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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 slip ahead of economic data, Autumn Statement It was a tentative start for the UK stock market on Wednesday as a lack of corporate news and a string of economic data kept traders on the fence.
Investors were also awaiting the Autumn Statement announcement due out at 12:30 to see what Chancellor George Osborne has in store.Nevertheless, many analysts are predicting it will be seen as a political rather than an economic event, with expectations low for any surprise announcement on funding.
The FTSE 100 was trading 0.1% lower at 6,733 in early deals.
Stocks had finished strongly on Tuesday, bouncing back after a heavy fall the previous session, with shares in the resource sectors rebounding on hopes of stimulus in Europe and China. Speculation about a possible merger between oil majors BP and Shell also boosted the two heavyweight stocks in London, pushing the FTSE 100 to 6,742.10, its highest close since 21 November.
Two separate surveys from China overnight showed that growth in the services sector picked up in November, with both the non-official HSBC non-manufacturing purchasing managers' index (PMI) and the government's non-manufacturing PMI rising to 53 and 53.9, respectively. However, ongoing weakness in the manufacturing sector meant that the HSBC China composite PMI fell from 51.7 to 51.1.
Non-manufacturing PMIs are also due out in the UK, Eurozone and US later on Wednesday. The ADP employment report will also be in focus Stateside as it comes ahead of the all-important non-farm payrolls data on Friday.
Speeches from various members of the Federal Reserve and the central bank's Beige Book were also scheduled for Wednesday evening.
Sage jumps, oil stocks pull back
Accountancy software group Sage was a high riser after it hailed higher annual profits and the achievement of key financial milestones for 2014. The company also said it was on track to hit financial targets for 2015.
Stocks in the oil sector were pulling back after a solid rise the previous session, with Tullow and BG Group both recording losses.
Shares in BP and Shell also retreated after advancing on Tuesday on the back of reports that Shell could launch a takeover bid for its smaller rival. "Such a merger would be a brave move at a time of heightened uncertainty," said analyst Chris Beauchamp from IG, with oil prices currently near their lowest in over four years.
Just Eat, the online takeaway delivery service, dropped sharply after a group of shareholders behind its initial public offering earlier in the year raised £139m by selling a 7.7% stake. The 43.5m shares were sold at a price of 320p, compared with Tuesday's close of 343.05p.
Postal group Royal Mail was also trading in the red after both Credit Suisse and Jefferies reiterated their 'underperform' ratings on the stock. |
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| Market Movers
techMARK 2,943.82 +0.17%
FTSE 100 6,732.68 -0.14%
FTSE 250 15,823.10 -0.06%
FTSE 100 - Risers
Sage Group (SGE) 419.20p +3.97%
Morrison (Wm) Supermarkets (MRW) 185.80p +1.59%
Sainsbury (J) (SBRY) 244.70p +1.45%
InterContinental Hotels Group (IHG) 2,621.00p +1.20%
3i Group (III) 447.00p +1.13%
Friends Life Group Limited (FLG) 378.90p +1.01%
Johnson Matthey (JMAT) 3,358.00p +0.96%
Bunzl (BNZL) 1,795.00p +0.90%
Aberdeen Asset Management (ADN) 464.50p +0.89%
Wolseley (WOS) 3,697.00p +0.85%
FTSE 100 - Fallers
Royal Mail (RMG) 393.50p -2.96%
Antofagasta (ANTO) 729.50p -1.55%
Royal Dutch Shell 'B' (RDSB) 2,267.50p -1.07%
Royal Dutch Shell 'A' (RDSA) 2,186.00p -1.00%
Intu Properties (INTU) 353.80p -0.95%
