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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 flat ahead of inflation figures; Fed in focus Stocks in London were flat in early trade as investors eyed the release of UK inflation data and as the Federal Reserve kicks off its two-day policy meeting.
At 0820 GMT, the FTSE 100 was down just 0.1% to 6,886.23.
Meanwhile, oil prices were a touch weaker, with investors taking profits after they surged to mid-2015 highs following an agreement between OPEC and non-OPEC members to cut production. West Texas Intermediate was down 0.2% to $52.73 a barrel and Brent crude was 0.1% lower at $55.61.
Market participants were looking ahead to the UK consumer price index, retail price index and producer price index at 0930 GMT.
Spreadex's Connor Campbell said: "The undoubted focus in the UK is inflation. October's dip to 0.9% is likely to be a blip, with analysts expecting November's figure to rise to 1.1%, the highest reading since the end of 2014. In anticipation everything is looking a bit flat; the pound hasn't really moved against the dollar, though admittedly it managed quite a healthy climb yesterday, while the FTSE, after ignoring Monday's Brent crude boost, is back below 6900."
Investors were also eyeing the latest policy announcement from the Federal Reserve on Wednesday, amid expectations of a 25 basis points rate hike.
In corporate news, infrastructure construction group Balfour Beatty was a little firmer after saying it expects to finish the year with a positive cash balance as it completes the first phase of chief executive Leo Quinn's two-year turnaround process.
UBM advanced after agreeing to buy privately-owned Asian exhibitions company Allworld Exhibitions for a cash consideration that values the business at $485m on a debt and cash free basis.
Old Mutual pushed up after saying its asset management business will float on the London Stock Exchange with an offering of 13m shares and the equity raised will be used for "general corporate purposes".
Housebuilder Bellway rallied s it reported a 7% jump in reservations in the 18-week period to 4 December and said it expects housing completions for the year to the end of July 2017 to rise by 5%.
On the downside, cyber security expert NCC Group tumbled after issuing a profit warning, while Georgia-focused investment company BGEO Group nudged lower after announcing that its banking subsidiary, JSC Bank of Georgia, has agreed to acquire a micro and small business portfolio from JSC ProCredit Bank Georgia for cash.
Carpetright was under the cosh after it posted a 42% slump in pre-tax profit for the 26 weeks ended 29 October as revenue fell amid uneven consumer demand and as the company took a hit from the weakening of the pound versus the euro. |
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| Market Movers
FTSE 100 (UKX) 6,886.23 -0.06%
FTSE 250 (MCX) 17,663.04 0.12%
techMARK (TASX) 3,253.27 0.04%
FTSE 100 - Risers
Persimmon (PSN) 1,689.00p 1.32%
Barratt Developments (BDEV) 458.20p 1.28%
Unilever (ULVR) 3,149.50p 1.21%
Taylor Wimpey (TW.) 151.20p 1.07%
GKN (GKN) 315.20p 0.99%
Dixons Carphone (DC.) 359.90p 0.93%
InterContinental Hotels Group (IHG) 3,400.00p 0.92%
Old Mutual (OML) 192.50p 0.89%
Sky (SKY) 980.50p 0.87%
Micro Focus International (MCRO) 2,138.00p 0.85%
FTSE 100 - Fallers
Standard Life (SL.) 350.50p -2.77%
Rio Tinto (RIO) 3,192.00p -1.63%
Royal Bank of Scotland Group (RBS) 211.40p -1.17%
Tesco (TSCO) 210.40p -1.15%
BP (BP.) 478.50p -1.01%
Randgold Resources Ltd. (RRS) 5,735.00p -0.78%
BHP Billiton (BLT) 1,390.50p -0.71%
Antofagasta (ANTO) 769.00p -0.71%
Lloyds Banking Group (LLOY) 60.99p -0.64%
AstraZeneca (AZN) 4,180.50p -0.61%
FTSE 250 - Risers
CMC Markets (CMCX) 99.57p 5.31%
Britvic (BVIC) 573.00p 3.43%
Euromoney Institutional Investor (ERM) 1,085.00p 3.33%
UBM (UBM) 732.00p 3.24%
Bellway (BWY) 2,453.00p 2.64%
Smurfit Kappa Group (SKG) 1,872.00p 2.30%
JD Sports Fashion (JD.) 332.80p 2.24%
Pagegroup (PAGE) 392.50p 2.19%
Ted Baker (TED) 2,702.00p 2.16%
Drax Group (DRX) 314.10p 1.98%
FTSE 250 - Fallers
Evraz (EVR) 263.50p -3.48%
Zoopla Property Group (ZPLA) 310.10p -2.48%
Allied Minds (ALM) 405.30p -2.20%
Henderson Group (HGG) 227.30p -1.77%
Wood Group (John) (WG.) 855.50p -1.72%
Essentra (ESNT) 425.10p -1.71%
Paragon Group Of Companies (PAG) 381.00p -1.55%
Rank Group (RNK) 194.90p -1.42%
CYBG (CYBG) 275.30p -1.40% |
| | Six serious reasons to think about Sirius Sirius Minerals has been topping The Share Centre buy list for the last week or so, so why is it proving so popular? Number one: The company
