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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: Shares rise despite mixed Chinese trade data Stocks started the day slightly higher despite the release of weaker than expected Chinese trade data as investors looked ahead to some key US bank earnings reports and a barrage of economic data.
As of 0840 GMT the Footsie was trading 0.37% higher at 7,319.34.
Asia´s largest economy saw its net exports fall from $44.2bn in November to $40.8bn in December.
In US dollar terms, exports declined by 6.1% year-on-year following a drop of 1.6% in the month before (consensus: -4.0%), with November´s print having been revised lower from an initial reading of +0.1%.
Imports on the other hand rose by 3.1%, which was also down from the 4.7% clip recorded in November but nevertheless better than the 2.7% increase which had been expected.
According to Julian Evans-Pritchard, China economist at Capital Economics, shipments to developed economies "held up well" last month while those to emerging markets slowed.
"Looking ahead, it's hard to see conditions becoming much more favourable to Chinese trade than they already are. Further upside to economic activity, both in China and abroad, is probably now limited given declines in trend growth. Instead, the risks to trade lie to the downside - the likelihood of a damaging trade spat between China and the US has risen in recent weeks following Trump's appointment of hardliners to lead US trade policy, " Evans-Pritchard said.
On the data front, the Bank of England credit conditions survey is at 0930 GMT. In the US, retail sales and the producer price index are at 1330 GMT, while the Michigan consumer sentiment index and business inventories are at 1500 GMT.
Earnings are due in the US later from banking heavyweights JP Morgan, Bank of America and Wells Fargo.
The President of the Federal Reserve bank of Philadelphia, Patrick Harker, was also due to take to the podium at 14:30 GMT. The day before he indicated the US central bank might be able to start considering stopping balance sheet reinvestment followed by beginning to unwind its balance sheet once its main policy rate hits 1.0%.
In UK corporate news, Irish building materials company Grafton Group's revenue rose as it expanded the Selco merchanting brand in the UK.
Revenue surged 13.4% in the year ended 31 December to £2.51bn, compared to last year, or 10.4% in constant currency.
Mitchells & Butlers posted a first quarter trading statement covering the 15 weeks to 7 January on Friday, with like-for-like sales growth for the year-to-date improving to 1.7%.
The FTSE 250 firm said trading over the festive period was particularly strong across all brands, with like-for-like sales growth of 4.7% for the four weeks to 7 January. Total sales increased by 2.3% in the year-to-date.
Estate agent Countrywide reported a small increase in total group income for the year to the end of December as it said earnings are expected to be in line with the current range of market expectations amid a challenging market and a slowdown in London.
Total group income for the year was about £737m, up a touch from £734m in 2015, with income for the fourth quarter of £179m versus £196m in the same period a year ago.
Equipment rental company Lavendon expects revenues to be ahead of expectations due to a "strong" trading performance in 2016 and the weak pound, but it remained cautious over the UK's economic outlook.
