FTSE 100 5505.42 +168.42 +3.16%
FTSE 250 10315.29 +283.71 +2.83%
FTSE AIM All-Share 696.40 +13.48 +1.97%
Above are Wednesday's closing prices
London Stocks Close Sharply Higher
1656 GMT [Dow Jones] FTSE 100 gains 3.2% to end at 5505.42 boosted by coordinated global central bank action to make dollar funding cheaper for European banks. Additionally, there have been an impressive set of U.S. economic data released in the afternoon. And earlier, China loosening monetary policy to spur growth, also lifted sentiment. As a result, risk-related stocks enjoy an impressive rally with banks and miners being the biggest risers. Barclays up 6.7% and Antofagasta up 9.2%. “As we head into the month of December tomorrow, historically a very bullish time of year for equity markets, you can tell there’s a sense of optimism amongst investors following today’s move and a shift in sentiment for the better,” says Capital Spreads. Thursday brings U.K. PMI manufacturing data at 0930 GMT. Individual euro zone manufacturing PMIs will also be released from 0845 GMT and for the euro zone as a whole at 0900 GMT.
WSJ: Central Banks Move To Support Global Financial System
The Bank of England and other leading central banks launched a joint action to provide cheap, emergency U.S. dollar loans to banks in Europe and elsewhere, a sign of growing alarm among policy makers about stresses in Europe and in the global financial system.
'Momentary' NYSE Interruption Affects 117 Stocks
NEW YORK (Dow Jones)–A glitch at the New York Stock Exchange Wednesday morning prompted at least two competitor exchanges to stop sending orders there and briefly interrupted trade and quote processing for scores of stocks. The Big Board operator suffered a “momentary” problem that affected stocks including Barclays PLC’s (BCS) American depositary shares.
UK Hit By Nationwide Public Sector Strike
LONDON (Dow Jones)–Thousands of teachers, passport officers and other public-sector employees staged what unions said could be the U.K.’s biggest strike for a generation Wednesday to protest plans to make them retire later and pay more towards their pensions.
UK Police Arrest Woman On Suspicion Of Illegally Intercepting Messages
LONDON (Dow Jones)–U.K. police arrested a woman that a person familiar with the matter identified as a former reporter at News Corp.’s (NWSA, NWS.AU) News of the World tabloid, part of the ongoing investigation into alleged wrongdoing at the now-closed newspaper.
Lloyds Bank Promotes Brown To Head Leveraged Finance Division
LONDON (Dow Jones)–Lloyds Banking Group PLC’s (LYG) Wednesday said it has promoted Ian Brown to head up its leveraged finance division, Lloyds Bank Corporate Markets Acquisition Finance.
BP Plans Large Forties Crude Cargo To Asia -Shipbrokers
LONDON (Dow Jones)–BP PLC (BP) plans to send a 270,000-ton cargo of North Sea Forties crude to Asia in the middle of December, in an unusual move after months of Forties supply disruptions, shipbrokers told Dow Jones Newswires Wednesday.
Norwegian Safety Agency: "Very Serious Shortcomings" In BP Safety
BP PLC’s (BP) efforts to monitor and respond to sudden pollution releases such as oil spills in the Norwegian Sea suffer from “very serious shortcomings” that demand immediate improvement, Norwegian regulators said.
Glencore In Talks To Merge Oil Ops With Refiner Cepsa
Commodities-trading giant Glencore International PLC (GLEN.LN) is in discussions to merge its oil operations with Spanish refinery firm Cepsa, Reuters reported Wednesday, citing industry sources.
Watson Sells Generic Lipitor, Ranbaxy's Plans Unclear
Watson Pharmaceuticals Inc. (WPI) began selling a generic version of Pfizer Inc.’s (PFE) blockbuster cholesterol-lowering pill Lipitor in the U.S. Wednesday, marking the long-awaited loss of U.S. market exclusivity for the world’s top-selling drug.
Britvic Starts Manufacture In US
LONDON (Dow Jones)–Britvic PLC (BVIC.LN) Wednesday said it is to start manufacturing its products in the U.S. for the first time, as the U.K.-based soft drinks company bids to both cut logistical costs and grow its presence in North America.
Sportingbet Swings To Loss, Solid Start To 2nd Quarter
LONDON (Dow Jones)–Online sports betting firm Sportingbet PLC (SBT.LN) Wednesday swung to a loss in the first quarter because of one-off costs and new betting taxes, but said the group has made a “solid start” to its second quarter with trading in line with the company’s expectations.
Hogg Robinson Profit +25%, Will Meet Full-Year Views
LONDON (Dow Jones)–Corporate travel management company Hogg Robinson Group PLC (HRG.LN) Wednesday posted a 25% rise in first-half pretax profit, driven by growth across all travel regions, and said it expects full-year earnings to be in line with market expectations.
Creston Clients Continue To Spend Despite Economic Slowdown
LONDON (Dow Jones)–U.K. marketing and public relations group Creston PLC (CRE.LN) hasn’t seen any let up in client spending or suffered any project cancellations despite a worsening economic backdrop, the company’s chief executive said Wednesday.
Silverdell Eyes Acquisitions Away From Core Asbestos Business
LONDON (Dow Jones)–Environmental support services firm Silverdell PLC (SID.LN) is looking to make acquisitions away from its core asbestos removal business, possibly in the field of water hygiene testing, the firm’s chief executive said Wednesday.
UK's Osborne: Euro-Zone Crisis Having Chilling Effect
LONDON (Dow Jones)–The euro-zone debt crisis is having a “chilling effect” on the U.K. economy and a breakup of the currency union would further damage the U.K.’s prospects, Chancellor of the Exchequer George Osborne said Wednesday.
UK Cameron: Public-Sector Pension Reform Essential
Reform of U.K. public-sector pensions is essential, Prime Minister David Cameron said Wednesday as state employees staged what promises to be the biggest strike in a generation to protest plans to make them retire later and pay more towards their pensions.
WSJ: Britain Closes Iranian Embassy In London
The U.K. said Wednesday it is closing Iran’s embassy in London in response to mobs attacking the British embassy in Tehran the day before and accused the Iranian government of consenting to the invasion.
Global Central Banks Move Improves Credit Supply
1427 GMT [Dow Jones] The move by global central banks to lower the price of US dollar swap arrangements “eases the stresses on banks and hopefully would improve the supply of credit to their economies,” says Berenberg Bank analyst Alexander Potter. Says “it is a signal being sent by central bankers that they do “get it” and they’re trying to head off a nascent credit crunch.” Says it is uncertain whether the move will signal a “definitive” solution to the current financial crisis but says “it certainly makes things better.”
UBS Cuts Novolipetsk Target Price
1442 GMT [Dow Jones] UBS cuts its target price for Novolipetsk Steel (NLMK.RS) to $29 per global depositary receipt from $37, following the company’s weak 3Q results released on Nov. 16. The bank slashes its forecast for Novolipetsk’s financials in the period between 2011 and 2014. It says the cut was triggered by the decline in its margin projections for Novolipetsk’s international business in the short term, “given the weaker demand environment and pressure on steel prices.” UBS cuts its forecast for Novolipetsk’s 2012 net profit to $1.74 billion from $2.23 billion and reduces its 2012 Ebitda forecast to $3.21 billion from $3.76 billion. The bank keeps the stock rated at buy. Novolipetsk shares are up 4.7% at $23.51.
Contact: London Services, Dow Jones Newswires; +44-20-7842-9319