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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 flat in light day for economic data London stocks were trading flat on Friday morning following fairly uninspiring sessions in the US and Asia and with remarks from central bankers filling some of the vacuum.
As of 08:58 GMT the Footsie was higher by just 0.20 points or 0.0% at 6,330.13.
Speaking at the 25th European Banking Congress in Frankfurt European Central Bank governor Mario Draghi said that should it become apparent that the stability inflation mandate was not going to be met, then the ECB would do "what we must" to bring inflation higher "as quickly as possible".
That sent the single currency immediately half a percentage point lower versus the US dollar, towards 1.067. However, traders in cable were unimpressed, with the currency pair largely unmoved at 1.5281.
"One clear message was towards the deposit rate, which could be moving lower again so that they can inflate their balance sheet. The main focus for his speech was towards inflation, which is not moving much. But here is the question, no central bank so far has been successful to achieve their target by printing money - no matter how we look at it," said Naeem Aslam, chief market analyst at Ava Trade.
"So, going next month, we expect Draghi to be very aggressive, but I wonder if his friends from Germany will be on board with him."
There was little on the economic agenda to guide investors, with the exception of October's public finance figures.
In the event, public sector net borrowing in the UK increased by £7.5bn in October (consensus: £5.3bn), down from the previous month's upwardly revised reading of £8.3bn.
BATS plotting to roll-up rival
British American Tobacco has put together a syndicate of banks to finance a possible purchase of rival Imperial Tobacco, according to the Financial Times's Alphaville, which cites "people claiming direct knowledge of the process". "With Imperial shares now trading near a record high the company might choose to go pens down rather than risk overpaying," the same sources cautioned.
Spectris, the productivity-enhancing instrumentation and controls company, said group like-for-like sales fell by 1% in the four months to the end of October, with trading conditions worsening as the period progressed. Chief executive John O'Higgins said: "The period has been characterised by challenging trading conditions, particularly in our largest geographic region, North America. The board currently anticipates that full year adjusted operating profit will be towards the lower end of the range of market expectations."
John Lewis's weekly sales have reached £100m for the first time this Christmas shopping season. The retailer revealed its sales figures for the week ending 14 November as festive sales ramp up. It said sales for the week were up 1.5% on last year and 15.8% on the previous week, and it showed signs it would be an "omnichannel Christmas". "Two thirds of our customers now visit both a shop and johnlewis.com to make a purchase," the company revealed.
Melrose Industries said trading for the Elster Group it agreed to sell to Honeywell in July was strong in the ten months to October, although its Brush business experienced challenging end market conditions. Sales at Elster were up 14% versus last year at constancy currency, 6% if excluding the acquisition of Eclipse in November last year. Melrose said the sale of the group was on course to complete in first the quarter of next year. |
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| Market Movers
FTSE 100 (UKX) 6,322.01 -0.13%
FTSE 250 (MCX) 17,139.25 -0.03%
techMARK (TASX) 3,171.54 0.02%
FTSE 100 - Risers
Imperial Tobacco Group (IMT) 3,582.00p 2.58%
Morrison (Wm) Supermarkets (MRW) 156.80p 1.42%
Sky (SKY) 1,115.00p 1.09%
Diageo (DGE) 1,922.00p 1.02%
Persimmon (PSN) 1,855.00p 0.82%
Mondi (MNDI) 1,506.00p 0.80%
BAE Systems (BA.) 487.60p 0.72%
Barratt Developments (BDEV) 580.50p 0.61%
Aberdeen Asset Management (ADN) 340.90p 0.59%
Sainsbury (J) (SBRY) 254.60p 0.55%
FTSE 100 - Fallers
G4S (GFS) 220.10p -2.52%
Barclays (BARC) 225.90p -1.76%
easyJet (EZJ) 1,686.00p -1.63%
Babcock International Group (BAB) 985.50p -1.45%
Experian (EXPN) 1,200.00p -1.40%
