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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 as Gilts see small bounce Stocks were little changed in early trading, following the excitement of the last few sessions and a big move higher for the Footsie on Thursday, as traders were increasingly eyeing the upcoming close of the year which typically results in calm trading conditions amid thin trading volumes.
Against that backdrop, as of 0837 GMT the FTSE 100 was down by 0.01% or 0.44 points at 6,998.57.
The run-up to negotiations ahead of Brexit was again in focus after European Union leaders on Thursday agreed to move swiftly in the talks and promised to stick together to keep the UK from cherry picking a better deal.
On a related note, in remarks made overnight in South Korea the Chancellor, Philip Hammond, said access to the EU for Britain along the lines of its status as a member of the World Trade Organisation would not be the best outcome for the country.
Government bond yields were falling back modestly in early trading, with that on the 10-year Gilt down by four basis points to 1.45% while that on similarly-dated US debt was off by three basis points to 2.57%.
The European single currency was bouncing back from its steep falls on Thursday that saw it drop to its weakest level against the US dollar in over a decade.
Nevertheless, the potential for a widening divide between economic policies in the States and the rest of the world was increasingly a talking point among market participants.
"Nowhere is this policy chasm better illustrated than in the spread differential between US 10 year treasuries and the German bund which has reached levels last seen in 1989, the year the Berlin Wall came down. This is wider than when the euro hit its all-time low at 0.8230 in December 2000, which suggests that the euro could well have further to fall," CMC chief market analyst Michael Hewson told clients.
Friday was set to be very light in terms of data.
However, an index compiled by YouGov and the Centre for Economic and Business Research (CEBR) revealed that business confidence in the UK hit its second-highest level post-Brexit in November, improving from 109.1 to 111.1.
Data on US housing starts referencing the month of November was scheduled for release at 1330 GMT.
IP Group buys out competitor
In corporate news, developer of intellectual property-based businesses IP Group announced on Friday that it has agreed to acquire Parkwalk Advisors, the UK's leading university spin-out focused EIS fund manager, for an initial consideration of £10m.
The FTSE 250 company said Parkwalk, founded in 2009, is the largest EIS growth fund manager focused on university spin-outs, having raised over £100m to date with the majority of funds coming from leading private wealth platforms and having backed over 60 companies across its managed funds since inception.
In 2016, Parkwalk committed over £40m to UK university spin-outs and has been a long-term co-investment partner of IP Group, having co-invested over £17m in 14 investment rounds during 2015/2016.
Rentokil Initial has agreed to merge its Workwear and Hygiene divisions with Germany's Haniel & Cie Holding Co..
The joint-venture will bring together Rentokil Initial's Workwear and Hygiene businesses in 10 countries principally in the Benelux and Central & Eastern Europe regions, with Haniel's businesses in 17 countries which operate under the CWS-boco brand.
Rentokil said the JV will have combined revenues of about €1.1bn and adjusted profit before interest, tax and amortisation of about €130m.
Construction company Balfour Beatty has sold its 80% stake in five street lighting private finance initiative projects to funds managed by Equitix, an investment firm, for £33m. |
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| Market Movers
FTSE 100 (UKX) 6,998.11 -0.01%
FTSE 250 (MCX) 17,768.80 -0.00%
techMARK (TASX) 3,331.87 0.27%
FTSE 100 - Risers
Old Mutual (OML) 195.10p 1.51%
London Stock Exchange Group (LSE) 2,798.00p 1.12%
AstraZeneca (AZN) 4,443.50p 0.99%
Hikma Pharmaceuticals (HIK) 1,763.00p 0.92%
Mediclinic International (MDC) 730.00p 0.83%
GKN (GKN) 333.30p 0.73%
Standard Chartered (STAN) 692.50p 0.71%
Polymetal International (POLY) 782.50p 0.71%
GlaxoSmithKline (GSK) 1,526.00p 0.69%
Vodafone Group (VOD) 199.65p 0.66%
FTSE 100 - Fallers
Micro Focus International (MCRO) 2,181.00p -2.42%
Antofagasta (ANTO) 674.00p -1.39%
Imperial Brands (IMB) 3,472.00p -1.29%
Reckitt Benckiser Group (RB.) 6,594.00p -1.21%
Dixons Carphone (DC.) 341.80p -1.19%
