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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: Stocks dip as miners weigh and pound rallies London stocks were not able to hold onto their modest early gains and closed in the red on Thursday as late pressure came from the pound on renewed optimism over a Brexit deal. The FTSE 100 ended 0.37% lower at 7,320.75, as the pound recovered from earlier lows to climb 0.3% against the euro and dollar to 1.1390 and 1.3430 respectively. With Thursday's trading relatively becalmed as markets position themselves ahead of the key US non-farm jobs report at the end of the week, the FTSE suffered at the hands of a strengthening pound and weak session for insurance firms and miners, noted analyst Joshua Mahony at IG. "While many markets have been seen somewhat of a serene session, the same cannot be said for Bitcoin which seems to go from strength to strength amid the rise to $16,000. Incredibly this rally seems to know no bounds, with the news of a massive hack totaling over $64m batted off in favour of new record highs." Brexit was at the forefront of many traders' minds as the European Commission said the UK had a deadline of Sunday to agree a text on a potential deal or it will be told that negotiations cannot proceed to the next stage. Analyst David Cheetham at forex broker XTB said volatility in the pound against the euro has been rising fairly strongly this week and currently sit at levels not seen since June as Brexit talks keep the market on tenterhooks. "Reports this morning that UK PM Theresa May has prepared another Brexit proposal to submit to Ireland in a bid to settle the border dispute have boosted sterling, but until there is official confirmation of a deal the pound's gains will be capped. An EU summit that kicks off this time next week has been earmarked as an event where the Brexit talks can progress to trade negotiations, but this would likely require a resolution on the Irish border by tomorrow at the latest." Property investors were also digesting the latest research from Halifax, which showed house prices are continuing to surge higher, running contrary to most other surveys of the housing market. The Halifax house price index increased by 0.5% month-to-month in November, slightly above the consensus forecast of 0.2% and following a 0.3% increase in October to mark the fifth rise in a row. Growth in the past three months compared to the same period last year slowed to 3.9%, from the 4.5% announced a month ago, which was expected by the market. Pantheon Macroeconomics said it remains inclined to place much more weight on the Nationwide and Rightmove measures.
"Looking ahead, we remain concerned that even relatively small increases in mortgage rates - in response to last month's Bank Rate hike and the impending closure of the Term Funding Scheme - will reduce the size of mortgages that households take out, while falling consumer confidence will additionally subdue demand. As such, we still expect house prices merely to flatline over the next 12 months." In corporate news, Sky gained following reports that US cable network Comcast was interested in taking full control of the broadcaster, joining Disney in the pursuit of several assets from Rupert Murdoch's 21st Century Fox. Ladbrokes Coral leapt 29% on news is it in advanced talks with GVC Holdings about a possible £3.9bn takeover of the bookmaker. GVC was also sharply higher. Elsewhere in the sector William Hill also surged more than 8% after it settled a dispute with NYX, a Toronto-listed gaming software company in which the bookmaker owns a stake. Coca-Cola HBC edged up after it appointed Zoran Bogdanovic as its new chief executive officer with immediate effect, succeeding Dimitris Lois who passed away in October. Building materials group CRH was on the front foot after deciding not to bid for South African rival PPC. On the downside, packaging and paper group DS Smith reversed earlier gains to trade a touch lower after saying sales increased strongly in the first half of the year but profits grew more slowly due to higher paper prices. Legal & General reversed early gains after saying it expected a record year for profits and earnings with growth accelerating across its businesses. Heavily-weighted miners lost ground as copper and iron prices declined, with Rio Tinto, Anglo American and Glencore all weaker. Cobham was on the back foot after a downgrade to 'reduce' at Kepler Cheuvreux, while Babcock was down as its stock went ex-dividend. |
