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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 rise ahead of data, but Thorntons plummets UK stocks jumped again on Tuesday as the pre-Christmas rally continued, with markets extending a two-week high ahead of a barrage of economic data.
London's FTSE 100 was up 0.6% at 6,618 early on, rising for the sixth straight session. The index closed at 6,576.74 on Monday, its highest finish since 8 December.
The positive start followed a bullish session on Wall Street, with the S&P 500 rising to its 50th record close so far this year.
While trading volumes are expected to be low and corporate news lacking, there will be plenty of data to keep those traders which remain at their desks busy.
"As we head into the last full trading day before Christmas we have a data deluge to contend with," said CMC Markets analyst Michael Hewson.
The final estimate of UK gross domestic product (GDP) is forecast to confirm that year-on-year growth was 3% in the third quarter. Meanwhile, US GDP is also out but is expected to be revised to show 4.3% annualised growth in the third quarter, up from the previous estimate of 3.9%.
US durable goods, consumer confidence, new home sales and personal spending figures are also on tap for Tuesday afternoon.
Thorntons plummets after profit warning
Annual profits will be lower than expected at Thorntons as the confectioner warned of a "significant reduction" in orders from major supermarkets and a problem with its warehouse distribution. The stock was around 26% lower after the retailer said earnings for the full year were to be "below those achieved for the last financial year".
Outsourcing company Capita gained after appointing Halma's boss Andrew Williams to its board as an independent non-executive director.
Resource stocks were among the worst performers early on, with BG Group, BHP Billiton and Anglo American trading lower.
Supermarket rivals Tesco, J Sainsbury and Wm Morrison were providing a lift. |
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| Market Movers
techMARK 2,972.32 +0.43%
FTSE 100 6,618.14 +0.63%
FTSE 250 16,036.19 +0.28%
FTSE 100 - Risers
Tesco (TSCO) 184.75p +2.07%
CRH (CRH) 1,540.00p +1.85%
ARM Holdings (ARM) 992.00p +1.69%
TUI AG Reg Shs (Post- 16/12/14)(DI) (TUIJ) 1,055.00p +1.64%
Weir Group (WEIR) 1,904.00p +1.60%
WPP (WPP) 1,362.00p +1.49%
Morrison (Wm) Supermarkets (MRW) 178.60p +1.48%
Legal & General Group (LGEN) 248.60p +1.43%
Aviva (AV.) 498.30p +1.22%
Babcock International Group (BAB) 1,082.00p +1.22%
FTSE 100 - Fallers
BG Group (BG.) 874.90p -1.26%
Reckitt Benckiser Group (RB.) 5,275.00p -0.66%
GKN (GKN) 343.90p -0.61%
BHP Billiton (BLT) 1,362.00p -0.44%
United Utilities Group (UU.) 928.00p -0.27%
Marks & Spencer Group (MKS) 479.80p -0.21%
Severn Trent (SVT) 2,035.00p -0.15%
SSE (SSE) 1,617.00p -0.12%
Anglo American (AAL) 1,173.00p -0.04%
Sainsbury (J) (SBRY) 239.50p -0.04%
FTSE 250 - Risers
Zoopla Property Group (WI) (ZPLA) 207.30p +3.55%
Afren (AFR) 50.70p +2.65%
Premier Oil (PMO) 170.20p +2.53%
SSP Group (SSPG) 286.60p +2.28%
Amec Foster Wheeler (AMFW) 891.00p +2.18%
Petrofac Ltd. (PFC) 716.50p +1.70%
Serco Group (SRP) 159.10p +1.60%
Cairn Energy (CNE) 177.80p +1.60%
Home Retail Group (HOME) 204.90p +1.54%
Kaz Minerals (KAZ) 245.10p +1.41%
FTSE 250 - Fallers
RPS Group (RPS) 202.20p -3.35%
Jimmy Choo (CHOO) 170.00p -2.86%
Greggs (GRG) 721.50p -2.17%
Enterprise Inns (ETI) 108.30p -1.55%
Bwin.party Digital Entertainment (BPTY) 114.80p -1.54%
Millennium & Copthorne Hotels (MLC) 579.50p -1.53%
Game Digital (GMD) 340.00p -1.45%
Synthomer (SYNT) 221.20p -1.43%
Bank of Georgia Holdings (BGEO) 2,038.00p -1.40% |
| | UK Event Calendar | | TUESDAY 23 DECEMBER
INTERIM DIVIDEND PAYMENT DATE
C&C Group
QUARTERLY EX-DIVIDEND DATE
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Durable goods orders (US) (13:30)
GDP (US) (13:30)
House price index (US) (15:00)
New home sales (US) (13:30)
Personal consumption expenditures (US) (13:30)
Personal income (US) (13:30)
Personal spending (US) (13:30)
U.of Michigan confidence (US) (14:55)
GMS
Clarkson, Dairy Crest Group, Real Estate Investors
EGMS
Cloudtag Inc., Hellenic Telecom Industries SA ADS
AGMS
Craven House Capital, Inspirit Energy Holdings, Minco, Red Rock Resources, Regency Mines
FINAL DIVIDEND PAYMENT DATE
JP Morgan Japanese Inv Trust
Northern Venture Trust
UK ECONOMIC ANNOUNCEMENTS
Balance of Payments (09:30)
BBA Mortgage Lending figures
GDP (09:30)
Index of services (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Slight gains in stocks ahead of data deluge The main European equity benchmarks edged higher in early trading, tracking overnight gains on Wall Street.
