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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 in quiet trade; US data eyed Stocks in London were little changed at the open in thin volumes, as investors digested the latest survey on consumer confidence and looked ahead to some US data releases.
At 0830 GMT, the FTSE 100 was down 0.1% to 7,032.52, with volumes on the index nearly 30% lower versus the 10-day average.
Meanwhile, oil prices nudged higher, with West Texas Intermediate up 0.2% to $52.57 a barrel and Brent crude 0.3% higher at $54.60.
Spreadex's Connor Campbell said: "Though this afternoon provides one final pre-Christmas wave of US data, this morning's economic calendar is depressingly empty, meaning the European indices may well end up stuck in the same lifeless trading patterns that plagued the first half of the week."
US initial jobless claims, Chicago Fed activity, durable goods and the third release of third-quarter gross domestic product are all due at 1330 GMT. Leading indicators, personal income and spending and the PCE deflator are at 1500 GMT.
Investors in London were digesting the latest survey from GfK, which showed consumer confidence in the UK improved a touch in December, but consumers are downbeat about the economic prospects for next year.
GfK's monthly consumer sentiment index nudged up to -7 in December from -8 the month before but expectations for 2017 were at their weakest since just after the Brexit vote in June.
Joe Staton, head of Market Dynamics at GfK, said: "The past 12 months were a really turbulent year for confidence in the UK as consumers reacted to the dramatic economic and political turmoil of 2016.
"Looking ahead to 2017, against a backdrop of Brexit negotiations, the decline in the value of sterling, and the prospect of higher inflation impacting purchasing power, we forecast that confidence will be tested by the storm and stress (Sturm und Drang) of the year to come."
Meanwhile, Italy's banking sector remained in focus as Banca Monte dei Paschi di Siena failed to pull off a last-ditch rescue plan to secure an anchor investor for its offer of new shares.
With the government expected to step in as early as Thursday, Italian daily Il sole 24 reported that the state rescue is likely to be carried out in different stages and will take two to three months to complete.
In UK corporate news, Legal & General nudged higher after it poached Ernst & Young senior partner, Jeff Davies, to be its chief financial officer.
Car dealership operator Inchcape rallied after announcing the acquisition of a distribution business focused on Subaru cars and Hino commercial vehicles in South America for £234m cash.
Broadcaster Sky was steady as Credit Suisse cut its rating on the stock to 'neutral' from 'outperform' following the offer from 21st Century Fox, but lifted its price target to 1,075p from 980p in line with the offer price.
Broadcaster ITV was on the front foot following an upbeat research note by Macquarie. |
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| Market Movers
FTSE 100 (UKX) 7,032.52 -0.13%
FTSE 250 (MCX) 17,755.11 0.05%
techMARK (TASX) 3,326.52 -0.04%
FTSE 100 - Risers
ITV (ITV) 203.70p 1.85%
Convatec Group (CTEC) 233.30p 1.66%
Fresnillo (FRES) 1,107.00p 1.28%
Randgold Resources Ltd. (RRS) 5,710.00p 1.06%
Intertek Group (ITRK) 3,349.00p 0.93%
Hikma Pharmaceuticals (HIK) 1,808.00p 0.78%
Smith & Nephew (SN.) 1,191.00p 0.76%
AstraZeneca (AZN) 4,338.00p 0.59%
Experian (EXPN) 1,533.00p 0.52%
International Consolidated Airlines Group SA (CDI) (IAG) 452.40p 0.44%
FTSE 100 - Fallers
Glencore (GLEN) 267.35p -1.58%
BHP Billiton (BLT) 1,274.50p -1.32%
Rio Tinto (RIO) 3,071.00p -1.30%
Antofagasta (ANTO) 666.00p -1.26%
BAE Systems (BA.) 590.00p -1.01%
Sage Group (SGE) 648.00p -0.92%
Tesco (TSCO) 202.55p -0.83%
Micro Focus International (MCRO) 2,130.00p -0.61%
Intu Properties (INTU) 273.70p -0.58%
Barratt Developments (BDEV) 467.80p -0.55%
FTSE 250 - Risers
Inchcape (INCH) 671.00p 4.52%
Countryside Properties (CSP) 243.20p 2.18%
John Laing Group (JLG) 272.00p 1.83%
GCP Infrastructure Investments Ltd (GCP) 124.00p 1.64%
Ibstock (IBST) 184.30p 1.49%
Fidelity China Special Situations (FCSS) 171.40p 1.42%
