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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 gain ahead of UK and US inflation reports London stocks gained on Tuesday ahead of the release of data which is expected to show an improvement in UK and US inflation.
At 0905 GMT the FTSE 100 climbed 1.50% to 5,962.54 points, bouncing back from Monday's decline at the close as oil prices continued to slide on concerns about an oversupply and weak demand in the sector. Brent recovered 0.3% to $38.07 per barrel and West Texas Intermediate increased 0.2% to $36.40 per barrel at 0852 GMT. However, Moody's has cut its oil price estimates due to the threat of prolonged oversupply, hacking its 2016 Brent assumption to $43 from $53, with West Texas Intermediate lowered to $40 from $48.
"Today, at the very least, shouldn't just let investors wallow in the commodity misery, with the UK's latest inflation figures provided somewhat of a distraction away from Brent Crude's tricky trading," said Connor Campbell, financial analyst at Spreadex.
The UK inflation report at 0930 GMT is forecast to show the consumer price index rose 0.1% in November from a year ago, following a 0.1% increase a month earlier. Compared to a month ago, however, analysts see a 0.1% dip in November after a 0.1% increase a month earlier.
The Bank of England, which is targeting 2% inflation, last week voted 8-1 on keeping interest rates unchanged. While Britain's economy has grown, inflation remains weak as the oil price slump provides a drag.
In the US, the CPI is forecast to climb 0.5% year-on-year in November after a 0.2% gain the prior month. On a month-on-month comparison, CPI is projected to come in at zero growth following a 0.2% increase in October.
The report comes ahead of the Federal Reserve's interest rate decision on Wednesday. The Federal Open Market Committee is widely expected to raise rates by 25 basis points.
"At this stage, it is almost universally expected that, after a seven-year period at near-zero, the Fed will raise interest rates this Wednesday," said Capital Economics. "Like everybody else, we anticipate a 25 basis point increase in the target range for the fed funds rate, taking it to between 0.25% and 0.50%."
In company news, Sainsbury's rallied after Kantar Worldpanel data showed the supermarket chain beat its rivals in the 12 weeks to 6 December by growing sales and market share. Tesco and Morrison Supermarkets were also sitting higher despite seeing sales fall during the period.
Aveva plunged after terminating takeover talks with US giant Schneider after the two were unable to reach an agreement.
Serco was on the back foot after doing a U-turn on the sale of its Environmental Services and Leisure businesses.
Rio Tinto jumped as its Oyu Tolgoi expansion project received a boost after a syndicate of banks and international governments agreed $4.4bn (£2.9bn) in loans. The copper and gold mine in Mongolia was held up by a dispute between the government and the company, with loan commitments expiring in 2014.
Petrofac advanced after a trading update showed the Engineering, Construction, Operations & Maintenance (ECOM) division has already logged orders of $8.8bn (£5.8bn) for the year. |
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| Market Movers
FTSE 100 (UKX) 5,957.61 1.42%
FTSE 250 (MCX) 16,831.88 0.35%
techMARK (TASX) 3,093.36 0.04%
FTSE 100 - Risers
Old Mutual (OML) 165.70p 5.01%
Sainsbury (J) (SBRY) 246.80p 4.18%
Morrison (Wm) Supermarkets (MRW) 145.50p 3.78%
Glencore (GLEN) 83.00p 3.75%
Tesco (TSCO) 147.85p 3.36%
Royal Dutch Shell 'A' (RDSA) 1,464.00p 3.21%
BG Group (BG.) 947.90p 3.09%
Royal Dutch Shell 'B' (RDSB) 1,471.50p 3.05%
Aberdeen Asset Management (ADN) 288.60p 2.92%
Barclays (BARC) 214.40p 2.53%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 3,982.00p -1.48%
ARM Holdings (ARM) 1,030.00p -1.06%
Fresnillo (FRES) 658.50p -0.98%
Berkeley Group Holdings (The) (BKG) 3,509.00p -0.34%
Travis Perkins (TPK) 1,920.00p -0.31%
Hikma Pharmaceuticals (HIK) 2,046.00p -0.10%
Rolls-Royce Holdings (RR.) 538.00p 0.09%
Next (NXT) 7,335.00p 0.14%
Merlin Entertainments (MERL) 436.00p 0.16%
