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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: FTSE at seven-week high as ECB speculation ramps up UK stocks edged higher on Thursday, trading at their highest levels in nearly seven weeks, as investors showed optimism that the European Central Bank (ECB) will deliver a major monetary stimulus to the struggling Eurozone economy. London's benchmark FTSE 100 was up 0.2% at 6,743 in early deals after having closing Wednesday's session at 6,728, its best finish since 5 December 2014 when it settled at 6,742.80.
Stocks have rallied ahead of the ECB meeting in hopes that policymakers will implement full-blown quantitative easing (QE) in an effort to lift the Eurozone out of deflation and boost growth.
Markets jumped strongly on Wednesday in particular after an apparent leaked ECB report suggested that president Mario Draghi was looking at purchasing €50bn of government bonds each month for the next year, a slightly more aggressive approach than some analysts were expecting.
"So here we are, the day has finally arrived, its ECB day and a day that has been on the markets radar screens since the beginning of December," said analyst Michael Hewson from CMC Markets UK.
"Having seen market expectations rise further with yesterday's leaks, the main focus is now likely to be less on the amount, and more on what concessions Draghi has had to make to get the Germans on board, or even if they are on board, particularly given the size of the package that is being reported."
Royal Mail jumps, Oxford Instruments slumps
Royal Mail was a high riser after an update said it expects to meet full-year forecasts following a "busy festive period" with parcel numbers up 4% at 120m in December alone, though competition in the parcel market held back revenue growth. Alex Joyner from Galvan Research said Royal Mail shareholders will be "breathing a sigh of relief", with the company taking the lion's share of the 300m parcels delivered across the UK last month.
Shares in Oxford Instruments plunged 25% after the technology group said second-half revenues will "fall short of market expectations" due to tightening sanctions against Russia and a slower recovery from Japan.
Balfour Beatty fell after slashing expectations for its 2014 UK construction profits by a further £70m after a review of the business.
Property investment firm CLS Holdings surged after saying that 2014 results would be "materially ahead" of market estimates due to a big increase in the value of its London property portfolio.
Retailer Card Factory dropped sharply after Canaccord Genuity downgraded the stock to 'hold', while RSA Insurance was boosted by a Credit Suisse upgrade to 'outperform'.
Compass Group and SSE were both trading in the red after going ex-dividend. |
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| | Market Movers
techMARK 3,062.63 -0.01%
FTSE 100 6,742.93 +0.22%
FTSE 250 16,290.58 +0.23%
FTSE 100 - Risers
Royal Mail (RMG) 447.50p +3.95%
RSA Insurance Group (RSA) 465.10p +2.94%
Ashtead Group (AHT) 1,105.00p +2.79%
Anglo American (AAL) 1,142.00p +1.83%
Standard Chartered (STAN) 948.10p +1.54%
GlaxoSmithKline (GSK) 1,487.50p +1.50%
Rio Tinto (RIO) 2,965.50p +1.40%
Antofagasta (ANTO) 722.50p +1.40%
Mondi (MNDI) 1,126.00p +1.35%
Weir Group (WEIR) 1,710.00p +1.30%
FTSE 100 - Fallers
SSE (SSE) 1,480.00p -1.60%
Compass Group (CPG) 1,108.00p -1.51%
Randgold Resources Ltd. (RRS) 5,445.00p -1.45%
Fresnillo (FRES) 913.00p -1.24%
Imperial Tobacco Group (IMT) 2,970.00p -1.20%
Associated British Foods (ABF) 2,965.00p -1.10%
Morrison (Wm) Supermarkets (MRW) 193.50p -0.77%
Admiral Group (ADM) 1,432.00p -0.69%
SABMiller (SAB) 3,419.00p -0.67%
Rolls-Royce Holdings (RR.) 886.00p -0.67%
FTSE 250 - Risers
CLS Holdings (CLI) 1,561.00p +8.40%
Vedanta Resources (VED) 454.10p +3.82%
Evraz (EVR) 162.80p +3.04%
Ashmore Group (ASHM) 274.50p +2.81%
Diploma (DPLM) 776.00p +2.78%
