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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: Markets rebound but energy shares lower, Afren plummets UK stocks rose on Monday morning, bouncing back after a heavy drop the previous session despite a continued fall in oil prices.
The FTSE 100 was up 0.6% at 6,537 early on, after having dropped over 1% to 6,501.14 on Friday following a mixed reaction to the latest US jobs report. US non-farm payrolls for December beat expectations and the jobless rate fell, but wages declined.
"The FTSE was left licking its wounds on Friday after the worst start to the year since 2008," said trader Rocky Muddar from TradeNext.
Oil prices were in focus on Monday with Brent crude down 2.8% at just $48.69 a barrel, extending losses after last week reaching its lowest level in over five and a half years.
Goldman Sachs cut its forecast for Brent in three months' time to just $42 a barrel, and said that prices will "need to stay lower for longer".
Monday's session looks set to be relatively quiet in terms of economic data, though things will pick up later in the week. Chinese trade figures are due out overnight, while inflation data from the UK, Eurozone and US will be released over the coming days.
Investors will also be looking ahead to the unofficial start of US fourth-quarter earnings season on Monday night, with aluminium giant Alcoa releasing its results after the closing bell on Wall Street. JPMorgan Chase & Co, Goldman Sachs and Well Fargo will also report this week.
Shire edges higher, Afren plummets
Biopharmaceutical group Shire was making small gains after agreeing to acquire US rival NPS Pharmaceuticals for $5.2bn in cash, in a deal which Shire says will boost its revenue and earnings growth profile, while creating new business opportunities worldwide.
Oil and gas group Afren was a big mover early on, dropping 19% after reporting that analysis of the Barda Rash field in the Kurdistan region of Iraq showed a "material reduction" in reserve estimates. The company said it is now looking at its "strategic options" for its 60% interest in the project.
Others in the oil and gas sector were also under pressure as crude prices continued to fall, with Hunting, Wood Group, Petrofac, Shell and BG Group trading firmly in the red.
Heading the other way was electrical appliances seller AO World, which jumped 8% after saying it was confident of hitting full-year expectations following 26% revenue growth in the third quarter and strong demand seen on Black Friday.
Housebuilder Taylor Wimpey rose after painting an upbeat outlook for the UK housing market and lifting its margin guidance slightly for 2014. The company said it entered 2015 in an "excellent position" with a record order book. |
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| Market Movers
techMARK 2,997.03 +0.49%
FTSE 100 6,537.33 +0.56%
FTSE 250 16,040.94 +0.19%
FTSE 100 - Risers
Carnival (CCL) 3,099.00p +2.75%
GKN (GKN) 347.00p +2.72%
CRH (CRH) 1,557.00p +2.23%
ARM Holdings (ARM) 1,000.00p +2.20%
SABMiller (SAB) 3,385.50p +1.94%
G4S (GFS) 277.10p +1.91%
Mondi (MNDI) 1,068.00p +1.81%
WPP (WPP) 1,382.00p +1.77%
Intu Properties (INTU) 340.00p +1.71%
Compass Group (CPG) 1,099.00p +1.67%
FTSE 100 - Fallers
SSE (SSE) 1,560.00p -2.19%
Standard Chartered (STAN) 932.70p -1.31%
Centrica (CNA) 265.40p -1.26%
Antofagasta (ANTO) 741.50p -1.13%
Weir Group (WEIR) 1,752.00p -0.85%
Royal Dutch Shell 'B' (RDSB) 2,150.00p -0.46%
Lloyds Banking Group (LLOY) 73.46p -0.38%
Royal Dutch Shell 'A' (RDSA) 2,099.50p -0.33%
Intertek Group (ITRK) 2,451.00p -0.33%
BG Group (BG.) 828.60p -0.18%
FTSE 250 - Risers
AO World (AO.) 267.00p +8.05%
Barr (A.G.) (BAG) 610.00p +4.36%
Diploma (DPLM) 748.50p +3.96%
Zoopla Property Group (WI) (ZPLA) 176.40p +2.98%
Hikma Pharmaceuticals (HIK) 2,347.00p +2.80%
Laird (LRD) 310.00p +2.79%
Elementis (ELM) 277.30p +2.67%
Supergroup (SGP) 790.00p +2.46%
Acacia Mining (ACA) 287.20p +2.39%
Centamin (DI) (CEY) 65.70p +2.26%
FTSE 250 - Fallers
Afren (AFR) 31.92p -18.80%
Hunting (HTG) 431.00p -10.13%
Wood Group (John) (WG.) 545.00p -3.88%
Petrofac Ltd. (PFC) 613.50p -3.46%
Serco Group (SRP) 155.40p -2.75%
IP Group (IPO) 210.00p -2.51%
Amec Foster Wheeler (AMFW) 805.00p -2.31%
Drax Group (DRX) 371.40p -1.88%
Soco International (SIA) 263.90p -1.82% |
| | UK Event Calendar | | INTERIMS
Best of the Best
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INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
EGMS
Public Power GDR SA (Reg S)
AGMS
EpiStem Holdings
TRADING ANNOUNCEMENTS
GVC Holdings, Taylor Wimpey
FINAL DIVIDEND PAYMENT DATE
Avation, Netcall |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rally as oil prices plunge after Goldman cuts forecasts European stocks gained as crude oil declined after Goldman Sachs reduced its price forecasts.
