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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 higher as Morrisons rallies Stocks in London nudged higher at the open after the index hit another record high in the previous session, with miners boosted by encouraging Chinese data, while the pound remained under pressure on the back of Brexit concerns.
At 0830 GMT, the FTSE 100 was up 0.2% at 7,252.42. Meanwhile, oil prices were a touch firmer, with West Texas Intermediate and Brent crude up 0.3% to $52.13 and $55.13 a barrel, respectively.
On Monday, the index ended 28 points higher at 7,238 - the eighth consecutive record high and the tenth consecutive positive close - as the pound slid 1% against the greenback following Prime Minister Theresa May's latest Brexit comments.
Spreadex's Connor Campbell said: "There wasn't much going on this morning, with the market failing to significantly move from yesterday's pound-driven positions.
"Having closed at a new all-time high for eight days in a row, matching its previous best-ever run in the process, the FTSE is now chasing two records this Tuesday. If the index can end this afternoon at another fresh peak then it will have not only broken a price-record (obviously), but will create a new record for number of consecutive days it has ended a session at a new all-time high. While that may sound exciting, it currently looks like the FTSE is only going to be able to manage another incremental increase on its peak, the index opening 15 points higher after the bell."
In currency markets, the pound remained weaker, down 0.3% against the dollar and 0.4% versus the euro.
Miners were lifted by encouraging data from China, which showed producer prices rose at their fastest pace since September 2011 in December. Producer prices were up 5.5% from the same month a year ago, beating expectations for a 4.5% increase. Anglo American, Rio Tinto, Antofagasta and BHP Billiton were all in the black.
In corporate news, Wm Morrison rallied after saying it expects full year profit to be ahead of market consensus on the back of its strongest festive performance for seven years. For the nine weeks to 1 January, the supermarket group grew like-for-like sales excluding fuel 2.9%, while total sales were 2.0% higher. Peer Tesco was also on the front foot.
Whitbread was higher after Credit Suisse upgraded the stock to 'outperform'.
Gaming software development company Playtech gained as it said it expects results for the full year 2016 to be in line with market views as it announced that chief financial officer Ron Hoffman will become chief executive officer of the group's financials divisions.
Trinity Mirror advanced after confirming it is in the "early stage of discussions" with Richard Desmond over a potential investment in some of Northern & Shell's assets.
International distribution and outsourcing group Bunzl nudged up as it announced the acquisition of two further businesses in the UK and the US.
Insurance provider Phoenix Group Holdings ticked higher after saying it has achieved its 2016 target for cash regeneration and will make at least £250m from the acquisition of the Axa businesses.
Online fashion retailer Boohoo.com was little changed despite lifting its guidance for annual revenue growth following strong trading through Black Friday and into the Christmas season.
There are no major UK data releases due but in the US, wholesale inventories are at 1500 GMT. |
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| Market Movers
FTSE 100 (UKX) 7,252.42 0.20%
FTSE 250 (MCX) 18,378.38 -0.01%
techMARK (TASX) 3,451.34 0.28%
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 246.70p 3.92%
Tesco (TSCO) 208.20p 3.61%
Whitbread (WTB) 3,987.00p 3.16%
Anglo American (AAL) 1,186.00p 2.73%
Rio Tinto (RIO) 3,202.50p 2.22%
Antofagasta (ANTO) 719.00p 2.13%
Sainsbury (J) (SBRY) 260.00p 2.04%
InterContinental Hotels Group (IHG) 3,768.00p 1.81%
BHP Billiton (BLT) 1,364.50p 1.79%
Fresnillo (FRES) 1,392.00p 1.61%
FTSE 100 - Fallers
Prudential (PRU) 1,575.00p -1.56%
Direct Line Insurance Group (DLG) 362.60p -1.47%
Royal Bank of Scotland Group (RBS) 224.20p -1.41%
3i Group (III) 716.50p -1.24%
Legal & General Group (LGEN) 245.90p -1.17%
Barclays (BARC) 231.45p -1.11%
Standard Life (SL.) 356.60p -1.08%
Lloyds Banking Group (LLOY) 64.52p -1.07%
DCC (DCC) 6,155.00p -0.81%
ITV (ITV) 205.90p -0.77%
FTSE 250 - Risers
Kaz Minerals (KAZ) 406.70p 5.20%
Ferrexpo (FXPO) 137.80p 4.39%
Daejan Holdings (DJAN) 6,395.00p 2.57%
Countryside Properties (CSP) 245.80p 2.42%
Shawbrook Group (SHAW) 271.80p 2.33%
Weir Group (WEIR) 2,008.00p 1.98%
Evraz (EVR) 210.80p 1.93%
Paysafe Group (PAYS) 387.30p 1.49%
Restaurant Group (RTN) 341.60p 1.46%
Ultra Electronics Holdings (ULE) 1,959.00p 1.29%
FTSE 250 - Fallers
Just Eat (JE.) 550.50p -5.57%
Aldermore Group (ALD) 226.30p -2.62%
