| | | | | | | | Metro Bank IPO: What you need to know In just a couple of weeks, Metro is due to launch its IPO. It’s following in the footsteps of smaller rivals, Aldermore and Shawbrook, who listed last year. Both performing strongly in the months following their IPOs.
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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 ahead of UK jobs data London stocks advanced on Wednesday ahead the release of UK jobs data which is expected to show a fall in unemployment.
The Office for National Statistics at 0930 GMT is expected to reveal the unemployment rate fell to 5.0% in the three months to December from 5.1% previously.
UK employers may have added 225,000 jobs during the period, compared to 267,000 the prior three months, according to analysts' estimates.
Jobless claims in January are projected to have fallen 3,000 while the claimant count is predicted to have risen 2.3% last month.
However, average weekly earnings are forecast to ease to 1.9% year-on-year growth from 2% growth previously.
The Bank of England highlighted the slowdown in salary raises in its Inflation Report earlier in the month, saying growth had "eased significantly" more than anticipated. The central bank now expects average weekly earnings to increase by 3% this year, down from the 3.75% it predicted three months ago.
The BoE also took a slowdown in wage growth into account in deciding to keep interest rates unchanged this month.
Meanwhile, oil prices rallied in morning trade after global oil producers agreed to freeze oil production at January levels. The agreement came after a meeting in Doha between Saudi Arabian oil minister Ali al-Naimi, his Russian counterpart Alexander Novak and representatives from Venezuela and Qatar.
"Not only has production been frozen at January 2016 record levels, which will have a minuscule impact on the excessive oversupply, the meaningless freeze is only valid on the premise of other producers joining in," said FXTM research analyst Lukman Otunga.
"While Russia and Saudi Arabia may be commended for their ability to take advantage of the explosively volatile oil markets which have allowed expectations of production cuts to translate into speculative boosts, investors are losing faith in the ability of oil producers to cooperate and as such this should result in more selloffs."
In economic data still to come, Eurozone construction output will be published at 1000 GMT, US housing starts are due at 1330 GMT and US manufacturing and industrial output figures will be released at 1415 GMT.
The Federal Reserve also releases the minutes of its 26-27 January policy meeting at 1900 GMT, providing more details on its decision to hold interest rates steady. The minutes may offer clues on the next policy change after raising the benchmark interest rate in December for the first time in nearly a decade.
In company news, Astrazeneca's shares rallied after winning fast-track US regulatory approval for a particular application of its most promising cancer drugs.
Glencore jumped as it announced it had signed a new revolving credit facility to replace its existing $8.45bn revolving credit facility to reduce its $30bn debt load.
Utilitywise gained as the utility cost management consultancy said its performance in the six months to the end January was in line with management expectations and the full year should also be in line. |
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| Market Movers
FTSE 100 (UKX) 5,903.03 0.70%
FTSE 250 (MCX) 15,847.11 0.92%
techMARK (TASX) 3,040.48 0.92%
FTSE 100 - Risers
Glencore (GLEN) 109.60p 6.46%
Anglo American (AAL) 411.40p 3.38%
Sainsbury (J) (SBRY) 255.90p 2.52%
InterContinental Hotels Group (IHG) 2,358.00p 2.25%
ITV (ITV) 250.30p 2.20%
Hargreaves Lansdown (HL.) 1,207.00p 2.12%
GKN (GKN) 273.00p 2.09%
Rio Tinto (RIO) 1,890.00p 2.05%
Merlin Entertainments (MERL) 422.80p 1.88%
Dixons Carphone (DC.) 438.40p 1.81%
FTSE 100 - Fallers
Old Mutual (OML) 165.30p -0.72%
