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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 push higher amid Monte dei Paschi rescue hopes Stocks in London rose in early trade as reports of a possible rescue package for Italian lender Monte dei Paschi helped to underpin sentiment.
At 0830 GMT, the FTSE 100 was up 0.9% to 6,839.94. Meanwhile, oil prices retreated, with West Texas Intermediate down 0.8% to $50.55 and Brent crude down 0.7% at $53.57.
Spreadex's Connor Campbell said: "The potential for a Monte dei Paschi package from the Italian government is lifting the European markets this Wednesday.
"There have been multiple different reports about what could happen. Last night Reuters claimed that the government could take another €2bn stake in Italy's oldest bank, while this morning La Stampa stated that the country could ask for a €15bn European Stability Mechanism loan, which would be used to aid not only Monte dei Paschi but a few of Italy's other ailing banks.
"Of course nothing has been confirmed, and the precarious political situation in Italy is going to make doing anything a lot more difficult."
In corporate news, train and bus operator Stagecoach was in the black after it hiked its interim dividend to show its confidence in the future and keep investors chipper as profits and earnings fell in the face of what it said was a continuing "challenging and uncertain" political and economic environment.
Accounting software company Sage gained as it confirmed that it is "evaluating potential strategic options" for the payments business in North America, including a sale, but stressed that there could be "no certainty" that the evaluation would lead to any action.
FTSE 250 provider of global mobile satellite communications Inmarsat advanced after signing a contract with Air New Zealand to provide Global Xpress connectivity across the airline's long-haul and short-haul fleets.
Miner Rio Tinto was a high riser as Credit Suisse upgraded the stock to 'outperform' from 'neutral'.
Support services and construction group Carillion was on the back foot as it said it is trading in line with expectations but that the pace of new order intake has dropped in the second half.
Business intelligence group Informa was weaker after it announced the issue of $500m of new US private placement notes which will be used to pay down the majority of the $675m previously arranged and drawn down acquisition facility.
On the data front, UK manufacturing production and industrial production are at 0930 GMT. In addition, MPs will be voting on the government's plan to trigger Article 50 by the end of March next year. |
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| Market Movers
FTSE 100 (UKX) 6,828.62 0.72%
FTSE 250 (MCX) 17,492.53 0.23%
techMARK (TASX) 3,227.86 0.15%
FTSE 100 - Risers
Rio Tinto (RIO) 3,137.50p 3.84%
Antofagasta (ANTO) 752.50p 3.44%
Anglo American (AAL) 1,232.00p 3.14%
Standard Chartered (STAN) 675.70p 2.85%
International Consolidated Airlines Group SA (CDI) (IAG) 425.00p 2.43%
Rolls-Royce Holdings (RR.) 677.00p 2.34%
Barclays (BARC) 232.05p 2.34%
Glencore (GLEN) 292.40p 2.24%
HSBC Holdings (HSBA) 668.60p 2.23%
GKN (GKN) 311.10p 2.10%
FTSE 100 - Fallers
WPP (WPP) 1,646.00p -2.83%
Capita (CPI) 540.00p -2.35%
Shire Plc (SHP) 4,475.50p -1.87%
Pearson (PSON) 779.00p -1.77%
Unilever (ULVR) 3,100.50p -1.10%
United Utilities Group (UU.) 860.00p -1.04%
Imperial Brands (IMB) 3,371.00p -1.00%
Severn Trent (SVT) 2,054.00p -0.92%
Next (NXT) 4,890.00p -0.81%
Informa (INF) 645.50p -0.77%
FTSE 250 - Risers
Vedanta Resources (VED) 936.50p 4.06%
Evraz (EVR) 234.40p 3.35%
CMC Markets (CMCX) 118.70p 3.22%
Kaz Minerals (KAZ) 409.50p 2.63%
Hunting (HTG) 598.50p 1.87%
Virgin Money Holdings (UK) (VM.) 313.60p 1.85%
Smurfit Kappa Group (SKG) 1,792.00p 1.82%
JPMorgan Emerging Markets Inv Trust (JMG) 663.50p 1.61%
Victrex plc (VCT) 1,785.00p 1.54%
Paysafe Group (PAYS) 358.20p 1.36%
FTSE 250 - Fallers
PayPoint (PAY) 916.50p -4.28%
IG Group Holdings (IGG) 467.50p -3.63%
Allied Minds (ALM) 379.60p -2.92%
OneSavings Bank (OSB) 331.40p -2.39%
Marshalls (MSLH) 298.50p -2.26%
QinetiQ Group (QQ.) 243.00p -2.10%
Galliford Try (GFRD) 1,280.00p -1.69%
Drax Group (DRX) 306.50p -1.51%
Pennon Group (PNN) 768.50p -1.47% |
| | UK Event Calendar | | Wednesday December 07
INTERIMS
Kromek Group, Stagecoach Group, Tricorn Group
INTERIM DIVIDEND PAYMENT DATE
Ingenious Entertainment VCT 1 'D' Shares, Ingenious Entertainment VCT 1 E Shares, Ingenious Entertainment VCT 1 F Shares, Ingenious Entertainment VCT 2 'D' Shares, Ingenious Entertainment VCT 2 E Shares, Ingenious Entertainment VCT 2 F Shares
QUARTERLY PAYMENT DATE
Unilever
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Crude Oil Inventories (US) (15:30)
Industrial Production (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
FINALS
Redhall Group
AGMS
Bioventix, Gattaca, Greatland Gold, Octagonal, UK Mortgages Limited , Vietnam Enterprise Investments (DI), YouGov
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Halifax House Price Index (08:30)
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
Blancco Technology Group
|
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| | US Market Report | | US close: Stocks end higher as traders mull data, Italian banks US stocks closed higher on Tuesday as investors sifted through economic data and mulled over reports of a possible state bailout of Italian bank Monte dei Paschi.