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| | Market Movers FTSE 100 (UKX) 7,320.75 -0.37%
FTSE 250 (MCX) 19,810.27 -0.09%
techMARK (TASX) 3,410.10 -0.02% FTSE 100 - Risers Pearson (PSON) 737.00p 2.22%
BT Group (BT.A) 262.75p 2.16%
Mediclinic International (MDC) 590.50p 1.46%
Vodafone Group (VOD) 227.85p 1.36%
Hammerson (HMSO) 508.00p 1.30%
Fresnillo (FRES) 1,279.00p 1.27%
Worldpay Group (WPG) 418.80p 1.26%
Smurfit Kappa Group (SKG) 2,356.00p 1.12%
Convatec Group (CTEC) 209.70p 1.06%
Reckitt Benckiser Group (RB.) 6,615.00p 0.98% FTSE 100 - Fallers Babcock International Group (BAB) 654.50p -3.47%
Admiral Group (ADM) 1,847.00p -2.59%
Associated British Foods (ABF) 2,852.00p -2.33%
Direct Line Insurance Group (DLG) 357.10p -2.16%
Rio Tinto (RIO) 3,440.50p -1.66%
Standard Life Aberdeen (SLA) 413.10p -1.60%
Whitbread (WTB) 3,928.00p -1.55%
Centrica (CNA) 144.80p -1.50%
St James's Place (STJ) 1,152.00p -1.45%
Ferguson (FERG) 5,330.00p -1.39% FTSE 250 - Risers Ladbrokes Coral Group (LCL) 175.10p 29.03%
William Hill (WMH) 315.80p 8.10%
GVC Holdings (GVC) 954.50p 5.01%
Sophos Group (SOPH) 550.50p 4.76%
Aveva Group (AVV) 2,693.00p 3.86%
888 Holdings (888) 269.70p 3.73%
JD Sports Fashion (JD.) 329.00p 3.46%
TalkTalk Telecom Group (TALK) 148.50p 2.91%
Fisher (James) & Sons (FSJ) 1,571.00p 2.75%
Just Group (JUST) 162.40p 2.41% FTSE 250 - Fallers Aggreko (AGK) 787.50p -3.55%
Vedanta Resources (VED) 633.50p -3.21%
Greene King (GNK) 508.50p -3.05%
Investec (INVP) 483.00p -2.93%
Britvic (BVIC) 796.50p -2.87%
PayPoint (PAY) 890.00p -2.79%
Electra Private Equity (ELTA) 935.00p -2.71%
Smith (DS) (SMDS) 525.00p -2.60%
Halfords Group (HFD) 331.60p -2.59% |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Investors waiting on German SPD vote on grand coalition Stocks on the Continent moved higher - tracking gains on Wall Street - even as political risks in Germany and Italy came into sharper focus. At the close, the benchmark Stoxx 600 had edged higher by 0.02% or 0.09 points to 386.41, alongside a gain of 0.36% or 46.30 points to 13,045.15 for the German Dax while the FTSE Mibtel added 0.68% or 152.23 points to see the day out from 22,459.51. Thursday's modest gains came as investors wating on the results of the German SPD party conference, with members of the centre-left movement set to vote later in the day on whether or not to proceed with talks to form a 'grand coalition' with Chancellor Merkel's the CDU/CSU. The SPD's then current leader, Martin Schulz, was also facing a vote from party delegates. According to analysts at Citi, a large majority in favour of talks with the CDU and a good result for Schulz would "be a strong signal that a grand coalition is the new base case". Perhaps, yet as Barclays Research pointed out: "according to a Spiegel Online poll, only 27.9% of SPD voters prefer a Grand Coalition, while 61.6% of CDU voters favour one. While it will be delegates representing party members, rather than voters, who will vote on this proposition, their view will likely be influenced by actual voters." Meanwhile in Italy, on Wednesday two of Prime Minister Matteo Renzi's allies said they would not run in the 2018 elections. Despite the political uncertainty, in a research note sent to clients on 6 December strategists at Citi struck a confident tone, saying that "synchronised growth means everything is going up in Europe [in 2018]". Acting as a backdrop, in general financial markets were in a holding pattern ahead of the monthly US non-farm payrolls report that was set for release the