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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 edges higher as commodities bounce back Stocks were seeing slight gains in early trading on Monday as traders digested a panoply of political news out over the weekend amid a bounce in many key commodities as the US dollar took a step back.
As of 0824 GMT the FTSE 100 was higher by 0.29% or 18.67 points at 6,794.44.
Many investors eyes were on Prime Minister Theresa May as she unveils her new industrial strategy in a speech to the CBI later in the day.
That comes ahead of the Chancellor's Autumn Statement on Wednesday, with Philip Hammond having said at the weekend that new government spending would be restrained due to "eye-wateringly" high levels of public debt.
Brent crude futures were up by 1.1% after Russian president Vladimir Putin said on Sunday that: "We will do everything that our partners from Opec are expecting. To freeze crude production is not an issue for us."
He was joined by Iran's oil minister, who said it was "highly probable" that the oil cartel would reach a consensus on production cuts at its end November meeting.
Nickel, copper and zinc futures were all higher as the US dollar spot index slipped 0.16% to 101.05.
The weekend saw another political upset as ex-French prime minister Francois Fillon (44.2%) beat Nicolas Sarkozy in the French Republican party's primary elections. Fillon is now set to face another ex-prime minister, Alain Juppe (28.5%), in a second run-off vote on 27 November.
Significantly, some recent polls had shown Fillon easily beating the National Front's Marine Le Pen in a hypothetical confrontation, but there is increasing uneasiness among some observers about the risk that Le Pen might yet upend the current political landscape.
No major economic data releases were scheduled for Monday, although investors were expected to be closely watching any possible hints about further quantitative easing from the European Central Bank when Mario Draghi speaks later in the day.
The ECB's chief is due to take part in discussions about the monetary authority's annual report at the European parliament at 1600 GMT.
Profit warnings
In corporate news, as well as reporting worse profits for the first half and cutting its dividend, facilities management group Mitie said the second half should see an improvement but the full year turnout will fall short of expectations.
The company has also taken the decision to withdraw from the domiciliary healthcare market and has placed this business under strategic review, with several big write-offs leading to a large first-half loss.
Essentra has cut also cut its profit guidance for the year due to delays in delivering projects, a "soft" Chinese market and the slow integration of an acquisition. The FTSE 250 plastics company now expects the calendar year will see a 7% like-for-like revenue decline in line with the first half of the year, with adjusted operating profit of £137-142m, which was revised down from £155-165m.
The third piece of disappointing profit news came from clothing retailer Bonmarche, which reported a drop in revenue and profit for the 26 weeks to 24 September, attributing the decline in part to the weather and the fact that competitor BHS went into administration.
More positively, GlaxoSmithKline has filed a US regulatory submission for a new three-drug inhaler treatment for patients with chronic obstructive pulmonary diseases such as chronic bronchitis and emphysema around 18 months earlier than originally planned.
Technical products supplier Diploma said full year pre-tax profits rose 4% to £54m on the back of a rise in revenue to £382.6m from £333.8m. The total dividend jumped 10% to 20p a share.
