVIDEND DATE
3i Group, API Group, Babcock International Group, Betfair Group, Big Yellow Group, Bonmarche Holdings, Brown (N.) Group, Caffyns, Caledonia Investments, Clipper Logistics , Croma Security Solutions Group, Cropper (James), Falkland Islands Holdings, Helical Bar, Investec, Iona Environmental VCT, Iona Environmental VCT 'A' Shares, Iona Environmental Vct 'B' Shares, Juridica Investments Ltd., Majestic Wine, Montanaro European Smaller Companies Trust, Northgate, Pets at Home Group , Plastics Capital, Solid State, Telford Homes, Ventus 2 VCT, Ventus 2 VCT 'C' Shares, Ventus VCT, Ventus VCT 'C' Shares, Vianet Group
QUARTERLY EX-DIVIDEND DATE
F&C Commercial Property Trust Ltd., Real Estate Credit Investments PCC Ltd, Real Estate Credit Investments PCC Ltd Pref Shs , XP Power Ltd. (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Consumer Price Index (GER) (07:00)
Continuing Claims (US) (13:30)
ECB Report (EU) (09:00)
Initial Jobless Claims (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:30)
Retail Sales Inventories (US) (15:00)
GMS
Ark Therapeutics Group, Reckitt Benckiser Group
SPECIAL EX-DIVIDEND PAYMENT DATE
Best of the Best
AGMS
Chelverton Growth Trust, Investment Company, Nanoco Group, Plexus Holdings, Starvest
TRADING ANNOUNCEMENTS
Wood Group (John)
FINAL EX-DIVIDEND DATE
Aberdeen Asset Management, Associated British Foods, Bellway, Inland Homes, JPMorgan Chinese Inv Trust, K3 Business Technology Group, Netcall, Numis Corporation, Renewable Energy Generation Ltd., Scottish Oriental Smaller Companies Trust, Waterman Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks gain as oil recovers, China injects funds into banking sector European stocks gained as oil prices recovered and as China injected $65bn into the banking system.
Brent crude futures rose 0.89% to $64.82 per barrel, rebounding from Wednesday's five-year low after OPEC cut its forecasts for 2015 crude oil demand.
"The downward revision reflects the upward adjustment of non-OPEC supply as well as the downward revision in global demand," OPEC said in its monthly oil market report.
In China, the central bank is pumping about 400bn yuan into the banking system, in an effort to boost banks' lending abilities to grow the economy.
China has also told banks to issue more loans in the final months of 2014 to increase lending, according to Reuters.
The People's Bank of China has also reportedly relaxed limits on banks' loan-to-deposit ratios and is allowing lenders to give out a record 10trn yuan (£1.03trn) in loans over 2014 as a whole.
In the Eurozone, a report confirmed German inflation rose 0.6% in November, as expected.
The European Central Bank (ECB) publishes its monthly report in morning trade while the ECB's Erkki Liikanen Speaks at Bank of Finland Briefing in Helsinki.
The US sees the release of retail sales and initial jobless claims figures in afternoon trading.
Company-wise Inditex SA advanced after the clothing retailer reported an increase in nine-month profit and revenue that met estimates.
Telecom Italia SpA jumped following reports Telefonica SA, Oi SA and Claro SA plan to make an offer for Tim Participacoes SA. Telecom Italia owns a 67% percent stake in Tim. |
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| | US Market Report | | US close: Stocks fall sharply as oil sets new five-year low Another tumble in the international price of oil saw Wall Street retreat on Wednesday.
The Dow Jones Industrials finished 1.51% lower at 17,533, off by 268 points, while the Nasdaq Composite fell by 1.73% to 4,684 points and the S&P 500 by another 1.64% to reach 2,026.
Front month West Texas crude futures ended the session down by 3.93%, at $61.30 per barrel, after Saudi Arabian oil minister Ali al-Naimi replied to a reporter's question in Lima by saying "Why should we cut output?"
Earlier in the day, Kuwait's state-owned petroleum company announced next month it would sell its oil to Asian refiners at a discount of $3.95 to regional benchmarks, the most since December 2008.
High-yield debt costs keep pushing higher
To take note of given all of the above, a gauge of the riskiness of lending to high-growth companies - which directly impacts on their valuations and ability to finance themselves - rose by the most in two months.
The Markit CDX North American High Yield Index, which is tied to credit derivatives for such companies' debt, jumped by 20 basis points to 375.9. There are worries in the market that a continued and persistent decline in oil prices could lead to a flurry of bankruptcies at small over-indebted oil explorers.
From a sector stand-point the worst performance was seen in the following industrial groups: coal (-4.78%), non-ferrous metals (-4.66%), heavy construction (-4.53%), home construction (-4.35%) and pipelines (-3.91%).
US GDP slowing more than expected
Acting as a backdrop, following the latest US monthly budget figures economists at Barclays Research lowered their tracking estimate for US GDP growth in the last three months of the year to 2% from the 2.5% previously projected.
The same research house also wrote to clients telling them that they now expect US consumer prices to bottom at a 0% year-on-year rate in the middle of 2015.
Ten-year US Treasury yields rose by four basis points to 2.17%. |
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| | Newspaper Round Up | | Thursday newspaper round-up: Carney, Instagram, Glencore... "Britain's first interest rate move in more than six years edged a little closer yesterday as Bank of England governor Mark Carney joined hawk Ian McCafferty in hinting that action may soon be called for," The Scotsman writes. Carney reportedly said that inflation was still expected to fall under 1% in the near term and "interest rates are going to have to increase" for the economy to balance.
With 300m active monthly users Instagram, the photo-sharing app, has overtaken Twitter in terms of user numbers. The announcement comes after its user base swelled by a third in the last nine months. While the company has only just managed to generate revenues the news comes as the mobile advertising market is expected to reach $40bn this year, the Financial Times reports.
Glencore's executive will be free to offload £1.3bn-worth of shares next May when a lock-up agreement expires, according to The Times. This will be the first time they have been allowed to sell shares since the resource giant's stock-market flotation in 2011.markets
Top officials at the Financial Conduct Authority, including its boss Martin Wheatley, are to lose their bonuses, The Guardian writes. The move comes as a penalty for a "botched advanced media briefing" about its review of the life insurance inudstry, the paper said.
Following a decision by Ofwat due on Friday, the Department for Environment, Food and Rural Affairs (DEFRA) will set out radical plans to allow local water companies to stop supplying certain customers, The Times reports. That may bring with it a spate of takeovers and see energy companies step back into the fray, resulting in the biggest carve-up of the sector since privatisation kicked off 25 years ago.
More now than at almost any point in the past two decades Britons are living beyond their means, according to the head of the Office for Budget Responsibility, Robert Chote. Real consumer spending over the past two years has accelerated beyond inflation-adjusted pay growth at its second fastest rate since the 1990s, he pointed out. Yet that is likely to prove unsustainable, Chotes added, according to The Telegraph.
The world's largest peer-to-peer lender, Lending Club, is expected to be valued at $5.4bn when it lists on the New York stock market on Thursday, according to the Financial Times.
The Federation of Small Businesses has said that one in five small businesses have fallen victim to bullying by large corporations they supplied in the last two years, writes The Telegraph. The paper says the report emerged after the news that Premier Foods requested payments from suppliers through a so-called 'pay-to-stay' scheme.
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