next day. Factory sector activity in Germany hits speed bump German industrial production shrank by 1.4% month-on-month in October (consensus: 0.9%), according to the country's Ministry of Finance. Acting as a partial offset, September's 1.6% month-on-month drop was marked up to show a smaller decline of 0.9%. Manufacturing was the weak link in the chain, with factory output for October down by 2.0% on the month. Elsewhere, France's surplus in its foreign trade in goods improved from -€4.2bn in September to -€3.3bn for October, according to the French central bank. Meanwhile, ELSTAT reported that the rate of unemployment in Greece dipped from an upwardly revised 20.7% for August to 20.5% in September. The rate of joblessness in the prior month was originally estimated at 20.6%. In parallel, Eurostat reported that the rate of euro area GDP growth dipped in the third quarter to 0.6% clip quarter-on-quarter, down from 0.7% over the prior three-month stretch. On the corporate side of things, French broker Natixis said it was studying a long-term tie-up with rival Oddo BHF. Another French Bureau Veritas was also in the headlines after it confirmed 2017 guidance for slighty positive organic growth and improved cash generation, adding that its 2020 Strategic Plan was "well underway and delivering tangible benefits". |
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Top of the stocks Number of Deals Bought Number of Deals Sold |
| | US Market Report | | US open: Nasdaq pushes higher, Sage Therapeutics soars Wall Street is trading higher with the Nasdaq making gains amid a flurry of share buyback announcements in the wider market and another torrid run higher in Bitcoin. At 1634 GMT, the Dow Jones Industrial Average was higher by 0.34% or 78.69 points at 24,219.60, alongside a gain of 0.35% or 9.22 points for the S&P 500 to 2,638.49, while the Nasdaq Composite was bouncing back by 0.68% or 46.07 points to 6,822.64. From a sector stand-point, the best performing segments of the market were: Recreational products (2.42%), Leisure goods (2.18%) and Toys (2.16%). Makings headlines again, Bitcoin was 12.81% higher at $15,465.61 according to Coindesk, having hit an intraday high of $16,615.94. Earlier in the day, CMC Markets UK's Michael Hewson said: "A lot has been made of the recent tech sell-off but it also needs to be put into perspective. Despite recent price falls companies like Facebook, Alphabet, Apple, Amazon and Microsoft are still over 40% higher year to date, and yesterday we did see some light buying return." In the background, late on Wednesday the Republican-led Senate agreed to begin formal negotiations with the House, sparking hopes that the final tax overhaul will be done by the self-imposed deadline of 22 December. The week before, the House and Senate passed their own versions of the tax reform bill and now both need to agree on a final bill for President Donald Trump to sign. That prompted Craig Erlam at Oanda to tell clients: "There is some optimism that a plan that could pass in the House and the Senate could be agreed by the end of the year, although time is running out. As ever, there are other political distractions when it comes to Trump - North Korea, Russian links investigation and now Jerusalem - but as it stands these are having minimal impacts on the market, although each have the potential to should they take a negative turn." In corporate news, a few large share buyback announcements were again part of the market landscape, as Edwards Lifesciences, American Tower and Johnson Controls unveiled fresh share repurchase authorisations from their boards. The above aside, Sage Therapeutics rocketed after disclosing positive results from a mid-stage clinical trial for an anti-depression treatment. GE was a touch higher after telling investors its power business would cut 12,000 jobs globally. Meanwhile, shares in telecommunications chip maker Broadcom rallied after it reported better-than-expected earnings late on Wednesday. Discount retailer Dollar General