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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 rebound ahead of Autumn Statement UK stocks rebounded on Wednesday ahead of Chancellor George Osborne's joint Spending Review and Autumn Statement.
Osborne is widely expected to announce deep cuts to public sector spending when he kicks off the Autumn Statement at 1130 GMT. He is also tipped to announce possible changes to tax credits, pensions, motoring, savings and housing.
"...the FTSE managed to eke out a 30 point jump as Wednesday got underway. The reason is likely some pre-Autumn Statement excitement; whilst most sectors are likely to suffer under George Osborne's giant scissors, the UK housing stocks may get a lift as the Chancellor recommits to 'solving' the current homes shortage," said Connor Campbell, financial analyst at Spreadex.
"Already the likes of Barratt Developments, Berkeley Group Holdings and Bellway have jumped around 2% this morning, emblematic of the rest of the sector, with potentially more gains to come."
The FTSE suffered losses on Tuesday amid geopolitical uncertainty as Turkey shot down a Russian military aircraft on claims it violated its air space and as Easyjet and British Airways cancelled flights to Sharm El Sheikh after the Islamic State claimed responsibility for bombing a plane.
In afternoon trade, a batch of US economic data will be released ahead of close of trading on Thursday for Thanksgiving. Reports include figures on durable goods orders, personal consumption expenditure, initial jobless claims, weekly mortgage applications, the house price index, services, new home sales and the University of Michigan's consumer confidence index.
On the company front, Betfair Group advanced after saying first half revenue and profit are ahead of expectations.
BG Group was in positive territory as it began commercial operations from the second train at its Queenlsand Curtis liquefied natural gas.
Thomas Cook jumped as it reported its first annual profit after tax since 2010 and said it had got off to a positive start to the next year as well.
UK Mail slumped as its chief executive for the last decade, Guy Buswell, was given the axe as the company struggles with the transition to its new high-tec parcel sorting hub.
Mining companies snapped Tuesday's rally, including Anglo American, BHP Billiton, Rio Tinto and Antofagasta, as copper prices slipped 0.70% on the Comex. |
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| Market Movers
FTSE 100 (UKX) 6,317.16 0.64%
FTSE 250 (MCX) 17,046.10 0.57%
techMARK (TASX) 3,175.76 0.42%
FTSE 100 - Risers
Taylor Wimpey (TW.) 185.00p 3.87%
Persimmon (PSN) 1,849.00p 3.76%
Barratt Developments (BDEV) 578.00p 3.31%
TUI AG Reg Shs (DI) (TUI) 1,095.00p 2.34%
Berkeley Group Holdings (The) (BKG) 3,111.00p 2.34%
Whitbread (WTB) 4,405.00p 2.30%
Standard Chartered (STAN) 561.20p 2.02%
Schroders (SDR) 2,949.00p 1.76%
Compass Group (CPG) 1,099.00p 1.76%
Sage Group (SGE) 568.00p 1.70%
FTSE 100 - Fallers
Anglo American (AAL) 436.00p -3.54%
Shire Plc (SHP) 4,573.00p -1.57%
BHP Billiton (BLT) 864.80p -1.26%
Rio Tinto (RIO) 2,257.50p -0.73%
Glencore (GLEN) 93.36p -0.66%
Royal Bank of Scotland Group (RBS) 301.10p -0.40%
Royal Mail (RMG) 485.90p -0.31%
Antofagasta (ANTO) 494.80p -0.30%
Barclays (BARC) 219.90p -0.07%
BP (BP.) 385.75p -0.04%
FTSE 250 - Risers
Thomas Cook Group (TCG) 106.50p 8.29%
RPC Group (RPC) 712.50p 4.63%
Crest Nicholson Holdings (CRST) 515.00p 4.04%
Bovis Homes Group (BVS) 909.00p 3.65%
Betfair Group (BET) 3,600.00p 3.42%
Bellway (BWY) 2,484.00p 3.28%
NMC Health (NMC) 835.00p 3.09%
Enterprise Inns (ETI) 101.60p 2.52%
Nostrum Oil & Gas (NOG) 361.50p 2.23%
Domino's Pizza Group (DOM) 1,023.00p 2.20%
FTSE 250 - Fallers
Michael Page International (MPI) 482.30p -2.96%
Hays (HAS) 138.00p -2.89%
OneSavings Bank (OSB) 360.00p -2.20%
Home Retail Group (HOME) 104.20p -2.16%
BBA Aviation (BBA) 174.80p -2.02%
Hunting (HTG) 338.10p -1.91%