Marks & Spencer Group (MKS) 456.80p 0.24%
FTSE 250 - Risers
Tullow Oil (TLW) 161.60p 6.25%
Investec (INVP) 452.10p 4.60%
TalkTalk Telecom Group (TALK) 224.90p 3.88%
Redefine International (RDI) 50.25p 3.54%
SIG (SHI) 140.00p 3.32%
Premier Oil (PMO) 49.60p 3.23%
Allied Minds (ALM) 433.00p 3.10%
Circassia Pharmaceuticals (CIR) 283.40p 2.87%
Hunting (HTG) 293.00p 2.84%
BTG (BTG) 641.00p 2.81%
FTSE 250 - Fallers
Aveva Group (AVV) 1,378.00p -36.38%
Supergroup (SGP) 1,486.00p -8.21%
OneSavings Bank (OSB) 323.20p -6.54%
Howden Joinery Group (HWDN) 499.80p -3.42%
Paragon Group Of Companies (PAG) 347.50p -2.96%
Acacia Mining (ACA) 156.30p -2.56%
Domino's Pizza Group (DOM) 972.50p -2.41%
Halfords Group (HFD) 335.40p -2.27%
Nostrum Oil & Gas (NOG) 375.80p -1.08% |
| | UK Event Calendar | | Tuesday 15 December
INTERIMS
Carpetright, Imagination Technologies Group
INTERIM DIVIDEND PAYMENT DATE
Spire Healthcare Group
QUARTERLY PAYMENT DATE
Canadian General Investments Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (US) (13:30)
New Car Registrations (EU) (10:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Q3
PJSC RusHydro ADR
GMS
AL Noor Hospitals Group, Hvivo
FINALS
New City Energy Ltd NPV, Pressure Technologies
ANNUAL REPORT
New City Energy Ltd NPV
EGMS
GVC Holdings, Hayward Tyler Group
AGMS
Chelverton Growth Trust, DotDigital Group, Edinburgh Dragon Trust, Fidelity Special Values, Foresight Solar VCT, Northamber, Pantheon Resources, Sareum Holdings, Tristel, Utilitywise plc, Volution Group (WI)
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
FINAL DIVIDEND PAYMENT DATE
Aeci 5 1/2% Prf, Craneware, Digital Globe Services Ltd (DI) |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks bounce back as FOMC decision looms European stocks rose in early trade, bouncing back from losses in the previous session as investors looked to the start of the Federal Reserve's two-day policy meeting.
At 0850 GMT, the benchmark Stoxx Europe 600 index was up 1.6%, France's CAC 40 was 1.9% higher and Germany's DAX was up 1.8%.
Stocks fell heavily on Monday, with energy-related shares in particular under the cosh as oil prices skidded.
Oil prices briefly recovered and although they were back in the red by early Tuesday, they were well off the lows seen the previous day, with West Texas Intermediate down 0.5% to $36.14 a barrel and Brent crude down 0.4% to $37.72.
Autos performed well as data from the European Automobile Manufacturers Association revealed a 13.7% increase in new car registrations in November, marking the 27th month of consecutive growth. The Stoxx 600 autos and parts index was up 2.6%.
Among individual stocks, BHP Billiton was a high riser after Credit Suisse upgraded its rating to 'outperform' from 'neutral'.
Rio Tinto was also in the black after its Oyu Tolgoi expansion project received a boost when a syndicate of banks and international governments agreed $4.4bn (£2.9bn) in loans.
Shares in engineering software group Aveva tumbled after it announced that it had terminated takeover talks with Schneider Electric.
French pharmaceuticals company Sanofi rallied after announcing that it will swap some assets with Boehringer Ingelheim.
Faurecia was also on the front foot after the car parts group agreed to sell one of its division to Plastic Omnium.
Hennes & Mauritz edged higher despite posting weaker-than-expected November sales growth.
On the downside, though, Dialog Semiconductor fell sharply after the German chip maker cuts its revenue guidance.
Still to come on the data front, the German ZEW survey is at 1000 GMT.
"The recent improvement in economic data, helped by a lower euro and energy prices is expected to provide a boost to the latest German ZEW investor survey of economic expectations for December," said CMC Markets analyst Michael Hewson.
"A note of caution is needed here, despite the improvement in the economic picture given that the DAX has slid sharply during the same period, which could well act as an anchor on this particular measure. An improvement is expected from 10 to 15.4, but given recent DAX weakness I wouldn't rule out a downward surprise."
