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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 close: Stocks end session on a soft note, Gilts heavily sold Stocks ended the session slightly lower even after the Chancellor announced a modest fiscal boost, with equity traders on both sides of the Pond opting to pull in their horns ahead of the Thanksgiving holidays in the States.
The Footsie finished down by 0.03% or 2.01 points at 6,817.71, alongside a gain of 0.26% for the pound versus the US dollar as the Autumn Statement saw yields on 10-year Gilts jump by nine basis points to 1.45%.
Losses in Gilts also came amid a much stronger-than-expected headline reading on US durable goods orders and a report from Reuters that the European Central Bank was considering lending the German bonds it owns in order to avoid a market freeze.
Chancellor Philip Hammond said the government would require an extra £122bn in borrowing and growth would slow to 1.4% next year.
In his first set piece speech since becoming finance minister, Hammond said the slowdown would be the result of weaker consumer demand and uncertainty about what kind of deal Britain would strike with the European Union since voting to leave in June.
He added that the key driving factors were the plunge in the pound and higher inflation since the referendum result.
Ian Stewart, chief economist at Deloitte, commented: "This is no Keynesian-style spending splurge. Mr Hammond wants to strengthen productivity through targeted investment, not with big increases in government spending. What room for manoeuvre the Chancellor has got has been used to boost government investment and welfare spending. Most of the slippage on the deficit has been caused by slower growth, not by government decisions."
Meanwhile, oil prices were trading just a touch lower after a choppy session on Tuesday, as investors continued to hope that next week's OPEC meeting will yield an agreement to cut production.
West Texas Intermediate was up 0.04% to $48.05 a barrel and Brent crude was off 0.1% at $49.06.
Copper futures were also higher, gaining 2.17% to $2.6115 a pound.
Estate agents sent lower after Autumn Statement
Hammond announced he planned to clamp down on letting agent fees, sending shares of estate agents Foxtons, Countrywide and LSL Property Services all lower.
Elsewhere, United Utilities rose as it reported a small jump in underlying first-half profit and lifted its interim dividend.
Property investor Hammerson slipped after agreeing to buy four outlet centres in Europe worth a combined €587m (£502m), in order to expand in the territory.
GlaxoSmithKline gained as it said its mepolizumab medicine met Phase 3 trial endpoints.
Thomas Cook surged. Although the travel company posted a drop in revenue and profit for the year to the end of September, underlying profit from operations came in ahead of expectations.
Softcat lost ground after saying it has seen a good start in the first quarter but that it expects operating profit for the year to be weighted towards the second half.
Also to the downside, CMC Markets was in the red as it reported a slump in revenue and profits for the first half. |
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| Market Movers
FTSE 100 (UKX) 6,817.71 -0.03%
FTSE 250 (MCX) 17,622.52 -0.32%
techMARK (TASX) 3,277.41 -0.14%
FTSE 100 - Risers
Anglo American (AAL) 1,237.50p 2.44%
Compass Group (CPG) 1,355.00p 2.19%
BHP Billiton (BLT) 1,363.00p 2.17%
Provident Financial (PFG) 2,988.00p 1.84%
Bunzl (BNZL) 2,041.00p 1.74%
Wolseley (WOS) 4,700.00p 1.71%
Smiths Group (SMIN) 1,403.00p 1.67%
Rolls-Royce Holdings (RR.) 670.50p 1.59%
3i Group (III) 665.50p 1.53%
DCC (DCC) 6,325.00p 1.44%
FTSE 100 - Fallers
Fresnillo (FRES) 1,244.00p -2.96%
Polymetal International (POLY) 741.00p -2.76%
Tesco (TSCO) 213.40p -2.42%
Randgold Resources Ltd. (RRS) 5,685.00p -2.24%
Direct Line Insurance Group (DLG) 348.40p -2.13%
Admiral Group (ADM) 1,926.00p -2.08%
Land Securities Group (LAND) 969.00p -2.02%
Barratt Developments (BDEV) 477.00p -1.95%
Persimmon (PSN) 1,746.00p -1.80%
easyJet (EZJ) 1,047.00p -1.69%
FTSE 250 - Risers
Thomas Cook Group (TCG) 79.00p 7.41%
Entertainment One Limited (ETO) 225.50p 5.13%
Rotork (ROR) 236.40p 4.32%
Hunting (HTG) 528.50p 4.14%
Euromoney Institutional Investor (ERM) 1,046.00p 3.56%
Petra Diamonds Ltd.(DI) (PDL) 160.50p 3.48%
Evraz (EVR) 271.00p 3.12%
Vectura Group (VEC) 150.70p 3.01%
Weir Group (WEIR) 1,809.00p 2.67%
Kaz Minerals (KAZ) 370.80p 2.60%
FTSE 250 - Fallers
Countrywide (CWD) 193.90p -5.23%
CMC Markets (CMCX) 193.00p -4.97%
Hochschild Mining (HOC) 213.90p -3.87%
Berkeley Group Holdings (The) (BKG) 2,448.00p -3.77%
PayPoint (PAY) 1,040.00p -3.70%
Sports Direct International (SPD) 305.00p -3.21%
OneSavings Bank (OSB) 328.90p -3.15%
Mitchells & Butlers (MAB) 256.30p -2.99%
Grafton Group Units (GFTU) 571.00p -2.81% |
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| | US Market Report | | US open: Traders shy ahead of Thanksgiving break Investors pulled in their horns ahead of the Thanksgiving break and following a barrage of economic data that saw government bond yields rise sharply.