Capita (CPI) 1,058.00p -0.94%
Coca-Cola HBC AG (CDI) (CCH) 1,414.00p -0.91%
Vodafone Group (VOD) 227.95p -0.87%
Aggreko (AGK) 1,566.00p -0.82%
Randgold Resources Ltd. (RRS) 4,232.00p -0.82%
FTSE 250 - Risers
EnQuest (ENQ) 44.74p +3.47%
Zoopla Property Group (WI) (ZPLA) 200.90p +3.34%
NMC Health (NMC) 488.00p +2.85%
Britvic (BVIC) 685.50p +2.39%
Bank of Georgia Holdings (BGEO) 2,186.00p +2.05%
Ladbrokes (LAD) 115.70p +1.94%
Stock Spirits Group (STCK) 249.60p +1.84%
Worldwide Healthcare Trust (WWH) 1,795.00p +1.76%
Fisher (James) & Sons (FSJ) 1,056.00p +1.54%
Synthomer (SYNT) 227.70p +1.52%
FTSE 250 - Fallers
Just Eat (JE.) 308.60p -9.02%
Hunting (HTG) 571.00p -3.55%
Infinis Energy (INFI) 223.00p -2.19%
TSB Banking Group (TSB) 264.60p -2.04%
Home Retail Group (HOME) 193.70p -2.02%
Ted Baker (TED) 2,140.00p -1.88%
Premier Oil (PMO) 195.70p -1.86%
PayPoint (PAY) 925.00p -1.80%
Michael Page International (MPI) 400.60p -1.74% |
| | UK Event Calendar | | Wednesday December 03
INTERIMS
API Group, International Greetings
INTERIM DIVIDEND PAYMENT DATE
BlackRock Smaller Companies Trust
INTERIM EX-DIVIDEND DATE
Palace Capital
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
MBA Mortgage Applications (US) (12:00)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Productivity (US) (13:30)
Retail Sales (EU) (10:00)
GMS
C A Sperati
FINALS
Brewin Dolphin Holdings, Character Group, Innovation Group, Sage Group
IMSS
Tesco
AGMS
Advance Frontier Markets Fund Ltd, Bioventix, Ceres Power Holdings, Global Market Group Ltd (DI), Haydale Graphene Industries, Madagascar Oil Ltd (DI), Purecircle Limited (DI)
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | European stocks gained as speculation over further stimulus by the European Central Bank (ECB) grew ahead of Thursday’s meeting.
The ECB is widely expected to maintain its policy when it meets this week but analysts see the monetary authority moving closer towards full-scale quantitative easing.
President Mario Draghi has said the ECB has agreed to consider buying government bonds if inflation remains too low for too long.
On Wednesday’s economic calendar in the euro-area, Markit revealed the final reading of its purchasing managers’ index (PMI) for services activity was revised to 51.1 from the initial estimate of 51.3. The composite PMI was also revised to 51.1 from 51.4.
Markit will also release data on UK and US services data.
A report at 10:00 London time is forecast to show Eurozone retail sales rose by 1.6% year-on-year in October following a 0.5% gain a month earlier.
The ISM’s index on non-manufacturing activity is projected to rise to 57.5 in November from 57.1 in October.
ADP will publish its jobs report which is expected to reveal US employers added 224,000 jobs in November.
Also Stateside, Federal Reserve official Charles Plosser speaks on the economic outlook in Charlotte, North Carolina, at 17:30 London time. His colleague Lael Brainard will speak on financial stability in Washington at 19:00.
At the same time the central bank also releases its Beige Book, which will outline the outlook on current economic conditions.
The market will be searching for clues as to when the Fed will raise interest rates ahead of the central bank’s meeting on 16-17 December.
In company news, Salzgitter advanced after the steelmaker said insurance policies will cover most losses linked to Russia’s discontinuation of its Black Sea pipeline project.
Sage edged higher after reporting an increase in 2014 financial year profits and saying that is was on track to meet targets in 2015.
Brent crude futures rose 0.77% to $71.09 per barrel, according to the ICE, providing a boost to oil stocks.
