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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 following losses in Asia UK stocks continued to decline on Tuesday following losses in Asia as oil prices fell below $30 per barrel.
Brent crude fell 2.85% to $29.65 per barrel and West Texas Intermediate dropped 2.9% to $29.48 per barrel at 0856 GMT amid ongoing concerns about an oversupply in the market.
"The pain of an excessive oversupply continues to pressure prices as even Iraq announced record high oil productions for December, pumping more supply into the saturated international oil markets, while crude oil stock piles have perpetually risen, sabotaging any opportunity for a recovery in value," said FXTM research analyst Lukman Otunuga.
"Some OPEC ministers are feeling the pressure and have requested for an emergency meeting but these have been swiftly disregarded as it remains very clear the cartel is willing to leave production unchanged to regaining more market share."
Elsewhere, stocks in China plunged to 13-month lows, dragging down the rest of Asia, on worries that capital outflows will accelerate as the economy slows and support and the yuan devalues. The Shanghai Composite Index fell 6.4% to 2,749.79 at the close. It came despite the People's Bank of China flooding the system with cash to keep borrowing costs in check ahead of the Lunar Holiday.
Connor Campbell, financial analyst at SpreadEx, said the Asian session has "already set a sour tone of trading, something that looks likely to continue throughout the day's European session".
In economic data, the focus is in the US with the release of the house price index at 1400 GMT, the S&P Shiller Composite at 1400 GMT, Markit's services purchasing mangers' index at 1445 GMT, the consumer confidence report at 1500 GMT and the Richmond Fed manufacturing indext at 1500 GMT.
On the company front, PZ Cussons tumbled after reporting a dip in reported revenue and drop in pre-tax profit, reflecting foreign exchange headwinds.
Dixons Carphone slumped after lifting profit guidance slightly above consensus forecasts and saying it will go ahead with the full roll-out of stores in the US. The group reported like-for-like sales were up 5% in the third-quarter, with an all-time record day on Black Friday as the FTSE 100 electronics retailer said it now expected profit before tax to range between £440m and £450m for the full year.
Crest Nicholson gained after the housebuilder beat profit expectations for the full year on sales revenues rising 26% to £804.8m and said it was confident of meeting its target of £1bn for the new financial year.
Card Factory declined after saying it was looking towards a solid annual performance on Tuesday, with increased like-for-like sales growth and constant total sales growth in the 11 months to 31 December 2015. |
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| Market Movers
FTSE 100 (UKX) 5,790.54 -1.47%
FTSE 250 (MCX) 15,976.80 -1.05%
techMARK (TASX) 3,082.79 -1.17%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 4,671.00p 1.63%
Fresnillo (FRES) 667.50p 1.44%
Royal Bank of Scotland Group (RBS) 253.10p 0.72%
Lloyds Banking Group (LLOY) 63.18p 0.06%
SABMiller (SAB) 4,183.50p -0.14%
Admiral Group (ADM) 1,690.00p -0.24%
Tesco (TSCO) 155.30p -0.26%
BAE Systems (BA.) 494.10p -0.34%
Taylor Wimpey (TW.) 183.00p -0.38%
Diageo (DGE) 1,833.00p -0.46%
FTSE 100 - Fallers
Kingfisher (KGF) 313.30p -3.27%
Mondi (MNDI) 1,153.00p -3.27%
BHP Billiton (BLT) 619.20p -3.22%
Royal Dutch Shell 'B' (RDSB) 1,360.00p -3.00%
BT Group (BT.A) 457.40p -2.89%
Royal Dutch Shell 'A' (RDSA) 1,361.00p -2.68%
Barclays (BARC) 177.15p -2.58%
Aberdeen Asset Management (ADN) 220.10p -2.48%
Prudential (PRU) 1,268.50p -2.46%
