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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: UK stocks advance strongly on "patient" Fed UK stocks gained on Thursday morning following a stellar performance by Wall Street indices after the Federal Reserve said it would be "patient" to tighten monetary policy. The FTSE 100 was up 0.6% at 6,376 early on, marking its third consecutive session in positive territory after the recent sell-off due to macro concerns, tumbling oil prices and financial turmoil in Russia.
US markets jumped on Wednesday with the S&P 500 and Dow Jones Industrial Average registering their best one-day performances of the year, up 1.7% and 2.1% respectively, after the Fed modified its forward guidance regarding interest rates.
The central bank didn't remove its "considerable time" language but added that it "can be patient" about tightening. Fed chair Janet Yellen said she doesn't see the Fed raising rates for "at least the next couple of meetings".
Analyst Jameel Ahmad from FXTM said that the Fed succeeded on Wednesday by not spooking investors further.
"The reiteration that the Federal Reserve will be intending to raise US interest rates in the coming year resulted in the USD rallying yesterday evening, while also providing investor sentiment with a vote of confidence following a hectic couple of days in the financial markets," he said.
Thursday will be another busy day for financial markets worldwide with a string of economic data to digest, such as German confidence figures, UK retail sales, US jobless claims and the Philadelphia Fed manufacturing index.
LSE and AstraZeneca rise early on
Stock exchange operator LSE was in demand after saying it has made "good progress" over the course of 2014. Some £41bn of equity capital was raised on LSE's markets during the 11 months to 30 November, compared with £26.7bn the year before, while new issues jumped by 38%.
Also higher was British pharmaceutical giant Astrazeneca after it received marketing authorisation from the European Commission for its Lynpaza capsules.
Royal Mail was putting in decent gains after a report found that the company was £180m underpriced in its stock-market flotation last year.
Part-nationalised banking group Lloyds was lower amid speculation that the government will soon resume the sell-down of its 25% remaining stake in the lender. The sale of a further 10% could raise up to £3bn, reports suggest.
Mining stocks were providing a lift with Randgold, Fresnillo and Anglo American among the better performers.
Water provider United Utilities was automatically a heavy faller on the FTSE 100 after going ex-dividend, meaning that investors no longer quality for the latest dividend payout. FTSE 250 groups Berkeley, Greene King, Halfords, Marston's, Mitie and Polymetal also went ex-dividend. |
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| | Market Movers
techMARK 2,885.09 +0.74%
FTSE 100 6,376.40 +0.63%
FTSE 250 15,557.35 +0.73%
FTSE 100 - Risers
ARM Holdings (ARM) 962.50p +3.49%
Randgold Resources Ltd. (RRS) 4,254.00p +3.33%
Shire Plc (SHP) 4,655.00p +2.94%
Old Mutual (OML) 184.50p +2.67%
SABMiller (SAB) 3,271.00p +2.35%
Fresnillo (FRES) 724.00p +2.33%
Petrofac Ltd. (PFC) 716.00p +2.29%
Weir Group (WEIR) 1,870.00p +2.19%
London Stock Exchange Group (LSE) 2,175.00p +2.06%
Tullow Oil (TLW) 403.20p +2.05%
FTSE 100 - Fallers
United Utilities Group (UU.) 905.00p -1.42%
TUI AG Reg Shs (Prior To 01/10/14) (DI) (TUI) 1,113.00p -1.24%
Intertek Group (ITRK) 2,229.00p -1.11%
Coca-Cola HBC AG (CDI) (CCH) 1,233.00p -0.72%
BT Group (BT.A) 399.00p -0.70%
Intu Properties (INTU) 324.50p -0.52%
TUI AG Reg Shs (Post- 16/12/14)(DI) (TUIJ) 1,085.00p -0.46%
Land Securities Group (LAND) 1,134.00p -0.44%
Diageo (DGE) 1,785.50p -0.31%
Reckitt Benckiser Group (RB.) 5,055.00p -0.30%
FTSE 250 - Risers
EnQuest (ENQ) 37.23p +4.49%
Afren (AFR) 39.84p +4.32%
NMC Health (NMC) 464.50p +4.26%
Ashmore Group (ASHM) 278.50p +3.03%
Serco Group (SRP) 164.30p +3.01%
Amec Foster Wheeler (AMFW) 853.50p +2.77%
Just Eat (JE.) 300.00p +2.77%
Go-Ahead Group (GOG) 2,470.00p +2.70%
Centamin (DI) (CEY) 52.10p +2.66%
Bellway (BWY) 1,897.00p +2.54%
FTSE 250 - Fallers
Aveva Group (AVV) 1,283.00p -3.46%
Berkeley Group Holdings (The) (BKG) 2,418.00p -3.32%
Alent (ALNT) 330.00p -2.94%
IP Group (IPO) 207.00p -2.31%
Catlin Group Ltd. (CGL) 631.00p -2.17%
Marston's (MARS) 136.80p -1.87%
Vesuvius (VSVS) 410.00p -1.54%
Foxtons Group (FOXT) 161.50p -1.28%
Northgate (NTG) 556.50p -1.15% |
