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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 give FTSE a boost on Chinese stimulus hopes A decent rebound in the oil and mining sectors gave London's stocks a strong boost on Tuesday, as the UK equity market recovered after hitting its lowest level in over two weeks.
Resource stocks were being supported early on by a decent performance on Asian markets overnight on hopes of more stimulus in China.
The FTSE 100 was trading 1.2% higher at 6,733 after falling 1% to 6,656.37 on Monday, its lowest since 14 November.
Weak manufacturing figures from China and the Eurozone prompted stocks to fall the previous session, as markets continued to react to the recent plunge in crude prices.
However, West Texas Intermediate oil jumped 4.3% to $69 a barrel on Monday, its biggest one-day jump since August 2012, rallying after falling to its lowest in over four and a half years last week following OPEC's decision not to cut output.
Stocks in China rose to their highest in three years on Tuesday on the back of hopes that the central bank will ease monetary policy further after a surprise interest-rate cut last month. Speculation that the People's Bank of China may lower banks' reserve-requirement ratios gave financial shares a boost in Shanghai.
Tuesday's economic data calendar looked pretty thin, with the UK construction purchasing managers' index and US construction spending the only notable releases.
Oil and mining stocks rise
The resource sectors were in demand on Tuesday with Tullow Oil, BHP Billiton, BG Group, Anglo American, Glencore, BP, Rio Tinto and Shell among the best performers on the FTSE 100, with stimulus hopes in China lifting sentiment.
Even Randgold Resources was making gains despite a downgrade by Nomura to 'neutral'. Gold prices touched a five-week high on Monday.
Insurance giant Aviva has agreed a £5.6bn takeover of rival Friends Life in a deal giving the latter's shareholders just over a quarter of the combined group. Friends Life was rising strongly early on.
Interim results from Northgate were well-received by the market as the vehicle hire group hiked its dividend by over a third and said that trading since the half-year has been "slightly ahead" of expectations. Underlying profits in the first half surged 49%.
St Modwen Properties also rose after the regeneration specialist said full-year profits would be at the top-end of market expectations on the back of an uplift in property valuations.
Royal Mail was out of favour on reports that Ofcom has disagreed with the firm's complaints about competition from rivals in the end-to-end postal delivery market. The company had said that its universal service obligation was being affected by competitors being allowed to cherry pick more lucrative areas. |
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| Market Movers
techMARK 2,935.29 +0.40%
FTSE 100 6,733.27 +1.16%
FTSE 250 15,808.72 +0.57%
FTSE 100 - Risers
Tullow Oil (TLW) 420.40p +4.97%
Experian (EXPN) 1,036.00p +3.08%
BHP Billiton (BLT) 1,529.00p +3.03%
BG Group (BG.) 931.90p +3.02%
Friends Life Group Limited (FLG) 377.20p +3.00%
Royal Dutch Shell 'A' (RDSA) 2,176.50p +2.62%
Royal Dutch Shell 'B' (RDSB) 2,265.00p +2.58%
BP (BP.) 424.45p +2.40%
Anglo American (AAL) 1,332.50p +2.19%
Antofagasta (ANTO) 751.00p +2.18%
FTSE 100 - Fallers
Royal Mail (RMG) 408.50p -2.30%
ARM Holdings (ARM) 904.50p -1.20%
Intertek Group (ITRK) 2,264.00p -0.75%
Sports Direct International (SPD) 666.50p -0.67%
easyJet (EZJ) 1,623.00p -0.61%
United Utilities Group (UU.) 905.00p -0.33%
International Consolidated Airlines Group SA (CDI) (IAG) 459.90p -0.24%
Associated British Foods (ABF) 3,199.00p -0.19%
Babcock International Group (BAB) 1,128.00p -0.18%
Persimmon (PSN) 1,538.00p -0.13%
FTSE 250 - Risers
Premier Oil (PMO) 198.60p +6.37%
Northgate (NTG) 512.50p +5.15%
Kaz Minerals (KAZ) 246.20p +4.77%
Afren (AFR) 47.78p +4.64%
Oxford Instruments (OXIG) 1,193.00p +3.74%
Cairn Energy (CNE) 164.90p +3.19%
EnQuest (ENQ) 46.55p +3.19%
Lonmin (LMI) 177.30p +3.02%
Wood Group (John) (WG.) 614.00p +2.93%
Ophir Energy (OPHR) 142.70p +2.81%
FTSE 250 - Fallers
Tate & Lyle (TATE) 600.00p -1.15%
Serco Group (SRP) 172.50p -1.09%
PayPoint (PAY) 932.50p -1.01%
Barr (A.G.) (BAG) 601.00p -0.99%
Barratt Developments (BDEV) 456.20p -0.91%
Spire Healthcare Group (SPI) 317.10p -0.91%
Brown (N.) Group (BWNG) 334.20p -0.77%
Balfour Beatty (BBY) 189.70p -0.73%
Stagecoach Group (SGC) 405.20p -0.69% |
| | UK Event Calendar | | INTERIMS
Anite, Northgate, Park Group, Plastics Capital, Sweett Group, Tricorn Group, Vianet Group, WYG
INTERIM DIVIDEND PAYMENT DATE
Andrews Sykes Group
QUARTERLY EX-DIVIDEND DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Construction Spending (US) (15:00)
Producer Price Index (EU) (10:00)
Q3
PJSC Novorossiysk Commercial Sea Port GDR (Reg S)
Q4
GW Pharmaceuticals
GMS
Capital & Regional, Foresight VCT
FINALS
Gooch & Housego, GW Pharmaceuticals, Infrastrata, ITE Group, Urban & Civic
AGMS
Aberdeen Asian Smaller Companies Inv Trust
TRADING ANNOUNCEMENTS
Merlin Entertainments
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of Yellen speech European stocks advanced ahead of a speech by Federal Reserve Chair Janet Yellen.