US science and technology developer Allied Minds has created a new subsidiary, Vatic Materials, which has agreed to license certain technologies from Pennsylvania State University. Vatic Materials will focus on developing materials and fabrication processes for transparent conducting thin films, such as on touch screens, lighting and photovoltaics, which will allow conductive surfaces to be potentially thinner and more cost effective. |
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| Market Movers
FTSE 100 (UKX) 6,797.40 0.32%
FTSE 250 (MCX) 17,650.92 -0.05%
techMARK (TASX) 3,319.34 0.05%
FTSE 100 - Risers
Antofagasta (ANTO) 689.00p 3.45%
Randgold Resources Ltd. (RRS) 5,950.00p 2.76%
Glencore (GLEN) 268.65p 2.58%
Anglo American (AAL) 1,116.00p 2.43%
BHP Billiton (BLT) 1,293.00p 2.33%
Fresnillo (FRES) 1,315.00p 2.02%
Rio Tinto (RIO) 2,985.00p 1.74%
Polymetal International (POLY) 773.50p 1.44%
Royal Dutch Shell 'A' (RDSA) 2,011.50p 1.34%
Prudential (PRU) 1,534.00p 1.25%
FTSE 100 - Fallers
Lloyds Banking Group (LLOY) 58.64p -1.35%
Admiral Group (ADM) 1,899.00p -0.94%
Babcock International Group (BAB) 971.00p -0.87%
Royal Mail (RMG) 467.10p -0.76%
Rolls-Royce Holdings (RR.) 653.00p -0.68%
British American Tobacco (BATS) 4,331.00p -0.65%
Diageo (DGE) 2,017.00p -0.59%
Shire Plc (SHP) 4,775.00p -0.50%
Mediclinic International (MDC) 751.00p -0.46%
Royal Bank of Scotland Group (RBS) 204.20p -0.44%
FTSE 250 - Risers
Vedanta Resources (VED) 833.00p 3.48%
Hays (HAS) 142.00p 2.75%
Acacia Mining (ACA) 451.00p 2.45%
Electrocomponents (ECM) 461.70p 2.28%
Centamin (DI) (CEY) 135.00p 2.12%
Sophos Group (SOPH) 246.30p 1.78%
Hochschild Mining (HOC) 224.20p 1.77%
BGEO Group (BGEO) 2,874.00p 1.73%
Meggitt (MGGT) 456.00p 1.65%
Softcat (SCT) 311.00p 1.63%
FTSE 250 - Fallers
Essentra (ESNT) 397.30p -19.62%
Mitie Group (MTO) 181.30p -13.67%
Atkins (WS) (ATK) 1,533.00p -2.42%
Man Group (EMG) 123.40p -1.59%
Rightmove (RMV) 3,829.00p -1.54%
Foreign and Colonial Inv Trust (FRCL) 514.00p -1.34%
Laird (LRD) 145.80p -1.29%
Amec Foster Wheeler (AMFW) 428.20p -1.15%
Just Eat (JE.) 567.00p -1.13% |
| | UK Event Calendar | | Monday November 21
INTERIMS
Bonmarche Holdings, Mitie Group, Omega Diagnostics Group
Q3
BGEO Group, Georgia Healthcare Group
FINALS
Diploma, Future, Intelligent Energy Holdings
SPECIAL DIVIDEND PAYMENT DATE
Barratt Developments
AGMS
Imperial Innovations Group, Mineral & Financial Investments Limited (DI), TR European Growth Trust
FINAL DIVIDEND PAYMENT DATE
Barratt Developments
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed but miners, energy issues gain European stocks wavered in a tight range in early trade, although gains in the oil and gas and basic resources sectors lent some support.
At 0850 GMT, the benchmark Stoxx Europe 600 index was down 0.2%, Germany's DAX was 0.1% higher and France's CAC 40 was 0.2% firmer.
At the same time, oil prices rose amid growing expectations that OPEC will agree a production cut at its meeting later this week. West Texas Intermediate was up 1% to $46.15 a barrel and Brent crude was 1.1% higher at $47.35. The Stoxx 600 oil and gas index gained 0.8%.
Metals prices were also in the black, helping to push the Stoxx 600 basic resources index up 1.3%.
Markus Huber, a trader at City of London Markets, said: "European shares are starting the new trading week little changed this morning despite mostly higher markets across Asia and rallying oil prices. An overall lack of major news over the weekend, a rather light data calendar today and traders still waiting for US president elect Trump to announce more new policies and appointments are keeping many traders on the sidelines for now.
"Furthermore trading volume is likely to be negatively impacted and below average for the entire week due to the US celebrating Thanksgiving on Thursday. Overall sentiment remains positive with a year-end rally still on the cards. However at this stage more good economic data will be needed to tempt traders to increase their risk exposure further, especially ahead of the crucial FOMC meeting where the Fed is likely to raise rates and the Italian referendum which could put the government into a deep crisis and therefore possibly destabilise not only Italy but the entire eurozone."
Politics were in focus in Europe as former French President Nicolas Sarkozy conceded defeat after a vote to choose the centre-right candidate, leaving Francois Fillon and Alain Juppe as contenders.
Meanwhile, in Germany, Chancellor Angela Merkel confirmed that she will run for a fourth term in office.