BHP Billiton (BLT) 1,297.50p -1.11%
Taylor Wimpey (TW.) 153.60p -1.09%
International Consolidated Airlines Group SA (CDI) (IAG) 446.10p -1.02%
Barratt Developments (BDEV) 459.90p -0.86%
Next (NXT) 4,902.00p -0.81%
FTSE 250 - Risers
Rentokil Initial (RTO) 226.80p 7.34%
CMC Markets (CMCX) 108.10p 5.98%
PayPoint (PAY) 939.50p 3.19%
Telecom Plus (TEP) 1,226.00p 2.94%
Berendsen (BRSN) 832.50p 2.52%
Aldermore Group (ALD) 228.50p 2.51%
Centamin (DI) (CEY) 117.00p 1.83%
Indivior (INDV) 286.00p 1.67%
Redefine International (RDI) 38.38p 1.67%
Mitie Group (MTO) 218.60p 1.63%
FTSE 250 - Fallers
Hochschild Mining (HOC) 214.70p -4.41%
Just Eat (JE.) 580.00p -3.25%
International Personal Finance (IPF) 169.60p -2.53%
Petrofac Ltd. (PFC) 874.00p -2.07%
Berkeley Group Holdings (The) (BKG) 2,775.00p -1.77%
Ocado Group (OCDO) 250.20p -1.61%
Amec Foster Wheeler (AMFW) 449.60p -1.47%
Kaz Minerals (KAZ) 373.00p -1.37%
GVC Holdings (GVC) 654.00p -1.36% |
| | The 12 stocks of Christmas On the fifth day of December Ian Forrest, our investment research analyst, gave investors 12 companies he thinks could benefit from the festive season: Sainsbury’s
The supermarkets will be battling it out for our attention this Christmas and Sainsbury’s will be a strong contender to benefit. Particularly so given that in September the company completed the acquisition of Home Retail, owner of Argos, in a move that is viewed as an attempt to improve its online presence and compete with the likes of Amazon. Given the fierceness of competition in the sector, Sainsbury continues to perform well at the checkout with market share currently standing at 16.3%. William Hill
Bookmaker William Hill is already positioning itself to benefit... Read More... |
| | UK Event Calendar | |
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| | US Market Report | | US close: Stocks bounce back as bond yields steady, dollar jumps Wall Street bounced back as US government bond yields steadied following the previous day's losses, with the rest of global capital markets playing catch-up.
The Dow Jones Industrials added 59.71 points to 19,852.24, the S&P 500 tacked on 8.75 points to close at 2,262.03 and the Nasdaq Composite gained 20.18 points to 5,456.85.
Nonetheless, all eyes were on the US dollar which bounded higher, sending the European single currency below a key level of technical support and to its lowest mark in over a decade, as traders moved to price-in a 'hand-off' from monetary policy to fiscal policy in the world's single largest economy.
From a sector standpoint, Airline stocks did best, with the group rising 2.01%, followed by Tires (1.67%) and Coal (1.57%).
Gold Mining stocks on the other hand got thrashed as the yellow metal continued its recent retreat, followed by shares in Clothing&Accesories (-2.63%) and Gambling (-2.38%).
The yield on the benchmark 10-year US Treasury note rose by three basis points to 2.60%, adding to the previous session's hefty gains, but that on the two-year note was little changed at 1.27%.
Meanwhile, February COMEX gold futures were down by $14.80 to $1,129.80/oz..
On the data front, the consumer price index edged up 0.2% on November as expected, from the 0.4% rise in the previous month.
In the 12 months to November the index increased 1.7%, also as anticipated, from 1.6% in October.
Initial jobless claims fell 4,000 to a seasonally adjusted 254,000 in the week ended 10 December, slightly below the 256,000 expected, while continuing unemployment claims rose by 11,000 to 2.02m in the week ended 3 December.
Employers added 178,000 jobs in November, roughly in line with average monthly increase this year.
The current account balance dropped to $113bn in November from $118.3bn the previous month, and more than the $11.6bn forecast.
The Empire State manufacturing index jumped to a reading of nine in December, higher than the four expected and more than the 1.5 last month, while the Philadelphia Fed index soared to 21.5 in December from 7.9 in November and significantly more than the 9.1 forecast.
The NAHB housing market index rose to a nine-year high to 70 in December, from 63 the prior month, and beat expectations of 64.
In corporate news, Yahoo was weaker by 6.11% after the technology company said that more than one billion user accounts may have been affected by a 2013 hack.
Mondelez shares were up 4.39% following a report late on Wednesday that Kraft Heinz is planning to acquire the company.
However, there were also reports that the two are not currently in deal talks. Kraft Heinz shares were also 1.20% higher.
