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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 tread water ahead of BoE, ECB policy meetings The UK stock market opened more or less unchanged on Thursday as investors scaled back their risk appetite ahead of a busy day, with central bank meetings lying ahead in the UK and Europe.
While both the Bank of England and European Central Bank are expected to leave monetary policy unchanged, all eyes will be on ECB president Mario Draghi after recent hints that the bank could soon embark on 'full-blown' quantitative easing.
The FTSE 100 was trading just 0.1% lower at 6,712 in early deals.
Mike van Dulken, head of research at Accendo Markets, said that momentum has "cooled" after recent gains, but "it was healthy to see that 6,700 wasn't revisited with support emerging around 6,710/20".
"There will be much focus on ECB president Draghi's press conference as it may - many hope - include stronger hints/commitment for further stimulus (QE) in 2015 to combat deflationary/recessionary risk. If not, markets may be disappointed," he said.
The closely-watched US employment report is due on Friday and is forecast to show that 230,000 non-farm jobs were added in November. The jobless rate is expected to remain unchanged at 5.8%.
In the meantime, investors will be focusing on a raft of economic data on Thursday, including UK house-price figures from Halifax, UK car registrations, the Eurozone retail purchasing managers' index and US jobless claims.
Easyjet and TUI Travel lead gains
Budget airline Easyjet was flying high after saying that passenger numbers increased by 3.1% to 4,386,296 in November against the same month in 2013.
Travel tour operator TUI Travel impressed after meeting expectations with a 4% rise in annual profits as the company painted a positive outlook for the winter and upcoming summer season ahead of its planned merger with parent group TUI AG.
North Sea-focused oil producer Enquest was extending gains after the government cut tax measures for the industry in its Autumn Statement to encourage investment. The supplementary charge on oil firms' profits will be reduced from 32% to 30%.
A number of heavyweight stocks were lower after going ex-dividend, including London Stock Exchange, Severn Trent, Next, Whitbread, Land Securities and RBS. |
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| Market Movers
techMARK 2,942.37 +0.06%
FTSE 100 6,712.48 -0.06%
FTSE 250 15,835.09 +0.15%
FTSE 100 - Risers
TUI Travel (TT.) 441.10p +2.89%
easyJet (EZJ) 1,710.00p +2.52%
Unilever (ULVR) 2,740.00p +2.39%
Sage Group (SGE) 431.70p +2.27%
InterContinental Hotels Group (IHG) 2,630.00p +1.90%
Standard Chartered (STAN) 971.90p +1.78%
Persimmon (PSN) 1,567.00p +1.75%
Old Mutual (OML) 199.90p +1.47%
Smith & Nephew (SN.) 1,109.00p +1.19%
Royal Mail (RMG) 402.50p +1.13%
FTSE 100 - Fallers
Anglo American (AAL) 1,298.50p -1.63%
Severn Trent (SVT) 1,994.00p -1.58%
Randgold Resources Ltd. (RRS) 4,272.00p -1.36%
Petrofac Ltd. (PFC) 796.00p -1.30%
Sainsbury (J) (SBRY) 237.40p -1.29%
BHP Billiton (BLT) 1,499.50p -1.25%
Morrison (Wm) Supermarkets (MRW) 182.00p -1.14%
Vodafone Group (VOD) 224.75p -1.14%
Rio Tinto (RIO) 2,977.00p -1.13%
GlaxoSmithKline (GSK) 1,473.00p -1.11%
FTSE 250 - Risers
Smith (DS) (SMDS) 305.00p +5.76%
Alent (ALNT) 352.10p +3.68%
EnQuest (ENQ) 50.65p +3.37%
Betfair Group (BET) 1,413.00p +3.29%
Polymetal International (POLY) 612.00p +2.34%
Redefine International (RDI) 51.35p +2.29%
Just Retirement Group (JRG) 144.00p +2.27%
Berkeley Group Holdings (The) (BKG) 2,524.00p +2.27%
Taylor Wimpey (TW.) 135.50p +2.26%
Barratt Developments (BDEV) 468.10p +2.00%
FTSE 250 - Fallers
Ferrexpo (FXPO) 64.70p -5.69%
Debenhams (DEB) 70.30p -3.96%
Greencore Group (GNC) 288.00p -3.10%
Centamin (DI) (CEY) 47.95p -3.05%
Serco Group (SRP) 165.80p -2.81%
Electrocomponents (ECM) 206.00p -2.74%
De La Rue (DLAR) 524.00p -2.06%