The company saw "strong" rental revenue growth in 2016 due to investment in an additional fleet and improved operational processes, which has driven increased profitability and improved margins. |
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| Market Movers
FTSE 100 (UKX) 7,325.07 0.45%
FTSE 250 (MCX) 18,358.25 0.30%
techMARK (TASX) 3,416.08 0.44%
FTSE 100 - Risers
ITV (ITV) 207.80p 2.36%
Kingfisher (KGF) 351.00p 1.98%
Whitbread (WTB) 4,108.00p 1.76%
International Consolidated Airlines Group SA (CDI) (IAG) 487.40p 1.71%
Barratt Developments (BDEV) 505.50p 1.51%
Schroders (SDR) 3,052.00p 1.46%
Dixons Carphone (DC.) 351.80p 1.44%
Old Mutual (OML) 214.30p 1.37%
Anglo American (AAL) 1,327.50p 1.30%
Royal Bank of Scotland Group (RBS) 221.30p 1.28%
FTSE 100 - Fallers
Fresnillo (FRES) 1,380.00p -2.95%
Smurfit Kappa Group (SKG) 2,132.00p -0.98%
Randgold Resources Ltd. (RRS) 6,735.00p -0.88%
Rolls-Royce Holdings (RR.) 672.00p -0.74%
BAE Systems (BA.) 613.00p -0.73%
Rio Tinto (RIO) 3,388.50p -0.47%
Micro Focus International (MCRO) 2,138.00p -0.42%
Intertek Group (ITRK) 3,537.00p -0.37%
Hammerson (HMSO) 565.00p -0.35%
Bunzl (BNZL) 2,120.00p -0.33%
FTSE 250 - Risers
SIG (SHI) 104.00p 10.87%
Mitchells & Butlers (MAB) 274.50p 5.50%
Grafton Group Units (GFTU) 567.50p 5.00%
Travis Perkins (TPK) 1,470.00p 3.38%
International Personal Finance (IPF) 169.10p 3.24%
Ladbrokes Coral Group (LCL) 121.80p 2.35%
Redefine International (RDI) 39.89p 2.23%
Ocado Group (OCDO) 274.10p 2.01%
Genus (GNS) 1,761.00p 1.79%
Indivior (INDV) 307.60p 1.79%
FTSE 250 - Fallers
Dunelm Group (DNLM) 709.00p -4.45%
Pennon Group (PNN) 785.50p -2.90%
Euromoney Institutional Investor (ERM) 1,149.00p -2.21%
Kaz Minerals (KAZ) 423.00p -1.88%
Capital & Counties Properties (CAPC) 277.30p -1.88%
Hunting (HTG) 626.00p -1.80%
NMC Health (NMC) 1,570.00p -1.75%
Jupiter Fund Management (JUP) 410.20p -1.39%
Polymetal International (POLY) 924.50p -1.33% |
| | 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 | | Friday 13 January
INTERIM DIVIDEND PAYMENT DATE
Acal, Brown (N.) Group, Cropper (James), Marks & Spencer Group, Polar Capital Holdings, Severfield, Tarsus Group
QUARTERLY PAYMENT DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Producer Price Index (US) (13:30)
Retail Sales (US) (13:30)
U. of Michigan Confidence (Prelim) (US) (15:00)
AGMS
Catalyst Media Group, Funding Circle SME Income Fund
TRADING ANNOUNCEMENTS
SIG, XP Power Ltd. (DI)
FINAL DIVIDEND PAYMENT DATE
Associated British Foods, Carr's Group, K3 Business Technology Group, TP ICAP |
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| | US Market Report | | US close: Dow down as Donald slump follows scattergun speech US stocks dipped lower on Thursday as investors struggled with a slew of speeches by Federal Reserve officials, a scattergun speech by Donald Trump and disappointing jobs data.
The Dow Jones Industrial Average closed down 0.32% to 19,891, while the S&P 500 gave up 0.21% to 2,270.44 and the Nasdaq Composite edged 0.29% lower to 5,547.49.
"Far from being the catalyst for the next leg higher in the 'Trump rally', The Donald's press conference seems to have called a temporary top," said Jasper Lawler at London Capital Group, as the emphasis of the President-elect's surreal presser was knocked off course by an unsubstantiated intelligence dossier.
"Markets were waiting for 'pro-growth' Trump and they got 'fake news' Trump. Stocks markets were mostly lower while traditional havens like gold and the Japanese yen rose in response," Lawler added.
Michael Hewson at CMC Markets in London said the dip came as investors digested the fact that their impending President's propensity to shoot from the hip is likely to add a healthy dash of continued political uncertainty to the markets.
"Investors don't appear to have factored this into their investment scenarios given the gains seen since November 8th and last night's events may well be the wakeup call many of them needed to start doing so. The Trump Presidency is unlikely to be a one way bet for stock markets," Hewson said.
Meanwhile, oil prices advanced after Saudi Arabia cut production to less than 10m barrels per day, more than the agreed OPEC-led cull.
