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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: Miners pace early gains as protesters enter key BHP mine London miners paced early gains on Monday as news of a worsening strike at the world's largest copper mine sent futures for the red metal sharply higher.
As of 08:16 GMT FTSE 100 index was higher by 8.21 points at 7,266.96.
Investor sentiment was bolstered by positive news from US president Donald Trump's meeting with Japanese leader Shinzo Abe over the weekend and after he reaffirmed Washington's 'One China' policy in a telephone call with China's leader.
On 11 February, roughly 300 protesters illegally entered the premises of BHP Billiton's Escondida copper mine - the world's largest - in Chile, forcing some contract workers to leave.
Events at Escondida came as exports were halted from the second-largest mine in the world at Grasberg, Indonesia.
Combined, the news sent the Stoxx 600's sub-index of Basic Resource shares higher by 2.43% to 452.18 as March 2017 copper futures on COMEX shot up 1.41% to $2.8070 a pound.
This saw shares in BHP advance 3.61%, alongside gains of 2.32% for Rio Tinto and of 2.9% in Anglo American's stock.
Regarding Trump's stance towards China and Taiwan, investors had been especially worried that America would renege on its long-standing policy commitment of support to Chinese reunification, a lynchpin of its regional security strategy in Asia Pacific.
The new President's reaffirmation of that policy was made via a phone call with China's Xi Jinping, according to the White House.
On a more sombre note, his meeting with Abe came against the backdrop of an unexpected intermediate range ballistic missile test by the regime in Pyongang, North Korea, which served to underline the policy challenges faced by the new US administration.
Investors line-up for special divi at Fidessa
Fidessa declared a final and a special dividend as the financial software group said the increased headwinds in its markets during the second half of the year have already begun to reduce. For the calendar year, the FTSE 250 group generated £331.9m revenue, up 12% on a reported basis, or 3% when the benefit of sterling weakness is excluded, with profit before tax up 25% to £48.8m.
Capita and the Co-operative Bank have resolved their differences over claims that the outsourcing firm withheld payments from the bank due to delays as it helped administer mortgages for Capita's clients.FTSE 100 Capita said on Monday that its Western Mortgage Services business will continue to provide mortgage administration services and process new mortgage applications for the Co-operative Bank, while work on the transforming the IT system will cease.
Passenger transport operator National Express announced on Monday that the transaction with Trenitalia over the c2c rail franchise had completed on 11 February, with the Italian state rail operator assuming all responsibility for the franchise's operations immediately. The FTSE 250 firm had initially announced the deal on 11 February, selling the Essex Thameside franchisee for £70m, marking its exit from UK rail operations and Trenitalia's British debut. Completion of the acquisition was triggered after the Department for Transport granted final consent to proceed. |
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| Market Movers
FTSE 100 (UKX) 7,267.42 0.12%
FTSE 250 (MCX) 18,735.61 0.11%
techMARK (TASX) 3,348.63 0.09%
FTSE 100 - Risers
Associated British Foods (ABF) 2,553.00p 2.12%
Antofagasta (ANTO) 880.50p 1.67%
Glencore (GLEN) 326.00p 1.64%
BHP Billiton (BLT) 1,392.00p 1.61%
Hargreaves Lansdown (HL.) 1,386.00p 1.46%
Old Mutual (OML) 213.80p 1.23%
Anglo American (AAL) 1,368.50p 1.18%
International Consolidated Airlines Group SA (CDI) (IAG) 491.60p 0.94%
Royal Bank of Scotland Group (RBS) 231.00p 0.92%
