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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 little changed but energy issues gain on oil rally Stocks in London were little changed in early trade as investors continued to digest OPEC's agreement to cut oil production.
At 0830 GMT, the FTSE 100 was down 0.1% to 6,779.40. Meanwhile, oil prices continued to push higher after members of the Organization of the Petroleum Exporting Countries agreed on Wednesday to reduce production by 1.2m barrels a day to 32.5m barrels from January next year.
West Texas Intermediate was up 0.5% to $49.69 a barrel and Brent crude was up 8.8% to $50.47.
Lee Wild, head of equity strategy at Interactive Investor, said: "Crucially, oil majors and index heavyweights BP and Shell remain in favour as traders buy into OPEC's unlikely deal to tackle oversupply. Brent crude extended gains above $52 a barrel to five-week highs, but, while actually agreeing an output cut is great news, it's questionable whether a 1.2 million barrel a day reduction is enough to keep oil prices much above $50.
"Past experience also tells us that getting everyone to play by the new rules is another matter. An agreed cut by non-OPEC member Russia is encouraging, although, in truth, it had very little to lose given current production is running at record levels."
On the corporate front, oil giants BP and Shell racked up healthy gains as oil prices rallied. BP was also boosted by an upgrade to 'outperform' from 'neutral' from Credit Suisse.
Anglo-Swiss miner Glencore was on the front foot after it said its plan to reduce debt as resources prices retreat is near completion, and the company intends to return $1bn to its shareholders next year.
Rio Tinto pushed higher as it confirmed that it is cooperating with inquiries from the relevant authorities relating to the impairment included in the company's 2012 accounts in respect of Rio Tinto Coal Mozambique.
The statement followed a press report in earlier in the week stating that the company was facing an investigation by the US Securities & Exchange Commission on the timing of the $3bn in impairment charges.
FTSE 250 service company Serco gained ground after reiterating its outlook for next year as it said it should move into the 'growth' phase of its transformation plan in 2018 and announced a £600m contract with Barts Health NHS Trust for the provision of soft facilities management services.
Residential property business Grainger edged down despite posting a jump in annual profit and hiking its dividend.
Daily Mail & General Trust was in the black as it reported a drop in adjusted pre-tax profit and operating profit but a rise in revenue for the year, with results ahead of expectations overall.
Great Portland Estates nudged lower after saying it has let a further 25,200 sq. ft. of office space in its recently completed development at 30 Broadwick Street, London W1.
Investors in London were also digesting the latest data from building society Nationwide, which showed annual house price growth slowed a touch in November. Prices were up 4.4% from a year ago compared to a 4.6% increase last month.
On the month, prices were up 0.1%, while the average cost of a home was £204,947.
Robert Gardner, Nationwide's chief economist, said: "There are some signs that, despite the uncertain economic outlook, demand conditions have strengthened a little in recent months, reflecting the impact of solid labour market conditions and historically low borrowing costs."
Still to come on the data calendar, UK manufacturing PMI is at 0930 GMT. In the US, initial jobless claims are at 1330 GMT, while ISM manufacturing and construction spending are at 1500 GMT. |
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| Market Movers
FTSE 100 (UKX) 6,771.88 -0.18%
FTSE 250 (MCX) 17,490.04 -0.32%
techMARK (TASX) 3,228.04 -0.73%
FTSE 100 - Risers
BP (BP.) 474.75p 3.33%
Royal Dutch Shell 'B' (RDSB) 2,176.00p 2.71%
Royal Dutch Shell 'A' (RDSA) 2,078.50p 2.59%
Anglo American (AAL) 1,211.50p 2.24%
Glencore (GLEN) 284.95p 2.02%
BHP Billiton (BLT) 1,336.00p 1.71%
Legal & General Group (LGEN) 238.10p 0.98%
Dixons Carphone (DC.) 335.00p 0.96%
Rio Tinto (RIO) 3,014.00p 0.80%
Randgold Resources Ltd. (RRS) 5,745.00p 0.79%
FTSE 100 - Fallers
Carnival (CCL) 3,921.00p -3.04%
