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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 rally on oil price recovery, Draghi's remarks UK stocks advanced on Friday after oil prices recovered and European Central Bank President Mario Draghi hinted at further stimulus.
Oil prices rebounded back above the $30 per barrel level in morning trade. Brent crude jumped 4.45% to $30.61 per barrel and West Texas Intermediate increased 3.5% to $30.63 per barrel at 0853 GMT.
Draghi on Thursday said that amid recent falls in oil prices inflation would remain very low or negative in coming months. While the ECB left key rates unchanged, Draghi said the monetary authority would reconsider its monetary policy at its early March meeting when macroeconomic projections became available.
"Of course there is a risk that in being so dovish he could well be setting himself up for the similar sort of disappointment that characterised the December decision, given that the opposition to further cuts in the deposit rate and further stimulus are hardly likely to have dissipated by then," said Michael Hewson, chief market analyst at CMC Markets.
"What is not in doubt is that the latest inflation projections are likely to show that inflation will take longer to return to target when they are published in March, but will they be enough to sway the doubters on the council to fall in line and back further action, if it is felt it is necessary."
In economic data, Friday's focus will be on UK retail sales data at 0930 GMT. Analysts expect retail sales rose 3.5% in December compared to the same month a year ago.
The last report from the Office for National Statistics revealed a 3.9% increase in November, boosted by Black Friday sales.
On a month-on-month comparison, retail sales are forecast to fall 0.3% in December following a 1.7% gain in November.
Bank of England official Jon Cunliffe speaks at Bruegel in Brussels at 1200 GMT.
Elsewhere, US existing home sales figures will be released on Friday. Analysts estimate sales rose 9.2% in December from a month ago, following a 10.5% plunge. Markit also releases a batch of manufacturing purchasing mangers' index figures on the Eurozone and the US.
In company news, office space provider Workspace Group rallied after reporting a 2.3% rise in third quarter rent rolls to £80.8m and saying letting activity picked up "significantly" in the new year.
Close Brothers advanced after saying its loan book rose 4.9% in the five months to the end of December to £6bn, reflecting growth across all of the group's lending businesses.
Hammerson jumped after saying it has it exchanged contracts with Birmingham City Council to acquire the new Grand Central shopping centre in Birmingham for £335m.
Energy stocks, including Royal Dutch Shell and BG Group, were sitting higher on the oil price rebound |
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| Market Movers
FTSE 100 (UKX) 5,850.81 1.33%
FTSE 250 (MCX) 16,009.06 1.11%
techMARK (TASX) 3,067.55 1.17%
FTSE 100 - Risers
Antofagasta (ANTO) 387.00p 5.91%
Sports Direct International (SPD) 413.20p 3.87%
Royal Dutch Shell 'A' (RDSA) 1,363.00p 3.53%
Royal Dutch Shell 'B' (RDSB) 1,365.00p 3.53%
BG Group (BG.) 961.20p 3.06%
WPP (WPP) 1,465.00p 2.88%
Burberry Group (BRBY) 1,186.00p 2.86%
BT Group (BT.A) 478.30p 2.72%
BHP Billiton (BLT) 659.70p 2.63%
Dixons Carphone (DC.) 455.40p 2.48%
FTSE 100 - Fallers
Pearson (PSON) 754.50p -2.27%
Glencore (GLEN) 81.25p -1.22%
Anglo American (AAL) 246.25p -0.71%
Tesco (TSCO) 155.20p -0.54%
SABMiller (SAB) 4,144.00p -0.12%
Prudential (PRU) 1,321.50p 0.04%
Admiral Group (ADM) 1,658.00p 0.06%
Standard Life (SL.) 362.20p 0.11%
Fresnillo (FRES) 663.00p 0.15%
Worldpay Group (WI) (WPG) 300.50p 0.20%
FTSE 250 - Risers
Vedanta Resources (VED) 227.90p 6.79%
Tullow Oil (TLW) 136.70p 5.80%
Petrofac Ltd. (PFC) 738.50p 5.80%
Amec Foster Wheeler (AMFW) 392.70p 4.52%
Allied Minds (ALM) 281.50p 4.26%
Telecom Plus (TEP) 925.00p 4.23%
Virgin Money Holdings (UK) (VM.) 293.80p 3.82%
Workspace Group (WKP) 848.00p 3.60%
Halfords Group (HFD) 377.50p 3.31%