West Texas Intermediate was up 1.5% to just over $53 a barrel and Brent crude gained 1.8% to a little above $56.
In currency markets, the dollar weakened against the euro to 0.9419 and sterling to 1.2169, as well as declining even more sharply against the haven of the yen to 114.61.
Of the Fed speakers, Philadelphia President Patrick Harker was the first to speak. He said that the domestic economy was gathering strength and predicted three further interest rate hikes for the year ahead.
Harker said Trump's proposed stimulus policies "could cut both ways" and that it was too soon to change forecasts on the economy or monetary policy.
The Chicago Fed's Charles Evans later said aggressive fiscal and other policies, as mooted by Trump, would only push domestic economic growth to 4% in the short run, merely sparking inflation unless they were accompanied by strategies to boost productivity or expand the labor market, "it is not possible to just birth a large cohort of 25-year-olds.".
St Louis Fed President James Bullard, in an interview with CNBC, said that with inflation low, the the Fed could "afford to be patient and here and see what happens" with the new administration without losing monetary policy control.
But Atlanta Fed head Dennis Lockhart warned if inflation jumped the Fed may be forced into "preemptive" rate increases.
Finally, Fed chair Janet Yellen has a town hall meeting with teachers in Washington at midnight London time.
On the data front, initial jobless claims were up 10,000 to 247,000 from the previous week's level, which was revised up by 2,000. Economists had been expecting a bigger jump to 255,000. This marked the 97th consecutive week of initial claims below 300,000 - the longest streak since 1970.
The four-week moving average came in at 256,500, down 1,750 from the previous week's average, which was revised up from 256,750 to 258,250.
While import priced rose 0.4% in December, after an upwardly 0.2% revised fall in November. Economists expected a 0.7% rise after an initially reported 0.3% drop.
Export prices increased 0.3% in December after a 0.1% slip the previous month. They were up 1.1% from a year ago.
In corporate news, Applied Optoelectronics soared after its fourth-quarter results came in well above prior guidance overnight.
Amazon was higher after the online retail giant said it would create 100,000 full-time jobs by mid-2018.
Campbell Soup was among leading gainers in the S&P 500, while energy firm Hess Corp fell 6.4% leading S&P's laggards, even though oil prices rose.
Apple was lower as US appeals court revived an antitrust lawsuit against the tech giant, opening the door to iPhone app purchasers to sue Apple over allegations that the company monopolized the market for iPhone apps by not allowing users to purchase them outside the App Store.
There were also reports Apple was gearing up to take its first step towards competing with the likes of Netflix and Amazon in the online entertainment sector, with a plan to introduce its own original television shows and movies.
Disney was the biggest faller in the Dow as it was given a 'sell' rating by Pivotal Research, which downloaded the media giant, along with Twitter, CBS and several other media and technology companies, over political risks linked to Donald Trump's looming inauguration and administration.