Royal Dutch Shell 'B' (RDSB) 1,660.50p -1.25%
Royal Dutch Shell 'A' (RDSA) 1,646.00p -1.20%
BP (BP.) 380.80p -1.13%
Lloyds Banking Group (LLOY) 72.60p -1.00%
Randgold Resources Ltd. (RRS) 4,013.00p -0.94%
FTSE 250 - Risers
Poundland Group (PLND) 229.00p 2.83%
Redefine International (RDI) 53.50p 2.39%
Investec (INVP) 553.00p 2.03%
Ted Baker (TED) 3,560.00p 2.01%
Pace (PIC) 386.20p 1.69%
Millennium & Copthorne Hotels (MLC) 484.50p 1.68%
Worldwide Healthcare Trust (WWH) 1,839.00p 1.55%
Grafton Group Units (GFTU) 648.00p 1.49%
John Laing Group (JLG) 201.10p 1.36%
Senior (SNR) 242.50p 1.29%
FTSE 250 - Fallers
Vedanta Resources (VED) 378.30p -3.37%
Ophir Energy (OPHR) 87.60p -3.31%
Hunting (HTG) 329.70p -2.89%
Amec Foster Wheeler (AMFW) 465.80p -2.80%
Tullow Oil (TLW) 197.70p -2.75%
Kaz Minerals (KAZ) 89.35p -2.35%
Premier Oil (PMO) 74.35p -2.17%
Polymetal International (POLY) 558.00p -2.11%
OneSavings Bank (OSB) 381.00p -1.98% |
| | UK Event Calendar | | Friday 20 November
INTERIMS
Alpha Real Trust Ltd.
INTERIM DIVIDEND PAYMENT DATE
Bovis Homes Group, Hansteen Holdings, Harvey Nash Group, Howden Joinery Group, Menzies(John), ProVen Growth & Income VCT, ProVen VCT, Quantum Pharma, Smart Metering Systems, Ted Baker
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)
Producer Price Index (GER) (07:00)
Q3
Biofrontera AG (DI)
GMS
Gresham House
SPECIAL DIVIDEND PAYMENT DATE
Barratt Developments
AGMS
Celtic, Crystal Amber Fund Ltd., Henderson International Income Trust, Ibex Global Solutions, People's Operator (The) , Plutus PowerGen, Red Emperor Resources NL (DI)
TRADING ANNOUNCEMENTS
Spectris
UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)
FINAL DIVIDEND PAYMENT DATE
Barratt Developments, Dechra Pharmaceuticals, New Star Investment Trust, Revolution Bars Group, Sky, Smiths Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slip as investors digest German data, Draghi speech European stocks were flat to a little lower as investors digested weaker-than-expected German data, while talk of additional stimulus measures from the European Central Bank failed to provide a boost.
At 0900 GMT, the benchmark Stoxx Europe 600 index was flat, France's CAC 40 was down 0.4% and Germany's DAX was 0.1% lower.
ECB chief Mario Draghi said in a speech in Frankfurt that the central bank was ready to act to boost inflation and that it would review its policy at the December meeting.
"If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible," Draghi said.
"We consider the asset purchase programme to be a powerful and flexible instrument, as it can be adjusted in terms of size, composition or duration to achieve a more expansionary stance."
The euro fell following Draghi's comments. It was down 0.5% against the greenback, 0.3% against the pound and 0.6% versus the yen.
As for Thursday's meeting minutes, Oanda analyst Craig Erlam said: "The markets appear to have heavily priced in further easing but the composition of it is still unclear.
It looks increasingly likely that we'll see a cut to the deposit rate from its current 'zero lower bound', as well as an upgrade on the asset purchase programme that was launched almost a year ago. How aggressive the ECB will be on this though is still not clear."
Data released by Destatis showed German producer prices fell 2.3% in October from last year, marking the biggest drop since February 2010 and weaker than the 2% decline economists had been expecting.
On the corporate front, Imperial Tobacco rallied in London amid reports that British American Tobacco has put together a syndicate of banks to finance a possible purchase of its rival.
Elsewhere, Switzerland's OC Oerlikon surged after after Sweden's Atlas Copco said it would buy its vacuum business for an enterprise value of €486m.
Beleaguered German car maker Volkswagen slipped in early trade. The company is expected to make a statement later on Friday following a planned supervisory board meeting. |
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| | US Market Report | | US close: Stocks snake sideways on low oil and tech fizz US stocks slid sideways on Thursday as, in the absence of much major data to chew on, the market digested how best to play the Federal Reserve's apparently strong signals that a December rate hike is coming and oil's latest plunge.
