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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 rally as oil prices surge Stocks in London were little changed in early trade although energy shares racked up healthy gains as oil prices surged after non-OPEC and OPEC members reached a deal on Saturday to cut production for the first time since 2001.
At 0825 GMT, the FTSE 100 was up 0.1% to 6,964.35. Meanwhile, West Texas Intermediate was up 5.4% to $54.46 a barrel and Brent crude was 5% higher at $57.23.
Non-OPEC countries agreed to cut production by 558,000 barrels per day. This is in addition to OPEC's recent agreement to slash output by 1.2m barrels a day.
BP shares rose 2%, while Royal Dutch Shell was 2.8% higher and Tullow Oil rallied more than 8%.
Spreadex's Connor Campbell said: "With little to rival it, oil slipped into the spotlight this Monday following news of yet another historic output cut.
"Following the lead of their OPEC peers, a cabal of 11 countries - which includes the likes of Mexico, Malaysia and, crucially, Russia - has agreed to slash their oil output by just over half a million barrels a day. Understandably Brent crude was overjoyed at the news, the black stuff surging by 5.5% to cross the $57 per barrel mark; that's the commodity's best price in almost a year and a half, and an increase that has had quite the effect on the oil sector this morning."
In corporate news, Glencore edged up after saying that it and the Qatar Investment Authority have concluded various agreements providing for the establishment of a 50:50 consortium, to take a chunk of Russian state gas operation Rosneft.
DFS Furniture ticked lower after it said chairman Richard Baker will step down in spring next year after just over six years in the role.
Engineering firm WS Atkins was also a touch weaker as it agreed to sell its minority investment in the M25 motorway to a consortium of institutional investors for £66.3m.
ASOS was on the back foot as the online retailer said it will hire an additional 1,500 people at its London headquarters over the next three years.
Investors were also digesting a report by property website Rightmove, which said that asking prices for UK properties are likely to rise by 2% in 2017, which is down from the 3.4% estimated growth this year.
In inner London, however, asking prices are expected to fall by 5% next year "as its price bubble continues to deflate".
Rightmove said house prices fell 2.1% month-on-month in December, giving an average price of £299,159.
Looking ahead to the rest of the week, the focus will turn to the Federal Reserve rate announcement on Wednesday, as markets have largely priced in a hike.
"There should be no surprises around this meeting, though the press conference will take on an even greater significance in the context of the signalling of Fed intentions in 2017, as regards further rate rises," said CMC Markets' Michael Hewson. |
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| Market Movers
FTSE 100 (UKX) 6,967.11 0.19%
FTSE 250 (MCX) 17,762.84 0.17%
techMARK (TASX) 3,258.06 -0.36%
FTSE 100 - Risers
Marks & Spencer Group (MKS) 349.90p 3.34%
Royal Dutch Shell 'B' (RDSB) 2,256.50p 3.32%
Royal Dutch Shell 'A' (RDSA) 2,154.50p 3.21%
BHP Billiton (BLT) 1,398.00p 3.17%
Anglo American (AAL) 1,249.00p 2.88%
BP (BP.) 485.75p 2.01%
Antofagasta (ANTO) 770.50p 1.85%
Glencore (GLEN) 304.60p 1.53%
Rio Tinto (RIO) 3,265.00p 1.29%
Dixons Carphone (DC.) 364.80p 1.28%
FTSE 100 - Fallers
Mondi (MNDI) 1,583.00p -1.74%
AstraZeneca (AZN) 4,213.50p -1.55%
HSBC Holdings (HSBA) 663.80p -1.48%
Shire Plc (SHP) 4,375.00p -1.30%
Capita (CPI) 473.90p -1.27%
International Consolidated Airlines Group SA (CDI) (IAG) 435.80p -1.27%
Worldpay Group (WPG) 262.50p -1.24%
Randgold Resources Ltd. (RRS) 5,795.00p -1.19%
3i Group (III) 685.50p -1.15%
Sky (SKY) 989.50p -1.05%
FTSE 250 - Risers
Tullow Oil (TLW) 345.60p 10.66%
Evraz (EVR) 255.00p 8.70%
Cairn Energy (CNE) 231.10p 5.86%
Petrofac Ltd. (PFC) 900.50p 3.51%
Amec Foster Wheeler (AMFW) 470.00p 3.30%
Weir Group (WEIR) 1,891.00p 2.77%
Hunting (HTG) 631.50p 2.77%
Vedanta Resources (VED) 953.00p 2.58%
IP Group (IPO) 155.50p 2.57%
Wood Group (John) (WG.) 871.00p 2.53%
FTSE 250 - Fallers
Ladbrokes Coral Group (LCL) 123.10p -5.74%
CMC Markets (CMCX) 96.60p -3.40%
Diploma (DPLM) 928.50p -2.77%
TalkTalk Telecom Group (TALK) 160.30p -2.08%
Bodycote (BOY) 615.00p -1.52%
William Hill (WMH) 286.50p -1.31%
BGEO Group (BGEO) 3,336.00p -1.27%
IG Group Holdings (IGG) 451.30p -1.27%
BTG (BTG) 568.50p -1.22% |
| | UK Event Calendar | | Monday December 12
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks weighed down by selling in China European stocks started the session on a mixed note following moderate losses in Chinese assets overnight and amid sharp gains in oil futures after non-OPEC producers agreed to cut their output and Saudi said it might slash production by more than it had previously promised.