On the corporate, front German chip designer Aixtron tumbled after a US regulator moved to stop a planned Chinese takeover of the company.
In London, profit warnings weighed on outsourcing group Mitie and plastic and fibre products supplier Essentra.
Meanwhile, GlaxoSmithKline edged lower after saying it has filed a US regulatory submission for a new three-drug inhaler treatment for patients with chronic obstructive pulmonary diseases. |
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| | US Market Report | | US close: S&P 500 higher for a second week even as trader book profits Wall Street finished slightly lower as traders took profits ahead of the Thanksgiving Day Holiday-shortened week and after two top US central bank officials indicated their support for an interest rate hike, likely in December.
The Dow Jones Industrials finished down by 0.19% or 35.89 points at 18,867.93, alongside the S&P 500 which slipped 0.24% or 5.22 points to 2,181.90 and a decline for the Nasdaq Composite of 0.23% or 12.46 points to end at 5,321.51.
From a sector standpoint, the worst performance was seen in the following industrial groups: Aluminium (-4.49%), Clothing (-3.25%) and Media Agencies (-2.48%).
Despite Friday´s retreat, the S&P finished the week up by 0.8%. capping a 2% rise since the surprise election victory by Donald Trump, while the Russell 2000 benchmark of small caps pushed its winning streak to an eleventh consecutive session, its longest such stretch since 2003.
Speaking overnight, the president of the Federal reserve bank of St.Louis said he was leaning towards a December hike, while his opposite number at the Kansas City Fed, Esther George, said a move to tighten policy was preferrable "sooner rather than later".
"Monetary policy should avoid deliberately stoking the risks that come with overheating the US economy", George said.
In her opinion, the central bank should "slowly raise the federal funds rate".
In corporate news, Abercrombie & Fitch shares plunged 13.76% after the fashion house warned of a challenging fourth quarter.
Third quarter sales fell 6.5% to $821.73m, below expectations of $830.6m, while income was down to $7.88m, or 12 cents per share from $41.89m, or 60 cents last year.
Whereas Foot Locker's shares rose 0.6% as the shoe retailer beat third quarter expectations. Earnings rose to $157m, or $1.17 a share from $80m, or 57 cents last year, beating forecasts of $1.10.
Salesforce jumped 3.4% after its third-quarter results late on Thursday beat expectations, but Applied Materials slipped 0.49% after it posted lower-than-expected sales for the fourth quarter.
Dow Jones - Risers
Chevron Corp. (CVX) $109.20 1.00%
Boeing Co. (BA) $146.35 0.70%
Travelers Company Inc. (TRV) $111.82 0.58%
Verizon Communications Inc. (VZ) $48.07 0.48%
McDonald's Corp. (MCD) $120.00 0.46%
Cisco Systems Inc. (CSCO) $30.18 0.43%
International Business Machines Corp. (IBM) $160.39 0.37%
Goldman Sachs Group Inc. (GS) $210.35 0.34%
3M Co. (MMM) $172.96 0.11%
Apple Inc. (AAPL) $110.06 0.10%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $61.87 -1.32%
Procter & Gamble Co. (PG) $82.00 -1.29%
Walt Disney Co. (DIS) $98.24 -1.14%
American Express Co. (AXP) $71.00 -1.09%
Johnson & Johnson (JNJ) $115.36 -1.04%
Nike Inc. (NKE) $51.10 -0.95%
Wal-Mart Stores Inc. (WMT) $68.54 -0.94%
Unitedhealth Group Inc. (UNH) $149.45 -0.88%
Pfizer Inc. (PFE) $31.48 -0.79%
Coca-Cola Co. (KO) $40.91 -0.51%
S&P 500 - Risers
CF Industries Holdings Inc. (CF) $28.96 6.90%
Ross Stores Inc. (ROST) $68.00 3.77%
Western Digital Corp. (WDC) $60.93 3.62%
Weyerhaeuser Co. (WY) $31.13 3.59%
Salesforce.Com Inc. (CRM) $77.77 3.43%
Mosaic Company (MOS) $28.26 3.40%
Staples Inc. (SPLS) $9.60 2.89%
ConocoPhillips (COP) $44.76 2.64%
Yum! Brands Inc. (YUM) $62.36 2.63%
Devon Energy Corp. (DVN) $43.82 2.22%
S&P 500 - Fallers
Gap Inc. (GPS) $25.61 -16.61%
First Solar Inc. (FSLR) $29.21 -6.26%
Alcoa Corporation (AA) $30.42 -4.49%
Under Armour Inc. Class A (UA) $30.95 -4.21%
Allergan plc (AGN) $191.78 -4.10%
VF Corp. (VFC) $54.52 -4.08%
Mattel Inc. (MAT) $30.52 -4.06%
Activision Blizzard Inc. (ATVI) $38.39 -3.88%
Tesoro Corp. (TSO) $83.22 -3.86%
Patterson Companies Inc. (PDCO) $46.49 -3.61%
Nasdaq 100 - Risers
Ross Stores Inc. (ROST) $68.00 3.77%
