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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 open lower ahead of US non-farm payrolls London stocks opened in the red on Friday as traders looked ahead to the afternoon's US non-farm payrolls report.
At 0807 GMT, the FTSE 100 fell 0.74% to 6,702.94 points.
The non-farm payrolls data, released at 1330 GMT, is expected to show employers added 180,000 jobs in November. The unemployment rate is forecast to remain at 4.9%, while average hourly earnings are estimated to have grown 2.8% year-on-year and 0.2% month-on-month.
A strong jobs report is likely to cement expectations for an interest rate hike by the Federal Reserve this month.
Jasper Lawler, market analyst at CMC Markets, said: "Today's non-farm payrolls report will, as always be the main event for the US dollar- but the report doesn't carry its usual significance. The Fed is likely to raise rates in December regardless so the NFP report won't have any immediate implication for monetary policy."
He added: "It may have some implication for market's willingness to accept the prescribed monetary policy. The hawkish talk from the Fed, even since the election, has been backed up by mostly strong US economic data."
Closer to home, UK data on the construction industry from Markit will be released at 0930 GMT.
Investors will also watch movements in the pound after the currency rose against the dollar on Thursday in response to the suggestion that Britain could make contributions to the budget of the European Union to pay for single market access.
Brexit secretary David Davis made the proposal on Thursday, saying the government would consider its options during divorce negotiations with the trading bloc.
The pound was up 0.31% against the dollar to $1.2630 at 0809 GMT.
Meanwhile, oil prices reversed its OPEC-fuelled rally after the cartel agreed to cut production on Wednesday, as traders awaited the Baker Hughes rig count report at 1800 GMT. Brent crude fell 1.2% to $53.25 per barrel and West Texas Intermediate dropped 0.79% to $50.66 per barrel at 0811 GMT.
On the corporate front, Berkeley Group's shares jumped after the property developer reported an increase in first half earnings and revenue that beat forecasts.
In the six months ended 31 October, pre-tax profit gained 33.9% to £392m compared to the same period a year earlier, exceeding estimates of about £351.7m. Revenue rose 24.1% to £1.41bn, beating expectations of £1.31bn and driven by the sales of new homes in London and the South East of England.
Laird's shares plummeted after proposing to raise £185m through a rights issue and scrapping its final dividend in a bid to strengthen its financial position.
Through the proposed rights issue, the company will offer shares to existing shareholders in proportion to their existing holdings in the first quarter of 2017.
G4S shares edged lower after agreeing to sell its Israeli arm, G4S Israel, to private equity fund FIMI Opportunity Funds for an estimated net consideration of 425 million new Israeli Sheqel (£88m) in cash.
Chief executive officer Ashley Almanza said: "The sale of our business in Israel is part of our active portfolio management programme announced in 2013 to improve our strategic focus and capital discipline.
"G4S Israel is a well-managed business that will grow and prosper as part of the FIMI group providing a positive future for our 6,000 colleagues in Israel and long term, high quality service and support to customers operating in the Israeli market." |
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| | Market Movers
FTSE 100 (UKX) 6,704.54 -0.72%
FTSE 250 (MCX) 17,418.50 -0.45%
techMARK (TASX) 3,196.04 -0.63%
FTSE 100 - Risers
Barratt Developments (BDEV) 474.90p 1.58%
Randgold Resources Ltd. (RRS) 5,770.00p 1.14%
British Land Company (BLND) 585.50p 1.04%
Land Securities Group (LAND) 947.50p 0.91%
Taylor Wimpey (TW.) 151.00p 0.87%
Persimmon (PSN) 1,717.00p 0.76%
Hammerson (HMSO) 536.00p 0.66%
Intu Properties (INTU) 264.20p 0.46%
Imperial Brands (IMB) 3,351.50p 0.19%
Marks & Spencer Group (MKS) 326.20p 0.06%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,300.50p -2.88%
Anglo American (AAL) 1,181.50p -2.15%
Antofagasta (ANTO) 692.50p -1.84%
Rio Tinto (RIO) 2,972.50p -1.83%
easyJet (EZJ) 979.00p -1.76%
Rolls-Royce Holdings (RR.) 671.50p -1.54%
Sage Group (SGE) 639.00p -1.46%
CRH (CRH) 2,588.00p -1.41%
Standard Chartered (STAN) 640.90p -1.40%
Glencore (GLEN) 280.05p -1.23%
FTSE 250 - Risers
Berkeley Group Holdings (The) (BKG) 2,666.00p 4.75%
IP Group (IPO) 143.28p 1.26%
BGEO Group (BGEO) 3,073.00p 1.15%
Kennedy Wilson Europe Real Estate (KWE) 980.00p 1.14%
Bovis Homes Group (BVS) 825.50p 0.98%
Redefine International (RDI) 36.60p 0.83%
Bellway (BWY) 2,407.00p 0.80%