Foxtons Group (FOXT) 150.10p -1.77%
Britvic (BVIC) 668.00p -1.76% |
| | UK Event Calendar | | Thursday December 04
INTERIMS
Betfair Group, Clipper Logistics , Clipper Logistics , Greene King, Mulberry Group, Pets at Home Group , Photo-Me International, Smith (DS)
INTERIM DIVIDEND PAYMENT DATE
Bloomsbury Publishing
INTERIM EX-DIVIDEND DATE
Alliance Pharma, Atkins (WS), B&M European Value Retail S.A. (DI), British Smaller Companies VCT, Charles Stanley Group, Cranswick, Creston, De La Rue, Dee Valley Group, Dee Valley Group (Non-Voting), Electrocomponents, Establishment Inv Trust, Fuller Smith & Turner, Headlam Group, Hogg Robinson Group, Homeserve, James Halstead 5.5% Cumulative Preference 1, JD Sports Fashion, London Stock Exchange Group, LondonMetric Property, Management Consulting Group, MS International, National Westminster Bank 11 1/2% Und Sub Nts (Cnv TO Prf), Next, NextEnergy Solar Fund Limited Red, Norcros, Northern 2 VCT, Northern 3 VCT, PayPoint, Phoenix IT Group, Rensburg AIM VCT, RPC Group, Severn Trent, Shanks Group, Slingsby H.C, Tarsus Group, TR Property Inv Trust, UK Mail Group , ULS Technology , Value and Income Trust, VP, Walker Crips Group, Whitbread
QUARTERLY EX-DIVIDEND DATE
Alpha Real Trust Ltd., Bank of America Corp., Custodian Reit , Land Securities Group, Premier Energy & Water Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
ECB Interest Rate (EU) (12:45)
Initial Jobless Claims (US) (13:30)
PMI Construction (GER) (08:30)
PMI Retail (EU) (09:10)
PMI Retail (GER) (09:10)
GMS
CSR
FINALS
Numis Corporation, Redhall Group, Servoca, TUI Travel
ANNUAL REPORT
Diploma
SPECIAL EX-DIVIDEND PAYMENT DATE
Premier Energy & Water Trust, Rights & Issues Inv Trust Capital Shares
EGMS
Bank Audi S.A.L. GDR (Repr 1'Com'Shr Lbp1299)(Reg S)
AGMS
Altus Resource Capital Ltd., AXA Property Trust Limited, CVS Group, Rambler Metals & Mining, Resource Holding Management Limited (DI), Schroder Oriental Income Fund Ltd.
TRADING ANNOUNCEMENTS
Dolphin Capital Investors Ltd
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
New Car Registrations (09:30)
FINAL EX-DIVIDEND DATE
Aviva 8 3/4% Cumulative Irrd Preference 1, British Empire Securities & General Trust, Britvic, CVS Group, Daily Mail and General Trust A (Non.V), Debenhams, General Accident 'A', Greencore Group, Northamber, Pan African Resources, PXP Vietnam Fund Ltd., Royal Bank of Scotland 11% Cum. Prf, Royal Bank of Scotland 5.5% Cum. Prf., Town Centre Securities, YouGov, Zoopla Property Group (WI) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed as ECB prepares to reveal latest policy decision European stocks were mixed ahead of the European Central Bank's (ECB) latest policy decision as speculation on further stimulus measures grew.
The ECB is expected to maintain policy following the meeting, keeping its main policy rate at 0.05% and the deposit rate at -0.20%.
However, many analysts see the central bank moving closer towards full-blown quantitative easing to address the stagnant economy.
President Mario Draghi has said the ECB would consider buying government bonds if inflation remained dangerously low for too long. The market will be watching his remarks at the press conference, at 13:30 London time following the policy decision, for further indications on stimulus.
"Hopes of a mass bond buying programme by the European Central Bank are likely to be dashed despite earlier remarks made by ECB President Mario Draghi, as Eurozone inflation - currently 0.3% - is less than a fifth of the bank's target of below but close to 2%," said BBA's chief economist Richard Woolhouse.
Capital Economics, which sees the ECB introducing QE this week or in January, warned that the "political and economic limitations on the policy's size and effects suggest that it is unlikely to revive the euro-zone economy".
"With fiscal policy also unlikely to provide a significant boost, deflation in the currency union remains a real threat," it said.