After the closing bell, Fed Vice Chairman Stanley Fischer spoke in San Francisco, baffling his audience slightly by saying that while the central bank has "done everything it can not to surprise markets", the Federal Open Markets Committee has still taken no final decision on liftoff timing.
And this is despite keenness from all round the world for the Fed to just get on with it and rip off the sticking plaster, with Fisher admitting "several emerging market (and other) central bankers have, for some time, been telling the Fed to 'just do it'."
Just prior to Fischer taking the lectern, the Dow Jones finished 0.02% lower at 17,732.75 after hitting a new week's high mid-session.
Led by a flotilla of sinking energy companies on the back of another oil price retreat, the S&P 500 was dragged down 0.11% to 2,081.24 points. West Texas Intermediate fell 0.6% to $40.49 a barrel, while Brent rose 0.3% to $44.29.
However, the Nasdaq 100 was marginally higher, up 0.04% at 4,655.35 as Intel's bullishness on growth infused into the wider tech sector.
The dollar was on the back foot against the main currencies, sliding 0.29% and 0.19% against the yen and the euro respectively and losing 0.21% against the pound, while gold spot gained 1.10% to $1,082.48.
The days macroeconomic data included the weekly figures from the Labor Department showing new claims declined by 5,000 to 271,000 in the week to 14 November, in line with expectations.
The average of new claims over the last four weeks rose by 3,000 to seasonally adjusted 270,750, the highest level in eight weeks.
"We view US labor market strength as very much intact and expect another month of solid job gains to pave the way for the Fed to raise rates in December," said analysts at Barclays.
Meanwhile, the Philadelphia Fed manufacturing index rose from -4.5 in October to 1.9 in November, returning into positive territory for the first time in two months and surpassing forecast for a -0.8 reading.
Company news
Intel raised its quarterly dividend and its projections for revenue growth in 2016 to a mid-single-digit percentage, adding that it will boost capital spending to $10bn next year, far above its estimate of $7.3 billion in 2015.
Pfizer slid 1.47% after edging closer to seal a deal for drug maker Allergan, which fell 1.26%.
Mobile-payments startup Square made its debut on the New York Stock Exchange at $11.20 per share, $2.20 above its initial public offer price. But the mobile point-of-sale (POS) company headed up by Twitter chief executive Jack Dorsey was priced at $9 after the closing bell on Wednesday.
Cloud computing solutions provider Salesforce.com and personal beverage system group Keurig Green Mountain surged 6.93% and 15.7% respectively after both posted better-than-expected quarterly results late on Wednesday.
Among the companies that reported before the opening bell, technology group Best Buy tumbled 6.77% after reporting a sharper-than-expected decline in quarterly sales and warning its revenue for the December quarter might fall.
UnitedHealth was the biggest faller on the Dow after it cut its earnings outlook for the full year, adding it expects "major losses" on its business through the Affordable Care Act's exchanges and could go as far withdrawing from the programme.