Babcock International Group (BAB) 888.50p 0.85%
FTSE 100 - Fallers
Direct Line Insurance Group (DLG) 365.10p -0.79%
Johnson Matthey (JMAT) 3,147.00p -0.73%
GlaxoSmithKline (GSK) 1,582.50p -0.53%
Worldpay Group (WPG) 270.60p -0.51%
Diageo (DGE) 2,243.00p -0.51%
Bunzl (BNZL) 2,156.00p -0.51%
Reckitt Benckiser Group (RB.) 6,990.00p -0.50%
Capita (CPI) 523.50p -0.48%
Experian (EXPN) 1,558.00p -0.45%
Croda International (CRDA) 3,380.00p -0.41%
FTSE 250 - Risers
Evraz (EVR) 256.80p 3.46%
Inmarsat (ISAT) 665.00p 1.99%
Ferrexpo (FXPO) 166.50p 1.52%
Elementis (ELM) 307.60p 1.52%
British Empire Trust (BTEM) 670.00p 1.52%
Investec (INVP) 583.00p 1.48%
Victrex plc (VCT) 1,969.00p 1.44%
Fidessa Group (FDSA) 2,434.00p 1.42%
Aldermore Group (ALD) 231.30p 1.36%
Ashmore Group (ASHM) 354.60p 1.31%
FTSE 250 - Fallers
Greene King (GNK) 665.50p -1.63%
Senior (SNR) 191.00p -1.50%
RPC Group (RPC) 910.00p -1.36%
Shawbrook Group (SHAW) 257.00p -1.34%
ZPG Plc (ZPG) 380.20p -1.09%
Weir Group (WEIR) 1,966.00p -1.06%
Centamin (DI) (CEY) 175.70p -0.85%
Pets at Home Group (PETS) 188.00p -0.79%
Halma (HLMA) 950.00p -0.78% |
| | UK Event Calendar | | Monday 13 February
FINALS
Centrica, Fidessa Group
ANNUAL REPORT
Crest Nicholson Holdings
FINAL DIVIDEND PAYMENT DATE
Paragon Group Of Companies, UDG Healthcare Public Limited Company
|
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Basic resources pace advance as copper rallies European stocks rose in early trade, with basic resources pacing the advance as copper prices rallied.
At 0900 GMT, the benchmark Stoxx Europe 600 index was up 0.2%, Germany's DAX was 0.5% firmer and France's CAC 40 was up 0.4%.
Meanwhile, oil prices pushed higher, with West Texas Intermediate and Brent crude down 0.7% to $53.51 a barrel and $56.33 respectively.
David Morrison, senior market strategist at SpreadCo, said: "US stock index futures are firmer in early trade with investors seemingly uninterested in booking profits following Friday's sharp rally. European equities are also playing catch-up with Wall Street. All the US majors closed out at fresh record highs last week after President Trump promised some big news on tax within the next few weeks. He also spoke to Chinese premier Xi Jinping and promised to honour the 'one China' policy. This has helped to restore positive sentiment after investors suffered a rocky fortnight thanks to Trump's attempted travel ban and protectionist rhetoric.
"But it's unlikely that just a promise on tax will be enough to keep equities heading higher. Investors will want to see details to keep momentum going. But before that happens attention will once again turn to the US Federal Reserve and the outlook for monetary policy. Janet Yellen testifies in Washington tomorrow and Wednesday and investors will be listening out for clues over future tightening."
Basic resources racked up healthy gains, with the Stoxx 600 sub-index for the sector up 1.1% as copper prices jumped to a 20-month high on the back of supply concerns after BHP Billiton declared a force majeure due to a strike at its copper mine in Chile.
Stada was the top performer after it said over the weekend that it has received two offers for its acquisition, one of which is from private equity group Cinven Partners LLP.
Royal Bank of Scotland gained ground on reports it was planning to cut more than £800m of annual operating costs by slashing jobs and closing branches.
Heineken was little changed after agreeing to buy beer and soft drinks maker Brasil Kirin Holding from Japan's Kirin Holdings for €664m.
Software provider Fidessa advanced after it declared both a final and special dividend, with profits strongly boosted by the weak pound.
Sanofi nudged up as it agreed to sell a portfolio of five drugs in Europe to Ipsen for €83m to help pave the way for a takeover of certain assets from Germany's Boehringer Ingelheim.