Mitchells & Butlers (MAB) 279.00p 3.10%
FTSE 250 - Fallers
Daejan Holdings (DJAN) 5,850.00p -1.68%
Acacia Mining (ACA) 172.80p -1.59%
Greggs (GRG) 977.00p -1.46%
OneSavings Bank (OSB) 302.60p -1.08%
CLS Holdings (CLI) 1,555.00p -0.89%
Lancashire Holdings Limited (LRE) 600.50p -0.83%
BH Macro Ltd. GBP Shares (BHMG) 1,985.00p -0.75%
Ocado Group (OCDO) 279.90p -0.71%
Cranswick (CWK) 1,887.00p -0.68% |
| | UK Event Calendar | | Friday 22 January
INTERIM DIVIDEND PAYMENT DATE
Berkeley Group Holdings (The), Bonmarche Holdings, Burberry Group, Dixons Carphone , Fulcrum Utility Services Ltd. (DI), Gateley (Holdings) , Greene King, Halfords Group, Micro Focus International, United Carpets Group, Vertu Motors
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Existing Home Sales (US) (15:00)
Leading Indicators (US) (15:00)
PMI Construction (GER) (08:55)
ANNUAL REPORT
Titon Holdings
IMSS
Workspace Group
SPECIAL DIVIDEND PAYMENT DATE
M Winkworth, Marwyn Value Investors Limited
AGMS
Character Group, Tracsis
TRADING ANNOUNCEMENTS
Close Brothers Group, Computacenter, Oxford Instruments, Record, Workspace Group
UK ECONOMIC ANNOUNCEMENTS
Internet Retail Sales (09:30)
Public Sector Finances (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Debenhams, Inland Homes, Scottish Oriental Smaller Companies Trust |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher, fuelled by stimulus hopes European stocks rose in early trade, extending the previous session's gains as investors took heart from signs that further monetary stimulus may be on its way.
At 0845 GMT, the benchmark Stoxx Europe 600 index was up 2%, France's CAC was 2.2% higher and Germany's DAX was up 1.7%.
Asian shares racked up healthy gains on Friday, with Japan's Nikkei 225 closing up nearly 5.9%, China's Shanghai Composite 1.3% higher and Hong Kong's Hang Seng up 2.9%.
The positive tone was attributed to Draghi's dovish remarks and comments from Japanese Prime Minister Shinzo Abe's aide, who said on Thursday that "conditions for additional easing have fallen into place."
"European equities are trading higher this morning on the back of sharply-rebounding Asian markets overnight and in the aftermath of ECB chief Draghi's comments yesterday," said Markus Huber, senior market analyst at Peregrine & Black.
"No doubt market reaction to Draghi's comments couldn't have been much different compared to the last ECB meeting back in December. However it needs to be seen if and for how long mere comments and at best potential prospects of further ECB action will manage to push concerns about the Chinese economy and global growth in general out of the limelight."
Sentiment got a boost on Thursday after European Central Bank chief Mario Draghi hinted that further stimulus could be on the cards, saying the bank will "review and possibly reconsider" monetary policy at its meeting in March.
He said rates in the euro bloc would "stay at present or lower levels fro an extended period", noting that the outlook for inflation had weakened significantly.
The ECB stood pat on its benchmark rate at 0.05%, as widely expected.
Cyclical stocks, whose performance is closely tied to the overall economy, were the standout gainers.
The Stoxx 600 basic resources index rose 3.2%, while the sub-index for oil and gas jumped 3.7% as oil prices rose above $30 a barrel.
West Texas Intermediate gained 3.7% to $30.62 a barrel and Brent crude was up 4% at $30.42.
In corporate news, Philips slid after the Dutch electronics company said its $3.3bn deal to sell its components business to a consortium of Asian buyers broke down. |
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| | US Market Report | | US close: Stocks end mostly higher as oil prices rally US stocks ended mostly higher on Thursday, buoyed by a rally in oil prices and dovish remarks from European Central Bank chief Mario Draghi.
The Dow Jones Industrial Average closed up 0.7%, the S&P 500 rose 0.5% and the Nasdaq Composite ended flat.
Investor sentiment got a boost after ECB president Draghi sounded a dovish note at the press conference following the central bank's rate decision.
