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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 in thin volumes ahead of Christmas; GDP eyed London stocks were flat in early trade amid dwindling volumes ahead of the Christmas break, as investors eyed the latest UK GDP reading.
At 0830 GMT, the FTSE 100 was flat at 7,062.35, with volumes on the index down 43% versus the 10-day average. London markets will close at 1230 GMT on Friday.
Meanwhile, oil prices retreated, with West Texas Intermediate down 0.7% at $52.60 a barrel and Brent crude 0.6% lower at $54.75.
The final release of third-quarter GDP is at 0930 GMT. In the US, new home sales and University of Michigan sentiment are at 1500 GMT.
Mike van Dulken and Henry Croft at Accendo Markets said: "The key data point on this shortened UK trading day will be UK Q3 GDP seen confirmed at 0.55% quarter-on-quarter and 2.3% year-on-year, the pace of growth slowing versus last quarter but accelerating over the year from 0.7%/2.1% in Q2. With Services making up around 80% of UK GDP, the index of services reading for October will provide a first suggestion of how the fourth quarter began."
Aside from the GDP figures, banks were in focus after the Italian cabinet gave the green light to rescue Banca Monte dei Paschi di Siena as it failed to raise €5bn from private investor.
In London, Barclays was weaker after the US Department of Justice filed a lawsuit against the bank and two of its former executives on civil charges of fraud in the sale of mortgage-backed securities in the run-up to the financial crisis.
Barclays said on Friday that it rejects the claims made in the complaint and considers that they are "are disconnected from the facts", adding that it will "vigorously defend the complaint".
News about Barclays came as peers Deutsche Bank and Credit Suisse agreed billion-dollar fines with US authorities to settle allegations of mis-selling mortgage-backed securities.
Elsewhere, AstraZeneca nudged up after completing an agreement with Pfizer for the sale of the commercialisation and development rights to its late-stage small molecule antibiotics business, comprising the approved antibiotics Merrem, Zinforo and Zavicefta, and ATM-AVI and CXL, which are in clinical development.
Inhaled airways disease device and formulation business Vectura pushed higher after it signed a development and licence agreement with Mundipharma International Corporation and a US independent associated company, as the global development and commercialisation partner for the VR2076 pressurised metered dose inhaler.
Dee Valley Group edged down after it reported a slight drop in first-half pre-tax profit and said it has deferred the payment of an interim dividend pending the outcome of its takeover offers from Severn Trent and Ancala Fornia. |
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| Market Movers
FTSE 100 (UKX) 7,062.35 -0.02%
FTSE 250 (MCX) 17,910.10 0.10%
techMARK (TASX) 3,346.31 0.07%
FTSE 100 - Risers
Royal Bank of Scotland Group (RBS) 232.90p 2.15%
Coca-Cola HBC AG (CDI) (CCH) 1,725.00p 1.17%
Capita (CPI) 507.00p 1.00%
Associated British Foods (ABF) 2,727.00p 0.81%
Mediclinic International (MDC) 752.50p 0.74%
Unilever (ULVR) 3,285.50p 0.74%
Whitbread (WTB) 3,731.00p 0.73%
Centrica (CNA) 231.20p 0.65%
Hikma Pharmaceuticals (HIK) 1,824.00p 0.61%
Land Securities Group (LAND) 1,055.00p 0.57%
FTSE 100 - Fallers
Old Mutual (OML) 198.60p -0.95%
GKN (GKN) 328.10p -0.82%
ITV (ITV) 202.30p -0.74%
Barratt Developments (BDEV) 472.60p -0.71%
Mondi (MNDI) 1,591.00p -0.69%
Glencore (GLEN) 270.30p -0.63%
Shire Plc (SHP) 4,536.50p -0.57%
WPP (WPP) 1,791.00p -0.56%
Fresnillo (FRES) 1,118.00p -0.53%
BHP Billiton (BLT) 1,264.00p -0.51%
FTSE 250 - Risers
Millennium & Copthorne Hotels (MLC) 463.20p 1.91%
Aldermore Group (ALD) 235.20p 1.69%
OneSavings Bank (OSB) 340.70p 1.67%
Rightmove (RMV) 3,922.00p 1.66%
Keller Group (KLR) 840.00p 1.27%
Assura (AGR) 57.30p 1.24%
CMC Markets (CMCX) 114.30p 1.15%
International Personal Finance (IPF) 170.90p 1.12%
Vectura Group (VEC) 136.20p 1.11%
Ascential (ASCL) 270.70p 1.08%
FTSE 250 - Fallers
IP Group (IPO) 164.00p -2.96%
Telecom Plus (TEP) 1,151.00p -2.29%
Hochschild Mining (HOC) 189.50p -1.51%
Redrow (RDW) 425.10p -1.35%
Cairn Energy (CNE) 227.50p -1.30%
Polar Capital Technology Trust (PCT) 836.00p -1.07%
Tullow Oil (TLW) 303.90p -0.98%
JRP Group (JRP) 146.90p -0.74%
Restaurant Group (RTN) 329.60p -0.72% |
| | 2016 market review One City commentator provided what may prove the pithiest and most accurate summary of the last 12 months: “2016 – not for the faint-hearted.” Remarkably, he was speaking not at the end of the year but close to its beginning, when the big story was an apparently endless share price crash on the Shanghai stock market, and associated fears that the emerging market boom had very definitely gone bust. Read More... |
| | UK Event Calendar | | Monday December 19
INTERIMS
Collagen Solutions
INTERIM DIVIDEND PAYMENT DATE
Aquila Services Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
AGMS
Akers Biosciences, Inc. , Management Resources Solutions , Proactis Holdings, World Careers Network
FINAL DIVIDEND PAYMENT DATE
Aberdeen Frontier Markets Investment Company, Fidelity Special Values, Lok'n Store Group, Sanditon Investment Trust, St Ives, Utilitywise plc |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed but banks gain; Italy outperforms European stocks were little changed at the open in holiday-thinned volumes, with all eyes firmly on the banking sector as Deutsche Bank and Credit Suisse gained following settlements with the US Department of Justice, and Itlay approved a bailout of Monte dei Paschi.
