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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 decline as oil prices fall again UK stocks declined on Monday as oil prices slid, reversing Friday's recovery.
Brent crude fell 4.07% to $30.92 per barrel and West Texas Intermediate dropped 3.7% to $31.03 per barrel at 0905 GMT.
"As it is we've probably seen one of the worst ever starts to a trading year, driven primarily by concerns around plunging oil prices, disappointing earnings, and slowing global growth, particularly in China and emerging markets," said Michael Hewson, chief market analyst at CMC Markets.
"With oil prices also slipping to 13 year lows the correlation between the two has been the primary driver for some weeks now, with quite a bit of evidence that oil prices were at peak bearishness, as forward predictions for oil prices got steadily revised lower, on a daily basis."
On the data front, the German Ifo survey for January came in weaker than expected.
The business climate index fell to 107.3 from 108.6 the previous month and below the 108.4 reading expected by economists.
Meanwhile, the current assessment and expectations indexes also undershot estimates, at 112.5 and 102.4, respectively. Economists had been expecting readings of 112.8 and 104.1.
It will otherwise be a quiet day of economic data releases. This week's focus is on the Federal Reserve's interest rate announcement on Wednesday and the Bank of Japans' policy decision on Friday.
In company news, Kingfisher slumped as it said profits would take a £50m hit in the first year of its five-year transformation programme.
LondonMetric edged lower as it sold the Odeon Multiplex Cinema property in Preston for £10.2m.
Ophir Energy jumped after signing a non-binding head of terms agreement with Schlumberger, which will receive a 40% interest in the company's Fortuna project in Equatorial Guinea.
Imagination Technologies was a high riser after saying it is reviewing strategic options for its audio products division Pure. |
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| Market Movers
FTSE 100 (UKX) 5,880.01 -0.34%
FTSE 250 (MCX) 16,097.22 -0.19%
techMARK (TASX) 3,104.31 0.08%
FTSE 100 - Risers
ARM Holdings (ARM) 1,012.00p 1.66%
3i Group (III) 442.70p 1.54%
TUI AG Reg Shs (DI) (TUI) 1,233.00p 1.40%
Berkeley Group Holdings (The) (BKG) 3,508.00p 1.24%
Old Mutual (OML) 158.20p 1.15%
Randgold Resources Ltd. (RRS) 4,607.00p 1.14%
Dixons Carphone (DC.) 470.20p 1.14%
Reckitt Benckiser Group (RB.) 6,109.00p 1.03%
Direct Line Insurance Group (DLG) 369.90p 1.01%
Experian (EXPN) 1,162.00p 0.96%
FTSE 100 - Fallers
Anglo American (AAL) 219.25p -3.29%
Lloyds Banking Group (LLOY) 65.01p -2.77%
Rio Tinto (RIO) 1,612.50p -2.48%
Antofagasta (ANTO) 363.10p -2.44%
BHP Billiton (BLT) 633.20p -2.42%
Tesco (TSCO) 156.85p -2.30%
BP (BP.) 344.95p -2.20%
GKN (GKN) 286.60p -2.12%
Barclays (BARC) 187.30p -1.81%
Glencore (GLEN) 77.16p -1.81%
FTSE 250 - Risers
Ophir Energy (OPHR) 88.50p 5.17%
Genus (GNS) 1,400.00p 2.34%
Beazley (BEZ) 369.70p 1.85%
JD Sports Fashion (JD.) 1,116.00p 1.73%
Hays (HAS) 125.80p 1.70%
OneSavings Bank (OSB) 307.50p 1.62%
Home Retail Group (HOME) 147.00p 1.59%
Investec (INVP) 431.80p 1.46%
Rightmove (RMV) 3,869.00p 1.42%
Lancashire Holdings Limited (LRE) 611.50p 1.33%
FTSE 250 - Fallers
Amec Foster Wheeler (AMFW) 383.10p -3.86%
IMI (IMI) 781.50p -3.70%
Tullow Oil (TLW) 142.50p -3.59%
Acacia Mining (ACA) 170.00p -2.63%
Weir Group (WEIR) 865.00p -2.37%
Petrofac Ltd. (PFC) 722.00p -2.30%
Jimmy Choo (CHOO) 121.40p -2.25%
Spectris (SXS) 1,587.00p -2.22%
AO World (AO.) 152.10p -2.00% |
| | UK Event Calendar | | Monday 25 January
INTERIMS
1pm
INTERIM EX-DIVIDEND DATE
Tongaat-Hulett Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
FINALS
APC Technology Group, Porvair, SThree
AGMS
Avacta Group, Electra Private Equity, Electra Private Equity ZDP, Elegant Hotels Group , JPMorgan Chinese Inv Trust, Sinclair Pharma
TRADING ANNOUNCEMENTS
Cranswick, Petra Diamonds Ltd.(DI)
FINAL DIVIDEND PAYMENT DATE
Proactis Holdings |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red as oil slides and Ifo disappoints European stocks edged lower in early trade as oil prices slid again and following softer-than-expected data on German business sentiment.
At 0905 GMT, the benchmark Stoxx Europe 600 index was down 0.7%, France's CAC 40 was off 0.5% and Germany's DAX was down 0.3%.
