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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 bounce back with oil after Libyan port closures After an initial drop the FTSE 100 Index recovered to trade slightly in the black, led by oil companies' shares.
Over the weekend the United Arab Emirates' energy minister, Suhail Al-Mazrouei, said the Organisation for Petroleum Exporting Countries (OPEC) would be willing to withstand a drop in the price of crude to $40 per barrel before contemplating the need for an emergency meeting.
Mazrouei added that "we need to wait for at least a quarter" before considering an emergency meeting.
However, on Sunday Bloomberg reported that Libya was forced to declare "force majeure" at two of its ports, Es Sider and Ras Lanuf, which have a combined capacity to export 560,000 barrels of oil per day.
As of 08:51 the FTSE 100 was rising by eight points to 6,308.88 and front month Brent futures by 1.43% to hit $62.75 per barrel on the ICE.
That came after US stocks finished sharply lower last Friday, with the Dow Jones Industrials capping its largest weekly loss in three years, alongside a large drop in West Texas crude futures to below $60 per barrel.
Overnight, the Bank of Japan's Tankan manufacturing sector index for the fourth quarter slipped to a reading of 12 from the previous month's level of 13. Experts had expected it to remain unchanged.
Little economic data today, but markets to tread carefully
There is little on the economic agenda for Monday, except for the latest Confederation of British Industry's total orders index for the month of December. Later, at 14:00, the US Federal Reserve will publish its latest figures on US industrial production.
However, the coming week is full of potential risk events, not least the US Federal Reserve's policy meeting and the first round of the Greek presidential elections, both of which are scheduled for Wednesday.
Traders will likely be watching to see how the US Treasury market reacts should the Fed decide to rescind its pledge to maintain interest rates low for a considerable period of time after the end of quantitative easing.
Greggs projects annual profits ahead of forecasts
Building material group CRH lifted 12p to 1460p after agreeing to sell its clay and concrete businesses in Britain and its clay business in the US to funds managed by Bain Capital Europe. The transaction, worth £414m, is expected to be completed in the first half of 2015, the company said, adding that it will use the proceeds for general corporate purposes.
Real estate investment trust Segro was 1.2p up at 371.5p as it agreed to sell a portfolio of six industrial estates to Orchard Street Investment Management for £113.8m. Segro said the portfolio of properties, all of which are located in the UK, generates a passing rent of £6.4m, rising to £7.4m on expiry of rent-free periods and allowing for rent guarantees, adding that price reflects a premium in excess of 10% compared to book value at 30 June.
Good weather helped baker Greggs to predict annual profits ahead of hopes, lifting it by 28.5p to 685p. Greggs said favourable trading with "generally helpful" weather enabled it to increase own shop like-for-like sales by 5.2% in the 24 weeks to 13 December.
Chemical firm Johnson Matthey gained 21p to 3222p after agreeing to sell its gold and silver refining business to Asahi Holdings for £118m in cash. The group said the transaction is expected to be completed by the end of March 2015. "The divestment of the Gold and Silver Refining business is in line with our long term strategy," said group chief executive Robert MacLeod. |
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| | Market Movers