The euro dropped 0.41% to $1.2332. |
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| | US Market Report | | US Close: Stocks are up as markets rebound from oil price drop US stocks experienced gains on Tuesday amid light economic data as the markets began to rebound from the recent fall in oil prices. The Dow Jones Industrials increased by 0.58% to 17,879.55, while the S&P 500 rose by 0.64% to 2,066.55, and Nasdaq advanced 0.6% to 4,755.81.
Tuesday's figures revealed that US construction spending grew by 1.1% on the month in October almost doubling analyst estimates of 0.6%.
As well as this, speculation that the European Central Bank (ECB) could soon introduce quantitative easing was raised after President Mario Draghi claimed he would consider buying government bonds if inflation maintains low figures for much longer.
Front month West Texas Intermediate crude futures dropped 2.56% to hit $67.28 a barrel while the front month Bent crude futures fell 2.39% to $70.85 a barrel. Capital Economics chief US economist Paul Ashworth noted that this will have a positive affect on the US economy overall.
He said: "If crude oil prices remain at current levels (i.e. $71 per barrel for Brent and $69 for WTI), then the retail gasoline price should drop to a seasonally adjusted $2.90 per gallon within a few more weeks. The US is still a large net importer of crude oil, so the recent collapse in oil prices will provide a net boost to real economic growth of about $150bn or 0.8% of GDP."
Over on COMEX, Gold futures for delivery in February 2015 were down 1.61% to $1,198.50 per ounce.
Meanwhile, the US government to-year yield was up by six basis points to 2.29% and the US dollar advanced on the pound, the euro and the yen.
In corporate news, Fiat Chrysler Automobiles NV rose by 2.99% to 13.09 after Transport Ministry data showed a 5.9% rise in car sales in November in Italy.
Avanir Pharmaceuticals increased by 12.8% to 16.92 after Japan's Otsuka Holdings Co. agreed to buy the Aliso Viejo, California-based drugmaker for about $3.54bn.
Royal Caribbean Cruises was boosted 6.17% to 76.75 after reports were released claiming the cruise company is set to replace Bemis Co. in the S&P 500.
S&P 500 - Risers
TripAdvisor Inc. (TRIP) $76.68 +7.92%
Biogen Idec Inc. (BIIB) $327.98 +6.34%
Alexion Pharmaceuticals Inc. (ALXN) $200.79 +4.30%
Valero Energy Corp. (VLO) $50.88 +4.05%
CSX Corp. (CSX) $36.46 +3.99%
Union Pacific Corp. (UNP) $118.97 +3.79%
Marathon Petroleum Corporation (MPC) $94.14 +3.69%
Rockwell Automation Inc. (ROK) $115.69 +3.65%
Eog Resources Inc. (EOG) $90.30 +3.51%
Kansas City Southern (KSU) $119.05 +3.10%
S&P 500 - Fallers
Genworth Financial Inc. (GNW) $8.65 -5.88%
Cabot Oil & Gas Corp. (COG) $31.42 -5.36%
Noble Corporation plc (NE) $17.18 -4.02%
Transocean Ltd. (RIG) $19.38 -3.05%
Crown Castle International (CCI) $80.06 -2.66%
Coach Inc. (COH) $35.19 -2.52%
Newmont Mining Corp. (NEM) $19.18 -2.44%
EQT Corp. (EQT) $89.25 -2.44%
Ensco Plc. (ESV) $33.10 -2.27%
Denbury Resources Inc. (DNR) $7.83 -2.25%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $114.02 +2.05%
Exxon Mobil Corp. (XOM) $94.19 +1.99%
JP Morgan Chase & Co. (JPM) $61.08 +1.80%
3M Co. (MMM) $160.60 +1.54%
Intel Corp. (INTC) $37.59 +1.13%
Procter & Gamble Co. (PG) $91.07 +1.10%
Goldman Sachs Group Inc. (GS) $190.19 +1.06%
Pfizer Inc. (PFE) $31.57 +0.99%
American Express Co. (AXP) $93.00 +0.93%
E.I. du Pont de Nemours and Co. (DD) $71.69 +0.86%
Dow Jones I.A - Fallers
AT&T Inc. (T) $34.29 -2.20%
