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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 UK borrowing figures; volumes paltry Stocks in London were flat in early trade as investors awaited the release of UK borrowing figures, with volumes dwindling ahead of the Christmas break and little in the way of market-moving news.
By 0830 GMT, volumes on the FTSE were 50% below the 10-day moving average.
Meanwhile, oil prices advanced after data from the American Petroleum Institute showed a 4.1m barrel drawdown in US crude inventories in the week ended 16 December, which was a bigger drop than expected. Still to come, investors will eye data from the US Energy Information Administration.
West Texas Intermediate was up 0.7% to $53.69 a barrel and Brent crude was 0.7% higher at $55.75.
Spreadex's Connor Campbell said: "The FTSE couldn't build on yesterday's 7040 as the session began, investors perhaps reticent to do much before they get a glimpse at the latest UK borrowing figures.
"For November the public sector net borrowing reading is forecast to rise to £12.2bn from £4.8bn in October, news that is unlikely to improve the mood this morning. As for the pound, after a sharp decline on Tuesday the currency has continued to fall. Against the dollar it shed 0.2%, leaving it just under $1.235, while against the euro it dropped 0.2%, keeping it below €1.19."
In corporate news, FTSE 250-listed John Laing Infrastructure Fund edged higher after saying it will buy a 6% minority stake in a rail project from John Laing Investments for £42.4m.
Qinetiq rallied after announcing that it has acquired Meggitt Defence Systems and Meggitt Holdings Canada, together Meggitt Target Systems, from Meggitt for £57.5m on a cash-free, debt-free basis.
Riverstone Energy ticked up after offloading a C$28m loan in Canada's CIOC and swapped the proceeds for an investment in CIOC warrants instead.
Dairy Crest nudged lower after agreeing to set up a research partnership with Danisco Animal Nutrition, part of DuPont's Industrial Biosciences business.
Shawbrook racked up healthy gains after RBC Capital Markets upgraded the challenger bank to 'sector perform' from 'underperform' and lifted the price target to 280p from 210p as it upped its earnings forecasts.
UK public finances and the Bank of England agents' summary of business conditions are at 0930 GMT. In the US, existing home sales are at 1500 GMT. |
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| Market Movers
FTSE 100 (UKX) 7,044.25 0.00%
FTSE 250 (MCX) 17,798.80 0.16%
techMARK (TASX) 3,336.21 0.05%
FTSE 100 - Risers
Ashtead Group (AHT) 1,598.00p 2.44%
Convatec Group (CTEC) 232.80p 1.26%
Rolls-Royce Holdings (RR.) 683.50p 1.11%
easyJet (EZJ) 1,038.00p 0.97%
Mediclinic International (MDC) 759.50p 0.86%
Coca-Cola HBC AG (CDI) (CCH) 1,677.00p 0.84%
Royal Bank of Scotland Group (RBS) 228.20p 0.84%
Fresnillo (FRES) 1,100.00p 0.82%
Antofagasta (ANTO) 672.50p 0.82%
Dixons Carphone (DC.) 345.50p 0.70%
FTSE 100 - Fallers
Carnival (CCL) 4,065.00p -1.93%
Capita (CPI) 492.00p -1.32%
Smurfit Kappa Group (SKG) 1,874.00p -0.79%
Merlin Entertainments (MERL) 439.50p -0.79%
AstraZeneca (AZN) 4,303.50p -0.65%
Worldpay Group (WPG) 265.00p -0.60%
Informa (INF) 676.50p -0.59%
National Grid (NG.) 933.30p -0.50%
St James's Place (STJ) 987.50p -0.45%
Royal Dutch Shell 'B' (RDSB) 2,319.00p -0.45%
FTSE 250 - Risers
QinetiQ Group (QQ.) 259.20p 4.26%
Shawbrook Group (SHAW) 268.40p 2.99%
Kaz Minerals (KAZ) 369.20p 2.70%
Synthomer (SYNT) 381.60p 2.47%
CMC Markets (CMCX) 114.70p 2.23%
Hochschild Mining (HOC) 194.20p 2.10%
PZ Cussons (PZC) 332.00p 2.03%
CYBG (CYBG) 276.40p 1.62%
Fidelity China Special Situations (FCSS) 170.50p 1.49%
Ibstock (IBST) 186.20p 1.47%
FTSE 250 - Fallers
AO World (AO.) 179.60p -2.39%
CLS Holdings (CLI) 1,526.00p -1.99%
Rank Group (RNK) 191.90p -1.59%
Ferrexpo (FXPO) 137.30p -1.51%
JPMorgan American Inv Trust (JAM) 366.00p -1.40%
Safestore Holdings (SAFE) 340.29p -1.34%
G4S (GFS) 231.60p -1.07%