As of 0900 GMT, the benchmark Stoxx 600 was off by 0.04% to 355.24, while the Dax was losing 0.22% to 11,178.82. Paris´s Cac-40 on the other hand was trading higher by 0.16% to 4,771.97 and the FTSE Mibtel was ahead by 1.20% to 18,512.38.
China´s Shanghai Stock Exchange´s composite index lost 2.47% to 3,152.97, alongside a retreat in the yuan and in Chinese government bonds.
Traders cited poor liquidity ahead of the year-end as one factor behind the losses, together with remarks by US President-elect Donald Trump over the weekend on Fox News Sunday according to which his support for the decades-old 'One China' policy would hinge in part on being able to reach a better deal on trade.
Italian assets on the other hand were benefitting from news that Rome had apppointed PD party foreign minister Gentiloni as Prime Minister. In parallel, speculation was rife that a state bail-in for Banca Monte dei Paschi di Siena would be forthcoming shortly, trigerring a rise of 7.54% in the stricken lender´s shares.
In other corporate news, Allianz Renewable Energy announced it had bought a €330m portfolio of windparks from PNE Wind.
Deutsche Bank's asset management arm was planning to rejoin the group of the world´s top ten firms in that space, Welt am Sonntag cited division chief Nicolas Moreau as having said. Moreau did not comment on rumours about an upcoming flotation of the unit.
Stada has received expressions of interest from Mylan and Novartis, SonntagsZeitung reported.
Oil prices shot higher after non-OPEC producers agreed to reduce their output by 568,000 barrels a day in parallel to the cut announced by the oil cartel itself on 30 November.
Adding to the buying pressure in crude oil futures, shortly after the announcement OPEC´s linchpin Saudi Arabia said it would lower its production by more than it committed to at OPEC´s last meeting.
As of 0917 GMT, front month Brent crude oil futures were higher by 4.85% to $57.10 per barrel on the ICE. |
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| | US Market Report | | US close: S&P 500 rises for a sixth day ahead of the Fed Wall Street continued pushing higher ahead of the US central bank´s policy meeting the following week and a meeting of non-OPEC oil producers, on Saturday, to decide on a further reduction in global crude oil supplies.
The Dow Jones Industrial Average gained 0.72% or 142.04 points to close at 19,756.85, while the S&P clocked in with a sixth consecutive session of gains, rising 0.59% or 13.34 points to end at 2,259.33, while the Nasdaq Composite tacked on 0.50% or 27.14 points to end the day at 5,444.50.
Some analysts indicated a correction could be on the cards for US stocks following recent highs.
Ipek Ozkardeskaya, senior market analyst at London Capital Group, said: "US stocks extended gains to fresh historical highs. The relative strength index hint at deepening overbought conditions in the US stock markets, suggesting that the time for a correction could be approaching."
Shares ended in the black on Thursday after the European Central Bank announced the extension of its quantitative easing programme. ECB chief Mario Draghi said the central bank would keep buying government bonds through next year, albeit at lower amounts each month from April.
The ECB said it will buy €60bn a month in government bonds from April 2017 until December 2017, compared to €80bn currently.
With the ECB out of the way, attention will shift to next week's announcement from the Federal Reserve, which is widely expected to hike rates.
Oanda's Craig Erlam said: "The key to the meeting is likely to be how many rate hikes the Fed is forecasting for next year given that markets are currently only pricing in one by November, which I think is too few. Given the Fed's bullish forecast for four last year and the much improved conditions this time around, it will be interesting to see what approach they take."
In corporate news, Restoration Hardware Holdings tumbled after it cut its outlook for the fourth quarter late on Thursday.
From a sector standpoint, the biggest gains were seen in the following groups: Platinum (17.98%), Drug retailers (2.36%) and Mortgage Finance (2.09%).
Meanwhile, oil prices were in the black ahead of a meeting of OPEC and non-OPEC members on Saturday to discuss production. West Texas Intermediate closed 58 cents higher to $51.50 a barrel.
The preliminary reading on the University of Michigan´s consumer confidence gauge for the month of December showed an improvement from 93.8 points in the month before to 98.0 (consensus: 94.0).
"Overall, the underlying details of this morning's release suggest that consumer confidence remains on solid footing and is supportive of firm GDP growth in the near term," Barclays Research said in a report sent to clients.