Unilever (ULVR) 3,115.00p -2.53%
GKN (GKN) 303.00p -2.23%
Severn Trent (SVT) 2,140.00p -2.15%
Antofagasta (ANTO) 676.50p -1.81%
London Stock Exchange Group (LSE) 2,700.00p -1.75%
Hargreaves Lansdown (HL.) 1,157.00p -1.70%
Intu Properties (INTU) 265.20p -1.45%
Land Securities Group (LAND) 956.50p -1.39%
AstraZeneca (AZN) 4,092.50p -1.37%
FTSE 250 - Risers
Weir Group (WEIR) 1,884.00p 4.20%
Wizz Air Holdings (WIZZ) 1,741.00p 3.88%
Hunting (HTG) 559.00p 3.52%
Amec Foster Wheeler (AMFW) 449.10p 3.00%
Tullow Oil (TLW) 306.70p 2.99%
Wood Group (John) (WG.) 843.50p 2.49%
Serco Group (SRP) 136.20p 2.41%
AO World (AO.) 175.00p 2.34%
Countryside Properties (CSP) 233.70p 1.83%
RPC Group (RPC) 1,094.00p 1.58%
FTSE 250 - Fallers
TalkTalk Telecom Group (TALK) 148.00p -7.33%
Ascential (ASCL) 260.00p -5.90%
Bellway (BWY) 2,353.00p -3.64%
Hochschild Mining (HOC) 211.90p -2.93%
Mitchells & Butlers (MAB) 220.90p -2.77%
Countrywide (CWD) 166.70p -2.69%
Euromoney Institutional Investor (ERM) 1,050.00p -2.60%
Paysafe Group (PAYS) 379.00p -2.34%
Computacenter (CCC) 718.00p -2.11% |
| | UK Event Calendar | | Thursday December 01
INTERIMS
Clipper Logistics , Market Tech Holdings Limited , WYG
INTERIM DIVIDEND PAYMENT DATE
Harworth Group
INTERIM EX-DIVIDEND DATE
Action Hotels, Caledonia Investments, CMC Markets , Creston, Electrocomponents, First Property Group, Fuller Smith & Turner, Headlam Group, Helical, Intermediate Capital Group, International Consolidated Airlines Group SA (CDI), James Halstead 5.5% Cumulative Preference 1, JD Sports Fashion, JPMorgan Euro Small Co. Trust, Martin Currie Asia Unconstrained Trust , MS International, PayPoint, Pets at Home Group , Record, Severn Trent, Tarsus Group, Telecom Plus, TR Property Inv Trust, ULS Technology , Walker Crips Group
QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust, Toro Limited
QUARTERLY EX-DIVIDEND DATE
Alpha Real Trust Ltd., Bank of America Corp., Land Securities Group, Premier Energy & Water Trust, UIL Limited (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Construction Spending (US) (15:00)
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
Unemployment Rate (EU) (10:00)
FINALS
Grainger, Impax Asset Management Group, Premier Asset Management Group
ANNUAL REPORT
Greencore Group, Impax Asset Management Group
SPECIAL EX-DIVIDEND DATE
British Empire Trust, Keystone Inv Trust, PayPoint
AGMS
ASOS, Churchill Mining, Hotel Chocolat Group , Inland Homes, Purecircle Limited (DI), Rambler Metals & Mining, Revolution Bars Group, St Ives, Vernalis plc
FINAL DIVIDEND PAYMENT DATE
Wolseley
FINAL EX-DIVIDEND DATE
Aviva 8 3/4% Cumulative Irrd Preference 1, Bellway, British Empire Trust, Diploma, Euromoney Institutional Investor, Focusrite, Greencore Group, Mitchells & Butlers, Origin Enterprises, Town Centre Securities, Volta Finance Limited, YouGov |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drift lower as oil remains in focus European stocks drifted a touch lower in early trade despite a strong showing in Asia and rallying oil prices.
At 0850 GMT, the benchmark Stoxx Europe 600 index was flat, Germany's DAX was 0.2% lower and France's CAC 40 was 0.1% weaker.
Meanwhile, oil prices continued to push higher after members of the Organization of the Petroleum Exporting Countries agreed on Wednesday to reduce production by 1.2m barrels a day to 32.5m barrels from January next year.
West Texas Intermediate was up 0.5% to $49.69 a barrel and Brent crude was up 8.8% to $50.47.
Markus Huber, a trader at City of London Markets, said: "European shares are trading moderately lower this morning despite higher markets across the board in Asia and slightly better than expected manufacturing PMI data out of China overnight.
"While tomorrow's US job data seem to be a bit less important for markets than usual all eyes are still on the Italian referendum taking place on Sunday. For many the Fed hiking rates in December is a done deal therefore it would take a horrendous set of US nonfarm payrolls data in order for the Fed not do anything this time around. In regard to the Italian referendum nobody doubts that a 'no' vote could result in a prolonged period of uncertainty not only for Italy but for the entire eurozone, however this doesn't necessarily mean that markets will automatically take a dive."
