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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 nudge lower as investors continue to mull Italy vote Stocks in London nudged lower in early trade as investors continued to mull over the implications of the Italian referendum and Prime Minister Renzi's resignation amid a lack of fresh catalysts.
At 0820 GMT, London's FTSE 100 was down 0.2% to 6,731.94. Meanwhile, oil prices were a little weaker, with West Texas Intermediate down 0.7% to $51.45 a barrel and Brent crude 0.4% lower at $54.70.
Spreadex's Connor Campbell said: "The index is currently trapped below the 6750 mark, immediately dropping half a percent after the bell. The FTSE is lacking any macro-momentum bar the continued, and exhausting, Brexit-brouhaha that have been a constant presence since June, meaning it is struggling to significantly break through the levels it has been stuck around for the last few months.
There are no major UK data releases due, but in the US, trade balance and non-farm productivity are at 1330 GMT, while factory orders and durable goods orders are at 1500 GMT.
In corporate news, plumbing and heating products distributor Wolseley fell as it reported a rise in first-quarter revenue, including increased revenue from the US, but said markets in the UK and the Nordic region were challenging.
Low-cost carrier EasyJet flew lower as it posted its passenger statistics for November, with total passengers for the month improving 2.9% to 4,947,060 year-on-year, although the load factor dropped 0.6 percentage points to 89.7%.
Ultra Electronics declined after it said trading remained in line with its expectations for 2016.
Industrial equipment rental company Ashtead was on the front foot as it said rental revenue in the six months to 31 October grew 13% on last year to £1.45bn, pre-tax profit was up 9% to £425.9m and the interim dividend was hoisted 19% to 4.75p per share.
Power generation firm Drax rallied after announcing a conditional agreement to buy Opus Energy for £340m and an agreement to acquire four open cycle gas turbine (OCGT) development projects for electricity generation, as it said full-year earnings were still likely to be at the bottom end of market forecasts.
FTSE 250 supplier of high performance polymer solutions Victrex was sharply higher. Although the company reported a drop in profit and revenue for the year to the end of September, analysts said revenue was bang in line and noted the fact the group remains comfortable with current market expectations.
Thomas Cook advanced after the travel company said it will take full ownership of its UK retail store network late next year.
FTSE 100 - Fallers
Barratt Developments (BDEV) 465.10p -1.82%
Carnival (CCL) 3,981.00p -1.44%
Persimmon (PSN) 1,682.00p -1.29%
Wolseley (WOS) 4,631.00p -1.17%
Legal & General Group (LGEN) 238.90p -1.16%
Anglo American (AAL) 1,230.00p -1.05%
BP (BP.) 460.35p -0.99%
Experian (EXPN) 1,480.00p -0.94%
Kingfisher (KGF) 346.30p -0.92%
Taylor Wimpey (TW.) 150.30p -0.86%
FTSE 250 - Risers
PayPoint (PAY) 1,014.00p 3.36%
Pets at Home Group (PETS) 223.10p 2.57%
Aberdeen Asset Management (ADN) 272.90p 2.56%
Zoopla Property Group (ZPLA) 324.10p 2.37%
Hastings Group Holdings (HSTG) 222.80p 2.06%
Computacenter (CCC) 768.00p 1.99%
Crest Nicholson Holdings (CRST) 460.60p 1.93%
PZ Cussons (PZC) 302.50p 1.82%
Hansteen Holdings (HSTN) 107.50p 1.80%
John Laing Group (JLG) 279.50p 1.78%
FTSE 250 - Fallers
Playtech (PTEC) 788.00p -4.72%
Ultra Electronics Holdings (ULE) 1,922.00p -4.24%
Euromoney Institutional Investor (ERM) 1,110.00p -2.63%
Tullow Oil (TLW) 324.10p -2.50%
DFS Furniture (DFS) 218.30p -2.20%
ICAP (IAP) 473.60p -2.17%
Genus (GNS) 1,776.00p -1.93%
Mitchells & Butlers (MAB) 222.00p -1.55%
Hunting (HTG) 593.50p -1.33% |
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| | UK Event Calendar | | Tuesday December 06
INTERIMS
Consort Medical, Gateley (Holdings) , Imaginatik, Imagination Technologies Group, Iomart Group, OPG Power Ventures, Real Good Food , Vianet Group
QUARTERLY EX-DIVIDEND DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Factory Orders (GER) (07:00)
Factory Orders (US) (15:00)
Gross Domestic Product (EU) (10:00)
GMS
MBL Group
FINALS
OMG, On The Beach Group , RWS Holdings
SPECIAL DIVIDEND PAYMENT DATE
Playtech
AGMS
DX (Group), Jubilee Platinum, Kalibrate Technologies, Mila Resources, Trading Emissions
FINAL DIVIDEND PAYMENT DATE
Fidelity Asian Values
Q1
Wolseley, Wolseley
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks flat but Italian banks recover European stocks kicked off Tuesday's session in a muted fashion as investors continued to digest the outcome of the Italian referendum, with the country's bank stocks clawing back some ground following heavy losses in the previous session.