Evraz (EVR) 215.70p -1.06%
Indivior (INDV) 281.80p -0.88% |
| | The US after Trump election, and a letter from America A lot are horrified, others may just not like to admit to it. I have just returned from a trip to Utah, a state that voted for Donald Trump, I was there for a conference, but I thought I would share with you what I learned. The headlines might proclaim there are two Americas. There is the version consisting of the coastal regions on the west and north east and various pockets in-between, they voted Clinton, and then there is the large part of the interior that voted Trump. A letter from America But I learned that even in the midst of the most conservative state in the United States, the attitude towards the idea of a Trump presidency was pretty similar to the attitudes I hold, which, to put it gently, is not that positive.Of course, opinion is mixed, as it is in the UK over Brexit, and people voted the way they did for multiple reasons. Just as some people voted Brexit as a vote against immigration, while others voted for Brexit as they are pro-immigration but don't see why immigration policy should be tilted in favour of Europeans, the motivations for why people voted the way they did were numerous. Read More... |
| | UK Event Calendar | | Wednesday December 21
INTERIM DIVIDEND PAYMENT DATE
Investec
QUARTERLY PAYMENT DATE
UIL Limited (DI)
QUARTERLY EX-DIVIDEND DATE
Total SA
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
Existing Home Sales (US) (15:00)
MBA Mortgage Applications (US) (12:00)
SPECIAL EX-DIVIDEND DATE
Canadian General Investments Ltd.
EGMS
Bank Audi S.A.L. GDR (Repr 1'Com'Shr Lbp1650)(Reg S)
AGMS
Minds + Machines Group Limited (DI), Syqic, Uranium Resources, VinaCapital Vietnam Opportunity Fund Ltd.
TRADING ANNOUNCEMENTS
Public Power GDR SA (Reg S)
UK ECONOMIC ANNOUNCEMENTS
Nationwide House Price Index (07:00)
Public Sector Net Borrowing (09:30)
FINAL DIVIDEND PAYMENT DATE
Smart (J) & Co.
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed but Monte dei Paschi tumbles European stocks were little changed in early trade in holiday-thinned trade, as investors continued to keep an eye on Italy's Banca Monte dei Paschi di Siena.
At 0855 GMT, the benchmark Stoxx Europe 600 index, France's CAC 40 and Italy's FTSE MIB were all down 0.1%, while Germany's DAX was up 0.1%.
As we head towards the Christmas break, volumes on the Euro Stoxx 50 were 42% below the 10-day average, while volumes on the DAX and the CAC were 50% and 37% below, respectively. Volumes on the FTSE MIB were down nearly 90% compared to the 10-day average.
Oil prices gained after data from the American Petroleum Institute showed a 4.1m barrel drawdown in US crude inventories in the week ended 16 December, which was a bigger drop than expected. Still to come, investors will eye data from the US Energy Information Administration.
West Texas Intermediate and Brent crude were up 0.7% to $53.69 a barrel and $55.75, respectively.
Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said: "Despite the Dow reaching new highs and Asian markets rising, European markets are more muted, opening little changed as investors appear to be winding down towards Christmas. The 20,000 Dow level has been seen as a somewhat magical target for a long time, and the prospect of the Dow reaching and closing over this level will provide headlines. However, it also raises some important questions about the lofty levels of markets and their potentially complacent attitude towards potential downside risks.
"2016 has seen investors reluctantly embrace change, focusing on the positive impact of the political earthquakes that have shaken the establishment this year. Bears have been carried out, as a wave of market liquidity pounced on any downturn and squeezed the market higher. Investors who have been long equities and the dollar have had a spectacular year. However, as we head towards the New Year, whether this confidence will remain justified in 2017 is a rather more moot point."