Wood Group (John) (WG.) 556.50p -1.85%
Indivior (INDV) 191.40p -1.85%
Allied Minds (ALM) 413.40p -1.59% |
| | UK Event Calendar | | Wednesday 25 November
INTERIMS
Better Capital Pcc Ltd (2009), Hogg Robinson Group, RPC Group, United Utilities Group, VP
INTERIM DIVIDEND PAYMENT DATE
Cayenne Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
House Price Index (US) (15:00)
MBA Mortgage Applications (US) (12:00)
New Homes Sales (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
GMS
Horizonte Minerals
FINALS
Britvic, Thomas Cook Group, Zambeef Products
AGMS
F&C UK Real Estate Investments Limited, Finsbury Food Group, Finsbury Food Group, Mysale Group, Oilex Ltd., Plant Impact, Regenersis
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
Chancellor Statement (09:30)
FINAL DIVIDEND PAYMENT DATE
AIREA, Galliford Try, SCS Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge higher but gains capped by geopolitical tensions European stocks nudged higher in early trade, supported by a late recovery on Wall Street, although gains were limited amid heightened geopolitical tensions and ahead of a slew of US data.
At 0850 GMT, the benchmark Stoxx Europe 600 index was up 0.4%, France's CAC 40 was 0.3% higher and Germany's DAX was up 0.2%.
Turkey shot down a Russian warplane on the Syrian border on Tuesday claiming that it had entered Turkish airspace, although Russia rejected the claim.
Russian President Vladimir Putin called the incident "a stab in the back" and said it would have serious consequences for the countries' relationship.
"While at this stage the danger of an open conflict between Russia and Turkey is very low, it might somewhat lessen the likelihood that Russia will step up cooperation in a major way to combat ISIS together with the US and France in the near future," said Markus Huber, senior analyst at Peregrine & Black.
"Furthermore assuming that both sides remain calm, the sell-off seen yesterday should be reversed sooner rather than later which is often the case when market turmoil is caused by politics. Unlike in Europe there are plenty of economic data scheduled for release in the US today, with some data being released a day early due to tomorrow's US Thanksgiving holiday."
On the corporate front, Thomas Cook surged in London after posting its first profit in five years and expressing confidence over 2016.
Metro rallied after the German retailer lifted its 2015 dividend payout more than analysts were expecting.
Construction materials company LafargeHolcim built strong gains as it raised its dividend despite a drop in third-quarter sales.
On the macroeconomic calendar, investors will eye the release of US initial jobless claims, durable goods orders and personal income and spending at 1330 GMT. New home sales and University of Michigan sentiment are at 1500 GMT.
Huber said the main focus will be on durable goods and personal income and spending. "While both sets of data will not necessarily make a difference in regard that the Fed will hike rates in December they certainly will play a role when it comes to just how fast further hikes will follow in 2016." |
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| | US Market Report | | US close: Stocks eke out small gains as energy sector lends support US stocks eked out small gains on Tuesday, reversing early losses on the back of geopolitical concerns amid strength in the energy sector.
Stocks had kicked off the session in the red as it emerged that a Turkish military jet had shot down a Russian warplane near the Syrian border, after it had allegedly entered Turkish airspace and ignored warnings to return.
But stronger oil prices lifted energy shares, helping US equities to end mostly in the black.
The Dow Jones Industrial Average and the S&P 500 ended up 0.1%, while the the Nasdaq closed flat.
Oil prices rebounded, with West Texas Intermediate gaining 2.8% to $42.90 a barrel and Brent crude rising 3% to $46.16 a barrel amid mounting geopolitical tensions.
