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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: Retailers boost market ahead of inflation data, Morrison jumps Well-received updates from a host of retailers were giving UK stock markets a boost on Tuesday morning, as investors awaited some key inflation data.
The FTSE 100 was up 0.2% at 6,514 early on with Wm Morrison leading the rise.
Data due out at 09:30 is forecast to show that the annual rate of consumer-price inflation in the UK slowed to just 0.7% last month, from 1% in November. This would be the first time that inflation has fallen below 1% since June 2002.
If confirmed, the figure will require Bank of England governor Mark Carney to write a letter to chancellor George Osborne explaining the deviation of over one percentage point from the 2% target.
"While [the figures] are worth keeping a close eye on, expectations for the first Bank of England rate hike have been put back so far now - early 2016 in many people's opinions - due to the central bank's admission that inflation is likely to fall further, that there's not much to read into today's numbers," said analyst Craig Erlam from Alpari.
Chinese economic data overnight, meanwhile, showed that the trade balance declined more than expected last month as export growth picked up sharply.
Morrisons jumps after CEO exit
The share price of supermarket group Wm Morrison jumped following the news that chief executive Dalton Philips has been axed after the company delivered the worst Christmas performance of the Big Four.
Like-for-like (LFL) sales excluding fuel fell 3.1% in the six weeks to 4 January; although this was not quite as bad as the 3.8% decline analyst had predicted, it was far in excess of the 0.3% decline at Tesco and Sainsbury's 1.7% slide. Tesco and Sainsbury's were also trading in positive territory early on.
Also in the retail sector, ASOS surged after reporting a 15% rise in retail sales over Christmas, driven by a 27% jump in sales in the UK. Broker Shore Capital said the growth in its domestic market will encourage investors following a tough 2014, which saw its share price plummet significantly.
A very strong post-Christmas update from meaty treats retailer Greggs led management to boast that full-year results will beat current expectations, causing the stock to jump. Christmas LFL sales were up 8.2%.
Bucking the trend was high street department store Debenhams whose shares dropped after revealing that full-year margins will be at the lower end of guidance despite a record sales performance over Christmas.
Elsewhere, SIG, the distributor of building products, rose after saying that it expects 2014 pre-tax profit to be marginally ahead of market consensus.
Oil and gas stocks were continuing to feel the heat after Brent crude settled below the $50-a-barrel mark for the first time in nearly six years. Tullow, Shell and BP were all trading in the red as Brent fell a further 3.7% to $45.70 a barrel on Tuesday morning. |
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| | Market Movers
techMARK 2,992.81 +0.08%
FTSE 100 6,514.33 +0.20%
FTSE 250 16,012.79 +0.43%
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 184.60p +4.35%
Centrica (CNA) 272.00p +4.21%
ITV (ITV) 219.10p +3.11%
Tesco (TSCO) 209.95p +2.64%
Sainsbury (J) (SBRY) 246.10p +2.41%
Admiral Group (ADM) 1,399.00p +2.27%
SSE (SSE) 1,532.00p +1.93%
Severn Trent (SVT) 2,111.00p +1.93%
Barratt Developments (BDEV) 431.70p +1.91%
Babcock International Group (BAB) 1,038.00p +1.76%
FTSE 100 - Fallers
Tullow Oil (TLW) 376.20p -2.77%
Weir Group (WEIR) 1,681.00p -2.44%
Ashtead Group (AHT) 1,095.00p -1.97%
Shire Plc (SHP) 4,626.00p -1.60%
Glencore (GLEN) 275.45p -1.43%
ARM Holdings (ARM) 984.00p -1.40%
Royal Dutch Shell 'B' (RDSB) 2,097.00p -1.39%
Royal Dutch Shell 'A' (RDSA) 2,052.50p -1.25%
Rolls-Royce Holdings (RR.) 859.00p -1.09%
BP (BP.) 392.95p -0.91%
FTSE 250 - Risers
Greggs (GRG) 797.00p +6.34%
Drax Group (DRX) 376.50p +5.76%
Pace (PIC) 358.00p +4.65%
Hikma Pharmaceuticals (HIK) 2,459.00p +3.32%
Michael Page International (MPI) 439.50p +3.05%
Vesuvius (VSVS) 447.50p +2.76%
Bodycote (BOY) 646.00p +2.54%
Ocado Group (OCDO) 409.40p +2.38%
Dechra Pharmaceuticals (DPH) 853.50p +2.22%
Centamin (DI) (CEY) 66.95p +2.06%
FTSE 250 - Fallers
Debenhams (DEB) 68.85p -8.26%
Entertainment One Limited (ETO) 303.90p -2.28%
Cobham (COB) 323.60p -2.24%
Fisher (James) & Sons (FSJ) 1,084.00p -2.17%
Jimmy Choo (CHOO) 167.50p -2.05%
Kier Group (KIE) 1,477.00p -1.86%
Brit (BRIT) 261.30p -1.77%
Betfair Group (BET) 1,511.00p -1.76%
Laird (LRD) 312.10p -1.67% |
| | UK Event Calendar | | Tuesday 13 January
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Treasury Budget Statement (US) (19:00)
GMS
Alba Mineral Resources, Gulfsands Petroleum
EGMS
JSC KazMunaiGaz Exploration Production GDR (Reg S)
AGMS
Carr's Milling Industries, Spirit Pub Company
TRADING ANNOUNCEMENTS
Greggs, Michael Page International, Morrison (Wm) Supermarkets, SIG
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise after better-than-forecast Chinese trade data European stocks gained as better-than-expected Chinese trade data offset a further decline in oil prices.