S&P 500 - Risers
Keurig Green Mountain Inc (GMCR) $47.88 +18.22%
J. M. Smucker Co. (SJM) $121.28 +6.97%
Norfolk Southern Corp. (NSC) $96.85 +4.71%
Salesforce.Com Inc. (CRM) $80.64 +4.25%
Alcoa Inc. (AA) $8.76 +4.16%
Electronic Arts Inc. (EA) $71.08 +3.89%
Intel Corp. (INTC) $34.30 +3.44%
CSX Corp. (CSX) $29.21 +3.33%
Citrix Systems Inc. (CTXS) $72.62 +2.95%
Chipotle Mexican Grill Inc. (CMG) $611.51 +2.95%
S&P 500 - Fallers
Chesapeake Energy Corp. (CHK) $5.40 -10.00%
Peabody Energy Corp. (BTU) $11.84 -8.15%
Tenet Healthcare Corp. (THC) $30.40 -8.02%
Southwestern Energy Co. (SWN) $9.78 -7.21%
Anthem Inc (ANTM) $127.86 -6.88%
Aetna Inc. (AET) $99.89 -6.52%
CF Industries Holdings Inc. (CF) $46.57 -6.05%
Unitedhealth Group Inc. (UNH) $110.63 -5.65%
CONSOL Energy Inc. (CNX) $7.82 -5.55%
CIGNA Corp. (CI) $127.83 -5.41%
Dow Jones I.A - Risers
Intel Corp. (INTC) $34.30 +3.44%
Coca-Cola Co. (KO) $43.11 +1.96%
Apple Inc. (AAPL) $118.78 +1.27%
Cisco Systems Inc. (CSCO) $27.37 +0.92%
Verizon Communications Inc. (VZ) $45.76 +0.84%
American Express Co. (AXP) $72.74 +0.82%
McDonald's Corp. (MCD) $113.30 +0.68%
International Business Machines Corp. (IBM) $136.74 +0.68%
Boeing Co. (BA) $149.24 +0.65%
3M Co. (MMM) $158.38 +0.63%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $110.63 -5.65%
Pfizer Inc. (PFE) $32.29 -3.06%
Chevron Corp. (CVX) $90.83 -1.50%
General Electric Co. (GE) $30.27 -0.82%
Exxon Mobil Corp. (XOM) $80.30 -0.54%
Caterpillar Inc. (CAT) $70.02 -0.43%
Visa Inc. (V) $80.15 -0.39%
Wal-Mart Stores Inc. (WMT) $60.70 -0.38%
Goldman Sachs Group Inc. (GS) $193.03 -0.33%
Johnson & Johnson (JNJ) $102.49 -0.18%
Nasdaq 100 - Risers
Keurig Green Mountain Inc (GMCR) $47.88 +18.22%
Electronic Arts Inc. (EA) $71.08 +3.89%
Intel Corp. (INTC) $34.30 +3.44%
Citrix Systems Inc. (CTXS) $72.62 +2.95%
Check Point Software Technologies Ltd. (CHKP) $83.60 +2.66%
Autodesk Inc. (ADSK) $62.39 +1.86%
JD.com, Inc. (JD) $29.05 +1.72%
Micron Technology Inc. (MU) $15.87 +1.67%
Liberty Interactive Corporation QVC Group (QVCA) $26.43 +1.58%
Baidu Inc. (BIDU) $207.80 +1.50%
Nasdaq 100 - Fallers
Biomarin Pharmaceutical Inc. (BMRN) $103.11 -4.26%
Western Digital Corp. (WDC) $62.01 -3.47%
Skyworks Solutions Inc. (SWKS) $78.00 -3.00%
Liberty Global plc Series A (LBTYA) $42.00 -2.89%
Vertex Pharmaceuticals Inc. (VRTX) $130.08 -2.39%
Liberty Global plc Series C (LBTYK) $40.37 -2.35%
Walgreens Boots Alliance, Inc. (WBA) $82.83 -2.07%
Discovery Communications Inc. Class C (DISCK) $28.86 -2.00%
Liberty Media Corporation - Series C (LMCK) $39.39 -1.86% |
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| | Newspaper Round Up | | Friday newspaper round-up: House prices, Isis, Gatwick House price growth in the UK's biggest cities will return to double digits this year as activity in markets that have been slow to recover from the financial crisis begin to heat up. The average cost of a home in Britain's 20 biggest cities leapt by 9.4 per cent in the year to November to an average of £229,300, up from 8.4% in October and 6.6% in May, said Hometrack, the residential analyst, which believes the figures will be back in double digits by the end of the year. - The Times
Western intelligence agencies were forced to rethink their operations and reassess their ability to track Isis on Thursday as French officials confirmed the organiser of Friday's Paris attacks had been operating under their noses. - Financial Times
Increased numbers of long-haul transatlantic services have helped to send passenger numbers at Gatwick to new highs with half-year profits soaring. Such demand, Stewart Wingate, the airport's chief executive, claimed, is proof that the government will be misguided if it goes with the Davies commission recommendation on aviation expansion and gives the green light to a new runway at Heathrow rather than at Gatwick. - The Times
Royal Bank of Scotland today said it was scrapping bonuses for customer-facing employees. The state-backed lender said the move, which takes effect from 1 January, will mean workers based in branches and call centres at its personal and business banking operations would be "fully focused on helping customers with their financial needs". - Scotsman | | |
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