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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 edge lower ahead of May speech, inflation figures Stocks in London edged lower in early trade as investors eyed the release of UK inflation data and a speech by Prime Minister Theresa May on her plans for Brexit.
At 0830 GMT, the FTSE 100 was down 0.3% to 7,305.56. Meanwhile, oil prices were little changed, with West Texas Intermediate and Brent crude down 0.2% to $52.52 and $55.77 a barrel, respectively.
Spreadex's Connor Campbell said: "The main focus is, of course, Theresa May's Brexit speech. In what is likely to be the clearest indication yet that the government is pursuing a hard Brexit, the Prime Minister will reportedly place controlling immigration and leaving the jurisdiction of the European court of justice as the country's top priorities when negotiating. That would almost certainly confirm Britain's exit from the single market, a move that is going to court just as much controversy in the Tory party as it does appease those members from the Leave campaign looking to burn all EU bridges.
"Beyond that May's speech seems set to be filled with meaningless buzz words, the PM wanting to remain Europe's 'best friend' while aiming to create a 'global Britain'."
In currency markets, the pound was trading higher ahead of May's speech, rebounding from heavy falls in the previous session.
Neil Wilson, senior market analyst at ETX Capital, said: "The dollar index has eased to its weakest since Thursday and that's helped to send the pound a little higher this morning, scrubbing some of the worst of Monday's losses. Cable is trading around $1.21135, a little more than a cent above yesterday's lows."
In corporate news,aerospace and defence group Rolls-Royce advanced after agreeing to pay £671m to settle bribery and corruption cases with UK and US authorities.
British American Tobacco edged higher after confirming it was acquiring the remaining 57.8% of Reynolds American it does not already own in an agreed cash-and-shares offer worth $49.4bn.
Greggs shares were looking pretty tasty after the FTSE 250 baker said full-year results are likely to be slightly ahead of previous expectations following particularly strong sales over the Christmas period.
Cairn Energy ticked up after it reported $335m group net cash at 31 December, with its reserves-based lending bank facility remaining undrawn and debt availability to fund UK development assets increasing with project progress.
Tullow Oil gushed a little higher as it made a new oil discovery at the Erut-1 well in Block 13T in Northern Kenya.
On the downside, Provident Financial pushed lower despite saying full-year results would be in line with market expectations as the non-standard lender grew customer numbers 9% at its Vanquis Bank arm.
Mining giant Rio Tinto was in the red after saying it experienced a "strong" operational performance in 2016 with increases in iron ore, bauxite and aluminium production in the fourth quarter.
Drug giant AstraZeneca nudged down as it rejigged the target of clinical trials for its immuno-oncology treatment for non-small cell lung cancer after "strong efficacy" of its durvalumab drug shown in recent internal and external data as well as "significant opportunities in the competitive landscape".
Standard Chartered rallied on the back of an upgrade to 'buy' by Bank of America Merrill Lynch, but Intertek slumped as Credit Suisse cut the stock to 'underperform'.
The UK producer price index, consumer price index and retail price index are due at 0930 GMT, while May's speech is reported to be at 1145 GMT. |
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| Market Movers
FTSE 100 (UKX) 7,305.56 -0.29%
FTSE 250 (MCX) 18,256.76 -0.28%
techMARK (TASX) 3,403.35 -0.28%
FTSE 100 - Risers
Standard Chartered (STAN) 759.00p 4.79%
Rolls-Royce Holdings (RR.) 696.50p 4.74%
Hargreaves Lansdown (HL.) 1,307.00p 2.19%
Randgold Resources Ltd. (RRS) 6,900.00p 1.17%
British American Tobacco (BATS) 4,808.00p 0.96%
Hikma Pharmaceuticals (HIK) 1,914.00p 0.79%
easyJet (EZJ) 1,030.00p 0.68%
Fresnillo (FRES) 1,445.00p 0.63%
HSBC Holdings (HSBA) 683.70p 0.50%
Old Mutual (OML) 211.20p 0.38%
FTSE 100 - Fallers
Intertek Group (ITRK) 3,432.00p -3.68%
Anglo American (AAL) 1,325.50p -2.21%
Glencore (GLEN) 314.90p -2.17%
BHP Billiton (BLT) 1,447.00p -2.06%
Rio Tinto (RIO) 3,417.50p -2.02%
Antofagasta (ANTO) 719.50p -1.91%
Provident Financial (PFG) 2,834.00p -1.12%
Vodafone Group (VOD) 208.20p -1.09%
Marks & Spencer Group (MKS) 339.00p -0.99%
Tesco (TSCO) 201.35p -0.96%
FTSE 250 - Risers
Dechra Pharmaceuticals (DPH) 1,430.00p 4.69%
Greggs (GRG) 1,040.00p 3.90%
Tullow Oil (TLW) 317.70p 1.37%
Centamin (DI) (CEY) 153.90p 1.32%
Hiscox Limited (DI) (HSX) 1,024.00p 1.09%
Hochschild Mining (HOC) 236.10p 0.98%
Kennedy Wilson Europe Real Estate (KWE) 954.00p 0.95%
BGEO Group (BGEO) 2,789.00p 0.83%
Polymetal International (POLY) 934.50p 0.81%
OneSavings Bank (OSB) 324.50p 0.75%
FTSE 250 - Fallers
Vedanta Resources (VED) 1,007.00p -3.17%
John Laing Group (JLG) 261.40p -1.99%
Homeserve (HSV) 607.00p -1.78%
Softcat (SCT) 294.00p -1.77%
Supergroup (SGP) 1,604.00p -1.72%
Ascential (ASCL) 291.20p -1.69%
International Personal Finance (IPF) 163.10p -1.69%
Ibstock (IBST) 177.30p -1.66%
Ashmore Group (ASHM) 297.80p -1.42% |
| | 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 17 January
INTERIM DIVIDEND PAYMENT DATE
IG Design Group
FINALS
Elegant Hotels Group
EGMS
PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S)
TRADING ANNOUNCEMENTS
Greggs, Sinclair Pharma
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
FINAL DIVIDEND PAYMENT DATE
Hargreave Hale AIM VCT 1
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks tick lower ahead of May's Brexit speech European stocks ticked lower in early trade as investors awaited a speech by UK Prime Minister Theresa May, in which she is expected to outline the government's plans for Brexit.
