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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: Footsie gains on pound, strength in mining and oil equipment names London stocks pushed higher on Monday as investors digested the latest on Brexit and looked ahead to a week of central bank updates. At the close, the FTSE 100 was up 0.5% to 7,433.34, while the pound was down by 0.28% versus the dollar at 1.3355 and 0.50% weaker against the euro at 1.1322. Weakness in Sterling was attributed by some to skepticism on the part of traders regarding last week's 'breakthrough' in Brexit talks. James Hughes at Axi Trader said: "Again there is that feeling that the UK are putting out the rhetoric stating they will take no prisoners in the talks, and plan on leaving with everything they came looking for, very much like the divorce deal. However we know that the outcome of the divorce bill talks was that the UK backed down on all aspects and ended up paying their full allocation. The issue the government and David Davis now has is that the markets are losing faith in their ability to get a good deal." Aside from keeping an eye out for any Brexit headlines, investors were awaiting updates from the Federal Reserve, the Bank of England and the European Central Bank this week. Oil service firms and miners were among the top performing groups on the FTSE 350. Buoying the former was news that the North Sea Forties pipeline was being closed for repairs, which sent front month Brent crude oil futures higher by 1.86% to trade at $64.60 a barrel on the ICE. A positive endorsement from Citi accounted for strength in miners, with the broker's analysts referencing the recent pull-back in their share price and their more 'bullish' commodity price forecasts as the reasons behind their more positive stance. In corporate news, Babcock was on the front foot after it said the adoption of new accounting rule IFRS 15 would not require a change in contract revenue or profit recognition. BAE Systems ended flat even after it announced a £5bn contract to supply Typhoon aircraft to the Qatari air force. Global thread maker Coats rose after saying it has bought US specialist yarn manufacturer Patrick Yarn Mill for $21m with a further $4m on the table subject to performance targets. Investec advanced as it reassured investors that it has "immaterial exposure" to embattled South African retail giant Steinhoff International, which caused alarm for its lenders after its shares fell 80% last week. Premier Oil gushed higher after agreeing to sell its 30% stake in the Esmond Transportation System pipeline in the North Sea to Cats Management for up to £23.6m. Hochschild and Acacia Mining shone as gold prices rose, while Antofagasta was lifted by firmer copper prices. Convatec gained after an upgrade to ‘overweight’ by Morgan Stanley, but Inmarsat was hit by a downgrade to ‘neutral’ at Goldman Sachs. Whitbread was in the red following after the chief executive told The Times that Costa and Premier Inn are not yet ready to stand alone. |
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| | Market Movers FTSE 100 (UKX) 7,453.48 0.80%
FTSE 250 (MCX) 20,064.62 0.36%
techMARK (TASX) 3,464.81 0.62% FTSE 100 - Risers WPP (WPP) 1,376.00p 2.61%
HSBC Holdings (HSBA) 751.70p 2.52%
BHP Billiton (BLT) 1,372.00p 2.27%
Antofagasta (ANTO) 913.50p 2.24%
Babcock International Group (BAB) 675.00p 2.04%
Rio Tinto (RIO) 3,538.00p 2.00%
Mondi (MNDI) 1,727.00p 1.95%
AstraZeneca (AZN) 4,877.00p 1.94%
Shire Plc (SHP) 3,715.00p 1.84%
Glencore (GLEN) 351.30p 1.68% FTSE 100 - Fallers Whitbread (WTB) 3,888.00p -2.65%
Centrica (CNA) 141.50p -1.80%
Smurfit Kappa Group (SKG) 2,323.63p -1.73%
Marks & Spencer Group (MKS) 314.20p -1.50%
Smith & Nephew (SN.) 1,306.00p -1.36%
Next (NXT) 4,423.00p -1.34%
easyJet (EZJ) 1,439.00p -1.17%
Direct Line Insurance Group (DLG) 355.00p -1.14%
Rolls-Royce Holdings (RR.) 830.00p -1.01%
SEGRO (SGRO) 555.50p -0.98% FTSE 250 - Risers Hochschild Mining (HOC) 237.90p 7.17%
Vedanta Resources (VED) 677.50p 6.50%
Acacia Mining (ACA) 177.10p 6.49%
FDM Group (Holdings) (FDM) 975.00p 5.85%
Kaz Minerals (KAZ) 767.00p 4.85%
Brown (N.) Group (BWNG) 269.40p 4.67%
Ferrexpo (FXPO) 265.30p 4.49%
Tullow Oil (TLW) 190.20p 4.11%
Cineworld Group (CINE) 545.50p 3.90%
Petrofac Ltd. (PFC) 435.00p 3.84% FTSE 250 - Fallers TalkTalk Telecom Group (TALK) 139.30p -9.84%
Inmarsat (ISAT) 444.80p -8.44%
Saga (SAGA) 129.40p -4.15%
Pets at Home Group (PETS) 165.50p -3.44%
Workspace Group (WKP) 927.00p -3.12%
Millennium & Copthorne Hotels (MLC) 594.50p -3.10%
Capita (CPI) 472.10p -2.88%
Equiniti Group (EQN) 293.20p -2.62%
esure Group (ESUR) 254.40p -2.49% |
