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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 as supermarkets rally, yuan strengthens London stocks started on the front foot on Tuesday, driven by retailers after better-than-expected trading updates from Wm Morrison Supermarkets and Debenhams.
Shares in Morrisons gained after the supermarket delivered like-for-like (LFL) sales growth of 0.2% in the nine weeks to 3 January, miles ahead of the 2% decline predicted by analysts, with LFL sales including fuel down 0.6% over the period. Revenues over the Christmas period were helped by LFL transaction numbers in core supermarkets up 1.3% on the same period last year and online grocery sales nearly doubling.
Debenhams also rallied on upbeat Christmas trading results. For the 19 weeks to 9 January, like-for-like sales were up 1.9%, comfortably beating expectations for a 0.1% drop and better than last year's 0.8% decline.
Tesco, J Sainsbury, Marks & Spencer and Ocado Group surged on positive sentiment felt by the updates.
Investors seemed to shrug off figures from Kantar Worldpanel showing sales in the British grocery market fell 0.2% in the 12 weeks to 3 January, due to an ongoing supermarket price war amid fierce competition.
Sainsbury's was the best performer with sales up 0.8% during the period while Tesco, Asda, and Morrison's saw sales declines of 2.7%, 3.5% and 2.6%, respectively.
Meanwhile, China continued to be in focus as the central bank fixed the yuan firmer again on Tuesday to 6.5626 per dollar. The spot yuan strengthened to 6.5756, while the offshore yuan increased around 1% to 6.6200, narrowing the spread between the two to under 0.7%.
"This recovery in the offshore yuan could well be enough to help put a floor under stock markets in the short - term, as US markets managed to stabilise yesterday despite posting new multi week lows during the day," said Michael Hewson, chief market analyst at CMC Markets.
However, Hewson warned: "With expectations growing that the Chinese yuan has further to go in terms of declines, due to a weakening Chinese economy, speculation is rising that oil prices could well push below the $30 a barrel level in the coming days, particularly given yesterday's announcement by the EU that Iranian sanctions could be lifted fairly soon."
Brent crude fell 1.8% to $30.97 per barrel and West Texas Intermediate dropped 2.4% to $30.67 per barrel at 0912 GMT.
Oil stocks, including BP and Tullow Oil, were under the cosh on the slump in crude prices.
Mining companies were also under pressure amid concerns about the slowdown in China's economy. BHP Billiton, Glencore, Rio Tinto and Antofagasta were among the biggest fallers on the FTSE 100 in morning trade.
Still to come, UK industrial and manufacturing production figures are due at 0930 GMT and Bank of England Governor Mark Carney speaks in Paris at 1415 GMT ahead of the central bank's policy decision announcement on Thursday. |
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| Market Movers
FTSE 100 (UKX) 5,898.98 0.46%
FTSE 250 (MCX) 16,702.56 0.27%
techMARK (TASX) 3,144.98 0.59%
FTSE 100 - Risers
Tesco (TSCO) 153.45p 5.50%
Sainsbury (J) (SBRY) 251.50p 3.37%
Berkeley Group Holdings (The) (BKG) 3,657.00p 3.36%
Barratt Developments (BDEV) 614.00p 3.28%
Burberry Group (BRBY) 1,119.00p 3.23%
Whitbread (WTB) 4,324.00p 2.98%
GKN (GKN) 284.40p 2.05%
Persimmon (PSN) 2,025.00p 1.71%
International Consolidated Airlines Group SA (CDI) (IAG) 599.50p 1.70%
Marks & Spencer Group (MKS) 429.70p 1.63%
FTSE 100 - Fallers
BHP Billiton (BLT) 611.40p -3.88%
Sports Direct International (SPD) 388.90p -3.50%
Glencore (GLEN) 71.25p -2.97%
Rio Tinto (RIO) 1,651.00p -2.71%
Antofagasta (ANTO) 377.40p -2.66%
Anglo American (AAL) 225.50p -2.15%
Fresnillo (FRES) 672.50p -1.32%
Hargreaves Lansdown (HL.) 1,332.00p -1.26%
Aberdeen Asset Management (ADN) 247.20p -1.08%
BP (BP.) 325.05p -0.91%
FTSE 250 - Risers
Debenhams (DEB) 76.00p 15.15%
Morrison (Wm) Supermarkets (MRW) 168.50p 10.64%
