Market overview: US data comes in mixed, Philly Fed index sinks
1500: Markets are extending gains despite a raft of mixed economic data. The preliminary reading of the US Markit services PMI unexpectedly dropped to 53.6 in November from 56.2 previously, missing the forecast of a rise to 53.6. The US leading indicators index increased 0.6% after rising 0.9% in October (forecast: +0.5%). The Philly Fed manufacturing index sank sharply to 24.5 in December from 40.8 previously (forecast: 26).
Financial Services
14,051.23
16:59 26/04/24
FTSE 100
8,139.83
17:09 26/04/24
FTSE 350
4,470.09
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
Gas, Water & Multiutilities
5,989.01
16:59 26/04/24
London Stock Exchange Group
8,934.00p
17:14 26/04/24
United Utilities Group
1,038.50p
16:35 26/04/24
1330: US jobless claims decreased by 6,000 to 289,000 in the week ended 13 December, the fewest since early November, the Labor Department said. Analysts had been expecting 295,000 claims. Jobless claims have been below 300,000 for 13 of the past 14 weeks.
1303: The FTSE is in positive territory, with technology group ARM among the best performing stocks.
1230: Oil has jumped 3% to $63 per barrel, rebounding from five-year lows this week, as energy firms cut investments.
1000: UK retail sales rose 6.9% in November following a 4.9% gain a month earlier. Analysts had expected a 4.5% increase.
0932: Stock exchange operator LSE is in demand after saying it has made ”good progress” over the course of 2014. Some £41bn of equity capital was raised on LSE’s markets during the 11 months to 30 November, compared with £26.7bn the year before, while new issues jumped by 38%. Royal Mail is putting in decent gains after a report found that the company was £180m underpriced in its stock-market flotation last year.
0900: The German IFO business climate index increased from 104.7 to 105.5 as expected. The current assessment sub-index missed forecasts by holding steady at 110 but the expectations sub-index beat estimates by rising to 101.1.
0840: Water provider United Utilities is automatically a heavy faller on the FTSE 100 after going ex-dividend, meaning that investors no longer quality for the latest dividend payout. FTSE 250 groups Berkeley, Greene King, Halfords, Marston’s, Mitie and Polymetal have also gone went ex-dividend.
0830: UK stocks have gained early on, rising around 0.6% on last night’s close of 6,336.48, following a strong performance on Wall Street after the FOMC statement. The Fed said it would be “patient” to tighten monetary policy, “providing investor sentiment with a vote of confidence following a hectic couple of days in the financial markets”, said analyst Jameel Ahmad from FXTM. The Swiss central bank has surprised investors this morning by cutting interest rates to -0.25, causing the france to fall against the euro.