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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: Stocks hit by weak data from Japan, China and Germany A steeper-than-expected recession in Japan and poor data from China and Germany dampened market sentiment on Monday, with UK stocks starting the week on the back foot.
London's FTSE 100 was trading 0.5% lower at 6,712 early on after closing out last week at 6,742.84, its highest close since 21 November.
The contraction in Japanese gross domestic product (GDP) was worse than originally thought in the July-September period, as investment and public spending increased by less than expected.
Japanese GDP shrank at an annual rate of 1.9%, according to the Japanese Cabinet Office, compared with the initial estimate of a 1.6% contraction.
In other economic news, China's trade surplus rose to a record high in November, but growth in exports slowed dramatically and imports declined. Chinese imports fell at a 6.7% year-on-year clip in November, versus a rise of 4.7% in October, while annual export growth slowed to 4.7% from 10.6% the month before.
Meanwhile, German industrial production increased by just 0.2% in October, disappointing analysts who had expected 0.4% growth. September's data was also revised lower to show an increase of 1.1%, compared with the initial 1.4% estimate.
Sainsbury's gains on takeover hopes
UK grocery chain J Sainsbury was on the rise after reports that an activist fund is talking with investors about buying up shares in the retailer. The Sunday Telegraph said Crystal Amber is looking to build a stake "as part of a bold plan that could see an attempt to engineer a takeover of the supermarket giant".
Mining stocks were mostly lower with heavyweights BHP Billiton, Anglo American, Rio Tinto and Glencore trading in the red.
Precious metal producers Randgold Resources and Acacia Mining, however, were making gains as gold and silver prices advanced. Randgold and Acacia were also boosted by Deutsche Bank which lifted its ratings on the stocks to 'buy'.
Insurer Esure edged lower after agreeing to buy the remaining 50% stake of price-comparison group Gocompare.com for £95m. The deal will increase Esure's ownership of Newport-based Gocompare to 100% after its initial investment in 2010. |
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| | Market Movers
techMARK 2,979.31 -0.02%
FTSE 100 6,712.27 -0.45%
FTSE 250 15,989.02 -0.09%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 4,279.00p +2.15%
Sainsbury (J) (SBRY) 242.00p +1.55%
Tullow Oil (TLW) 402.10p +1.54%
Intertek Group (ITRK) 2,349.00p +1.29%
ARM Holdings (ARM) 957.00p +1.11%
BG Group (BG.) 913.90p +0.71%
Fresnillo (FRES) 724.50p +0.69%
Petrofac Ltd. (PFC) 782.50p +0.58%
St James's Place (STJ) 826.00p +0.55%
TUI Travel (TT.) 452.10p +0.47%
FTSE 100 - Fallers
Marks & Spencer Group (MKS) 482.50p -2.90%
easyJet (EZJ) 1,724.00p -2.10%
Hargreaves Lansdown (HL.) 974.50p -1.67%
Weir Group (WEIR) 1,809.00p -1.58%
Mondi (MNDI) 1,086.00p -1.45%
SABMiller (SAB) 3,373.50p -1.42%
Aberdeen Asset Management (ADN) 461.80p -1.26%
BHP Billiton (BLT) 1,457.00p -1.15%
Associated British Foods (ABF) 3,248.00p -1.10%
Intu Properties (INTU) 346.90p -1.03%
FTSE 250 - Risers
Acacia Mining (ACA) 244.20p +3.30%
Fidelity China Special Situations (FCSS) 137.50p +2.31%
Rank Group (RNK) 164.00p +1.55%
Premier Oil (PMO) 192.00p +1.48%
Howden Joinery Group (HWDN) 414.50p +1.39%
Zoopla Property Group (WI) (ZPLA) 200.00p +1.27%
Thomas Cook Group (TCG) 128.10p +1.10%
Laird (LRD) 310.50p +1.07%
Grafton Group Units (GFTU) 661.00p +1.07%
Playtech (PTEC) 665.50p +1.06%
FTSE 250 - Fallers
Hochschild Mining (HOC) 82.00p -4.93%
Afren (AFR) 44.80p -2.31%
Saga (SAGA) 151.40p -2.26%
Ophir Energy (OPHR) 136.00p -1.52%
Vedanta Resources (VED) 668.50p -1.47%
Nostrum Oil & Gas (NOG) 552.00p -1.43%
Morgan Advanced Materials (MGAM) 301.00p -1.41%
Spire Healthcare Group (SPI) 330.80p -1.40%
Wetherspoon (J.D.) (JDW) 811.50p -1.34% |
| | UK Event Calendar | | Monday 8 December
INTERIMS
Great Eastern Energy Corp Ltd. GDR
INTERIM DIVIDEND PAYMENT DATE
Rotala
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
Industrial Production (GER) (11:00)
GMS
Patagonia Gold, Savannah Resources
FINALS
Jelf Group, Standard Life European Private Equity Trust
AGMS
Armour Group, Armour Group, Hunter Resources, Stellar Diamonds
TRADING ANNOUNCEMENTS
GVC Holdings
FINAL DIVIDEND PAYMENT DATE
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks recover their poise after mixed start Shortly after the start of trading European equities had pared their initial losses following weaker than forecast data overnight in China and Japan.