| | UK Event Calendar | | Thursday 18 December
INTERIM DIVIDEND PAYMENT DATE
IFG Group, PayPoint
INTERIM EX-DIVIDEND DATE
Berkeley Group Holdings (The), Edge Performance VCT 'E' Shares, First Property Group, Greene King, Halfords Group, JPMorgan Euro Small Co. Trust, Mitie Group, Octopus AIM VCT, United Utilities Group, World Trust Fund
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Philadelphia Fed Index (US) (15:00)
GMS
GlaxoSmithKline
FINALS
LXB Retail Properties
ANNUAL REPORT
easyHotel
SPECIAL EX-DIVIDEND PAYMENT DATE
Polymetal International, Polyus Gold International Ltd
EGMS
Air China Ltd., DP World Limited, Societatea Commerciala De Distributie Si Furnizare A Energiei Electrice S.A. GDR (Reg S)
AGMS
Frontera Resources Corporation (DI), JPMorgan Elect Managed Inc 'C' Shares, JPMorgan Elect Managed Cash Shares, JPMorgan Elect Managed Growth Shares, JPMorgan Elect Managed Income Shares, Northern Venture Trust, Schroder Income Growth Fund, Societatea Commerciala De Distributie Si Furnizare A Energiei Electrice S.A. GDR (Reg S)
UK ECONOMIC ANNOUNCEMENTS
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
GETECH Group, Ibex Global Solutions, St Ives, Utilitywise
FINAL EX-DIVIDEND DATE
Artemis VCT, Carr's Milling Industries, Gooch & Housego, Hangar 8, Marston's, OMG |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as German business confidence improves European stocks advanced as a report showed German business confidence grew and the Swiss bank introduced a negative deposit rate. German business confidence rose in line with expectations. IFO's index increased to 105.5 in December from 104.7 a month earlier.
Elsewhere in the euro-area, Prime Minister Antonis Samaras was unable to gain enough support for his nominee in a parliamentary vote for a new head of state. Greece is now closer to early elections, opening the door for the ascent of the anti-austerity party.
In the UK, a report at 09:30 London time is forecast to show retail sales rose 4.5% in November after a 4.6% increase in October.
Stateside, analysts predict initial jobless claims increased by 1,000 to 295,000 in the week to 13 December.
The Federal Reserve decided to keep interest rates unchanged, as expected, but altered its tone on a potential increase by saying that it would be "patient" in deciding what to do next.
The central bank had previously said it would keep interest rates low for a "considerable time".
Company-wise Switzerland's Novartis AG and Roche Holding AG advanced after the nation's central bank introduced a negative deposit rate.
The Swiss National Bank said that it took the action "with the aim of taking the three-month Libor into negative territory, expanding its target range for to its usual width of one percentage point at -0.75% to 0.25%".
The euro fell 0.4% to $1.2337. |
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| | US Market Report | | US close: Markets rise following Fed decision to maintain low rates US stocks rose on Wednesday after the Federal Reserve decided to maintain low rates and consumer prices slid further than they have in six years. The S&P 500 was up 2.04% at 2,012.89 in New York while the Dow Jones Industrial Average increased 1.69% to 17,356.87 and Nasdaq soared 2.11% to 4,644.31.
Consumer prices fell 0.3% month-on-month in November, the biggest drop since December 2008, on the back of a 6.6% tumble in energy prices.
Analysts had expected a 0.1% fall after a flat reading in October so the decline came as a surprise that pre-empted the Fed's decision.
Chief US economist at Capital Economics Paul Ashworth said: "The FOMC statement issued today had something for everyone but, on balance, it does not dissuade us that unexpectedly strong employment growth over the next few months could still prompt the Fed to hike rates next March, sooner than most others expect."
"Fed Chair Janet Yellen explicitly warned that, as things stand now, the FOMC was 'unlikely to begin the normalization process for at least the next couple of meetings'."
Barclays Research added: "We retain our baseline outlook for a policy rate hike in June, with risk to a later take-off given the downside risk to inflation."
The US dollar gained against the pound, the euro and the yen while the 10-year generic government yield went up by eight basis points to 2.14%.
Front month West Texas crude futures advanced by 0.036% to $55.95 per barrel while Brent crude increased by 1.137% to $60.70 per barrel.
Over on COMEX, gold futures dropped by 0.46% to $1,188.80.