"Markets have started the week tentatively, with European equities following oil prices lower, giving up some of the gains seen late last week. The correlation between oil and equities remains a key driver for markets as investors expect lower oil prices to force sovereign wealth funds to divest rather than invest," said Rebecca O'Keeffe, head of investment at Interactive Investor.
Markets rallied at the end of last week after European Central Bank chief Mario Draghi hinted that further stimulus was on the cards. As a result, investors will be paying close attention to the Federal Reserve rate decision on Wednesday, as well as the Bank of Japan's monetary policy statement on Friday.
Energy shares were among the worst performers, with the Stoxx 600 oil and gas index down 1.8% as West Texas Intermediate fell 2.4% to $31.42 a barrel and Brent crude dropped 2.7% to $31.30.
In corporate news, 3i was a high riser in London following upbeat research notes from Societe Generale and Barclays.
B&Q owner Kingfisher was in the red after announcing a five-year transformation plan aiming to deliver a £500m sustainable annual profit uplift by the end of the programme.
Siemens was little changed following a media report the industrial group has agreed to buy privately-held US engineering software firm CD-adapco for close to $1bn in cash.
On the data front, the German Ifo survey for January came in weaker than expected.
The business climate index fell to 107.3 from 108.6 the previous month and below the 108.4 reading expected by economists. |
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| | US Market Report | | The Conference Board's leading economic index slipped 0.2% in December to 123.7 following a 0.5% rise the two previous months, led by a decline in housing permits and weak new orders in manufacturing.
This was a touch softer than economists' expectations for a 0.1% drop.
Still, Ataman Ozyildirim, director of Business Cycles and Growth Research at The Conference Board, said. "The index continues to suggest moderate growth in the near-term despite the economy losing some momentum at the end of 2015.
"While the LEI's growth rate has been on the decline, it's too early to interpret this as a substantial rise in the risk of recession." Sales of second-hand homes in the US snapped back at the end of 2015, thanks to warm weather and as buyers faced the prospect of higher mortgage rates in coming months.
Total existing home sales jumped 14.7% month-on-month in December to an annualised rate of 5.46m units, according to the National Association of Realtors, and were left standing 7.7% higher than a year ago.
December's print was comfortably ahead of the 5.20m projected by economists.
It also followed the largest monthly gain on record in November.
Lawrence Yun, NAR chief economist, highlighted the fact that 2015 was the best year for sales (5.26m) since the 6.38m pace observed in 2006.
The US government's 'Know Before You Owe' initiative may also have pushed sales back from November into December, NAR said.
The median price of an existing home rose by 7.6% in comparison to a year ago to reach $224,100.
Total housing inventory fell by 12.3% to 1.79m at the end of December and was left standing 3.8% below the same level of last year (1.86m).
Unsold inventory was running at 3.9 months' worth of supply, down from 5.1 months in November and its lowest since January 2005. |
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| | Newspaper Round Up | | Monday newspaper round-up: Brexit, dividends, Unilever, HSBC A British exit from the EU would isolate the country's scientists and reduce its influence in medicine, global pharmaceuticals executives have warned, as David Cameron fights for a deal in time for a June referendum. The warning by executives at some of the world's biggest drugmakers follows a plea by the UK prime minister for business to enter the debate and comes as the pro-Europe campaign steps up its rhetoric over the potential risks of Brexit. - Financial Times
UK company dividends are forecast to fall this year for the first time since 2010 as oil groups, miners and retailers struggle against a backdrop of low commodity prices and tough competition on the high street. Some of the UK's biggest companies have already slashed payouts, and more bad news is expected this year, as the uncertain global economic outlook and volatile markets threaten company balance sheets. - Financial Times
Unilever, the consumer goods group behind Persil and Magnum ice-creams, has said it will not scale back its UK operations if Britain votes to leave the EU. The comments from Paul Polman, the chief executive of the Anglo-Dutch business, echo those of Akio Toyoda, his counterpart at Toyota, who said the Japanese carmaker would continue to produce cars in Derbyshire even if Britain left. - Guardian
HSBC is poised to make a decision on whether it will stay in the UK as early as this week, The Daily Telegraph has learnt. After a nine-month, landmark review into where the bank will call home for at least the next decade, it is understood that the 20-person group board is due to hold a two-day meeting at the end of this week in Hong Kong. - Telegraph
Tesco's attempt to squash Pret in the sandwich market has ended with a retreat by Britain's biggest supermarket after it admitted customers were not interested. The grocer is planning to shut its two only "Food-to-Go" stores in London which were opened to attract busy commuters. - Telegraph
Competition to win the £4 billion contract to build superfast trains for the HS2 rail line has been blown open by a promise from Alstom, the French industrial giant, to bring rolling stock production back to Britain if it wins the tender. HS2 Ltd, the transport department body overseeing the £50 billion north-south rail line, has indicated that it wants the 250mph, quarter-mile-long trains capable of carrying a thousand passengers to be built, at least partially, in the UK. - The Times
Google should be paying hundreds of millions of pounds more tax, experts claimed, as anger grew over a sweetheart deal between the internet giant and HM Revenue & Customs. George Osborne, who welcomed the £130 million deal that covers ten years of back taxes on Saturday, has been asked by MPs whether he had any involvement in the negotiations. - The Times | | |
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