The Chinese trade surplus narrowed by around $5bn to $49.61bn in December, from $54.47bn in November, slightly above forecasts of $49bn.
Exports from the People's Republic jumped 9.7% in the month, higher than the 6% rise estimated by analysts, with imports dropping by a much smaller 2.4% than the expectated 6.2% fall.
"It was interesting to see how little an impact the Chinese trade balance figures had on oil prices overnight, as they continued to tumble despite the world's second largest economy importing a record amount of crude, above seven million barrels per day," said Craig Erlam, analyst at Alpari UK.
"This clearly shows that while global demand may be weaker that it's been in the past, the collapse of oil prices really is largely driven by the supply glut and the demand side just isn't helping matters."
Brent crude dropped 3.4% to $45.87 per barrel in morning trade, according to the ICE.
In the UK, a report is projected to show inflation dipped below 1% for the first since 2002.
Analysts forecast the consumer price index rose 0.7% year-on-year in December, compared to 1% the previous month, which would support the Bank of England's (BoE) argument to keep interest rates low.
The BoE is targeting inflation of 2%, which would mean Governor Mark Carney would have to write his first explanatory letter to the Chancellor detailing why inflation has missed the 2% target by more than 1%.
"With oil prices hitting new lows in January and likely to remain weak for a prolonged period and with the supermarket pricing war continuing, inflation could very well get down near to 0.5%in the early months of 2015," said Howard Archer, chief UK economist at IHS Global Insight.
Morrison, Metro
Morrison Supermarket gained after the grocer said it will start a search for a new chief executive officer to replace Dalton Philips and reported a drop in sales over the Christmas period.
Metro advanced as the operator of Germany's Kaufhof department stores posted increase in first-quarter adjusted revenue.A gauge of oil companies declined, including Royal Dutch Shell and Total SA, as prices tumbled. |
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| | US Market Report | | US close: Markets in decline as oil prices hit multi-year low US stocks receded on Monday as falling oil prices on a multi-year low pushed the energy sector into decline.
The Dow Jones Industrial Average fell 0.37% to 17,672.31 while Nasdaq dropped 1.21% to 4,162.44 and S&P 500 slid 0.81% to 2,028.17.
IG analyst David Madden said: "As there are no economic announcements to draw attention away from the crumbling oil price, the market is giving the Goldman Sachs report its full attention.
"Brent crude oil is back below $50 a barrel as Goldman Sachs slashed its price forecasts for oil. The WTI contract has had an even worse day than Brent as the Wall Street bank stated light sweet crude will need to trade near $40 in order to shake out the shale gas producers.
"The market believes the Saudis have no intention of cutting supply while the shale gas producers are on the scene, and the battle between them is going to drive oil even lower."
Crude futures were mixed as WTI crude futures closed around 5.3% down to $45.93 a barrel and Brent futures receded by 5.7% to $47.41 a barrel.
Over on COMEX, gold futures increased 1.45% to $1,233.70 while the dollar fell against the pound, the yen and the euro.
Madden added: "Gold is still riding on the coat tails of the mixed jobs report from the US on Friday, and the disappointing wage growth figures will keep a Fed interest rate hike at bay."
The yield on a benchmark US 10-year Treasury plummeted by three basis points to 1.91%.
