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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: FTSE muted as investors mull US rate hike prospects Stocks in London were little changed in early trade as investors continued to mull the prospect of a December rate hike by the Federal Reserve.
At 0830 GMT, the FTSE 100 was down 0.2% to 6,782.06.
Meanwhile, oil prices retreated. West Texas Intermediate was down 1.6% to $44.71 a barrel and Brent crude was 1.3% weaker at $45.90.
On Thursday, Fed chair Janet Yellen suggested in her testimony before Congress that the central bank could move on rates "relatively soon" as the economy is strong enough to withstand this.
"At this stage, I do think that the economy is making very good progress toward our goals, and that the judgment the [Fed policy] committee reached in November still pertains," she told the Joint Economic Committee.
Her comments pushed up the dollar, while yields on the 10-year Treasury note hit a high for the year.
Spreadex's Connor Campbell said: "It appears that the main driver of movement this Friday, at least in the early hours of the session, continues to be the prospect of a Fed rate hike in December. Growing US inflation, and a testimony from Janet Yellen that speculated interest rates could rise 'relatively soon', gave the dollar some extra juice yesterday, and it seems that it still has something left in tank this morning."
By early Friday, the pound was steady against the dollar, but the greenback was 0.3% higher versus the euro and 0.5% firmer against the yen.
In corporate news, engineering distribution firm Electrocomponents rallied after reporting a 44% jump in first half profits to £55.1m.
DIY company Grafton Group rose as it has agreed to by Dutch ironmonger Gunters en Meuser in order to increase its presence in Amsterdam.
Luxury retailer Jimmy Choo rose sharply as it reported revenue growth for the second half and said it was on track to deliver full-year underlying profits in line with expectations.
Specialty chemicals company Bodycote fell despite posting a rise in revenue in the four months to the end of October.
Flybe flew higher after HSBC lifted the stock to 'buy' from 'reduce', while Premier Oil nudged up after Jefferies upped it to 'buy' from 'hold'. |
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| | UK Event Calendar | | Friday 18 November
INTERIMS
Alpha Real Trust Ltd., Electrocomponents, Fuller Smith & Turner, Record
INTERIM DIVIDEND PAYMENT DATE
Bovis Homes Group, Hansteen Holdings, Harvey Nash Group, Howden Joinery Group, Kerry Group 'A' Shares, Konami Holdings Corporation, M&C Saatchi, Menzies(John), Morses Club , Saga , TLA Worldwide , Walker Greenbank
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Current Account (EU) (09:00)
Producer Price Index (GER) (07:00)
SPECIAL DIVIDEND PAYMENT DATE
Arbuthnot Banking Group, TMT Investments
EGMS
VinaLand Ltd, VinaLand ZDP Ltd
AGMS
Crystal Amber Fund Ltd., Eagle Eye Solutions Group, European Metals Holding Limited (DI), Kier Group, Sylvania Platinum Ltd (DI), VinaLand Ltd, VinaLand ZDP Ltd
FINAL DIVIDEND PAYMENT DATE
Dechra Pharmaceuticals, Foresight Solar & Infrastructure VCT, Foresight Solar & Infrastructure VCT , New Star Investment Trust, Smiths Group, Wilmington |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge higher but resources cap gains European equity markets were a touch higher in early trade as a weaker euro boosted exporters, but basic resources capped gains as a stronger dollar weighed on the sector
At 0855 GMT, the benchmark Stoxx Europe 600 index and France's CAC 40 were 0.1% higher, while Germany's DAX was up 0.3%.
Meanwhile, oil prices retreated. West Texas Intermediate was down 1.8% to $44.61 a barrel and Brent crude was 1.4% weaker at $45.83.
On Thursday, Fed chair Janet Yellen suggested in her testimony before Congress that the central bank could move on rates "relatively soon" as the economy is strong enough to withstand this.
"At this stage, I do think that the economy is making very good progress toward our goals, and that the judgment the [Fed policy] committee reached in November still pertains," she told the Joint Economic Committee.
Lee Wild, head of equity strategy at Interactive Investor, said: "It seems Trump has won over Wall Street, and a run of strong data this week makes it increasingly difficult for the Federal Reserve to sit on its hands for another month.
"Fed chair Janet Yellen said so herself, admitting last night that a first US rate hike in a year could happen 'relatively soon'. Four weeks perhaps? Weekly jobless claims just fell to a 43-year low and consumer inflation is now running at a six-month high. Excuses for holding back are disappearing fast."
Yellen's comments pushed up the dollar, while yields on the 10-year Treasury note hit a high for the year.
By early Friday, the euro was down 0.2% versus the dollar to 1.0599. This helped exporters on the European exchanges but weighed on the basic resources sector, as a stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies.