The yield on the benchmark 10-year US Treasury bond rose six basis points to 2.47%.
Dow Jones - Risers
Coca-Cola Co. (KO) $42.00 2.49%
Pfizer Inc. (PFE) $31.70 2.46%
Merck & Co. Inc. (MRK) $61.23 1.85%
Apple Inc. (AAPL) $113.95 1.63%
Microsoft Corp. (MSFT) $61.97 1.57%
3M Co. (MMM) $178.49 1.48%
Walt Disney Co. (DIS) $104.86 1.43%
United Technologies Corp. (UTX) $109.79 1.25%
Johnson & Johnson (JNJ) $112.26 1.14%
Procter & Gamble Co. (PG) $84.37 1.04%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $95.53 -0.77%
Wal-Mart Stores Inc. (WMT) $70.08 -0.37%
American Express Co. (AXP) $74.77 -0.19%
Visa Inc. (V) $79.14 -0.18%
Goldman Sachs Group Inc. (GS) $241.85 0.17%
Intel Corp. (INTC) $35.76 0.17%
E.I. du Pont de Nemours and Co. (DD) $74.85 0.23%
Nike Inc. (NKE) $51.72 0.33%
Cisco Systems Inc. (CSCO) $30.06 0.37% |
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| | Newspaper Round Up | | Monday newspaper round-up: Forex shrinkage, Ofgem warning, Boxing day, Sky The world's foreign exchange markets have shrunk for the first time on record in a downturn that poses a big challenge for the City, the global leader in the buying and selling of currencies. Daily foreign exchange trading volumes have shrunk by $300 billion in the past three years to $5.1 trillion, according to the Bank for International Settlements, prompting warnings that the currency markets are becoming more volatile and prone to events such as the sterling flash crash in October. - The Times
Britain's increasing reliance on "intermittent" renewable energy means that the country is facing an unprecedented supply crisis, a senior Ofgem executive has warned. Andrew Wright, a senior partner at Ofgem and former interim chief executive, warned that households could be forced to pay extra to keep their lights on while their neighbours "sit in the dark" because "not everyone will be able to use as much as electricity as they want". - Telegraph
Theresa May has refused calls to force all shops to close on Boxing Day, saying it is not the Government's job to tell businesses how they should run their shows. MPs will hold a Westminster Hall debate on a petition with more than 140,000 signatures calling for a ban on all retail premises opening the day after Christmas, on the basis that it exploits low paid workers. - Telegraph
Theresa May will back steep rises to council tax bills this week in an attempt to plug a gaping hole in social care funding. Warnings of an "absolute crisis" in the industry have prompted the prime minister to drop her opposition to the increases, as the government strives to prove that it is facing up to the ballooning costs of caring for Britain's ageing population. - The Times
Asking prices for properties in the UK will rise by 2% in 2017, although sellers in inner London will be asking less as the bubble "continues to deflate", property website Rightmove has predicted. Sellers entering the market over the past month have priced properties 2.1% lower than those putting homes up for sale the previous month, at an average of £299,159, but Rightmove said it expected next year to be a seventh consecutive year of rising prices. - Guardian
Arms companies and defence officials are hampering attempts to crack down on profiteering by military contracts, MPs have been warned. A regulator set up to ensure the taxpayer is not being ripped off has complained it is not seeing the details of the multi-billion deals such as Britain buying Apache helicopters and P-8 spyplanes from the US. - Telegraph
Insolvency experts believe City banks BNP Paribas, Nomura, Morgan Stanley, ING and Mizuho International could have been the victim of a multimillion-pound fraud, according to recently filed documents. Lawyers and a forensic specialist have been hired by administrators of Invexstar Capital Management after an initial investigation into the group's collapse last year uncovered "a matter that might lead to recoveries". - The Times
New figures from the British Retail Consortium and Springboard suggest that consumers may already be becoming more cautious. Visitors to the high street and shopping centres fell in November despite shops cutting prices as part of the Black Friday promotional event. - Guardian
A major Sky shareholder has said it will vote against the takeover bid as it stands from 21st Century Fox, joining growing criticism among investors that the offer is too low. On Friday Sky announced it had reached agreement with Rupert Murdoch's 21st Century Fox on a cash offer of £10.75 per share - described by one observer as 'the bargain of a lifetime'. - Mail
Tory MPs including Amber Rudd, the home secretary, whose constituents have been affected by the disruption of Southern rail services, have stepped up their criticism of the continuing industrial action. Members of rail union Aslef will strike for three days this week in a move that the MP for Hastings and Rye branded totally unacceptable. -Guardian
The West Midlands has become an employment blackspot and is badly trailing behind other parts of the UK on job creation and living standards, a leading think tank has warned. These considerations pushed the region into voting to leave the European Union, said the Resolution Foundation. - Guardian | | |
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