In the UK, the Bank of England is also due to announce its latest policy decision, but is unlikely to unleash any surprises, with analysts expecting it to maintain interest rates at 0.5% and asset purchases at £375bn.
Ryanair, Sky
Ryanair Holdings jumped after raising its full-year profit forecast for the third time this year.
Sky advanced after agreeing to sell a controlling stake in its online betting business to CVC Capital Partners for about £720m.
Barratt Developments and Taylor Wimpey gained after the London Stock Exchange Group said the UK house builders will be added to the FTSE 100 Index from 22 December.
The euro rose 0.10% to $1.2323. |
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| | US Market Report | | US close: Stocks rise amid high data results and continued boost from oil sector rebound The US markets advanced on Wednesday amid high non-manufacturing results and a continued rebound in the energy sector following last week's sharp drop in oil prices.
The Dow Jones Industrials rose 0.18% early on to 17,912.62 the S&P 500 increased 0.38% to 17,912.62 and Nasdaq also advanced 0.39% to 4,774.47.
The US non-manufacturing ISM rose to 59.3 in November, beating consensus expectations of 57.5.
Barclays Research said: "On balance, today's nonmanufacturing ISM release signals a solid expansion in service sector activity in Q4."
"The firming in services prices stands in contrast to the November reading from the manufacturing ISM index, where the non seasonally adjusted prices index fell sharply in November, which we view as largely due to falling oil prices."
West Texas Intermediate crude futures rose by 0.76% to hit $67.39 a barrel after Tuesday's drop while Brent crude futures fell 0.84% to $69.95 a barrel.
Meanwhile, weekly Gulf coast gasoline stockpiles reached their highest levels since October 2013 according to the EIA. Barclays Research added: "US crude oil (ex. SPR) and petroleum product stocks rose to a 30-year high in September, driven by steady imports, higher production, and weak exports."
Over on COMEX, gold futures increased 0.88% to $1,210.
In other news, the US ADP employment report showed private payroll gains of 208,000 in November, undercutting analyst expectations of 222,000. In an immediate reaction,T-notes increased by 2.5 ticks from 126.08 to 126.11.
The ADP figures came ahead of the official employment report from the Labor Department later in the week and are often used as a rough guide.
The dollar declined 0.53% against the pound but advanced 0.01% against the euro and 0.63% against the yen.
In company news, energy stocks were on the rise including Anadarko Petroleum by 1.92%, Devon Energy by 1.72%, Occidental Petroleum by 2.99% and Conocophillips by 2.3%.
Mining and construction equipment manufacturer Caterpillar gained 0.67% to 100.18 following Tuesday's big reveal that US construction spending grew to 1.1% in October, beating analyst estimates for a rise of 0.6%.
UnitedHealth Group also advanced 1.35% to 100.8 after its target was increased by Credit Suisse from $95 to $110 in a research note released on Wednesday.
Wal-mart fell 1.14% to 84.94 on Wednesday, continuing its decline after a disappointing Thanksgiving weekend.
S&P 500 - Risers
Biogen Idec Inc. (BIIB) $347.70 +5.92%
Electronic Arts Inc. (EA) $45.99 +5.40%
Allegheny Technologies Inc. (ATI) $34.28 +5.31%
Cimarex Energy Co (XEC) $108.17 +5.12%
Pitney Bowes Inc. (PBI) $25.24 +4.77%
Microchip Technology Inc. (MCHP) $46.59 +4.34%
Joy Global Inc. (JOY) $52.22 +3.80%
Flowserve Corp. (FLS) $62.26 +3.75%
United States Steel Corp. (X) $32.36 +3.72%
PACCAR Inc. (PCAR) $70.76 +3.69%
S&P 500 - Fallers
NRG Energy Inc. (NRG) $29.32 -4.96%
Brown Forman Corp. Class B (BF.B) $92.25 -3.91%
Molson Coors Brewing Co. Class B (TAP) $73.69 -3.74%
Iron Mountain Inc. (IRM) $37.50 -3.65%
Best Buy Co. Inc. (BBY) $36.04 -3.12%
Amazon.Com Inc. (AMZN) $316.50 -3.01%
Wynn Resorts Ltd. (WYNN) $169.57 -2.69%
Peabody Energy Corp. (BTU) $9.19 -2.44%
