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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 in the red as OPEC deal hopes fade Stocks in London fell in early trade as investors looked to a meeting of the Organization of the Petroleum Exporting Countries in Vienna on Wednesday amid doubts about whether the cartel will agree a deal to cut output.
At 0825 GMT, the FTSE 100 was down 0.7% to 6,794.53. Meanwhile, oil prices were under pressure as Saudi Arabia said it won't meet with non-OPEC Russia ahead of the OPEC summit in Vienna as originally planned.
Saudi Arabia, which is the world's largest oil producer, said on Friday that it wouldn't attend the meeting unless there was "a clear decision from OPEC" on production cuts.
West Texas Intermediate was down 1% to $45.59 a barrel while Brent crude was 1% weaker at $46.78.
Spreadex's Connor Campbell said: "With little on the economic agenda this Monday investors looked to the rest of the week for guidance this morning.
"Chief of these more macro concerns was OPEC's meeting on Wednesday, the prospect of which has caused another near 1% slide from Brent Crude. That is because hopes for an output deal have once again sunk after Saudi Arabia pulled out of a meeting with non-OPEC members, with the country also suggesting that since it expects 'demand to recover in 2017' a cut may not be needed."
Royal Dutch Shell was down 1.9% and BP shares dropped 1.4%.
Elsewhere, JD Sports Fashion rallied as it acquired outdoor pursuits retail chain Go Outdoors for £128.3m from owners that include private equity group 3i.
Antofagasta edged higher after agreeing to sell the Michilla mine to Chilean mining group Haldeman Mining Company for up to $52m following the closure of the mine at the end of last year.
Aberdeen Asset Management was a high riser after its annual results came in in line with expectations and the company maintained its dividend.
Homewares retailer Dunelm ticked up after agreeing to buy the assets of the WS Group - which owns Worldstores, Achica and Kiddicare - for £8.5m.
Capital & Counties Properties was also on the front foot as it said it is on track to hit its estimated rental value target of £100m at Covent Garden by December next year as leasing activity has been positive.
Grainger was little changed after agreeing to buy a private rented sector build-to-rent development in Bristol for £45.7m.
On the downside, Tesco fell following a report in The Times that investigators are looking into whether Tesco Bank ignored a warning about a security flaw in its payment system that allowed fraudsters to steal millions of pounds from the accounts of thousands of its customers. |
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| Market Movers
FTSE 100 (UKX) 6,802.56 -0.56%
FTSE 250 (MCX) 17,555.47 -0.27%
techMARK (TASX) 3,295.23 -0.24%
FTSE 100 - Risers
Fresnillo (FRES) 1,265.00p 2.68%
Randgold Resources Ltd. (RRS) 5,815.00p 1.66%
Polymetal International (POLY) 754.50p 1.21%
Antofagasta (ANTO) 728.50p 0.83%
Glencore (GLEN) 285.35p 0.72%
Bunzl (BNZL) 2,051.00p 0.44%
Rio Tinto (RIO) 3,125.00p 0.39%
National Grid (NG.) 926.90p 0.38%
Mondi (MNDI) 1,635.00p 0.31%
Anglo American (AAL) 1,239.00p 0.28%
FTSE 100 - Fallers
Royal Bank of Scotland Group (RBS) 196.90p -2.28%
Royal Dutch Shell 'B' (RDSB) 2,076.50p -1.63%
Royal Dutch Shell 'A' (RDSA) 1,980.50p -1.52%
Sky (SKY) 775.50p -1.46%
BP (BP.) 448.60p -1.40%
Standard Life (SL.) 341.30p -1.30%
Barclays (BARC) 212.75p -1.28%
Tesco (TSCO) 209.65p -1.20%
Lloyds Banking Group (LLOY) 58.09p -1.16%
Morrison (Wm) Supermarkets (MRW) 216.70p -1.14%
FTSE 250 - Risers
Aberdeen Asset Management (ADN) 298.10p 4.19%
IP Group (IPO) 151.00p 2.30%
Softcat (SCT) 304.50p 2.11%
Centamin (DI) (CEY) 131.50p 2.02%
NCC Group (NCC) 198.00p 1.96%
CYBG (CYBG) 277.00p 1.95%
Redefine International (RDI) 37.38p 1.85%
Millennium & Copthorne Hotels (MLC) 436.40p 1.82%
Rank Group (RNK) 206.50p 1.77%