Verizon Communications Inc. (VZ) $49.11 -1.84%
Home Depot Inc. (HD) $98.16 -0.73%
McDonald's Corp. (MCD) $95.11 -0.70%
Microsoft Corp. (MSFT) $48.46 -0.33%
Boeing Co. (BA) $132.28 -0.08%
Travelers Company Inc. (TRV) $104.40 -0.04%
Coca-Cola Co. (KO) $44.54 -0.02%
United Technologies Corp. (UTX) $109.68 -0.01%
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $76.68 +7.92%
Biogen Idec Inc. (BIIB) $327.98 +6.34%
Alexion Pharmaceuticals Inc. (ALXN) $200.79 +4.30%
Netflix Inc. (NFLX) $352.31 +3.07%
Regeneron Pharmaceuticals Inc. (REGN) $421.24 +3.06%
Seagate Technology Plc (STX) $67.54 +2.42%
Maxim Integrated Products Inc. (MXIM) $29.77 +2.16%
QUALCOMM Inc. (QCOM) $73.32 +2.13%
Vertex Pharmaceuticals Inc. (VRTX) $118.94 +1.79%
Micron Technology Inc. (MU) $35.60 +1.76%
Nasdaq 100 - Fallers
Sba Communications Corp. (SBAC) $116.14 -3.18%
Dish Network Corp. (DISH) $75.27 -2.42%
Vimpelcom Ltd Ads (VIP) $5.00 -2.34%
Monster Beverage Corp (MNST) $109.58 -1.55%
Sandisk Corp. (SNDK) $101.31 -1.51%
Priceline Group Inc (PCLN) $1,139.36 -1.20%
DIRECTV (DTV) $86.93 -0.91%
Keurig Green Mountain Inc (GMCR) $137.84 -0.84%
Intuit Inc. (INTU) $93.33 -0.84% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Autumn Statement, UK food prices, Schlumberger... UK Chancellor George Osborne is expected to use Wednesday's Autumn Statement to deliver a near financial injection to Britain's economy by boosting small-to-medium enterprises (SMEs) with nearly £1bn. Osborne is predicted to hand an additional £400m over to the British Business Bank and more funding for the Enterprise Finance Guarantee scheme, which would allow up to £500m in new lending for the 2015-16 fiscal year, according to The Telegraph. BRC and Nielsen data has shown that food prices fell 0.2% in November compared with the same month last year, the first time this has happen in eight years, "as supermarkets wage a bitter discounting war and the cost of everyday ingredients plunges on the commodity markets", The Times says.
The world's biggest oil services group, Schlumberger, is set to slash its fleet for offshore geological surveys and will take an $800m writedown on the value of its vessels. The marks the first major cutdown in the industry fallout following the recent crude price drop, the Financial Times reported.
Shares in a number of companies involved in the South Stream project dived across Europe after Russia abandoned the $50bn gas pipeline across the Black Sea into Europe, the Financial Times says. Countries such as Bulgaria, Serbia and Hungary reacted with shock and anger, saying they had received no advance warning despite having substantial financial and political capital invested, the paper said.
Aviva has admitted that there could be job losses when it takes over rival Friends Life in a £5.6bn deal, The Scotsman writes. Chief executive Mark Wilson said it was still "way too early" to estimate the scale of any cutbacks, but said: ""There may be some duplication in roles and headcount reduction,"".
The Financial Times writes that Morgan Stanley "is being credited with the most audacious 'deal steal' seen in years" after a last-minute "snaffling" of a $4.7bn placement Goldman Sachs and Credit Suisse presumed they had secured. The deal involved a private placement of shares in Chinese insurer Ping An.
Harris + Hoole, the coffee shop chain part-owned by Tesco, has made a £12.8m annual loss after an rapid expansion which doubled its position to 45 outlets, according to The Guardian. | | |
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