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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 boosted by banks after BoE's stress test results UK stocks rebounded on Thursday, supporting by banking stocks after the Bank of England's stress tests showed Britain's biggest lenders were strong enough to survive another recession.
Royal Bank of Scotland, Lloyds Banking Group, Barclays and Standard Chartered were among the top risers on the FTSE 100 after passing their annual stress tests. Banks' financial strength were tested against the possibility of a crash in China and emerging markets.
Alongside the stress test results the Financial Stability Report was also released. In the report the BoE asked banks to hold as much as £10bn extra capital as a shield against any future financial crisis.
Banks will be required to have a so-called counter-cyclical capital buffer (CCB) of 1% during normal times.
The banking sector as a whole is now expected to hold high-grade tier one equity capital of 13.5% of risk-weighted assets by 2019, up from the current 13%.
Elsewhere, Chinese manufacturing data came in mixed. The official purchasing managers' index fell unexpectedly to 49.6 in November from 49.8 the previous month. A reading below the 50-mark indicates contraction in the sector while a level above suggests expansion.
Caixin's PMI on China manufacturing, however, rose to 48.6 in November from 48.3 in October, surprising analysts' who had expected no change.
Markit's final reading on Eurozone manufacturing PMI was confirmed at 52.8 in November, as expected, compared to 52.3 in October.
Still to come, manufacturing PMIs in the UK and the US will be released.
On the company front, Petra Diamonds jumped after buying an interest in the Kimberley Mines in South Africa from De Beers Consolidated Mines Proprietary Ltd, in a consortium with Ekapa Mining for around $7.2m.
Merlin Entertainments gained after it confirmed it is likely to end its rollercoaster year on a stable footing with full year profit forecasts expected to meet lowered expectations despite the continued significant weakness at Alton Towers since the crash on its Smiler ride in June. |
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| Market Movers
FTSE 100 (UKX) 6,390.90 0.55%
FTSE 250 (MCX) 17,475.25 0.31%
techMARK (TASX) 3,230.68 0.00%
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 1,138.00p 3.27%
Royal Bank of Scotland Group (RBS) 310.90p 2.81%
Lloyds Banking Group (LLOY) 74.96p 2.74%
BHP Billiton (BLT) 818.10p 2.66%
Barclays (BARC) 229.10p 2.64%
Smith & Nephew (SN.) 1,149.00p 2.13%
Taylor Wimpey (TW.) 198.70p 2.11%
Berkeley Group Holdings (The) (BKG) 3,275.00p 1.99%
Fresnillo (FRES) 728.00p 1.82%
Standard Chartered (STAN) 567.10p 1.78%
FTSE 100 - Fallers
Babcock International Group (BAB) 1,048.00p -2.15%
Morrison (Wm) Supermarkets (MRW) 150.60p -1.25%
Centrica (CNA) 215.50p -1.19%
Meggitt (MGGT) 384.10p -0.93%
Old Mutual (OML) 207.10p -0.91%
Shire Plc (SHP) 4,607.00p -0.84%
Aberdeen Asset Management (ADN) 316.90p -0.78%
Sainsbury (J) (SBRY) 252.30p -0.59%
BAE Systems (BA.) 513.50p -0.58%
Rolls-Royce Holdings (RR.) 603.00p -0.58%
FTSE 250 - Risers
Petra Diamonds Ltd.(DI) (PDL) 69.70p 8.65%
Home Retail Group (HOME) 111.00p 7.87%
Tullow Oil (TLW) 203.00p 3.36%
Northgate (NTG) 412.00p 3.23%
Petrofac Ltd. (PFC) 848.50p 2.85%
Poundland Group (PLND) 220.70p 2.32%
Serco Group (SRP) 112.80p 2.08%
Ophir Energy (OPHR) 100.50p 2.03%
Acacia Mining (ACA) 177.00p 1.96%
Drax Group (DRX) 229.50p 1.95%
FTSE 250 - Fallers
Sophos Group (SOPH) 262.30p -7.51%
CLS Holdings (CLI) 1,771.00p -4.27%
AO World (AO.) 145.50p -2.35%
SSP Group (SSPG) 307.20p -2.26%
Euromoney Institutional Investor (ERM) 912.00p -1.94%
Weir Group (WEIR) 1,181.00p -1.75%
Kaz Minerals (KAZ) 99.20p -1.68%
OneSavings Bank (OSB) 378.60p -1.59%
IP Group (IPO) 235.40p -1.55% |
| | UK Event Calendar | | Tuesday 01 December
INTERIMS
Collagen Solutions, GB Group, Northgate, OPG Power Ventures, Park Group, Private & Commercial Finance Group
QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust
QUARTERLY EX-DIVIDEND DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
Unemployment Rate (EU) (10:00)
Unemployment Rate (GER) (08:55)
Q3
JSC Acron GDR (Reg S), PJSC Novorossiysk Commercial Sea Port GDR (Reg S), TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)
GMS
Atlas Development & Support Services Limited
FINALS
Character Group, Gooch & Housego, ITE Group, Sanderson Group, Topps Tiles
AGMS
Aberdeen Asian Smaller Companies Investment Trust, Wolseley
TRADING ANNOUNCEMENTS
Merlin Entertainments
UK ECONOMIC ANNOUNCEMENTS
PMI Manufacturing (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver after mixed Chinese data as investors eye ECB European stocks wavered in early trade as investors digested some mixed Chinese data amid growing expectations that the European Central Bank will announce additional stimulus measures on Thursday.
At 0835 GMT, the benchmark Stoxx Europe 600 index was up 0.4%, while Germany's DAX and France's CAC were flat.
"This December will play host to two of the year's most hotly anticipated announcements with Mario Draghi and Janet Yellen looking to set the tone for trading in 2016," said Farbod Mimeh, a dealer at London Capital Group.
"Draghi and the ECB will have the first move on Thursday in what's expected to be the unleashing of their €1.1 trillion QE scheme. Two week later will mark Janet Yellen's most important FOMC as chair of the Federal Reserve and what could be the Fed's first rake hike in almost 10 years."
Data released by the National Bureau of Statistics showed China's manufacturing sector contracted for the fourth month in a row in November, falling to its lowest level in more than three years.
The official purchasing managers' index slipped to 49.6, marking its lowest level since August 2012 and falling short of expectations for a reading of 49.8.
It was a brighter picture in terms of non-manufacturing, however, with the services PMI coming in t at 53.6 from 53.1 in October.
The Caixin manufacturing PMI, which focuses on small enterprises and has a smaller sample than the official numbers, was also more upbeat.
It rose to 48.6 in November from 48.3m the previous month, compared with expectations for a reading of 48.3.
"Despite data from China showing their economic output is still shrinking, there is growing belief that a turnaround is on the cards and we are seeing some follow-through positivity hitting European markets in early trade," said Mike McCudden, head of derivatives at Interactive Investor.
On the corporate front, banks gained ground in London after it emerged that all seven of the UK's largest banks passed stress tests by the Bank of England.
Lloyds, Barclays and Royal Bank of Scotland were the standout gainers on the FTSE 100, with Standard Chartered and HSBC following close behind.
French hotel group Accor was higher after saying it acquired three hotel asset portfolios from European investors for €284m.
On the downside, industrial gases company Linde tumbled after cutting its 2017 profit target. |
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| | US Market Report | | US close: Stocks begin week in the red, post marginal gains for November US equity markets began the week on a downbeat note, trimming their gains for November as Wall Street resumed proceedings after Thanksgiving and Black Friday.
The Dow Jones Industrial Average closed down 79 points to 17,719.92, while the S&P 500 and the Nasdaq were one 10 and 16 points lower respectively.
"The US is going to dictate the overall direction of trading this week, especially with an incredibly important non-farm Friday on the cards," said Spreadex's financial analyst Connor Campbell.
Following a shortened week which culminated in the Thanksgiving celebrations, on Thursday Wall Street will closely monitor a policy meeting at the European Central Bank and a speech by Federal Reserve Chairwoman Janet Yellen. Meanwhile, on Friday, investors will analyse the latest job report ahead of the Fed's December policy meeting, while OPEC's two-day meeting in Vienna also concludes on Friday.
