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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 decline ahead of Carney's testimony, US GDP UK stocks declined on Tuesday morning ahead of Bank of England governor Mark Carney's testimony to the Treasury Select Committee.
Carney and BoE chief economist Andy Haldane will be questioned by the Committee at 1000 GMT on the central bank's monetary policy stance.
Questions are "likely to be focused on the central bank's recently slashed outlook for the UK economy", said Connor Campbell, financial analyst at Spreadex.
Markets will be watching closely to see whether the BoE officials drop any hints on the timing of an interest rate hike.
Shortly after, the Confederation of British Industry releases its retail sales figures for November at 1100 GMT.
In the US, economic growth data at 1330 GMT will be in focus amid speculation that there may be a strong case for raising interest rates in December. Gross domestic product is expected to be revised to an annualised 2.1% in the third quarter, up from a previous estimate 1.5%.
"A smaller drag in inventory accumulation should account for most of the upward revision to GDP. Consumer spending growth may be revised higher to 3.3% from 3.2%," according to HSBC analysts.
The US S&P/Case-Shiller Composite-20 will be closely followed at 1400 GMT and economists have pencilled in a 5.15% year-on-year rise in September following a 5.09% a month earlier.
A report on US consumer confidence is due at 1500 GMT, with analysts predicting an improvement in sentiment in November. The confidence index is forecast to rise to 99.5 from 97.6 in October.
Company-wise, EasyJet shares descended after saying that it will cancel all flights to and from Sharm El Sheikh, Egypt, until 6 January after Islamic State claimed responsibility for bringing down a Russian airliner flying from the region earlier this month.
Fellow travel stocks International Consolidated Airlines and TUI were also on the back foot.
Rolls Royce dipped after saying a "major restructuring" is on the cards as it unveiled the results of new-CEO Warren East's operational review.
Kingfisher fell after revealing third quarter total sales of £2.7bn were down 2.5% due to currency effects as a strong UK performance was undermined by continued softer trading in France.
Babcock gained after posting 12% growth in underlying revenue for the first half of the year, due to strong growth in its support services division.
Mining stocks turned around the previous day's slump with Anglo American, Glencore, Randgold Resources, Fresnillo and BHP Billiton all sitting higher. |
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| Market Movers
FTSE 100 (UKX) 6,247.12 -0.93%
FTSE 250 (MCX) 16,995.64 -0.65%
techMARK (TASX) 3,157.31 -0.78%
FTSE 100 - Risers
Babcock International Group (BAB) 1,042.00p 3.68%
Anglo American (AAL) 453.35p 2.77%
Glencore (GLEN) 92.00p 1.75%
Intertek Group (ITRK) 2,620.00p 1.51%
Randgold Resources Ltd. (RRS) 4,009.00p 1.34%
Fresnillo (FRES) 704.50p 0.50%
BHP Billiton (BLT) 872.80p 0.17%
Compass Group (CPG) 1,078.00p 0.09%
Sage Group (SGE) 565.50p 0.09%
Rolls-Royce Holdings (RR.) 569.50p 0.09%
FTSE 100 - Fallers
easyJet (EZJ) 1,581.00p -3.95%
International Consolidated Airlines Group SA (CDI) (IAG) 548.50p -3.43%
InterContinental Hotels Group (IHG) 2,401.00p -3.26%
Pearson (PSON) 791.50p -3.06%
TUI AG Reg Shs (DI) (TUI) 1,064.00p -2.21%
Burberry Group (BRBY) 1,235.00p -1.83%
Barclays (BARC) 216.70p -1.75%
GKN (GKN) 295.70p -1.66%
Marks & Spencer Group (MKS) 500.50p -1.57%
Unilever (ULVR) 2,807.00p -1.54%
FTSE 250 - Risers
Circassia Pharmaceuticals (CIR) 276.00p 4.15%
Kaz Minerals (KAZ) 92.60p 3.93%
Petra Diamonds Ltd.(DI) (PDL) 56.75p 2.71%
NMC Health (NMC) 779.50p 2.10%
Clarkson (CKN) 2,265.00p 2.03%
Mitchells & Butlers (MAB) 354.50p 1.87%
Fidessa Group (FDSA) 1,939.00p 1.52%
IP Group (IPO) 239.30p 1.48%