Swedish defence company Saab was under the cosh after it reported quarterly operating profit that missed analysts' expectations. |
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| | US Market Report | | US close: Third week in a row of record highs for stocks Shares in the US traded higher on Friday after President Donald Trump promised to make a "phenomenal" announcement about his tax plans soon and that he would stand by the 'one China' policy concerning Taiwan.
The Dow Jones Industrial Average ended higher by 0.48% to 20,269.37 and the Nasdaq Composite was 0.33% ahead at 5,734.13.
For its part, the S&P 500 tacked on 0.8% over the five-day stretch, and was up by 0.36% to 2,316.10 on Friday.
Michael Hewson, chief market analyst at CMC Markets, said: "US markets picked up where they left off yesterday, opening at new record highs with bullish sentiment getting reinforced by reports that US President Trump had spoken to Chinese President Xi and that he would stand by the 'one China' policy that had been the baseline for US foreign policy for many years.
"This apparent change of tack would appear to suggest that the new administration could well be starting to adopt a more pragmatic softly, softly approach to foreign policy. Maybe President Trump is slowly realising that he can't win every battle and that to try and do so is unrealistic."
After his election victory, Trump took a phone call with Taiwan's president, angering Beijing which claims Taiwan is part of China. Washington cut diplomatic relations with Taiwan in 1979 when it recognised China.
On Thursday, indices reached record closes after Trump said he was planning the most ambitious tax reform since the Reagan era in the next few weeks, although he stopped short of giving any details.
White House spokesman Sean Spicer said the president would outline a comprehensive tax plan, including cuts for individuals and businesses.
Craig Erlam, senior market analyst at Oanda, said: "US President Donald Trump has started making the right noises again as far as markets are concerned, with Thursday's promise of a 'phenomenal' tax announcement in the coming weeks certainly hitting all the right notes.
"Investors have become a little apprehensive in recent weeks due to the unpredictable nature of Trump's policies and the timing of the announcements which has taken the edge of moves we saw heading into year-end."
In currency markets, the dollar gained as Trump met with Japanese Prime Minister Shinzo Abe, which lowered the yen.
The greenback was 0.26% stronger against the yen to 113.54, was up 0.35% against the pound to 0.8031 and rose 0.3% versus the euro to 0.9413.
Meanwhile, yields on the 10-year Treasury bond were up two percentage points to 2.41%.
Oil prices ticked higher, with West Texas Intermediate up 1.54% at $53.83 a barrel and Brent crude up 1.52% at $56.49.
On the corporate front, Sears jumped 30.43%, on track to be its best one day rise since November 2014, as the department store unveiled plans to cut its debt and pension costs by at least $1.5bn.
Mead Johnson gained 5.01% after London-listed consumer goods group Reckitt Benckiser announced the acquisition of the baby food maker for up to $17.9bn.
Nvidia fell 2.26% despite reporting record revenue growth on Thursday.
Candy Crush Saga maker Activision Blizzard surged 13.7% after announcing a stock buyback and the lifting of its dividend, despite disappointing quarterly numbers.
Western Union fell 5.2% after the payments company reported a $355m fourth quarter loss, but beat earnings expectations.
On the data front, the US import price index rose to 0.4% in December from 0.5% the previous month which was revised up from 0.4%. This was more than the 0.2% expected.
Michigan consumer sentiment index dropped to 95.7 in February from a 13-year higher, from 98.5 last month, suggesting that US shoppers have cooled on their expectations on their finances. This was below the 97.8 forecast.
