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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: Stocks nudge lower as volumes thin out; consumer confidence in focus London stocks nudged lower in early trade on Thursday as investors digested the passing of the US tax reform bill and the latest reading on UK consumer confidence, with trading volumes thin in the run-up to Christmas. At 0830 GMT, the FTSE 100 was down 0.1% to 7,521.62, while the pound was down 0.1% versus the dollar and the euro at 1.3367 and 1.1261, respectively. Meanwhile, volumes on the top-flight index were 23% lower compared to the 100-day average. On Wednesday, the House and the Senate passed a $1.5trn tax reform bill, sending it to President Donald Trump for his signature. The bill, which Trump hailed as a "historic victory for the American people", will see corporate tax cut to 21% from 35%, while income tax rates will be reduced across all seven individual tax brackets. It will give individuals and married couples who fall into the highest income bracket of $500,000 and over the largest tax cut, to 37% from 39.6%, "I promised the American people a big, beautiful tax cut for Christmas. With final passage of this legislation, that is exactly what they are getting," Trump said. CMC Markets analyst David Madden said: "The long awaited US tax reforms were approved last night the reaction was relatively muted. The major US indices closed slightly lower on the session even though the House of Representatives voted 224 to 201 in favour passing the tax reforms. Donald Trump pledged tax cuts on his campaign trail to get to the White House, and now one of his major promises was been agreed upon less than one year into his premiership. "US equities have been driving higher throughout 2017 as the prospect of substantial tax cuts was fuelling investor sentiment. The cooling of the US stock market when the vote on the tax cuts was passed suggests that traders are 'buying the rumour and selling the fact'." According to a survey released earlier, consumer confidence in the UK fell to a four-year low in December. GfK's consumer confidence index declined to -13 this month from -12 in November, missing expectations for it to remain unchanged and hitting its lowest level since December 2013. The index was also sitting lower than it had been following the Brexit vote. Meanwhile, the index tracking expectations for the general economic situation over the next 12 months remained weak, at -28, five points lower than last year. The index measuring changes in personal finances during the last 12 months fell two points to -3, while the forecast for personal finances in the next year stayed the same at +2. Joe Staton, head of market dynamics at GfK, said: "We need to see several issues move on before the downward trend of the consumer mood changes. We need to have a better sense of how Brexit will pan out, and also of how quickly and how far interest rates will rise. But none of this will be resolved quickly so there's every likelihood that 2018 will take us lower." In corporate news, Holiday Inn owner InterContinental Hotels slipped after it commented on the impact of US tax reform bill. Based on initial estimates, the reforms are expected to reduce IHG's group effective tax rate "by mid to high single digit percentage points" from 1 January 2018. For 2017, IHG's group effective tax rate is still expected to be in the low 30s. Babcock nudged lower as its longstanding board executive Bill Tame announced his retirement from the defence contractor, where he is currently chief executive of global growth and operations. Tame. Shares in McCarthy & Stone tumbled after the retirement housebuilder said that the Department for Communities and Local Government's proposal to set all ground rents to zero will result in a disruption of housing supply and contradicts the government's stated objective of seeking new sources of housing. Home furnishings retailer Dunelm was in the red after saying it has appointed Nick Wilkinson - a former chief executive of Evans Cycles - as it new CEO. On the upside, Balfour Beatty advanced after announcing the sale of a 12.5% stake in Connect Plus, the company which operates the M25 orbital motorway, for £103m. Greencoat Renewables rose after agreeing to buy the Dromadda More wind farm from Impax Asset Management for €88.4m funded by a €250m credit facility. Euromoney Institutional Investor edged higher as it appointed Wendy Pallot as its chief financial officer, succeeding finance director Colin Jones on a date to be confirmed. Kaz Minerals was on the front foot as it said that the expansion of its Aktogay copper mine has been approved. On the data front, UK public sector net borrowing figures are at 0930 GMT. In the US, the Philadelphia Fed manufacturing survey is at 1230 GMT, while initial jobless claims are at 1330 GMT and third-quarter gross domestic product is at 1330 GMT. |
