European market opened up flat with investors remaining cautious ahead of a policy meeting by the European Central Bank later this session. The ECB is widely expected to hold interest rates unchanged at record lows, but President Mario Draghi is likely to drive home the case for ultra-loose monetary policy. FTSE 100 is currently trading up 0.1% at 6,409 and DAX is trading up 0.09% at 10,449.
UK News
SABMiller Co. (LON:SAB LN) reports Lager volume up 3% for 2H and Q4, soft drink volume up 6% for FY, volume growth 2% with mixed realisation at 3% and Co says our subsidiaries achieved excellent NPR and volume growth of 8% and 5% respectively in FY, while we have seen a relatively weaker performance in out associates and JV’s
SKY (LON:SKYB) 9 months revenue rose 5% to GBP 8.715bln, 177k new customers joined in Q3, 9 month operating profit is up 12% to GBP 1.143bln and Co. states that Germany and Austria across Q3 customers grew by 73k
Global News
In Asia stocks were higher after the yen resumed a weakening trend against the U.S. dollar amid a bounce in oil prices and growing expectations of further easing from the Bank of Japan. The Nikkei share average climbed 2.7% to end the day at 17,363.62, its highest level since February 3. Mitsubishi Motor's (T:7211) stock ended the day 20.5% lower at a record-low 583 yen as the automaker said on Wednesday that it had manipulated test data to overstate the fuel economy of 625,000 cars sold in Japan.
In Currency Markets the euro fell as investors adjusted position ahead of a policy meeting by the European Central Bank later this session. The ECB is widely expected to hold interest rates unchanged at record lows, but President Mario Draghi is likely to drive home the case for ultra-loose monetary policy. The euro stood at $1.1293, compared with $1.1358 in Asian trading on Wednesday and well below its overnight peak of $1.1388. Against the yen, it edged down about 0.1% to 123.98. Fed Chair Janet Yellen has repeatedly said the Fed will be cautious in tightening policy, prompting markets to barely price in a rate hike this year.
Crude prices rose on Thursday, reversing earlier declines, as the International Energy Agency (IEA) said that 2016 would see the biggest fall in non-OPEC production in a generation, helping rebalance a market that has been dogged by oversupply. The IEA’s chief Fatih Birol said on Thursday that low oil prices had cut investment by about 40 percent in the past two years, with sharp falls in the United States, Canada, Latin America and Russia. After falling to a session low of $45.23 per barrel on Thursday, front-month Brent crude futures rose to $46.10 a barrel, up 30 cents from their last close. U.S. crude futures dipped to $43.62 before rising to $44.43 a barrel, up 25 cents from their last close.
In US stock indexes were slightly higher on Wednesday as a recovery in oil added to the boost from earnings reports that beat tempered expectations. Shares in Coca-Cola (NYSE:KO) fell 4.5% to $44.50 after its sales dropped for the fourth straight quarter. Intuitive Surgical's (NASDAQ:ISRG) 4.2% rise to $650 propped up the healthcare sector after the company’s profit beat estimates. The S&P 500 was up 3.87 points, or 0.18%, at 2,104.67.
Economic Calendar
09:30 GMT+1 UK Retail Sales m/m
12:45 GMT+1 EU Minimum Bid Rate
13:30 GMT+1 EU ECB Press Conference
13:30 GMT+1 US Philly Fed Manufacturing Index
13:30 GMT+1 US Unemployment Claims
DISCLAIMER: The above is not considered financial advice or any endorsement to use any particular service. If you wish to use any of the services mentioned, please seek independent advice.
RISK WARNING: Spread betting, CFD, futures and options trading carries a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved. Past performance of a managed service is not a guide to future performance.