Ted Baker (TED) 2,634.00p 1.35%
FTSE 250 - Fallers
Man Group (EMG) 119.20p -3.72%
Pets at Home Group (PETS) 215.00p -3.46%
Halma (HLMA) 942.00p -2.89%
Synthomer (SYNT) 349.10p -2.51%
Tullow Oil (TLW) 266.00p -2.46%
Amec Foster Wheeler (AMFW) 401.10p -2.10%
TalkTalk Telecom Group (TALK) 152.90p -1.99%
Stagecoach Group (SGC) 200.00p -1.96%
Hunting (HTG) 510.00p -1.92% |
| | UK Event Calendar | | Monday November 28
INTERIMS
D4T4 Solutions, Kainos Group , Trakm8 Holdings
INTERIM DIVIDEND PAYMENT DATE
Datatec Ltd. (DI), ITV
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Consumer Confidence (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
Import Price Index (GER) (07:00)
Industrial Confidence (EU) (10:00)
M3 Money Supply (EU) (09:00)
Q3
PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S)
AGMS
Manchester & London Investment Trust, Petra Diamonds Ltd.(DI)
TRADING ANNOUNCEMENTS
Capital & Counties Properties
FINAL DIVIDEND PAYMENT DATE
El Oro Ltd, SCS Group
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| | US Market Report | | US close: Gains for defensives send Wall Street to fresh record highs All four of Wall Street´s main stock market indices notched up fresh record highs in a shortened session following the Thanksgiving break, although it was defensive issues that paced the advance.
The Dow Jones Industrial Average jumped 0.36% or 68.96 points to 19,152.14 points, the S&P 500 leapt 0.39% or 8.63 points to end at 2,213.35 points, and the Nasdaq Composite added 0.34% to 5,398.92 points, although the day´s dealings transpired amid very low trading volumes.
The best performing industrial groups were: Water (2.48%), Gas distribution (1.82%) and Utilities (1.42%), even as benchmark 10-year US Tresury note yields nudged higher by one basis point to 2.36%, although they did close near their lows for the day.
Connor Campbell, financial analyst at Spreadex, said: "weighed down by turkey, US investors couldn't really bring much to the table this Friday, bar another smashed ceiling for the Dow Jones.
"The Dow now sits just under 19,150, a fresh record high that marks a 1,200 point rise since the day the election results were announced.
"In, and of itself, that is astonishing, the fact it comes following the biggest political shock in decades and before a near certain rate hike from the Federal Reserve is something else entirely."
In commodity markets, gold on Comex declined a further 0.53% to $1,186.10 per troy ounce.
Oil prices went into reverse as uncertainty ticked up in the run-up to the 30 November OPEC meeting where the cartel is expected to agree on a production cut.
Reuters reported that Saudi had told OPEC it would not attend a technical meeting with non-member producing countries scheduled for 28 November, indicating a more effective approach would be if the cartel´s members first reached an understanding among themselves.
Brent crude was down 4.23% to $47.00 per barrel and West Texas Intermediate skidded 4.17% to $45.96.
The US spot dollar index meanwhile fell back 0.27% to 101.42.
Fed gets 'green light', Markit says
On the data front, October wholesale inventories were estimated at an end-of-month seasonally adjusted level of $586.9bn, which was down 0.4% from September and fell 0.5% from October 2015. Analysts had expected a 0.3% rise.
Markit's services purchasing managers' index slipped to 54.7 in November from 54.8 October. A reading above 50 indicates an expansion.
Chris Williamson, chief business economist at IHS Markit, said: "The November PMI surveys provide the first snapshot of US business conditions in the wake of the surprise election result, and show a reassuring picture of sustained solid economic expansion and hiring.
"With businesses in the vast service sector also showing improved confidence about the year ahead as election uncertainty cleared, the surveys give a clear green light for the Fed to hike interest rates in December."