Sirius Minerals is not the company it used to be. This decade, under the leadership of Chris Fraser, the company has been transformed, and today its focus is a polyhalite project in North Yorkshire. Polyhalite is a naturally occurring mineral, consisting of sulphur, potassium, calcium and magnesium, making it effective as part of a fertiliser. But research has been throwing up some interesting findings about a polyhalite, making it seem a lot more valuable. Sirius, which uses the brand name POLY4, says that it believes that the North Yorkshire resource is ‘the world's largest high-grade known polyhalite deposit.’ And big things are expected. Read More... |
| | UK Event Calendar | | Tuesday December 13
INTERIMS
Begbies Traynor Group, Byotrol, Carpetright
INTERIM DIVIDEND PAYMENT DATE
Spire Healthcare Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Import and Export Price Indices (US) (13:30)
Wholesale Price Index (GER) (07:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
FINALS
Ediston Property Investment Company, Hollywood Bowl Group, Pressure Technologies, Zytronic
EGMS
JSC KazMunaiGaz Exploration Production GDR (Reg S)
AGMS
Bellway, Fidelity Special Values, International Biotech Trust, Tristel
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
FINAL DIVIDEND PAYMENT DATE
DX (Group)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of Fed; UniCredit in focus European stocks were little changed in early trade as investors digested news that UniCredit was planning Italy's biggest ever share issue and as the Federal Reserve kicks off its two-day policy meeting.
At 0840 GMT, the benchmark Stoxx Europe 600 index and France's CAC 40 were up 0.1%, while Germany's DAX was 0.3% firmer.
Andy McLevey, head of dealing at Interactive Investor, said: "With the two-day Fed meeting getting underway ahead of tomorrow's rate announcement many investors will be content to look on from the sidelines. Although a rate hike is largely priced in investors will be examining the statement in detail for clues on future policy following Donald Trump's surprise election victory."
Meanwhile, oil prices retreated, with investors taking profits after they surged to mid-2015 highs following an agreement between OPEC and non-OPEC members to cut production. West Texas Intermediate was down 0.5% to $52.57 a barrel and Brent crude was 0.4% lower at $55.46.
In corporate news, UniCredit was higher, reversing brief losses incurred immediately after the Italian bank announced plans to raise €13bn and cut jobs as it looks to clean up its balance sheet.
Tony Cross, market analyst for TopTradr, said: "On the basis that the funding gap is less pressing, we shouldn't see the knee-jerk reaction Monte dei Paschi's woes generated last week."
Anheuser Busch InBev nudged a touch higher on news Japanese brewer Asahi will pay $7.8bn for some of its beer brands.
France's Vivendi edged down after revealing it has taken a 3% stake in Italian broadcaster Mediaset, whose shares surged 25%.
Infrastructure construction group Balfour Beatty was a little firmer after saying it expects to finish the year with a positive cash balance as it completes the first phase of chief executive Leo Quinn's two-year turnaround process.
UBM advanced after agreeing to buy privately-owned Asian exhibitions company Allworld Exhibitions for a cash consideration that values the business at $485m on a debt and cash free basis.
Old Mutual pushed up after saying its asset management business will float on the London Stock Exchange with an offering of 13m shares and the equity raised will be used for "general corporate purposes".
Housebuilder Bellway rallied s it reported a 7% jump in reservations in the 18-week period to 4 December and said it expects housing completions for the year to the end of July 2017 to rise by 5%.
Still to come on the data front, the German ZEW survey is at 1000 GMT. |
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| | US Market Report | | US close: Stocks end mostly lower but Dow notches up another record US equity markets ended mostly lower on Monday, but the Dow Jones Industrial Average notched up its sixth consecutive record close, as oil prices rose and investors looked ahead to the Federal Reserve policy meeting later this week.
The Dow closed up 0.2%, the S&P 500 fell 0.1% and the Nasdaq declined 0.6%.
Meanwhile, oil prices settled in the black but off highs after non-OPEC countries agreed to cut production by 558,000 barrels per day at the weekend, with the majority of the cuts pledged by Russia.