US pending home sales rose for the first time in two months in October, gaining 0.2% month-on-month from an upwardly revised 1.6% decline in September, although they fell short of analysts' expectations for a 1% increase.
On a year-on-year basis, pending home sales rose 2.1% compared with an upwardly revised 3.2% gain in September and analysts' expectations for a 4.5% advance.
Meanwhile, the Chicago Purchasing Managers' Index, which measures business conditions across Illinois, Indiana and Michigan, declined from 56.2 last month to 48.7 in November, falling short of analysts' expectations for a 54 reading.
"While the negative reading in November suggests sluggish Chicago-area activity, we do not see this morning's print as necessarily indicative of a national slowdown," said analysts at Barclays.
In company news, retailers were in focus as investors assessed their performances over the holiday weekend of sales. eBay gained 1.68% after research found it was the best place to shop for apparel, accessories and consumer packaged goods during the so-called "Cyber week".
Fitbit rose 3.02% after analysts at Barclays upgraded their rating on the provider of health and fitness product to overweight, while Microsoft after analysts at Raymond James lifted their rating on the stock citing strong cloud potential.
Lululemon Athletica slumped 8.91% after it was downgraded from 'perform' to 'underperform' by analysts at FBR & Co.
Elsewhere, Asian stocks began the week on a mixed note, as the rebound in Chinese stocks was halted by the ongoing investigation into a number of brokerages, while European stocks edged higher.
The dollar fell 0.17% against the pound and rose 0.22% and 0.26% against the yen and the euro respectively, while gold spot gained 0.79% to $1,065.76.
Oil prices slid, with West Texas Intermediate losing 0.34% to $41.57 a barrel, while Brent crude fell 0.79% to $44.51 a barrel.
S&P 500 - Risers
NRG Energy Inc. (NRG) $12.35 +6.33%
Newmont Mining Corp. (NEM) $18.42 +5.89%
CONSOL Energy Inc. (CNX) $7.88 +5.28%
Peabody Energy Corp. (BTU) $11.41 +4.11%
Seagate Technology Plc (STX) $35.93 +3.78%
Southwestern Energy Co. (SWN) $9.01 +3.09%
Keurig Green Mountain Inc (GMCR) $52.40 +3.07%
Wynn Resorts Ltd. (WYNN) $62.79 +2.85%
Adt Corp (ADT) $35.49 +2.75%
Yahoo! Inc. (YHOO) $33.82 +2.67%
S&P 500 - Fallers
Computer Sciences Corp. (CSC) $31.40 -54.24%
Urban Outfitters Inc. (URBN) $22.40 -5.29%
Under Armour Inc. Class A (UA) $86.25 -3.83%
Brown Forman Corp. Class B (BF.B) $102.45 -3.81%
FedEx Corp. (FDX) $158.55 -3.38%
Regeneron Pharmaceuticals Inc. (REGN) $544.50 -3.30%
Baxalta Incorporated (BXLT) $34.48 -3.28%
AbbVie Inc (ABBV) $58.17 -3.05%
Hasbro Inc (HAS) $73.11 -3.00%
Lockheed Martin Corp. (LMT) $219.37 -2.89%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $72.66 +2.02%
Chevron Corp. (CVX) $91.50 +1.25%
Intel Corp. (INTC) $34.79 +0.96%
Microsoft Corp. (MSFT) $54.39 +0.85%
International Business Machines Corp. (IBM) $139.45 +0.72%
Exxon Mobil Corp. (XOM) $81.78 +0.68%
Verizon Communications Inc. (VZ) $45.50 +0.60%
Apple Inc. (AAPL) $118.39 +0.49%
E.I. du Pont de Nemours and Co. (DD) $67.42 +0.49%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $58.87 -1.70%
Merck & Co. Inc. (MRK) $53.08 -1.62%
Nike Inc. (NKE) $132.30 -1.51%
Walt Disney Co. (DIS) $113.49 -1.42%
Unitedhealth Group Inc. (UNH) $112.72 -1.42%
General Electric Co. (GE) $29.96 -1.32%
Coca-Cola Co. (KO) $42.63 -1.19%
Procter & Gamble Co. (PG) $74.89 -1.07%
Boeing Co. (BA) $145.46 -1.01%
Visa Inc. (V) $79.10 -0.93%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $217.37 +5.73%
Nxp Semiconductors Nv (NXPI) $93.42 +5.73%