Synthomer (SYNT) 370.20p -2.24%
Wizz Air Holdings (WIZZ) 1,804.00p -2.12%
Henderson Group (HGG) 240.00p -1.88%
Morgan Advanced Materials (MGAM) 285.00p -1.86%
Jupiter Fund Management (JUP) 444.10p -1.79%
Ashmore Group (ASHM) 280.40p -1.79%
Aberdeen Asset Management (ADN) 264.20p -1.78% |
| | Share tips 2017 Prudential low risk International insurance and investment product supplier Prudential has had a successful 2016 with the company raising its dividend, reporting an increase in profits whilst all the time continuing to benefit from favourable structural opportunities in its key markets, particularly in Asia. Investors should appreciate that although the group’s Asian exposure is a risk due to the volatility of Asian markets, the demographics of many Asian regions, and the rise of the middle class, should provide a good growth story for Prudential for some time to come. Prudential believes it has adequate capital surplus to withstand further significant deterioration in the European market, which should provide some reassurance to investors. Furthermore, the group’s asset management business M&G continues its expansion into Europe and its retail funds are registered for sale in 20 regions. Ultimately, this is a company which has a good mix of business across a number of regions, with a long-term Asia growth story underpinning the investment case. Read More... Capital at Risk |
| | UK Event Calendar | | Tuesday 10 January
INTERIMS
Games Workshop Group
INTERIM DIVIDEND PAYMENT DATE
D4T4 Solutions
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Wholesales Inventories (US) (15:00)
Q3
Big Yellow Group
EGMS
Hellenic Telecom Industries SA ADS
AGMS
Focusrite
TRADING ANNOUNCEMENTS
Gocompare.com Group, Tarsus Group
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drift lower but supermarkets rally European stocks drifted lower in early trade as investors awaited fresh catalysts.
At 0905 GMT, the benchmark Stoxx Europe 600 index was down 0.4%, Germany's DAX was 0.1% lower and France's CAC 40 was off 0.3%.
Meanwhile, oil prices were a touch firmer, with West Texas Intermediate and Brent crude up 0.3% to $52.13 and $55.13 a barrel, respectively.
In currency markets, the pound remained weaker after sliding 1% against the greenback following UK Prime Minister Theresa May's Brexit comments at the weekend. Sterling was down 0.3% against the dollar and 0.4% versus the euro.
David Morrison, senior market strategist at SpreadCo, said: "Investors are gearing up for the start of the fourth quarter earnings season. But they are also reassessing the outlook for further gains following the dramatic stock market rally since Donald Trump's surprise election victory in November.
"Tomorrow the President-elect is scheduled to hold his first press conference since the summer. It's possible he will take the opportunity to expand on some of his recent Twitter outpourings."
Basic resources were boosted by encouraging data from China, which showed producer prices rose at their fastest pace since September 2011 in December. Producer prices were up 5.5% from the same month a year ago, beating expectations for a 4.5% increase. The Stoxx 600 sub-index for resources was up 0.9%.
In corporate news, Wm Morrison rallied after saying it expects full year profit to be ahead of market consensus on the back of its strongest festive performance for seven years. For the nine weeks to 1 January, the supermarket group grew like-for-like sales excluding fuel 2.9%, while total sales were 2.0% higher. Peer Tesco was also on the front foot.
Tesco was also lifted by the latest figures from market researcher Kantar Worldpanel, which showed it saw the fastest growing sales of the big four supermarkets in the Christmas quarter, up 1.3% and outperforming Sainsburys, Asda and Morrisons.
Premier Inn and Costa owner Whitbread was higher after Credit Suisse upgraded the stock to 'outperform' from 'neutral'.
L'Oreal was on the back foot after saying it will buy three skincare brands from Valeant for $1.3bn. |
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| | US Market Report | | US close: Markets mostly lower ahead of earnings season Ahead of the approaching corporate earnings season, US stocks were mostly down on Monday as the Dow backed away from the 20,000 mark amid a rising dollar and lower oil prices.
On Friday the S&P 500 and the Nasdaq had set new record closing highs, while the Dow was just shy of the 20,000 mark following the non-farm payrolls report, but the new week began on the back foot with the Dow Jones Industrial Average finishing Monday down 0.38% to 19,897.38 and the S&P 500 down 0.35% to 2,268.90.
The Nasdaq 100 was the odd one out, closing 0.36% higher at 5,024.90.
Later this weak earnings season gets into swing with results from big banks JP Morgan Chase and Bank of America.