Draghi hinted that further stimulus could be on the cards, saying the bank will "review and possibly reconsider" monetary policy at its meeting in March.
He said rates in the euro bloc would "stay at present or lower levels fro an extended period", noting that the outlook for inflation had weakened significantly.
The ECB stood pat on its benchmark rate at 0.05%, as widely expected.
"Seemingly unfazed by recent communication difficulties, Draghi again hinted to markets in advance that the ECB may need to act at the next meeting in March," said Societe Generale.
"In view of our own forecasts, we maintain our expectation for the ECB to lower the deposit rate by another 10 basis points, to -0.40%, in March while also extending the TLTRO by one year. Should the global outlook deteriorate more significantly, further rate cuts could be contemplated, but we expect that a much worse growth outlook would be needed in order to expand the QE purchases of €60bn/month."
A strong bounce in oil prices also helped to underpin the tone on Thursday. West Texas Intermediate was up 5% at $29.78 a barrel and Brent crude was 6% firmer at $29.56 following recent heavy declines.
The US Energy Information Administration said on Thursday that crude inventories were up 4m barrels for the week ended 15 January.
The upbeat mood meant investors were able to shrug off some bad news on the jobs front.
Data released by the Bureau of Labor Statistics showed unemployment claims for the seven days ending 16 January rose by 10,000 to 293,000, falling short of expectations for a drop to 278,000.
Elsewhere, the latest report from the Federal Reserve Bank of Philadelphia revealed that manufacturing conditions in the Philadelphia region contracted modestly this month.
The diffusion index for current activity rose from a revised reading of -10.2 in December to -3.5, slightly ahead of consensus estimates for a reading of -4. This marked the fifth consecutive month in negative territory.
Meanwhile, the index for current new orders also remained negative, but edged up 10 points to -1.4.
The current shipments index increased 12 points as firms reported a rise at the start of the year, marking its first positive reading in four months.
In corporate news, shares in Travelers Companies were in the black as it announced fourth-quarter earnings fell to $866m, but operating earnings were at $2.90, above analysts' expectations.
Verizon was also on the front foot after posting slightly better-than-expected revenue for the fourth quarter.
Southwest Airlines Co. nudged up after announcing a surge in fourth quarter profit that beat analysts' estimates.
On the downside, Bank of New York Mellon was weaker even though its fourth quarter earnings per share beat analysts' expectations.
Railroad operator Union Pacific was also in the red after it warned the market of a weak 2016.
S&P 500 - Risers
Southwestern Energy Co. (SWN) $8.80 +19.24%
CONSOL Energy Inc. (CNX) $6.04 +19.13%
Range Resources Corp. (RRC) $26.03 +18.37%
ONEOK Inc. (OKE) $22.62 +12.87%
Devon Energy Corp. (DVN) $24.18 +12.00%
Marathon Oil Corp. (MRO) $8.79 +11.83%
Noble Energy Inc. (NBL) $28.39 +10.38%
Anadarko Petroleum Corp. (APC) $33.55 +9.86%
Cabot Oil & Gas Corp. (COG) $18.65 +8.75%
Murphy Oil Corp. (MUR) $17.24 +8.63%
S&P 500 - Fallers
Seagate Technology Plc (STX) $27.57 -5.65%
Netflix Inc. (NFLX) $102.35 -5.00%
Fifth Third Bancorp (FITB) $15.73 -4.84%
Genworth Financial Inc. (GNW) $2.41 -4.37%
Western Digital Corp. (WDC) $43.94 -4.04%
Northern Trust Corp. (NTRS) $59.01 -3.94%
Sandisk Corp. (SNDK) $66.23 -3.55%
Union Pacific Corp. (UNP) $71.00 -3.55%
Charles Schwab Corp. (SCHW) $24.38 -3.52%
BB&T Corp. (BBT) $31.78 -3.29%
Dow Jones I.A - Risers
Verizon Communications Inc. (VZ) $45.87 +3.26%
Home Depot Inc. (HD) $120.22 +3.23%
Chevron Corp. (CVX) $81.05 +2.62%
Nike Inc. (NKE) $60.56 +2.57%
General Electric Co. (GE) $28.59 +2.11%
McDonald's Corp. (MCD) $117.84 +1.78%
Wal-Mart Stores Inc. (WMT) $61.85 +1.66%
Walt Disney Co. (DIS) $94.02 +1.60%
Caterpillar Inc. (CAT) $59.69 +1.50%