At 0850 GMT, the benchmark Stoxx Europe 600 index, Germany's DAX and France's CAC 40 were all up just 0.1%. Italy's FTSE MIB was outperforming its peers, up 0.8%, with the FTSE Italia All-Share Banks index 1.5% firmer after the Italian cabinet gave the green light to rescue Banca Monte dei Paschi di Siena, as it failed to raise €5bn from private investors.
As we head into the Christmas break, volumes on the CAC were 41% lower than the 10-day average, while volumes on the FTSE MIB were a whopping 90% lower and volumes on the DAX were down 12%.
Meanwhile, oil prices retreated, with West Texas Intermediate down 0.7% at $52.60 a barrel and Brent crude 0.6% lower at $54.75.
It wasn't just Monte dei Paschi in the spotlight in terms of banks on Friday.
In London, Barclays was weaker after the US Department of Justice filed a lawsuit against the bank and two of its former executives on civil charges of fraud in the sale of mortgage-backed securities in the run-up to the financial crisis.
Barclays said on Friday that it rejects the claims made in the complaint and considers that they are "are disconnected from the facts", adding that it will "vigorously defend the complaint".
News about Barclays came as peers Deutsche Bank and Credit Suisse agreed billion-dollar fines with US authorities to settle allegations of mis-selling mortgage-backed securities. Deutsche Bank will pay a $7.2bn fine, while Credit Suisse will fork out $5.3bn. Both stocks were in the black.
Naeem Aslam at Think Markets said: "Deutsche bank's agreement is less than what the bank feared and this is music to investors' ears. The amount of $14bn which was initially expected by Deutsche could have put the bank under a lot of strain."
Elsewhere, AstraZeneca nudged up after completing an agreement with Pfizer for the sale of the commercialisation and development rights to its late-stage small molecule antibiotics business, comprising the approved antibiotics Merrem, Zinforo and Zavicefta, and ATM-AVI and CXL, which are in clinical development.
Investors were also digesting the latest monthly survey from market research group GfK, which showed German consumer sentiment is expected to remain positive into next year.
The overall consumer climate index is forecast to nudge up to 9.9 points in January from 9.8 points in December, beating economists' expectations for it to be unchanged.
"Consumers seem to be totally immune to a series of risk factors, such as the outcome of the US elections, Brexit, the flare-up in the financial crisis in Italy following the failed referendum and the resignation of Prime Minister Renzi, and the persistently high terror threat," GfK said.
Having fallen for three months in a row, the economic expectations sub-index increased to 16.4 points in December from 15.3 the month before. Meanwhile, the index for Income expectations rose 11.1 points to 55.6, driven by the excellent condition of the labour market. |
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| | Newspaper Round Up | | Friday newspaper round-up: Monte dei Paschi, Brexit, Carney, house prices The Italian government has agreed to a bailout of Monte dei Paschi di Siena (MPS) after the world's oldest bank admitted that it had failed to raise €5bn (£4.25bn) from private investors as part of a last-ditch plan to rescue the bank. Paolo Gentiloni, Italy's new prime minister, announced in the early hours of Friday that his cabinet had agreed to the rescue and would be dipping into a €20bn fund that had already been approved by the parliament earlier this week in the event that MPS needed to be saved. - Guardian
The government is being urged to clinch a transition arrangement for the City of London during Brexit negotiations to assuage concerns of employers who are delaying business decisions because of the uncertainty created in the run up to the UK's departure from the EU. The City of London Corporation, the local authority that covers much of the financial district, urged Theresa May to arrange transition arrangements "as soon as possible". - Guardian
Champagne drinkers in Britain - the biggest export market for bubbly - face higher prices next year as the impact of the shock Brexit vote on the British pound takes its toll, champagne industry executives warned. "The market in Britain is undergoing a period of adjustment. The brands have not yet factored in the effect of foreign exchange rates on their prices," said Charles-Armand de Belenet, marketing director for Pernod Ricard's Martell Mumm Perrier-Jouët champagne brand. - Telegraph
Mark Carney faces a bruising showdown with a group of influential MPs when an investigation into the Bank of England's use of monetary policy since the financial crisis is launched, amid concerns that it has had "unintended consequences" for the economy. The Treasury select committee is to investigate in February whether the Bank made the right decision in cutting interest rates to record lows and buying billions of government bonds with new money in the years after the recession. - The Times |
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