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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 edge lower as miners retreat Stocks in London edged lower in early trade, with mining issues pacing the decline amid falling metals prices, as investors continued to eye Wednesday's meeting of the Organization of Petroleum Exporting Countries.
At 0830 GMT, the FTSE 100 was down 0.4% to 6,770.81. At the same time, oil prices retreated as non-OPEC Russia confirmed it will not attend the OPEC meeting in Vienna on Wednesday, although it said a meeting of the group and non-affiliated producers could take place at a later stage.
West Texas Intermediate and Brent crude were down 1% to $46.53 and $47.78 a barrel, respectively.
Spreadex's Connor Campbell said: "Bar the latest net lending to individuals reading (forecast to rise to ?4.8bn from ?4.7bn) the FTSE will likely struggle to find something as compelling as OPEC's machinations ahead of tomorrow's attempt at sealing an output cut deal.
"Yesterday saw Brent crude sink towards $46 per barrel on to close around the $48 per barrel mark; this morning the black stuff has already looking a bit nervy, dipping half a percent, helping take 0.8% to 1% off BP and Shell in the process."
In corporate news, BT Group edged lower after Ofcom ruled it must legally separate from its Openreach infrastructure arm due to its failure to satisfy the regulator's competition concerns.
BT made a move late on Monday to try and prevent the enforced spin-off with the appointment of a former director of the telecoms regulator, Mike McTighe, as chairman of Opeanreach but this seems not to have proved sufficient.
Merlin Entertainment was on the back foot after saying it expects to report "good profit growth" for the full year in line with expectations, revealing a strong Halloween for its resort parks but hinting at continued tougher trading at some other segments.
FTSE 250 real estate investment trust Shaftesbury slipped after it posted a drop in profit for the year to the end of September but a rise in revenue, and expressed confidence in its outlook.
On the upside, Countryside Properties gained ground as it reported a rise in full-year pre-tax profit and revenue and said 2016 was "another positive year" for the housebuilding sector.
Pork and poultry producer Cranswick rallied after reporting a jump in first-half pre-tax profit and revenue.
On the data front, UK net consumer credit and mortgage approvals are at 0930 GMT. In the US, the second release of third-quarter GDP is at 1330 GMT, while consumer confidence is at 1500 GMT. |
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| | Market Movers
FTSE 100 (UKX) 6,765.76 -0.50%
FTSE 250 (MCX) 17,499.60 -0.11%
techMARK (TASX) 3,267.98 -0.26%
FTSE 100 - Risers
Compass Group (CPG) 1,393.00p 0.94%
Associated British Foods (ABF) 2,593.00p 0.82%
Barratt Developments (BDEV) 468.40p 0.62%
Centrica (CNA) 210.40p 0.48%
Paddy Power Betfair (PPB) 8,480.00p 0.47%
Barclays (BARC) 212.75p 0.40%
Sky (SKY) 772.00p 0.39%
Polymetal International (POLY) 772.50p 0.39%
Micro Focus International (MCRO) 2,088.00p 0.34%
Intu Properties (INTU) 269.70p 0.30%
FTSE 100 - Fallers
Antofagasta (ANTO) 703.50p -3.43%
Marks & Spencer Group (MKS) 321.50p -2.58%
Anglo American (AAL) 1,206.00p -2.51%
BHP Billiton (BLT) 1,321.50p -2.44%
Fresnillo (FRES) 1,248.00p -2.35%
Rio Tinto (RIO) 3,067.00p -2.32%
Direct Line Insurance Group (DLG) 346.00p -1.96%
Glencore (GLEN) 279.80p -1.82%
Royal Bank of Scotland Group (RBS) 193.20p -1.53%
Randgold Resources Ltd. (RRS) 5,885.00p -1.34%
FTSE 250 - Risers
SSP Group (SSPG) 362.30p 6.00%
Cranswick (CWK) 2,366.00p 3.54%
Countryside Properties (CSP) 236.10p 2.65%
OneSavings Bank (OSB) 328.50p 2.59%
IP Group (IPO) 147.40p 2.43%
PayPoint (PAY) 1,042.00p 2.36%
Laird (LRD) 147.50p 1.86%
Tate & Lyle (TATE) 694.00p 1.76%
DFS Furniture (DFS) 216.40p 1.41%
Morgan Advanced Materials (MGAM) 285.90p 1.38%
FTSE 250 - Fallers
Aberdeen Asset Management (ADN) 265.70p -3.31%
Allied Minds (ALM) 359.20p -2.68%
Centamin (DI) (CEY) 128.40p -2.43%
Countrywide (CWD) 170.20p -2.30%
Rank Group (RNK) 199.50p -2.21%
Ashmore Group (ASHM) 278.70p -2.11%
PZ Cussons (PZC) 302.10p -2.11%
Auto Trader Group (AUTO) 395.70p -1.93%
Brown (N.) Group (BWNG) 195.00p -1.81% |
| | UK Event Calendar | | Tuesday November 29
INTERIMS
Acal, Chamberlin, Digital Barriers, Eckoh, GB Group, Hogg Robinson Group, IG Design Group, Motorpoint Group, Park Group, Torotrak, Versarien , VP
INTERIM DIVIDEND PAYMENT DATE
Panther Securities, Toyota Motor Corp.