Anadarko Petroleum went up 6.66% to 78.60, Fedex fell 3.72% to 167.78 and Cliffs Natural Resources plummeted 5.74% to 6.41.
S&P 500 - Risers
Noble Energy Inc. (NBL) $47.94 +10.06%
Noble Corporation plc (NE) $16.40 +9.41%
Nabors Industries Ltd. (NBR) $11.49 +9.32%
Transocean Ltd. (RIG) $18.21 +8.52%
Newfield Exploration Co (NFX) $25.81 +8.45%
Whirlpool Corp. (WHR) $188.93 +8.31%
Devon Energy Corp. (DVN) $58.47 +8.08%
Helmerich & Payne Inc. (HP) $65.02 +7.49%
Pioneer Natural Resources Co. (PXD) $144.80 +7.42%
ONEOK Inc. (OKE) $47.49 +7.20%
S&P 500 - Fallers
XL Group Plc (XL) $33.66 -3.86%
FedEx Corp. (FDX) $167.78 -3.72%
Expeditors International Of Washington Inc. (EXPD) $43.28 -2.23%
United Parcel Service Inc. (UPS) $108.55 -1.17%
Wynn Resorts Ltd. (WYNN) $138.97 -1.10%
Xilinx Inc. (XLNX) $43.42 -0.65%
Equifax Inc. (EFX) $79.10 -0.63%
Walgreen Co. (WAG) $71.99 -0.55%
Crown Castle International (CCI) $75.11 -0.48%
Raytheon Co. (RTN) $102.59 -0.45%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $106.02 +4.25%
Unitedhealth Group Inc. (UNH) $99.14 +3.43%
McDonald's Corp. (MCD) $91.65 +3.30%
Exxon Mobil Corp. (XOM) $89.02 +3.02%
Coca-Cola Co. (KO) $41.55 +2.87%
American Express Co. (AXP) $90.44 +2.49%
E.I. du Pont de Nemours and Co. (DD) $70.26 +2.39%
JP Morgan Chase & Co. (JPM) $59.77 +2.29%
Visa Inc. (V) $259.08 +2.24%
Verizon Communications Inc. (VZ) $46.44 +2.00%
Dow Jones I.A - Fallers
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $3.67 +11.55%
Netflix Inc. (NFLX) $333.65 +5.44%
Nvidia Corp. (NVDA) $20.14 +4.11%
Tesla Motors Inc (TSLA) $205.82 +4.05%
Regeneron Pharmaceuticals Inc. (REGN) $411.10 +3.78%
Nxp Semiconductors Nv (NXPI) $75.43 +3.77%
Illumina Inc. (ILMN) $181.21 +3.44%
Western Digital Corp. (WDC) $107.95 +3.31%
Mylan Inc. (MYL) $55.26 +3.16%
Discovery Communications Inc. Class A (DISCA) $34.22 +3.10%
Nasdaq 100 - Fallers
Expeditors International Of Washington Inc. (EXPD) $43.28 -2.23%
Wynn Resorts Ltd. (WYNN) $138.97 -1.10%
Xilinx Inc. (XLNX) $43.42 -0.65%
Cognizant Technology Solutions Corp. (CTSH) $51.00 -0.41%
Sigma-Aldrich Corp. (SIAL) $135.98 -0.09%
CH Robinson Worldwide Inc (CHRW) $71.88 -0.06% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Federal Reserve, Tesco, Lloyds... US stock markets soared on Wednesday night after the Federal Reserve "gave its clearest signal yet that it intends to raise borrowing costs by - or even before - the middle of next year", writes The Times. Fed chair Janet Yellen said the bank was "unlikely" to hike interest rates "for at least the next couple of meetings". The blackhole in Tesco's accounts may be larger than feared, according to The Telegraph, citing research from JPMorgan Cazenove. "The profit generated by Tesco's UK subsidiaries in the last financial year was £319m less than the profits reported by the company itself in the UK," the paper writes.
George Osborne hopes to raise £3bn by selling another chunk of the government's stake in Lloyds Banking Group, the Financial Times reported. This move will test investor appetite for shares in the part-nationalised bank, according to the paper, and the chancellor's announcement should see the taxpayers' holding in Lloyds gradually fall from 25% towards 20% in the run-up to the general election next May.
BT is preparing a finance package including a £2bn rights issue to help fund its planned EE takeover, according to The Telegraph. BT is also expected to raise around £3bn in the bond markets to fund its mobile ambitions, sources said, to help win the support of existing shareholders who may be resistant to any greater dilution, the paper said.
The Times said that the world's largest bond manager, Pimco, suffered an "exodus" from a key fund as Russia's financial crisis deepens. Pimco received over $1bn in redemption requests from investors in its $3.3bn emerging markets bond fund. | | |
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