was higher too after posting stronger-than-expected third quarter earnings per share of 98 cents, excluding one-off's, besting the Street consensus of 94 cents. However, Citigroup was a tad lower a day after management said that profits are likely take a $20bn hit under the new tax plans passed by Congress. The KBW bank index on the other hand was up by 0.52% to 105.90. Elsewhere, Ciena was trading lower after the networking technology company missed analysts' forecasts for the company's bottom line in its fourth fiscal quarter. Among some of the smaller capitalisation stocks, power supply provider Digital Power surged on talk of a deal with online retailer Amazon.com. However, the company said late on Wednesday that it had "entered into no agreement and has received no order from Amazon". On the economic front, investors will be eyeing introductory remarks from president of the Federal Reserve Bank of New York, William Dudley, at an event later in the day. Dow Jones - Risers Boeing Co. (BA) $283.95 3.05%
Merck & Co. Inc. (MRK) $55.25 1.66%
Caterpillar Inc. (CAT) $142.18 1.46%
Visa Inc. (V) $111.25 1.38%
Nike Inc. (NKE) $60.50 1.31%
United Technologies Corp. (UTX) $122.63 1.17%
3M Co. (MMM) $241.17 1.00%
General Electric Co. (GE) $17.91 0.84%
Cisco Systems Inc. (CSCO) $37.58 0.45%
Apple Inc. (AAPL) $169.77 0.45% Dow Jones - Fallers Walt Disney Co. (DIS) $104.57 -2.48%
Procter & Gamble Co. (PG) $90.22 -1.13%
Coca-Cola Co. (KO) $45.99 -0.98%
Chevron Corp. (CVX) $119.42 -0.81%
Johnson & Johnson (JNJ) $140.11 -0.67%
Travelers Company Inc. (TRV) $134.45 -0.67%
McDonald's Corp. (MCD) $172.55 -0.54%
Pfizer Inc. (PFE) $35.38 -0.49%
Home Depot Inc. (HD) $182.09 -0.42%
Intel Corp. (INTC) $43.28 -0.38% S&P 500 - Risers DaVita Inc (DVA) $67.39 10.60%
First Solar Inc. (FSLR) $67.80 7.21%
Brown Forman Corp. Class B (BF.B) $65.79 6.10%
Freeport-McMoRan Inc (FCX) $14.71 4.25%
Endo International Plc (ENDP) $7.39 4.23%
Edwards Lifesciences Corp. (EW) $117.65 4.07%
Twenty-First Century Fox Inc Class B (FOX) $33.98 3.91%
Micron Technology Inc. (MU) $43.17 3.82%
Twenty-First Century Fox Inc Class A (FOXA) $34.37 3.49%
Frontier Communications Co. (FTR) $9.06 3.19% S&P 500 - Fallers Chesapeake Energy Corp. (CHK) $3.75 -4.34%
EQT Corp. (EQT) $56.54 -4.20%
Advance Auto Parts (AAP) $97.03 -4.07%
FMC Technologies Inc. (FTI) $27.13 -3.95%
Diamond Offshore Drilling Inc. (DO) $16.06 -3.83%
Hess Corp. (HES) $44.52 -3.82%
Newell Brands Inc (NWL) $30.80 -3.11%
Devon Energy Corp. (DVN) $37.19 -3.10%
Apache Corp. (APA) $40.95 -2.85%
Alexion Pharmaceuticals Inc. (ALXN) $106.48 -2.69% Nasdaq 100 - Risers Twenty-First Century Fox Inc Class B (FOX) $33.98 3.91%
Micron Technology Inc. (MU) $43.17 3.82%
Align Technology Inc. (ALGN) $241.35 3.58%
Twenty-First Century Fox Inc Class A (FOXA) $34.37 3.49%
Applied Materials Inc. (AMAT) $52.56 3.05%
Lam Research Corp. (LRCX) $189.76 3.00%
Incyte Corp. (INCY) $96.48 2.87%
Activision Blizzard Inc. (ATVI) $62.45 2.80%
Electronic Arts Inc. (EA) $105.60 2.35%
Seagate Technology Plc (STX) $40.02 2.14% Nasdaq 100 - Fallers Ctrip.Com International Ltd. Ads (CTRP) $43.78 -3.31%
Alexion Pharmaceuticals Inc. (ALXN) $106.48 -2.69%
Liberty Global Plc Lilac Class A (LILA) $21.00 -2.42%
Comcast Corp. (CMCSA) $37.78 -2.20%
Liberty Global Plc Lilac Class C (LILAK) $20.74 -2.03%
Dish Network Corp. (DISH) $48.35 -1.95%
Express Scripts Holding Co (ESRX) $67.51 -1.55%
Walgreens Boots Alliance, Inc. (WBA) $69.98 -1.51%
Kraft Heinz Co. (KHC) $79.81 -0.84% |
| | Following the financial crisis, high street banks have funded fewer SME housebuilders | | Alternative finance providers are stepping in to fill this void, offering investors high margins and attractive returns. One of these lenders, Clearwell Capital is currently fundraising with a 3-year secured bond paying 10% per annum. Click here to find out more. Capital at risk. |
| | 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%. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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