Goldman cut its estimates for global benchmark crude prices, saying it expects inventories will rise over the first half of this year.
The bank said US oil prices need to trade near $40 a barrel in the first half to curb shale investments.
Brent crude fell 2.6% to $48.83 per barrel, according to ICE.
Energy stocks, including offshore deepwater drilling company Seadrill and Anglo-Dutch giant Royal Dutch Shell, declined.
While the drop in oil prices hurts energy companies, analysts say reduced costs will help travel, chemicals, household goods and some logistics firms.
Meanwhile, the European Central Bank's policy decision on 22 January looms with pressure on President Mario Draghi to introduce full-blown quantitative easing to address deflation.
"The euro-area will, in our view, experience deflation during most of 2015 but it will mainly be due to the low oil price, which boosts private consumption," said Dankse Bank.
Elsewhere, Russia's rouble declined 2.2% to 62.9195 per dollar ahead of final inflation figures for December. The nation's Foreign Minister Sergei Lavrov is meeting Ukrainian, German and French ministers on cease-fire agreement in eastern Ukraine.
Company-wise Roche Holding AG rallied following news it will pay more than $1bn for a majority stake in Foundation Medicine. |
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| | US Market Report | | US close: Markets down as hourly pay drops 0.2% US stocks receded on Friday after a positive change in conform payrolls and news that the US unemployment rate has reduced.
The Dow Jones Industrial Average fell 0.95% to 17,737.37 while Nasdaq dropped 0.64% to 4,213.28 and S&P 500 slid 0.84% to 2,044.82.
US change in conform payrolls grew to 252,000 month-on-month in December, beating the consensus expectation of 240,000 while the US unemployment rate fell 0.2% month-on-month for December. However, the downturn was that hourly earning dropped 0.2%.
Spreadex analyst Connor Campbell said: "This is significant, as if the US economy's purported growth isn't being felt in the wallets of average Americans, then the feasibility, and wisdom, of a Federal Reserve interest rate hike comes into question."
"Following the bullish comments of the Fed earlier in the week, this figure will be a disappointment; however, it also buys the Fed some time, meaning that it doesn't have to rush into the rate hike people were clamouring for at the end of 2014."
Crude futures were mixed as WTI crude futures closed 1.098% down to $48.26 a barrel and Brent futures receded by 2.083% to $49.26 a barrel.
IG analyst David Madden said: "Brent oil seems to have found stability around the $50 level, but it strikes me as a pit stop before the next jaunt lower."
Over on COMEX, gold futures increased 1.19% to $1,222.90 while the dollar advanced against the pound, the yen and the euro.
The yield on a benchmark US 10-year Treasury plummeted by six basis points to 1.96%.