techMARK 2,863.44 +0.12%
FTSE 100 6,337.74 +0.59%
FTSE 250 15,436.31 +0.39%
FTSE 100 - Risers
Tullow Oil (TLW) 388.40p +5.74%
Weir Group (WEIR) 1,759.00p +3.53%
Petrofac Ltd. (PFC) 701.50p +3.47%
BG Group (BG.) 842.80p +2.91%
Royal Dutch Shell 'B' (RDSB) 2,079.50p +2.36%
Aviva (AV.) 478.10p +2.16%
Royal Dutch Shell 'A' (RDSA) 2,025.50p +2.09%
Smiths Group (SMIN) 1,042.00p +1.76%
BHP Billiton (BLT) 1,344.50p +1.47%
Tesco (TSCO) 168.15p +1.45%
FTSE 100 - Fallers
Sky (SKY) 889.00p -1.50%
Intu Properties (INTU) 324.90p -1.01%
Severn Trent (SVT) 1,923.00p -0.72%
Smith & Nephew (SN.) 1,033.00p -0.67%
AstraZeneca (AZN) 4,543.00p -0.66%
Direct Line Insurance Group (DLG) 283.00p -0.63%
Randgold Resources Ltd. (RRS) 4,125.00p -0.60%
United Utilities Group (UU.) 898.50p -0.50%
Shire Plc (SHP) 4,510.00p -0.49%
easyJet (EZJ) 1,632.00p -0.49%
FTSE 250 - Risers
EnQuest (ENQ) 36.66p +8.40%
Afren (AFR) 37.18p +7.96%
Soco International (SIA) 262.50p +5.63%
Premier Oil (PMO) 164.50p +4.91%
FirstGroup (FGP) 108.70p +4.22%
Thomas Cook Group (TCG) 118.90p +3.21%
Bwin . party Digital Entertainment (BPTY) 109.00p +2.93%
BlackRock World Mining Trust (BRWM) 303.80p +2.88%
Cairn Energy (CNE) 164.40p +2.81%
Wood Group (John) (WG.) 582.00p +2.74%
FTSE 250 - Fallers
Hochschild Mining (HOC) 86.15p -5.64%
RPS Group (RPS) 209.40p -4.99%
Infinis Energy (INFI) 210.20p -4.24%
Evraz (EVR) 126.20p -3.59%
Ferrexpo (FXPO) 54.00p -3.23%
Domino Printing Sciences (DNO) 621.50p -2.66%
COLT Group SA (COLT) 125.20p -2.42%
Kaz Minerals (KAZ) 243.80p -2.40%
IP Group (IPO) 214.30p -2.15%
Synthomer (SYNT) 218.20p -1.80% |
| | UK Event Calendar | | Monday 15 December
INTERIMS
Carpetright, Clear Leisure, Cohort, Scholium Group
INTERIM DIVIDEND PAYMENT DATE
Telecom Plus, ULS Technology
QUARTERLY PAYMENT DATE
Canadian General Investments Ltd.
QUARTERLY EX-DIVIDEND DATE
Roy.Bk.Scot S1£ Ser 1 Non Cum £ Pref Shs, Total SA
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Capacity Utilisation (US) (14:15)
Industrial Production (US) (14:15)
GMS
BG Group, Fidelity European Values, KEFI Minerals
FINALS
Clear Leisure
EGMS
Bacit Limited, Vietnam Infrastructure Ltd.
AGMS
Applied Graphene Materials , Conroy Gold & Natural Resources, Karelian Diamond Resources, Kennedy Ventures, Paragon Entertainment Ltd (DI), Proactis Holdings, Utilitywise
FINAL DIVIDEND PAYMENT DATE
Digital Globe Services Ltd (DI), Fidelity Special Values, NOTTS.B.S. 7 7/8% PERM INT BEARING SHS, YouGov
FINAL EX-DIVIDEND DATE
Royal bank of Scotland Non-Cum Stlg Pref Shs, Royal Bank of Scotland Ser 1 Non Cum Eur Prf (Reg S), Royal Bank of Scotland Ser 1 Non-Cum Eur Prf (144a) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks gain ahead of US data as Fed's interest rate decision looms European stocks gained ahead of the release of US reports on industrial and manufacturing production.
Analysts forecast industrial output rose 0.6% in November following a 0.1% fall a month earlier. Manufacturing production is expected to have gained 0.7% last month after a 0.2% increase in October.
The Federal Reserve is keeping a close watch on data as the US central bank weighs the timing of its first interest rate hike. The Fed unveils its rate decision on Wednesday but is not expected to raise rates until 2015.
Aside from reports out in the US, the economic calendar for Monday is thin, with investors turning their focus to oil prices and political uncertainty surrounding the impending Greek elections.
"The main thing weighing on sentiment recently and driving certain equities lower is the continued sell-off in oil, with the decline having continued on Friday having broken through the $60 a barrel level in WTI crude," according to Craig Erlam, analyst at Alpari UK.
