| The 12 Stocks of Christmas Who could rebound the most in December? The end of the year is an excellent time for traders; data going back over three decades notes that December often sees a stock market rally to cap the end of the trading year. This report looks at 12 Stock Picks for this year's Santa Rally to assess which of them have the best potential for recovery.78% of retail clients lose money, consider affordability. Download Here | | | London open: Stocks edge higher as May sets off for Brussels | | | | | London stocks edged higher in early trade as Theresa May headed to Brussels for an EU summit after surviving a no-confidence vote on her leadership. At 0830 GMT, the FTSE 100 was up 0.4% to 6,904.63, while the pound was up 0.4% against the dollar at 1.2684 and 0.2% firmer versus the euro at 1.1135, paring gains after surging late on Wednesday as May survived the confidence vote, albeit with more dissenters than expected. Konstantinos Anthis, head of research at ADSS, said: "So where does this leave us and the pound? In our view, nothing changed: granted, May got a boost as she cannot be challenged again for another year but regarding the Brexit negotiations things still remain the same. The UK Parliament seems unwilling to pass her draft and the EU has made it clear that there's no room to renegotiate. "Time is running out for May and actually that's her best card right now: the longer the MPs resist voting in favour of her draft the odds of a hard Brexit continue to mount, something they want to avoid at all costs. This is a high-risk strategy for May but unfortunately it seems it's the only one left to use, which means that volatility and uncertainty will remain the dish of the day." May will now head to Brussels in a bid to gain further reassurances from the EU that the Irish backstop - which will prevent the return of a hard border with Ireland - will not last indefinitely, as she scrambles to get support for her Brexit deal ahead of the Commons vote. Investors were digesting the latest housing sector survey from the Royal Institution of Chartered Surveyors, which showed that the UK property market was at its weakest level in more than six years in November as worries about Brexit meant that buyers and sellers opted to sit tight. The RICS house price balance slumped to -11 last month from -10 in October, marking its lowest reading since September 2012. Meanwhile, the number of people looking for a new home fell again in November, with the net balance down to -21 from -15 in October, its lowest level since September 2017, mostly on the back of Brexit-related uncertainty. The outlook was equally downbeat, with sales expectations for the coming three months slumping to -23 in November from -6 the month before. This was the most substantial decline in this series since the EU referendum. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the survey shows that the downturn in the housing market is intensifying as households become increasingly concerned about the calamitous Brexit process. "Until households can be sure that the economic status quo won’t change next year, we expect house prices to struggle. But even further ahead, house prices are set to rise less quickly than households’ incomes, as the MPC likely will pick up the pace of interest rate hikes next year." On the corporate front, holiday group Tui was the standout gainer on the top-flight index as it reported a 10.9% increase in full-year earnings and said it expects similar growth next year. Ocado edged up as the online grocery specialist reported 12% revenue growth from its UK retail operations in the final three months of 2018, in line with guidance for the full year. Logistics company Bunzl rallied as it said full-year group revenue is expected to increase by between 8% and 9% at constant exchange rates due to organic growth of more than 4% and a similar impact from acquisitions, net of disposals. It also said it has recently acquired CM Supply, a foodservice distributor based in Copenhagen, Denmark for an undisclosed sum. Security services firm G4S surged after saying it was reviewing options to spin-off its cash solutions division. Sports Direct was feeling the burn as it posted a 27% drop in underlying interim profit weighed by losses at House of Fraser, which it bought back in August. Ultra Electronics was the victim of a downgrade, suffering the heaviest losses on the FTSE 250 as Barclays cut the stock to 'underweight' from 'equalweight' and slashed the price target. This came as the company said in an update that it sees full-year results in line with expectations and that it continues to experience strong order inflow. 3i Group, Associated British Foods, Assura, BCA Marketplace, Halfords and Grainger were among the companies whose shares went ex-dividend. | | | | | Are you looking for a profitable trading strategy? Do you have 20 minutes a day to follow this strategy? Yes! Then you need to watch this session. In fact for the past 6 months this strategy has been averaging +1275 pips per month! Book A Free Place To Find Out More | | | | Top 10 FTSE 100 Risers| Sponsored by Interactive Investor | 