As of 09:30 the FTSE 100 was 0.50% higher at 6,608.92 points, the Cac-40 was up by 0.39% to 4,271.23 while the FTSE Mibtel was to be seen 0.12% lower at 19,050.65.
Traders were anxiously awaiting the release of a barrage of economic data Stateside, including the latest figures on US gross domestic product and for orders of durable goods.
Meanwhile in the corporate area, on Monday evening ratings agency Standard & Poor's lowered its outlook on the long-term debt issued by the likes of Royal Dutch Shell and BP to 'negative'. S&P cited a "dramatic deterioration" in the outlook for the price of oil.
In parallel, The Wall Street Journal reported French lender Societe Generale may have to push back its profitability targets in Russia by several years as a result of that country's economic troubles.
From a sectoral perspective, the best performing industrial groups within the DJ Stoxx 600 were: personal and household goods (0.70%), food (0.62%) and insurance (0.58%).
Acting as a backdrop, data out from France´s statistics office revealed that French household consumption expanded by 0.4% over the month in November, slightly less forecasts.
In Spain, the central bank forecast that economy would grow at a 2% clip in 2015.
The euro/dollar was essentially unchanged, rising 0.02% to 1.2234.
Front month Brent crude futures were up a tad, at $60.19 per barrel on the ICE. |
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| | US Market Report | | US close: Markets boosted by pre-Christmas rally amid little economic data US stocks were trading in the green on Monday boosted by the pre-Christmas rally after a weak day for economic data.
The Dow Jones Industrial Average was up 0.87% to 17,959.44 while the Nasdaq increased by 0.28% to 4,293.67 and S&P 500 rose 0.38% to 2,078.54.
Analysts seemed unfazed by the lack of economic data that surfaced on Monday.
IG market analyst Alastair McCaig said: "Today's economic calendar is whisper quiet but tomorrow will offer a host of data that, given recent history, could well be enough to carry markets above their previous December highs."
US existing home sales fell by 6.1% to 4.9m month-on-month in November. CMC Market analyst Jasper Lawler said: "Expectations had been for a modest rise but the housing recovery in the US in 2014 has been choppy at best."
Meanwhile, oil prices experienced a volatile month following OPEC's decision no to cut production.
Crude futures were advancing early in the day but WTI crude futures closed with a 3.403% loss to $55.25 a barrel and Brent futures finished with a 2.181% drop to $60.07 a barrel.
Lawyer noted: After oil prices seemingly stabilised with Brent around $60, the Saudi oil minister Ali Al-Naimi felt bold enough to call a bottom saying the drop is a temporary oversupply issue that the market will soon redress.
"It seems the rally in crude prices maybe a little further away than Al-Naimi envisions with his fellow OPEC member, the oil minister of Iraq Adel Abdul Mahdi announcing increased production next year."
He added: "A big sell-off in natural gas sparked an implosion in commodity prices. Nat Gas dropped over 8% as fears spiked that the oversupply of US energy will be matched with lower demand in what has so far been a mild US winter."
The yield on a benchmark US 10-year Treasury was flat at 2.16%.
In the corporate world, American Apparel rose 6.54% to 1.14 while AbbVie fell by 1.09% to 66.97 and Chevron sank 0.8% to 112.03.
Over on COMEX, gold futures were down 1.93% to $1,172.90 while the dollar advanced on both the pound and the yen but receded against the euro.
