| | | | | | | Stocks for your stocking this Christmas As it’s the season for sharing Ian Forrest, investment research analyst at The Share Centre, comments on five companies that ‘yule’ likely see prosper as a result of the festive season. Capital at risk. Read more | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks nudge up after record high; Ladbrokes-GVC in focus London stocks nudged a touch higher at the start of what will be a curtailed final session before Christmas as investors paused for breath after the FTSE 100 hit an all-time high the previous day, with eyes on events in Catalonia. At 0845 GMT, the FTSE 100 was up 0.1% to 7,608.93, while the pound was flat against the euro at 1.1280 and down 0.1% against the dollar at 1.3372. The London Stock Exchange will close at 1230 GMT as the last trading day before Christmas. On Thursday, the top-flight index closed up 1.05% at 7,603.98, which was a record high. Market participants were digesting news that Catalonia's pro-independence parties have held on to their majority in snap regional elections. This is a blow to the Spanish government, which had called the polls in the hope of heading off the secessionist push. The three separatist parties won a total of 70 seats in the 135-seat regional parliament even though the centre-right, pro-unionist Citizens party was the single biggest winner, with 36 seats. On UK the data front, the final release of third-quarter UK GDP is at 0930 GMT, along with the index of services. David Madden at CMC Markets said: "Economists are expecting the reading to remain unchanged at 1.5%. The British economy has been ticking along nicely, and broadly speaking the economic indicators have been positive. "Mark Carney, the governor of the Bank of England, stated the UK banking system is well financed enough to cope with Brexit, and stated a transitional phase post March 2019 would be beneficial to the British financial sector. The pound has had an impressive 2017, especially when you consider what sharp it was in at the start of the year." In corporate news, there was a little M&A action to keep things interesting on what is likely to be a pretty quiet half day's trade otherwise, with Ladbrokes Coral agreeing to be taken over by GVC Holdings for a sum of £3.2bn that could rise up to £4bn. GVC said it sees at least £100m of efficiencies from the deal that should lead to a double-digit boost to earnings. GVC was trading a little lower while Ladbrokes edged up. Elsewhere, BHP Billiton slipped as it agreed to provide $181m in financial support to the Renova Foundation and Samarco until the end of June next year, following the dam failure in 2015. Paper and packaging group Mondi fell after announcing the acquisition of Finnish pulp and paper mill operator Powerflute for €365m from Nordic Packaging and Container Holdings. |
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| | Market Movers FTSE 100 (UKX) 7,608.93 0.07%
FTSE 250 (MCX) 20,444.23 0.11%
techMARK (TASX) 3,523.65 0.17% FTSE 100 - Risers Next (NXT) 4,500.00p 1.93%
Centrica (CNA) 139.86p 1.57%
WPP (WPP) 1,359.00p 1.27%
GKN (GKN) 315.20p 1.19%
Reckitt Benckiser Group (RB.) 6,787.00p 1.00%
Severn Trent (SVT) 2,131.00p 1.00%
Shire Plc (SHP) 3,952.50p 0.93%
Sainsbury (J) (SBRY) 239.10p 0.89%
Morrison (Wm) Supermarkets (MRW) 216.00p 0.84%
Ferguson (FERG) 5,430.00p 0.84% FTSE 100 - Fallers Mediclinic International (MDC) 613.50p -2.62%
International Consolidated Airlines Group SA (CDI) (IAG) 642.50p -1.23%
Barclays (BARC) 202.70p -0.90%
Mondi (MNDI) 1,868.00p -0.90%
Worldpay Group (WPG) 426.29p -0.89%
Ashtead Group (AHT) 1,961.00p -0.81%
London Stock Exchange Group (LSE) 3,714.00p -0.70%
GlaxoSmithKline (GSK) 1,312.50p -0.57%
Royal Bank of Scotland Group (RBS) 275.00p -0.54%
Hargreaves Lansdown (HL.) 1,749.00p -0.51% FTSE 250 - Risers Spire Healthcare Group (SPI) 246.40p 2.41%
Softcat (SCT) 523.50p 2.15%
Vectura Group (VEC) 105.20p 1.94%
Kaz Minerals (KAZ) 835.56p 1.90%
Ferrexpo (FXPO) 294.10p 1.76%
Sirius Minerals (SXX) 23.92p 1.70%
Capita (CPI) 399.10p 1.58%
RDI Reit (RDI) 36.26p 1.57%
Acacia Mining (ACA) 189.50p 1.45%
Cairn Energy (CNE) 217.20p 1.40% FTSE 250 - Fallers McCarthy & Stone (MCS) 150.10p -2.28%
Mitchells & Butlers (MAB) 265.60p -1.99%
Euromoney Institutional Investor (ERM) 1,250.00p -1.57%
CYBG (CYBG) 335.30p -1.47%
John Laing Group (JLG) 291.20p -1.42%
Computacenter (CCC) 1,117.04p -1.32%
Sophos Group (SOPH) 550.50p -1.17%
Virgin Money Holdings (UK) (VM.) 279.90p -1.10%
