FTSE 100	4216.59, -39.19	Dow	8515.55, +47.07
FTSE 250	6315.82 +27.72	Nasdaq	1530.24, +5.34
FTSE All Share	2111.37, -16.13	S&P 500	872.8, +7.38
Nikkei	8747.17, +7.65	Hang Seng	14328.48, +144.34
Oil (Crude)	$37.71	Gold	$871.20
Base Rate	2%	10 Yr Gilt	3.11%
£/$	1.468	£/€	1.0309
1 month LIBOR	2.295	3 month LIBOR	2.935

 

Markets

London - The FTSE 100 is currently 101.41 points higher at 4,318. BP and Royal Dutch Shell are 5% higher, rising in line with oil prices. Anglo American, BHP Billiton and Rio Tinto gain between 5% and 7%, reflecting the rise in metal prices. Outside of the FTSE 100, Imperial Energy rallies 6% higher after the Financial Times reported that it is approaching the 90% level of acceptances needed for its takeover by ONGC Videsh. Shareholders have until 1pm tomorrow to accept the offer of £12.50 a share.

New York - US markets ended higher on Friday in a thinly traded post holiday session. The Dow Jones added 47.07 points to close at 8,515.55, the S&P 500 rose 7.38 points to end at 872.80. The Nasdaq gained 5.34 points to finish at 1,530.24

General Motors helped lift the market after the Federal Reserve approved GMAC’s request to become a bank holding company. The financing arm of GM now qualifies for government funds, helping to prevent bankruptcy. GM rallied about 13%, while Ford Motor Co rose 8.5%.

Retailer went lower following a report from MasterCard Worldwide unit SpendingPulse, which showed sales excluding gasoline down as much as 4% compared to last year.

US light crude oil for February delivery gained $2.36 to settle at $37.71 a barrel. Energy companies rose in line with the commodity with Exxon Mobil adding 1.9% and Chevron Corp rising 1.1%. COMEX gold for February delivery dropped $23.20 to $871.20 an ounce.

Tokyo - The Nikkei edged 7.65 points higher to close at 8,747.17 this morning. Aioi Insurance Co soared 19% on reports it may combine with two competitors to create Japan’s biggest non-life insurer. Elpida memory, the nation’s No 1 memory chipmaker, rose 13% after saying it was in merger talks with Taiwanese semiconductor companies.

Hong Kong - The Hang Seng halted a four day drop to finish 144.34 points higher at 14,328.48. Rising oil and gold prices lifted commodity shares while the city’s de facto central bank added more cash into the financial system, lifting the broader market.

Economics

No economic data to report.

Corporate

Employee owned group, John Lewis, said on Sunday that the first day of its clearance sale produced record takings at its department stores. The bellwether for British retailing said sales were up 7% on last year at £21.3 million.

Businesses including BAE Systems, Cobham, Compass Group, British Gas Services, Enterprise, Royal Dutch Shell, BT and Bentley Motors have told the Financial Times that they will continue to recruit apprentices, fearing that skills shortages could be worse when the economy recovers. British Gas Services, part of Centrica, said it would maintain its current level of apprenticeships, while Bentley Motors plans to add a further 11 % in 2009, on top of a 28% increase in 2008. All the organisations are members of Gordon Brown’s 2005 Apprenticeship Ambassadors Network, aimed at delivering 400,000 positions each year by 2020.

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The above details are provided for information only and are not intended to be construed a solicitation for the sale or purchase of any particular investment nor as specific investment advice.

 

 

Posted: December 30th, 2008 under Asset Management.
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