Market Pulse
Pantheon Resources delayed by unexpected oil find
Shares in Pantheon Resources climbed towards a nine-year high as it unexpectedly struck oil at the second well it has drilled at an onshore East Texas property.
UK GDP accelerated slightly in the third quarter
Britain´s economy expanded by 0. 6% quarter-on-quarter in the three months to October according to one of the country´s most prestigious think tanks.
Market overview: Footsie slips, commodities weak
1630:Close The Footsie was dragged lower by miners as commodity prices were hit by the rising dollar after today´s US jobs reports. Three-month copper futures slipped another 0. 9% to end at $4,984. 00 per metric tonne on the LME. In parallel, the pound and Gilts took increased rate hike expectations across the Pond on the chin. Fed funds futures were left pricing in a 70% probability of a December rate hike by theFOMC. The second-tier index on the other hand managed a gain of 48.
London close: Footsie undecided as chances of December Fed hike rise
Volatility on Wall Street in the aftermath of Friday´s jobs report rippled across the Atlantic, leading to sharp intraday swings in the top flight index - albeit within a tight range - as the US dollar strengthened and commodity prices took a hit, weighing on related shares.
Sector movers: Natural resource stocks tumble on stronger dollar
Decline in mining, metals and oil stocks on Friday meant the London market ended the week on a flat footing, as a stronger dollar sent the entire commodities market tumbling.
FX Roundup: Dollar soars on US jobs data
The dollar soared against a basket of global currencies on Friday, with a positive US jobs report increasing the likelihood of an interest rate hike by the Federal Reserve as early as December.
Commodities: Dollar spike pummels precious metals, oil heads lower
The precious metals market registered huge declines on Friday, as a positive US jobs report, seen to be increasing the likelihood of an interest rate hike, sent the dollar soaring to record intraday highs against a basket of global currencies.
Europe close: Equities advance despite disappointing data as US jobs report provides boost
European stocks ended the week on an upbeat note despite some disappointing German data, as a strong US job report meant the Federal Reserve is likely to hike interest rates next month.
Barclays and BNP expect Fed rate hike in December after jobs data
The rebound in hourly earnings reverses September's calendar quirk - when the 15th falls outside the survey week, the earnings of people paid semi-monthly are under-recorded - but the key point here is that the y/y rate has risen to 2. 5%, the highest since July 09 and a break to the upside from the 2 to 2-1/4% range for the first time since the crash. The Fed's hawks will now argue that they have hard evidence in the most widely-watched (but least reliable, not that it matters right now) data that the tightness of the labor market is pushing wage gains higher.
Broker tips: National Grid, Betfair, Imperial Tobacco
Jefferies downgraded National Grid to ‘hold’ from ‘buy’ but lifted the price target to 950p from 900p.
Week ahead: UK October employment report in focus
In the aftermath of Friday´s US jobs report, next Wednesday investors were set to turn to matters closer to home, with the release of the September employment report and October´s tally for the claimant count.
Atlas Mara directors up stake as share buyback continues
Atlas Mara Limited’s directors are buying shares to increase their stake in the company.
Bushveld Minerals subsidiary snaps up South African vanadium project
Commodity mineral development Bushveld Minerals said one of its subsidiaries has acquired the Brits vanadium project in South Africa.
White House to again reject Keystone XL pipeline
Barack Obama will again reject the application to build the massive Keystone Xl oil pipeline between Canada and the US, according to reports.
Credit Suisse bumps up Imperial Tobacco target on cash flow
Credit Suisse upgraded its price target on Imperial Tobacco to 3,800p from 3,500p on the back of better-than-expected cash flow.
FTSE 100 movers: Mining millstone reverses, IHG and IAG jump
The FTSE 100 spiked in mid afternoon on Friday, rebounding on the back of the US jobs report, before promptly being yanked back into negative territory by the millstone of depressed mining stocks.
Dam disaster at BHP Billiton's Samarco mine in Brazil leaves 17 dead
The bursting of a tailings dam at a mine part-owned by BHP Billiton in Brazil's Minais Gerais region is thought to have left at least 17 people dead and almost 50 missing in the resulting mudslides.
Hurdles preventing Fed from hiking rates have disappeared, says Bullard
The concerns that prevented the US Federal Reserve from hiking interest rates in September have largely disappeared, a top Fed official said on Friday.
Charles Stanley upgrades Inmarsat on long-term growth potential
Charles Stanley upgraded Inmarsat to ‘accumulate’ from ‘reduce’.
US October non-farm payrolls soar past estimates with 271,000 rise
US non-farm payrolls grew by 271,000 in October, according to the Bureau of Labour Statistics, miles ahead of the consensus forecast for a gain of 180,000.