Switzerland on Healthcare giant´s Black Friday list
As Black Friday got underway, shares in Amazon, Alibaba and Walmart jumped as half of sales are expected to occur online.
Shares in Johnson & Johnson edged higher even after it confirmed it had made a takeover bid for Swiss drug maker Actelion.
Dow Jones - Risers
Cisco Systems Inc. (CSCO) $30.07 1.21%
Coca-Cola Co. (KO) $41.53 1.00%
Procter & Gamble Co. (PG) $83.46 0.94%
Johnson & Johnson (JNJ) $114.13 0.94%
E.I. du Pont de Nemours and Co. (DD) $70.97 0.93%
Merck & Co. Inc. (MRK) $62.21 0.92%
Verizon Communications Inc. (VZ) $50.67 0.88%
Pfizer Inc. (PFE) $31.69 0.86%
3M Co. (MMM) $173.49 0.72%
International Business Machines Corp. (IBM) $163.14 0.72%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $152.81 -0.48%
Goldman Sachs Group Inc. (GS) $211.38 -0.44%
Caterpillar Inc. (CAT) $95.81 -0.38%
JP Morgan Chase & Co. (JPM) $78.83 -0.04%
American Express Co. (AXP) $72.86 -0.03%
Chevron Corp. (CVX) $111.00 0.00%
Boeing Co. (BA) $150.04 0.20%
Microsoft Corp. (MSFT) $60.53 0.22%
Exxon Mobil Corp. (XOM) $87.12 0.23%
Home Depot Inc. (HD) $131.57 0.27%
S&P 500 - Risers
First Solar Inc. (FSLR) $30.59 2.74%
Cognizant Technology Solutions Corp. (CTSH) $53.25 2.68%
Amer Water Works (AWK) $74.36 2.58%
AES Corp. (AES) $11.63 2.56%
NiSource Inc. (NI) $22.14 2.31%
Rockwell Collins Inc. (COL) $92.96 2.27%
CMS Energy Corp. (CMS) $40.60 2.22%
HP Inc (HPQ) $15.18 2.08%
Entergy Corp. (ETR) $69.53 2.07%
FirstEnergy Corp. (FE) $32.14 2.06%
S&P 500 - Fallers
Marathon Oil Corp. (MRO) $16.28 -2.98%
Diamond Offshore Drilling Inc. (DO) $16.87 -2.93%
Gap Inc. (GPS) $25.57 -2.33%
Urban Outfitters Inc. (URBN) $33.56 -2.20%
FMC Technologies Inc. (FTI) $33.98 -2.10%
Pioneer Natural Resources Co. (PXD) $181.87 -1.96%
Anadarko Petroleum Corp. (APC) $63.75 -1.92%
Cabot Oil & Gas Corp. (COG) $22.86 -1.89%
Eastman Chemical Co. (EMN) $75.14 -1.87% |
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| | Newspaper Round Up | | Monday newspaper round-up: Carney, Polish workers, PPI, Tesco Mark Carney is set to warn Brussels that the European financial system faces a shock unless policymakers give institutions more time to adapt to trading arrangements after Brexit. In his capacity as vice-chairman of the European Systemic Risk Board (ESRB), Mr Carney is expected to stress to the European Commission and the heads of top EU financial services bodies next month that a transition agreement is in the interest of the EU as much as it is for the UK. - Telegraph
The Bank of England is pushing ahead with plans for transitional arrangements after Brexit negotiations in an attempt to protect financial institutions from a cliff edge deal that could undermine their stability. Governor Mark Carney has met senior figures in the City to stress the need for a smooth path out of the European Union that maintains its stature and strong links with the continent. - Guardian
Theresa May will launch a charm offensive in a bid to win Polish support in the forthcoming Brexit negotiations, as pressure grew to guarantee the status of migrant workers. Mrs May will host Polish prime minister Beata Szydło and other senior Polish politicians at a meeting in Downing Street on Monday that will focus on Brexit and defence co-operation, and seek to ease diplomatic tensions caused during the referendum. - Financial Times
François Fillon won the French centre-right presidential nomination on Sunday, in a landslide vote that brings him closer to the presidency next year. The former prime minister's victory reveals a clear shift to the right among Republican party sympathisers, who seek a return to the right-wing tenets of law and order, and a break from past economic policies with a resolutely free market economic programme. - Financial Times
The financial ombudsman has been forced to look again at the case of a man who complained that he had been mis-sold payment protection insurance, in what could open the floodgates to thousands more claims. William Edmunds had an initial complaint about PPI on his MBNA credit card rejected by the ombudsman, but legal action by a claims company acting for Mr Edmunds has forced the ombudsman to reconsider his case, which could lead to many more cases being reopened. - The Times