Brent crude oil was sitting at $63.04 per barrel while West Texas Intermediate was at $58.61 in morning trade, after OPEC and IEA cut their forecasts for oil demand.
Meanwhile, the EU's finance commissioner, Pierre Moscovici, flies into Athens on Monday after the Greek government's abrupt decision to bring forward the presidential elections.
Greek leftist party Syriza's lead over the ruling conservatives has narrowed slightly, weekend polls showed.
On the company front, CGG declined as Technip SA walked away from a bid to buy the French seismic surveyor, according to a statement. Technip gained on the news.
Danske Bank A/S edged lower after the Danish bank said it will write down 9bn kroner in goodwill following talks with the country's financial regulator. |
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| | US Market Report | | US close: Dow Jones Industrials caps biggest weekly loss in three years US stocks finished the week on a down note despite upbeat economic data and against the backdrop of another very sharp spill lower in crude prices.
The Dow Jones Industrials lost 1.79% to end the session at 17,281 points, while the Nasdaq Composite surrendered 1.15% to finish at 4,654 points and the S&P 500 another 1.64% to 2,002.
The former of those benchmarks capped its biggest weekly drop in three years. The S&P 500, for its part, had accumulated a 65 point drop over the first thirteen days of December, an extremely weak showing for a month that traditionally sees strong gains in equity markets.
All of the above transpired in the run-up to the following week's policy meeting at the US Federal Reserve.
In an interview with Bloomberg Janus Capital's Bill Gross said the Fed may become more "dovish" in the aftermath of the recent drop in oil prices.
"I think that yes, it moves towards a dovish stance relative to what the market expected a few days ago."
Adobe Systems was a stand-out gainer, with its stock rising 9%. The software maker's latest revenue figures topped estimates. The firm also agreed to buy stock-photography provider Fotolia LLC for approximately $800m.
Shares in telecommunications outfit Windstream Holding plummeted 10% after announcing a reshuffling of its management team.
According to oilfield services outfit Baker Hughes the latest weekly oil rig count revealed a drop of 27 to reach 1,893, reflecting the impact of lower oil prices on activity levels in oil exploration and production.
The Thomson Reuters/University of Michigan preliminary December index of consumer sentiment rose to a seven-year high of 93.8 from 88.8 last month. The median projection in a Bloomberg survey of 69 economists had been for an advance to 89.5.
By sectors the largest losses were to be seen in the following industrial groups: non-ferrous metals (-5.22%), commodity chemicals (-4.05%), life insurance (-3.57%) and industrial metals (-3.36%).
US 10-year Treasury yields fell eight basis points to the end the day at 2.08%.
Front month West Texas crude futures sank 4.1% to end the day at $57.49 per barrel on the NYMEX, their lowest level since 2009. That culminated a greater than 10% fall for the week.