Randgold Resources Ltd. (RRS) 5,970.00p -0.58%
National Grid (NG.) 950.50p -0.52%
United Utilities Group (UU.) 914.00p -0.44%
Centrica (CNA) 191.00p -0.37%
HSBC Holdings (HSBA) 446.65p -0.35%
Antofagasta (ANTO) 439.20p -0.32%
Royal Bank of Scotland Group (RBS) 249.40p -0.24%
Severn Trent (SVT) 2,120.00p -0.19%
BP (BP.) 337.30p -0.03%
FTSE 250 - Risers
Electrocomponents (ECM) 220.50p 5.25%
Auto Trader Group (AUTO) 377.40p 4.46%
TalkTalk Telecom Group (TALK) 208.70p 3.68%
Nostrum Oil & Gas (NOG) 265.30p 3.39%
Synthomer (SYNT) 297.00p 3.23%
Spectris (SXS) 1,701.00p 3.22%
National Express Group (NEX) 291.80p 3.15%
Savills (SVS) 674.50p 2.98%
Virgin Money Holdings (UK) (VM.) 296.80p 2.70%
Bankers Inv Trust (BNKR) 536.00p 2.68%
FTSE 250 - Fallers
Weir Group (WEIR) 897.00p -1.91%
Ladbrokes (LAD) 118.80p -1.90%
Booker Group (BOK) 158.40p -1.80%
Drax Group (DRX) 231.40p -1.62%
Amec Foster Wheeler (AMFW) 348.40p -0.99%
Wood Group (John) (WG.) 566.00p -0.96%
Ophir Energy (OPHR) 74.35p -0.93%
Tullow Oil (TLW) 171.80p -0.92%
SVG Capital (SVI) 479.80p -0.62% |
| | UK Event Calendar | | Wednesday 17 February
INTERIM DIVIDEND PAYMENT DATE
Redcentric
Q4
Norsk Hydro ASA
FINALS
Norsk Hydro ASA, Plus500 Ltd (DI)
SPECIAL DIVIDEND PAYMENT DATE
Dewhurst, Dewhurst (Non-Voting)
AGMS
Pressure Technologies, Titon Holdings
FINAL DIVIDEND PAYMENT DATE
Dewhurst, Dewhurst (Non-Voting)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the black as corporate news provides some cheer European stocks edged higher in early trade, taking their cue from a positive session on Wall Street as well-received corporate news helped to underpin the mood.
At 0855 GMT, the benchmark Stoxx Europe 600 index and Germany's DAX were 0.5% firmer, while France's CAC 40 was up 0.6%.
Oil prices were back in the red. On Tuesday, Russia, Saudi Arabia, Venezuela and Qatar agreed to freeze oil output at January levels. Market participants who had been expecting a production cut were left disappointed by the freeze and the fact the deal is contingent on Iran agreeing to it.
West Texas Intermediate was down 0.7% at $28.85 a barrel while Brent crude was 0.7% lower at $31.96.
Despite upbeat tone, some analysts were wary.
"With the chances of a solid agreement to limit oil supply looking shaky at best, the recent bounce on the commodity as well as wider equity markets looks fragile. Anyone thinking that markets have bottomed out could be in for a rude awakening. The VIX (Volatility index) remains on an upward trajectory so investors may be well advised to remain focused on safe havens," said Mike McCudden, head of derivatives at stockbroker Interactive Investor.
On the corporate front, French bank Credit Agricole advanced after outlining plans to simplify its ownership structure.
Schneider Electric was also on the front foot. Although the company posted a drop in 2015 profit, it also announced that it would speed up its share buyback programme.
Glencore rallied after it secured early refinancing of a $8.45bn loan facility.
AstraZeneca nudged higher after announcing that it has won fast-track US regulatory approval for a particular application of its most promising cancer drug, Durvalumab.
Sainsbury's was higher after Exane BNP Paribas upgraded the stock to 'outperform' from 'neutral'.
On the downside, ABN Amro lost ground after its fourth quarter profit missed expectations. |
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| | US Market Report | | US close: Stocks end higher despite oil price decline; ADT rockets US stocks ended in the black on Tuesday as bright spots on the corporate front helped to offset a drop in oil prices and some uninspiring data releases.
The Dow Jones Industrial Average ended up 1.4%, the Nasdaq increased 2.3% and the S&P 500 closed 1.7% firmer.
Oil prices reversed an earlier surge higher as market participants were left disappointed that Saudia Arabia, Russia, Qatar and Venezuela agreed only to freeze oil output at January levels, rather than cut it.