Western Digital Corp. (WDC) $60.93 3.62%
Intuit Inc. (INTU) $115.98 1.92%
Stericycle Inc. (SRCL) $76.09 1.09%
Nvidia Corp. (NVDA) $93.36 1.05%
QUALCOMM Inc. (QCOM) $67.31 0.96%
American Airlines Group (AAL) $46.26 0.94%
Maxim Integrated Products Inc. (MXIM) $40.09 0.88%
Lam Research Corp. (LRCX) $104.71 0.88%
Nxp Semiconductors Nv (NXPI) $98.88 0.84%
Nasdaq 100 - Fallers
Mattel Inc. (MAT) $30.52 -4.06%
Activision Blizzard Inc. (ATVI) $38.39 -3.88%
Mylan Inc. (MYL) $36.47 -2.90%
NetEase Inc. Ads (NTES) $230.81 -2.54%
Alexion Pharmaceuticals Inc. (ALXN) $119.85 -2.54%
Viacom Inc. Class B (VIAB) $37.77 -2.18%
Autodesk Inc. (ADSK) $76.90 -1.99%
O'Reilly Automotive Inc. (ORLY) $265.74 -1.94%
Vertex Pharmaceuticals Inc. (VRTX) $89.44 -1.93% |
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| | Newspaper Round Up | | Monday newspaper round-up: PM's speech, Lloyds, spectrum auction, insurers Theresa May will try to repair her damaged relationship with business leaders when she promises today to match Donald Trump's plans to slash corporation tax. The prime minister will insist that she supports free markets, values capitalism and backs business, as she makes a concerted effort to win back support lost after her maiden speech as leader to the Tory conference. - The Times
Theresa May has set out the terms of a new grand bargain with business, where the government invests to boost productivity and cuts corporation tax, in exchange for help tackling the worst excesses of capitalism. Setting out her business strategy, the UK prime minister proposes a pact with corporate Britain to work together to defend capitalism, free markets and free trade from populist attacks. - Financial Times
Theresa May is to commit the UK to a £2bn annual fund for scientific research and development and a review of tax incentives for innovative corporations in an effort to boost the technology industry. In her first speech to the CBI's annual conference, the prime minister will outline "the first steps in a modern, ambitious industrial strategy" following increasing anger from bosses at her administration's approach towards big business. - The Guardian
China will not "shut the door" on globalisation, despite Donald Trump's threats to abandon free trade deals and slap tariffs on the world's second largest economy, president Xi Jinping has vowed. Mr Xi described Mr Trump's surprise victory in the US presidential election as a "hinge moment" in US-China relations but insisted the country would play an even bigger role in the process of economic integration and pledged to open up the country to foreign investment. - Telegraph
One of the biggest auctions of mobile-phone spectrum could be launched this week in a deal that could rake in at least £1 billion for the Treasury and is likely to attract intense interest. BT, O2, Vodafone and Three are among likely bidders in the auction for 190 MHz of capacity being put up for sale by Ofcom, the telecoms regulator. - The Times
Oil prices were the big movers in Asian trade on Monday and closing in on first back-to-back gains in a month amid hopes major oil producing countries would agree to output cuts and help rein in oversupply. In the wake of the Asia-Pacific Economic Cooperation summit in Peru, Russian president Vladimir Putin told reporters he saw few hurdles to Opec reaching an agreement on supply cuts at its Vienna meeting slated for later this month. - Financial Times
The Treasury has dismissed claims it used its access to the City watchdog to obtain price sensitive information before selling shares in Royal Bank of Scotland. The Commons Treasury Select Committee (TSC) released correspondence from Tom Scholar, the permanent secretary to the Treasury, in which he said it was "entirely untrue and without foundation" that the Government sought information from the Financial Conduct Authority (FCA) to gain an advantage when it offloaded RBS stock in August last year. - Telegraph
Insurers have called on the government to help them crack foreign markets as part of efforts to foster global trade following the EU referendum. The Association of British Insurers (ABI) said China and India should be priority places to open up links for the industry, which represents 60pc of the UK's services exports. - Telegraph
