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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 close: Stocks end lower on slump in commodities UK stocks slumped on Wednesday as shares in mining and oil producers declined.
Oil prices reversed the previous day's gains on concerns about a supply glut after a report showed an unexpected rise in US crude inventories.
The Energy Information Administration said US crude inventories rose in the week ended Dec. 25 by 2.6m barrels, compared to analysts' expectations for a drop of 2.5m barrels.
Shares in BP, Tullow Oil and Nostrum Oil & Gas headed south in afternoon trade.
Brent crude fell 3.2% to $36.61 per barrel and West Texas Intermediate dropped 3.1% to $36.70 per barrel at 1628 GMT.
Adding to woes in the sector, Saudi Arabia's energy minister on Wednesday said the nation would continue to put pressure on high-cost oil producers in a bid to maintain its share of the market.
Metal prices were also under pressure with gold down 0.81%, silver down 0.88% and copper down 0.28% on the Comex.
Anglo American, BHP Billiton and Acacia Mining were among the biggest fallers in the sector.
IMF sounds gloomy note
On another negative note for markets, International Monetary Fund chief Christine Lagarde warned global growth next year would be hurt by a slowdown in emerging economies, the prospect of rising US interest rates, a strong dollar and an aging population.
"In many countries the financial sector still has weaknesses and in emerging markets the financial risks are increasing. All of that means global growth will be disappointing and uneven in 2016," Lagarde said in a guest article for German newspaper Handelsblatt published on Wednesday.
In the UK, a report from Nationwide showed house prices climbed 0.8% month in December compared to November, which was the largest month-on-month increase since April.
Nationwide said this lifted the annual pace of house price growth to 4.5%, a high-month high, from 3.7% in November.
The Chartered Institute of Personnel Development said UK salaries will continue to grow 2% next year, below the 3.5% increase forecast by the Office for Budget Responsibility and the Bank of England.
The industry body said employers were fretting about the cost of the increased minimum wage, greater pension costs for smaller companies and a looming charge on large companies for taking on apprentices.
In China, the central bank's vice governor Yi Gang said there was no basis for continued yuan depreciation, with China capable of keeping the currency stable at a reasonable level, with China's still strong economic growth and foreign exchange reserves major factors that would underpin the currency.
However, increasing arbitrage from the widening gap between the currency's exchange rates in China and abroad has led to authorities suspending at least two foreign banks from conducting some cross-border yuan business until late March, according to sources cited by Bloomberg.
Elsewhere, Reuters cited People's Bank of China policy advisers who suggested China could run its biggest budget deficit in half a century next year as increased government spending is employed to boost the slowing economy, after a year of monetary policy failed to create the desired results. The government has been advised to expand its budget deficit to roughly 3% of GDP in 2016 from a target of 2.3%, which was said to help ease the pain from plans to tackle oversupply and debt.
In the US, a report showed pending home sales rose 5.1% in November from a year ago, following a 2.3% increase in October. Analysts had expected a 4% gain.
Company-wise, Rolls Royce was in the red after members of the UK parliament were reportedly set to meet the group's boss Warren East to discuss his restructuring plans for the aerospace and defence group following its five profit warnings.
Supermarkets were under the cosh, including Sainsbury's and Ocado, on concerns about Amazon's plans to expand its UK grocery delivery service .
Crimson Tide surged after saying that it has called a general meeting as it looks to get shareholder approval for a capital reconstruction.
Payments processor Worldpay, which listed on the London stock market in October and marched its way into the FTSE 100 this month, was enjoying a solid end to the year. Meanwhile, consumer goods stocks were also in the black, with Reckitt Benckiser and Unilever both higher.
Banking stocks were sitting lower including Asia-focused Standard Chartered, Royal Bank of Scotland and HSBC Holdings.