Vimpelcom Ltd Ads (VIP) $3.60 +5.26%
Seagate Technology Plc (STX) $35.93 +3.78%
Keurig Green Mountain Inc (GMCR) $52.40 +3.07%
Wynn Resorts Ltd. (WYNN) $62.79 +2.85%
Yahoo! Inc. (YHOO) $33.82 +2.67%
Micron Technology Inc. (MU) $15.95 +2.51%
Analog Devices Inc. (ADI) $61.67 +2.02%
JD.com, Inc. (JD) $30.52 +1.90%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $544.50 -3.30%
Celgene Corp. (CELG) $109.49 -2.84%
Vertex Pharmaceuticals Inc. (VRTX) $129.36 -2.78%
Viacom Inc. Class B (VIAB) $49.79 -2.68%
Tractor Supply Company (TSCO) $89.36 -2.24%
Alexion Pharmaceuticals Inc. (ALXN) $178.45 -2.20%
Biogen Inc (BIIB) $286.87 -2.16%
Incyte Corp. (INCY) $114.23 -2.16%
CH Robinson Worldwide Inc (CHRW) $67.43 -2.08% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Aberdeen Asset Management, Barclays, BoE The embattled boss of Aberdeen Asset Management has insisted the emerging market specialist is not up for sale as it continued to haemorrhage money from nervous investors. The investment giant – which runs £283.7bn – has seen almost a third wiped off its value over the past 12 months. This has fuelled speculation that the company is looking for a buyer. But chief executive Martin Gilbert, 60, said he was ‘upset’ by the rumours and insisted he plans to remain at the helm for the next decade, emulating his hero Sir Alex Ferguson, who managed Manchester United until he was 71. – The Daily Mail Jes Staley begins his first day as chief executive of Barclays with a loss of almost £300,000 on the shares he bought last month to show his commitment to the role. The American banker, who spent much of his career at JP Morgan, paid 233p for each of the 2.8m shares he bought on 4 November and is now facing a 10p loss on each share as they closed on Monday at 223p. He spent £6.4m buying the shares. – The Guardian The Bank of England set out plans on Tuesday to require banks to hold as much as £10bn extra capital as the credit cycle moves into a more normal phase, but stopped short of immediate action. Alongside its half-yearly Financial Stability Report, the BoE also released the results of annual 'stress tests' into how lenders would deal with unexpected economic shocks. – The Daily Telegraph Gold is on course for its biggest monthly drop in more than two years after increased speculation that the US Federal Reserve will raise interest rates before the end of the year triggered a sell-off in the precious metal. Spot gold prices fell by as much as $4 to $1,053.29 on Monday, close to Friday's six-year low of $1,052.46. While prices recovered in late trading, gold is still on track for a decline of 6.7% this month, which would represent the biggest monthly fall since June 2013. – The Daily Telegraph Business confidence in Scotland has fallen in the latest quarter and continues to lag the rest of the UK, a survey today reveals. Uncertainty ahead of the Holyrood elections and cuts in the oil and gas sector are among factors cited for the disappointing results of the latest UK Business Confidence Monitor, compiled by accountancy body ICAEW and Grant Thornton. – The Scotsman The US dollar hit an eight-month peak against other major currencies on Monday, intensifying pressure on emerging markets as investors raised their bets on a “great divergence” in international monetary policy this month. Investors are preparing themselves for a pivotal few weeks where the Atlantic policy gulf between the ECB and the Fed is expected to widen drastically, stirring up monetary cross-currents that will set the tone for 2016. – Financial Times | | |
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