Electra Private Equity (ELTA) 4,617.00p 1.29%
Ascential (ASCL) 268.70p 1.28%
NMC Health (NMC) 1,553.00p 1.24%
Barr (A.G.) (BAG) 489.00p 1.22%
FTSE 250 - Fallers
Tullett Prebon (TLPR) 423.20p -2.49%
Mitchells & Butlers (MAB) 236.80p -2.23%
Kaz Minerals (KAZ) 359.80p -2.02%
Ocado Group (OCDO) 251.00p -1.95%
Petrofac Ltd. (PFC) 852.50p -1.90%
HarbourVest Global Private Equity Limited A Shs (HVPE) 1,131.00p -1.65%
OneSavings Bank (OSB) 337.00p -1.55%
Vedanta Resources (VED) 898.00p -1.32%
AA (AA.) 270.20p -1.24% |
| | 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 | | Thursday December 22
INTERIM DIVIDEND PAYMENT DATE
Establishment Inv Trust, Liontrust Asset Management
INTERIM EX-DIVIDEND DATE
Acal, Alliance Pharma, Burberry Group, Crystal Amber Fund Ltd., Solid State, Vertu Motors
QUARTERLY PAYMENT DATE
Honeycomb Investment Trust, Regional REIT Limited
QUARTERLY EX-DIVIDEND DATE
General Electric Co, Real Estate Investors
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Durable Goods Orders (US) (13:30)
Gross Domestic Product (US) (13:30)
House Price Index (US) (14:00)
Initial Jobless Claims (US) (13:30)
Personal Consumption Expenditures (US) (13:30)
Personal Spending (US) (13:30)
SPECIAL EX-DIVIDEND DATE
Artemis VCT
AGMS
Reconstruction Capital II Ltd., Uvenco UK, Uvenco UK
UK ECONOMIC ANNOUNCEMENTS
GFK Consumer Confidence (00:01)
Gross Domestic Product (09:30)
Index of Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Pan African Resources, Volta Finance Limited
FINAL EX-DIVIDEND DATE
Artemis VCT, Qatar Investment Fund, Standard Life European Private Equity Trust, Tullett Prebon
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks steady as volumes taper off; Actelion surges European stocks were little changed in early trade as volumes tapered off ahead of the Christmas break, with the focus still on Italy's banking sector.
At 0845 GMT, the benchmark Stoxx Europe 600 index and Germany's DAX were down 0.1%, while the CAC 40 was flat.
Italy's FTSE MIB was up 0.2% and the FTSE Italia All-Share Banks index was up 0.3% to 9,755.50.
Meanwhile, Banca Monte dei Paschi di Siena was in focus again as it failed to pull off a last-ditch rescue plan to secure an anchor investor for its offer of new shares.
With the government expected to step in as early as Thursday, Italian daily Il sole 24 reported that the state rescue is likely to be carried out in different stages and will take two to three months to complete.
Ipek Ozkardeskaya, senior market analyst at London Capital Group, said: "Finding a solution to rescue Monte Paschi could trigger a short-term relief rally in the sector, yet the European banks will certainly remain on a slippery ground for a longer period of time. "
In oil markets, West Texas Intermediate edged up 0.2% to $52.57 a barrel and Brent crude was up 0.3% to $54.60.
In corporate news, Swiss biotech group Actelion surged after saying it has entered into exclusive negotiations with Johnson & regarding a possible strategic transaction.
Legal & General nudged higher after it poached Ernst & Young senior partner, Jeff Davies, to be its chief financial officer.
Broadcaster Sky was steady as Credit Suisse cut its rating on the stock to 'neutral' from 'outperform' following the offer from 21st Century Fox, but lifted its price target to 1,075p from 980p in line with the offer price.
Broadcaster ITV was on the front foot following an upbeat research note by Macquarie.
On the downside, Nokia slumped after saying it has filed a number of lawsuits against Apple for the violation of technology patents.
There are no eurozone data releases of note due, but US initial jobless claims, Chicago Fed activity, durable goods and the third release of third-quarter gross domestic product are all out at 1330 GMT. US leading indicators, personal income and spending and the PCE deflator are at 1500 GMT. |
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| | US Market Report | | US close: Dow 20,000 slips further from reach The Dow 20,000 baseball caps remained under wraps on Wednesday, with US stocks recoiling further from the psychological level as oil prices slipped amid wrapping-paper thin volumes and news flow in the run-up to Christmas.