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| | US Market Report | | US open: Dow Industrials, S&P 500 push further into record territory The Dow Industrials and S&P 500 were pushing further into record territory on Monday afternoon as investors eyed a rate announcement from the Federal Reserve later in the week. At 1658 GMT, the Dow Jones Industrial Average was up by 0.13% or 34.73 points at 24,364.12, alongside a gain of 0.20% or 5.32 points on the S&P 500 and an advance of 0.45% or 30.41 points to 6,870.19 for the Nasdaq Composite. From a sector standpoint, the best areas of the market were: Coal (6.37%), Aluminum (3.14%) and Drug retailers (2.33%). "The Dow Jones, S&P 500 and NASDAQ 100 are edging higher as the US indices appear to have shrugged off the negative sentiment that crept in at the start of the month. 2017 has been an impressive year for US equity benchmarks and we could see another round of record highs from the before the year is out," said CMC Markets's David Madden. The Fed's rate announcement was scheduled for the following Wednesday, with the Bank of England and European Central Bank also due to announce their own latest policy decisions the following day. Ahead of the US central bank's policy announcement, Gregory Daco, chief US economist at Oxford Economics, forecast America's gross domestic product would expand at a 2.7% pace in 2018, helped by fiscal stimulus - which would lift the rate of GDP growth by 0.3 percentage points. Based on the above, and expectations for global GDP growth to pick-up from a 2.9% pace in 2017 to 3.2% in 2018, Daco projected the Fed would hike interest rates three times over the course of the following year. There was little by way of fresh economic data out on Monday. However, according to the Bureau of Labor Statistics, the number of job openings in the US fell by 181,000 in October to reach 5.996m (consensus: 6.09m). Commenting on the data, Marshall Glitter, chief economist at ACLS Global, said: "No doubt it's a disappointing figure, but we have to put it in context ?" the month before was revised up to a record high, so the fact that it came down from that level isn't as disappointing as it might first appear. "Job openings still seem to be in an uptrend relative to the NFP figures ?" that is, there are still more and more jobs relative to the number of people being hired each month (35.3 months of NFP gains vs 31.5 months a year ago). That should eventually translate into higher wages. "And the fact that the 'quit rate' stayed constant indicates that people are still confident about getting another job. That's another indication of a healthy job market." In corporate news, insurers such as Travelers Companies were in focus as wildfires in Southern California took their toll. |
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| | Broker Tips | | Broker tips: Carnival, Easyjet, Ted Baker Analysts at Morgan Stanley have upgraded their recommendation on cruise ship operator Carnival on the back of strong demand signals. Looking to the long-term, the broker was still worried about potential overcapacity in the cruise industry. "A lot is riding on China being able to absorb much of the industry order book," the broker said. More specifically, Morgan Stanley explained how the industry's order book had reached a record 235,000 berths, for supply growth of 45% out to 2025. Net of scrappage, that would equate to a roughly 6% compound annual rate of growth between 2017 and 2021. Hence, for the industry to sustain yield growth of between 2% and 3%, demand would need to rise by between 8% and 9% annually. "[Maintaining that rate] for four consecutive years seems optimistic and is much more than historical levels (6% demand, 1% yield, 5% capacity)," the analysts wrote in a research note sent to clients. Yet in 2017 stronger demand had outweighed record supply growth and a qualitative survey of US travel agents conducted by Morgan Stanley pointed to strong demand for cruises in November. Indeed, tax reform in the States might be set to further boost consumer income and confidence and a stockmarket at records was also helping, the broker added. JPMorgan Cazenove upgraded EasyJet to 'overweight' from 'underweight' and lifted the price target to 1,550p from 1,330p as it incorporates the acquired Air Berlin slots. The bank pointed to a "much improved" FY18 pricing outlook and estimated profit contributions from FY19 onward related to the slots EasyJet is taking over from Air Berlin. "There is no change to our standing concerns around Brexit-related uncertainty given EZJ's outsized exposure to UK point-of-sale. However, we believe the market is more likely to refocus on these risks after the summer peak season," JPM said. The bank projects a swing from the guided £60m FY18 Air Berlin pre-tax loss to a profit of £36m in FY19, largely owed to growth and load factor improvement more than offsetting a projected fare headwind of around 2%. |
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