Yellen will speak in Washington at 08:30 local time amid speculation over the first interest rate hike.
The Federal Open Market Committee is weighing economic data in considering when to raise interest rates after ending its bond buying programme at its last meeting.
Yellen has said that the Fed is monitoring economic data to assess whether the US is ready for a rate increase. Fellow Fed official Richard Fisher is also due to speak in Washington.
Elsewhere in the US, data may show construction spending rose 0.6% month-on-month in October following a 0.4% decline a month earlier, according to analysts' estimates.
The UK will see the release of the Markit/CIPS construction report. The purchasing managers' index is forecast to drop to 61 in November from 61.4 in the previous month. A reading above 50 signals expansion.
In Europe, the only notable release is the Eurozone producer price index with the main event for this week scheduled for Thursday, the European Central Bank's latest policy decision.
"It is unlikely that further easing action will be taken at this week's monthly ECB policy meeting, but we might see more dovish commentary," according to Jaisal Pastakia, investment manager at Heartwood Investment Management.
"Prospects for ECB quantitative easing are looking higher as policymakers' rhetoric continues to build."
ECB Vice President Constancio last week said that the monetary authority would consider quantitative easing in the first quarter of 2015 if there was no progress.
Meanwhile, oil stocks gained, including Tullow Oil, BG Group and BHP Billiton as Brent crude prices recovered to $72.53 per barrel after falling below $70 on Monday morning.
Friends Life Group rallied after Aviva agreed to buy the company for about £5.6bn in stock.
Neopost SA declined after saying it expects organic revenue this year will somewhat stagnant, down from a previous target of 1% to 3% growth. |
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| | US Market Report | | US Close: Markets are down after Thanksgiving sales disappoint and oil prices stabilise US stocks ended in losses on Monday amid underwhelming Thanksgiving weekend figures and weak international manufacturing data.
The Nasdaq fell 1.35% to 4,727, the S&P 500 dropped 0.68% to 2,053.44 and the Dow Jones Industrial Average plummeted 0.29% to 17,776.80.
US markets were eyeing falls 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 Institute for Supply Management's (ISM) US manufacturing index fell to 58.7 in November, declining from 59 the month before but ahead of the 58 estimate.
Capital Economics' senior US economist Pale Dales notes: "We remain optimistic about the outlook for both overall GDP growth and industry, but are not convinced that conditions are quite as good as the ISM index suggests."
The ISM Employment Index also dropped to 54.9 in November missing its 55.8 estimate.
The final reading of the Markit US manufacturing PMI also moved to 54.8, up from a reading of 54.7 but below its 55 forecast, plummeting to its lowest level in 10 months.
In the corporate world, retailers experienced a punishing Thanksgiving weekend. The National Retail Federation claimed that retail spending over the four-day festive period dropped by 11% to mark the second consecutive annual decline for the weekend to 30 November.
"Starting off the US shopping season on a negative note does not instill confidence in the run up to Christmas. Wal-Mart and Target are both licking their wounds today. Traders are instead holding out hope for Cyber Monday," Market analyst David Madden at IG said.
Lots of key retailers were trading losses on Monday including Macy's down 2.65% to 63.19, Sears down 1.75% to 35.47, Amazon.com down 3.73% to 326, Kohl's down 3.51% to 57.53, JC Penney down 5.99% to 7.53, Wal-Mart down 1.515 to 86.22 and Target down 1.69% to 72.75.
Oil prices rose on Monday, stabilising after their recent fall, but the energy sector, still had difficulty. Share prices for Devon Energy increased 1.64% to 59.94, while Marathon Oil rose 0.24% to 28.99 and Conocophillips went up 2.57% to 67.77.
The dollar was down on the pound by 0.64%, the euro by 0.002% and the yen by 0.41%.
Front month West Texas Intermediate crude futures were up 4.56% higher at $69.31 a barrel on Monday.
Meanwhile, over on COMEX, gold futures for delivery in February 2015 were up 3.05% to $1,211.50 per ounce.
The US generic government 10-year yield was up 5 basis points to 2.21%.
