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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 climb ahead of ECB policy decision London stocks climbed ahead of the European Central Bank's policy announcement which is projected to reveal further stimulus measures.
ECB President Mario Draghi is widely expected to say the central bank will increase the pace of its asset purchases and cut its deposit rate.
Danske Bank expects the ECB to cut the deposit rate by 20 basis points along with an expansion to the quantitative easing to €75bn per month until December 2016. The ECB currently has asset purchases at €60bn per month, with an intended finish date of September 2016.
Meanwhile, data showed Chinese service activity growth slowed in November. Caixin's purchasing managers' index fell to 51.2 last month from 52 in October.
Eurozone services PMI was revised down unexpectedly to 54.2 in November from an earlier estimate of 54.9.
Services PMIs in the UK and the US are also due at 0930 GMT and 1445 GMT, respectively.
Thursday's session also sees the release of US durable goods orders, US factory orders, US weekly jobless claims and Eurozone retail sales data.
Among corporate stocks, Ryanair flew higher after reporting a 21% rise in traffic in November to 7.71m.
Wood Group edged higher after the energy services group said it is buying Texas-based industrial construction and maintenance contractor Infinity Group for an initial $150m (£100m).
Barclays rose as it sold its Italian retail banking network to CheBanca!, a member of the Mediobanca Group.
Acacia Mining grew as it unveiled plans to cut a further 1,050 jobs as part of its restructuring programme.
Going the other way, mining stocks declined including Anglo American, BHP Billiton and Antofagasta as metal prices fell on the back of the weak Chinese services PMI. |
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| Market Movers
FTSE 100 (UKX) 6,424.58 0.06%
FTSE 250 (MCX) 17,562.30 0.05%
techMARK (TASX) 3,258.24 0.15%
FTSE 100 - Risers
Whitbread (WTB) 4,795.00p 2.09%
Intertek Group (ITRK) 2,927.00p 1.88%
Next (NXT) 8,130.00p 1.43%
Carnival (CCL) 3,600.00p 1.35%
TUI AG Reg Shs (DI) (TUI) 1,166.00p 1.30%
Persimmon (PSN) 1,963.00p 1.08%
Taylor Wimpey (TW.) 199.90p 0.96%
Berkeley Group Holdings (The) (BKG) 3,341.00p 0.91%
ITV (ITV) 274.70p 0.81%
Morrison (Wm) Supermarkets (MRW) 152.20p 0.79%
FTSE 100 - Fallers
Anglo American (AAL) 388.25p -2.34%
Old Mutual (OML) 204.20p -2.11%
BHP Billiton (BLT) 798.20p -1.99%
Antofagasta (ANTO) 504.50p -1.94%
Ashtead Group (AHT) 1,086.00p -1.81%
Glencore (GLEN) 92.20p -1.39%
Pearson (PSON) 812.00p -1.34%
Royal Mail (RMG) 480.10p -1.30%
Severn Trent (SVT) 2,252.00p -1.23%
Aberdeen Asset Management (ADN) 308.10p -1.22%
FTSE 250 - Risers
Morgan Advanced Materials (MGAM) 253.30p 2.47%
St. Modwen Properties (SMP) 428.20p 2.46%
Pets at Home Group (PETS) 288.10p 2.13%
Foxtons Group (FOXT) 176.30p 2.08%
Auto Trader Group (AUTO) 426.50p 1.91%
Moneysupermarket.com Group (MONY) 320.00p 1.91%
JD Sports Fashion (JD.) 1,003.00p 1.83%
Just Eat (JE.) 457.20p 1.65%
Bovis Homes Group (BVS) 998.50p 1.63%
Zoopla Property Group (WI) (ZPLA) 237.70p 1.58%
FTSE 250 - Fallers
Debenhams (DEB) 81.50p -4.57%
Spire Healthcare Group (SPI) 318.00p -3.28%
Telecom Plus (TEP) 1,093.00p -3.27%
Britvic (BVIC) 703.00p -2.56%
Kaz Minerals (KAZ) 98.20p -2.48%
Electrocomponents (ECM) 235.30p -2.45%
Jimmy Choo (CHOO) 130.20p -2.11%
LondonMetric Property (LMP) 161.70p -2.06%
Vedanta Resources (VED) 366.40p -2.03% |
| | UK Event Calendar | | Thursday 03 December
INTERIMS
Clipper Logistics , IMImobile , Market Tech Holdings Limited , Mercia Technologies , Smith (DS), WYG
INTERIM EX-DIVIDEND DATE
B&M European Value Retail S.A. (DI), Baronsmead VCT, Caledonia Investments, Charles Stanley Group, Creston, Croma Security Solutions Group, De La Rue, Downing Four VCT DP2011 Low Carb, Downing Four VCT DP2011 Str, Downing Four VCT DP2011Gen, Electrocomponents, Establishment Inv Trust, First Property Group, Foresight 4 VCT, Fuller Smith & Turner, GLI Alternative Finance , Headlam Group, Helical Bar, Hogg Robinson Group, IS Solutions, JD Sports Fashion, Kainos Group , LondonMetric Property, Management Consulting Group, Norcros, PayPoint, Record, Royal Mail, Sepura, Severn Trent, Shanks Group, Tarsus Group, Telecom Plus, TR Property Inv Trust, Triple Point Income VCT, UK Mail Group , ULS Technology , Value and Income Trust, VP
QUARTERLY EX-DIVIDEND DATE
Alpha Real Trust Ltd., Bank of America Corp., Duet Real Estate Finance Ltd, Land Securities Group, Premier Energy & Water Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ECB Interest Rate (EU) (12:45)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Retail Sales (EU) (10:00)
Q4
GW Pharmaceuticals
GMS
Jupiter European Opportunities Trust, Northern Petroleum, Pembroke Vct
FINALS
Elegant Hotels Group , Impax Asset Management Group
SPECIAL DIVIDEND PAYMENT DATE
Manchester & London Investment Trust
SPECIAL EX-DIVIDEND PAYMENT DATE
Alliance Trust, Premier Energy & Water Trust, Rights & Issues Inv Trust Capital Shares
EGMS
Minera IRL Ltd.