BP (BP.) 341.75p -2.40%
FTSE 250 - Risers
Marston's (MARS) 157.80p 4.71%
TalkTalk Telecom Group (TALK) 198.00p 4.21%
Acacia Mining (ACA) 184.10p 4.01%
Crest Nicholson Holdings (CRST) 526.00p 2.63%
Centamin (DI) (CEY) 65.30p 1.24%
Jimmy Choo (CHOO) 124.00p 0.81%
Daejan Holdings (DJAN) 6,040.00p 0.75%
Bellway (BWY) 2,652.00p 0.72%
Unite Group (UTG) 636.00p 0.71%
Keller Group (KLR) 783.00p 0.64%
FTSE 250 - Fallers
PZ Cussons (PZC) 253.00p -7.53%
Allied Minds (ALM) 273.00p -4.98%
Petrofac Ltd. (PFC) 686.00p -4.59%
Ophir Energy (OPHR) 84.00p -4.55%
Weir Group (WEIR) 807.00p -4.33%
Amec Foster Wheeler (AMFW) 366.50p -3.86%
Fidelity China Special Situations (FCSS) 117.00p -3.39%
Nostrum Oil & Gas (NOG) 286.00p -3.38%
QinetiQ Group (QQ.) 227.50p -3.31% |
| | UK Event Calendar | | Tuesday 26 January
INTERIMS
Purplebricks Group, PZ Cussons
INTERIM DIVIDEND PAYMENT DATE
Premier Farnell Cum Cnv Red Prf (Sterling Coupon), Premier Farnell Cum Conv Red Pref Shs 1(USD Cpn), RPC Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
House Price Index (US) (15:00)
GMS
Crimson Tide
FINALS
Crest Nicholson Holdings, Tern
EGMS
Air China Ltd.
AGMS
Applied Graphene Materials , Arcontech Group, Avon Rubber, European Investment Trust, Greencore Group, Infrastrata, Marston's, Redefine International, Servoca, VinaCapital Vietnam Opportunity Fund Ltd.
TRADING ANNOUNCEMENTS
Intermediate Capital Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red as oil slips below $30 a barrel European stocks fell in early trade, taking their cue from weak sessions in the US and Asia, as oil prices slipped below $30 a barrel.
At 0840 GMT, the benchmark Stoxx Europe 600 index and France's CAC 40 were both down 2%, while Germany's DAX was 1.7% lower.
Equity markets in Asia took a beating, with China's Shanghai Composite ending down a whopping 6.4%, while Japan's Nikkei slid 2.4% and Hong Kong's Hang Seng fell 2.3%.
"European equities are trading sharply lower this morning as the recent rally seen in oil has proved rather short-lived causing a late sell-off on Wall Street and hitting markets across Asia hard," said Markus Huber, senior analyst at Peregrine & Black.
"There is massive doubt that any ECB action will be able not only to boost growth but also fight disinflation with both a slowing economy in China and lower oil prices likely to lead inflation even lower.
"Overall sentiment remains negative however it needs to be seen if the latest sell-off is indeed the onset of another major leg lower or just profit-taking in light of last week's impressive gains."
West Texas Intermediate was down 2.7% at $29.51 while Brent crude was 2.7% weaker at $29.67. This weighed on the energy sector, pushing the Stoxx 600 oil and gas index down 3%.
In corporate news, EasyJet shares were in the red after the budget airline said the Sharm el-Sheikh disaster and the Paris attacks hit its revenue for the three months to 31 December.
Dixons Carphone was on the back foot after the electronics retailer lifted its annual profit guidance after a strong Christmas and announced plans to close 134 UK stores.
Siemens bucked the trend, racking up solid gains after the industrial group's first quarter earnings late on Monday beat expectations and the company lifted full year profit guidance.
There are no major Eurozone releases due, so attention will turn to the US, where S&P/Case Shiller house prices are at 1400 GMT, Markit Services PMI is at 1445 GMT and consumer confidence is at 1500 GMT.
Meanwhile, investors will also be looking ahead to Wednesday's Federal Open Market Committee rate decision.
"It is premature for the Fed to rule out another hike in March, so risk markets are unlikely to get a major relief," said Societe Generale.
