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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 close: FTSE falls as pound rallies, Brexit deal in focus London stocks closed lower on Wednesday despite a strong showing from banks and housebuilders as the pound rallied on news that a Brexit divorce bill has been agreed, with consumer borrowing figures in focus. The FTSE 100 was down 0.90% to 7,393.56 as sterling rose 0.58% versus the euro to 1.1330 and 0.71% against the dollar to 1.3434, hitting its best level since the end of September. A stronger pound tends to dent the index, as around 70% of its constituents derive most of their earnings from overseas. European markets were relatively mixed with the DAX down 0.02% to 13,061.87, the CAC 40 0.14% firmer at 5,398.05 and the IBEX 35 up 1.22% to 10,267.70. According to various reports, the UK government has agreed to pay a Brexit divorce bill of between €40bn and €65bn (£35bn to £58bn), much higher than the €20bn Prime Minister Theresa May said she was prepared to commit back in September. David Cheetham, chief market analyst at XTB, said: "The decision to bow to EU demands has removed one of the biggest obstacles to the divorce settlement and if citizens' rights, and the contentious question surrounding what to do with the border between Northern Ireland and the Republic can be resolved promptly then talks can hopefully progress to future trade relations." With Brexit the primary focus, UK investors followed their US counterparts in largely shrugging off claims by North Korea that it has successfully tested a new type of ballistic missile that is capable of striking anywhere on the US mainland. Market participants were also digesting the latest figures from the Bank of England, which showed consumer borrowing cooled in October. Unsecured debt rose by £1.45bn in October, down from £1.48bn in September and £1.8bn in August, BoE figures showed. The annual rate fell to 9.6% from 9.8% the previous month and 10% in August. October's figure was the lowest for 18 months. The BoE cited consumer borrowing when it increased interest rates to 0.5% from 0.25% on 2 November. In September the BoE warned banks they risked underestimating bad debts from consumer loans and urged them to tighten loan criteria. The BoE figures also showed a slight fall in mortgage approvals for house purchases to 64,575 ?" the lowest since September 2016. But remortgage approvals rose to 51,593 ?" the highest since October 2008. In corporate news, Cineworld tumbled after confirming it will make a $3.07bn (£2.3bn) offer for US peer Regal Entertainment, which it plans to fund through new debt and by raising funds via a rights issue. London Stock Exchange was in the black as it announced that chief executive Xavier Rolet has left the company after weeks of wrangling over the terms of his departure, while IT infrastructure provider Softcat edged down despite saying it saw a strong start to the year. Zoopla and PrimeLocation owner ZPG turned lower after posting a jump in full-year revenue and saying it has agreed to acquire Netherlands-based automated property valuation and statistical market analysis firm Calcasa for €30m. On the upside, banks and housebuilders - the sectors that have taken the biggest hit due to Brexit concerns - rose on the back of Brexit breakthrough hopes, with RBS, Barclays, Lloyds, Persimmon and Barratt all in the black. Soft drinks maker Britvic fizzed higher as its full-year profit beat expectations and it lifted its full-year dividend per share by 8.2%. Stagecoach ticked higher as it welcomed the planned "new direction" for the UK rail network, as announced by the Department for Transport. FirstGroup reversed earlier losses to trade up as it welcomed a new strategic vision for the Great Western rail network from the DFT, which confirmed it would exercise its option to extend First's franchise in the region by one year, to 1 April 2020. Tullow Oil gushed a little higher after saying it has secured $2.5bn of debt refinancing, while water utility Pennon was up after it posted a 2.3% increase in half-year pre-tax profit to £131.1m. In broker note action, Spire Healthcare surged after Berenberg upgraded the stock to 'buy', while Equiniti was up after an initiation at 'buy' from Berenberg, but Fidessa was under pressure after an initiation at 'sell' from Stifel. |
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| | Market Movers FTSE 100 (UKX) 7,393.56 -0.90%
FTSE 250 (MCX) 20,059.58 0.17%
techMARK (TASX) 3,462.81 -0.97% FTSE 100 - Risers Next (NXT) 4,503.00p 4.38%
Kingfisher (KGF) 336.50p 4.18%
Royal Bank of Scotland Group (RBS) 281.60p 3.83%
Marks & Spencer Group (MKS) 312.40p 3.79%
Barclays (BARC) 193.70p 3.68%
Berkeley Group Holdings (The) (BKG) 3,842.00p 3.64%
Lloyds Banking Group (LLOY) 67.10p 3.50%
Sainsbury (J) (SBRY) 235.60p 2.66%
BT Group (BT.A) 255.40p 2.57%
Barratt Developments (BDEV) 609.00p 2.35% FTSE 100 - Fallers Randgold Resources Ltd. (RRS) 6,915.00p -5.98%
Sage Group (SGE) 779.00p -3.89%
Fresnillo (FRES) 1,303.00p -3.62%
Micro Focus International (MCRO) 2,498.00p -3.44%
Worldpay Group (WPG) 418.00p -3.37%
British American Tobacco (BATS) 4,802.00p -3.36%
Scottish Mortgage Inv Trust (SMT) 452.90p -3.12%
Carnival (CCL) 4,859.00p -3.01%
Imperial Brands (IMB) 3,046.00p -2.90%
3i Group (III) 915.50p -2.76% FTSE 250 - Risers Ocado Group (OCDO) 359.60p 16.15%
Stagecoach Group (SGC) 180.70p 13.07%
Britvic (BVIC) 808.87p 6.92%
Dixons Carphone (DC.) 164.60p 6.88%
Pets at Home Group (PETS) 170.00p 5.85%
Greencore Group (GNC) 206.90p 5.13%
Spire Healthcare Group (SPI) 247.90p 5.04%
Close Brothers Group (CBG) 1,408.00p 4.84%
Brown (N.) Group (BWNG) 281.70p 4.02%
Travis Perkins (TPK) 1,586.00p 4.00% FTSE 250 - Fallers Cineworld Group (CINE) 557.00p -19.80%
Acacia Mining (ACA) 172.90p -7.58%
RPC Group (RPC) 894.50p -7.26%
ZPG Plc (ZPG) 321.70p -6.75%