AGMS
Advance Frontier Markets Fund Ltd, ASOS, AXA Property Trust Limited, Egdon Resources, Haydale Graphene Industries, Powerhouse Energy Group, Quoram
TRADING ANNOUNCEMENTS
Amino Technologies
UK ECONOMIC ANNOUNCEMENTS
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Manchester & London Investment Trust, Regenersis, Wolseley
FINAL EX-DIVIDEND DATE
A&J Mucklow Group, Aviva 8 3/4% Cumulative Irrd Preference 1, Bellway, British Empire Trust, Britvic, Daily Mail and General Trust A (Non.V), Debenhams, Downing Four VCT DSO 'B' Shs, General Accident 'A', Greencore Group, Mitchells & Butlers, Northamber, Origin Enterprises, Royal Bank of Scotland 11% Cum. Prf, Royal Bank of Scotland 5.5% Cum. Prf., Town Centre Securities, UDG Healthcare Public Limited Company, Volta Finance Limited, YouGov |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher as investors look to ECB rate announcement European stocks edged higher in early trade as investors looked to the rate announcement from the European Central Bank.
At 0845 GMT, the benchmark Stoxx Europe 600 index was up 0.2%, France's CAC 40 was 0.6% higher and Germany's DAX was up 0.4%.
As the rate decision loomed, analysts grew increasingly sceptical that ECB chief Mario Draghi would be able to deliver.
"It is action day for Draghi as market participants eagerly await the ECB's actions to do 'what it must' to raise the inflation path. But with high expectations comes a high risk of disappointment," said Societe Generale.
"We expect a broad set of measures, including a 10 basis points deposit rate cut and more asset purchases (€70-80bn)."
On Wednesday, Federal Reserve Bank of Atlanta president Dennis Lockhart said the case for raising interest rates this month was "compelling", while Chairwoman Janet Yellen also signalled that she was ready for a hike.
"On balance, economic and financial information received since our October meeting has been consistent with our expectations of continued improvement in the labor market," Yellen said in a speech.
"Continuing improvement in the labor market helps strengthen confidence that inflation will move back to our 2% objective over the medium term."
In corporate news, Royal Dutch Shell won approval from Australia's Foreign Investment Review Board for its proposed $70bn takeover of BG Group.
Barclays edged up as it announced an agreement to sell its Italian retail banking network.
Solvay was under the cosh after the Belgian chemicals company launched a share issue to complete the funding for its purchase of Cytec Industries.
Aluminium producer Norsk Hydro was a little weaker after launching new cost-cutting measures to combat declining aluminium prices.
On the data front, Eurozone retail sales are at 1000 GMT and the ECB rate announcement is at 1245 GMT. |
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| | US Market Report | | US close: Stocks slip after Yellen comments signal rate rise US stocks lost some confidence on Wednesday after Federal Reserve chair Janet Yellen and fellow rate setter Dennis Lockhart sent strong signals of a December hike.
The Dow Jones Industrial Average gave up some recent gains with an 0.89% fall to 17,729.68, while the S&P 500 dropped 1.1% to 2,079.51 and the Nasdaq composite by 0.64% to 5,123.22 points.
Speaking to the Economic Club of Washington, Yellen said economic data since October had been consistent with expectations for an improved job market, but left open the possibility that the data released before its next meeting - on 15-16 December - could still sway the Federal Open Market Committee either way.
"I currently judge that U.S. economic growth is likely to be sufficient over the next year or two to result in further improvement in the labor market," Yellen said.