Dow Jones - Risers
Caterpillar Inc. (CAT) $96.31 2.50%
Nike Inc. (NKE) $56.22 1.65%
Boeing Co. (BA) $166.23 1.19%
E.I. du Pont de Nemours and Co. (DD) $77.21 1.10%
McDonald's Corp. (MCD) $125.82 1.08%
Johnson & Johnson (JNJ) $115.24 1.02%
United Technologies Corp. (UTX) $111.05 0.87%
Exxon Mobil Corp. (XOM) $82.52 0.83%
International Business Machines Corp. (IBM) $178.68 0.83%
Home Depot Inc. (HD) $139.85 0.82%
Dow Jones - Fallers
Coca-Cola Co. (KO) $40.58 -1.62%
Wal-Mart Stores Inc. (WMT) $68.02 -1.53%
Procter & Gamble Co. (PG) $87.97 -0.79%
Merck & Co. Inc. (MRK) $64.15 -0.37%
Intel Corp. (INTC) $35.34 -0.34%
JP Morgan Chase & Co. (JPM) $87.00 -0.23%
Apple Inc. (AAPL) $132.12 -0.23%
Walt Disney Co. (DIS) $109.26 -0.21%
Microsoft Corp. (MSFT) $64.00 -0.09%
Pfizer Inc. (PFE) $32.35 -0.09%
S&P 500 - Risers
Activision Blizzard Inc. (ATVI) $47.23 18.88%
CBRE Group Inc (CBG) $34.00 7.70%
News Corp Class A (NWSA) $13.29 7.26%
News Corp Class B (NWS) $13.60 6.67%
Mead Johnson Nutrition Co. (MJN) $87.72 5.62%
Diamond Offshore Drilling Inc. (DO) $17.38 4.26%
Interpublic Group of Companies Inc. (IPG) $24.23 4.13%
CF Industries Holdings Inc. (CF) $35.84 3.91%
Mohawk Inds Inc. (MHK) $222.72 3.70%
Lennar Corp. Class A (LEN) $46.81 3.58%
S&P 500 - Fallers
Cerner Corp. (CERN) $51.50 -4.42%
Teradata Corp. (TDC) $31.68 -3.24%
Western Union Co. (WU) $19.74 -3.14%
Nvidia Corp. (NVDA) $113.62 -2.37%
Range Resources Corp. (RRC) $33.14 -1.98%
CIGNA Corp. (CI) $145.55 -1.75%
Dollar Tree Inc (DLTR) $78.02 -1.73%
Micron Technology Inc. (MU) $24.05 -1.64%
Coca-Cola Co. (KO) $40.58 -1.62%
Wal-Mart Stores Inc. (WMT) $68.02 -1.53%
Nasdaq 100 - Risers
Activision Blizzard Inc. (ATVI) $47.23 18.88%
Electronic Arts Inc. (EA) $86.17 3.50%
Ctrip.Com International Ltd. Ads (CTRP) $44.49 2.54%
Liberty Global Plc Lilac Class A (LILA) $23.20 2.38%
Priceline Group Inc (PCLN) $1,646.51 2.15%
QUALCOMM Inc. (QCOM) $54.00 2.12%
Liberty Global Plc Lilac Class C (LILAK) $22.46 2.09%
Discovery Communications Inc. Class A (DISCA) $28.48 1.86%
Biogen Inc (BIIB) $274.76 1.60%
Discovery Communications Inc. Class C (DISCK) $27.65 1.58%
Nasdaq 100 - Fallers
Cerner Corp. (CERN) $51.50 -4.42%
Nvidia Corp. (NVDA) $113.62 -2.37%
Dollar Tree Inc (DLTR) $78.02 -1.73%
Micron Technology Inc. (MU) $24.05 -1.64%
Vertex Pharmaceuticals Inc. (VRTX) $88.15 -1.25%
Vodafone Group Plc ADS (VOD) $25.00 -1.15%
Biomarin Pharmaceutical Inc. (BMRN) $90.13 -1.12%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $269.84 -1.11%
O'Reilly Automotive Inc. (ORLY) $271.80 -1.08% |
| | Newspaper Round Up | | Monday newspaper round-up: Rates uproar, Brexit battles, RBS, Laird Britain's high streets face losing some of their most popular pubs and restaurants because of big rises in business rates, Philip Hammond has been warned. Companies including the owners of Pizza Express, Greene King pubs, Wagamama, All Bar One and Slug & Lettuce have written to the chancellor to ask him to rethink a plan under which some outlets will be hit with a 42 per cent increase in their rates this year. - The Times
Senior Conservatives have warned the Lords that it will face public outrage and abolition if it goes ahead with a plan to defeat Theresa May over Brexit. A coalition of Labour, Liberal Democrat and crossbench peers will amend the prime minister's Brexit bill to make clear that EU citizens who were in Britain before the referendum will be allowed to stay in Britain. - Times
Britons may have to work longer if immigration is cut in the wake of Brexit, according to a warning from the Government's pension adviser. John Cridland, a former CBI director reviewing the state pension age for the Government, said the "Brexit Factor" had made the future of the state pension uncertain. - Telegraph
Britons slashed their spending on new clothes and shied away from the high street in January as they juggled Christmas debts and rising living costs. Spending increased by a meagre 0.4% in January, according to Visa's consumer spending index, a five-month low that followed December's robust 2.5% increase. - Guardian