QUARTERLY EX-DIVIDEND DATE
Canadian General Investments Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
Consumer Price Index (GER) (13:00)
Personal Consumption Expenditures (US) (13:30)
FINALS
Countryside Properties, easyHotel, Gooch & Housego, ITE Group, Patisserie Holdings , Shaftesbury, SSP Group , Topps Tiles, Treatt
AGMS
Blancco Technology Group, CAP-XX Limited, City Natural Resources High Yield Trust, Mysale Group, Scotgold Resources (DI), Surface Transforms, Surface Transforms, Volta Finance Limited, Wolf Minerals Limited, Wolseley
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30) |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver, with basic resources under the cosh European stocks wavered in a tight range, with basic resources under pressure amid declining metals prices, as investors looked to Wednesday's meeting of the Organization of Petroleum Exporting Countries in Vienna.
At 0845 GMT, the benchmark Stoxx Europe 600 index and Germany's DAX were down 0.3%, while France's CAC 40 was flat.
At the same time, oil prices retreated as non-OPEC Russia confirmed it will not attend the OPEC meeting in Vienna on Wednesday, although it said a meeting of the group and non-affiliated producers could take place at a later stage.
West Texas Intermediate and Brent crude were down 0.6% to $46.78 and $47.93 a barrel, respectively.
David Morrison, senior market strategist at SpreadCo, said: "It's been a mixed start this morning for European equity markets but with a slightly negative tone. This follows on from last night's modest pull-back across US stock indices.
"There's a feeling that the rally across risk assets is somewhat overdone and that a pull-back, or at least some consolidation, is in order.
"In the meantime, all eyes are on the oil market which is proving particularly volatile. Crude is weaker in early trade. However, so far it has only given back a small proportion of yesterday's gains. Traders are busy positioning themselves for tomorrow's key OPEC meeting in Vienna. This is when the 14-member cartel attempts to agree production cuts. There are also hopes that non-OPEC producers such as Russia will also agree to curb output in order to support the oil price. However, everything appears to hinge on whether Saudi Arabia will agree to the exemption demanded by Iran."
Basic resources were among the worst performers, with the Stoxx 600 sub-index for the sector down 1.9% as metals prices fell.
In corporate news, Actelion surged following a report the Swiss biotech company was not actively considering selling itself but rather weighing a deal to link up with Johnson & Johnson.
Deutsche Lufthansa was on the back foot after it lost a German court bid to prevent pilots from resuming strikes on Tuesday in a labour dispute that has caused thousands of flight cancellations this month.
BT Group edged lower after Ofcom ruled it must legally separate from its Openreach infrastructure arm due to its failure to satisfy the regulator's competition concerns.
BT made a move late on Monday to try and prevent the enforced spin-off with the appointment of a former director of the telecoms regulator, Mike McTighe, as chairman of Opeanreach but this seems not to have proved sufficient. |
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| | US Market Report | | US close: Stocks end in the red after recent winning streak US stocks ended lower on Monday, pulling back from the record highs hit last week, with oil prices firmly in focus ahead of a meeting of the Organization of the Petroleum Exporting Countries on Wednesday.
The Dow Jones Industrial Average ended down 0.3%, the S&P 500 fell 0.5% and the Nasdaq closed 0.6% lower, easing back after the main indices closed higher for the third consecutive week last Friday as investors bet that Donald Trump's plans to boost infrastructure and loosen regulation would underpin the economy.
Meanwhile, oil prices settled higher, bouncing back from the heavy losses suffered after Saudi Arabia said on Friday that it wouldn't meet with non-OPEC Russia ahead of the OPEC summit in Vienna as originally planned.
The meeting was called off after Saudi Arabia, which is the world's largest oil producer, said it wouldn't attend unless there was "a clear decision from OPEC" on production cuts.