"Expectations were running pretty high into the oil producer meeting this morning, and with only a production freeze (which freezes record high output levels and doesn't include Iran) agreed, the reaction was always going to be ugly. Inevitably the market had front-run the news, with those who had pushed the price up in the overnight session unwinding positions rapidly," said IG.
By the time of the US close, West Texas Intermediate was down 1.1% at $29.12 per barrel and Brent crude was 3.3% weaker at $32.28.
Still, corporate news flow was cheerier.
ADT Corp. rocketed after agreeing to be acquired by private-equity outfit Apollo Global Management for about $6.93bn.
Pfizer gained after saying it reached an agreement in principle to pay $784.6m to settle a long-running US government investigation over claims its Wyeth unit overcharged government Medicaid health programmes for the heartburn drug Protonix.
Tech giant Apple advanced after announcing that it would issue up to $12bn in bonds to fund share buybacks and dividends.
Hormel Foods rallied after raising its guidance and reporting a jump in first quarter profit.
Morgan Stanley and Goldman Sachs were on the front foot after analysts at JP Morgan upgraded the former from 'neutral' to 'overweight' and the latter from 'underweight' to 'overweight'.
In economic data, the New York Federal Reserve revealed business conditions in the region remained in negative territory.
The Empire State manufacturing index for February rose to -16.6 from -19.4 in January, versus economists' expectations for a reading of -10.0.
Elsewhere, figures showed activity in the US housing market cooled slightly in February, although an uptrend was expected to resume over the rest of the year.
The National Association of Home Builders/Wells Fargo Housing Market Index retreated from a reading of 61 points for January to 58 in February.
That was slightly below the 61 point reading economists had pencilled in.
However, commenting on the data NAHB, chief economist David Crowe said: "Historically low mortgage rates, steady job gains, improved household formations and significant pent up demand all point to a gradual upward trend for housing in the year ahead."
An index of single-family sales retreated from 68 points to 65 and another linked to traffic of prospective buyers fell from 44 points to 39.
A gauge of the number of single family home sales expected over the coming six months edged higher from a reading of 64 points to 65.
The dollar rose 1% against the pound and 0.2% versus the euro, but slipped 0.3% against the yen.
S&P 500 - Risers
Adt Corp (ADT) $39.64 +47.53%
Chesapeake Energy Corp. (CHK) $1.86 +16.98%
Freeport-McMoRan Inc (FCX) $6.37 +15.19%
Williams Companies Inc. (WMB) $15.01 +11.43%
Qorvo, Inc. (QRVO) $40.78 +8.60%
Yahoo! Inc. (YHOO) $29.28 +8.28%
Graham Holdings Co. (GHC) $508.25 +7.97%
Wynn Resorts Ltd. (WYNN) $74.65 +7.97%
Micron Technology Inc. (MU) $10.80 +7.78%
Hormel Foods Corp. (HRL) $44.44 +7.08%
S&P 500 - Fallers
Southwestern Energy Co. (SWN) $8.00 -10.41%
Range Resources Corp. (RRC) $26.04 -5.07%
Newmont Mining Corp. (NEM) $24.56 -4.73%
Peabody Energy Corp. (BTU) $2.32 -4.53%
Cabot Oil & Gas Corp. (COG) $19.26 -2.48%
Transocean Ltd. (RIG) $8.66 -2.26%
Devon Energy Corp. (DVN) $21.26 -1.98%
American International Group Inc. (AIG) $52.06 -1.77%
Tenet Healthcare Corp. (THC) $23.58 -1.75%
Dun & Bradstreet Corp. (DNB) $93.78 -1.75%
Dow Jones I.A - Risers
Boeing Co. (BA) $112.60 +3.65%
Caterpillar Inc. (CAT) $65.21 +3.26%
Unitedhealth Group Inc. (UNH) $115.15 +2.98%
Cisco Systems Inc. (CSCO) $25.84 +2.91%
Apple Inc. (AAPL) $96.56 +2.73%
Home Depot Inc. (HD) $119.43 +2.67%
Nike Inc. (NKE) $57.79 +2.43%
General Electric Co. (GE) $28.86 +2.12%
Goldman Sachs Group Inc. (GS) $149.02 +1.98%
Walt Disney Co. (DIS) $92.91 +1.93%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $84.81 -0.73%