Telecom Plus (TEP) 1,106.00p 1.47%
OneSavings Bank (OSB) 374.90p 1.32%
FTSE 250 - Fallers
Mitie Group (MTO) 292.50p -3.40%
BBA Aviation (BBA) 187.80p -3.20%
Cineworld Group (CINE) 520.00p -2.89%
Entertainment One Limited (ETO) 211.60p -2.67%
Greencore Group (GNC) 312.00p -2.56%
Big Yellow Group (BYG) 767.00p -2.42%
Supergroup (SGP) 1,592.00p -2.15%
Bovis Homes Group (BVS) 880.00p -2.00%
AO World (AO.) 159.90p -1.90% |
| | UK Event Calendar | | Tuesday 24 November
INTERIMS
AO World, CML Microsystems, Creston, De La Rue, Immunodiagnostic Systems Holdings, Pets at Home Group , Record, Scapa Group, Severfield, Solid State, Telecom Plus
INTERIM DIVIDEND PAYMENT DATE
Intu Properties
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
Durable Goods Orders (US) (13:30)
GDP (Preliminary) (US) (13:30)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
Q3
Nostrum Oil & Gas , Signet Jewelers Ltd.
GMS
Camco Clean Energy, Cenkos Securities, Strat Aero
FINALS
Cambria Automobiles, Greencore Group, Mitchells & Butlers, Paragon Group Of Companies, Renew Holdings, Shaftesbury, UDG Healthcare Public Limited Company
SPECIAL DIVIDEND PAYMENT DATE
Tex Holdings
EGMS
VinaLand Ltd, VinaLand ZDP Ltd
AGMS
Avanti Communications Group, Dunelm Group, Pantheon International Participations, Surface Transforms, Vietnam Infrastructure Limited Private Eqty Shs , VinaLand Ltd, VinaLand ZDP Ltd
TRADING ANNOUNCEMENTS
Cineworld Group, Hill & Smith Holdings, Kingfisher
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Close Brothers Group, JPMorgan Emerging Markets Inv Trust |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red amid disappointing corporate news flow European stocks fell in early trade as investors sifted through mostly downbeat corporate news ahead of some key data releases.
At 0840 GMT, the benchmark Stoxx Europe 600 index was down 0.9%, France's CAC 40 was off 1.3% and Germany's DAX was 0.7% weaker.
"In what looks set to be another dreary day for equities, investors are increasingly forgetting about US strength and focusing instead on China and the Eurozone," said Mike McCudden, heady of derivatives at stockbroker Interactive Investor.
"In contrast to debate over frequency and scale of US rate hikes, the eurozone will be continuing along the path of monetary easing next week in the hope of a turnaround for the region. Furthermore, with the US taking its Thanksgiving break this week there is not a lot happening for investors to get their teeth in to."
On the corporate front, EasyJet shares were under pressure after the low-cost carrier said it was cancelling all flights to and from Sharm el Sheikh until 6 January.
B&Q owner Kingfisher was under the cosh after it said total sales in the third quarter were down 2.5% due to currency effects as a strong UK performance was undermined by continued softer trading in France.
Shares in aerospace supplier Zodiac Aerospace tumbled after it reported a 44.6% fall in core annual earnings.
Telecoms group Altice slumped after shareholder Next Alt, which is owned by Patrick Drahi, said it wanted to exercise a right to 7.5% of its shares.
On the upside, offshore driller Seadrill gained despite saying it swung to a net loss in the three months to the end of September, as it announced $600m in cost cuts for this year. |
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| | US Market Report | | US close: Equities edge lower as commodities remain under pressure US stocks declined on Monday, as gold remained under pressure while oil prices recovered some of their earlier losses.
The Dow Jones Industrial Average closed down 31 points to 17,792.68, while the S&P 500 and the Nasdaq were three and 12 points lower, respectively.
Gold under the cosh, oil rebounds
Commodities were under pressure, as the dollar strengthened on the increasing likelihood the Federal Reserve will raise interest rates next month.