West Texas Intermediate was up 1.8% at $46.90 a barrel and Brent crude was 1.7% firmer at $48.04, as investors eyed Wednesday's OPEC meeting, with sentiment getting a boost after Iraqi oil minister Jabar al-Luaibi said he was "optimistic" OPEC would reach an agreement that is acceptable to all this week.
IG's Chris Beauchamp said: "It's only Monday but already we know how the week will go. Oil has been the main driver today, with the price of the commodity seeing plenty of ebb and flow depending on the latest headline crossing the wires.
"Oil traders will need nerves of steel and vast reserves of sanity to weather the storm, but the impact of what comes out of OPEC's get-together this week is likely to be felt across a range of markets."
In currency markets, the dollar mostly eased back against its rivals, taking a breather after hitting 13-year highs last week, as investors booked some profits ahead of a data-packed week. The greenback was 0.5% firmer against the pound, but flat versus the euro and 1% lower against the yen.
In corporate news, Time Inc surged following reports the publisher has rejected a takeover bid from billionaire investor Edgar Bronfman Jr.
Schlumberger nudged lower after the oil driller signed a preliminary deal to study an Iranian oil field, while bookseller Barnes & Noble was on the back foot after announcing a 15% discount on online orders as part of Cyber Monday.
Samsung Electronics bucked the trend following reports it is considering splitting into two companies.
S&P 500 - Risers
Cognizant Technology Solutions Corp. (CTSH) $56.95 +6.95%
NRG Energy Inc. (NRG) $11.55 +5.48%
Newmont Mining Corp. (NEM) $33.45 +4.79%
Public Service Enterprise Group Inc. (PEG) $42.80 +3.26%
Consolidated Edison Inc. (ED) $72.65 +2.82%
AES Corp. (AES) $11.94 +2.67%
Wisconsin Energy Corp. (WEC) $58.04 +2.62%
PPL Corp. (PPL) $34.15 +2.49%
Exelon Corp. (EXC) $33.39 +2.49%
PG&E Corp. (PCG) $60.74 +2.45%
S&P 500 - Fallers
H&R Block Inc. (HRB) $21.82 -9.01%
Vulcan Materials Co. (VMC) $124.59 -5.66%
Tenet Healthcare Corp. (THC) $15.41 -4.99%
Pioneer Natural Resources Co. (PXD) $173.03 -4.86%
Marathon Oil Corp. (MRO) $15.54 -4.55%
Martin Marietta Mtrl (MLM) $216.32 -3.99%
Chesapeake Energy Corp. (CHK) $6.34 -3.79%
Devon Energy Corp. (DVN) $42.65 -3.57%
Newfield Exploration Co (NFX) $39.83 -3.49%
Urban Outfitters Inc. (URBN) $32.41 -3.43%
Dow Jones I.A - Risers
McDonald's Corp. (MCD) $121.82 +0.96%
Verizon Communications Inc. (VZ) $51.12 +0.89%
International Business Machines Corp. (IBM) $164.52 +0.85%
Coca-Cola Co. (KO) $41.75 +0.53%
Travelers Company Inc. (TRV) $113.81 +0.32%
Intel Corp. (INTC) $35.51 +0.20%
Walt Disney Co. (DIS) $98.97 +0.15%
Microsoft Corp. (MSFT) $60.61 +0.13%
Dow Jones I.A - Fallers
Visa Inc. (V) $79.08 -1.31%
American Express Co. (AXP) $72.13 -1.00%
Nike Inc. (NKE) $51.01 -0.99%
Caterpillar Inc. (CAT) $94.90 -0.95%
Johnson & Johnson (JNJ) $113.13 -0.88%
Exxon Mobil Corp. (XOM) $86.47 -0.75%
Home Depot Inc. (HD) $130.64 -0.71%
Merck & Co. Inc. (MRK) $61.80 -0.66%
JP Morgan Chase & Co. (JPM) $78.32 -0.65%
General Electric Co. (GE) $31.25 -0.60%
Nasdaq 100 - Risers
Cognizant Technology Solutions Corp. (CTSH) $56.95 +6.95%
NetEase Inc. Ads (NTES) $231.78 +2.07%
Baidu Inc. (BIDU) $167.00 +1.56%
Yahoo! Inc. (YHOO) $41.45 +1.42%
JD.com, Inc. (JD) $25.83 +1.14%
Western Digital Corp. (WDC) $62.27 +1.10%
Walgreens Boots Alliance, Inc. (WBA) $85.35 +1.09%
Monster Beverage Corp (MNST) $45.29 +0.98%
Alphabet Inc. Class C (GOOG) $768.24 +0.86%
Seagate Technology Plc (STX) $39.37 +0.77%
Nasdaq 100 - Fallers
Mattel Inc. (MAT) $31.49 -2.81%
Vodafone Group Plc ADS (VOD) $24.53 -2.62%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $39.01 -2.50%
Incyte Corp. (INCY) $105.17 -2.38%
Viacom Inc. Class B (VIAB) $36.79 -2.26%
Regeneron Pharmaceuticals Inc. (REGN) $390.38 -1.95%
TripAdvisor Inc. (TRIP) $50.18 -1.93%
Liberty Interactive Corporation QVC Group (QVCA) $21.71 -1.81%
Amazon.Com Inc. (AMZN) $766.77 -1.74%
QUALCOMM Inc. (QCOM) $67.10 -1.74% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: 'Have cake', South Korea, Rio Tinto, BP Britain's Brexit negotiating stance is to "have cake and eat it", according to handwritten notes mistakenly shown after a meeting between Tory MPs and senior figures in Whitehall yesterday. The EU negotiating team is "very French", and France itself is "likely to be the most difficult" over talks. The deal will not resemble that of Norway but could instead look like "Canada Plus". - The Times