S&P 500 - Risers
Adobe Systems Inc. (ADBE) $76.02 +9.00%
Chesapeake Energy Corp. (CHK) $17.24 +3.17%
Staples Inc. (SPLS) $16.47 +2.30%
Range Resources Corp. (RRC) $54.18 +2.27%
Coach Inc. (COH) $35.22 +2.21%
Walgreen Co. (WAG) $74.50 +2.04%
Cabot Oil & Gas Corp. (COG) $30.09 +1.90%
CBS Corp. (CBS) $53.48 +1.89%
Macy's Inc. (M) $62.36 +1.86%
Entergy Corp. (ETR) $86.41 +1.78%
S&P 500 - Fallers
Windstream Holdings Inc (WIN) $8.47 -9.70%
LyondellBasell Industries (LYB) $70.61 -6.23%
Dow Chemical Co. (DOW) $43.35 -5.78%
Joy Global Inc. (JOY) $46.28 -5.70%
Freeport-McMoRan Inc (FCX) $21.78 -5.22%
Quanta Services Inc. (PWR) $26.62 -5.20%
Principal Financial Group (PFG) $50.59 -5.08%
Allegheny Technologies Inc. (ATI) $30.53 -4.89%
Nabors Industries Ltd. (NBR) $10.00 -4.85%
GameStop Corp. (GME) $32.30 -4.75%
Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $155.38 -3.53%
E.I. du Pont de Nemours and Co. (DD) $69.35 -3.18%
Exxon Mobil Corp. (XOM) $86.60 -2.91%
Merck & Co. Inc. (MRK) $57.72 -2.73%
Goldman Sachs Group Inc. (GS) $188.82 -2.44%
Chevron Corp. (CVX) $102.38 -2.41%
Caterpillar Inc. (CAT) $90.50 -2.36%
American Express Co. (AXP) $91.00 -2.29%
Pfizer Inc. (PFE) $30.95 -2.21%
Visa Inc. (V) $257.32 -2.20%
Nasdaq 100 - Risers
Adobe Systems Inc. (ADBE) $76.02 +9.00%
Staples Inc. (SPLS) $16.47 +2.30%
Whole Foods Market Inc. (WFM) $48.32 +1.30%
Bed Bath & Beyond Inc. (BBBY) $72.25 +0.65%
Biogen Idec Inc. (BIIB) $344.49 +0.63%
Yahoo! Inc. (YHOO) $50.24 +0.60%
Dollar Tree Inc (DLTR) $68.14 +0.55%
Dish Network Corp. (DISH) $70.83 +0.31%
Expedia Inc. (EXPE) $87.53 +0.24%
Starbucks Corp. (SBUX) $83.25 +0.16%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $3.74 -4.59%
Vodafone Group Plc ADS (VOD) $33.56 -3.73%
Citrix Systems Inc. (CTXS) $60.00 -3.71%
NetApp Inc. (NTAP) $40.69 -3.54%
Micron Technology Inc. (MU) $34.00 -3.38%
Nvidia Corp. (NVDA) $19.63 -3.11%
Monster Beverage Corp (MNST) $105.11 -3.03%
Cerner Corp. (CERN) $61.44 -2.98%
Sandisk Corp. (SNDK) $98.79 -2.89% |
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| | Newspaper Round Up | | Monday newspaper round-up: London house prices, PetSmart, OPEC The average asking price of a home in London has fallen by over £30,000 over the past month, The Daily Telegraph writes.
According to figures released by property website Rightmove, asking prices in Greater London have fallen from £601,180 to an average of £570,796 in November. The 5.1% decline is the second biggest drop since August.
However, despite the fall, asking prices remain 11% higher than in December 2013.
A group of investors led by private equity group BC Partners will acquire PetSmart for $8.2bn (£5.26bn).
Among the members of the group are some of the firm's limited partners and Longview Asset Management, The Wall Street Journal reported, citing people familiar with the matter.
The most influential producers in OPEC are ready to see crude prices drop to $40 per barrel if necessary before contemplating whether the cartel should hold an emergency meeting to reduce its output.
"We are not going to change our minds because the prices went to $60, or to $40," United Arab Emirates energy minister Suhail al-Mazrouei said over the weekend, according to The Daily Telegraph.
The Guardian reports that the Trades Union Congress has warned that Britain is allowing a "two-tier" workforce to emerge, with workers on zero-hours contracts having to make do with a much lower pay and fewer rights than permanent employees.
According to a TUC report, workers on zero-hours contracts earn £300 a week less than permanent employees, while average weekly earnings for those staff without a set number of working hours are £188, compared with £479 for permanent workers.
The decline in oil prices is creating new risks to the global financial system, with figures showing that emerging market energy companies have built up more than $100bn in offshore debt, says The Times.
According to the Bank for International Settlements, the total borrowings of oil and gas companies in countries including Russia, Brazil and China, hit $135bn at the end of September, as countries in emerging markets struggle to deal with the drop in energy prices.
Despite a low turn-out Japanese Prime Minister Shinzo Abe's grip on power is now firmer after his Liberal Democratic Party (LDP) cruised to another election victory over the weekend. | | |
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