As of 2107 GMT, the greenback was broadly flat against the yen and gained 0.50 and 0.18% against the pound and the euro respectively, while spot gold fell 0.85% to $1,068.80.
"Gold remains fundamentally bearish and with the direction completely dictated by US interest rate expectations, a rate increase in December threatens to send gold back towards its lows and may invite an opportunity for a further decline to $1,050," said FXTM research analyst Lukman Otunuga.
Meanwhile, West Texas Intermediate crude was down 0.02% to $41.89 a barrel, while Brent gained 0.70% to $44.97.
Oil prices looked recouped some of their earlier losses after the Saudi government said it was willing to use all measures necessary to ensure a stable oil market.
"The Cabinet stressed the Kingdom´s role in the stability of the oil market its constant readiness and continuing pursuit to cooperate with all oil producing and exporting countries," a statement said.
On the macroeconomic front, according to the National Association of Realtors, existing home sales declined 3.4% month-on-month to a seasonally-adjusted annual rate of 5.36m, compared with consensus for a 2.7% decline to 5.40m.
However, despite the decline, home sales remained 3.9% higher year-on-year, while median home prices rose 5.8% over the past 12 months to $219,600.
Meanwhile, the "flash" reading of the Markit manufacturing purchasing managers' index fell to a 25-month low of 52.6 in November, down from a 54.1 reading in October and its lowest level since October 2013, reflecting a decline in all the five components.
"With the trade-weighted dollar at the highest levels in over a decade, the headwinds facing US manufacturing have yet to subside," said analysts at Barclays.
Wall Street faces a shortened week, with markets closed on Thursday for Thanksgiving Day and open only half day on Friday (with closing time set for 1800 GMT).
"History teaches us that indices tend to rise in the week leading up to Thanksgiving, as US traders look forward to their seasonal feast, so stock market bears may find it hard to gain any real traction in coming sessions," said IG's senior market analyst Chris Beauchamp.
Pfizer and Allergan agree merger
In company news, drug giant Pfizer slid 2.69% after it agreed to buy botox-maker Allergan for $160bn, in a deal set to create the world's biggest drug-maker.
GameStop slumped 4.18% after its third quarter sales and adjusted earnings missed analysts' expectations.
Going the other way Tyson Foods surged 10.2% after the firm said it would increase quarterly dividends and buybacks in 2016. However, the company's fourth quarter adjusted earnings fell short of estimates.
KaloBios Pharmaceuticals shares jumped 116.4% following the appointment of Martin Shkreli as its new chief executive and chairman after his investor group has acquired 70% of the company's stock.
Elsewhere, Asian equity markets began the week on a mixed note, while European stocks traded lower despite a series of encouraging PMI reports.
S&P 500 - Risers
Tyson Foods Inc. (TSN) $48.11 +10.22%
Alcoa Inc. (AA) $9.07 +4.43%
Chipotle Mexican Grill Inc. (CMG) $559.46 +4.34%
Teradata Corp. (TDC) $29.67 +4.29%
Macy's Inc. (M) $40.04 +3.73%
Autodesk Inc. (ADSK) $62.71 +3.57%
Kellogg Co. (K) $68.57 +3.50%
Peabody Energy Corp. (BTU) $11.67 +3.37%
Coach Inc. (COH) $31.56 +3.31%
Constellation Brands Inc. Class A (STZ) $142.11 +3.26%
S&P 500 - Fallers
United States Steel Corp. (X) $8.01 -7.93%
CONSOL Energy Inc. (CNX) $7.34 -6.73%
Electronic Arts Inc. (EA) $68.98 -4.75%
Analog Devices Inc. (ADI) $56.80 -4.41%
Perrigo Company plc (PRGO) $148.35 -4.24%
GameStop Corp. (GME) $37.62 -4.18%
Mattel Inc. (MAT) $23.55 -4.03%
Keurig Green Mountain Inc (GMCR) $45.71 -3.65%
Viacom Inc. Class B (VIAB) $50.85 -3.53%
Allergan plc (AGN) $301.82 -3.41%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $132.57 +1.81%
