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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: FTSE rebounds after closing in bear market The FTSE 100 rebounded on Thursday after closing in a bear market in the previous session as China's central bank made an aggressive cash injection into the country's financial system.
London's top-tier index closed at 5,673.58 on Wednesday, down 3,46% on the day and more than 20% below its previous peak of 7103.98 on 27 April 2015. A bear market occurs when equities drop at least 20% from a recent peak.
UK stocks were given a much needed boost in morning trading as the People's Bank of China offered 400bn yuan worth of short-term loans to commercial lenders on Thursday through its open-market operations.
Meanwhile, oil prices remained under pressure with Brent crude down 0.90% to $27.63 per barrel and West Texas Intermediate down 0.71% to $28.15 per barrel.
"The slide in oil prices has been a significant boon for consumers in countries who are net importers of oil enjoying an energy premium, while sliding food prices has meant that the lack of wage growth, while disappointing, hasn't as noticeable as it might ordinarily have been," said Michael Hewson, chief market analyst at CMC Markets.
"Unfortunately there are downsides to all of this and the evidence is pretty much evident even here in the UK with job losses in the oil and gas sector as well as the steel industry, as the global economy battles with a significant problem of overcapacity, rather than a lack of demand."
On Thursday's economic calendar, the European Central Bank releases its latest policy decision at 1245 GMT and President Mario Draghi holds a press conference at 1330 GMT.
The ECB is expected to keep all key rates unchanged and make no changes to its asset purchase programme amid low inflation, weak global growth, geopolitical tensions and slowing demand for Eurozone exports.
Stateside, the Labor Department's initial jobless claims report will be published at 1330 GMT.
In company news, SABMiller declined as third quarter results were hit by the US dollar.
Royal Mail rallied as it delivered the goods in a strong Christmas period, with UK parcel volumes in December were 6% better than the year before, and said it was on track to reduce UK parcel costs by at least 1% for the full year.
Pearson jumped despite warning that full year profit would be below forecasts as it undergoes a new restructuring.
St Jame's Place edged higher after reporting a 14% rise in net inflows to £5.09bn. Retention of client funds was 95% and funds under management were up 13% for the year to £58.6bn |
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| Market Movers
FTSE 100 (UKX) 5,686.74 0.23%
FTSE 250 (MCX) 15,720.35 0.51%
techMARK (TASX) 3,021.94 0.61%
FTSE 100 - Risers
Pearson (PSON) 719.50p 9.43%
Royal Mail (RMG) 436.60p 3.58%
Admiral Group (ADM) 1,660.00p 2.53%
Dixons Carphone (DC.) 438.70p 2.33%
Worldpay Group (WI) (WPG) 293.70p 2.05%
Schroders (SDR) 2,559.00p 1.91%
AstraZeneca (AZN) 4,313.00p 1.83%
Shire Plc (SHP) 4,191.00p 1.72%
Hikma Pharmaceuticals (HIK) 1,955.00p 1.72%
Diageo (DGE) 1,807.00p 1.66%
FTSE 100 - Fallers
SSE (SSE) 1,339.00p -3.32%
Rolls-Royce Holdings (RR.) 518.50p -2.35%
Compass Group (CPG) 1,111.00p -2.03%
Standard Chartered (STAN) 459.55p -1.60%
Centrica (CNA) 201.70p -1.13%
Royal Dutch Shell 'B' (RDSB) 1,263.50p -1.10%
Anglo American (AAL) 218.65p -1.09%
National Grid (NG.) 907.90p -1.08%
Severn Trent (SVT) 2,052.00p -1.01%
ITV (ITV) 251.80p -0.94%
FTSE 250 - Risers
Brown (N.) Group (BWNG) 319.70p 13.77%
Halfords Group (HFD) 357.00p 9.85%
Countrywide (CWD) 356.90p 7.53%
Ocado Group (OCDO) 276.90p 4.49%
Acacia Mining (ACA) 168.90p 4.39%
OneSavings Bank (OSB) 296.30p 4.33%
Man Group (EMG) 156.20p 3.99%
Ibstock (IBST) 204.00p 2.87%
Indivior (INDV) 154.60p 2.86%
Laird (LRD) 324.50p 2.53%
FTSE 250 - Fallers
Allied Minds (ALM) 239.00p -10.49%
Electra Private Equity (ELTA) 3,510.00p -1.98%
Ophir Energy (OPHR) 75.05p -1.77%
DFS Furniture (DFS) 305.00p -1.71%