At 0850 GMT, the benchmark Stoxx Europe 600 index was down 0.6%, while Germany's DAX and France's CA 40 were off 0.7%. Meanwhile, oil prices were little changed, with West Texas Intermediate and Brent crude down 0.2% to $52.52 and $55.77 a barrel, respectively.
Markus Huber, a trader at City of London Markets, said: "Whilst traders are eagerly awaiting her speech due to multiple leaks over the past few days it might very well be that most of what the speech will contain is already well known in advance and therefore its impact on stocks and the pound should limited."
In corporate news, aerospace and defence group Rolls-Royce advanced after agreeing to pay £671m to settle bribery and corruption cases with UK and US authorities.
British American Tobacco edged higher after confirming it was acquiring the remaining 57.8% of Reynolds American it does not already own in an agreed cash-and-shares offer worth $49.4bn.
Beiersdorf nudged up after better-than-expected 2016 sales figures, while Greggs shares were looking pretty tasty after the FTSE 250 baker said full-year results are likely to be slightly ahead of previous expectations following particularly strong sales over the Christmas period.
Standard Chartered rallied on the back of an upgrade to 'buy' by Bank of America Merrill Lynch.
On the downside, German online retailer Zalando slumped despite reporting a rise in revenue and earnings for the fourth quarter.
French retailer Casino was weaker despite saying 2016 trading profit came in a touch ahead of its €500m target.
French train maker Alstom declined as it reported a 3.1% increase in sales for the three months through to December, which marked a slowdown from the previous six months.
Mining giant Rio Tinto was in the red after saying it experienced a "strong" operational performance in 2016 with increases in iron ore, bauxite and aluminium production in the fourth quarter. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: May, Carney, Merkel, oil Theresa May will rule out Britain staying in the European single market today as she makes immigration controls a priority in Brexit talks. Britain should not be "half-in, half-out" of the EU or "hold on to bits of membership as we leave", the prime minister will say in a speech laying out her negotiating objectives. - The Times
Mark Carney has suggested interest rates could go up or down as the Bank of England strikes a difficult balance between supporting growth and managing inflation. He said monetary policy could respond, in either direction, to changes in the economic outlook to ensure that inflation hovers around the Bank's 2pc target, and that the Bank of England would keep an eye on how consumer spending is affected by a weaker sterling when it considers what to do with interest rates. - Telegraph
Angela Merkel and François Hollande have responded curtly but defiantly after Donald Trump cast further doubt on his commitment to Nato and gave strong hints that he would not support EU cohesion once in office. "We Europeans have our fate in our own hands," the German chancellor said after the publication of the US president-elect's interviews with the Times and German tabloid Bild. "He has presented his positions once more. They have been known for a while. My positions are also known." - The Guardian
Rolls-Royce is to pay almost £700m to settle bribery and corruption allegations which have dogged the company for years. In a statement after the market closed, the FTSE 100 engineering group revealed it had reached a provisional deal with UK and other international regulators over claims it paid bribes to land international deals and was involved in fraud. - Telegraph
The oil market's path to recovery will be volatile, even with a global deal to drive oversupply lower, according to the head of the International Energy Agency (IEA). Oil prices started to creep upwards towards the end of last year, after the Organisation of the Petroleum Exporting Countries (Opec), which represents some of the world's top producers, agreed a landmark global deal to limit production in a bid to get rid of surplus supply and boost prices. - Telegraph
The details of how Bank of Scotland rushed older borrowers into hugely expensive mortgages where their debt rose with house prices have been revealed by a This is Money investigation. Evidence has emerged that the bank - which has previously been criticised for sharp sales practices - hurried customers approaching retirement into signing up to shared appreciation mortgages without financial advice. - Mail
Tens of thousands of Southern rail commuters could be in line for compensation from their credit card companies after a passenger claimed he had won £2,400 back from American Express for his season ticket. Money experts have said a little-known piece of consumer law could allow commuters who have bought season tickets on Southern rail with credit cards to claim back part of the cost. - The Times
Poundland is expanding its clothing range in a bid to copy the success of George at Asda. The discounter is introducing clothes from Pep&Co in 50 of its larger stores in the next few months. - Mail
Rovio, the Finnish mobile games company, is opening a studio in London that will focus on developing "massive multiplayer online" games as it seeks to reduce its dependence on its fading Angry Birds franchise. The company said it chose London after considering and rejecting several other European locations in what is being seen as another vote of confidence in the British economy after the Brexit vote. - The Times |
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