Sports Direct was also on the back foot, having been the subject of a damning report by the Guardian earlier this month over the way it treats its staff. |
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| | Market Movers
FTSE 100 (UKX) 6,279.44 -0.56%
FTSE 250 (MCX) 17,528.12 -0.23%
techMARK (TASX) 3,261.53 -0.25%
FTSE 100 - Risers
Antofagasta (ANTO) 472.10p 2.47%
Worldpay Group (WI) (WPG) 307.70p 1.22%
International Consolidated Airlines Group SA (CDI) (IAG) 614.00p 0.74%
Next (NXT) 7,275.00p 0.55%
Shire Plc (SHP) 4,705.00p 0.47%
Carnival (CCL) 3,891.00p 0.44%
Kingfisher (KGF) 333.80p 0.42%
DCC (DCC) 5,690.00p 0.35%
Smith & Nephew (SN.) 1,213.00p 0.33%
Marks & Spencer Group (MKS) 456.60p 0.33%
FTSE 100 - Fallers
Glencore (GLEN) 89.80p -3.54%
Hikma Pharmaceuticals (HIK) 2,292.00p -2.80%
Standard Chartered (STAN) 566.10p -2.53%
Royal Bank of Scotland Group (RBS) 302.80p -2.35%
BHP Billiton (BLT) 760.60p -1.96%
Anglo American (AAL) 301.80p -1.81%
BP (BP.) 355.15p -1.55%
Intu Properties (INTU) 321.50p -1.50%
Royal Mail (RMG) 449.00p -1.41%
BG Group (BG.) 991.50p -1.39%
FTSE 250 - Risers
Euromoney Institutional Investor (ERM) 1,000.00p 2.56%
Sophos Group (SOPH) 262.00p 2.42%
Laird (LRD) 359.40p 2.10%
Just Eat (JE.) 494.90p 2.00%
Domino's Pizza Group (DOM) 1,063.00p 1.92%
Keller Group (KLR) 826.00p 1.79%
Daejan Holdings (DJAN) 6,455.00p 1.49%
Auto Trader Group (AUTO) 441.90p 1.42%
Jardine Lloyd Thompson Group (JLT) 934.50p 1.36%
OneSavings Bank (OSB) 361.10p 1.23%
FTSE 250 - Fallers
Acacia Mining (ACA) 175.00p -6.32%
Tullow Oil (TLW) 163.50p -5.49%
Morgan Advanced Materials (MGAM) 254.80p -3.56%
DFS Furniture (DFS) 334.40p -3.04%
Ocado Group (OCDO) 316.20p -2.98%
Nostrum Oil & Gas (NOG) 400.50p -2.96%
Entertainment One Limited (ETO) 168.60p -2.82%
NMC Health (NMC) 862.00p -2.65%
Centamin (DI) (CEY) 64.95p -2.33%
Home Retail Group (HOME) 99.20p -2.27% |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Oil price drop weighs on stocks Europe's main equity benchmarks closed near their session lows, weighed down by a renewed slide in global energy prices after Saudi Arabia signaled it would not let up the pressure on higher cost-producers and rivals.
In holiday-thinned trade in the last full session of the year for financial markets, the benchmark Stoxx Europe 600 lost 0.54% to finish at 367.70.
France's CAC 40 was lower by 1.08% to 10,743.01 and Germany's DAX was off by 1.08% to 10,743.01 after a half-day session, its last for 2015.
Meanwhile, the recovery in oil prices proved fleeting as they were under pressure again on Wednesday.
West Texas Intermediate was down 3.01% at $36.73 as of the close and Brent crude was 2.97% lower at $36.70, as worries about slowing demand and high supply continued to weigh.
Over the seven days ending on 25 December, stockpiles of commercial US crude oil rose by 2.6m barrels from the previous week to reach 487.4m, according to the Energy Information Administration, the US Department of Energy's statistical arm.
Analysts had been expecting a drop of 1m barrels.
That sent a sub-index of Oil&Gas shares on the Stoxx 600 1.13% lower, while the Basic Resources sub-index lost 0.86%.
Forecasts that a cold snap in Europe could be short-lived also left a dent in oil prices.
Comments from the International Monetary Fund's managing director Christine Lagarde did little to help lift the mood.
In a guest article for German daily Handelsblatt, she said global economic growth will be "disappointing" next year.
"In many countries the financial sector still has weaknesses and in emerging markets the financial risks are increasing.
All of that means global growth will be disappointing and uneven in 2016," she said, pointing to low productivity, ageing populations and the effects of the global financial crisis.
In corporate news, shares in aerospace and defence group Rolls-Royce drifted lower following a report that MPs are set to meet boss Warren East to discuss his restructuring plans amid concerns for UK jobs.
Shares in online grocery distributor Ocado fell sharply, with market participants attributing the slump to news that Amazon plans to expand its 'Pantry' grocery delivery service in the UK.
Elsewhere, Swiss bank Julius Baer rallied after saying it has reached an agreement in principle with US authorities to settle a probe of alleged tax evasion. |
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| | US Market Report | | US open: Stocks decline as oil prices reverse gains US stocks declined as oil prices reversed gains and trading volumes were thin ahead of the New Year.
The Dow Jones Industrial Average was down 0.07% while S&P 500 futures were down 0.11% and the S&P 500 fell 0.16%.
The recovery in oil prices proved fleeting as they resumed their slide following a brief respite on Tuesday.
West Texas Intermediate was down 2.6% to $36.89 per barrel and Brent crude was 2.2% lower at $36.96 per barrel, as worries about slowing demand and high supply weighed.
Late on Tuesday, a report from the American Petroleum Institute showed an increase of nearly 3m barrels in crude supplies in the week ended 25 December.
Forecasts that a cold snap in Europe could be short-lived also dented oil prices.
Comments from the International Monetary Fund's managing director Christine Lagarde did little to help the overall tone.
In a guest article for German daily Handelsblatt, she said global economic growth will be "disappointing" next year.
"In many countries the financial sector still has weaknesses and in emerging markets the financial risks are increasing. All of that means global growth will be disappointing and uneven in 2016," she said, pointing to low productivity, ageing populations and the effects of the global financial crisis.
In corporate news, KaloBios Pharmaceuticals dropped after the company, which is majority-owned by biotech investor Martin Shkreli, filed for bankruptcy.
Pep Boys - Manny Moe and Jack slumped following news that the bidding war for the company, which offers car parts and repairs, appeared to be over.
Amazon and Google parent Alphabet Inc slipped after shares reached a record closes on Tuesday. |
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