Exxon and Chevron were among the top gainers.
On the downside, though airline stocks stalled on the back of rising oil prices and following the State Department's worldwide travel alert late on Monday, which pointed to "increased terrorism threats".
On the corporate front, high-end jeweller Tiffany & Co. rallied despite issuing a profit warning, while Dollar Tree surged even though it missed quarterly profit targets.
Campbell Soups was also on the front foot after it raised its earnings outlook for the full year.
US GDP revised higher
US economic growth was revised higher in the third quarter as expected, the Commerce Department revealed on Tuesday.
The second estimate of gross domestic product was raised to an annualised 2.1% from a previous 1.5%. GDP rose 3.9% in the second quarter.
"Real gross domestic income was much stronger than GDP, at 3.1%, suggesting scope for further upward revision to GDP in due course," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
"We look for 3% Q4 GDP, a bit less than previously because the scope for an inventory rebound has been greatly reduced by the revised Q3 numbers."
Meanwhile, the S&P/Case-Shiller index rose 0.2% in the three months to the end of September, while house prices rose 5.5% year-on-year compared with a 5.1% gain in the previous month.
On a month-on-month basis, prices rose 0.6% compared with a 0.1% gain in the previous month and analysts' expectations for a 0.3% advance.
Elsewhere, figures showed US consumer confidence declined unexpectedly in November.
Confidence among US consumers declined from an upwardly revised 99.1 to 90.4 in November, below the 99.5 reading analysts had expected.
The dollar fell 0.1% and 0.3% against the euro and the yen respectively but gained 0.3% against the pound, while spot gold rose 0.6% to $1,075.62.
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $5.50 +7.00%
Keurig Green Mountain Inc (GMCR) $48.84 +6.82%
Dollar Tree Inc (DLTR) $74.16 +6.63%
Rowan Companies plc (RDC) $20.42 +6.41%
Baxalta Incorporated (BXLT) $35.67 +6.38%
Analog Devices Inc. (ADI) $60.42 +6.37%
Marathon Oil Corp. (MRO) $18.50 +5.53%
Helmerich & Payne Inc. (HP) $58.49 +5.18%
Fossil Group Inc (FOSL) $38.81 +4.69%
Tenet Healthcare Corp. (THC) $33.69 +4.63%
S&P 500 - Fallers
Patterson Companies Inc. (PDCO) $45.71 -6.00%
Signet Jewelers Ltd (SIG) $135.11 -3.94%
Delta Airlines Inc. (DAL) $47.24 -3.08%
United Continental Holdings Inc. (UAL) $56.80 -3.01%
Expedia Inc. (EXPE) $121.27 -2.92%
Electronic Arts Inc. (EA) $67.06 -2.78%
Southwest Airlines Co. (LUV) $46.22 -2.62%
American Airlines Group (AAL) $41.23 -2.53%
TripAdvisor Inc. (TRIP) $82.98 -2.15%
Simon Property Group Inc. (SPG) $187.23 -2.02%
Dow Jones I.A - Risers
Pfizer Inc. (PFE) $31.98 +2.06%
Exxon Mobil Corp. (XOM) $81.91 +2.03%
Chevron Corp. (CVX) $91.35 +1.49%
E.I. du Pont de Nemours and Co. (DD) $67.41 +1.34%
Apple Inc. (AAPL) $118.88 +0.96%
Coca-Cola Co. (KO) $43.36 +0.93%
Unitedhealth Group Inc. (UNH) $113.20 +0.93%
Home Depot Inc. (HD) $133.64 +0.86%
Procter & Gamble Co. (PG) $76.46 +0.64%
Caterpillar Inc. (CAT) $71.41 +0.55%
Dow Jones I.A - Fallers
Walt Disney Co. (DIS) $117.96 -1.22%
Merck & Co. Inc. (MRK) $53.47 -1.00%
American Express Co. (AXP) $71.64 -0.83%
United Technologies Corp. (UTX) $97.34 -0.76%
Johnson & Johnson (JNJ) $102.04 -0.71%
Wal-Mart Stores Inc. (WMT) $59.90 -0.60%
Cisco Systems Inc. (CSCO) $27.27 -0.57%
3M Co. (MMM) $157.82 -0.52%
Visa Inc. (V) $79.81 -0.37%
Intel Corp. (INTC) $34.36 -0.35%
Nasdaq 100 - Risers
Keurig Green Mountain Inc (GMCR) $48.84 +6.82%
Dollar Tree Inc (DLTR) $74.16 +6.63%
Analog Devices Inc. (ADI) $60.42 +6.37%
Nxp Semiconductors Nv (NXPI) $83.34 +6.08%