"Ongoing gains in the labor market, coupled with my judgment that longer-term inflation expectations remain reasonably well anchored, serve to bolster my confidence in a return of inflation to 2% as the disinflationary effects of declines in energy and import prices wane," she added.
Leaving the door slightly ajar, she went on to say that data received before the next FOMC meeting will still need to be assessed before making the policy decision.
Economists said her comments sent strong signals for a December hike and gradual pace of rises thereafter.
Pantheon Macro chief economist Ian Shepherdson said the FOMC still needed to raise rates in December, in order to avoid having to tighten policy relatively abruptly and risk disrupting financial markets and perhaps even inadvertently push the economy into recession.
"So there it is: Hike now, to avoid faster, more risky hikes later," he said. "We look for 25 basis points this month and a further 50bp by mid-16."
Barclays agreed that the speech was consistent with its outlook for "a December rate hike and a gradual path of hikes thereafter".
Harm Bandholz, chief US economist at Unicredit Research, felt the : "In a nutshell: The Federal Reserve today has made another large step towards its first rate hike in 9.5 years."
Yellen's comments followed a speech from centrist FOMC member and Atlanta Fed president Lockhart who said the case for raising interest rates this month was "compelling", adding he expected wage growth to gain momentum in the medium-term future.
"I think the economy is closing in on full employment," he said in a speech in Fort Lauderdale.
"As we approach that condition, I would expect to see confirming evidence that labour markets have tightened up. Such evidence might come in the form of wage growth.
He noted that the trend in wage growth has been weak for some time, but "may be picking up".
Strong ADP report
On the macroeconomic front, according to ADP, the US private sector created 217,000 jobs in November, exceeding expectations for a 190,000 reading and up from an upwardly revised reading of 182,000 in October.
"This morning's print is consistent with our outlook for nonfarm payroll growth of 200,000 and a one-tenth decline in the unemployment rate in Friday's official employment report," said analysts at Barclays.
Meanwhile, according to the Labor Department, unit-labour costs were revised upward to show a 1.8% quarter-on-quarter in the three months to September, while unit-labour costs rose 2% in the previous three months compared with the 1.8% decline that was initially reported.
As a result, unit-labour costs rose 3% year-on-year, compared with an original estimate for a 2% increase, while growth in productivity was revised upward to show a 2.2% quarter-on-quarter gain in the third quarter, compared with an estimate of a 1.6% gain. On a year-on-year basis, productivity rose 0.6%, slightly higher than the initial 0.4% reading.
In company news, Yahoo jumped 4.33% after reports that the internet giant may sell its core internet business, while Twitter slid 1.18% after co-founder Evan Williams sold shares. |
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| | Newspaper Round Up | | Thursday newspaper round-up: Nissan, British American Tobacco, TSB The future of Britain's largest car plant, Nissan in Sunderland, is under threat in an increasingly toxic row between the Japanese company and the French government. More than 7,000 jobs are at risk, as well as hundreds more at Nissan's design facilities in Paddington, central London, and its engineering centre in Cranfield, Bedfordshire, should Paris go ahead with plans to take control of more than 30% of Renault. - The Times
The chairman of British American Tobacco has denied that non-executive directors failed to act over claims that the cigarette maker bribed African officials. Richard Burrows, who has been the company's chairman since 2009, said: "I can assure you that the board takes very seriously its role in establishing appropriate systems of corporate governance and, through our committee structure, reviewing its internal control systems, governance framework and issues that arise." - The Times
Staff at TSB are still under pressure to sell products to hit targets despite the challenger bank's promise to focus on customer satisfaction instead of sales, according to a union survey. TSBU found 59% of retail staff surveyed said they were under pressure to sell, while 53% said their performance was judged only on sales. The bank, which was spun off from Lloyds Banking Group in 2014 and bought by Spanish group Banco Sabadell earlier this year, formally scrapped sales targets to show it was a customer-focused company. - The Daily Telegraph
The European commission is to open a state aid investigation into suspected sweetheart tax arrangements enjoyed by McDonald's in Luxembourg. The Luxembourg tax affairs of Europe's largest fast food chain have already been subject to considerable scrutiny, attracting a French tax office investigation in 2013 and a critical report this year from a coalition of union groups. Brussels officials have been reviewing this report and gathering further preliminary evidence since March. - The Guardian
Oil prices have slumped to their lowest level in five years as Opec leaders gather in Vienna to set prices for the year ahead.
Brent crude for January delivery fell 3.7% to $42.77 per barrel in London after US stockpiles surged in November. The US Energy Information Administration shocked markets - which had expected the level of oil to drop during the winter months - by reporting that the glut of oil in America increased by 1.2m barrels through to November 27 to reach 489.4m barrels, approaching its highest level on record. - The Guardian | | |
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