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| | | US close: Stocks close higher on hopes of US-China trade deal | | | | | US stocks closed higher on Wednesday amid signs of improving trade relations between the US and China, with much of the attention being focussed back on this side of the pond. At the close, the Dow Jones was 0.64% higher at 24,527.27, while the S&P 500 had picked up 0.54% at 2,651.07 and the Nasdaq traded 0.95% firmer at 7,098.31. Sentiment was underpinned by reports that China has agreed to cut tariffs on US cars from 40% to 15% in a move aimed at de-escalating the trade war with the US. The mood was also lifted by news that Huawei's chief financial officer, Meng Wanzhou, had been released on bail and comments by Donald Trump, who said in an interview with Reuters on Tuesday that he would intervene in the Justice Department's case against Wanzhou if needed. James Hughes, chief market analyst at AxiTrader, said: "Optimism is coming from two directions, with hopes that a trade deal can be struck between the US and China driving sentiment, whilst anticipation that the Federal Reserve may elect not to hike interest rates next week is also lending support." Much focus was also on UK Prime Minister Theresa May, who said earlier on Wednesday that she would contest a challenge to her leadership scheduled for Wednesday evening "with everything I've got" after rebel Conservative MPs triggered a vote of no confidence in frustration at her inability to deliver a Brexit deal. May won the no-confidence vote by 200 votes to 117. Meanwhile, in Trumpland, the President unveiled a new council aimed at overseeing government efforts on behalf of opportunity zones, with a mind to leverage tax breaks for investors for having helped troubled communities. The White House Opportunity and Revitalization Council will be chaired by former Republican Presidential candidate and Department of Housing and Urban Development Secretary Ben Carson and will also include representatives from 13 other agencies. Elsewhere, former Trump lawyer Michael Cohen was sentenced to three years in prison for his role in covering up the President's affair with porn star Stormy Daniels Cohen, who once claimed he would "take a bullet" for Trump, said: "Recently, the president tweeted a statement calling me weak, and he was correct — but for a much different reason." "Time and again I felt it was my duty to cover up his dirty deeds rather than listen to my own voice." "Today is the day I am getting my freedom back," he said through tears. On the macro front, falling gas prices helped offset increases in rent and prescription drug prices during November and kept inflation in the US at an arm's length. The consumer price index, or cost of living, was stable last month, according to the Bureau of Labor Statistics, as expected by economists. The increase in the cost of living over the past 12 months slowed to 2.2% from 2.5%, just shy of its lowest level this year. As of 2110 GMT, West Texas Intermediate was 1.06% lower at $51.10 per barrel, while Brent Crude was down just 0.15% at $60.11. The USD was down 1.19% against the GBP at 0.7912. In corporate news, Mallinckrodt shares closed 0.43% lower after the pharmaceutical company's subsidiary, SpecGx, received a complete letter response from the FDA for its new drug application for Roxicodone, which is a treatment for pain requiring an opioid. Synergy Pharmaceuticals had slid 52.8% at the close as it filed for Chapter 11 bankruptcy and announced an agreement to sell most of its assets to Bausch Health for $200m. Elsewhere, Neurocrine Biosciences tumbled 13.91% after its trial of a Tourette's syndrome treatment missed its primary goal and Stitch Fix picked up 8.67% after announcing it was shifting focus from new clients to existing ones. | | | Thursday newspaper round-up: Brexit, gambling ads, derivatives | | | | | Brexit is battering the UK property market, pushing it to its weakest level in more than six years, with almost half of surveyors reporting that sellers and buyers are sitting tight because of political uncertainty. The Royal Institution of Chartered Surveyors (Rics) said its monthly indicators for demand, supply and prices fell to multiyear lows in November. – Guardian The gambling industry has confirmed plans to press ahead with a voluntary ban on betting adverts during sport programmes from next summer, amid mounting pressure to protect children from excessive exposure to gambling. Jeremy Wright, the culture secretary, said gambling firms were “stepping up and responding to public concerns”, as the Industry Group for Responsible Gambling (IGRG) - which coordinates five trade bodies - announced details of the proposals. - Guardian MPs on the Foreign Affairs Select Committee have urged British universities to exercise "extreme caution" accepting money from Huawei, amid growing international concern about the security threat posed by the controversial Chinese telecom company. Huawei, the world's biggest telecom equipment manufacturer, has agreed to pour at least £6m into UK universities including Cambridge, Oxford, Manchester and York despite warnings from intelligence agencies around the world over potential security risks posed by the company’s technology. - Telegraph An Irish virtual reality company, VR Education, has struck a deal with Finnish giant Nokia for its teaching and corporate training platform, as it launches the software commercially. Aim-listed VR Education, which is valued at around £20m, has been using funds from its initial public offering earlier this year to develop the "ENGAGE" platform. - Telegraph The European Commission is preparing to grant European banks temporary access to British-based clearing houses for an additional year in the event of a no-deal Brexit, ending uncertainty about the status of trillions of euros of financial derivatives. Brussels had failed to provide assurances that cross-border derivative contracts would be recognised in the event of a no-deal Brexit. - The Times The audit watchdog is to consider ways to improve the auditing of banks in Britain after it criticised the Big Four accountants for poor results in a review of their work for financial firms. The Financial Reporting Council has launched a consultation to change the requirements for the audits of banks and building societies. Under its proposals, auditors would have to apply a higher benchmark when looking at banks’ risk assessment procedures and disclosures and would have to better audit management estimates in a bank’s financial statements. Audit firms have until March 8 to respond. - The Times | |
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