Monster Beverage Corp (MNST) $106.96 -2.39%
PepsiCo Inc (PEP) $98.32 -2.06%
Dow Jones I.A - Risers
General Electric Co. (GE) $26.38 +1.27%
United Technologies Corp. (UTX) $110.99 +1.19%
International Business Machines Corp. (IBM) $164.52 +1.14%
3M Co. (MMM) $162.26 +1.03%
Unitedhealth Group Inc. (UNH) $100.80 +0.97%
Exxon Mobil Corp. (XOM) $94.95 +0.81%
E.I. du Pont de Nemours and Co. (DD) $72.25 +0.78%
Travelers Company Inc. (TRV) $105.19 +0.76%
JP Morgan Chase & Co. (JPM) $61.54 +0.75%
Caterpillar Inc. (CAT) $100.18 +0.67%
Dow Jones I.A - Fallers
American Express Co. (AXP) $91.25 -1.88%
Wal-Mart Stores Inc. (WMT) $84.94 -1.69%
Coca-Cola Co. (KO) $43.80 -1.66%
Procter & Gamble Co. (PG) $90.00 -1.17%
AT&T Inc. (T) $34.00 -0.85%
Microsoft Corp. (MSFT) $48.08 -0.78%
Johnson & Johnson (JNJ) $107.72 -0.73%
Verizon Communications Inc. (VZ) $48.79 -0.65%
Intel Corp. (INTC) $37.43 -0.45%
Walt Disney Co. (DIS) $93.11 -0.39%
Nasdaq 100 - Risers
Biogen Idec Inc. (BIIB) $347.70 +5.92%
Maxim Integrated Products Inc. (MXIM) $30.90 +3.80%
PACCAR Inc. (PCAR) $70.76 +3.69%
Avago Technologies Ltd. (AVGO) $95.13 +3.18%
KLA-Tencor Corp. (KLAC) $71.01 +3.15%
Fastenal Co. (FAST) $46.26 +3.14%
Applied Materials Inc. (AMAT) $24.58 +3.00%
Tractor Supply Company (TSCO) $78.64 +2.73%
NetApp Inc. (NTAP) $43.13 +2.64%
Nvidia Corp. (NVDA) $21.14 +2.57%
Nasdaq 100 - Fallers
Amazon.Com Inc. (AMZN) $316.50 -3.01%
Wynn Resorts Ltd. (WYNN) $169.57 -2.69%
Monster Beverage Corp (MNST) $106.96 -2.39%
Baidu Inc. (BIDU) $231.29 -1.47%
Keurig Green Mountain Inc (GMCR) $135.91 -1.40%
Gilead Sciences Inc. (GILD) $100.88 -1.28%
TripAdvisor Inc. (TRIP) $75.73 -1.24%
Citrix Systems Inc. (CTXS) $65.37 -1.24%
Dish Network Corp. (DISH) $74.42 -1.13% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Google Tax, Stamp duty, Heathrow... The UK will launch a crackdown on multinational tax avoidance with a hefty new tax helmed by George Osborne. The 25% levy described as the ‘Google Tax’ will target big tech giants such as Apple, Google as well as other globally renowned firms such as Amazon and Starbucks, preventing them from shifting profits about to avoid making payments. he new regulation was announced in the chancellor’s autumn statement, The Guardian reported. British Chancellor George Osborne has announced that stamp duty will be slashed for 98% of homebuyers in a regulation chance that will come into effect on Tuesday. Osborne addressed the Commons in his Autumn Statement, claiming that where the current system where the amount owned skips to particular price levels, the new system will be relative in a similar way to income tax. Labour has responded with claimed that his deficit reduction targets are “all in tatters”, according to The Times. According to Gatwick’s chairman, Sir Roy McNulty, Heathrow has created a fake community support campaign to build its expansion bid, The Telegraph reported. In a letter to Sir Howard Davies, chair of the Airports Commission due to decide on expansion, McNulty claimed that Back Heathrow, the campaign that supports the airport, wore “the mask of a community group when they are simply a campaign arm of Heathrow, set up and funded by the airport”. The government has pledged to introduce £450m of tax breaks to rescue North Sea oilcompanies at a time of declining prices, soaring costs and steep output declines, according toThe Guardian. George Osborne said he would cut a “supplementary charge” rate from 32% to 30% and extend existing breaks from six to 10 years, while providing a new allowance targeted on certain areas. According to The Times, a whistleblower has accused Royal Bank of Scotland of trying to minimise compensation for its mis-selling scandal. Customers were forced sold interest rates instruments “that were meant to protect them against a rise in rates, but thousands of companies were ruined when rates fell”, the report claims. | | |
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