Wood Group (John) (WG.) 584.00p +2.73%
Rank Group (RNK) 162.00p +2.53%
Allied Minds (ALM) 430.50p +2.50%
Petrofac Ltd. (PFC) 670.50p +2.29%
Hunting (HTG) 480.30p +2.19%
FTSE 250 - Fallers
Oxford Instruments (OXIG) 825.00p -25.00%
Card Factory (CARD) 264.90p -3.92%
Balfour Beatty (BBY) 198.80p -3.31%
Countrywide (CWD) 419.20p -2.78%
Thomas Cook Group (TCG) 125.10p -2.11%
Jimmy Choo (CHOO) 164.00p -1.80%
Saga (SAGA) 163.90p -1.80%
Computacenter (CCC) 646.00p -1.37%
Indivior (INDV) 163.10p -1.15% |
| | UK Event Calendar | | Thursday 22 January
INTERIMS
Ilika, NCC Group
INTERIM DIVIDEND PAYMENT DATE
Home Retail Group
INTERIM EX-DIVIDEND DATE
Fletcher King, Hayward Tyler Group, SSE
QUARTERLY EX-DIVIDEND DATE
City of London Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
ECB Interest Rate (EU) (12:45)
House Price Index (US) (15:00)
Initial Jobless Claims (US) (13:30)
GMS
Cardiff Property
FINALS
Safestore Holdings
IMSS
Paragon Group Of Companies, Royal Mail, Workspace Group
AGMS
Cardiff Property, Global Resources Investment Trust , Hargreave Hale AIM VCT 1, Polo Resources Ltd. (DI), Topps Tiles, Tracsis
TRADING ANNOUNCEMENTS
Countrywide, Fevertree Drinks, Royal Mail
UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
Public Sector Finances (09:30)
Trends in Lending (09:30)
FINAL DIVIDEND PAYMENT DATE
Cambria Automobiles, Dragon-Ukrainian Properties & Development
FINAL EX-DIVIDEND DATE
Compass Group, Impax Asset Management Group, Shaftesbury
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of ECB policy announcement European stocks were little changed as investors braced for the possibility of new quantitative easing measures from the European Central Bank (ECB). The ECB announces its latest policy decision at 12:45 London followed by a press conference by President Draghi at 13:30.
The central bank is expected to announce a QE programme that may exceed €1trn amid pressure to turn around the weak economy and the threat of deflation. The ECB is reportedly looking at asset purchases of €50bn per month until 2016.
"We expect the central bank to deliver a serious programme of the same order of magnitude as QE2 in the US," said Christian Schulz, analyst at Berenberg.
"However, the ECB might still at least partially undermine the effectiveness of the programme with the implementation of the purchases."
The ECB is also said to have authorised the Bank of Greece to provide the nation's lenders with emergency liquidity. The news comes ahead of this Sunday's Greek elections, with left-wing party Syriza looking set to win the majority of votes.
In the UK, Bank of England's David Miles said monetary policy does "not hold all the cards" when it comes to keeping inflation on target.
Speaking at the University of Edinburgh on Thursday, Miles said that while monetary policy is a more powerful tool than many economic models assume, it remains reliant on being consistent with fiscal policy.
In the US, a report on initial jobless claims is forecast to show a fall to 300,000 in the week to 17 January from 316,000 the previous week.
Bankinter rallies
Spain's Bankinter SA climbed after reporting a 45% rise in 2014 as bad loans in the nation stabilised.
Remy Cointreau SA advanced after reporting an unexpected increase in cognac sales in the third quarter.
Balfour Beatty declined after the company cancelled a share buyback programme of as much as £200m following an external review of its UK construction unit.
The euro fell 0.03% to $1.1606. |
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| | US Market Report | | US close: Stocks advance amid ECB stimulus speculations as energy companies rally US stocks rose on Wednesday, driven forward by energy stocks, as speculation grew that the European Central Bank (ECB) will provide more stimulus. The Dow Jones Industrial Average closed 39.08 points up at 17,554.28, while the S&P 500 gained 9.57 points to 2,032.12 and the Nasdaq ended the day 20.88 points up at 4,192.09.