In the US, CPI and Empire manufacturing are at 1330 GMT, while the NAHB housing market index is at 1500 GMT.
The big focus for the day is likely to be the US inflation data, which Societe Generale expects to show core inflation up to 2%.
"I can think of lots of reasons why that would be seen to justify a rate hike, and indeed several rate hikes," said strategist Kit Juckes. "But I'm not sure the market will even pay much attention with eyes on oil prices, credit markets, and the Chinese renminbi." |
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| | US Market Report | | US close: Stocks end in the black as oil prices recover US equities reversed earlier losses to end higher on Monday as oil prices recovered, with investors looking ahead to the Federal Reserve's interest rate decision this week.
The Dow Jones Industrial Average rose 0.6%, the Nasdaq closed up 0.4% and the S&P 500 ended 0.5% higher.
Oil prices recovered from sharp falls earlier in the session as investors continued to worry about the global supply glut.
Brent crude was down 0.5% to $37.36 per barrel and West Texas Intermediate rose 1.8% to $36.26 per barrel, after nearing 11-year lows earlier in the day.
The recovery in oil prices helped Chevron Corp and Exxon Mobil to end with solid gains.
Meanwhile, investors were looking ahead to the Federal Open Market Committee's two day-meeting this week.
"At this stage, it is almost universally expected that, after a seven-year period at near-zero, the Fed will raise interest rates this Wednesday," said Capital Economics.
"Like everybody else, we anticipate a 25 basis point increase in the target range for the fed funds rate, taking it to between 0.25% and 0.50%."
There were no economic data releases of note on Monday, but the pace is set to pick up on Tuesday with the release of US inflation, which is projected to show a year-on-year improvement in November of 0.5% year-on-year after a 0.2% gain the prior month.
The dollar was flat against the euro and the yen but 0.4% firmer against the pound, while spot gold was down 1% at $1,063.75
On the corporate front, shares in household goods maker Jarden surged on news it will merge with Newell Rubbermaid to create a company that will bring in $16bn in revenue.
Newell Rubbermaid slumped as it said it will pay Jarden shareholders $60 a share in cash and stock.
AstraZeneca's US shares fell after the pharmaceuticals giant confirmed that it is exploring potential strategic options with biotech company Acerta Pharma.
GoPro Inc tumbled after Citibank downgraded the stock to 'neutral' from 'buy' and cut its price target.
S&P 500 - Risers
First Solar Inc. (FSLR) $58.42 +5.72%
Electronic Arts Inc. (EA) $69.66 +3.71%
Diamond Offshore Drilling Inc. (DO) $20.86 +3.52%
Chevron Corp. (CVX) $89.32 +3.33%
Mattel Inc. (MAT) $27.08 +3.16%
Rowan Companies plc (RDC) $18.02 +3.00%
Baxalta Incorporated (BXLT) $38.14 +2.97%
Kimberly-Clark Corp. (KMB) $122.64 +2.89%
ConocoPhillips (COP) $49.50 +2.85%
Hershey Foods Corp. (HSY) $89.88 +2.80%
S&P 500 - Fallers
Edwards Lifesciences Corp. (EW) $80.53 -49.58%
Peabody Energy Corp. (BTU) $7.65 -13.27%
Southwestern Energy Co. (SWN) $5.34 -9.58%
NRG Energy Inc. (NRG) $9.20 -9.27%
Tenet Healthcare Corp. (THC) $27.24 -9.20%
Newell Rubbermaid Inc. (NWL) $42.15 -6.91%
Qorvo, Inc. (QRVO) $52.47 -6.62%
Seagate Technology Plc (STX) $33.66 -6.45%
Freeport-McMoRan Inc (FCX) $6.47 -6.27%
Devon Energy Corp. (DVN) $31.52 -6.05%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $89.32 +3.33%
Exxon Mobil Corp. (XOM) $76.03 +2.27%
Microsoft Corp. (MSFT) $55.16 +2.03%
3M Co. (MMM) $157.72 +1.87%
Wal-Mart Stores Inc. (WMT) $60.38 +1.72%
Verizon Communications Inc. (VZ) $45.41 +1.32%
Cisco Systems Inc. (CSCO) $26.49 +1.26%
Nike Inc. (NKE) $127.83 +1.22%
Walt Disney Co. (DIS) $109.32 +1.18%
Home Depot Inc. (HD) $131.97 +1.17%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $67.90 -3.60%
Boeing Co. (BA) $143.00 -1.12%
Apple Inc. (AAPL) $112.47 -0.63%
United Technologies Corp. (UTX) $93.05 -0.27%
Goldman Sachs Group Inc. (GS) $176.22 -0.19%
Unitedhealth Group Inc. (UNH) $115.86 -0.10%