Comments from Saudi Arabia's energy minister Khalid al-Falih also helped to underpin oil prices, as he said the country will "cut substantially to be below" the target agreed in November by the cartel.
West Texas Intermediate was up 1.5% to $52.29 a barrel and Brent crude was up 1.6% at $55.24.
With little in the way of macroeconomic news to drive markets, investors were looking ahead to the Fed's two-day meeting which kicks off on Tuesday, with a 25 basis point rate hike largely priced in.
CMC Markets' Michael Hewson said: "Some of today's caution could well be predicated on some caution that the recent sharp rise in the US dollar might well prompt some Fed policymakers to soft pedal and go with a dovish hike.
"While no-one expects the Fed to do anything other than hike by 25 basis points the tone of the subsequent statement and press conference could well be dovish."
In corporate news, defence contractor Lockheed Martin dropped after President-elect Donald Trump tweeted that the cost for the F35 stealth fighter program is "out of control". This followed a similar tweet last week when he said that an order for new Air Force One planes should be cancelled, sending Boeing shares crashing.
Alexion Pharmaceuticals tumbled as the company's interim chief executive officer and financial chief stepped down following an investigation into its sales practices.
Viacom Inc and CBS Corp were both in the red after National Amusements withdrew its support for a merger of the two companies.
21st Century Fox was also on the back foot following reports the company's plans to buy British broadcaster Sky may be met with shareholder opposition.
On the upside, Boeing edged up after securing a deal worth up to $16.6bn to sell 80 jetliners to Iran, the latest deal for the country after economic sanctions were lifted in January.
Chipotle Mexican Grill rose after it was confirmed that founder Steve Ells will be the only chief executive after co-chief Monty Moran retires in 2017. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Brexit transition, hiring, Rio Tinto, Glencore Philip Hammond has conceded that there is likely to be a transition period after formally leaving the European Union in 2019 to ease Britain's exit. The chancellor said that a temporary arrangement following the two years of Article 50 negotiations was in both the UK and the EU's interest to protect businesses from a sudden, damaging rupture in trade relations. - The Times
Employers across the UK have shrugged off economic uncertainty from the Brexit vote, reporting the most optimistic outlook on hiring plans in three years. Manpower, one of the top recruitment companies in the UK, said companies had returned to a "business as usual" approach to hiring after a pause in plans after the EU referendum.
BP needs to spend $170m on improvements, according to an internal investigation into safety monitoring. Despite tough new safety procedures introduced in the wake of the Gulf of Mexico oil spill, the oil colossus has twice come close to further potentially lethal accidents. - Financial Times
Rio Tinto was faced with a fresh complication in its corruption row in Guinea yesterday after a rival said that it planned to sue for damages. BSG Resources, the company controlled by Beny Steinmetz, the Israeli diamond tycoon, fired the opening shots in a legal action against Rio over BSGR's loss of part of the Simandou concession, a iron ore deposit that is believed to be the world's largest untapped source. - The Times
The European Commission has joined the US authorities in confirming it will scrutinise Glencore's shock deal to buy a stake in Russian oil giant Rosneft. The FTSE 100 company, led by Ivan Glasenberg, stunned the City last week with a €10.2bn (£8.6bn) deal to take a 19.5pc stake in Rosneft alongside the Qatari Investment Authority (QIA). - Telegraph
The International Monetary Fund has hit back at claims that it is demanding more austerity in Greece, as the Fund warned that the country's ambitious budget targets were "simply not credible". Firing a broadside at Brussels and Athens, Maurice Obstfeld, the IMF's chief economist, and Poul Thomsen, director of the IMF's European department, said cuts to investment and discretionary spending had "gone too far" and would prevent the Greek economy from recovering. - Telegraph
The £70bn-a year British car industry has made the case for government backing as the UK exits Europe at a high-powered summit. The meeting came in the wake of the controversial "sweetheart" deal Nissan secured from the government to keep investing in its giant Sunderland. - Telegraph
British motorists are facing a "bleak mid-winter" as the AA warned that petrol prices were set to rise after a 5 per cent jump in the price of crude oil yesterday. A deal struck in Vienna last weekend between Russia and a string of other exporters to trim output by more than half a million barrels a day sent prices soaring, triggering inflation fears. - The Times
The majority owner of Agent Provocateur has hired KPMG to investigate various "accounting issues" that have been uncovered during a boardroom reshuffle at the lingerie retailer. 3i, the private equity group, has instructured KPMG to review how the retailer's filed accounts were put together and how issues, thought to include an overstatement of profits, came about. - The Times | | |
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