News emerged that the ECB's Executive Board has proposed quantitative easing of €50bn a month until the end of 2016 and analysts expect ECB president Mario Draghi to announce a €550bn programme of quantitative easing on Thursday.
Meanwhile, a better-than-expected report on housing starts showed construction started on new US homes increased by 4.4% last month, drove forward by single-family homes.
Energy companies gained 1.6%. registering a third consecutive day in the black, while Canadian stocks gained 1.8% after the Bank of Canada unexpectedly cut its main interest rate due to the plunge in oil prices.
"A surprise rate cut from the Canadian central bank underscores how the atmosphere has shifted in recent days, as other central banks try to steal the ECB's thunder," IG analysts said in a note on Wednesday.
"If Draghi does do enough on Thursday, however, it is likely that US markets will catch the rally bug as well, shaking them from their current torpor."
In corporate news, Netflix rose 17% after announcing its worldwide customers totalled 57.4m after a record gain in international subscribers. The firm added it plans to expand in all 200 countries that have broadband Internet service available by the end of 2016.
United Health Group gained 3.50% after a bigger-than-expected rise in quarterly profit, while American Express rose 0.26% in after-hour trading after announcing its fourth quarter earnings slightly beat analysts' expectations. The firm posted fourth-quarter earnings of $1.39 per share, up from $1.21 a share in the year-earlier period, while revenue was $9.1bn, up from $8.55bn.
Cree Inc rose 4.84% after posting better-than-expected revenue and earnings, while IBM fell over 3% after reporting declines in fourth quarter profit and revenue late on Tuesday.
Gold futures failed to maintain Tuesday's momentum and fell to $1,293.90, while the dollar lost almost 0.8% against the yen as Japanese stocks fell. The greenback fell almost 0.4% against the euro, but registered marginal gains against the pound.
Oil prices rebounded, with West Texas Intermediate crude gaining almost 2.5% to close at just over $47.5 a barrel, while Brent crude closed at just under $49 a barrel after gaining almost 2%.
S&P 500 - Risers
Netflix Inc. (NFLX) $409.28 +17.34%
Newfield Exploration Co (NFX) $28.09 +6.89%
Nabors Industries Ltd. (NBR) $10.86 +6.26%
Northern Trust Corp. (NTRS) $66.32 +6.21%
Noble Corporation plc (NE) $17.18 +6.18%
Ensco Plc. (ESV) $30.27 +5.77%
Peabody Energy Corp. (BTU) $6.77 +5.45%
Denbury Resources Inc. (DNR) $6.76 +4.48%
Transocean Ltd. (RIG) $16.06 +4.42%
LyondellBasell Industries (LYB) $81.38 +4.41%
S&P 500 - Fallers
CA Inc. (CA) $29.94 -5.46%
Fifth Third Bancorp (FITB) $17.52 -3.10%
International Business Machines Corp. (IBM) $152.09 -3.10%
ETRADE Financial Corp. (ETFC) $22.02 -2.11%
Iron Mountain Inc. (IRM) $39.90 -2.09%
Alexion Pharmaceuticals Inc. (ALXN) $179.26 -2.08%
Perrigo Company plc (PRGO) $158.89 -1.90%
Moody's Corp. (MCO) $92.72 -1.55%
HCP Inc. (HCP) $47.48 -1.43%
Dun & Bradstreet Corp. (DNB) $115.44 -1.42%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $109.32 +3.50%
Caterpillar Inc. (CAT) $85.37 +1.67%
Chevron Corp. (CVX) $108.16 +1.59%
United Technologies Corp. (UTX) $119.03 +1.28%
Intel Corp. (INTC) $36.48 +1.08%
Boeing Co. (BA) $132.41 +0.91%
Goldman Sachs Group Inc. (GS) $177.15 +0.87%
Exxon Mobil Corp. (XOM) $91.87 +0.86%
General Electric Co. (GE) $24.04 +0.80%
Johnson & Johnson (JNJ) $101.90 +0.60%
Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $152.09 -3.10%
Pfizer Inc. (PFE) $32.64 -1.39%
Microsoft Corp. (MSFT) $45.91 -1.03%
Cisco Systems Inc. (CSCO) $27.84 -0.82%
Travelers Company Inc. (TRV) $105.01 -0.78%
Merck & Co. Inc. (MRK) $62.16 -0.72%
Walt Disney Co. (DIS) $94.17 -0.60%
McDonald's Corp. (MCD) $90.34 -0.51%
