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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 nudge up as investors eye OPEC; banks in focus Stocks in London were just a touch firmer in early trade as investors digested the results of the latest Bank of England stress tests and kept an eye on the OPEC meeting in Vienna.
At 0825 GMT, the FTSE 100 was up 0.2% to 6,788.08. Meanwhile, oil prices rallied amid growing expectations that the members of the Organization of the Petroleum Exporting Countries will be able to agree on a production cut at their meeting in Vienna later.
Oil prices shot up after Iran's oil minister, Bijan Zanganeh, said he reckoned a deal could be reached, although an immediate freeze by Iran wasn't on the agenda.
West Texas Intermediate was up 1.4% to $45.88 a barrel and Brent crude was 1.6% firmer at $47.10.
Banks were in focus following the results of the Bank of England's latest stress tests. State-owned Royal Bank of Scotland performed the worst and has been forced to submit plans to raise fresh capital, while rivals Barclays and Standard Chartered failed requirements but will not require extra funds.
RBS failed to pass all the hurdles of the stress test and has agreed a revised capital plan with the Bank of England's Prudential Regulation Authority to raise at least £2bn of extra capital.
RBS shares fell 2.5%, while Barclays nudged up 0.1% and StanChart slipped 0.4%.
Elsewhere, Zoopla gained ground after reporting a rise in full-year profit and revenue and announcing the acquisition of estate agency website design and hosting business Technicweb.
IG Group ticked higher after it said trading in the second quarter has continued to be in line with its expectations.
Pub group Greene King edged lower despite posting a jump in interim profit, while gambling software company Playtech slumped after its founder sold a 12% stake for £329m.
Investors were also mulling over the latest survey from market research firm GfK, which showed UK consumer and business confidence fell further in November amid worries about the impact of the Brexit vote.
GfK's long-running consumer confidence index fell five points to -8, missing expectations of a decline to -4.
Joe Staton, head of Market Dynamics at GfK, said: "The slump across the board this month points to continuing uncertainty about the state of the economy among consumers. Although scores for our personal financial situation just about remain positive, the big theme is the reduced confidence in the UK economy looking back and ahead. We are viewing our economy over the past 12 months with increasing despondency. The decreasing score on the economy for the next 12 months also shows we are resolutely gloomy about the outlook despite strong GDP numbers."
There are no major UK data releases due, but in the US, the ADP employment report is at 1315 GMT, while the Chicago PMI is at 1445 GMT and pending home sales are at 1500 GMT. |
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| Market Movers
FTSE 100 (UKX) 6,775.94 0.06%
FTSE 250 (MCX) 17,539.12 0.04%
techMARK (TASX) 3,281.40 0.19%
FTSE 100 - Risers
Ashtead Group (AHT) 1,534.00p 1.52%
Lloyds Banking Group (LLOY) 58.50p 1.37%
Centrica (CNA) 212.30p 1.19%
BT Group (BT.A) 358.55p 1.19%
CRH (CRH) 2,673.00p 1.17%
Pearson (PSON) 787.00p 1.09%
London Stock Exchange Group (LSE) 2,804.00p 1.01%
TUI AG Reg Shs (DI) (TUI) 1,063.00p 0.95%
Associated British Foods (ABF) 2,581.00p 0.94%
Antofagasta (ANTO) 706.00p 0.86%
FTSE 100 - Fallers
Capita (CPI) 536.00p -3.86%
Anglo American (AAL) 1,166.00p -3.20%
Rio Tinto (RIO) 2,988.50p -2.56%
Glencore (GLEN) 274.85p -2.31%
Royal Bank of Scotland Group (RBS) 192.60p -2.23%
BHP Billiton (BLT) 1,285.50p -2.13%
easyJet (EZJ) 999.50p -1.14%
Croda International (CRDA) 3,251.00p -0.94%
Whitbread (WTB) 3,457.00p -0.72%
Randgold Resources Ltd. (RRS) 5,805.00p -0.68%
FTSE 250 - Risers
RPC Group (RPC) 1,072.00p 6.99%
Brewin Dolphin Holdings (BRW) 276.20p 5.06%
Britvic (BVIC) 574.00p 4.74%
Zoopla Property Group (ZPLA) 332.20p 4.14%
Card Factory (CARD) 257.10p 3.92%
Tullett Prebon (TLPR) 455.10p 3.67%
PayPoint (PAY) 1,041.00p 3.07%
Genus (GNS) 1,910.00p 2.58%
AO World (AO.) 166.50p 2.52%
Safestore Holdings (SAFE) 353.70p 2.52%
FTSE 250 - Fallers
Playtech (PTEC) 848.50p -7.97%
Vedanta Resources (VED) 831.00p -3.37%
Atkins (WS) (ATK) 1,407.00p -2.56%
Marshalls (MSLH) 291.70p -2.54%
Kaz Minerals (KAZ) 355.30p -2.47%
Polypipe Group (PLP) 290.00p -2.06%
TalkTalk Telecom Group (TALK) 158.80p -1.98%
Acacia Mining (ACA) 393.60p -1.94%
Hochschild Mining (HOC) 212.70p -1.62% |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher as oil rallies European stocks edged higher in early trade as oil prices rallied ahead of the OPEC meeting.