S&P 500 - Risers
Priceline Group Inc (PCLN) $1,149.45 +3.61%
KLA-Tencor Corp. (KLAC) $72.16 +3.50%
Raytheon Co. (RTN) $109.90 +2.88%
Legg Mason Inc. (LM) $54.33 +2.74%
Chipotle Mexican Grill Inc. (CMG) $667.66 +2.49%
Southwest Airlines Co. (LUV) $41.26 +2.48%
Google Inc. (GOOGL) $532.30 +2.36%
Ross Stores Inc. (ROST) $93.16 +2.35%
Windstream Holdings Inc (WIN) $8.83 +2.32%
Intel Corp. (INTC) $37.21 +2.31%
S&P 500 - Fallers
Gilead Sciences Inc. (GILD) $92.90 -14.34%
United States Steel Corp. (X) $26.19 -8.39%
Peabody Energy Corp. (BTU) $7.91 -7.43%
Chesapeake Energy Corp. (CHK) $18.42 -7.25%
Southwestern Energy Co. (SWN) $29.31 -5.45%
Newmont Mining Corp. (NEM) $18.16 -5.02%
Range Resources Corp. (RRC) $57.07 -4.68%
Nabors Industries Ltd. (NBR) $13.10 -3.96%
Cabot Oil & Gas Corp. (COG) $30.53 -3.93%
EQT Corp. (EQT) $77.65 -3.65%
Dow Jones I.A - Risers
Intel Corp. (INTC) $37.21 +2.31%
International Business Machines Corp. (IBM) $161.44 +1.85%
Cisco Systems Inc. (CSCO) $28.22 +1.62%
Boeing Co. (BA) $128.22 +1.58%
Home Depot Inc. (HD) $103.50 +1.54%
Wal-Mart Stores Inc. (WMT) $86.38 +1.43%
Walt Disney Co. (DIS) $94.20 +1.41%
United Technologies Corp. (UTX) $117.14 +1.34%
E.I. du Pont de Nemours and Co. (DD) $74.14 +1.16%
Nike Inc. (NKE) $95.93 +1.15%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $58.96 -1.04%
Chevron Corp. (CVX) $112.03 -0.80%
Exxon Mobil Corp. (XOM) $93.33 -0.33%
Nasdaq 100 - Risers
Priceline Group Inc (PCLN) $1,149.45 +3.61%
KLA-Tencor Corp. (KLAC) $72.16 +3.50%
Google Inc. (GOOGL) $532.30 +2.36%
Ross Stores Inc. (ROST) $93.16 +2.35%
Intel Corp. (INTC) $37.21 +2.31%
Amazon.Com Inc. (AMZN) $306.54 +2.21%
Liberty Interactive Corp (QVCA) $29.15 +2.21%
Altera Corp. (ALTR) $38.01 +2.12%
Applied Materials Inc. (AMAT) $25.40 +2.05%
Xilinx Inc. (XLNX) $43.87 +2.01%
Nasdaq 100 - Fallers
Gilead Sciences Inc. (GILD) $92.90 -14.34%
Regeneron Pharmaceuticals Inc. (REGN) $412.97 -3.43%
Amgen Inc. (AMGN) $164.59 -3.28%
Celgene Corp. (CELG) $113.50 -3.14%
Discovery Communications Inc. Class A (DISCA) $34.60 -2.34%
Biogen Idec Inc. (BIIB) $352.29 -2.32%
Vertex Pharmaceuticals Inc. (VRTX) $116.68 -1.87%
Wynn Resorts Ltd. (WYNN) $147.48 -1.76%
Netflix Inc. (NFLX) $336.68 -1.01% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Russia, North Korea, BP... According to Alexis Kudrin, Moscow's former finance minister and a key ally of president Vladimir Putin, Russia is heading for a "full-blown economic crisis", writes The Times. He said that the turmoil could trigger a wave of corporate defaults across the country and urged the Kremlin to start negotiating to end Western sanctions.
North Korea experienced one of its worst ever internet outages days after US President Barack Obama vowed a "proportional" response for the hermit country's cyber attack on a Hollywood studio, according to The Telegraph. North Korea began having issues on Friday and by Monday night the state was completely cut off from the world wide web.
BP has claimed that penalties for the Gulf of Mexico oil spill should reflect the recent collapse in crude prices as it nears the end of its legal battle, The Times reports. The company has insisted it should pay less than the $16bn-18bn the US government is seeking.
According to research from Begbies Trainer, over 24,000 UK retailers are suffering from "significant financial stress", writes The Guardian. This number is up 54% on last year as a food-price war among the major supermarkets has forced the rest of the high street to cut prices.
"Banks' scope to use credit rating agencies to assess the risks in their portfolios will be sharply reduced as global regulators push through new standards aimed at making lenders safer," the Financial Times writes. The Basel Committee on Banking Supervision wants to restrict banks' reliance on external ratings and has called on firms to improve their own risk assessments.
Brent crude crashed below the $60 per barrel level again on Monday after Saudi Arabia's oil minister said his country would not intervene to revive prices, The Telegraph reported. Ali al-Naimi, who oversees the world's largest exporter of crude, claimed in an interview that even if the price of oil fell to $20 per barrel the kingdom would do nothing to arrest the decline. | | |
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