At 0855 GMT, the benchmark Stoxx Europe 600 index, Germany's DAX and France's CAC 40 were all flat. Italy's FTSE MIB was up 0.4%.
Meanwhile, oil prices were a little weaker, with West Texas Intermediate down 0.7% to $51.45 a barrel and Brent crude 0.4% lower at $54.70.
Banks in Italy were recovering from significant losses on Monday, with the FTSE Italia All-Share Banks index up 1.4%. Italian President Sergio Mattarella has accepted PM Renzi's resignation but has asked him to stay on to oversee the 2017 budget at the end of this week.
Accendo Markets analysts Mike van Dulken and Henry Croft said: "A lacklustre European open comes in spite of a positive Asian session which echoes gains on Wall St. Advances by bigBank and commodity names are derived from relief at the absence of post-referendum turmoil in Europe (so far) coupled with a weaker USD giving a boost to metals prices and Brent crude oil, the latter testing $55 for the first time since July 2015.
"Italian Prime Minister Renzi has agreed to put off his resignation until the nation's 2017 budget has been approved, reducing the risk of snap election and another populist backlash. Contagion fears also eased by suggestions of a weekend state bailout of Banca Monte dei Paschi di Siena due to concerns that a €5bn recapitalisation is at risk by the withdrawal of a key participant."
Elsewhere, HSBC rallied as Morgan Stanley upgraded the stock to 'equalweight' from 'underweight'.
Plumbing and heating products distributor Wolseley fell as it reported a rise in first-quarter revenue, including increased revenue from the US, but said markets in the UK and the Nordic region were challenging.
Low-cost carrier EasyJet flew lower as it posted its passenger statistics for November, with total passengers for the month improving 2.9% to 4,947,060 year-on-year, although the load factor dropped 0.6 percentage points to 89.7%.
Industrial equipment rental company Ashtead was on the front foot as it said rental revenue in the six months to 31 October grew 13% on last year to £1.45bn, pre-tax profit was up 9% to £425.9m and the interim dividend was hoisted 19% to 4.75p per share.
Power generation firm Drax surged after announcing a conditional agreement to buy Opus Energy for £340m and an agreement to acquire four open cycle gas turbine (OCGT) development projects for electricity generation, as it said full-year earnings were still likely to be at the bottom end of market forecasts.
Shares in spreadbetting firms IG, CMC Markets and Plus500 tumbled as the Financial Conduct Authority announced plans to tighten rules around contract for difference products.
On the data front, figures from Destatis showed German manufacturing orders rose 4.9% in October adjusted for seasonal swings and calendar effects, beating expectations for a 0.7% increase.
Domestic orders were up 6.3% and foreign orders were 3.9% ahead of the previous month.
Pantheon Macroeconomics said: "This is an astonishing headline, which suggests that German manufacturing is set to surge in Q4. We suspect the month-to-month headline will be revised down, though. If not, the mean-reversion next month likely will be grim."
Still to come, the final release of third-quarter eurozone gross domestic product is at 1000 GMT. In the US, trade balance and non-farm productivity are at 1330 GMT, while factory orders and durable goods orders are at 1500 GMT. |
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| | US Market Report | | US close: Markets green as traders shrug off Italian jitters US equity markets were on the front foot on Monday, largely shrugging off the 'no' vote from the Italian referendum on constitutional reform and the resignation of its Prime Minister Matteo Renzi.