The bank's economists expect a mixed message. |
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| | US Market Report | | US close: Energy shares pace the decline as oil prices slide US stocks declined on Monday, dragged lower by energy issues as oil prices slid.
The Dow Jones Industrial Average closed down 1.3%, while the Nasdaq and the S&P 500 ended 1.6% weaker.
Oil prices tumbled following a rally at the end of last week, after Iraq's oil ministry said the country had record output in December, while a senior official said it could raise production further this year.
This weighed on oil and gas shares, with Chesapeake Energy skidding nearly 16% and Devon Energy down just over 11%.
Meanwhile, investors were looking ahead to the Federal Reserve's latest decision on interest rates on Wednesday. The central bank is widely expected to keep rates unchanged at 0.50% following a 25 basis point rise last month, which was the first hike in almost a decade.
The focus will be on the press statement released alongside the rate decision to see whether the Fed hints at the timing of the next rate increase.
"A 13-year low in the price of crude oil has been a dark cloud over markets but the silver lining could be that it forces the Fed to rein in its plans for four rate hikes this year," said Jasper Lawler, market analyst at CMC Markets.
"Alongside falling oil prices, the dollar has risen 2% since the last Fed meeting. A rising dollar slows inflation by reducing the cost of imports and reduces growth by reducing exports. A major risk for the rebound in global markets that began in the middle of last week is that Fed looks past oil, the dollar and market turbulence and keeps a hawkish bias."
In company news, McDonald's Corp edged higher after reporting fourth quarter sales and profit that beat expectations.
Shares in Tyco International surged after confirmation that it will merge with rival Johnson Controls.
Twitter ended the session sharply lower after chief executive Jack Dorsey confirmed that four high-profile executives will leave the social media giant, with two other executives picking up extra responsibilities.
Caterpillar slumped after Goldman Sachs downgraded the stock to 'sell' from 'neutral'.
The dollar fell 0.2% against the pound, 0.5% against the euro and 0.4% versus the yen.
S&P 500 - Risers
Tyco International Plc (TYC) $34.18 +11.74%
Peabody Energy Corp. (BTU) $3.73 +8.12%
Newmont Mining Corp. (NEM) $17.66 +5.88%
Wynn Resorts Ltd. (WYNN) $61.01 +3.11%
O'Reilly Automotive Inc. (ORLY) $243.93 +1.88%
Mattel Inc. (MAT) $26.73 +1.87%
Edwards Lifesciences Corp. (EW) $80.19 +1.72%
Reynolds American Inc. (RAI) $46.89 +1.27%
Wal-Mart Stores Inc. (WMT) $63.43 +1.18%
Equinix, Inc. (EQIX) $300.00 +0.99%
S&P 500 - Fallers
Chesapeake Energy Corp. (CHK) $2.95 -15.81%
Devon Energy Corp. (DVN) $22.76 -11.18%
International Paper Co. (IP) $32.59 -10.59%
Cimarex Energy Co (XEC) $75.59 -10.41%
Hess Corp. (HES) $34.41 -10.23%
Marathon Oil Corp. (MRO) $8.14 -9.81%
Genworth Financial Inc. (GNW) $2.22 -9.76%
Southwestern Energy Co. (SWN) $7.93 -9.58%
NRG Energy Inc. (NRG) $8.99 -9.47%
ConocoPhillips (COP) $34.22 -9.16%
Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $63.43 +1.18%
McDonald's Corp. (MCD) $119.26 +0.73%
Coca-Cola Co. (KO) $42.16 +0.24%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $57.93 -5.00%
Goldman Sachs Group Inc. (GS) $151.19 -3.61%
Exxon Mobil Corp. (XOM) $73.97 -3.40%
Chevron Corp. (CVX) $80.86 -3.21%
E.I. du Pont de Nemours and Co. (DD) $53.05 -3.09%
JP Morgan Chase & Co. (JPM) $55.65 -2.28%
Apple Inc. (AAPL) $99.45 -1.94%
United Technologies Corp. (UTX) $84.90 -1.68%
Walt Disney Co. (DIS) $95.31 -1.64%
3M Co. (MMM) $137.62 -1.36%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $61.01 +3.11%
O'Reilly Automotive Inc. (ORLY) $243.93 +1.88%
Mattel Inc. (MAT) $26.73 +1.87%