Dow Jones - Risers
E.I. du Pont de Nemours and Co. (DD) $74.89 1.60%
JP Morgan Chase & Co. (JPM) $86.00 1.50%
Goldman Sachs Group Inc. (GS) $243.00 1.28%
American Express Co. (AXP) $74.94 1.17%
Chevron Corp. (CVX) $117.05 0.94%
Merck & Co. Inc. (MRK) $62.37 0.92%
Caterpillar Inc. (CAT) $94.53 0.84%
Coca-Cola Co. (KO) $41.55 0.83%
Johnson & Johnson (JNJ) $115.89 0.78%
Intel Corp. (INTC) $36.79 0.66%
Dow Jones - Fallers
United Technologies Corp. (UTX) $108.13 -1.04%
Nike Inc. (NKE) $51.29 -0.97%
General Electric Co. (GE) $31.26 -0.76%
Boeing Co. (BA) $153.77 -0.45%
McDonald's Corp. (MCD) $122.36 -0.39%
Wal-Mart Stores Inc. (WMT) $71.08 -0.36%
3M Co. (MMM) $176.02 -0.33%
International Business Machines Corp. (IBM) $168.02 -0.29%
Pfizer Inc. (PFE) $32.75 -0.21%
Microsoft Corp. (MSFT) $62.58 -0.16%
S&P 500 - Risers
Universal Health Services Inc. (UHS) $108.57 6.91%
Xilinx Inc. (XLNX) $60.18 6.08%
Eli Lilly and Company (LLY) $71.37 5.47%
Illumina Inc. (ILMN) $132.00 5.22%
Mondelez International Inc. (MDLZ) $44.71 4.39%
Qorvo, Inc. (QRVO) $55.69 3.92%
Kroger Co. (KR) $35.96 3.57%
Prudential Fincl Inc. (PRU) $107.08 2.97%
Zoetis Inc (ZTS) $52.32 2.91%
Applied Materials Inc. (AMAT) $33.06 2.86%
S&P 500 - Fallers
Yahoo! Inc. (YHOO) $38.41 -6.11%
PVH Corp. (PVH) $93.94 -6.08%
Ralph Lauren Corp (RL) $96.93 -4.74%
Coach Inc. (COH) $36.36 -3.66%
Ryder System Inc. (R) $77.40 -3.29%
Urban Outfitters Inc. (URBN) $31.22 -3.22%
Nordstrom Inc. (JWN) $55.28 -3.05%
CH Robinson Worldwide Inc (CHRW) $74.31 -3.01%
Masco Corp. (MAS) $31.54 -2.95%
Hasbro Inc (HAS) $82.88 -2.59%
Nasdaq 100 - Risers
Xilinx Inc. (XLNX) $60.18 6.08%
Illumina Inc. (ILMN) $132.00 5.22%
Mondelez International Inc. (MDLZ) $44.71 4.39%
Applied Materials Inc. (AMAT) $33.06 2.86%
Alexion Pharmaceuticals Inc. (ALXN) $116.70 2.80%
Skyworks Solutions Inc. (SWKS) $77.21 2.75%
Stericycle Inc. (SRCL) $77.50 2.74%
Autodesk Inc. (ADSK) $78.92 2.72%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $45.14 2.52%
Cerner Corp. (CERN) $49.15 2.37%
Nasdaq 100 - Fallers
Yahoo! Inc. (YHOO) $38.41 -6.11%
JD.com, Inc. (JD) $25.77 -4.38%
Baidu Inc. (BIDU) $165.78 -2.38%
Dish Network Corp. (DISH) $58.46 -2.08%
Mattel Inc. (MAT) $29.07 -1.96%
NetEase Inc. Ads (NTES) $213.33 -1.91%
Express Scripts Holding Co (ESRX) $69.18 -1.90%
Priceline Group Inc (PCLN) $1,501.20 -1.78%
Starbucks Corp. (SBUX) $57.71 -1.77% |
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| | Newspaper Round Up | | Friday newspaper round-up: Reckitt Benckiser, workers' pay, Brexit bill The manufacturer of Nurofen has been fined $6m for misleading consumers. The federal court increased the penalty from $1.7m to $6m after an appeal by the Australian Competition and Consumer Commission. In December 2015 the federal court found the British company Reckitt Benckiser, the manufacturer of the painkiller, had engaged in "misleading conduct" by representing that its Nurofen Specific Pain products targeted a type or area of pain despite being identical, and ordered they be removed from supermarket shelves within three months. - Guardian
The top 10% of highest paid workers in Europe together earn almost as much as the bottom 50%, according to a report from the International Labour Organization that calls on governments and companies to do more to ensure the fruits of economic growth are shared out. The UN agency used its latest report into global wage trends to examine earnings inequality between different earners within firms and between firms. It also found startling discrepancies between men and women's salaries at senior level in Europe with a gender pay gap of more than 50% for chief executives. - Guardian
Britain will be presented with a £50 billion "exit bill" by the European Union as soon as Theresa May triggers Article 50, the chief negotiator for Brussels is warning. Michel Barnier has told colleagues that the UK must keep paying "tens of billions" annually into the EU budget until 2020. - Telegraph
House price growth in London has slowed to the lowest rate in more than three years, according to research. A report by property market analysts Hometrack found that the rate of house price growth in the 12 months to November in the capital fell to 7.6pc, the lowest level for 39 months, and far below the same period last year, when growth was at 11.8pc. - Telegraph
London could be deprived of one of its most lucrative areas of financial business in clearing certain euro-denominated transactions, under new rules being considered by the European Commission. The precise form of any rule change has yet to be decided by Brussels, although the commission is reported to be considering regulations to give the European Central Bank an oversight on the location of key market infrastructure, such as clearing houses. - The Times
Policymakers at the Bank of England voted unanimously to keep interest rates at a historic low of 0.25 per cent this month and said the rate of inflation would rise at a slower pace than expected due to the recent rise in the value of the pound. All nine members of the rate-setting monetary policy committee (MPC) voted to retain the Bank's three main stimulus measures, including maintaining the asset purchase programme, known as quantitative easing. - The Times |
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