Vectura Group (VEC) 197.00p 5.91%
Jimmy Choo (CHOO) 127.10p 3.59%
Ocado Group (OCDO) 285.60p 3.18%
Vedanta Resources (VED) 214.20p 3.18%
Just Retirement Group (JRG) 164.70p 2.94%
B&M European Value Retail S.A. (DI) (BME) 254.80p 2.87%
Poundland Group (PLND) 171.00p 2.58%
Entertainment One Limited (ETO) 166.40p 2.40%
FTSE 250 - Fallers
Greggs (GRG) 1,128.00p -7.92%
Cineworld Group (CINE) 510.50p -5.02%
Tullow Oil (TLW) 126.10p -4.97%
Michael Page International (MPI) 424.40p -4.97%
Booker Group (BOK) 163.70p -4.71%
Hays (HAS) 124.10p -4.46%
Cairn Energy (CNE) 129.00p -4.16%
TalkTalk Telecom Group (TALK) 194.30p -3.62%
Hastings Group Holdings (HSTG) 162.60p -3.16% |
| | UK Event Calendar | | Tuesday January 12
INTERIMS
Games Workshop Group, Ilika
Q3
Big Yellow Group
GMS
Capital Management & Investment, Harvest Minerals Limited (DI)
SPECIAL DIVIDEND PAYMENT DATE
Netcall, OMG
EGMS
Grupo Clarin SA GDR (Reg S), MTI Wireless Edge Ltd., Serabi Gold
TRADING ANNOUNCEMENTS
Debenhams, Grafton Group Units, Greggs, Michael Page International, Morrison (Wm) Supermarkets, The Gym Group
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
Netcall
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher as retailers shine European stocks rose in early trade, taking their cue from a late recovery on Wall Street, as retailers put in a strong performance.
At 0900 GMT, the benchmark Stoxx Europe 600 index was up 0.2%, France's CAC 40 was 0.5% higher and Germany's DAX was 0.9% firmer.
In the US, the Dow Jones Industrial Average and the S&P 500 managed to eke out small gains on Monday following a choppy session.
In Asia, stocks were mostly lower, with the exception of mainland China, where the Shanghai Composite ended up 0.2%.
In European corporate news, retailers were in focus, with supermarket operator Morrisons surging in London after it delivered an unexpectedly solid Christmas trading update. Like-for-like sales were up 0.2% in the nine weeks to 3 January, beating expectations for a 2% drop.
Peers Tesco and Sainsbury were both firmly in the black.
Debenhams' Christmas sales also came in comfortably ahead of expectations, pushing the stock sharply higher.
German retailer Metro AG advanced after reporting strong Christmas sales, with revenue in line with expectations.
Car maker Peugeot was also on the front foot after it posted a 1.2% rise in 2015 sales thanks to strong demand in Europe.
In commodities, oil prices were hovering near the $30 mark, with Texas Intermediate down 2.7% to $30.57 and Brent crude down 2.5% at $30.76.
SpreadCo analyst David Morrison said Goldman Sachs' prediction of $20 a barrel "isn't looking quite as outrageous as when they made the call in September last year".
"Unlike the gold story, the sell-off in crude is about more than dollar strength. Firstly, demand growth is appreciating relatively slowly as global economic activity remains subdued. At the same time, there are fresh concerns that China may experience a hard landing as policymakers attempt to rebalance the economy away from reliance on manufacturing/exports and attempt to boost domestic consumption."
Morrison noted that on the supply side, over the last six months US production has fallen from 9.6m barrels per day to around 9.1 million, with most of the decline in shale oil and no let-up in supply from conventional sources such as the Gulf of Mexico.
"Nevertheless, US supply isn't expected to fall much further in first half of this year. But OPEC production is expected to continue to exceed the old ceiling of 30m barrels per day by a significant margin." |
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| | US Market Report | | US close: Stocks end choppy session mixed as oil tumbles Stocks on Wall Street ended a choppy session mixed, with energy shares lower on the back of tumbling oil prices, as the earnings season gets into swing.
The Dow Jones Industrial Average closed up 0.3% and the S&P 500 added 0.1%, but the Nasdaq ended down 0.1%.