Sophos Group (SOPH) 230.70p -1.41%
PZ Cussons (PZC) 266.60p -1.41%
Wood Group (John) (WG.) 550.00p -1.26%
Nostrum Oil & Gas (NOG) 297.80p -1.19%
Aveva Group (AVV) 1,319.00p -1.12% |
| | UK Event Calendar | | Thursday 21 January
INTERIMS
NCC Group
INTERIM DIVIDEND PAYMENT DATE
Home Retail Group
INTERIM EX-DIVIDEND DATE
Alcentra Euorpean Floating Rate Income Fund Ltd Red Ord Shs, Coral Products, Ediston Property Investment Company, Fletcher King, GCP Infrastructure Investments Ltd, SSE, Supergroup
QUARTERLY EX-DIVIDEND DATE
GCP Infrastructure Investments Ltd, Twentyfour Income Fund Limited Ord Red
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (EU) (10:00)
Continuing Claims (US) (13:30)
ECB Interest Rate (EU) (12:45)
Harmonised Index of Consumer Prices (EU) (10:00)
Initial Jobless Claims (US) (13:30)
GMS
Fusionex International, Styles & Wood Group
FINALS
Fusionex International, Safestore Holdings
IMSS
Land Securities Group
SPECIAL EX-DIVIDEND PAYMENT DATE
Dewhurst, Dewhurst (Non-Voting)
AGMS
Cardiff Property, easyHotel, Keystone Inv Trust, Stride Gaming
TRADING ANNOUNCEMENTS
British Land Company, Halfords Group, Laird, Royal Mail, SABMiller, St James's Place
UK ECONOMIC ANNOUNCEMENTS
RICS Housing Market Survey (09:30)
FINAL DIVIDEND PAYMENT DATE
Cambria Automobiles
FINAL EX-DIVIDEND DATE
Compass Group, Dewhurst, Dewhurst (Non-Voting), Electra Private Equity, Henderson Alternative Strategies Trust , Shaftesbury |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher as investors look to Draghi European stocks edged higher in early trade, recovering from heavy losses in the previous session as investors looked ahead to comments from European Central Bank chief Mario Draghi.
At 0905 GMT, the benchmark Stoxx Europe 600 index was up 0.5%, Germany's DAX was 0.1% firmer and France's CAC 40 was up 0.3%.
"European markets are tracking higher in early trading following the late rally off lows on Wall St although some way off recouping yesterday's losses following the global rout," said Andy McLevey, head of dealing at Interactive Investor.
"The volatility of late is set to continue as nervous investors tread with caution ahead of the ECB meeting while global markets remain under pressure amid continued global economic growth concerns and continued weakness in the price of oil."
Investors will be looking ahead to the European Central Bank's rate announcement at 1245 GMT and the ensuing press conference at 1330 GMT.
No major policy changes are expected, so the main focus will be on what ECB chief Draghi has to say.
Societe Generale strategist Kit Juckes said: "Mario Draghi will have his work cut out if his aim at the press conference after the ECB meeting is to sound dovish enough to anchor the euro."
"A lack of inflation and the prospect of more downward pressure on prices as a result of the latest fall in oil prices, will give him ammunition to be 'dovish' and does give the ECB leeway to ease further in due course, but the euro area economic data so far in 2016 have been an oasis of calm amid the mayhem elsewhere."
In corporate news, education publisher Pearson surged to the top of the FTSE 100 despite warning over profits, as investors welcomed the company's new restructuring programme.
Elsewhere, Deutsche Bank was under pressure after saying it expects to post a 2015 net loss of around €6.7bn on the back of writedowns and litigation charges.
Oil prices were in the red but off lows, with West Texas Intermediate down 0.5% at $28.21 a barrel and Brent crude 0.7% weaker at $27.70.
Still to come, US initial jobless claims and the Philadelphia Fed survey are at 1330 GMT while consumer confidence is due at 1500 GMT. |
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| | US Market Report | | US close: Stocks end lower as oil prices reach fresh low US stocks finished in the red on Wednesday as oil prices hit fresh lows and data showed US inflation rose less than expected in December.
The Dow Jones Industrial Average fell 1.55%, the Nasdaq dropped 0.11% and the S&P 500 declined 1.19%.