China's official manufacturing purchasing managers' index released earlier came in at 51.7 for November, up from 51.2 in October and ahead of expectations for a reading of 51.0.
On the corporate front, oil giants BP and Shell racked up healthy gains as oil prices rallied. BP was also boosted by an upgrade to 'outperform' from 'neutral' from Credit Suisse.
Anglo-Swiss miner Glencore was on the front foot after it said its plan to reduce debt as resources prices retreat is near completion, and the company intends to return $1bn to its shareholders next year.
Rio Tinto pushed higher as it confirmed that it is cooperating with inquiries from the relevant authorities relating to the impairment included in the company's 2012 accounts in respect of Rio Tinto Coal Mozambique.
The statement followed a press report in earlier in the week stating that the company was facing an investigation by the US Securities & Exchange Commission on the timing of the $3bn in impairment charges.
Swedish medical equipment firm Elekta slumped after its results missed expectations.
TalkTalk was also under the cosh after a downgrade by JP Morgan Cazenove.
Daily Mail & General Trust was in the black as it reported a drop in adjusted pre-tax profit and operating profit but a rise in revenue for the year, with results ahead of expectations overall.
Still to come on the data calendar, eurozone manufacturing PMI is at 0900 GMT while the unemployment rate for the area is at 1000 GMT. |
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| | US Market Report | | US close:Wall Street ends on a mixed note as crude futures, bond yields soar US markets finished on a mixed note after OPEC members agreed to slash their oil production for the first time since 2008, which sent prices soaring, against a backdrop of various strong readings on the economy and a jump in government bond yields.
By the closing bell the Dow Jones Industrial Average was up by 0.01% to 19,123.58 points, but the S&P 500 had skidded 0.27% to 2,198.81 points while the Nasdaq Composite retreated 1.05% to 5,323.68..
West Texas Intermediate crude oil futures leapt higher by $4.20 to finish at $49.44 per barrel on NYMEX.
OPEC member countries finalised the deal discussed in the Algiers in September to cut production by 1.2m barrels per day, in a bid to push oil prices higher.
According to Gulf Energy, Iran agreed to go freeze production at just under 4m barrels per day, avoiding a cut. The country had been ramping up production after economic sanctions were lifted in January.
James Hughes, chief market analyst at GKFX, said the production deal has come 12 months too late for many as low oil prices have crippled some economies over that period.
"It has been said that the OPEC deal is contingent on non-OPEC members, such as Russia agreeing to participate... The swings in the markets on the back of every tweet that was sent by anyone close to the meeting showed that jitters and expectations that rested on OPEC and any failure could well have sparked some heavy downside for not just oil prices, but equity markets and the US dollar as well.
"All in all OPEC has cut output to levels seen back in April, the same time that Saudi Arabia ramped up production. So without yet having confirmation it does look like we have a deal, but whether it has gone far enough to give oil prices the kick they need, or prove that OPEC is a viable organisation is very much yet to be seen."
On the data front, the ADP national employment report showed that 216,000 jobs were added in November by private employers, above the forecast 165,000. The private payroll increase was revised down to 119,000 from the 147,000 initially reported.
The personal consumption expenditures price index nudged up 0.2% in October after a similar increase in September. In the year to October, the index crept 1.4%, after rising 1.2% in September.
MNI's Chicago manufacturing sector PMI rose from a reading of 50.6 to 57.6 (consensus: 52.0).
Those better-than-expected economic figures sent yields on the benchmark 10-year Treasury note up by nine basis points to 2.38%.
In corporate news, Praxair's shares were down after it confirmed had approached German rival Linde AG about resuming discussions regarding a potential offer.
Elsewhere, Splunk Inc gained slightly after it lifted its outlook for the year late on Tuesday, but design software maker Autodesk dipped after its guidance for the current quarter left investors disappointed.