The government may be preparing to increase the official state pension age to 70 for millions of people currently in their 20s, a former minister has claimed. Steve Webb said documents produced by the Department for Work and Pensions suggested a "more aggressive" timetable on state pension age (SPA) increases than previously planned was being prepared. - Guardian
Investigators are looking into whether Tesco Bank ignored a warning about a security flaw in its payment system that allowed fraudsters to steal millions of pounds from the accounts of thousands of its customers. Officials at the Financial Conduct Authority and the National Crime Agency believe that Tesco might have failed to act on an industry-wide warning from Visa a year ago. - The Times
Regulators have said that they expect to announce a final decision on the future of BT and Openreach within weeks. Ofcom has approached the European Commission to discuss how it could force BT to legally separate from its broadband infrastructure unit. - The Times
Rolls-Royce faces fresh embarrassment after it admitted parts of its financial forecasts were wrong and it had to send out a correction. The blunders came in the engineering group's disastrous capital markets day two weeks ago which sent the shares plunging, and has seen Rolls draw criticism from City analysts. - Telegraph
Britain's biggest bookmaker Ladbrokes Coral is planning an audacious multi-billion pound bid for Australia's largest betting company, Tabcorp. The British betting giant is understood to have appointed advisers within the last few weeks to work on the proposal. - Mail
Small energy companies could face a struggle to make it through the winter after GB Energy Supply became the first domestic supplier go out of business in a decade. Household bills could rise, after what one energy boss said was "the first of many" casualties likely to hit the sector, reducing competition. - Telegraph
Companies are to be forced to publish the difference in pay between their chief executives and average workers, Theresa May will announce this week. The prime minister will unveil a green paper on corporate reforms tomorrow which will also consider giving workers a direct say in the salaries of their bosses.
Black Friday appears to have been the shopping bonanza that wasn't, with online sales growth falling significantly short of what experts had predicted. Purchasing online was up by a mere 6.7 per cent against the same day the previous year, compared with forecasts of a 25 per cent leap and an even more explosive rise of 31 per cent in 2015, according to figures from PCA Predict, which tracks online transactions for retailers. - The Times
Train operators face having to redesign thousands of ticket machines as ministers move to stop commuters being ripped off by hugely complex pricing systems. Rail companies are likely to be ordered to highlight the lowest price for any journey. - The Times
The result of a strike ballot among Southern train drivers is due to be announced, raising the threat of travel chaos in the run up to Christmas. Members of the drivers' union Aslef have been voting on whether to launch a campaign of industrial action in a dispute over driver-only trains. The union's executive will meet to discuss the outcome of the ballot, to be announced later on Monday, before deciding the next move. - Guardian
The UK has seen a surge in demand for skilled technology visas in recent months in a boost to the British tech industry's demands for special treatment on immigration after the Brexit vote. Tech City UK, the government organisation that processes applications for the special visas, said applications had spiked since the referendum, and that it had received more than 200 applications since April. - Telegraph
Almost two dozen of the world's biggest football clubs including Arsenal, Chelsea, Bayern Munich, Barcelona and Juventus have joined forces to launch a new social media network that aims to replicate the success of Facebook for football fans. Dugout.com, which has also signed partnerships with more than 150 players including Gareth Bale, Alexis Sanchez, Edinson Cavani, Joe Hart and Neymar, launches globally on Monday in eight languages. - Guardian |
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