The Dow Jones Industrial Average rose 0.24% to 19,216.24 points, the S&P 500 increased 0.58% to 2,204.71 points, and the Nasdaq 100 gained 0.82% to 4,778.14 points at the close.
Meanwhile the main European indices were mostly higher, but Italy's FTSE MIB swung low by 0.21% amid worries about the impact of political instability on the country's banks.
Philippe Waechter, chief economist at Natixis AM, said: "The markets' reaction was not extreme. The euro fell below the 1.06 mark against the dollar, while the equity markets in Asia saw only on a moderate drop, with Tokyo closing down 0.8%. Yields on Italian bonds rose, wiping out the drop seen at the end of the week.
"Investors are adopting something of a wait-and-see attitude, which is reassuring in one sense as there is no major backlash following the result. But the whole affair is far from over.
"Matteo Renzi will present his resignation, which will very probably be accepted, and in the meantime, the current government can no longer operate effectively following yesterday's result."
In currency markets, the dollar was trading up against the euro, which steadied after falling to a 20-month low against the greenback in Asian trading on the referendum result.
In commodity markets, oil prices slipped after advancing earlier in the session.
Brent crude was last down 0.5% to $54.19 per barrel, while West Texas Intermediate lost 1.29% to $51.02.
On the data front, the US services sector slowed in November. Markit's services purchasing managers' index slipped to 54.6 from 54.8 in October, but remained above the 50 no-change value for the ninth consecutive month.
Whereas the ISM non-manufacturing composite increased to 57.2 in November, from 54.8 the previous month and ahead of the 55.5 forecast consensus.
Elsewhere, Bloomberg reported that the Federal Reserve's William Dudley said he approved higher interest rates over time as the economy gradually improves.
Speaking ahead of the next committee meeting on 13/14 December, he said: "Assuming the economy stays on this trajectory, I would favour making monetary policy somewhat less accommodative over time by gradually pushing up the level of short-term interest rates."
In corporate news, technology giant Apple was down 0.72% to $109.11 after writing a letter to US regulators offering feedback on proposed guidelines for self-driving cars. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Brexit meeting, Carney, BRC, City tax bill The City of London will not get any special treatment in the upcoming Brexit negotiations, senior members of Theresa May's Cabinet have told a group of high-profile banking and insurance chiefs. Philip Hammond, the Chancellor, and David Davis, the Brexit Secretary, told a group of City leaders that, despite accounting for 11.8pc of gross domestic product (GDP), financial and professional services is only one industry and cannot be seen to be treated differently. - Daily Telegraph
Yet Hammond and Davis promised financial services chiefs a "smooth and orderly transition" when Britain leaves the EU, as pressure mounts for an interim deal to smooth the exit. Mr Davis, who has expressed scepticism about such a deal, was said by one participant to be "not dismissive" of the idea. - Financial Times
Warning that the UK was suffering its "first lost decade since the 1860s", the governor of the Bank of England said that one of the reasons for the Brexit vote was a sense among people that they had lost control of their futures. Mark Carney also used his first big speech since Donald Trump swept to power in the US to warn that open markets are under threat and that politicians must do more to share out the gains of global trade and the rise of technology. - Guardian
According to the latest data from the British Retail Consortium and KPMG, comparable retail sales were up by 0.6 per cent in November, an improvement on the same time last year, when like-for-like sales fell by 0.4 per cent. On a total basis, sales rose 1.3 per cent last month against a 0.7 per cent increase last November. - The Times
A record one in four pounds was spent online during last month's Black Friday discounting drive, according to the BRC. Online sales of non-food items, which includes homewares and clothing, represented 27.6pc of all total non-food sales in the UK during November, against 25.3pc the year before. - Telegraph
Britain's financial services industry paid the Treasury £71.4bn in taxes in the most recent financial year, beating its pre-credit crunch level for the first time. Tax payments dived in the recession as banks and other finance firms made huge losses, then took years to recover to their previous size. - Telegraph
Plans by Italian banks to raise nearly €20 billion of new funds are in limbo after the country voted overwhelmingly against reforms to its constitution. Shares in both Banca Monte dei Paschi di Siena and UniCredit fell by nearly 4 per cent as markets assessed the impact of Italy's referendum in the first trading session since the result was announced. - The Times