Hansteen Holdings (HSTN) 106.80p 0.75%
Savills (SVS) 673.50p 0.75%
Workspace Group (WKP) 687.50p 0.73%
FTSE 250 - Fallers
Laird (LRD) 132.00p -12.87%
Evraz (EVR) 234.90p -3.89%
Britvic (BVIC) 524.50p -3.23%
Just Eat (JE.) 570.00p -2.90%
Euromoney Institutional Investor (ERM) 1,160.00p -2.60%
Genus (GNS) 1,766.00p -2.43%
Marshalls (MSLH) 287.90p -2.34%
Tullow Oil (TLW) 308.30p -2.25%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 573.00p -2.05%
Vedanta Resources (VED) 833.00p -1.94% |
| | UK Event Calendar | | Friday November 25
INTERIMS
Immunodiagnostic Systems Holdings, Pennon Group
INTERIM DIVIDEND PAYMENT DATE
Action Hotels, Amati Vct 2, Booker Group, Card Factory, CareTech Holding, JZ Capital Partners Ltd, Lookers, Maven Income & Growth VCT, Morgan Advanced Materials , Moss Bros Group, Next Fifteen Communications, Prime People, Provident Financial, Sequoia Economic Infrastructure Income Fund Limited C shares, Smart Metering Systems, Trinity Mirror, U And I Group
QUARTERLY PAYMENT DATE
Primary Health Properties, Tetragon Financial Group Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Import Price Index (GER) (07:00)
Wholesales Inventories (US) (13:30)
FINALS
Zambeef Products
SPECIAL DIVIDEND PAYMENT DATE
Calculus VCT, Card Factory
EGMS
Globalworth Real Estate Investments Limited, PJSC Megafon GDR (Reg S), Tengri Resources (DI)
AGMS
Coal of Africa Ltd., Origin Enterprises, Pan African Resources, Range Resources Ltd. (DI)
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
Gross Domestic Product (09:30)
Index of Services (09:30)
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
Aeorema Communications, Animalcare Group, Clinigen Group, CVC Credit Partners European Opportunities Ltd EURO, CVC Credit Partners European Opportunities Ltd GBP, Dunelm Group, Go-Ahead Group, JPMorgan Global Growth & Income, JPMorgan Income & Growth Inv Trust Income Shares |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drop ahead of Italy referendum; investors eye payrolls European stocks fell in early trade as the oil rally stalled, with investors growing cautious ahead of this weekend's referendum in Italy, as they looked ahead to the release of the nonfarm payrolls report later in the day.
At 0850 GMT, the benchmark Stoxx Europe 600 index and France's CAC 40 were down 1%, while Germany's DAX was 1.1% lower.
Meanwhile, Italy's FTSE MIB was 1.1% weaker ahead of Sunday's referendum on constitutional reform. Italians will be asked to decide whether to accept a package of constitutional reforms put forward by centre-left Prime Minister Matteo Renzi, who has said he would resign if the proposals are rejected.
Market participants are concerned that if the outcome is a 'no' vote, political uncertainty will ensue, making the task of sorting out non-performing loan issues at the country's bank's even more difficult.
In commodities, oil prices were little changed following the OPEC-fuelled rally. West Texas Intermediate was up 0.1% to $51.10 a barrel while Brent crude was 0.3% lower at $53.78.
Lee Wild, heady of equity strategy at stockbroker Interactive Investor, said: "Oil prices are down as euphoria around the landmark OPEC deal subsides. Traders also have one eye on Sunday's Italian referendum on PM Matteo Renzi's constitutional reform, and potentially incendiary elections in Austria. The other will be on monthly US jobs data this afternoon, although only a truly shocking set of numbers can prevent a rate hike in two weeks' time. Indications are that payrolls will be fine."
In corporate news, Berkeley Group rallied after it reported a better-than-expected increase in first half earnings and revenue, boosted by continued strength in the London market.
GlaxoSmithKline edged lower after it said the Japanese government has approved its Relvar Ellipta drug for the use in patients with chronic bronchitis and pulmonary emphysema.
Eurozone producer prices are at 1000 GMT, while nonfarm payrolls and the unemployment rate are at 1330 GMT.
Societe Generale is expecting the payrolls to have increased by 165,000 in November, which it said would cement a rate hike in December.
"Leisure and hospitality and retail industries are likely to have rebounded, while manufacturing should continue shedding jobs. Average hourly earnings may have risen by 0.2% in November, sufficient to keep the year-on-year rate steady at 2.8% Lastly, the unemployment rate may have inched down to 4.8% from last month's 4.9% reading (4.876% un-rounded), while the workweek may have been little changed at 34.4 hours." |
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| | US Market Report | | US close: Stocks mixed as traders mull slate of economic data US stocks were mixed on Thursday as oil prices continued to rally and as investors sifted through economic data.