Electronic Arts Inc. (EA) $69.92 +0.81%
Cognizant Technology Solutions Corp. (CTSH) $60.95 +0.73%
Liberty Global plc Series A (LBTYA) $33.83 +0.39%
Biomarin Pharmaceutical Inc. (BMRN) $84.90 +0.28%
Express Scripts Holding Co (ESRX) $72.31 +0.11%
Yahoo! Inc. (YHOO) $29.78 +0.10%
Avago Technologies Ltd. (AVGO) $124.60 +0.07%
Nasdaq 100 - Fallers
Sandisk Corp. (SNDK) $61.91 -8.17%
Seagate Technology Plc (STX) $26.40 -5.48%
Micron Technology Inc. (MU) $10.47 -5.42%
Whole Foods Market Inc. (WFM) $28.86 -5.13%
Western Digital Corp. (WDC) $42.47 -5.09%
Dish Network Corp. (DISH) $47.04 -4.20%
Mondelez International Inc. (MDLZ) $40.19 -3.39%
Activision Blizzard Inc. (ATVI) $34.72 -3.34%
Symantec Corp. (SYMC) $18.82 -3.34% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: UK power, Tesco, Google, OPEC Mario Draghi has launched a staunch defence of the European Central Bank's aggressive monetary easing, in a fresh bid to counter criticism of the policy. The ECB president signalled last week that his central bank was prepared to cut rates and expand its quantitative easing programme. He said policymakers would "review and possibly reconsider" their policy stance at their next policy meeting in March in the face of the slide in oil prices and China-led slowdown in emerging markets. - Financial Times
Tens of billions of pounds worth of investment in power stations, wind farms and other critical energy projects needed to guarantee reliable electricity supplies are in jeopardy because of a failure by ministers to reach key policy decisions, the CBI has warned. In a letter released today by the business lobby group, and seen in advance by The Times, it argues that Britain is facing the threat of a supply crunch because of a shortage of investment and uncertainty around the future subsidies available for low carbon power. - The Times
Shareholders in Royal Dutch Shell have begun casting their votes to approve its proposed £33 billion takeover of BG Group. The deadline for proxy votes expired at the close of business yesterday. Documents were sent to shareholders before Christmas after final approvals had been granted by Australian and Chinese regulators. - The Times
Tesco is to be reprimanded by the supermarket watchdog over its treatment of suppliers, dealing another blow to the reputation of Britain's biggest retailer. The Groceries Code Adjudicator (GCA) will deliver a slap on the wrist to Tesco on Tuesday as it reveals the findings of a year-long investigation into allegations the company breached the industry code of practice by delaying payments to suppliers and demanding extra fees. - Guardian
MPs have launched an inquiry into the UK's tax system after the government was accused of allowing Google to pay too little in a £130m deal. The House of Commons Treasury committee announced that it would examine whether a radical shakeup of corporation tax was needed, amid concern thatGoogle has been allowed to get away with an effective rate of 3%. - Guardian
The Opec oil cartel has issued its strongest plea to date for a pact with Russia and rival producers to cut crude output and halt the collapse in prices, warning that the deepening investment slump is storing up serious trouble for the future. Abdullah al-Badri, Opec's secretary-general, said the cartel is ready to embrace rivals and thrash out a compromise following the 72pc crash in prices since mid-2014. - Telegraph
Slough is attracting new business at a faster rate than anywhere else in the UK, growing its corporate presence by 29pc in the five years to 2014. The Berkshire town is also the country's fastest-growing city. Its population ballooned by a fifth between 2004 and 2014, and Slough is one of three cities with productivity levels a third higher than the national average. - Telegraph | | |
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