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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: US tax cut hopes kick-off 'Santa rally' in stocks London stocks jumped on Monday amid expectations the US tax reform bill will be passed soon and on the back of thinner trading volumes as traders headed off on their holidays. The FTSE 100 gained 0.62% to stand at 7,537.01, while the pound edged higher by 0.12% against the euro to 1.1352 and tacked on 0.5% versus the US dollar to 1.3393. IG analyst Joshua Mahony said: "The Santa rally is well and truly on, with last week closing out with a bang, as record highs across the Dow, S&P 500, and Nasdaq pointed towards a strong end to the year. Despite a few bumps in the road, the US tax reform bill looks increasingly likely to be passed, as [Senators] Rubio and Corker both shifted their views to indicate they would back the bill in its current form. "While the income tax element of the reforms is questionable, it is the corporate tax element that has markets interested, with profitability looking likely to improve under such a plan. It comes as no surprise that we are expecting to see another record open for US markets, with many expecting to see the reforms voted on and signed into law later this week." Mid-morning figures from the Confederation of British Industry showed UK manufacturing orders held steady in December. The CBI's order balance was unchanged from November at +17, beating expectations for a drop to +15 and joint-highest with last month and August 1988. The balance of export orders weakened a little to +16 from +20, while the balance of output expectations was steady at +13. Volume of output in the last three months rose to +30 from +28. Anna Leach, CBI head of economic intelligence, said: "As we head towards the end of 2017, UK manufacturers' total order books remain at a near 30-year high, with export order books remaining at their strongest since the mid-1990s. "While the lower level of sterling continues to support exporters, cost pressures remain intense. Businesses will expect to see the government's industrial strategy make rapid progress next year to support manufacturing and the wider economy in every corner of the UK." In corporate news, IG Group slumped as it called new leverage limits being proposed by the European financial regulator "disproportionate" and said the broader set of proposals would have an impact of between 5% and 10% on historic revenues. The European Securities and Markets Authority said it was considering measures to prohibit the marketing, distribution or sale to retail clients of binary options, together with restricting the marketing, distribution or sale to retail clients of CFDs, including rolling spot forex. Shares in CMC Markets and Plus500 also tumbled. Babcock rose as its subsidiary Cavendish Nuclear, the UK's largest nuclear services business, was awarded a 10-year contract to supply Sellafield with specialist handling and containment systems to process nuclear material. AstraZeneca edged up as it announced that the US Food and Drug Administration has accepted a supplemental New Drug Application (sNDA) for the use of Tagrisso (osimertinib) in the first line treatment of patients with metastatic non-small cell lung cancer whose tumours have epidermal growth factor receptor (EGFR) mutations. Supergroup advanced after saying its sportswear label has been appointed as the official clothing supplier to the UK delegation for the 2018 Invictus Games in Sydney, Australia. The retailer is also expecting to complete the buy-out of the operations of its Dutch wholesale agent, Portare, in January for an estimated payment of £2m. 3i Infrastructure gained after agreeing to sell its stake in Anglian Water Group, the parent company of Anglian Water, to a consortium of Dalmore Capital and GLIL Infrastructure. Hunting gushed higher as it said that, as it anticipated in its trading update on 24 October, revenue for the full year was expected to be around the $700m mark, with results strongly weighted to the second half of the year. Great Portland Estates lost some ground as it sold its high-profile Southbank tower 240 Blackfriars Road to Emirati investors. |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks end at session-highs, US tax cuts in focus Stocks in the single currency bloc finished the session sharply higher even as traders began heading off on their holidays with investors digesting a weekend full of political news, amid a heavy mergers and acquisitions-related news-flow. By the closing bell, the benchmark Stoxx 600 was higher by 1.15% or 4.47 points to 392.66, alongside a gain of 1.59% or 