Chinese imports and exports expanded by less than had been in November, hinting at underlying weakness in the domestic Chinese economy.
However, analysts at Capital Economics were sanguine regarding the outlook for exports given the solid growth backdrop globally.
At 09:00 the Dax-30 was 0.09% lower at 10,018.06 points, but the FTSE Mibtel was edging higher by 0.19% to 20,128.49 points.
Chinese imports fell 6.7% year-on-year in November, versus a rise of 4.7% the month before, while exports slowed to a 4.7% rate of growth, down from 10.6% the month before.
Economists had pencilled in positive rates of expansion for both of the above magnitudes, of 3.8% and 8%, respectively.
In parallel, the rate of expansion in Japanese gross domestic product (GDP) for the three months to September was revised lower, to reveal a contraction of 1.9% year-on-year, versus a previous estimate of -1.6%.
Acting as a backdrop, in its latest quarterly review, published on Sunday, the Bank for International Settlements (BIS) issued a stark warning that a resurgent US currency could herald trouble for companies in emerging markets. The upswing in the US dollar might reveal funding and currency mismatches, the so-called central bank to central banks said.
On top of the above, following the close of trading on Friday ratings agency S&P lowered its rating on Italy's long-term sovereign debt by one notch, to BBB-, albeit with a stable outlook.
M&A in the construction sector
French building materials giant Saint-Gobain has announced plans to take a controlling stake in Swiss construction chemicals firm Sika for €2.3bn despite the opposition of the latter's board.
Rio Tinto declined to comment on Monday morning on whether it would be willing to settle a lawsuit it brought against Brazil's Vale SA over valuable iron ore concessions in Guinea, reuters reports.
From a sector standpoint the worst performance on the DJ Stoxx 600 was to be seen in the following industrial groups: construction (-1.22%), food (-0.56%) and basic resources (-0.33%).
Brent futures drop
Front month Brent crude futures were lower in early trading on the heels of the above Chinese numbers, losing $1.5 to reach $68 per barrel on the ICE. |
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| | US Market Report | | US close: Markets advance with job creation boost but oil stocks continue to slide US stocks advanced on Friday as average hourly earnings and non-farm payrolls greatly exceeded analyst expectations in November.
The US job report highlighted a big day for job creation as non-farm payrolls grew by 321,000, smashing expectations of a 230,000 rise to mark the biggest monthly gain since January 2012.
IG market analyst Chris Beauchamp said: "However, the price action wasn't quite as might have been expected, with US markets posting modest gains.
"Wage growth data was good too, which certainly makes the Fed picture more varied, and hints at an earlier rate hike in the year to come."
However, Markit chief economist Chris Williamson responded: "While the surveys have also suggested that job creation has proven resilient in the face of this slowdown, the concern is that, unless the pace of economic growth picks up again, employment growth could soon start to ease."
The Dow Jones Industrials improved by 0.33% to 17,958.79, S&P 500 rose 0.17% to 2,075.37 and Nasdaq advanced 0.24% to 4,780.75.
Beauchamp added: "The dollar strength story was seen in commodities once again, with heavy losses recorded for oil despite the hopes of higher consumption provided by the surge in US jobs.
Front month West Texas Intermediate fell 1.78% to $65.64 while Brent crude futures dropped 1.38% to $68.69.
"Monday's bounce in oil is a very distant memory, and anyone still hoping for a rally should be confined for their own safety," according to Beauchamp.
Over on COMEX, gold futures for delivery in February 2015 declined 1.39% to $1,190.90.
The dollar overtook 0.65% against the pound, 1.37% against the yen and 0.73% against the euro on Friday, while the US government 10-year yield increased 7 basis points to 2.3%.
According to Capital Economics, "The yield of 10-year US Treasuries has fallen further over the past month. But we expect it to rise as the Fed tightens policy."
Meanwhile in the corporate world, Chevron receded 1.26% to 110.87 and Exxon fell 0.58% to 93.82.
Discount retailer Big Lots shares crashed 16.58% to 40 even though the company projected a third consecutive quarter of same-store sales growth and guided analysts higher for the fourth quarter.