Wal-Mart Stores Inc. (WMT) $65.90 -0.42%
Travelers Company Inc. (TRV) $107.37 -0.11%
Nasdaq 100 - Risers
Ctrip.Com International Ltd. Ads (CTRP) $40.33 +8.62%
Yahoo! Inc. (YHOO) $29.28 +8.28%
JD.com, Inc. (JD) $24.99 +8.04%
Micron Technology Inc. (MU) $10.80 +7.78%
Liberty Global plc Series C (LBTYK) $33.96 +7.64%
Liberty Global plc Series A (LBTYA) $35.27 +7.43%
Skyworks Solutions Inc. (SWKS) $61.44 +6.61%
Biomarin Pharmaceutical Inc. (BMRN) $74.26 +5.96%
TripAdvisor Inc. (TRIP) $63.32 +5.71%
NetApp Inc. (NTAP) $23.09 +5.48%
Nasdaq 100 - Fallers
Mattel Inc. (MAT) $30.35 -1.33%
Vimpelcom Ltd Ads (VIP) $3.37 -1.17%
Walgreens Boots Alliance, Inc. (WBA) $76.55 -0.69%
Facebook Inc. (FB) $101.50 -0.50%
Autodesk Inc. (ADSK) $44.89 -0.07% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Metro Bank, RBS, Mike Ashley Metro Bank is slashing the size of its initial public offering by almost a fifth following the recent sell-off across the banking sector, investors in the UK challenger bank were told on Tuesday night. Metro said that it had cut the price of its offering from £24 per share to £20, and reduced the amount it aims to raise from £500m to £400m. - Financial Times
Powa Technologies, one of the UK's most highly valued technology start-ups, held back staff salaries and payments to suppliers as the company struggled to secure new investment. In a video message to staff late last year that has been seen by the Financial Times, Dan Wagner, founder and chief executive of the mobile commerce group, said that the company was "missing or late with staff payments and salaries". - Financial Times
Royal Bank of Scotland enjoyed tax breaks and deferrals amounting to an estimated £1bn after financing the film distribution rights to a string of blockbusters including Troy, Batman Begins and two of the Harry Potter series. Tax experts from the bank, which is now majority-owned by UK taxpayers, spent years building a £3.8bn film distribution financing portfolio to exploit generous tax benefits designed by ministers to aid the UK film industry. - Guardian
British businesses could have their gas supplies cut off in order to keep households in other parts of Europe warm, under a proposed new EU law. A new "solidarity principle" would apply to gas supplies to ensure that households, healthcare and security services across Europe were maintained as a priority in the event of a severe crisis. - Telegraph
Germany's powerful central bank chief has said quantitative easing is no longer appropriate for Europe, putting Berlin on a collision course with the European Central Bank over expanding stimulus measures to revive the single currency area. Jens Weidmann, head of the Bundesbank and a member of the ECB's governing council, said QE was "no longer necessary" for the eurozone, despite the widespread expectation that more stimulus will be announced as early as next month. - Telegraph
Four of Britain's oldest nuclear power plants are to keep generating electricity for up to seven years longer than planned, renewing fears about the capability of Britain's over-stretched nuclear safety regulator to cope with a growing workload. EDF, the French state-owned energy giant, said the Heysham 1 plant in Lancashire and another at Hartlepool in Co Durham, both of which had been due to be switched off in 2019 because of their advanced age, would be allowed to keep producing electricity for another five years. - The Times
Politicians outraged by Mike Ashley's refusal to appear before parliament may get the chance to grill the founder of Sports Direct over the running of his sports fashion company. The entrepreneur is reported to have offered to meet MPs and answer any questions about working conditions at the retailer's headquarters and giant warehouse facility. - The Times | | |
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