208.74 to 13,312.30 for the Dax and a rise of 1.33% or 71.28 points to 5,420.58 on the Cac-40. "Equities have extended Friday's gains, buoyed by fresh optimism that President Trump will indeed get through the much anticipated tax reform before year-end and yet more M&A/corporate transactions (Unilever, 3i, Statoil, Vonovia, Thales, Oracle). Even a rebound for GBP and EUR isn't spoiling the bullish fun for this last full week before the Christmas break," said Mike van Dulken at Accendo Markets. Last Friday evening, news broke that US Congressmen were tweaking their tax cut proposals in order to gain backing from hold-outs within their own ranks, including Marco Rubio, Bob Corker, Mike Lee and Susan Collins, and at the start of the week it appeared they had won over at least two of those, if not all. Back in Europe, Chancellor Angela Merkel said on Sunday she would not allow coalition talks in Germany to hinder plans to begin exploring ways in March to reform the Eurozone. Also at the weekend, Austria's centre-right OVP party inked a coalition deal with the right-wing FPO. On the coalition's agenda were €12bn in tax cuts - equal to 3% of the central European country's GDP - to be financed via spending cuts and efficiency gains. The coalition also committed itself to Austria's continued membership of the European Union, leaving the door open as well to deeper integration. On the economic front, Eurostat confirmed euro area consumer prices at down by 0.1% month-on-month for November and at up by 1.5% year-on-year, confirming a preliminary estimate. Elsewhere, consumer confidence in Belgium dipped in December as subindices tracking the economic situation and the outlook for joblessness in the country fell back. The Belgian central bank's consumer confidence gauge slipped for a second consecutive month, albeit only marginally so, from a reading of 3.0 for November to 2.0 in December. In the corporate space, shares of Gemalto pushed higher after the cyber-risk specialist accepted a €4.76bn buy-out bid from Thales, having rejected a rival offer from Atos the week before. Shares in Germany's Vonovia also gained, even after offering €5.2bn in cash for Austrian property company rival Buwog AG. Stock in Unilever on the other hand was slipping despite news that it had agreed to sell its spreads business to private equity outfit KKR for $8.1bn. |
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Top of the stocks Number of Deals Bought Number of Deals Sold |
| | US Market Report | | US open: Dow Industrials set for 70th record close of 2017 Wall Street's main market gauges are pushing further into record territory as investors grew increasingly hopeful that the US tax reform bill will be passed this week. At 1734 GMT, the Dow Jones Industrial Average was ahead by 0.72% or 176.58 points at 24,828.57, alongside an advance of 0.69% or 18.38 points to 2,694.26 on the S&P 500 and a gain of 0.96% o 66.51 points to 7,003.12 for the Nasdaq Composite. The former, James Hughes at Axi Trader pointed out, was on track for its 70th consecutive close of 2017. Pacing gains were: Non-ferrous metals (4.65%), Aluminum (4.0%) and Coal (3.24%). Hughes also observed that: "the passage of the bill is not yet a full gone conclusion, especially when talking about the murky world of US politics. The Democrats will be scrambling around desperately trying to turn Republican votes in their favor. Of course, all Democrats are united in their hatred for anything led by the Donald Trump administration, as well as by the feeling that thought of saving money for huge corporations and lining the pockets of America's super-rich at the expense of every other hard working American. "There is a fear in the wider financial world that the amendments to the bill at the last minute go even further to adding to the US' already bulging national debt, and with the Fed warning that the impact of the Tax reform on the overall economy could be minimal, it's clear that these fears have some impressive backers." Expectations were that both chambers of the US Congress would vote on the bill by the middle of the week, with the proposed new legislation expected to be put on the president's desk to be signed before Christmas Day. In other economic news, the NAHB's homebuilder confidence index jumped by three points to 73.0 (conensus: 70.0) - its highest level since July 1999. In corporate news, shares of railroad company CSX were in the market spotlight following the death of chief executive officer E. Hunter Harrison on Saturday. Elsewhere, share buyback announcements were again a salient feature of the market landscape at the start of the week. Drug