The standard of living is rising at its slowest pace since 2014 as inflation starts to catch up with wage growth, economists believe. Prices rose by 2pc in the 12 months to January, official numbers are expected to show this week, while pay growth is forecast to have stalled. - Telegraph
Britain is facing a post-Brexit shortage of talent with a marked decline in the number of overseas professionals looking for work in the UK, data from more than three million people reveals. The study by the networking website LinkedIn found a 12 per cent fall in the number of workers looking to come to the UK since the referendum in June. - Times
Continental companies should avoid investing in Britain because of uncertainty surrounding withdrawal from the EU, Europe's largest management consultancy, Roland Berger, has warned. The intervention will revive concerns that uncertainty will begin to hamper the economy despite a better than expected performance since the referendum. - The Times
Greece should agree a new deal with its creditors as quickly as possible to avoid another crisis rocking the eurozone, the continent's financial leaders have urged. The currency area's most troubled nation should meet with the IMF and other countries to thrash out a set of economic and financial reforms rapidly to avoid a prolonged period of chaos, according to EU financial services chief Valdis Dombrovskis. - Telegraph
President Obama's chief trade negotiator has cast doubt on Britain's prospects of securing a quick deal with the United States, saying that the UK needs to redefine its relationship with the European Union before transatlantic talks can move to a "meaningful" stage. Serious negotiations between Britain and America will not be possible until the UK and the EU have agreed specifics on a broad range of issues such as tariffs, regulations, standards and quotas, Michael Froman, the former US trade representative, said in an interview with The Times.
Royal Bank of Scotland is preparing to cut more costs and chop more workers, but played down reports it will cut 15,000 staff in the next round of shrinking. The troubled bank is expected to report losses of £2.3bn for 2016 when it publishes its financial results later this month, its ninth consecutive year in the red. - Telegraph
Electronics component maker Laird is mulling a sale of one of its major divisions as the struggling company battles to turn itself around. Shares in the former FTSE 250 firm have plunged since it issued a profit warning in October and two months later announced a £185m rights issue, as well as scrapping the dividend. - Telegraph
Foreign billionaires are renting rather than buying luxury homes in London following increases in tax bills on upmarket properties. Lettings that cost more than £3,000 a week - £156,000 a year - increased by 28% in the last three months of 2016, according to research by the property data service LonRes. - Guardian
The olive oil shortage is coming, says Walter Zanre, boss of Filippo Berio UK, the nation's best-selling olive oil brand, and it will be much worse than anyone realises. "Look at these numbers," he says, spreading out sheets of data on olive harvests around the world. "2017 will be very bad for olive oil."
Offshore windfarms could provide cheaper power than Britain's new wave of nuclear power stations, a leading figure in the wind industry has claimed. Speaking to the the Guardian, Hugh McNeal, the chief executive of trade body RenewableUK, said he expected that offshore windfarms would secure a deal with the government lower than the £92.50 per megawatt hour agreed with EDF for £18bn Hinkley Point C. - Guardian
Pensioners are now £20 a week better off than working households - reversing the situation of 15 years ago. Research published by the Resolution Foundation found that in 2001 households relying on pensioner income were £70 a week less well off than those in work. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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