Wynn Resorts Ltd. (WYNN) $62.95 +4.52%
Mattel Inc. (MAT) $24.37 +3.48%
Avago Technologies Ltd. (AVGO) $128.34 +3.16%
Sba Communications Corp. (SBAC) $105.50 +2.92%
Skyworks Solutions Inc. (SWKS) $79.72 +2.57%
Garmin Ltd. (GRMN) $38.27 +2.57%
Nasdaq 100 - Fallers
Electronic Arts Inc. (EA) $67.06 -2.78%
American Airlines Group (AAL) $41.23 -2.53%
Liberty Global plc Series C (LBTYK) $39.86 -2.18%
TripAdvisor Inc. (TRIP) $82.98 -2.15%
Priceline Group Inc (PCLN) $1,240.18 -1.91%
Liberty Global plc Series A (LBTYA) $41.63 -1.82%
Vimpelcom Ltd Ads (VIP) $3.37 -1.75%
Biogen Inc (BIIB) $289.15 -1.73%
Netflix Inc. (NFLX) $123.31 -1.38% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Electricity market, bad loans, Shell/BG, Barclays For most leaders, admitting they do not understand something is a no-no. But not Deutsche Bank's new co-chief executive John Cryan - at least when it comes to the bonus culture and his own pay packet. "I have no idea why I was offered a contract with a bonus in it because I promise you I will not work any harder or any less hard in any year, in any day because someone is going to pay me more or less," he told a conference in Frankfurt. - Financial Times
MPs have demanded an investigation into possible manipulation of the electricity market, after it emerged a power plant reduced its output ahead of a supply shortage and then charged far higher prices to generate again. The chairman of the Energy and Climate Change select committee said it would write to regulator Ofgem asking it to examine "potential abuses of the system" after concerns were raised about the high prices National Grid had to pay one generator, Calon Energy, to help keep the lights on across the UK at the start of November. - Telegraph
Europe's banks are barely increasing lending because they are still weighed down by bad loans, the European Banking Authority (EBA) said, warning that the burden is greatest on the smallest lenders. A total of €1 trillion of loans are non-performing, hampering efforts to get banks to make new loans to households and businesses that want to spend more or invest. - Telegraph
One of the biggest shareholders in Royal Dutch Shell has thrown its weight behind the oil group's £43 billion takeover of BG Group, despite mounting concerns about the impact of plunging oil prices on the commercial logic that underpins the deal. The Qatar Investment Authority, the sovereign wealth fund that holds a stake of up to 2 per cent in the Anglo-Dutch group and also is a shareholder in BG, is understood to be "fully supportive" of the proposed transaction, which was announced in April. - The Times
A senior executive fired by Barclays Bank over attempts by it and others to rig the foreign exchange markets has resurfaced running the electronic trading platform at Icap, Michael Spencer's interdealer broker. Tim Cartledge was head of global fixed-income currencies and commodities electronic trading at Barclays from last year until May, when he was sent on gardening leave. He has been made chief strategy officer at Icap's EBS BrokerTec electronic foreign exchange and fixed income business. - The Times
John McDonnell, the shadow chancellor, has accused George Osborne of putting Britain's health and security at risk with politically motivated deficit reduction plans that have left the economy in chaos. Speaking ahead of the 2015 spending review and autumn statement, McDonnell said the key to eliminating the budget deficit was to boost growth through higher investment rather than by reducing tax credits or by cutting the number of police patrolling the streets. - Guardian | | |
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