Michael Hewson, chief market analyst at CMC Markets, said investors were mulling over whether further gains in US markets are sustainable in the longer term.
"There is also the fact that we will get to see some important earnings announcements later this week from the main US banks, and if these disappoint we could well see some profit taking start to kick in, particularly given that we've seen big gains in this sector in the last six months, with JP Morgan up 37%, Bank of America up 69% and Wells Fargo up 13%, with a good proportion of those gains since 8 November," he said.
"While speculation about fiscal stimulus from the new US administration has undoubtedly pushed the banks higher, the steepening of the yield curve has also helped, though there is now some evidence that this steepening effect has started to soften, which may well help explain some of today's weakness in financials today."
With key data and company news back-ending the week, James Hughes at GKFX said it would be a mostly quiet week until Wednesday, when president-elect Donald Trump is scheduled to hold a long-delayed news conference in New York - his first since July.
"The president elect's press conference this week could be hit or miss with Trump very often grabbing headlines and causing controversy during his rallies and with comments on Twitter," Hughes said.
"This would usually be a non-event for the markets, as political wranglings and press conferences are often ignored by the major markets.
"However a Donald Trump press conference is not your normal political press conference."
Meanwhile, oil prices retreated after an update from Baker Hughes revealed on Friday the number of rigs drilling for oil in the US was up four in the week to 30 December.
West Texas Intermediate and Brent crude were both down, 4.21% to $51.81 and 4.25% to $54.77 per barrel respectively, sending oil companies Chevron and ExxonMobil down as a result.
In corporate news, Merrimack Pharmaceuticals leapt 1.94% after the company said on Sunday that it will sell its oncology assets to France's Ipsen in a deal worth up to $1.02bn.
Ariad Pharmaceuticals managed a mammoth 72.85% gain after it was sold to Takeda Pharma for about $5.2bn, while VCA surged after Mars said it would buy the pet care provider for $9.1bn.
Apple clicked 0.92% higher as the technology giant celebrates the 10th anniversary of the iPhone.
Dow Jones - Risers
Merck & Co. Inc. (MRK) $61.10 1.38%
Apple Inc. (AAPL) $118.99 0.92%
Wal-Mart Stores Inc. (WMT) $68.71 0.66%
Home Depot Inc. (HD) $134.31 0.58%
American Express Co. (AXP) $75.86 0.52%
E.I. du Pont de Nemours and Co. (DD) $73.74 0.46%
Intel Corp. (INTC) $36.61 0.36%
JP Morgan Chase & Co. (JPM) $86.18 0.07%
Johnson & Johnson (JNJ) $116.38 -0.02%
Pfizer Inc. (PFE) $33.47 -0.03%
Dow Jones - Fallers
Exxon Mobil Corp. (XOM) $87.04 -1.65%
International Business Machines Corp. (IBM) $167.65 -1.11%
Verizon Communications Inc. (VZ) $52.69 -1.09%
Coca-Cola Co. (KO) $41.34 -1.01%
Nike Inc. (NKE) $53.38 -0.98%
United Technologies Corp. (UTX) $111.50 -0.93%
Chevron Corp. (CVX) $115.87 -0.86%
Goldman Sachs Group Inc. (GS) $242.89 -0.82%
Travelers Company Inc. (TRV) $117.36 -0.80%
Procter & Gamble Co. (PG) $84.40 -0.74%
S&P 500 - Risers
Tenet Healthcare Corp. (THC) $17.25 5.18%
Vertex Pharmaceuticals Inc. (VRTX) $82.86 4.37%
Nvidia Corp. (NVDA) $107.28 4.05%
Universal Health Services Inc. (UHS) $111.56 2.79%
Applied Materials Inc. (AMAT) $32.78 2.31%
Gap Inc. (GPS) $23.84 2.14%
Western Digital Corp. (WDC) $71.86 2.10%
Zimmer Biomet Holdings Inc (ZBH) $107.00 1.94%
American Airlines Group (AAL) $47.08 1.88%
Starbucks Corp. (SBUX) $58.20 1.87%
S&P 500 - Fallers
United States Steel Corp. (X) $33.61 -5.06%
Southwestern Energy Co. (SWN) $9.76 -4.88%
Range Resources Corp. (RRC) $32.76 -4.29%
Devon Energy Corp. (DVN) $46.58 -4.29%
Alcoa Corporation (AA) $29.48 -3.91%
T. Rowe Price Group Inc. (TROW) $72.83 -3.69%
DaVita Inc (DVA) $63.38 -3.66%
Cabot Oil & Gas Corp. (COG) $22.09 -3.49%
EQT Corp. (EQT) $63.15 -3.31%
Transocean Ltd. (RIG) $15.29 -3.04%
Nasdaq 100 - Risers
Incyte Corp. (INCY) $118.53 9.44%
Biomarin Pharmaceutical Inc. (BMRN) $91.03 4.81%
Vertex Pharmaceuticals Inc. (VRTX) $82.86 4.37%
Nvidia Corp. (NVDA) $107.28 4.05%
NetEase Inc. Ads (NTES) $234.90 3.50%
Applied Materials Inc. (AMAT) $32.78 2.31%
Maxim Integrated Products Inc. (MXIM) $40.65 2.29%
Western Digital Corp. (WDC) $71.86 2.10%