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $219.29 3.56%
E.I. du Pont de Nemours and Co. (DD) $73.61 3.38%
Chevron Corp. (CVX) $111.56 2.03%
Exxon Mobil Corp. (XOM) $87.30 1.63%
Caterpillar Inc. (CAT) $95.56 1.62%
JP Morgan Chase & Co. (JPM) $80.17 1.58%
American Express Co. (AXP) $72.04 0.77%
Pfizer Inc. (PFE) $32.14 0.69%
Unitedhealth Group Inc. (UNH) $158.32 0.46%
Cisco Systems Inc. (CSCO) $29.82 -0.03%
Dow Jones - Fallers
Visa Inc. (V) $77.32 -2.31%
Verizon Communications Inc. (VZ) $49.90 -2.08%
Coca-Cola Co. (KO) $40.35 -1.94%
Intel Corp. (INTC) $34.70 -1.73%
Merck & Co. Inc. (MRK) $61.19 -1.61%
Microsoft Corp. (MSFT) $60.26 -1.36%
Wal-Mart Stores Inc. (WMT) $70.43 -1.32%
McDonald's Corp. (MCD) $119.27 -1.17%
Nike Inc. (NKE) $50.07 -1.11%
Johnson & Johnson (JNJ) $111.30 -1.05%
S&P 500 - Risers
Marathon Oil Corp. (MRO) $18.06 20.80%
Transocean Ltd. (RIG) $12.90 17.06%
Newfield Exploration Co (NFX) $45.22 15.65%
Murphy Oil Corp. (MUR) $33.91 15.26%
Diamond Offshore Drilling Inc. (DO) $18.06 14.96%
Anadarko Petroleum Corp. (APC) $69.15 14.94%
Devon Energy Corp. (DVN) $48.33 14.63%
Hess Corp. (HES) $55.96 14.09%
Helmerich & Payne Inc. (HP) $75.65 11.96%
Cimarex Energy Co (XEC) $137.88 11.20%
S&P 500 - Fallers
Vertex Pharmaceuticals Inc. (VRTX) $81.61 -4.72%
Amer Water Works (AWK) $72.47 -4.62%
Equifax Inc. (EFX) $114.45 -4.08%
Cabot Oil & Gas Corp. (COG) $22.12 -4.08%
Consolidated Edison Inc. (ED) $69.77 -3.96%
Eversource Energy (ES) $51.62 -3.96%
D. R. Horton Inc. (DHI) $27.72 -3.88%
CMS Energy Corp. (CMS) $40.22 -3.87%
FirstEnergy Corp. (FE) $31.29 -3.87% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Pensions, Fitbit, Glaxo, Logica Labour has vowed to protect pensioner benefits, free bus passes and the winter fuel payment until 2025 in an attempt to dent the overwhelming support for the Conservative party among older voters. The £3bn-a-year commitment comes just one week after Philip Hammond, the chancellor, hinted that the pensions triple lock - under which pensions rise by the highest of inflation, earnings or 2.5 per cent - could be abandoned after 2020. - Financial Times
Fitbit is in advanced talks to acquire Pebble, the smartwatch pioneer and darling of crowdfunding site Kickstarter, according to several people close to the negotiations. The deal, which is in its closing stages but has not been completed, would bring intellectual property and new expertise in wearable devices to Fitbit at a time when the fitness-tracker maker is looking to expand its product range. - Financial Times
GlaxoSmithKline has had one of its most promising new asthma drugs recommended for use on the NHS in England and Wales after agreeing to cut the price of the treatment. The National Institute for Health and Care Excellence (Nice) has said mepolizumab, sold under the brand name Nucala, should be available to patients through the NHS who suffer from a severe type of asthma. - Telegraph
Aformer business analyst at Logica and a man who was his neighbour have pleaded guilty to three counts of insider dealing during the IT consultancy's £1.7bn takeover by rival CGI four years ago. Manjeet Mohal, who the City watchdog said had been a "trusted member" of Logica's management reporting team, came by inside information in May 2012 when the IT firm was locked in deal talks with CGI. - Telegraph
A deal to keep Nissan making cars in the north-east will not add to the government's liabilities, according to Philip Hammond, who said any costs would be kept within current spending limits. The chancellor said promises made to the Japanese firm avoided weighing down the Treasury with significant extra subsidies in the wake of the Brexit vote. - Guardian
The first 75-metre-long blades destined for windfarms off the UK's coast will roll out of a factory in Hull when it officially opens on Thursday. The inauguration of the Siemens plant at the city's Alexandra Dock employs 700 people and was hailed by campaigners as an example of how curbing carbon emissions could create jobs. - Guardian
Barclays has been accused of providing "seriously incomplete" disclosure over its involvement in the Libor scandal after a court was told the bank had found 35,000 new documents, including hundreds of audio recordings and thousands of emails, not seen by the authorities before its 2012 settlement. A lawyer acting for Asif Aziz, a London property investor and owner of the Trocadero shopping centre, told a case management hearing over a claim by the Malawian-born businessman that Barclays mis-sold his companies two Libor-linked interest swaps worth £54.8 million. - The Times | | |
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