As of 1535 GMT the Dow Jones Industrials was up by 0.15% or 28.01 points to 19,051.28, while the Nasdaq Composite was retreating 0.46% or 24.57 points to trade at 5,361.15 and the S&P 500 was off by 0.15% or 3.36 points to 2,199.95.
Key in Wednesday´s data deluge was a 4.8% month-on-month jump in durable goods orders during October to reach $239.4bn.
Although the figures were somewhat distorted by a 94% surge in civilian aircraft orders, economists at Barclays Research saw signs for optimism in the data.
"Neither orders nor shipments have displayed a sustained upward movement that would indicate a near-term acceleration in equipment investment; however, this morning's report could be the first sign of the firming we would need for our investment forecast to be realized. Within the detail of the report, we see broad-based strength," Barclays´s Rob Martin said in a research report sent to clients.
The data saw 10-year US Treasury yields jump eight basis points to 2.40%, pushing the dollar higher by 1.56% to 112.78 against the Japanese yen.
Also noteworthy were the results of the University of Michigan´s final reading on consumer confidence for November.
The figures revealed the extent to which Donald Trump was enjoying the so-called 'honeymoon' period with investors following his surprise election win.
The University of Michigan´s consumer sentiment survey jumped from 87.2 at the end of October to 93.8 for November (consensus: 91.6), according to the final data for the month.
Minutes of the Fed's 1-2 November meeting are due at 1900 GMT.
Pharma, Biotech stocks hit
Eli Lilly tumbled in pre-market trade after the company said a late-stage trial of a treatment for dementia in patients with Alzheimer's failed to meet its goal.
Shares in Juno Therapeutics tumbled in early trade as the biopharmaceutical company said it has halted its Phase II clinical trial of the JCAR015 drug after two patients suffered cerebral edema earlier this week.
Shares in construction equipment maker Deere & Co were boosted on Wednesday after the company posted an impressive earnings beat in its fourth quarter report.
Net income attributable to Deere dropped to $285.3m, or 90 cents a share, in the fourth quarter ended in October from $351.2 million, or $1.08 a share from last year. |
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| | Broker Tips | | Broker tips: Wolseley, Severn Trent, Hunting Canaccord Genuity hiked its target on Wolseley ahead of the builders merchant's first quarter update.
All eyes would be on its performance in the US, the broker believed.
Nonetheless, while trading in the first three months of the year would benefit from its exposure to the States, analysts Aynsley Lammin and Matthew Walker advised clients not to expect any significant incremental improvement in underlying trading in the US.
In that same vein, other parts of the group had likely continued to face challenging conditions and a focus on acquisitions limited the margin for any capital returns this year, the analysts said in a research note dated 23 November.
Even so, Canaccord lifted its target on the stock from 4,320p to 4,600p mainly as a result of currency adjustments´ positive impact on the firm´s earnings per share.
HSBC raised its target on Severnt Trent and stuck to its 'hold' recommendation due to the attractions of its 'defensive' nature.
That was despite the fact that Severn Trent had been the strongest performer of its UK regulated peers in 2016, with its shares rising by 20% versus the MSCI Utilities index.
Among the company´s strong points, HSBC highlighted the predictability of its dividend, which was set at 81.5p for 2016/2017 with annual dividend growth thereafter of at least RPI until March 2020.
Hunting surged as Credit Suisse upped its stance on the stock to 'outperform' from 'neutral' and lifted the price target to 575p from 500p saying the company is turning a corner.
CS said that with greater exposure to well completions and US unconventionals, Hunting should have more operational leverage to this recovery cycle than 2009.
"The recent improvement in orders suggests customers have consumed excess inventories of certain product lines. Rig count (up more than 50% from the bottom across major basins) and drilled but uncompleted completion trends add substance to this thesis, while a Trump administration should also be a boon to the US Oil & Gas Industry. All this suggests a brighter outlook for HTG." |
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