Coca-Cola Co. (KO) $42.96 +1.25%
Chevron Corp. (CVX) $90.03 +1.15%
Exxon Mobil Corp. (XOM) $80.30 +0.64%
McDonald's Corp. (MCD) $114.60 +0.61%
Wal-Mart Stores Inc. (WMT) $60.26 +0.32%
Johnson & Johnson (JNJ) $102.76 +0.27%
Procter & Gamble Co. (PG) $75.98 +0.21%
International Business Machines Corp. (IBM) $138.51 +0.01%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $31.32 -2.67%
Apple Inc. (AAPL) $117.75 -1.30%
Goldman Sachs Group Inc. (GS) $189.30 -1.13%
JP Morgan Chase & Co. (JPM) $66.88 -0.98%
Verizon Communications Inc. (VZ) $45.00 -0.86%
Boeing Co. (BA) $148.31 -0.73%
Unitedhealth Group Inc. (UNH) $112.15 -0.73%
Intel Corp. (INTC) $34.47 -0.55%
Walt Disney Co. (DIS) $119.43 -0.53%
Cisco Systems Inc. (CSCO) $27.43 -0.51%
Nasdaq 100 - Risers
Autodesk Inc. (ADSK) $62.71 +3.57%
JD.com, Inc. (JD) $30.68 +2.30%
Dollar Tree Inc (DLTR) $69.55 +1.65%
Amgen Inc. (AMGN) $162.47 +1.60%
Amazon.Com Inc. (AMZN) $679.00 +1.58%
Monster Beverage Corp (MNST) $150.40 +1.56%
Biogen Inc (BIIB) $294.25 +1.41%
Alexion Pharmaceuticals Inc. (ALXN) $175.97 +1.37%
Vertex Pharmaceuticals Inc. (VRTX) $132.29 +1.33%
Stericycle Inc. (SRCL) $123.30 +1.14%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $3.43 -7.55%
Electronic Arts Inc. (EA) $68.98 -4.75%
Analog Devices Inc. (ADI) $56.80 -4.41%
Mattel Inc. (MAT) $23.55 -4.03%
Keurig Green Mountain Inc (GMCR) $45.71 -3.65%
Viacom Inc. Class B (VIAB) $50.85 -3.53%
Intuit Inc. (INTU) $101.03 -2.10%
Mylan Inc. (MYL) $50.88 -1.91%
Linear Technology Corp. (LLTC) $45.10 -1.81% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: VW, Heathrow, Deliveroo, Pfizer/Allergan Audi has conceded that the engines in a further 85,000 cars from the Volkswagen group contained an illegal defeat device, raising questions of how systematic the cheating was at the German carmaker. The luxury car brand of the VW group said it estimated that correcting the engine management software used in Audi, VW and Porsche models would cost in the mid-double-digit millions of euros. It admitted that the software was in all three-litre V6 diesel engines manufactured by Audi and sold from 2009 until this year. - Financial Times
A group of 32 British regional airports have called on the Government to back controversial plans to expand Heathrow. The Regional & Business Airports Group (RABA), which represents airfields in towns and cities including Exeter, Newquay and Southend, has written to Patrick McLoughlin, the transport secretary, to voice support for a £17.6bn third runway at the West London airport. - Telegraph
Deliveroo has raised $100m (£66m) from a group of venture capital funds including Facebook investors Accel and DST Global to fuel the London-based food delivery start-up's international expansion. The funding round is Deliveroo's third this year, bringing its total capital raised in the past 12 months to $195m. - Telegraph
Pharmaceutical companies Pfizer and Allergan have announced a record-breaking $155bn (£100bn) deal that looks sure to prompt an international row over corporate tax avoidance. The deal, which would create the world's biggest drugmaker by sales, is the latest in a series of takeovers in which a US company effectively relocates its headquarters overseas to exploit another country's lower corporate tax regime - a process known as tax inversion. - Guardian
A leading Royal Dutch Shell shareholder has urged it to consider renegotiating the terms of its £43 billion takeover of BG Group. It said that circumstances had "changed so much" since the proposed deal was announced in April that Shell should cut the price. Figures show that investors are betting more heavily on further falls in the oil price than at any time for more than a year. - The Times | | |
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