giant Pfizer unveiled a fresh $10bn share repurchase authorisation alongside a 6.3% hike to its quarterly cash dividend payout. The news came alongside a similar announcement by Liberty Global of a $2bn stock repurchase programme. Stock in Campbell Soup was in the black even after S&P downgraded its long-term debt rating to BBB following news that it would buy Snyder-Lance in a transaction said to be worth $4.87bn. Hershey was also in focus after agreeing to buy Amplify Snack Brands for $12.00 per share. In parallel, Total Systems said it would buy payment technology form Cayan for $1.05bn. Akamai Technologies was up sharply after activist hedge fund Elliott Management said on Friday that it had a 6.5% stake in the internet technology group. Elsewhere, software company Oracle was in the black after announcing a $1.2bn deal to buy Australian project management software provider Aconex. Shares of chip-manufacturer AMD were also on the front foot on the heels of an upgrade to 'neutral' out of analysts at Macquarie. Dow Jones - Risers Intel Corp. (INTC) $45.49 2.08%
Dowdupont Inc. (DWDP) $71.34 1.91%
American Express Co. (AXP) $100.05 1.55%
Home Depot Inc. (HD) $185.27 1.47%
Apple Inc. (AAPL) $176.45 1.43%
Goldman Sachs Group Inc. (GS) $260.58 1.33%
Chevron Corp. (CVX) $121.01 1.07%
Caterpillar Inc. (CAT) $148.25 1.06%
Wal-Mart Stores Inc. (WMT) $98.07 0.99%
United Technologies Corp. (UTX) $127.29 0.89% Dow Jones - Fallers Walt Disney Co. (DIS) $110.39 -0.79%
Microsoft Corp. (MSFT) $86.78 -0.08%
Nike Inc. (NKE) $64.78 -0.02%
Johnson & Johnson (JNJ) $142.54 0.06%
Visa Inc. (V) $114.00 0.16%
Coca-Cola Co. (KO) $46.26 0.16%
Merck & Co. Inc. (MRK) $56.40 0.29%
Pfizer Inc. (PFE) $37.34 0.37%
3M Co. (MMM) $238.98 0.41%
Procter & Gamble Co. (PG) $92.34 0.49% S&P 500 - Risers Akamai Technologies Inc. (AKAM) $65.79 13.90%
KLA-Tencor Corp. (KLAC) $111.15 5.23%
Bed Bath & Beyond Inc. (BBBY) $23.78 5.13%
FMC Technologies Inc. (FTI) $28.47 3.79%
Macy's Inc. (M) $25.52 3.77%
Centene Corp. (CNC) $98.23 3.55%
Southwestern Energy Co. (SWN) $5.29 3.52%
Synchrony Financial (SYF) $38.45 3.39%
Urban Outfitters Inc. (URBN) $33.82 3.17%
Alliance Data Systems Corp. (ADS) $247.40 3.17% S&P 500 - Fallers McKesson Corp. (MCK) $157.40 -3.20%
Hanesbrands Inc. (HBI) $20.81 -3.03%
SCANA Corp. (SCG) $43.26 -2.60%
Electronic Arts Inc. (EA) $107.33 -1.78%
Mattel Inc. (MAT) $15.22 -1.68%
XL Group Ltd (XL) $35.68 -1.57%
Humana Inc. (HUM) $249.77 -1.53%
NiSource Inc. (NI) $26.11 -1.51%
Cardinal Health Inc. (CAH) $62.25 -1.49%
Raytheon Co. (RTN) $188.70 -1.40% Nasdaq 100 - Risers Akamai Technologies Inc. (AKAM) $65.79 13.90%
KLA-Tencor Corp. (KLAC) $111.15 5.23%
JD.com, Inc. (JD) $41.51 2.95%
Micron Technology Inc. (MU) $43.48 2.54%
Dollar Tree Inc (DLTR) $108.91 2.46%
PACCAR Inc. (PCAR) $70.86 2.46%
Marriott International - Class A (MAR) $132.82 2.31%
Intel Corp. (INTC) $45.49 2.08%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $55.05 1.94%
Baidu Inc. (BIDU) $237.87 1.88% Nasdaq 100 - Fallers Electronic Arts Inc. (EA) $107.33 -1.78%
Symantec Corp. (SYMC) $28.58 -1.38%
Incyte Corp. (INCY) $95.29 -1.17%
Shire Plc Ads (SHPG) $149.74 -1.01%
Viacom Inc. Class B (VIAB) $29.97 -0.89%
Biogen Inc (BIIB) $325.05 -0.88%
Hasbro Inc (HAS) $93.48 -0.63%
CSX Corp. (CSX) $52.65 -0.54%
Cognizant Technology Solutions Corp. (CTSH) $71.74 -0.48% |
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| | Broker Tips | | Broker tips: Lloyds, Barclays, Entertainment One Goldman Sachs reiterated its 'sell' recommendation on shares of Lloyds and Barclays, placing both stocks on its list of 'UK Sell Ideas' for 2018. Analysts at the investment bank pointed to evidence of lower margins on mortgages and intensifying competition on deposits as reflected in the lenders' latest third quarter financials as the main cause of their 'bearishness'. Those pressures would continue in 2018, they said, as rival HSBC increased its share of the UK mortgage market via increased use of the intermediary channel and as the drawing window for the Term Funding Scheme closed shut in February. Making matters worse, the Bank of England's latest set of stress tests showed the lender now had reduced headroom than in 2016 and the 2018 edition of the stress tests would include a roughly 200 basis point D-SIB buffer. As a result, Goldman said: "Investors are therefore increasingly focused on whether the group will be permitted to continue operating in line with its current target capital level (a c.13% CET1 ratio). In our view, upward pressure on capital could in turn impact the group's potential for dividend growth." |
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