Stocks initially shrugged off another tumble in Chinese stocks amid concerns about the slowdown in the world's second largest economy following muted inflation figures, but the rest of the session was bumpy, as oil prices fell to new 12-year lows.
West Texas Intermediate tumbled 5.9% to $31.19 per barrel and Brent slid 6.6% to $31.33 a barrel. Chevron Corp fell 1.7% while Exxon Mobil dropped 1.3%.
Basic resource stocks were also firmly under the cosh, with Freeport-McMoran ending down a whopping 20.4%.
Chinese data released earlier showed inflation rose to 1.6% year-on-year, as expected, compared with 1.5% the previous month. However, the producer price was unchanged at minus 5.9% in December, according to the National Bureau of Statistics.
The People's Bank of China on Monday set the yuan's reference rate against the dollar at 6.5626, up on Friday's fixing of 6.5636, but it did little to cheer the market.
James Hughes, chief market analyst at GKFX, said: "With WTI oil breaking below the $32 a barrel it yet again begs the question as to when we will finally hit the bottom. Now many will give you a price for the absolute low and believe this wholeheartedly based on research, however oil prices currently have no floor.
"I am not ashamed to admit that I have been calling the bottom of oil every $10 since $70! As we look to test $30 a barrel I now have to say $20 is the next low to look out for, however for me $20 is when it finally really starts to hurt the Middle Eastern producers and that, and only that is why I don't see us lower."
On the economic data front, it was a quiet day with the only notable release being the Labor Market Conditions Index Change for December which rose to 2.9 from 2.7 the previous month. Analysts had predicted a reading of 0.4.
In corporate news, biopharmaceutical company Baxalta ended lower after London-listed Shire agreed to buy the company for $32bn.
US biotech firm Celgene Corp was in the red after cutting its 2015 profit outlook.
Tesla Motors declined after Elon Musk predicted a customer in Los Angeles will be able to "summon" their electric car via cellphone within two years.
In currencies, the dollar was down 0.2% against the pound but up 0.6% against the euro and 0.8% higher against the yen.
S&P 500 - Risers
Macy's Inc. (M) $38.82 +8.16%
Hanesbrands Inc. (HBI) $30.49 +5.14%
Kohls Corp. (KSS) $50.04 +4.51%
Carnival Corp. (CCL) $53.93 +3.61%
GameStop Corp. (GME) $29.36 +3.49%
Netflix Inc. (NFLX) $114.96 +3.20%
FLIR Systems Inc. (FLIR) $31.16 +2.91%
Hasbro Inc (HAS) $70.01 +2.90%
Reynolds American Inc. (RAI) $48.45 +2.82%
Philip Morris International Inc. (PM) $89.00 +2.64%
S&P 500 - Fallers
Freeport-McMoRan Inc (FCX) $4.30 -20.43%
Peabody Energy Corp. (BTU) $5.34 -19.94%
Genworth Financial Inc. (GNW) $2.77 -10.52%
McKesson Corp. (MCK) $163.69 -10.25%
NRG Energy Inc. (NRG) $10.23 -9.74%
CONSOL Energy Inc. (CNX) $6.99 -9.04%
Williams Companies Inc. (WMB) $18.68 -8.00%
Ensco Plc. (ESV) $11.77 -7.97%
Marathon Oil Corp. (MRO) $9.62 -7.05%
Cabot Oil & Gas Corp. (COG) $16.00 -6.98%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $25.27 +1.98%
Intel Corp. (INTC) $32.06 +1.75%
Apple Inc. (AAPL) $98.53 +1.62%
Home Depot Inc. (HD) $125.80 +1.53%
Visa Inc. (V) $73.83 +1.30%
International Business Machines Corp. (IBM) $133.27 +1.25%
Nike Inc. (NKE) $59.55 +1.16%
Wal-Mart Stores Inc. (WMT) $64.23 +1.09%
McDonald's Corp. (MCD) $116.69 +1.05%
Goldman Sachs Group Inc. (GS) $165.64 +1.04%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $59.17 -3.27%
Caterpillar Inc. (CAT) $61.46 -2.89%
Chevron Corp. (CVX) $80.75 -1.68%
Exxon Mobil Corp. (XOM) $73.69 -1.34%
Johnson & Johnson (JNJ) $97.56 -0.61%
Unitedhealth Group Inc. (UNH) $109.56 -0.54%
JP Morgan Chase & Co. (JPM) $58.83 -0.15%
Microsoft Corp. (MSFT) $52.30 -0.06%
3M Co. (MMM) $140.44 -0.04%
Nasdaq 100 - Risers
Netflix Inc. (NFLX) $114.96 +3.20%