On the corporate front, Italy's Banca Monte dei Paschi di Siena was in focus again. Shares in the world's oldest bank tumbled after it cautioned on Wednesday that it could run out of liquidity in the next four months, versus a previous estimate of 11 months.
On Tuesday, the bank was reported to have raised €500m in a voluntary debt-to-equity offer, which was well below its €5bn target.
Elsewhere, Italian broadcaster Mediaset surged, extending gains from the previous session after Vivendi upped its stake in the company to more than 25%. |
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| | US Market Report | | US close: Dow remains in spitting distance of 20,000 US equity markets were in the green on Tuesday as the dollar rebounded and the Dow flirted with the 20,000 mark.
The blue-chip index has recently been within touching distance of hitting the target but has pulled back.
The Dow Jones Industrial Average added 0.46% to 19,974.62, the S&P 500 rose 0.36% to 2,270.76, and the Nasdaq 100 gained 0.38% to 4,953.80 by the time markets closed.
Earlier, the euro fell to its lowest level since 2003 against the greenback, falling 0.5% to $1.0355, while the differential between German and US 10-year yields widened to 1989 levels.
Michael Hewson, chief market analyst at CMC Markets, said: "The dollar has once again swept all before it, rising the most against the yen after the Bank of Japan left interest rates unchanged, while updating its economic outlook for the Japanese economy.
"The rebound appears to have accelerated in the last 24 hours in the wake of yesterday's speech by Federal Reserve chair Janet Yellen to students in Baltimore where she waxed lyrical about the health of the US jobs market.
"This bullishness on her part would appear to suggest that more rate rises could well be on the way in fairly short order, and in so doing has pushed the dollar index to new 14-year highs."
Elsewhere in Europe, the main indices were firmer after the Italian government said it will seek parliamentary approval to borrow up to €20bn to support its banking sector and potentially rescue Banca Monte dei Paschi di Siena.
If the bank is unable to arrange a private sector bailout, a state rescue may come as early as this week.
Investors also largely shrugged off news of three attacks in Europe on Monday - a truck ploughed into a Christmas market in Berlin, killing twelve people and injuring 48 in what is suspected to have been a terrorist attack.
In Turkey, the Russian ambassador was shot dead by an off-duty policeman who appeared to be protesting Russia's involvement in Aleppo, and in Zurich, three people were injured in a gun attack at a mosque.
In oil markets, Brent crude rose 1.12% to $55.54 a barrel and West Texas Intermediate was up 0.88% to $53.53.
In corporate news, Conatus Pharmaceuticals rocketed 141.33% after it announced a licensing deal with Swiss drugmaker Novartis for a liver disease treatment late on Monday.
Carnival was up 2.28% as the cruise company beat forecasts for fourth quarter earnings and revenue, while Blackberry lost 2.72% after earnings surprised analysts, but revenue missed forecasts.
General Mills dipped 2.56% as the food company's earnings fell 9%, missing forecasts and as it lowered its outlook for the year.
Darden Restaurants rose 0.08% as the company's second quarter profit and revenue grew, boosted by sales from the Olive Garden chain.
Facebook was in focus after the European Commission accused the company of providing misleading or incorrect information during its 2014 investigation of its $19bn planned acquisition of WhatsApp.