GVC Holdings (GVC) 925.50p -0.91% |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Spanish spanner in the works as Catalan election plan backfires Regional election results in Spain cast a pall over European stocks on Friday, as the Madrid government's move to reduce political uncertainty backfired as secessionist parties won a majority. At 0830 GMT, Spain's Ibex index was down 1.1% at 10,182, having opened around 1.5% lower, while the euro had earlier tumbled sharply lower, hitting 1.1815 against the dollar before rebounding slightly to 1.1845. Spanish 10-year yields popped up on Friday morning, albeit only marginally. The benchmark Stoxx 600 was just below water at 390.56, down 0.03%, while Germany's DAX was down 0.2% to 13082.68 and France's CAC lost almost as much to 5376.18. With almost all the votes counted, Catalan separatist parties looked to have won a majority of 70 out of the 135 seats in the regional parliament, though unionists Ciudadanos were the individual party with the most seats, at 37. Analysts at Barclays were optimistic that a moderation of the approach of the pro-independence parties and a halving of the seats for the Popular Unity party (CUP), the only one of the three pro-independence parties that still insists on a unilateral path towards independence. As a results Barclays said it "expect the de-escalation of the Catalonian crisis to continue". Barclays said the other two pro-independence parties, Junts per Catalunya led by deposed Catalan president Carles Puigdemont and the Republican Left (ERC), seem to have "abandoned the unilateral path" and, though independence remains their long-term goal, have returned to the constitutional framework, signalling their willingness to establish political dialogue with the government in Madrid. From an immediate market perspective, analyst Neil Wilson at ETX Capital said: "This remains a bit of a slow burner and it's hard to assess where the political machinations will take us, but investors are wisely taking a little risk off the table," said. "However the risk of Catalan independence remains low for the moment." The fall in the euro came as traders factor in further political turmoil in Spain, said Jasper Lawler at London Capital Group, with political risk also being eyed in Germany as coalition talks to fill the political vacuum have already produced little result after several weeks. "The calling of regional elections in Catalonia, Spain, appears to have backfired for the Spanish Government as the pro-independence parties won enough seats to form a regional coalition government. However, it remains to be seen whether these three parties are able to create a government between them, especially given their different views to solving the same problem," he said. "Even if these three parties manage to form a coalition, we are unlikely to see a repeat of Octobers' violent clashes on the streets following the illegal independence referendum. The road to independence will be a struggle given that Madrid currently rules over Catalonia and that outside of Catalonia most sided with Madrid and refused to acknowledge Catalonia's independence. However most parties appear to agree that dialogue is the way forward." There was little else on the economic calendar to distract traders, apart from some Nordic numbers and Italian confidence data, all of which was adorned in festive green. UK national accounts are due at 0930 GMT. |
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| | US Market Report | | US close: Stocks end slightly higher after data slew; banks and energy shares gain US stocks ended Thursday’s session a little higher as investors digested the latest readings on growth, jobs and manufacturing, although volumes were thinner than usual as we head towards the Christmas break. The Dow Jones Industrial Average and the S&P 500 rose 0.2% to 24,782.29 and 2,684.57, respectively, while the Nasdaq ticked up 0.1% to 6,965.36, with banks and energy shares among the best performers. On Wednesday, stocks closed little changed overall after the House and the Senate passed a $1.5trn tax reform bill, sending it to President 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%. Craig Erlam, senior market analyst at Oanda, said: "With tax reform having been priced in over the course of the year, including a late push in recent weeks as details of the bill became clear and progress through Congress was made, it's evident that it is already priced in. While we're not yet seeing signs of corrections following - in buy the rumour sell the fact fashion - markets may struggle for positive catalysts over the next week or so." Figures released earlier showed third-quarter economic growth in the US was revised down a touch amid weaker consumer spending. The final reading of gross domestic product showed a 3.2% annualised increase, down from a previous estimate of 3.3% growth. Still, it was the fastest pace since the first quarter of 2015 and up from 3.1% growth in the second quarter. Meanwhile, the number of Americans filing for unemployment benefits grew more than expected last week, according to data from the Labor Department. US initial jobless claims rose 20,000 from the previous week's unrevised level to 245,000. Economists had been expecting a smaller increase to 