At 0850 GMT, the benchmark Stoxx Europe 600 index was up 0.3%, while Germany's DAX and France's CAC 40 were 0.6% firmer.
Meanwhile, oil prices rallied amid growing expectations that the members of the Organization of the Petroleum Exporting Countries will be able to agree on a production cut at their meeting in Vienna later.
Oil prices shot up after Iran's oil minister, Bijan Zanganeh, said he reckoned a deal could be reached, although an immediate freeze by Iran wasn't on the agenda.
West Texas Intermediate was up 1.9% to $46.08 a barrel and Brent crude was 2.1% firmer at $47.36.
David Morrison, senior market strategist at SpreadCo, said: "Investors remain hopeful that the 14-member cartel will agree production cuts. However, there's as strong possibility that we get a repeat of the Doha meeting in April which broke up in acrimony with Saudi Arabia and Iran at loggerheads. If so, then we should expect crude to retest support around $40 very soon.
"Even if there is an agreement to cut production (and it will have to be around 1 million barrels per day - just for OPEC) then any significant price rise looks likely to be capped by increased US shale oil output."
In London, banks were in focus following the results of the Bank of England's latest stress tests. State-owned Royal Bank of Scotland performed the worst and has been forced to submit plans to raise fresh capital, while rivals Barclays and Standard Chartered failed requirements but will not require extra funds.
RBS failed to pass all the hurdles of the stress test and has agreed a revised capital plan with the Bank of England's Prudential Regulation Authority to raise at least £2bn of extra capital.
RBS shares fell 2.5%, while Barclays nudged up 0.1% and StanChart slipped 0.4%.
Elsewhere, Sage was in the black after the accounting software company's annual revenues and earnings came in slightly ahead of expectations.
Linde AG shares surged after the company confirmed it has received a revised proposal concerning a potential merger of equals with Praxair. |
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| | UK Event Calendar | | Wednesday November 30
INTERIMS
Abzena, BCA Marketplace, Biffa, Findel, Greene King, LondonMetric Property, Telford Homes
INTERIM DIVIDEND PAYMENT DATE
BAE Systems, BlackRock Smaller Companies Trust, Capita, RTC Group, Senior
QUARTERLY PAYMENT DATE
City of London Inv Trust, F&C Commercial Property Trust Ltd., Picton Property Income Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (14:45)
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
Pending Homes Sales (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
Retail Sales (GER) (07:00)
Unemployment Rate (EU) (08:55)
Q3
Alpha Bank GDR (Reg S) USD, Avengardco Investments Public Ltd GDR, TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)
FINALS
Brewin Dolphin Holdings, Britvic, Sage Group, Sanderson Group
IMSS
Wolseley
AGMS
Aura Energy Limited NPV (DI), F&C UK Real Estate Investments Limited, Ferrum Crescent Ltd NPV (DI), Genedrive , Oncimmune Holdings, Picton Property Income Ltd, Ruffer Investment Company Ltd Red PTG Pref Shares, Salt Lake Potash Limited (DI), Weatherly International, Work Service
TRADING ANNOUNCEMENTS
IG Group Holdings, Merlin Entertainments
UK ECONOMIC ANNOUNCEMENTS
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
Diverse Income Trust (The)
FINAL EX-DIVIDEND DATE
General Accident 'A' |
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| | US Market Report | | US close: Stocks inch higher as Opec continues to tantalise Encouraging economic data helped eclipse a sharp drop in oil prices to help US stocks inch higher on Tuesday, though investors continued to hang on every word emanating around the meeting of major oil producing countries in Vienna.
The Dow Jones closed up 23.70 points or 0.12% to 19,121.60, with the S&P adding 2.94 or 0.13% to 2,204.66 and the Nasdaq composite topping the 5,400 intra-day high but closing at 5,379.92 for a gain of 11.11 points or 0.21%.