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| | Market Movers FTSE 100 (UKX) 7,521.62 -0.05%
FTSE 250 (MCX) 20,311.17 -0.19%
techMARK (TASX) 3,488.78 -0.11% FTSE 100 - Risers Anglo American (AAL) 1,502.00p 0.81%
NMC Health (NMC) 2,759.00p 0.77%
BHP Billiton (BLT) 1,444.00p 0.66%
Coca-Cola HBC AG (CDI) (CCH) 2,368.00p 0.64%
Antofagasta (ANTO) 957.50p 0.47%
Glencore (GLEN) 371.95p 0.39%
Vodafone Group (VOD) 232.80p 0.34%
Rio Tinto (RIO) 3,721.50p 0.31%
Sky (SKY) 1,020.00p 0.29%
DCC (DCC) 7,400.00p 0.27% FTSE 100 - Fallers United Utilities Group (UU.) 807.00p -2.30%
Burberry Group (BRBY) 1,734.00p -1.42%
Berkeley Group Holdings (The) (BKG) 4,153.00p -1.35%
Persimmon (PSN) 2,688.00p -1.25%
Taylor Wimpey (TW.) 203.50p -1.21%
Barratt Developments (BDEV) 636.50p -1.01%
Mediclinic International (MDC) 581.50p -0.94%
Mondi (MNDI) 1,857.00p -0.91%
G4S (GFS) 256.00p -0.74%
Admiral Group (ADM) 1,914.00p -0.67% FTSE 250 - Risers Balfour Beatty (BBY) 287.28p 1.98%
Barr (A.G.) (BAG) 654.00p 1.32%
Saga (SAGA) 125.00p 1.30%
Vesuvius (VSVS) 575.00p 1.14%
NewRiver REIT (NRR) 338.00p 1.11%
Euromoney Institutional Investor (ERM) 1,295.00p 0.78%
Wetherspoon (J.D.) (JDW) 1,279.50p 0.75%
National Express Group (NEX) 381.70p 0.71%
Hiscox Limited (DI) (HSX) 1,402.34p 0.67%
Kaz Minerals (KAZ) 805.25p 0.66% FTSE 250 - Fallers Dechra Pharmaceuticals (DPH) 1,995.00p -1.97%
Howden Joinery Group (HWDN) 455.80p -1.34%
Stobart Group Ltd. (STOB) 272.80p -1.34%
FDM Group (Holdings) (FDM) 920.50p -1.29%
Dunelm Group (DNLM) 685.65p -1.20%
Bellway (BWY) 3,601.00p -1.07%
Card Factory (CARD) 277.70p -1.03%
Ladbrokes Coral Group (LCL) 172.50p -0.98%
Inchcape (INCH) 780.00p -0.89% |
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| | Cryptocurrencies Report | | Top Cryptocurrencies | # | Name | Market Cap($) | Price(%) | Change | Price Graph(3m) | | 1 |  | Bitcoin (BTC) | 285,809,227,400 | 16,852.1 | +2.47% |  | | 2 |  | Ethereum (ETH) | 83,600,366,759 | 834.82 | +4.97% |  | | 3 |  | Bitcoin Cash / BCC (BCH) | 61,257,374,850 | 3,463.45 | -7.71% |  | | 4 |  | Ripple (XRP) | 38,822,821,400 | 0.923883 | +28.2% |  | | 5 |  | Litecoin (LTC) | 17,993,599,975 | 315.96 | +3.7% |  | See our full list of cryptocurrencies |
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Top of the stocks Number of Deals Bought Number of Deals Sold |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks dip slightly ahead of Catalan elections European stocks have begun the morning trading slightly lower, mimicking losses on Wall Street overnight despite passage of US Republicans' tax cut bill, and ahead of regional elections in the Spanish region of Catalonia, on Thursday evening. As of 0852 GMT, the benchmark Stoxx 600 was slipping by 0.26% or 1.02 points to 387.30, alongside a fall of 0.39% or 20.80 points to 5,331.97 for the Dax and a dip of 0.05% or 6.43 points to 22,107.72 on the FTSE Mibtel. In the background, euro/dollar was steady, edging up by 002% to 1.1878. Commenting on the situation in markets, Henry Croft, research analyst at Accendo Markets, said: "In focus today will be the Catalonian regional parliament elections in Spain, just two months after the calamitous independence attempt by exiled leader Carles Puigdemont. "After attempting to secede from Madrid, PM Rajoy implemented direct rule over the region, plunging the country into a constitutional crisis that subsequently impacted the Euro and European bank stocks. Today's vote may put the struggle to bed should a clear majority arise for either camp, however no clear result will likely see protracted regional uncertainty." Meanwhile, on the economic front, INSEE's business climate index edged up by one point in December to reach 112.0 (consensus: 111.0). Still on the European economic calendar, Eurostat was set to release its euro area consumer confidence gauge for December at 1500 GMT. Later in the day, investors would be watching for the release of the third reading on US gross domestic product for the three months to September, at 1330 GMT, alongside the Philly Fed's regional manufacturing index for December. |