Oil prices took another tumble as concerns about an oversupply in the market escalated. West Texas Intermediate crude dipped 2.9% to $28.72 per barrel and Brent slid 2.1% to $28.16 per barrel at 2148 GMT.
The International Energy Agency on Tuesday warned that oil prices will likely slide further this year as the market contends with an oversupply of production following the lifting of Iran sanctions.
"Once again it's been lower oil prices that has prompted today's sell-off driven lower by yesterday's IEA announcement that the oil market "could drown in oversupply" throughout 2016," said Michael Hewson, chief market analyst at CMC Markets.
Venezuela has requested that OPEC hold an emergency meeting to discuss ways to lift oil prices, Reuters reported on Wednesday. However, four delegates from OPEC's member countries swiftly said a meeting was unlikely to take place.
Not surprisingly energy stocks were the standout losers among companies, including Chesapeake Energy, Chevron and Exxon Mobil.
Meanwhile, figures from the Bureau of Labor Statistics revealed the US consumer price index rose 0.7% in the year to December.
Although this was an improvement on the previous month's 0.5% year-on-year growth, it was below analysts' expectations of 0.8% and a long way off the Federal Reserve's 2% target.
Excluding energy and food, CPI increased 2.1% in December, as expected, compared to 2% in November.
Figures from the Commerce Department showed US housing starts fell 2.5% in December from the previous month to a seasonally-adjusted annual rate of 1.15m, undershooting expectations for a rise to 1.2m.
Starts for single-family homes fell 3.3% from the revised November figure of 794,000 to an annual rate of 768,000.
Permits for new construction, which are a closely-followed gauge of future demand, fell 3.9% from the revised November rate of 1.28m to a seasonally-adjusted annual rate of 1.23m. Still, the drop was less steep than expected, as economists had pencilled a reading of 1.2m.
Elsewhere, the FTSE 100 and Japan's Nikkei index both closed in a bear market, falling 20% below the last peak.
In corporate news, Goldman Sachs edged lower after its fourth quarter earnings fell short of expectations as the bank had to set aside money to pay a regulatory settlement for mortgage-backed securities it sold in the run-up to the financial crisis.
IBM shares tumbled following an unexpectedly downbeat forecast for 2016 released late on Tuesday.
In currencies, the dollar was down 0.18% against the pound, fell 0.60% against the yen but rose 0.16% against the euro.
S&P 500 - Risers
Southwestern Energy Co. (SWN) $7.38 +13.19%
Chesapeake Energy Corp. (CHK) $3.32 +7.79%
Range Resources Corp. (RRC) $21.99 +7.53%
Genworth Financial Inc. (GNW) $2.52 +7.23%
Fossil Group Inc (FOSL) $30.45 +5.33%
Endo International Plc (ENDP) $55.08 +4.60%
Ensco Plc. (ESV) $9.85 +4.56%
Carmax Inc. (KMX) $44.89 +4.42%
Cabot Oil & Gas Corp. (COG) $17.15 +4.38%
Celgene Corp. (CELG) $107.49 +4.37%
S&P 500 - Fallers
Devon Energy Corp. (DVN) $21.59 -8.05%
Micron Technology Inc. (MU) $10.05 -6.94%
Frontier Communications Co. (FTR) $3.94 -5.74%
International Business Machines Corp. (IBM) $121.86 -4.88%
Ventas Inc. (VTR) $52.92 -4.87%
Welltower Inc (HCN) $64.51 -4.81%
Wynn Resorts Ltd. (WYNN) $56.33 -4.74%
Charles Schwab Corp. (SCHW) $25.27 -4.68%
ConocoPhillips (COP) $34.75 -4.53%
NRG Energy Inc. (NRG) $9.58 -4.49%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $114.79 +1.96%
Nike Inc. (NKE) $59.04 +1.23%
American Express Co. (AXP) $63.03 +0.62%
Microsoft Corp. (MSFT) $50.79 +0.45%
Apple Inc. (AAPL) $96.79 +0.13%
Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $121.86 -4.88%
Exxon Mobil Corp. (XOM) $73.18 -4.21%
Cisco Systems Inc. (CSCO) $22.90 -3.98%
Boeing Co. (BA) $122.14 -3.11%
Chevron Corp. (CVX) $78.98 -3.10%
Home Depot Inc. (HD) $116.46 -2.76%
Wal-Mart Stores Inc. (WMT) $60.84 -2.75%
JP Morgan Chase & Co. (JPM) $55.51 -2.63%
Travelers Company Inc. (TRV) $103.65 -2.00%
Goldman Sachs Group Inc. (GS) $153.75 -1.96%
Nasdaq 100 - Risers
Celgene Corp. (CELG) $107.49 +4.37%
Linear Technology Corp. (LLTC) $41.13 +3.94%
Nxp Semiconductors Nv (NXPI) $70.81 +3.48%
Regeneron Pharmaceuticals Inc. (REGN) $461.95 +3.34%
Avago Technologies Ltd. (AVGO) $123.83 +3.13%