S&P 500 - Risers
Cabot Oil & Gas Corp. (COG) $30.05 +4.12%
Newmont Mining Corp. (NEM) $20.72 +3.70%
Noble Corporation plc (NE) $16.15 +2.41%
Newfield Exploration Co (NFX) $24.50 +2.17%
Regeneron Pharmaceuticals Inc. (REGN) $411.04 +1.93%
Denbury Resources Inc. (DNR) $7.31 +1.81%
TripAdvisor Inc. (TRIP) $74.53 +1.73%
Western Digital Corp. (WDC) $112.22 +1.67%
Computer Sciences Corp. (CSC) $64.29 +1.58%
Seagate Technology Plc (STX) $66.44 +1.55%
S&P 500 - Fallers
Avon Products Inc. (AVP) $8.17 -7.47%
Bed Bath & Beyond Inc. (BBBY) $74.09 -6.75%
Comerica Inc. (CMA) $42.65 -4.46%
Cameron International Corp. (CAM) $46.20 -4.25%
GameStop Corp. (GME) $32.27 -4.21%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $74.75 -3.95%
PACCAR Inc. (PCAR) $65.23 -3.66%
Rowan Companies plc (RDC) $23.15 -3.46%
ONEOK Inc. (OKE) $43.72 -3.40%
Charles Schwab Corp. (SCHW) $28.45 -3.36%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $27.79 +1.02%
Walt Disney Co. (DIS) $94.25 +0.49%
Pfizer Inc. (PFE) $32.65 +0.46%
International Business Machines Corp. (IBM) $159.11 +0.44%
Intel Corp. (INTC) $36.76 +0.19%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $108.21 -1.99%
JP Morgan Chase & Co. (JPM) $59.34 -1.74%
Home Depot Inc. (HD) $104.89 -1.71%
Goldman Sachs Group Inc. (GS) $187.35 -1.53%
Visa Inc. (V) $260.53 -1.48%
General Electric Co. (GE) $24.03 -1.40%
E.I. du Pont de Nemours and Co. (DD) $73.50 -1.38%
Johnson & Johnson (JNJ) $104.94 -1.36%
American Express Co. (AXP) $90.42 -1.27%
Travelers Company Inc. (TRV) $105.83 -1.26%
Nasdaq 100 - Risers
Nxp Semiconductors Nv (NXPI) $80.32 +3.19%
Dish Network Corp. (DISH) $71.79 +2.24%
Regeneron Pharmaceuticals Inc. (REGN) $411.04 +1.93%
TripAdvisor Inc. (TRIP) $74.53 +1.73%
Western Digital Corp. (WDC) $112.22 +1.67%
Maxim Integrated Products Inc. (MXIM) $32.99 +1.57%
Seagate Technology Plc (STX) $66.44 +1.55%
Wynn Resorts Ltd. (WYNN) $149.05 +1.25%
Avago Technologies Ltd. (AVGO) $104.89 +1.06% |
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| | Newspaper Round Up | | Monday newspaper round-up: Shire, Charlie Hebdo march, RBS... Shire has agreed to buy rare diseases specialist NPS Pharmaceuticals for $5.2bn as it bounces back from the collapse of a £32bn takeover by AbbVie, The Times reports. The company said it is "clearly a statement from us that we are committed to an independent future".
"They came in their hundreds of thousands: the old and the young, the white, the brown and the black; the left and the right," writes The Independent, following the march of at least 1.5m people in the centre of Paris. Another 2m marched in over 60 similar demonstrations across the country in response to the terrorist attack at the satirical magazine Charlie Hebdo last week.
Royal Bank of Scotland is in talks about a potential "retreat" from Asia, according to the Financial Times, as the lender steps up its disposal of non-UK and investment banking operations. The bank wants to scale back its non-UK activities to less than a quarter of total assets.
Jaguar Land Rover's vehicle sales jumped 9% last year to 462,678, reports The Scotsman. The firm, owned by India's Tata, said China was its biggest market and saw a 28% surge in sales to 122,000, while UK sales rose 7% to 83,000.
With just two weeks to go before snap elections, Greek prime minister Antonis Samaras has promised to ease back on austerity measures, writes The Guardian. "Unveiling a 'roadmap' of measures for a 'post-bailout Greece', the leader pledged he would restrict spending cuts and reforms that have seen the popularity of the main opposition radical left Syriza party soar," the paper said.
Trouble insurance outsourcer Quindell is attempting to restore its reputation by taking on a number of experienced executives, according to The Telegraph. AO World's chairman Richard Rose will join as chairman, while former Old Mutual boss Jim Sutcliffe will be appointed as his deputy.
London-based Helios Investment Partners has raised the first $1bn-plus Africa-focused private equity fund, the Financial Times reports. "The record size of the fund signals the growing appetite for a continent that until a few years ago had been largely ignored by global investors," the paper said. | | |
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