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| | US Market Report | | US close: Stocks end little changed as tax bill passes Stocks on Wall Street ended Wednesday’s session little changed overall as investors paused for breath following recent record highs after the House and the Senate passed a $1.5trn tax reform bill, sending it to President Trump for his signature. The Dow Jones Industrial Average and the S&P 500 ended down 0.1% at 24,726.65 and 2,679.25, respectively, while the Nasdaq ended flat at 6,960.96. The bill, which Trump hailed as a "historic victory for the American people", will see corporate tax cut to 21% from 35%, while income tax rates will be reduced across all seven individual tax brackets. It will give individuals and married couples who fall into the highest income bracket of $500,000 and over the largest tax cut, to 37% from 39.6%, "I promised the American people a big, beautiful tax cut for Christmas. With final passage of this legislation, that is exactly what they are getting," Trump said. "The heart of our bill is a tremendous amount of relief for the middle class, including a doubling of the child tax credit and a nearly doubling of the standard deduction. That's going to be tremendous for people," he added. Meanwhile, on the corporate front, FedEx was on the front foot after releasing better-than-expected second-quarter earnings late on Tuesday, while chip company Micron Technology rallied after its own forecast-beating quarterly numbers. General Mills gained after the food manufacturer posted stronger-than-expected fiscal second quarter sales numbers, while Bed Bath & Beyond advanced after a third-quarter earnings beat. Online clothing retailer Stitch Fix tumbled, on the other hand, despite its first quarterly earnings report as a publicly-traded company beating analysts' expectations. |
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| | Newspaper Round Up | | Thursday newspaper round-up: Agency workers, car manufacturing, Bitcoin Agency workers are collectively underpaid by £400m a year compared to their full-time counterparts, with the pay gap costing temporary admin staff £990 a year on average, according to new research. The Resolution Foundation said the loss of pay across all sectors took the average loss for each of the UK’s 800,000 agency workers to £500 a year, up from £430 last year. – Guardian The number of cars built in the UK fell in November compared to a year ago amid a continuing reduction in production for the home market, new figures show. Just under 161,500 cars left UK factories, down by 4.6% on the same month in 2016 after a huge 28% drop in domestic demand, the biggest decline of the year. Exports rose by 1.3%, reported the Society of Motor Manufacturers and Traders (SMMT), which revealed that almost 80% of the 1.5m cars built this year have gone to one of 160 global markets. ?" Guardian Two energy supply minnows have failed to meet a key payment deadline for the Government's warm home discount scheme, fuelling growing fears of a financial crunch for small suppliers due to rising costs in the crowded market. Flow Energy and Spark Energy were both expected to pay into an Ofgem-run funding pot, which is backed by a 15-strong group of energy suppliers. The scheme aims to cut up to £140 from energy bills for the most vulnerable customers over the winter, when bills are at their highest. - Telegraph Bitcoin will come under the scrutiny of regulators worldwide, the governor of the Bank of England has said, hours after America's largest digital currency exchange said it would be investigating potential insider trading. Mark Carney said that the "scale of growth" of bitcoin over the past year would prompt global rule-makers to examine digital currencies, amid concerns about a speculative bubble. ?" The Times Britain may be running out of workers, according to some of the UK's biggest business groups, with recruiters reporting that they face growing difficulties with hiring. There has been a steady drop in the UK's unemployment rate to a 42-year low of 4.3 per cent, squeezing the number of available candidates at a time when EU migrant workers are choosing to leave Britain. ?" The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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