American Airlines Group (AAL) $47.08 1.88%
Starbucks Corp. (SBUX) $58.20 1.87%
Nasdaq 100 - Fallers
Monster Beverage Corp (MNST) $44.40 -2.67%
Vodafone Group Plc ADS (VOD) $25.58 -2.48%
Discovery Communications Inc. Class C (DISCK) $26.25 -2.27%
Cognizant Technology Solutions Corp. (CTSH) $56.58 -2.23%
Discovery Communications Inc. Class A (DISCA) $26.87 -2.22%
Liberty Global Plc Lilac Class C (LILAK) $22.10 -1.78%
Liberty Global Plc Lilac Class A (LILA) $22.96 -1.67%
Fiserv Inc. (FISV) $108.10 -1.58%
CSX Corp. (CSX) $36.99 -1.41% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Retail sales, Tesco, Whitbread UK retail sales continued to grow at the end of last year as Britons made a late dash for Christmas gifts and festive foods, according to industry figures that add to signs the economy ended 2016 on a strong note. The British Retail Consortium (BRC) pointed to challenges ahead from rising costs and political uncertainty but said its members went into the new year having enjoyed solid sales growth over the crucial Christmas period. - Guardian
More than 1,000 jobs could be at risk at Tesco after Britain's biggest grocer said that it was planning to close two distribution centres "in order to run its business more simply". It is ending its relationship with DHL and Wincanton logistics and plans to bring all its warehouse operations in-house, while simplifying management at its remaining 23 centres. - The Times
The owner of the Daily Mirror is in talks again with Richard Desmond, the publisher of the Express newspaper titles, about a possible deal between the two groups. Trinity Mirror is expected to make a stock exchange announcement today confirming that it is in early negotiations with Mr Desmond whose media empire also includes the Daily Star and OK! Magazine. - The Times
Three of the City's leading figures will grilled today by MPs who accuse them of exaggerating the risks of Brexit to make it sound like a Hammer House of Horror script. Douglas Flint, chairman of HSBC, Xavier Rolet, chief executive of the London Stock Exchange, and Elizabeth Corley, chief executive of Allianz Global Investors, will face the Treasury select committee. - The Times
Restaurant giant Whitbread has "secretly" added pork to its lasagne in a cost-cutting move - and sold nearly 250,000 dishes to unaware diners. Brewers Fayre, Table Table and Whitbread Inn have been serving the meals for three months. - The Sun
HMRC has been forced to rethink a plan to move thousands of civil servants after a new report suggested it could cost the taxpayer £600m more than expected. Research by the National Audit Office suggests that HMRC has recognised that its plan to reduce the number of its offices and move to regional centres was "unrealistic". - Telegraph
Volkswagen's top executives told staff to cover up emissions cheating in the weeks before the scandal was exposed, the Federal Bureau of Investigation claimed yesterday. The executives ordered the "continued concealment" of the existence of a device that was built into diesel cars to cheat emissions tests, in the knowledge that US regulators were unaware of its presence, the FBI said. - The Times
Tullow Oil had sold two-thirds of its stake in Uganda's first ever oil development to its partner, French major Total, for $900m. The giant project on the shores of Lake Albert, where Tullow first discovered oil in 2006, is estimated to contain 1.7bn barrels of oil and forecast to eventually produce 230,000 barrels per day (bpd). -Telegraph
Plans for a pioneering tidal power lagoon in Swansea Bay are expected to be supported by a government-commissioned report this week, potentially unlocking a multibillion-pound series of projects harnessing electricity from the rise and fall of the tide around the UK. - Guardian
General Motors has put itself on a collision course with Donald Trump by announcing that it will push ahead with plans to build some of its cars in Mexico. The announcement came as Fiat Chrysler and Daimler unveiled $1 billion-plus plans to upgrade their US plants and increase production in America. - The Times
Yahoo chief executive Marissa Mayer will step down from the board of the internet giant on completion of the $4.8bn (£3.9bn) acquisition by US telecoms giant Verizon. Yahoo added that the remaining units of the business will operate as an investment company under the name Altaba. - Telegraph | | |
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