Dow Jones - Risers
McDonald's Corp. (MCD) $122.10 1.01%
Merck & Co. Inc. (MRK) $62.21 0.94%
Verizon Communications Inc. (VZ) $52.68 0.42%
Unitedhealth Group Inc. (UNH) $162.36 0.29%
Chevron Corp. (CVX) $116.16 0.20%
International Business Machines Corp. (IBM) $167.95 0.12%
E.I. du Pont de Nemours and Co. (DD) $74.11 0.11%
Procter & Gamble Co. (PG) $83.84 0.11%
American Express Co. (AXP) $76.88 -0.04%
Johnson & Johnson (JNJ) $114.60 -0.10%
Dow Jones - Fallers
Walt Disney Co. (DIS) $107.53 -1.75%
JP Morgan Chase & Co. (JPM) $86.24 -0.96%
Microsoft Corp. (MSFT) $62.61 -0.92%
Wal-Mart Stores Inc. (WMT) $67.97 -0.82%
Goldman Sachs Group Inc. (GS) $243.84 -0.78%
Travelers Company Inc. (TRV) $116.75 -0.76%
Pfizer Inc. (PFE) $32.59 -0.70%
Caterpillar Inc. (CAT) $93.99 -0.70%
Boeing Co. (BA) $158.29 -0.70%
Intel Corp. (INTC) $36.71 -0.65%
S&P 500 - Risers
Tiffany & Co. (TIF) $80.55 3.61%
Alcoa Corporation (AA) $33.04 3.35%
Amerisource Bergen Corp. (ABC) $83.86 2.86%
Discovery Communications Inc. Class A (DISCA) $27.20 2.60%
Discovery Communications Inc. Class C (DISCK) $26.65 2.54%
Eli Lilly and Company (LLY) $77.15 2.51%
Campbell Soup Co. (CPB) $61.57 2.36%
Mallinckrodt Plc Ordinary Shares (MNK) $51.62 2.34%
NRG Energy Inc. (NRG) $14.38 1.99%
Best Buy Co. Inc. (BBY) $44.23 1.87%
S&P 500 - Fallers
United States Steel Corp. (X) $32.82 -6.76%
Cincinnati Financial Corp. (CINF) $69.91 -6.65%
Hess Corp. (HES) $58.75 -4.84%
Freeport-McMoRan Inc (FCX) $15.27 -3.78%
PNC Financial Services Group (PNC) $118.03 -2.80%
Cimarex Energy Co (XEC) $138.84 -2.55%
United Rentals Inc. (URI) $106.53 -2.49%
Frontier Communications Co. (FTR) $3.53 -2.22%
Zions Bancorporation (ZION) $42.97 -2.16% |
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| | Newspaper Round Up | | Friday newspaper round-up: Hard Brexit, mortgages, retailers British companies across all sectors will remain resilient after the country leaves the European Union, even if the UK heads for a "hard Brexit", according to Fitch. Officials at the rating agency said businesses would cope even if Britain did not secure a transition deal with Brussels and fell back on World Trade Organisation (WTO) rules for trade with its former EU partners. - Telegraph
Men on low pay are four times more likely to be working part-time than in the 1990s, according to a survey that illustrates the trend for low hours and wages to go together. The Institute for Fiscal Studies said 20 years ago only one in 20 men aged 25 to 55 worked part-time with low hourly wages. Today one in five of this group works part-time. - Guardian
The company which cut the weight of Toblerone bars by widening the gaps between the chocolate peaks is now slapping a 20% price rise on Cadbury's Freddo bars. The recommended retail price of the chocolate frogs, which weigh 18g (0.6oz), is scheduled to jump from 25p to 30p in the spring. The US food manufacturing giant Mondelēz, which owns Cadbury, said it was having to make selective price increases as a "last resort". The firm made a better than expected profit of $548m (£448m) in its last three-month financial period. - Guardian
The traditional 25-year mortgage could be on the way out, with growing numbers of first-time buyers opting for deals lasting 30 or 35 years - suggesting that many will still be burdened with home loan debt in their 60s and 70s. The Halifax said that in 2016, about 28% of all first-time buyers with a mortgage opted for a 30- to 35-year term - up sharply from 11% in 2006. - Guardian
Britain's retail sector appears to have enjoyed a far better Christmas than expected despite fears that there would be blood on the high street from falling footfall, slower spending and rising prices in the wake of Brexit. Yesterday investors were flooded with more than a dozen festive trading statements from retailers, including some of the country's largest FTSE 100 operators, in a deluge dubbed Super Thursday. Marks & Spencer delivered a better-than-expected Christmas update, including a long-needed increase in like-for-like sales in its clothing and homewares division. Shares closed up 1.3 per cent at 345p.- The Times
Britain will remain under the rule of European courts well into the 2020s, a key EU leader has said. Joseph Muscat, prime minister of Malta, which holds the EU presidency, said that the European Court of Justice (ECJ) would have to continue "dishing out judgments" if the UK wanted transitional arrangements to allow important sectors to adapt.- The Times |
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