American Express Co. (AXP) $68.83 -0.04%
Nasdaq 100 - Risers
Electronic Arts Inc. (EA) $69.66 +3.71%
Mattel Inc. (MAT) $27.08 +3.16%
Amazon.Com Inc. (AMZN) $657.89 +2.77%
Incyte Corp. (INCY) $109.41 +2.73%
Facebook Inc. (FB) $104.71 +2.53%
Cognizant Technology Solutions Corp. (CTSH) $59.76 +2.50%
CA Inc. (CA) $27.74 +2.17%
Microsoft Corp. (MSFT) $55.16 +2.03%
Adobe Systems Inc. (ADBE) $93.27 +2.02%
Activision Blizzard Inc. (ATVI) $37.96 +1.99%
Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $33.66 -6.45%
Western Digital Corp. (WDC) $59.38 -4.35%
Liberty Global plc Series A (LBTYA) $39.79 -3.87%
Skyworks Solutions Inc. (SWKS) $78.51 -3.59%
Discovery Communications Inc. Class C (DISCK) $25.35 -3.43%
Discovery Communications Inc. Class A (DISCA) $26.45 -3.36%
Liberty Global plc Series C (LBTYK) $38.37 -3.11%
Micron Technology Inc. (MU) $13.66 -2.71%
Dish Network Corp. (DISH) $57.59 -2.39%
Vimpelcom Ltd Ads (VIP) $3.04 -2.25% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Minimum wage, OPEC, Yahoo, Sports Direct George Osborne's decision to raise the minimum wage sharply next year will cost private-sector employers about £1bn, according to a watchdog. The Regulatory Policy Committee, an independent public body that scrutinises government proposals, said the policy would affect 1.7m employees and cost businesses about £804m in direct wage and non-wage costs such as national insurance contributions. - Financial Times
Whitehall budget cuts and a growing risk of serious flooding are set to stretch the environment department's budget thinly, a committee of MPs has warned. George Osborne, chancellor, cut day-to-day funding for the department by 15 per cent over the next four years in last month's Spending Review, to £2bn a year. This came on top of a budget reduction of about a quarter over the course of the last parliament. - Financial Times
Opec will be forced to call an emergency meeting within weeks to stabilize the market if crude prices fail to rebound after crashing to seven-year lows of $35 a barrel, two of the oil cartel's member states have warned. Emmanuel Kachikwu, Nigeria's oil minister and Opec president until last week, said the group is still hoping that the market will recover by February as low prices squeeze out excess production from US shale, Russia and the North Sea, but nerves are beginning to fray. - Telegraph
Yahoo is facing shareholder pressure to pursue other alternatives besides a complex spin-off of its internet operations while chief executive Marissa Mayer struggles to revive the company's revenue growth. The demands from SpringOwl Asset Management and Canyon Capital Advisors reflect shareholders' frustration with Ms Mayer's inability to snap the company out of a financial downturn after three-and-half years in the top job. - Telegraph
The crisis at Sports Direct escalated once again on Monday as the retailer was rounded on by MPs during an urgent parliamentary debate and the company was deserted by some of its leading City cheerleaders. Former shadow business minister, Chuka Umunna, branded the retailer as "a bad advert for British business" and said it had "a culture of fear in the workplace that we would not wish to see repeated elsewhere". - GuardianAccountancy watchdogs decided not to conduct a full investigation into the auditing of HBOS before they received all the information about the near-collapse of the bank, MPs have been told. - Guardian
During evidence given at the Treasury select committee on last month's report into HBOS, MPs were also told it was obvious that Andy Hornby, the former chief executive who now holds a senior role at bookmakers Gala Coral, should have been investigated. - Guardian
An £11 billion plan to install 50 million smart meters in homes in England, Wales and Scotland by 2020 has been thrown into chaos by proposed EU reforms to Britain's electricity market. Many of the two million meters that have already been installed may have to be removed or reprogrammed under the scheme, experts warned. - The Times | | |
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