The Dow Jones Industrial Average closed at a record high, rising 0.4% to 19,191.93 points after reaching an intra-day high of 19,214.30. The Nasdaq fell for a second straight session, shedding 1.4% to 5,251.11 points. The S&P 500 dropped 0.35% to 2,191.08 points.
Oil prices gushed higher after OPEC agreed on Wednesday to reduce production by 1.2m barrels a day to 32.5m barrels from January next year.
West Texas Intermediate crude oozed up 2.9% to $50.93 per barrel and Brent crude jumped 3.5% to $53.75 per barrel at 2133 GMT.
On the economic data front, US manufacturing activity grew more than expected in November.
Markit's final US manufacturing purchasing managers' index rose to 54.1 last month from 53.4 in October and the flash reading of 53.9. Analysts had expected no change to the PMI.
The ISM's headline US manufacturing index rose to 53.2 from 51.9 the month before, beating expectations of a 52.2 reading and marking its highest level in five months.
Separately, the Commerce Department revealed US construction spending in October rose at its strongest pace in seven months, boosted by activity in the residential sector.
Spending increased 0.5% month-on-month in October to $1.173trn, its highest level since March of 2016, although it was slightly less than forecasts for a 0.6% increase.
The Labor Department revealed initial jobless claims rose by 17,000 to 268,000 in the week to 26 November, compared to forecasts of 253,000.
The attention now turns to Friday's highly-awaited US non-farm payrolls report. Healthy figures are likely to increase the odds the Federal Reserve will raise interest rates this month.
"In reality, only a catastrophically bad figure will be able to put a dent in the prevailing belief that the Fed is 100% certain to move," said IG's Chris Beauchamp.
Elsewhere, data revealed China manufacturing growth slowed but it was better than expected.
Caixin's Chinese manufacturing sector PMI slipped from a 27-month high of 51.2 in October to 50.9 for November. However, it was above forecasts for a reading of 50.8.
In corporate news, General Motors revved higher after the automaker reported an 8% rise in vehicle sales in November. .
Guess shares declined after the fashion retailer lowered its earnings guidance for this year on late Wednesday.
Express Inc. slumped after issuing a sluggish outlook for the current quarter as it reported third quarter results that exceeded estimates.
FuelCell Energy shares tumbled after the fuel cell power plant company said it cut 96 jobs, or 17% of its workforce, in order the reduce costs to offset falling sales.
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $226.72 3.35%
General Electric Co. (GE) $31.39 2.05%
JP Morgan Chase & Co. (JPM) $81.79 2.02%
Travelers Company Inc. (TRV) $115.41 1.82%
Unitedhealth Group Inc. (UNH) $160.94 1.65%
Chevron Corp. (CVX) $113.33 1.55%
Boeing Co. (BA) $152.36 1.22%
Nike Inc. (NKE) $50.65 1.16%
Caterpillar Inc. (CAT) $96.24 0.71%
American Express Co. (AXP) $72.53 0.68%
Dow Jones - Fallers
Intel Corp. (INTC) $33.76 -2.71%
Visa Inc. (V) $75.43 -2.44%
Pfizer Inc. (PFE) $31.45 -2.12%
Microsoft Corp. (MSFT) $59.20 -1.76%
International Business Machines Corp. (IBM) $159.82 -1.48%
Cisco Systems Inc. (CSCO) $29.45 -1.24%
Apple Inc. (AAPL) $109.49 -0.93%
Procter & Gamble Co. (PG) $81.83 -0.73%
Merck & Co. Inc. (MRK) $60.78 -0.70%
McDonald's Corp. (MCD) $118.47 -0.67%
S&P 500 - Risers
Diamond Offshore Drilling Inc. (DO) $19.31 6.92%
Southwestern Energy Co. (SWN) $12.13 6.87%
Flowserve Corp. (FLS) $49.82 5.06%
Huntington Bancshares Inc. (HBAN) $13.03 4.57%
Ametek Inc. (AME) $49.40 4.33%
Dover Corp. (DOV) $75.53 4.02%
Textron Inc. (TXT) $47.88 4.02%
Range Resources Corp. (RRC) $36.59 4.01%
Northern Trust Corp. (NTRS) $85.42 3.98%
Ford Motor Co. (F) $12.43 3.93%
S&P 500 - Fallers
Microchip Technology Inc. (MCHP) $61.23 -7.48%
Analog Devices Inc. (ADI) $69.01 -7.04%
Lam Research Corp. (LRCX) $98.58 -7.02%
Skyworks Solutions Inc. (SWKS) $71.78 -6.60%
Applied Materials Inc. (AMAT) $30.10 -6.52%
Qorvo, Inc. (QRVO) $50.03 -6.33%
QUALCOMM Inc. (QCOM) $64.16 -5.83%
Micron Technology Inc. (MU) $18.48 -5.38%
Dollar General Corp (DG) $73.48 -4.97%
Seagate Technology Plc (STX) $38.11 -4.96%
Nasdaq 100 - Risers
CSX Corp. (CSX) $36.62 2.26%
Whole Foods Market Inc. (WFM) $30.91 1.71%
PACCAR Inc. (PCAR) $63.04 1.43%
Bed Bath & Beyond Inc. (BBBY) $45.41 1.34%