Lloyds Banking Group has emerged as a potential frontrunner to acquire the UK credit card business of Bank of America, worth an estimated £7 billion. It is keen to acquire the business in a deal that would mark its first acquisition since being bailed out by taxpayers at the height of the financial crisis. - The Times
The budget coffee shop chain backed by easyJet tycoon Sir Stelios Haji-Ioannou is eyeing expansion in London and beyond after receiving approaches from about 200 potential franchisees interested in opening sites. Sir Stelios, the entrepreneur who made his name with the budget airline he founded 21 years ago, started easyCoffee earlier this year and the business has since expanded to two sites in London and one in Southend-on-Sea. It aims to undercut giants such as Starbucks and Costa by selling cups of coffee for £1.
Exhausted delivery drivers could pose a road safety risk over the next few weeks as thousands of staff are urged to work up to 20 days in a row to cope with the rush of online orders around Black Friday. Government safety inspectors have been called on to investigate the possible danger from delivery drivers who work six days a week and have been asked if they are also willing to work Sundays. - Guardian
Investigators are probing claims that traders manipulated complex derivatives prices on the energy market. Industry watchdog Ofgem is said to have launched a secret operation, called Project Damson, to examine allegations that dealers sought to push up the price of so-called spark spread contracts to make more money. - Mail
Facebook will today pledge to create 500 more jobs in the UK in another vote of confidence from America's technology giants in post-Brexit Britain. Google last week reaffirmed its commitment to the country with plans to expand its workforce from 4,000 to 7,000 by 2020. - The Times
A company looking to reopen a zinc mine in Montenegro is planning the first full stock-market float of a miner in London since 2013. Balkan Zinc intends to join London's junior Aim market before Christmas with a view to raising £10m. It expects to have a free float of around 60pc and a market cap of £25m. - Telegraph
A company which advised the UK government over the Hinkley Point nuclear power project has been accused of a potential conflict of interest after it emerged the same company was also working for EDF, The Times has learnt. Leigh Fisher, a management consultancy, worked as an adviser to the Department of Energy and Climate Change on a 2013 deal to pay EDF double the current wholesale price of electricity for the power produced by Hinkley for 35 years. - The Times
Smiggle, the children's stationery chain backed by one of Australia's richest men, is pushing ahead with plans to open 200 stores across the UK in the next two years, despite concerns that Brexit could slow consumer spending. The rapid expansion of the chain, which sells brightly coloured pencil cases and lunchboxes, helped push billionaire Solomon Lew's Premier Investment's sales through the AUS$1bn (£590m) mark in September. - Telegraph
Londoners are being unfairly hit by stamp duty levels compared to home buyers in the rest of the country, according to new research. Estate agency Haart found that while the average salary in London is 24.6pc higher than the rest of the UK, homebuyers in the capital must pay stamp duty which is 750pc more than in the country as a whole. - Telegraph
The mayor of London has written to Volkswagen imploring the car manufacturer to "fully compensate" the capital's residents affected by the emissions scandal. Sadiq Khan called on VW to reimburse Transport for London (TFL) some £2.5m in lost congestion charge revenue from vehicles that were not known to be contributing to the capital's pollution levels.
Samsung and Panasonic, two of the world's leading electronics brands, are facing allegations that workers in their supply chains are being duped, exploited and underpaid in Malaysia. The two companies have launched investigations into allegations of abuse made by Nepalese workers after a Guardian investigation raised multiple concerns about their treatment. | | |
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