As Wednesday's Opec meeting dominated headlines, oil prices slid as non-member Russia confirmed it will not attend the cartel's meeting in the Austrian capital, although it said a meeting of the group and non-affiliated producers could take place at a later stage.
Among other gloomy comments, Indonesia's energy minister said he was "not optimistic" that Opec would agree to cap production.
Although an initial consensus on trimming production to support the oil price seemed to have been agreed, IG analyst Josh Mahony said a deal now felt "as far away as ever, with members continuing to conduct an intricate game of political poker, utilising the media to further their cause. It is becoming increasingly evident that some of the more prominent Opec members care more about holding on to market share than helping raise the price of oil. Hence despite agreeing to a production cut, we have seen the likes of Saudi Arabia, Iraq and Iran all continue to raise production."
Naeem Aslam at Think Markets even warned the lack of an Opec deal could hit US stocks so hard the S&P 500 could drop well below 2,100.
"If there is no deal, the Saudis are going to make sure they dump the market with as much oil as possible because now the real trade war will begin and they won't care about anything," he said, suggesting oil could be sent down to the mid-$20s.
West Texas Intermediate dropped 3.9% to $45.26 while Brent crude was 3.8% weaker at $46.46 per barrel by the early evening in New York.
But this news, or lack of it, was counterbalanced by an upward revision in the growth rate of the US economy for the third quarter, thanks mostly to stronger retail sales.
Gross domestic product was shown by the Commerce Department to have grown 3.2% on the same period last year, up from 2.9% in the initial reading and faster than the 3.0% expected.
"Critically, we have seen household spending prove the primary driver of growth, which could well continue into Q4 given the shopping fest instigated on Black Friday," IG's Mahony added.
US consumer confidence also impressed, the Conference Board's headline index jumping to a nine-year high of 107.1 from 100.8 as both expectations and current conditions both rose sharply to help beat the 101.5 consensus forecast.
However, Spreadex analyst Connor Campbell said neither the main stock indices nor the dollar reacted much after the GDP news, probably due to both having mostly priced in December's anticipated interest rate hike from the Federal Reserve.
In company news, shares in Tiffany & Co sparkled as the jeweller reported a surprise jump in sales for first time in two years, as Japan and China offset the sales decline in the US.
Whereas shares in Shoe Carnival stumbled after its quarterly results released late on Monday missed expectations and the retailer cut its annual guidance.
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $157.59 3.60%
Boeing Co. (BA) $151.64 1.25%
Pfizer Inc. (PFE) $31.92 1.20%
Microsoft Corp. (MSFT) $61.09 0.79%
JP Morgan Chase & Co. (JPM) $78.92 0.77%
Walt Disney Co. (DIS) $99.67 0.71%
Goldman Sachs Group Inc. (GS) $211.75 0.67%
Merck & Co. Inc. (MRK) $62.19 0.63%
E.I. du Pont de Nemours and Co. (DD) $71.20 0.44%
United Technologies Corp. (UTX) $108.84 0.36%
Dow Jones - Fallers
Coca-Cola Co. (KO) $41.15 -1.44%
Chevron Corp. (CVX) $109.34 -1.05%
McDonald's Corp. (MCD) $120.69 -0.94%
Caterpillar Inc. (CAT) $94.04 -0.91%
American Express Co. (AXP) $71.49 -0.89%
Home Depot Inc. (HD) $129.62 -0.78%
Nike Inc. (NKE) $50.63 -0.74%
Exxon Mobil Corp. (XOM) $85.90 -0.66%
General Electric Co. (GE) $31.05 -0.64%
International Business Machines Corp. (IBM) $163.53 -0.60%
S&P 500 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $125.59 5.20%
Centene Corp. (CNC) $57.60 3.88%
Unitedhealth Group Inc. (UNH) $157.59 3.60%
AbbVie Inc (ABBV) $61.59 3.58%
Electronic Arts Inc. (EA) $81.37 3.35%
Tiffany & Co. (TIF) $80.60 3.15%
Praxair Inc. (PX) $122.20 2.94%
Aetna Inc. (AET) $132.03 2.84%
Comcast Corp. (CMCSA) $70.14 2.68%
H&R Block Inc. (HRB) $22.38 2.57%
S&P 500 - Fallers
Mallinckrodt Plc Ordinary Shares (MNK) $52.44 -9.10%
Diamond Offshore Drilling Inc. (DO) $15.71 -6.71%
Freeport-McMoRan Inc (FCX) $14.97 -5.13%
Baxter International Inc. (BAX) $44.76 -3.97%
Hess Corp. (HES) $49.06 -3.82%
Marathon Oil Corp. (MRO) $14.95 -3.80%