Hochschild Mining (HOC) 238.30p -4.72%
Ferrexpo (FXPO) 249.90p -3.77%
Clarkson (CKN) 2,814.00p -3.43%
Centamin (DI) (CEY) 140.00p -3.05%
Smith (DS) (SMDS) 542.50p -2.78% |
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| | Cryptocurrencies Report | | Top Cryptocurrencies | # | Name | Market Cap($) | Price(%) | Change | Price Graph(3m) | | 1 |  | Bitcoin (BTC) | 182,951,032,502 | 10,409.68 | +5.34% |  | | 2 |  | Ethereum (ETH) | 47,617,451,736 | 476.22 | +1.91% |  | | 3 |  | Bitcoin Cash / BCC (BCH) | 26,851,380,073 | 1,624.78 | +6.28% |  | | 4 |  | Ripple (XRP) | 10,756,044,558 | 0.255853 | -8.61% |  | | 5 |  | DigitalCash (DASH) | 5,820,656,085 | 697.67 | +13.51% |  | See our full list of cryptocurrencies |
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| | US Market Report | | US open: Dow aims for 24,000-point mark, but Nasdaq comes under selling pressure Wall Street has begun the session on a mixed note, albeit with the Dow on track to hit another record as it edges towards the 24,000 mark. At 1508 GMT, the Dow Jones Industrial Average futures was up by 0.36% or 88.40 points higher at 23,926.44, with the S&P 500 adding 0.01% or 0.62 points to 2,627.41 but the Nasdaq Composite 1.07% lower at 6,837.62. During the previous session, all the main indices notched all-time closing highs after the Senate Budget Committee approved the chamber's proposed tax reform plans, bringing it closer to a floor vote. Konstantinos Anthis at ADS Securities said: "The major theme right now is nothing other than the tax reform bill and President Trump's efforts to pass it through the Senate. Progress has been slow but yesterday the Budget committee voted to send the bill to the floor for a vote probably this Thursday and the stakes are high on whether it will be approved. "Should the Senate approve the bill it will be considered a major victory for President Trump and even though it's not the same piece of legislation Trump initially promised it should be received in a positive manner by dollar traders." Meanhile, Wednesday's spate of economic indicators was upbeat, with the Commerce marking up its reading for third quarter GDP to 3.3% after revisiting its preliminary estimate of 3.0%. Later in the day, the National Association of Realtors reported a 3.5% surge in its pending home sales index for October (consensus: 1.1%). On the corporate front, shares in software company Autodesk tumbled after it announced a restructuring plan alongside its fiscal third quarter earnings involving a 13% reduction in its headcount. The company's stock was 15% lower after having hit a 52-week high just the day before. Elsewhere, Regal Entertainment was in the black after UK cinema chain Cineworld confirmed it is in talks to make a $3.07bn offer for the US chain. Shares of Tiffany&Co. were on the back foot after the luxury jeweller posted a slightly smaller than forecast 1% rise in same store sales for the latest three-month stretch. Marvell Technology was edging lower despite delivering better-than-expected quarterly numbers overnight. Elsewhere, ReTo Ec-Solutions priced its initial public offering at $5 a share. Wal Mart got a small boost as analysts at RBC lifted their target on the discount retailer's stock from $92 to $96. In commodity markets, oil prices fell slightly after figures from the American Petroleum Institute showed US crude supplies rose by 1.8m barrel in the week ended 24 November, versus forecasts for a drawdown of 3.2m barrels. |
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Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Broker Tips | | Broker tips: SIG, Barclays, Cineworld Jefferies upgraded insulation and roofing supplier SIG to 'buy' from 'hold' and lifted the price target to 200p from 150p saying the recent strategy day mapped out a credible turnaround plan. "The road will not be straight, but we expect management to fully deliver on their 5% margin targets in the medium term. Much of the turnaround lies within the group's control and is not predicated on rapid recovery in the group's end markets" it said. Jefferies pointed out that SIG's strategy is to achieve 5% return on sales and 15% return on capital employed margins in the medium term, while reducing leverage to less than 1x. It said that in essence, the strategy involves doing more with what the group already has. Management has identified three strategic levers, customer service, customer value and operational efficiency, supported by enhanced data and IT services.
Threadneedle Street's stress tests are "somewhat negative" for the UK listed domestic banks, said Exane BNP Paribas on Tuesday, warning that it "raises questions over the speed to dividend normalisation".
Exane noted that the £50bn of losses revealed in the Bank of England's stress tests were much larger than seen in the 2016 stress test and "are likely to raise concerns over the extent to which PRA buffers are required". The Bank said no banks needed to make changes as a result of the test, the first time it has been able to do this since the tests started in 2014, but its Financial Policy Committee will now review whether an additional capital cushion is needed. Such an extra buffer would be determined by the Prudential Regulation Authority. Exane added that by the time fully loaded requirements become binding at the start of 2019 these numbers might have changed markedly, with misconduct costs expected to fall markedly over the next year or two, "but the size of these losses will still raise question marks over these banks". Exane said its initial view is that Barclays "looks most vulnerable of the UK domestic banks to a PRA buffer" at the start of 2019, particularly given it also lost 450bps in last year's test and the PRA does not focus on just one year's numbers. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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