The Dow Jones Industrial Average finished at an all-time high for the second day in a row, rising 0.2% to 19,251.78 points. The S&P 500 gained 0.3% to 2,212.23 points while the Nasdaq grew 0.5% to 5,333 points.
Oil prices dipped after surging on Monday on the back of last week's landmark OPEC deal to cut production. West Texas Intermediate fell 1.9% to $50.81 per barrel and Brent declined 2.1% to $53.81 per barrel at 2147 GMT.
On the data front, the trade deficit widened to $42.6bn in October, from $36.2bn the previous month, and was larger than the $42bn expected.
Exports dropped by $3.4bn month-on-month to $186.4bn, as imports increased by $2bn to $229bn.
New factory orders in the US increased 2.7%, following an upwardly revised 0.6% rise in September, which was the biggest gain in 18 months. Economists had expected a 2.6% gain.
US durable goods orders were up 4.6% in October, from 4.8% the previous months, and well ahead o 3.4% consensus forecast.
Non-farm productivity, a measure of goods and services made per hour, was flat at a seasonally adjusted 3.1% in the third quarter, below the 3.3% consensus forecast.
Elsewhere, European stocks were on the front foot, boosted by a rally in the banking sector following reports that Italy's government might bail out troubled Monte dei Paschi this week.
"Indeed, optimism about banks is driving markets in Europe firmly higher, on expectations that some sort of bail-in for Italian institutions is on the cards," said IG's Chris Beauchamp.
"This would provide a real boost to risk appetite, similar to that seen when the ECB first announced its QE programme, and would certainly do more than just a measly extension to the easing timeframe, which is quite possibly all that Mario Draghi can offer at the ECB meeting on Thursday."
The news comes in the wake of the resignation of Italy's Prime Minister Matteo Renzi after the referendum on Sunday failed to go his way.
Among corporate stocks, Boeing regained ground after President-elect Donald Trump tweeted that an order for a new Air Force One plane should be cancelled due to increasing costs.
TherapeuticsMD shares gained as the drug developer announced positive data late on Monday from a menopause drug trial.
Ford Motor Co. advanced after the car maker on Monday said it plans to raise $2.8bn in new long-term financing.
Dow Jones - Risers
Goldman Sachs Group Inc. (GS) $231.31 1.24%
Verizon Communications Inc. (VZ) $50.36 1.23%
Intel Corp. (INTC) $34.72 0.96%
Travelers Company Inc. (TRV) $116.83 0.83%
Caterpillar Inc. (CAT) $95.22 0.82%
Apple Inc. (AAPL) $109.95 0.77%
Walt Disney Co. (DIS) $100.68 0.70%
Wal-Mart Stores Inc. (WMT) $70.36 0.60%
JP Morgan Chase & Co. (JPM) $83.72 0.52%
American Express Co. (AXP) $72.31 0.39%
Dow Jones - Fallers
Nike Inc. (NKE) $50.57 -2.47%
Home Depot Inc. (HD) $128.74 -0.72%
Cisco Systems Inc. (CSCO) $29.33 -0.68%
Microsoft Corp. (MSFT) $59.95 -0.45%
Chevron Corp. (CVX) $112.76 -0.43%
Visa Inc. (V) $77.11 -0.26%
E.I. du Pont de Nemours and Co. (DD) $72.76 -0.22%
Unitedhealth Group Inc. (UNH) $157.32 -0.20%
Coca-Cola Co. (KO) $40.57 -0.12%
Procter & Gamble Co. (PG) $82.91 -0.10%
S&P 500 - Risers
Autodesk Inc. (ADSK) $76.32 7.22%
Netflix Inc. (NFLX) $124.57 4.54%
Borg Warner Inc. (BWA) $39.16 4.45%
Carmax Inc. (KMX) $60.50 4.17%
United Continental Holdings Inc. (UAL) $70.98 3.97%
Wynn Resorts Ltd. (WYNN) $102.18 3.87%
CBRE Group Inc (CBG) $31.75 3.72%
Western Union Co. (WU) $21.64 3.54%
Vertex Pharmaceuticals Inc. (VRTX) $78.12 3.40%
Newfield Exploration Co (NFX) $47.18 3.40%
S&P 500 - Fallers
Chipotle Mexican Grill Inc. (CMG) $366.37 -7.55%
Interpublic Group of Companies Inc. (IPG) $23.27 -3.04%
Nike Inc. (NKE) $50.57 -2.47%
Intuitive Surgical Inc. (ISRG) $621.59 -2.41%
Humana Inc. (HUM) $204.30 -2.17%
Omnicom Group Inc. (OMC) $84.26 -2.08%
Mattel Inc. (MAT) $29.19 -2.08%
Kansas City Southern (KSU) $83.81 -1.97%
Pioneer Natural Resources Co. (PXD) $184.77 -1.85%
Helmerich & Payne Inc. (HP) $79.95 -1.71%
Nasdaq 100 - Risers
Autodesk Inc. (ADSK) $76.32 7.22%
Netflix Inc. (NFLX) $124.57 4.54%
Vertex Pharmaceuticals Inc. (VRTX) $78.12 3.40%
Dish Network Corp. (DISH) $58.51 3.27%
Western Digital Corp. (WDC) $63.85 2.83%
Micron Technology Inc. (MU) $19.06 2.42%
Incyte Corp. (INCY) $107.21 2.34%