Procter & Gamble Co. (PG) $90.73 -0.50%
E.I. du Pont de Nemours and Co. (DD) $74.18 -0.24%
Nasdaq 100 - Risers
Netflix Inc. (NFLX) $409.28 +17.34%
Baidu Inc. (BIDU) $228.26 +3.59%
Applied Materials Inc. (AMAT) $24.32 +2.92%
Vodafone Group Plc ADS (VOD) $36.03 +2.88%
Whole Foods Market Inc. (WFM) $52.73 +2.77%
Micron Technology Inc. (MU) $30.49 +2.76%
Amazon.Com Inc. (AMZN) $297.25 +2.70%
Tesla Motors Inc (TSLA) $196.57 +2.42%
Keurig Green Mountain Inc (GMCR) $134.79 +2.23%
Google Inc. Class C (GOOG) $518.04 +2.20%
Nasdaq 100 - Fallers
CA Inc. (CA) $29.94 -5.46%
Illumina Inc. (ILMN) $191.86 -2.48%
Alexion Pharmaceuticals Inc. (ALXN) $179.26 -2.08%
QUALCOMM Inc. (QCOM) $71.59 -1.23%
Intuit Inc. (INTU) $86.40 -1.17%
Microsoft Corp. (MSFT) $45.91 -1.03%
Fiserv Inc. (FISV) $72.42 -1.00%
Mylan Inc. (MYL) $54.59 -0.98%
Celgene Corp. (CELG) $122.22 -0.84% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Cost of living, Ebay cuts, Tobacco packaging... The Independent printed that average pay is rising at more than three times the cost of living according to official figures - but the Bank of England yesterday hinted the good news may not last. In a boost to household budgets across the country, the paper wrote, average pay rose by 1.8% in the quarter to November, the Office for National Statistics said. Online retailer eBay is axing 2,400 jobs after reporting weak Christmas sales and forecasting sluggish revenue growth for the current quarter, according to The Telegraph. The US company said on Wednesday night it is also exploring a sale or public offering of its enterprise unit, which helps companies boost online sales.
According to The Times, tobacco companies will be forced to sell cigarettes in unbranded packs from next year after ministers said they were pressing ahead with the proposal before the election. Anti-smoking campaigners had feared the government was backing away from a vote on the introduction of "standardised" packs before May.
The head of the Iraq inquiry has been summoned before MPs to explain why his controversial report will not be published until after the election, according to The Times. Sir John Chilcot faced demands to explain the new delays as Tony Blair denied that he or any of the main witnesses were behind them, wrote the paper.
Goldman Sachs has made its first foray into "big data" in Asia by investing the lion's share of a $56m round of funding for Antuit, a Singapore-based data analytics start-up, wrote the Financial Times. The investment illustrates the US bank's interest in new big data technologies in Asia and Singapore's emerging role as the region's hub for a rapidly growing industry that has long been centred around Silicon Valley, the paper said.
A former leading Liberal Democrat peer has donated £300,000 to Labour candidates to boost the party's prospects of taking power in May, wrote The Times. Lord Oakeshott of Seagrove Bay has handed the generous sum to 30 Labour candidates and matched it with an equal donation to 15 left-leaning Lib Dem MPs and candidates.
The Wall Street Journal printed that rebels demanding a greater share of power in Yemen agreed to release the US-backed president in exchange for more influence in running the country's affairs, according to the state news agency. The Houthi rebels reached the deal with President Abed Rabbo Mansour Hadi on Wednesday, said the paper, after surrounding his residence and effectively putting him under house arrest.
A couple with a child would need to save for nearly 26 years to buy a home in London, according to a report by Shelter, The Times wrote on Thursday. The housing charity said that its research showed big regional differences in the time it takes to build up a deposit for a home, which can be more than 20% of the house price, it printed. | | |
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