By the jingle of the closing bell, the Dow Jones had given up almost 33 points or 0.16% to finish at 19,941.96, while the S&P 500 shaved close to six points to 2,265.18 and the Nasdaq composite dropping 12.5 points to 5,471.43.
The dollar was down against the euro and yen but up slightly on the pound, while crude prices gave up up most of their gains from earlier in the week after the Energy Information Administration revealed crude inventories rose unexpectedly last week by 2.3m barrels to 485.4m barrels. Analysts had expected a drawdown of 2.5m barrels.
West Texas Intermediate lost 1.4% to $52.54 and Brent crude fell 1.5% to $54.53 a barrel.
"With the OPEC meeting out of the way, the focus remains firmly on what American oil producers will do, and for the moment they are doing the logical thing - increasing production to take advantage of higher prices," said analyst Chris Beauchamp at IG.
"Should this continue, it will mean more pain for OPEC and a need for further output cuts."
The only other major economic data was that existing home sales rose to a seasonally adjusted annual rate of 0.7% to 5.61m in November, the strongest monthly reading since February 2007. This was ahead of the 5.54m predicted by analysts.
Weekly mortgage applications also rose 2.5% after a fall the week before.
Yields on US government bonds slipped as prices inched higher, with the benchmark 10-year T-bill drifting to 2.544% from 2.566% the day before.
Earlier, European stocks retreated as the bank sector endured a further coshing across the continent.
The fate of the world's oldest lender, Banca Monte dei Paschi di Siena, continued to hang in the balance though parliament approved a request for bail-out cash.
Across the Mediterranean, Spanish lenders dropped after the European Court of Justice ordered the country's banks to repay billions of euros to mortgage customers.
IG's Beauchamp added: "2016 saw plenty of concerns about European banks, but while it made sense for everyone to buy Deutsche shares at €10, it will be harder to find investors willing to take stakes in southern European firms."
In corporate news, Coca-Cola bubbled moderately higher after agreeing to buy a 54.5% stake in Coca-Cola Beverages Africa from Belgian brewer Anheuser-Busch InBev for $3.15bn.
After the Swiss regulator COMCO fined a raft of banks for rate rigging, shares dipped in JP Morgan Chase and Citi Group before bouncing back later.
Health care sector led the fallers, with cancer drug maker Celgene and Merck skidding lower.
FedEx was weaker after its second-quarter earnings late on Tuesday missed expectations, with revenue just a touch ahead.
Nike stepped up after its second-quarter earnings late on Tuesday beat analysts' expectations.
Dow Jones - Risers
Nike Inc. (NKE) $52.30 0.98%
Boeing Co. (BA) $157.48 0.70%
American Express Co. (AXP) $75.32 0.35%
E.I. du Pont de Nemours and Co. (DD) $75.47 0.27%
JP Morgan Chase & Co. (JPM) $86.75 0.25%
Travelers Company Inc. (TRV) $122.51 0.11%
Walt Disney Co. (DIS) $105.56 0.09%
Apple Inc. (AAPL) $117.06 0.09%
Microsoft Corp. (MSFT) $63.54 -0.00%
Chevron Corp. (CVX) $117.94 -0.03%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $59.43 -1.77%
Pfizer Inc. (PFE) $32.40 -1.37%
Wal-Mart Stores Inc. (WMT) $71.24 -0.81%
Goldman Sachs Group Inc. (GS) $241.44 -0.68%
Intel Corp. (INTC) $36.98 -0.62%
Caterpillar Inc. (CAT) $93.82 -0.55%
Cisco Systems Inc. (CSCO) $30.42 -0.46%
General Electric Co. (GE) $32.13 -0.37%
Procter & Gamble Co. (PG) $84.28 -0.34%
Johnson & Johnson (JNJ) $115.31 -0.30%
S&P 500 - Risers
Southwestern Energy Co. (SWN) $10.98 5.78%
Owens-Illinois Inc. (OI) $18.52 4.22%
Monster Beverage Corp (MNST) $45.37 4.20%
Centene Corp. (CNC) $58.51 3.14%
Halliburton Co. (HAL) $54.96 3.06%
Range Resources Corp. (RRC) $34.21 2.92%
Cabot Oil & Gas Corp. (COG) $22.44 2.84%
Equifax Inc. (EFX) $118.75 2.21%
Mosaic Company (MOS) $28.78 2.20%
EQT Corp. (EQT) $67.06 2.15%