Dow Jones - Risers
Nike Inc. (NKE) $51.79 1.85%
Caterpillar Inc. (CAT) $94.32 1.76%
Goldman Sachs Group Inc. (GS) $243.10 1.68%
JP Morgan Chase & Co. (JPM) $86.53 1.29%
Home Depot Inc. (HD) $137.11 1.23%
General Electric Co. (GE) $32.25 1.03%
Intel Corp. (INTC) $37.21 0.87%
American Express Co. (AXP) $75.06 0.68%
Travelers Company Inc. (TRV) $122.44 0.57%
International Business Machines Corp. (IBM) $167.60 0.55%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $60.50 -1.05%
Cisco Systems Inc. (CSCO) $30.56 -0.62%
Johnson & Johnson (JNJ) $115.66 -0.31%
Procter & Gamble Co. (PG) $84.57 -0.17%
United Technologies Corp. (UTX) $110.61 -0.15%
Microsoft Corp. (MSFT) $63.54 -0.13%
Coca-Cola Co. (KO) $41.66 -0.02%
Exxon Mobil Corp. (XOM) $90.43 0.01%
Unitedhealth Group Inc. (UNH) $161.58 0.03%
Pfizer Inc. (PFE) $32.85 0.06%
S&P 500 - Risers
United States Steel Corp. (X) $36.81 6.76%
Carmax Inc. (KMX) $66.08 6.09%
TripAdvisor Inc. (TRIP) $48.79 5.04%
Freeport-McMoRan Inc (FCX) $14.16 4.50%
Charles Schwab Corp. (SCHW) $40.15 3.61%
Nvidia Corp. (NVDA) $105.17 3.48%
Royal Caribbean Cr (RCL) $85.40 3.45%
Alcoa Corporation (AA) $30.14 2.97%
Kohls Corp. (KSS) $53.58 2.88%
Zions Bancorporation (ZION) $43.91 2.83%
S&P 500 - Fallers
Constellation Brands Inc. Class A (STZ) $150.47 -4.03%
Praxair Inc. (PX) $118.39 -3.75%
Frontier Communications Co. (FTR) $3.45 -3.36%
Southwestern Energy Co. (SWN) $10.38 -2.90%
Newfield Exploration Co (NFX) $43.75 -2.78%
NRG Energy Inc. (NRG) $12.50 -2.72%
General Mills Inc. (GIS) $61.45 -2.55%
Range Resources Corp. (RRC) $33.24 -2.15%
Wynn Resorts Ltd. (WYNN) $88.31 -2.01%
Tesoro Corp. (TSO) $88.78 -1.92%
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $48.79 5.04%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $44.92 4.32%
Nvidia Corp. (NVDA) $105.17 3.48%
Tesla Motors Inc (TSLA) $208.79 2.99%
Biogen Inc (BIIB) $285.59 2.45%
Celgene Corp. (CELG) $118.52 2.41%
Xilinx Inc. (XLNX) $59.96 2.30%
Tractor Supply Company (TSCO) $78.11 2.08%
Yahoo! Inc. (YHOO) $39.16 1.93%
Mattel Inc. (MAT) $28.90 1.90%
Nasdaq 100 - Fallers
Bed Bath & Beyond Inc. (BBBY) $46.20 -1.89%
Illumina Inc. (ILMN) $128.05 -1.23%
Skyworks Solutions Inc. (SWKS) $76.61 -1.07%
Vodafone Group Plc ADS (VOD) $24.89 -0.96%
Express Scripts Holding Co (ESRX) $68.65 -0.85%
Sba Communications Corp. (SBAC) $103.93 -0.76%
Monster Beverage Corp (MNST) $43.54 -0.75%
Kraft Heinz Co. (KHC) $85.98 -0.72%
Cisco Systems Inc. (CSCO) $30.56 -0.62% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: BHS, Brexit, house prices Sir Philip Green may have to pay £1bn to resolve the problems facing the BHS pension scheme under proposals tabled by MPs. The work and pensions committee, which is chaired by Labour MP Frank Field, has called for the government to introduce a "nuclear deterrent" to stop companies or individuals trying to avoid their responsibilities to pension schemes. - Guardian
Britain's Brexit deal must meet the needs of all sectors of the economy if the UK is to be successful outside the European Union, the CBI has warned. The business lobby group urged the government to take a "whole economy" approach to negotiations with the EU, so that no sector is left behind. - Guardian
House prices will rise by 3 per cent next year - more than previously forecast - according to the the Royal Institution of Chartered Surveyors. The RICS, whose monthly reports are closely monitored by the Bank of England and the government, said that the shortage of homes available meant prices would continue to rise. - The Times
Hundreds of mergers and acquisitions could be derailed by a proposal to force regulators to scrutinise deals that may threaten pension promises. MPs on the work and pensions select committee lamented the sharp decline in the number of deals being vetted by the pensions regulator, saying the hands-off approach could be exploited by unscrupulous scheme sponsors. - The Times | | |
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