Nxp Semiconductors Nv (NXPI) $77.23 +2.73%
Analog Devices Inc. (ADI) $51.17 +2.38%
Sba Communications Corp. (SBAC) $103.87 +2.19%
Starbucks Corp. (SBUX) $57.82 +2.10%
Cisco Systems Inc. (CSCO) $25.27 +1.98%
Liberty Interactive Corporation QVC Group (QVCA) $25.50 +1.92%
Amazon.Com Inc. (AMZN) $617.74 +1.76%
American Airlines Group (AAL) $41.08 +1.76%
Intel Corp. (INTC) $32.06 +1.75%
Nasdaq 100 - Fallers
Liberty Global plc Series A (LBTYA) $35.51 -7.04%
Liberty Global plc Series C (LBTYK) $34.61 -6.23%
Vertex Pharmaceuticals Inc. (VRTX) $103.94 -6.12%
Micron Technology Inc. (MU) $12.53 -6.00%
Akamai Technologies Inc. (AKAM) $45.46 -5.49%
Celgene Corp. (CELG) $103.03 -5.46%
Western Digital Corp. (WDC) $52.80 -4.68%
Vimpelcom Ltd Ads (VIP) $2.96 -4.66%
Alexion Pharmaceuticals Inc. (ALXN) $161.65 -3.85% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Shire, Toyota, yuan, CMC Markets Shire's $32bn takeover of Baxalta caps the company's transformation from a specialist in pills for teenagers with attention deficit hyperactivity disorder into a leading producer of treatments for rare diseases. Flemming Ornskov, Shire's ambitious Danish chief executive, has made a series of acquisitions to support this overhaul since taking charge in 2013 - but none as big as the one agreed on Monday. - Financial Times
Toyota will keep making cars at its plant in the English Midlands even if the UK votes to leave the European Union, chief executive Akio Toyoda said in a boost for campaigners wanting a Brexit. The comments by Mr Toyoda, the great-grandson of Toyota's founder, will offer reassurance to the thousands of staff at its assembly plant in Burnaston near Derby and its engine plant at Deeside in North Wales. - Financial Times
The Chinese authorities have resorted to "nuclear strength" weapons to deter an attack on the yuan by short sellers and convince sceptical investors that they are in control of the country's spluttering financial system. China's central bank fixed the currency firmer again on Tuesday but traders were not persuaded and the currency slipped in early trade despite what dealers called aggressive intervention to support the currency. - Guardian
Peter Cruddas, the former Conservative party treasurer who is donating to the campaign to leave the EU, is set to make hundreds of millions of pounds by floating the online trading firm he founded. CMC Markets, which is likely to be valued at more than £1bn, is to announce as early as this week that it will float on the stock market. If it goes ahead, it will be the first major flotation in London in 2016. Sources said CMC was expecting to raise around £250m from the initial public offering (IPO) by selling shares. - Guardian
The number of first-time housebuyers in Britain has fallen over the past year, despite government-backed attempts to try to get more young people on to the housing ladder. Halifax estimates that 310,000 people became first-time buyers last year, down 0.5pc from 311,700 in 2014. - Telegraph
RBS has advised clients to brace for a "cataclysmic year" and a global deflationary crisis, warning that major stock markets could fall by a fifth and oil may plummet to $16 a barrel. The bank's credit team said markets are flashing stress alerts akin to the turbulent months before the Lehman crisis in 2008. "Sell everything except high quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small," it said in a client note. - Telegraph
The nuclear safety regulator is facing a leadership crisis and is ill-equipped to deal with a mounting workload linked to China's plans to invest £8 billion in the British industry, experts have warned. The Office for Nuclear Regulation is responsible for ensuring the safety and security of 15 nuclear reactors, hazardous sites such as Sellafield and the transport and disposal of high-level nuclear waste. - The Times | | |
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