Charter Communications Inc. (CHTR) $276.32 1.99%
Sirius XM Holdings Inc (SIRI) $4.41 1.85%
Skyworks Solutions Inc. (SWKS) $76.17 1.80%
Nasdaq 100 - Fallers
Intuitive Surgical Inc. (ISRG) $621.59 -2.41%
Mattel Inc. (MAT) $29.19 -2.08%
Shire Plc Ads (SHPG) $172.77 -2.05%
Cerner Corp. (CERN) $47.55 -1.65%
NetEase Inc. Ads (NTES) $222.65 -1.56%
Citrix Systems Inc. (CTXS) $87.62 -1.54%
PACCAR Inc. (PCAR) $64.43 -1.50%
Ctrip.Com International Ltd. Ads (CTRP) $42.38 -1.37%
CSX Corp. (CSX) $36.05 -1.31% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Flash crash, insurance, immigration, StanChart The UK investigation into October's "flash crash" in sterling has focused heavily on the Japanese trading operations of Citigroup, which fired off repeated sell orders that exacerbated the pound's fall, according to bankers and officials involved in the inquiry. Citi's traders are not believed to have started the slide in the currency in thin Asia trading but its Tokyo desk played a key role in sending the pound to its lowest levels in 31 years, bankers and officials said. - Financial Times
The ability of the global insurance industry to manage society's risks is being threatened by climate change, according to a new report. The report finds that more frequent extreme weather events are driving up uninsured losses and making some assets uninsurable. - Guardian
The new president of the trade body that represents the UK pharmaceutical industry says she will make access to breakthrough medicines a key focus of her tenure. Lisa Anson, who is head of AstraZeneca in the UK, was named president of the Association of the British Pharmaceutical Industry at the trade body's annual general meeting last night. - Telegraph
The British economy will see its growth hampered by a fall in immigration from Europe following the Brexit vote but low-paid workers in some sectors will see a "modest boost" to their income, according to the National Institute of Economic and Social Research. In a new report Niesr predicts that in the case of a "middle-range Brexit", where EU immigration falls by as much as 91,000 a year, the growth of gross domestic product per capita will be 3.4 per cent lower by 2030 than it would have been otherwise. - Financial Times
Standard Chartered, the FTSE 100 emerging markets-focused bank, is looking at setting up a legal base in either Dublin or Frankfurt to ensure it can continue doing business in the European Union following Brexit. Banks based in the UK are fearful that they will lose their so-called passporting rights, which allow them to sell their services across the EU, once Britain leaves Europe.
One of the companies behind the continuing Southern rail fiasco is expected to be revealed as the new operator of the Manchester Metrolink tram network. An announcement from Transport for Greater Manchester is due as early as next week and industry sources insist that it will involve Keolis, a British division of the French state railway SNCF. - The Times
The US Supreme Court has thrown out an order forcing Samsung to pay Apple $399m (£314m) for copying key parts of the iPhone, a victory for the Korean group in the long-running dispute between the two smartphone giants. The ruling is likely to further reduce the amount that Samsung ultimately owes Apple after a verdict in 2012 that its Galaxy smartphones infringed on patents related to the iPhone. - Telegraph
Donald Trump sold all of his shares in companies in June, aides said on Tuesday, a move that may have raised substantial cash ahead of the presidential election and if confirmed could ease some, but not all, concerns about potential conflicts of interest. Trump's stock portfolio included shares of companies including Apple Inc, Microsoft Corp, JPMorgan Chase & Co and a host of others, according to a financial disclosure form filed in May. - Guardian
The British chief operations officer of Lego has been selected to lead the company after the biggest organisational shake-up in its 84-year history. Bali Padda, who has been with the company for 14 years, will become the first non-Dane chief executive of the toymaker, replacing Jorgen Vig Knudstorp, who rescued the brand from near-financial collapse in 2004. - The Times |
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