First Solar Inc. (FSLR) $29.95 -3.73%
Alcoa Corporation (AA) $29.73 -3.66%
Allstate Corp (The) (ALL) $69.63 -3.35%
Transocean Ltd. (RIG) $11.03 -3.33%
Nasdaq 100 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $125.59 5.20%
JD.com, Inc. (JD) $26.85 3.95%
Charter Communications Inc. (CHTR) $280.49 3.57%
Electronic Arts Inc. (EA) $81.37 3.35%
Dish Network Corp. (DISH) $57.69 2.74%
Comcast Corp. (CMCSA) $70.14 2.68%
Paychex Inc. (PAYX) $59.46 2.53%
Ctrip.Com International Ltd. Ads (CTRP) $45.87 2.53%
Discovery Communications Inc. Class C (DISCK) $27.12 2.03%
Akamai Technologies Inc. (AKAM) $67.28 1.68%
Nasdaq 100 - Fallers
Tesla Motors Inc (TSLA) $189.57 -3.34%
Micron Technology Inc. (MU) $19.42 -2.85%
Cognizant Technology Solutions Corp. (CTSH) $55.63 -2.32%
Cerner Corp. (CERN) $49.77 -2.16%
Biomarin Pharmaceutical Inc. (BMRN) $86.70 -1.88%
Mylan Inc. (MYL) $36.06 -1.85%
TripAdvisor Inc. (TRIP) $49.30 -1.75%
Vertex Pharmaceuticals Inc. (VRTX) $85.65 -1.44%
Check Point Software Technologies Ltd. (CHKP) $81.59 -1.14% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Brexit, National Grid, Tata Steel European leaders have quashed an attempt by Theresa May to secure an early agreement to guarantee the status after Brexit of EU nationals living in the UK and vice versa. Angela Merkel insisted there could be no side deals before Britain starts formal EU exit negotiations next year, a view backed by European Council president Donald Tusk. - Financial Times
National Grid is investigating whether a boat's anchor is to blame for knocking out half the capacity from a crucial power link beneath the English Channel - threatening further increases to electricity prices in the UK this winter. Four of eight cables running along the seabed between Folkestone and Calais were damaged during Storm Angus - the first named storm of the season - earlier this month. - Financial Times
Sky has launched its attack on the mobile market, hoping to convince millions of its pay-TV customers to defect from their current provider with the offer of unlimited free calls and texts. Those who switch to Sky Mobile will pay only for mobile broadband access, with a 1GB package £10 per month, 3GB at £15 and the 5GB package at £20. - Telegraph
Motorists could see the price of foreign cars jump by £1,500 if Britain fails to agree a deal on trade tariffs when it leaves the European Union. The warning came from Gareth Jones, president of the Society of Motor Manufacturers and Traders, as he predicted a potential £4.5bn bill for the automotive industry and consumers from Brexit. - Telegraph
Global firms behind popular brands such as Kit Kat, Colgate toothpaste and Dove cosmetics use palm oil produced by child workers in dangerous conditions, Amnesty International has claimed. The human rights organisation traced a range of well-known products back to the palm oil company Wilmar, which it alleged employs children to do back-breaking physical labour on refineries in Indonesia. - Guardian
The energy regulator has chosen Co-operative Energy - a company that last month paid out £1.8m compensation to customers - to take over the supply GB Energy's gas and electricity customers. Ofgem has been working behind the scenes since GB Energy's collapse at the weekend to appoint a "supplier of last resort" to take over all of the company's 160,000 customers. - Guardian
Thousands of jobs at Port Talbot are in the balance again after reports that Tata Steel is to close one of the two operational blast furnaces. Tata is planning to reduce output at its largest UK plant as part of a merger with ThyssenKrupp, of Germany, according to reports. Port Talbot in south Wales has been under the threat of closure since March, when the Tata board in Mumbai shocked British ministers by announcing that it wanted to quit the UK steel industry, citing high energy costs, plummeting steel prices because of Chinese stock-dumping and currency fluctuation. - The Times
Rio Tinto faces an inquiry by American authorities over a multibillion-dollar writedown of a site in Mozambique in 2013. The US Securities and Exchange Commission is looking into the writedown triggered by a disastrous acquisition of a coal project in the southern African country in 2011. - The Times | | |
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