Lam Research Corp. (LRCX) $69.57 +3.13%
Amgen Inc. (AMGN) $155.02 +2.46%
Analog Devices Inc. (ADI) $50.58 +2.41%
Biomarin Pharmaceutical Inc. (BMRN) $81.38 +2.35%
Mylan Inc. (MYL) $51.40 +2.35%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $10.05 -6.94%
Wynn Resorts Ltd. (WYNN) $56.33 -4.74%
Cisco Systems Inc. (CSCO) $22.90 -3.98%
JD.com, Inc. (JD) $26.38 -3.76%
Sandisk Corp. (SNDK) $68.67 -3.36%
Monster Beverage Corp (MNST) $140.02 -3.27%
Yahoo! Inc. (YHOO) $28.78 -3.23%
Tesla Motors Inc (TSLA) $198.70 -2.94%
Starbucks Corp. (SBUX) $56.92 -2.78% |
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| | Newspaper Round Up | | Thursday newspaper round-up: IMF, Barclays, auto industry, Asda UK chancellor George Osborne has formally nominated Christine Lagarde to serve a second five-year term as managing director of the International Monetary Fund, in an early move designed to create unstoppable momentum behind her. It came within seconds of the fund on Thursday beginning a three-week nominating period for candidates. Ms Lagarde, whose current five-year term ends in July, is widely considered a sure bet for a second mandate. - Financial Times
Barclays is to exit cash equities in Asia, part of a broader retrenchment expected to lead to more than 1,000 job cuts across its investment bank, as new chief executive Jes Staley makes his first big strategic move. Clients were informed in a memo on Thursday morning that the UK bank was shutting cash equity research, sales and trading as well as convertible bond trading businesses across all Asian countries. That will result in the loss of around 230 jobs, according to a person familiar with the matter. - Financial Times
Britain's auto industry has posted its best manufacturing figures in a decade - but the stellar performance could be the final strong showing if the UK votes to leave the EU. A total of 1,587,677 cars rolled off British production lines last year, an increase of 3.9pc on the previous year and the highest in recent history, according to official data from industry body the Society of Motor Manufacturers and Traders (SMMT). - Telegraph
The Financial Conduct Authority (FCA) has denied the Government has compromised its independence following the controversy over its decision to abandon a review of banking industry culture. The regulator's chairman, John Griffiths-Jones, told the Treasury select committee that no political pressure had been applied to its decision making. - Telegraph
Asda is considering cutting more than 1,000 store jobs under plans to close hundreds of staff canteens and shopfloor services such as photo processing units. Managers are understood to have met with union representatives on Wednesday to discuss 4,000 other job moves or changes in stores. The cuts come after Asda revealed plans to axe about 200 jobs at its head office in Leeds earlier this week. - Guardian
The EU has fired a warning shot against countries using subsidies to help struggling steelworks, in a further blow to UK government attempts to protect the British steel industry. Belgium has been ordered to claw back €211m (£162m) in illegal state aid given to privately owned Duferco, while the European commission - which enforces EU law - has opened an investigation into €2bn of state support the Italian government is alleged to have given to Ilva, the EU's third largest steel manufacturer. - Guardian
BT's network is being forced to deal with "hundreds of thousands" of cyberattacks a day, an increase of 1,000 per cent in the past 18 months. Gavin Patterson, the telecom group's chief executive, said that the frequency of the attacks and their sophistication had increased as hackers targeted a BT network spanning more than 170 countries. - The Times
Hundreds of petrol-electric-powered hybrid black cabs could be on the streets of London within months after a lawsuit accusing the manufacturer of copycat design was thrown out by the High Court yesterday. Frazer-Nash, which makes Metrocabs, said that it would push ahead with production of the low-emission, six-seater black cab after the "passing off" claim by its main rival, London Taxi Company, was rejected. - The Times | | |
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