S&P 500 - Risers
Newmont Mining Corp. (NEM) $19.66 +6.85%
Diamond Offshore Drilling Inc. (DO) $30.50 +3.85%
Deere & Co. (DE) $89.58 +3.42%
QEP Resources Inc (QEP) $21.09 +3.18%
Chevron Corp. (CVX) $111.73 +2.63%
ConocoPhillips (COP) $67.77 +2.57%
Joy Global Inc. (JOY) $50.29 +2.55%
Iron Mountain Inc. (IRM) $38.83 +2.16%
Exxon Mobil Corp. (XOM) $92.35 +2.00%
Microsoft Corp. (MSFT) $48.62 +1.69%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $9.35 -7.52%
United States Steel Corp. (X) $31.16 -6.57%
Quanta Services Inc. (PWR) $28.50 -6.56%
First Solar Inc. (FSLR) $45.76 -6.23%
Best Buy Co. Inc. (BBY) $37.26 -5.46%
GameStop Corp. (GME) $35.83 -5.24%
Transocean Ltd. (RIG) $19.99 -4.85%
Norfolk Southern Corp. (NSC) $106.36 -4.73%
CONSOL Energy Inc. (CNX) $37.45 -4.29%
Ecolab Inc. (ECL) $104.30 -4.27%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $111.73 +2.63%
Exxon Mobil Corp. (XOM) $92.35 +2.00%
Microsoft Corp. (MSFT) $48.62 +1.69%
Unitedhealth Group Inc. (UNH) $99.06 +0.44%
Pfizer Inc. (PFE) $31.26 +0.35%
Walt Disney Co. (DIS) $92.70 +0.21%
Merck & Co. Inc. (MRK) $60.52 +0.20%
Dow Jones I.A - Fallers
General Electric Co. (GE) $26.02 -1.77%
Nike Inc. (NKE) $97.69 -1.61%
Caterpillar Inc. (CAT) $99.00 -1.59%
Wal-Mart Stores Inc. (WMT) $86.22 -1.51%
Boeing Co. (BA) $132.39 -1.47%
3M Co. (MMM) $158.16 -1.21%
Verizon Communications Inc. (VZ) $50.03 -1.11%
McDonald's Corp. (MCD) $95.78 -1.06%
AT&T Inc. (T) $35.06 -0.90%
Coca-Cola Co. (KO) $44.55 -0.62%
Nasdaq 100 - Risers
Microsoft Corp. (MSFT) $48.62 +1.69%
Twenty-First Century Fox Inc Class A (FOXA) $37.28 +1.30%
Symantec Corp. (SYMC) $26.35 +1.00%
PACCAR Inc. (PCAR) $67.49 +0.70%
Amgen Inc. (AMGN) $166.41 +0.67%
Verisk Analytics Inc. (VRSK) $62.38 +0.65%
Express Scripts Holding Co (ESRX) $83.67 +0.63%
Stericycle Inc. (SRCL) $129.61 +0.54%
Automatic Data Processing Inc. (ADP) $86.07 +0.50%
Intuit Inc. (INTU) $94.12 +0.27%
Nasdaq 100 - Fallers
Tesla Motors Inc (TSLA) $231.64 -5.27%
Amazon.Com Inc. (AMZN) $325.98 -3.74%
TripAdvisor Inc. (TRIP) $71.05 -3.53%
Baidu Inc. (BIDU) $236.61 -3.47%
Facebook Inc. (FB) $75.10 -3.35%
Apple Inc. (AAPL) $115.07 -3.25%
Yahoo! Inc. (YHOO) $50.10 -3.17%
Mattel Inc. (MAT) $30.57 -3.11%
Expeditors International Of Washington Inc. (EXPD) $45.42 -2.99% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Tesco, Bicester, Rouble... New Tesco boss Dave Lewis is planning to bring Matt Simister, one of the eight executives suspended after an accounting irregularity, back to the company as he takes direct control of the retailer, the Telegraph has said. Lewis said that Simister had actually "worked tirelessly to resolve the issues we faced", as he confirmed that four of the other eight would be leaving.
The government is expected to reveal that Bicester in Oxfordshire will be the location for a new garden city, the Financial Times writes. Up to 13,000 homes will be built on the fringes of the town over the coming years and could potentially double its population.
The Russian rouble plummeted the furthest it's fallen in once day since 1998 during the default crisis. Capital flight has accelerated, raising the risk of emergency exchange controls and greatly affecting companies currently holding onto more than $680bm in external debt, according to The Telegraph.
The Financial Conduct Authority has toughened regulations for loan brokers as some were found treating customers in a "blatantly unfair" way. The watchdog has claimed it will ban brokers from charging fees and requesting customer payment details unless it provides clear upfront information to people seeking credit, the Financial Times reported.
According to The Times, the US National Transportation Safety Board condemned Boeing for a string of failures that contributed to a fire that grounded its Dreamliner jets for over three months in 2013. "Boeing failed to ensure that the lithium-ion battery was tested under the most severe conditions possible because it made an underlying assumption, which turned out to be wrong, that the effect of an internal short circuit within a battery cell would not cause a fire," the paper said. | | |
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