Marriott International - Class A (MAR) $79.82 1.32%
Tractor Supply Company (TSCO) $76.05 1.31%
Costco Wholesale Corp. (COST) $151.74 1.09%
Starbucks Corp. (SBUX) $58.51 0.93%
Stericycle Inc. (SRCL) $73.44 0.64%
Biogen Inc (BIIB) $295.78 0.58%
Nasdaq 100 - Fallers
Microchip Technology Inc. (MCHP) $61.23 -7.48%
Analog Devices Inc. (ADI) $69.01 -7.04%
Lam Research Corp. (LRCX) $98.58 -7.02%
Skyworks Solutions Inc. (SWKS) $71.78 -6.60%
Applied Materials Inc. (AMAT) $30.10 -6.52%
QUALCOMM Inc. (QCOM) $64.16 -5.83%
Micron Technology Inc. (MU) $18.48 -5.38%
Seagate Technology Plc (STX) $38.11 -4.96%
Nvidia Corp. (NVDA) $87.64 -4.95% |
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| | Newspaper Round Up | | Friday newspaper round-up: Nissan, Brexit, landlords The British government has rejected a Freedom of Information request to release a letter from Greg Clark, the business secretary, that encouraged the Japanese carmaker Nissan to invest in its factory in Sunderland despite the uncertainty over Brexit. The Department for Business, Energy and Industrial Strategy (BEIS) said it would consider where there is a "public interest" in making the letter public but said it rejected the request because the details are commercially sensitive. - Financial Times
Theresa May was given a warning shot on Brexit after the pro-European Liberal Democrats staged a major upset at the Richmond Park by-election in south-west London, overturning a 23,000 majority. The victor, Sarah Olney, hailed the result as a defeat for "the politics of anger" and a rejection of a "hard Brexit". - Financial Times
Andorran lawmakers have agreed to end banking secrecy in the Pyrenees mountains principality, approving automatic sharing of information on accounts held by non-residents. The General Council, Andorra's unicameral parliament, approved a measure that will come into effect from January 2018 for accounts held by people from EU countries. - Guardian
Buy to let landlords are scrambling to avoid the impact of tax changes that come into effect next year, a report has found. The Buy to Let Britain report found landlords were restructuring their portfolios to escape higher taxes on their rental income, which will be phased in from April 2017. Some landlords have set up limited companies, it said, while others have increased rents or transferred properties to family members. - Guardian
Britain's vote to leave the European Union has had no effect on the majority of shoppers Christmas spending plans, according to fresh figures. The average UK adult expects to spend £280 on Christmas gifts this year, according to a survey by PwC of 2,000 shoppers across the country. - Telegraph
The Bank of Italy's liabilities to the rest of the eurozone hit a record in October as capital continued to leak out of the country, a sign that the currency bloc remains deeply fragmented despite the efforts of the European Central Bank. Italy's imbalances within the ECB's Target2 payments nexus rose to €355bn (£300bn). The tally is now higher than it was during the white heat of the eurozone debt crisis and is approaching 20pc of Italian GDP. "By some of the standard definitions, these are crisis-level reserve losses," said Harvard professor Carmen Reinhart. - Telegraph
The financial regulator has been seeking a rescuer for Manchester Building Society but has been turned down by Nationwide, Britain's largest society. The Prudential Regulation Authority has been trying to find ways in recent weeks to save the Manchester, which has 18,000 savers including a few with deposits of more than the £75,000 guaranteed by the government. The society also has 3,000 borrowers. - The Times
Asos became the victim of the latest investor revolt over pay yesterday as a third of shareholders moved to veto the online fashion retailer's annual remuneration report. Details from the retailer's annual meeting yesterday show that close to 14 million votes, or 33.28 per cent, were cast against the group's pay while a further 811,793 votes were withheld. It was not clear which shareholders objected but it is possible that such a high vote could have included Bestseller group, the Danish retailer that owns 27.6 per cent of Asos and is the largest shareholder. Bestseller could not be reached for comment. - The Times | | |
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