Mario Draghi, the president of the European Central Bank (ECB), has urged the British government to disclose more information about its plans to leave the EU. He told the European parliament's committee on economic and monetary affairs that the UK should address the uncertainty over how Brexit will play out. - Guardian
South Korea's embattled President Park Geun-hye said on Tuesday that she is willing to relinquish power, asking parliament to come up with a way for stable regime change, amid growing calls for her resignation over a mounting corruption scandal that has riveted the nation. Ms Park said she would step down according to a schedule agreed by lawmakers to minimise a leadership vacuum. "I'll leave everything about my future to parliament including shortening my term," she said in a televised address. - Financial Times
The UK is to ratify plans to create a patent court that will span the European Union, in a move that will spur speculation the Government is preparing for a soft Brexit with close ties to the EU. It had been widely expected that Britain would pull out of plans to create a single European patent system in the wake of the June vote to leave the EU; the new system will have to accept rulings issued by the European Court of Justice in Luxembourg. - Telegraph
The US Securities and Exchange Commission is examining the timing of $3bn of impairment charges that Rio Tinto booked on a disastrous Mozambique coal deal, sources close to the company have confirmed. The Anglo-Australian miner was already facing scrutiny from US regulators when it contacted law enforcement authorities this month about a questionable payment made to a consultant operating in Guinea. - Financial Times
The North Sea oil and gas industry is showing tentative signs of revival after energy giant BP announced it was buying new exploration interests and scaling up its drilling plans. Exploratory drilling has slumped globally as oil majors slash their spending following the oil price crash. The North Sea, as one of the highest cost regions, has been hard hit. - Telegraph
Britain is exporting electricity to France for the first time in four years after safety concerns forced the closure of 12 French nuclear reactors. The turnaround in demand is helping to drive up prices in the UK and elsewhere, according to the Rseau de Transport d'Elctricit (RTE), the French grid operator. - The Times
Amazon accounted for more than a quarter of all warehouse space rented in the UK this year, as the online giant continues to ramp up its operations. Such was Amazon's dominance in the market that it was behind 82pc of deals done with online retailers in 2016, research from property agency Savills has found. - Telegraph
BT has appointed a former Ofcom director as the first chairman of its Openreach business in a bid to make the network division more independent and avoid being forced to spin it off. Mike McTighe, who spent eight years on the board of the communications industry regulator before stepping down last year, will join Openreach in January, BT announced last night. - Telegraph
Philip Clarke, the former boss of Tesco, will not face any charges from the Serious Fraud Office over the accounting scandal at the retailer. The SFO is understood to have told Mr Clarke that there is "insufficient evidence to provide a realistic prospect of conviction" over his alleged role in the 263 million black hole discovered in Tesco's accounts in 2014. - The Times
A management consultancy firm that provided experts to a government agency has been accused by MPs of "potential sharp practices" that resulted in the cancellation of a 19m government contract. PA Consulting was also blamed by a parliamentary committee on Monday of breaches of corporate governance after appearing to mislead the government agency UK Trade and Investment when providing trade specialists to attract overseas investors. - Guardian
The number of first-time buyers purchasing homes in the UK reached a record high in October. The National Association of Estate Agents said that a third of sales registered at its members' branches were to first-time buyers, a 9 per cent rise from September and the highest figure since the association started compiling the data in 2000. - The Times | | |
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