S&P 500 - Fallers
TripAdvisor Inc. (TRIP) $46.28 -5.14%
Vertex Pharmaceuticals Inc. (VRTX) $72.60 -5.02%
Accenture Plc (ACN) $117.90 -5.00%
Frontier Communications Co. (FTR) $3.29 -4.64%
First Solar Inc. (FSLR) $33.20 -3.68%
FedEx Corp. (FDX) $192.15 -3.33%
General Growth Properties Inc. (GGP) $25.38 -2.68%
Simon Property Group Inc. (SPG) $178.35 -2.63%
Sl Green Realty Corp. (SLG) $107.61 -2.44%
Celgene Corp. (CELG) $115.85 -2.25%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $45.37 4.20%
NetEase Inc. Ads (NTES) $223.12 2.87%
Dish Network Corp. (DISH) $59.58 2.11%
Alexion Pharmaceuticals Inc. (ALXN) $118.99 1.94%
Viacom Inc. Class B (VIAB) $35.25 1.79%
Liberty Global Plc Lilac Class A (LILA) $22.30 1.59%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $38.10 1.46%
Liberty Global Plc Lilac Class C (LILAK) $21.52 1.46%
JD.com, Inc. (JD) $25.88 1.41%
Mondelez International Inc. (MDLZ) $44.87 1.24%
Nasdaq 100 - Fallers
TripAdvisor Inc. (TRIP) $46.28 -5.14%
Vertex Pharmaceuticals Inc. (VRTX) $72.60 -5.02%
Incyte Corp. (INCY) $99.76 -2.40%
Celgene Corp. (CELG) $115.85 -2.25%
Expedia Inc. (EXPE) $114.86 -1.90%
Regeneron Pharmaceuticals Inc. (REGN) $365.06 -1.61%
CA Inc. (CA) $32.43 -1.37%
Mattel Inc. (MAT) $28.52 -1.31%
Dollar Tree Inc (DLTR) $84.06 -1.21% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Broadband, car exports, Aquascutum The government has pledged to give decent broadband speeds to up to 600,000 homes via a new £400m funding pot. The Department for Culture, Media and Sport (DCMS) has freed up the money to help homes and businesses in the "hardest-to-reach" parts of the UK receive broadband speeds considered to be essential to modern life. - Guardian
Britain's car industry reported record exports in the first 11 months of the year as a combination of the low pound and open access to Europe's single market boosted sales. UK car exports jumped to 1.25m, the highest ever, after factories put on more shifts and increased overtime to meet the demand for British-made vehicles. - Guardian
The number of 25-year-olds who own their own home has more than halved in the last 20 years as soaring prices and a generational shift have knocked young people off the housing ladder. Research by Savills for the Local Government Association found that 46pc of all 25-year-olds owned their home 20 years ago, compared to 20pc now. It is not just young people who have been left out of home ownership, which has fallen among people of all ages 6.8pc since the peak in October 2004, and it now stands at 64.1pc. - Telegraph
Macquarie has snapped up a 50pc stake in Dong Energy's giant Race Bank offshore wind farm in a $1.6bn deal which will also see the Australian investor take on part of the wind farm's construction risk. The 573MW offshore wind project is being built almost 17 miles off the Norfolk coast and is due to begin powering the UK grid at the end of 2018. - Telegraph
The maker of luxury raincoats worn by royalty and stars of the silver screen and army officers' trenchcoats in the First World War is to change hands. Aquascutum, worn by the Queen Mother, Sophia Loren, Humphrey Bogart and Cary Grant, is to be bought by two buyers for $120 million, according to YGM Trading, its Hong Kong-based owner. It is unclear whether the deal heralds a break-up or the buyers will retain the business in its present form. - The Times
Small shops are beginning to experience the fallout of Brexit, with inflation and slowing sales growth resulting in "significant stress" for the finances of retailers, Begbies Traynor has warned. The restructuring group said that, despite high street sales holding up surprisingly well after the referendum in June, profits were being hit by prolonged discounting and rising costs associated with the higher minimum wage and the impact of weaker sterling, which had made supplies more expensive. - The Times | | |
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