E.I. du Pont de Nemours and Co. (DD) $53.56 +1.46%
Dow Jones I.A - Fallers
Goldman Sachs Group Inc. (GS) $151.65 -1.37%
Unitedhealth Group Inc. (UNH) $113.50 -1.12%
Travelers Company Inc. (TRV) $102.70 -0.92%
American Express Co. (AXP) $62.64 -0.62%
Microsoft Corp. (MSFT) $50.48 -0.61%
Apple Inc. (AAPL) $96.30 -0.51%
JP Morgan Chase & Co. (JPM) $55.25 -0.47%
Pfizer Inc. (PFE) $30.58 -0.26%
Nasdaq 100 - Risers
Xilinx Inc. (XLNX) $46.78 +8.59%
Micron Technology Inc. (MU) $10.85 +7.91%
Vimpelcom Ltd Ads (VIP) $3.04 +4.83%
Starbucks Corp. (SBUX) $58.96 +3.59%
Mattel Inc. (MAT) $25.82 +3.36%
Baidu Inc. (BIDU) $169.56 +2.77%
Skyworks Solutions Inc. (SWKS) $63.29 +2.71%
Applied Materials Inc. (AMAT) $16.81 +2.69%
Liberty Media Corporation - Series C (LMCK) $34.08 +2.68%
Kraft Heinz Co. (KHC) $73.03 +2.61%
Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $27.57 -5.65%
Netflix Inc. (NFLX) $102.35 -5.00%
Western Digital Corp. (WDC) $43.94 -4.04%
Sandisk Corp. (SNDK) $66.23 -3.55%
Alexion Pharmaceuticals Inc. (ALXN) $155.51 -2.74%
Biogen Inc (BIIB) $262.24 -2.64%
Check Point Software Technologies Ltd. (CHKP) $72.76 -2.40%
Lam Research Corp. (LRCX) $68.12 -2.08%
Vertex Pharmaceuticals Inc. (VRTX) $95.07 -1.98% |
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| | Newspaper Round Up | | Friday newspaper round-up: Oil prices, robots, UK auto industry Saudi Arabia has described the collapse in oil prices to below $30 as "irrational" and expects the market to recover in 2016 even as the country continues to keep production high. Khalid al-Falih, chairman of state oil company Saudi Aramco, told the World Economic Forum in Davos that current prices would not last, with many smaller producers facing financial difficulties. "The market has overshot on the low side and it is inevitable that it will start turning up," said Mr Falih, predicting higher prices by the end of the year. - Financial Times
Big business has rallied around David Cameron's plea for support in the campaign to keep Britain in the EU, with US banks donating hundreds of thousands of pounds and senior chief executives publicly endorsing the prime minister's stance. Goldman Sachs, which has its European head office in London, is leading the way financially, paying £500,000 to the Britain Stronger in Europe campaign. JPMorgan, Morgan Stanley and Bank of America also plan to donate six-figure sums. - Financial Times
British high streets and factories will be transformed over the next two decades as millions of jobs are replaced by robots, a new report warns. Eleven million jobs across the UK economy are at high risk of being automated by 2036, with the retail and transport sectors most vulnerable, according to Deloitte. - Telegraph
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
VW has dismissed a call from the EU's industry chief to pay compensation to European drivers who bought cars with emissions test-cheating software. Elżbieta Bieńkowska, the European commissioner for industry, urged the German carmaker to pay compensation to 8.5 million European drivers who had bought cars fitted with defeat devices when she met VW's chief executive, Matthias Müller, in Brussels on Thursday. - Guardian
The privatisation of the taxpayer stakes in Lloyds Banking Group and Royal Bank of Scotland has ground to a halt after shares in the lenders slumped to their lowest in more than three years. In a blow to George Osborne just weeks before the budget, the sale of billions of pounds of Lloyds shares at a profit has stalled, with insiders saying that a much vaunted retail offer might have to be delayed. - The Times
Employees could be empowered to buy shares in their company if it is sold, dissolved or floated on the stock exchange, John McDonnell said yesterday. The shadow chancellor unveiled the "Right to Own" proposal for workers to purchase shares in their company, which echoes the Conservatives' Right to Buy policy for social housing tenants who want to buy their home. - The Times | | |
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