The Stoxx 600 sub-index for basic resources was down 1.5%.
In corporate news, Volkswagen gained ground following a report that the German auto maker and its labour unions had agreed to 30,000 job cuts by 2021 as part of a plan to boost profit and fund a shift to electric and self-driving cars.
Engineering distribution firm Electrocomponents rallied after reporting a 44% jump in first half profits to £55.1m.
DIY company Grafton Group rose as it has agreed to by Dutch ironmonger Gunters en Meuser in order to increase its presence in Amsterdam.
On the downside, Lafargeholcim declined after cutting its mid-term profit outlook and announcing plans for a CHF1bn share buyback.
Specialty chemicals company Bodycote fell despite posting a rise in revenue in the four months to the end of October. |
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| | US Market Report | | US close: Wall Street rises on strong jobs and housing data Wall Street closed on a high note as investors largely shrugged off Fed chair chair Janet Yellen's speech which appeared to all but confirm a December rate hike was in the offing.
The Dow Jones Industrial Average edged higher by 0.19% or 35.68 points to end at 18,903.82 points, while the S&P 500 rose by 0.47% to 2,187.82 points, and the Nasdaq climbed 0.74% to 5,333.97.
Testifying before the joint economic committee on Capitol Hill, Federal Reserve chief Janet Yellen said that "at its last meeting the FOMC had judged that the case for an increase in the target range [for the Fed funds rate] had continued to strengthen and that such an increase could well become appropriate relatively soon if incoming data provide some further evidence of continued progress toward the Committee's objectives."
The Fed expects the growth of the US economy "will warrant only gradual increases in the federal funds rate over time to achieve and maintain maximum employment and price stability," she added.
Yields on the benchmark 10-year Treasury note were six basis points higher at 2.28% by the closing bell, while those on two-year notes were down by one basis point at 1.03%. At 90.6%, according to Fed funds futures the odds of a December rate hike were unchanged from the previous session.
Neil Wilson, market analyst at ETX Capital, said "the fact is a December rate hike has already been priced in - markets think there is a roughly 90% chance the Fed will increase the target federal funds rate. It now looks almost impossible for the Fed not to raise rates next month - it's painted itself in a corner and has to respond with a hike or all hell will break loose in the markets.
"Today's jobless numbers - showing unemployment at a four-decade low - only strengthens the case for the Fed to act. Rising bond yields since Donald Trump's win further add to the argument for the central bank to raise rates. Longer term, Trumpflation may not be all it's cracked up to be as a savings glut exists globally.
"The dollar is trading just shy of its highest level in 13 years, while the pound is trading virtually unchanged against the greenback."
Barrage of stronger-than-expected economic data
On the date front, the Labor Department revealed that initial jobless claims dropped 19,000 from the previous week to 235,000, better than the expected rise to 257,000. This was the lowest number of Americans filing for unemployment benefits in 43 years.
In parallel, the Bureau of Labor Statistics said that the consumer price index increased 0.4% in October after rising 0.3% in September, which was in-line with analysts´ expectations.
Over the 12 months to October, the index was ahead by 1.6%, its highest year-on-year reading since October 2014.
The Commerce Department said that housing starts rose more than expected in October, surging 25.5% from the revised September figure to a
seasonally-adjusted rate of 1.32m. This was a nine-year high and surpassed expectations for an increase to 1.15m.
Oil futures edged up, West Texas Intermediate was higher by five cents to $45.42.
In corporate news, shares in Wal-Mart fell 3.08% as the retail behemoth's third-quarter revenue rose less than expected and profit fell.
Revenue was up 0.7% to $118.2bn, below expectations for $118.69bn, while profit dropped to $3.03bn, or 98 cents a share, compared with $3.3bn and $1.03 a year ago, but above projections of 90 cents to $1.
However, Best Buy's shares surged 14% as the electronics retailer's fourth-quarter revenue rose above forecasts.
Revenue grew 1.4% to $8.95bn, above expectations of $8.4bn and profit increased to $194m, or 60 cents a share, from $125m or 37 cents last year.
From a sector standpoint the strongest performance was put in by the following industrial groups: Forestry&Paper (2.76%), Gambling (2.57%) and Airlines (2.47%).