Deutsche Telekom has attacked the UK telecoms regulator Ofcom over what it describes as the "extreme" measures proposed for the legal separation of BT from its Openreach infrastructure division. The German operator, which holds a 12 per cent stake in its British counterpart, has argued any move to force a legal or full separation of BT and Openreach would make the UK "less investable" and would be "completely at odds" with Ofcom's reputation as an evidence-based regulator. - Financial Times
In November, usually one of the slower months in the showroom calendar, 184,101 new cars were registered, up 2.9 per cent on the same month last year. In an accelerating trend in the industry, more than a quarter of the year-on-year growth is attributed to sales of electric and hybrid vehicles. - The Times
British American Tobacco's takeover of Reynolds American is poised to move a step closer when the FTSE 100 cigarette maker sweetens its offer to $56.5 a share for the maker of Camel and Newport cigarettes this week. The Dunhill and Lucky Strike owner owns 42.2 per cent of Reynolds and in October announced an offer to buy the rest of America's second-biggest tobacco group, which was rebuffed. - The Times
BP has begun experimental drilling in a group of potential gasfields in the North Sea. In a move that the industry hopes could be the first stage of a recovery in the region, BP will test the potential of a deep carboniferous era horizon about 50 miles east of Hull, below an existing field. - The Times
BHP Billiton has narrowly edged out BP to win the right to develop a potentially lucrative deepwater oil project in Mexico. After what Pedro Joaquín Coldwell, Mexico's energy secretary, called the "mother of all auctions" in the country's oil and gas industry, the Australian mining and natural resources group confirmed that it had won the right to develop an offshore license known as Trión. - The Times
The cost of a can of cola, lemonade or Red Bull is likely to rise by about 8p, while a two-litre bottle of any high-sugar soft drink will go up by 48p once the government's sugar levy comes into force. Details of the levy have just been published, although the exact amount of the increases will not be announced until next year. But using figures from the Office of Budget Responsibility, experts believe the two tax bands will add 18p to the cost of a litre of soft drink containing 5g of sugar per 100ml, and 24p to one that has more than 8g of sugar per 100ml. - Guardian
A top US investment bank resigned as a key adviser to Mike Ashley's Sports Direct because of concerns that the retail company had manipulated its share price, according to claims made in a high court document. Bank of America Merrill Lynch had concerns about Sport Direct's corporate governance and the "propriety" of share transactions in 2012 around its employee bonus scheme, according to allegations in legal filings by Jeff Blue, previously one of Ashley's key allies. - Guardian
Tata Steel says it has made significant commitments to more than 4,000 workers at the Port Talbot steelworks in south Wales, which has spent the past eight months under threat of closure. Rather than close one of the two blast furnaces at the steelworks, which many believe Tata has been considering as part of a merger of its European operations with ThyssenKrupp, of Germany, it is believed that the Indian-owned industrial group plans to keep staff employed into the next decade. - The Times
The government will today unveil plans for a fully privatised railway line, with track and trains operated by the same company. A new route linking Oxford and Cambridge will not be developed by Network Rail, the owner of Britain's rail infrastructure. Instead, a new entity will be responsible for track and infrastructure, as well as operating train services, under proposals drawn up by the transport secretary, Chris Grayling. - Guardian
Southern rail commuters face further disruption as an overtime ban by train drivers and a strike by conductors started on Tuesday morning. Members of the RMT are on strike for three days, while industrial action by Aslef members, including the refusal to work additional shifts, will run indefinitely. - Guardian
The city council of Portland in Oregon will vote on Wednesday whether to impose a tax on companies whose CEO's pay exceeds the median salary of their workers by a ratio of more than 100-to-one. The measure, which was proposed by Portland city commissioner and former environmental lawyer Steve Novick, will take advantage of the fact that new Securities and Exchange Commission (SEC) rules will require companies to disclose their executive pay ratios for the first time beginning in 2017. - Guardian | | |
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