231,000. The four-week moving average came in at 236,000, up 1,250 from the previous week's unrevised average. Elsewhere, manufacturing conditions in the Philadelphia region unexpectedly improved in December. The Philly Fed index for current manufacturing activity in the region rose to 26.2 from 22.7 the month before, beating expectations for a drop to 21.5. Both the current new orders and shipments indexes also improved this month, increasing 8 points and 2 points, respectively. Pantheon Macroeconomics said: "The Philly data - we look more at the weighted sub-indexes rather than the headline sentiment number - undershot relative to the national ISM in November, so we're inclined to see this rebound as mean-reversion rather than a signal of incremental strength in manufacturing. Still, we're happy to see more evidence that the recovery in the sector continues after two years of weakness triggered by the collapse in oil sector capex. The three-month high in new orders is especially welcome. "Overall, we think the data are consistent with little change in the December ISM, following the trivial dip to a still-strong 58.2 in November." In corporate news, tech giant Apple nudged up despite admitting to slowing down older iPhones to prevent unexpected shutdowns. Elsewhere, biotech group Aeterna Zentaris surged after saying late on Wednesday that the US Food and Drug Administration approved one of its products for the diagnosis of adult growth hormone deficiency. Shares in Long Island Iced Tea rocketed after the company said it was rebranding and changing its name to Long Blockchain Corp. The company, which has been selling non-alcoholic beverages, said it will now look to partner with or invest in groups that develop the decentralised ledgers known as blockchain, which underpin bitcoin. Conagra Brands was a little lower despite its quarterly profit and sales beating expectations, while Paychex fell even as its quarterly sales and profit also beat expectations. Chipotle dropped as it emerged that public health officials in Los Angeles are reportedly investigating a possible foodborne illness outbreak at one of its restaurants. |
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| | Newspaper Round Up | | Friday newspaper round-up: Tesco, Catalonia, Vauxhall, inheritance tax Dave Lewis, the chief executive of Tesco, has “some explaining to do” about why the company did not reveal its inspectors had unearthed “major” process issues at a second 2 Sisters Food Group factory, an influential MP has said. The supermarket chain conducted a series of emergency inspections of 2 Sisters poultry factories as a direct response to a Guardian and ITV undercover investigation into its West Bromwich site at the end of September. – Guardian Catalan pro-independence parties have held their absolute majority in snap regional elections, dealing a severe blow to the Spanish government, which had called the polls in the hope of heading off the secessionist push. The three separatist parties won a total of 70 seats in the 135-seat regional parliament even though the centre-right, pro-unionist Citizens party was the single biggest winner, taking 36 seats. ?" Guardian Eric Schmidt, the former chief executive of Google and a key figure behind its colossal growth, is stepping down as executive chairman at the search engine's parent company Alphabet. He will leave in January, and is taking on a technical adviser role for the board, Alphabet said this evening. ?" Telegraph The owners of DC Thomson, the family-owned publisher whose titles include The Beano, are set to share dividend payouts of more than £20m after a rise in profits. Revenues at the Dundee-based company, which also owns the free magazines Stylist and Shortlist, as well as Scotland's Sunday Post, inched up 0.6pc to £277m in the year to March, despite falling advertising sales. Pre-tax profits climbed 23pc to £38.1m. ?" Telegraph Vauxhall is insisting that it will not have to cut jobs or production shifts at its Luton factory despite the slowdown in British motor manufacturing. A day after car production figures for British factories in November revealed a 28 per cent drop in domestic demand, monthly commercial vehicle manufacturing figures showed the van market was in recession, with a 34 per cent slump in assembly. ?" The Times Tax inspectors delving into people's estates have increased their inheritance tax take by nearly 15 per cent in the current financial year. Experts believe it shows a much more aggressive approach towards tackling avoidance. Figures released by HMRC show that inheritance tax receipts from the start of the 2017-18 tax year to the end of last month stood at £3.6 billion, a rise of £472 million or 14.6 per cent compared with the equivalent period last year. ?" The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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