Dow Jones - Risers
Home Depot Inc. (HD) $128.92 2.87%
Nike Inc. (NKE) $51.59 1.80%
Microsoft Corp. (MSFT) $60.64 1.66%
Goldman Sachs Group Inc. (GS) $209.63 1.63%
Visa Inc. (V) $81.07 1.24%
JP Morgan Chase & Co. (JPM) $78.02 0.80%
Intel Corp. (INTC) $35.02 0.52%
3M Co. (MMM) $172.78 0.44%
E.I. du Pont de Nemours and Co. (DD) $69.17 0.42%
International Business Machines Corp. (IBM) $159.80 0.32%
Dow Jones - Fallers
Cisco Systems Inc. (CSCO) $30.05 -4.81%
Wal-Mart Stores Inc. (WMT) $69.19 -3.08%
Boeing Co. (BA) $145.33 -0.76%
Pfizer Inc. (PFE) $31.73 -0.72%
Caterpillar Inc. (CAT) $92.78 -0.61%
Exxon Mobil Corp. (XOM) $85.22 -0.61%
Unitedhealth Group Inc. (UNH) $150.77 -0.48%
Coca-Cola Co. (KO) $41.12 -0.34%
United Technologies Corp. (UTX) $106.68 -0.24%
Chevron Corp. (CVX) $108.12 -0.21%
S&P 500 - Risers
Best Buy Co. Inc. (BBY) $45.99 13.70%
NetApp Inc. (NTAP) $36.90 6.25%
Micron Technology Inc. (MU) $19.18 5.15%
Tenet Healthcare Corp. (THC) $17.24 4.99%
Wynn Resorts Ltd. (WYNN) $90.44 4.47%
Interpublic Group of Companies Inc. (IPG) $24.14 4.14%
Staples Inc. (SPLS) $9.33 3.90%
United Continental Holdings Inc. (UAL) $67.86 3.60%
H&R Block Inc. (HRB) $23.03 3.60%
Robert Half International Inc. (RHI) $44.95 3.40%
S&P 500 - Fallers
Mallinckrodt Plc Ordinary Shares (MNK) $55.32 -7.26%
First Solar Inc. (FSLR) $31.16 -5.06%
Cisco Systems Inc. (CSCO) $30.05 -4.81%
Southwestern Energy Co. (SWN) $10.37 -4.07%
J. M. Smucker Co. (SJM) $124.79 -3.92%
Regeneron Pharmaceuticals Inc. (REGN) $404.56 -3.69%
Noble Energy Inc. (NBL) $35.34 -3.47%
Tyson Foods Inc. (TSN) $66.70 -3.36%
Newmont Mining Corp. (NEM) $32.70 -3.14% |
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| | Newspaper Round Up | | Friday newspaper round-up: Brexit, Trump, energy firms, JP Morgan Germany's finance minister has set out a tough line on EU divorce talks with Britain on issues from tax breaks to exit costs, dashing Downing Street hopes Berlin would soften Europe's stance on a UK departure from the bloc. Theresa May's government has been looking to Germany, a net exporter to the UK, to temper French demands that Britain "pay a price" for its decision to leave. - Financial Times
Shinzo Abe has declared his trust and confidence in Donald Trump as the US president-elect's first meeting with a foreign leader passed off successfully. Emerging from Trump Tower in New York after an hour-and-a-half meeting, Japan's prime minister hailed the new president as a man he can do business with. - Financial Times
There is "no reason" for the Big Six energy giants to raise their standard variable tariffs this winter because their hedging strategies should insulate them from rising wholesale prices, leading analysts have said. Amid mounting speculation over a possible round of price rises, consultants Cornwall Energy said their analysis showed major suppliers should be able to hold off for several months - but warned that electricity price rises of up to 10pc before winter 2017-18 were highly likely. - Telegraph
JP Morgan is to pay $264m (£212m) to US authorities to settle charges the Wall Street bank breached anti-bribery laws by employing Chinese "princelings", the children of influential figures, to secure business worth more than $100m. Regulators have spent almost three years investigating whether hiring by the American firm overseas violated US the Foreign Corrupt Practices Act (FCPA). - Telegraph
The chief executive of Tesco has fired a fresh warning shot at multinational consumer brand owners, such as Marmite's parent company Unilever, by asking them not to push currency-related price hikes on to British shoppers. In his first comments since last month's "Marmitegate" stand-off, Dave Lewis said consumers should not be asked to pay "inflated prices" due to fluctuations in currencies, such as the post-referendum slump in the pound. - Guardian
The chancellor, Philip Hammond, should limit the impact of the Brexit vote on the economy by excluding public investment spending from his deficit reduction plans in his autumn statement next week, economists say. As the Treasury finalised tax and spending plans, economists warned that a black hole in government finances of more than £100bn could deter the chancellor from boosting infrastructure spending and leave the economy to cope with severe headwinds without extra support. - Guardian
The government has been urged to consider radical reform of how it commissions and finances infrastructure projects, amid concerns over the spiralling bill for high-speed rail and problems with building new homes and airport capacity. The Centre for Policy Studies said the authorities must consider issuing "project bonds" that would be sold to private investors to fund specific developments. It believes these would avoid the risk inherent in previous public-private schemes of what are, in effect, blank cheques backed by the taxpayer. - The Times |
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