S&P 500 - Risers
GameStop Corp. (GME) $33.78 +4.68%
Frontier Communications Co. (FTR) $6.74 +3.93%
Whole Foods Market Inc. (WFM) $51.81 +3.72%
Bristol-Myers Squibb (BMY) $62.20 +3.12%
Celgene Corp. (CELG) $117.00 +2.93%
FMC Corp. (FMC) $59.22 +2.92%
Best Buy Co. Inc. (BBY) $39.10 +2.73%
Windstream Holdings Inc (WIN) $8.31 +2.40%
Newmont Mining Corp. (NEM) $21.19 +2.27%
Allergan Inc. (AGN) $219.76 +2.02%
S&P 500 - Fallers
Tiffany & Co. (TIF) $89.02 -13.95%
Sandisk Corp. (SNDK) $83.57 -13.88%
Tenet Healthcare Corp. (THC) $46.97 -9.06%
Newfield Exploration Co (NFX) $22.73 -7.22%
ONEOK Inc. (OKE) $41.09 -6.02%
Denbury Resources Inc. (DNR) $6.88 -5.88%
Micron Technology Inc. (MU) $31.66 -5.57%
Nabors Industries Ltd. (NBR) $10.46 -5.51%
National Oilwell Varco Inc. (NOV) $58.59 -5.32%
Pioneer Natural Resources Co. (PXD) $135.00 -5.28%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $74.38 +1.20%
Cisco Systems Inc. (CSCO) $28.05 +0.94%
Wal-Mart Stores Inc. (WMT) $90.06 +0.79%
Verizon Communications Inc. (VZ) $47.10 +0.72%
Pfizer Inc. (PFE) $32.79 +0.43%
United Technologies Corp. (UTX) $114.47 +0.39%
AT&T Inc. (T) $33.49 +0.27%
Walt Disney Co. (DIS) $94.48 +0.24%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $106.07 -1.98%
Exxon Mobil Corp. (XOM) $90.41 -1.83%
International Business Machines Corp. (IBM) $156.49 -1.65%
Microsoft Corp. (MSFT) $46.60 -1.25%
Goldman Sachs Group Inc. (GS) $185.09 -1.21%
Unitedhealth Group Inc. (UNH) $102.56 -1.12%
American Express Co. (AXP) $89.52 -1.00%
Coca-Cola Co. (KO) $42.63 -0.93%
JP Morgan Chase & Co. (JPM) $58.80 -0.91%
Caterpillar Inc. (CAT) $86.89 -0.87%
Nasdaq 100 - Risers
Whole Foods Market Inc. (WFM) $51.81 +3.72%
Celgene Corp. (CELG) $117.00 +2.93%
Biogen Idec Inc. (BIIB) $347.89 +1.62%
Sirius XM Holdings Inc (SIRI) $3.58 +1.42%
CH Robinson Worldwide Inc (CHRW) $72.90 +1.17%
Charter Communications Inc. (CHTR) $163.85 +1.15%
Viacom Inc. Class B (VIAB) $72.40 +1.02%
Cisco Systems Inc. (CSCO) $28.05 +0.94%
PACCAR Inc. (PCAR) $65.83 +0.92%
Vodafone Group Plc ADS (VOD) $34.32 +0.91%
Nasdaq 100 - Fallers
Sandisk Corp. (SNDK) $83.57 -13.88%
Micron Technology Inc. (MU) $31.66 -5.57%
Monster Beverage Corp (MNST) $111.93 -4.37%
TripAdvisor Inc. (TRIP) $71.46 -4.12%
Vertex Pharmaceuticals Inc. (VRTX) $118.31 -3.19%
Netflix Inc. (NFLX) $318.83 -3.18%
KLA-Tencor Corp. (KLAC) $67.09 -3.01%
Keurig Green Mountain Inc (GMCR) $133.91 -2.76%
Expedia Inc. (EXPE) $85.17 -2.72% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Sellafield, ECB stimulus, Auto Trader... A £9bn contract to clean up the Sellafield nuclear waste is to be torn up, the government is expected to announce, writes The Times. The early termination of the contract awarded to Nuclear Management Partners in 2008, an industrial consortium including Amec Foster Wheeler, comes as the work is taken back in-house.
Economists at RBS have said that the European Central Bank (ECB) will boost its balance sheet to €4.5tn, The Telegraph reports. The potential move, which is the most aggressive forecast issued so far and implies quantitative easing of at least €2.3tn, represents a "colossal monetary blitz to prevent deflation engulfing the Eurozone", the paper said.
According to The Times, private-equity firm Apax has appointed Deutsche Bank and Bank of America Merrill Lynch to advise a potential float of Auto Trader, the UK's largest website for second-hand car sales.
President Barack Obama has announced a new plan to increase US cyber security, writes the Financial Times. The announcement came as hackers claiming to be Islamist militants broke into the Pentagon's social media accounts.
UK retailers suffered their worst December since 2008 as discounts hit takings, writes The Guardian. The value of total sales last month fell 0.4% on the previous year, according to data from the British Retail Consortium.
The boss of Fiat Chrysler Automobiles has warned that car makers need to consolidate given the huge costs needed to develop new vehicles, The Times says. "We are investing massive amounts of money on projects which, if unsuccessful, could endanger the future viability of this business," said Sergio Marchionne.
Petrol prices in the UK have been cut again, with Tesco, Asda, Sainsbury's and Morrisons promising to shave 2p a litre off the cost of fuel, The Guardian reports. | | |
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