S&P 500 - Risers
Tenet Healthcare Corp. (THC) $51.79 +6.96%
Northrop Grumman Corp. (NOC) $147.69 +5.64%
E*TRADE Financial Corp. (ETFC) $23.86 +3.33%
Charles Schwab Corp. (SCHW) $29.97 +3.31%
SunTrust Banks Inc. (STI) $41.32 +3.22%
FMC Corp. (FMC) $56.96 +3.10%
Bristol-Myers Squibb (BMY) $60.65 +2.99%
Viacom Inc. Class B (VIAB) $76.90 +2.90%
Zions Bancorporation (ZION) $28.60 +2.80%
Starbucks Corp. (SBUX) $83.57 +2.78%
S&P 500 - Fallers
Nabors Industries Ltd. (NBR) $12.21 -5.71%
Marathon Petroleum Corporation (MPC) $92.15 -4.68%
Valero Energy Corp. (VLO) $49.78 -3.51%
Eastman Chemical Co. (EMN) $80.51 -3.26%
Denbury Resources Inc. (DNR) $7.43 -3.13%
HCP Inc. (HCP) $44.30 -2.79%
Range Resources Corp. (RRC) $58.93 -2.68%
Google Inc. (GOOGL) $528.08 -2.67%
Phillips 66 Common Stock (PSX) $73.02 -2.60%
Apache Corp. (APA) $61.64 -2.55%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $62.70 +2.15%
Goldman Sachs Group Inc. (GS) $195.45 +1.82%
Pfizer Inc. (PFE) $31.99 +1.01%
E.I. du Pont de Nemours and Co. (DD) $73.07 +0.97%
Merck & Co. Inc. (MRK) $61.49 +0.94%
American Express Co. (AXP) $92.65 +0.89%
Johnson & Johnson (JNJ) $108.51 +0.88%
Visa Inc. (V) $263.35 +0.85%
Home Depot Inc. (HD) $99.64 +0.70%
McDonald's Corp. (MCD) $96.31 +0.68%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $110.87 -1.26%
Cisco Systems Inc. (CSCO) $27.50 -0.97%
Caterpillar Inc. (CAT) $98.78 -0.89%
Microsoft Corp. (MSFT) $48.42 -0.86%
Wal-Mart Stores Inc. (WMT) $84.12 -0.76%
Exxon Mobil Corp. (XOM) $93.82 -0.58%
International Business Machines Corp. (IBM) $163.27 -0.48%
Verizon Communications Inc. (VZ) $48.61 -0.35%
General Electric Co. (GE) $26.01 -0.31%
Procter & Gamble Co. (PG) $90.38 -0.22%
Nasdaq 100 - Risers
Viacom Inc. Class B (VIAB) $76.90 +2.90%
Starbucks Corp. (SBUX) $83.57 +2.78%
Gilead Sciences Inc. (GILD) $104.59 +2.72%
Applied Materials Inc. (AMAT) $25.05 +2.66%
Expedia Inc. (EXPE) $91.36 +2.02%
Vodafone Group Plc ADS (VOD) $35.79 +1.91%
Sandisk Corp. (SNDK) $104.47 +1.78%
Amgen Inc. (AMGN) $169.25 +1.62%
Facebook Inc. (FB) $76.35 +1.48%
Nxp Semiconductors Nv (NXPI) $77.23 +1.43%
Nasdaq 100 - Fallers
Google Inc. (GOOGL) $528.08 -2.67%
Sirius XM Holdings Inc (SIRI) $3.49 -2.51%
Google Inc. Class C (GOOG) $525.26 -2.24%
Vimpelcom Ltd Ads (VIP) $4.63 -2.11%
Liberty Media Corporation - Class A (LMCA) $35.85 -2.05%
Tesla Motors Inc (TSLA) $223.71 -2.00%
Amazon.Com Inc. (AMZN) $312.60 -1.37%
Discovery Communications Inc. Class A (DISCA) $33.99 -1.28%
Whole Foods Market Inc. (WFM) $48.29 -1.27% |
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| | Newspaper Round Up | | Monday newspaper round-up: Mortgages, US dollar, Retail sales The vast majority of people with mortgages could withstand an increase in interest rates of up to two percentage points, the Bank of England's latest annual survey of household finances showed. That marks a significant shift in the central bank's thinking on what the impact of such a rise would be. It also means the monetary authority is coming closer to modifying its policy and wants to reassure markets beforehand, the Financial Times writes.
In its latest quarterly review, published yesterday, the Bank for International Settlements (BIS) issued a stark warning that a resurgent US currency could herald trouble for companies in emerging markets. The upswing in the US dollar might reveal funding and currency mismatches, the so-called central bank to central banks said. The BIS linked the threat to the enormous bout of volatility seen in the market for US Treasury securities in mid-October. Emerging market companies have racked up a total of $2.6trn in US dollar-denominated liabilities, the institution said, according to The Times.
Industry experts at IMRG and Experian believe on-line retail sales on Manic Monday will hit £677m - or £470,000 per minute - and surpass the mark of 151m visits to retail websites, for a 26% rise year-over-year. Expectations had been for £556m in sales on Black Friday and another £650m on Cyber Monday. The former forecast, however, was smashed. In the event, sales are estimated to have reached £810m and £720m on each of those dates, respectively. Hence, it is likely that estimates for Manic Monday will be as well, The Daily Telegraph says.
The two member parties of the coalition are diverging ahead of the elections. Writing to Tory backbenchers, the prime minister David Cameron wrote: "The Liberal Democrats are all over the place, unable to decide whether they want to stick to the plan or veer off it. And they - like Ukip - would be prepared to prop up a failing Labour government." Nick Clegg retorted by saying the Tories were not being honest about the scale of their intended plans to cut the deficit, The Guardian reports.
Marks&Spencer will have to delay deliveries for online orders by as much as two weeks and withdraw next-day delivery services to stores, following blockbuster demand for its Black Friday promotions. The latter meant that its distribution centre, at Castle Donington, Leicestershire, was not able to keep up with demand at the busiest time of the shopping year, The Guardian says. | | |
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