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| Version 15 | Version 16 |
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| Global markets climb on rising US confidence and higher oil prices – as it happened | Global markets climb on rising US confidence and higher oil prices – as it happened |
| (7 months later) | |
| 5.24pm GMT | 5.24pm GMT |
| 17:24 | 17:24 |
| With this, we are closing up for the day. Thank you for all your comments. We’ll be back tomorrow. Good night. | With this, we are closing up for the day. Thank you for all your comments. We’ll be back tomorrow. Good night. |
| 4.50pm GMT | 4.50pm GMT |
| 16:50 | 16:50 |
| European stock markets close higher; euro slips | European stock markets close higher; euro slips |
| European stock markets have closed. The recovery in oil prices (Brent crude is up nearly 3% on the day at around $37.70 a barrel) after Monday’s sell-off – traders have pointed to the arrival of colder weather in Europe and north America – has benefited shares around the world: | European stock markets have closed. The recovery in oil prices (Brent crude is up nearly 3% on the day at around $37.70 a barrel) after Monday’s sell-off – traders have pointed to the arrival of colder weather in Europe and north America – has benefited shares around the world: |
| On Wall Street, the Dow Jones and S&P 500 have risen more than 0.9% while the Nasdaq is 1% ahead after better-than-expected consumer confidence figures. | On Wall Street, the Dow Jones and S&P 500 have risen more than 0.9% while the Nasdaq is 1% ahead after better-than-expected consumer confidence figures. |
| The euro has slipped further against the dollar, falling near a one-week low of $1.o8990. | The euro has slipped further against the dollar, falling near a one-week low of $1.o8990. |
| Updated | Updated |
| at 5.25pm GMT | at 5.25pm GMT |
| 4.17pm GMT | 4.17pm GMT |
| 16:17 | 16:17 |
| On Monday, the rouble hit its lowest level this year, pressured by sliding oil prices. The Russian economy is heavily reliant on crude and natural gas, which together account for almost half of state revenue. | On Monday, the rouble hit its lowest level this year, pressured by sliding oil prices. The Russian economy is heavily reliant on crude and natural gas, which together account for almost half of state revenue. |
| But today, the Russian currency has recovered, boosted by higher oil prices and a Bloomberg report that former Russian finance minister and investor favourite Alexei Kudrin is in talks with Vladimir Putin about returning to a senior post to help deal with the country’s worsening economic troubles. | But today, the Russian currency has recovered, boosted by higher oil prices and a Bloomberg report that former Russian finance minister and investor favourite Alexei Kudrin is in talks with Vladimir Putin about returning to a senior post to help deal with the country’s worsening economic troubles. |
| Wow.. Ruble erases all losses versus US dollar on @Aleksei_Kudrin's possible comeback pic.twitter.com/mF5ATaJKlL | Wow.. Ruble erases all losses versus US dollar on @Aleksei_Kudrin's possible comeback pic.twitter.com/mF5ATaJKlL |
| 4.10pm GMT | 4.10pm GMT |
| 16:10 | 16:10 |
| Let’s take a look at currency markets. The US dollar is up against the euro and other major currencies, but has slipped against the Russian rouble, which has been been lifted by higher oil prices. Brent crude is nearly 3% higher on the day. | Let’s take a look at currency markets. The US dollar is up against the euro and other major currencies, but has slipped against the Russian rouble, which has been been lifted by higher oil prices. Brent crude is nearly 3% higher on the day. |
| Investors are snapping up riskier assets, including stocks and emerging market currencies, on the back of the rally in oil prices. This has hurt the euro, which is regarded as a safer currency, given its low yield. | Investors are snapping up riskier assets, including stocks and emerging market currencies, on the back of the rally in oil prices. This has hurt the euro, which is regarded as a safer currency, given its low yield. |
| 3.55pm GMT | 3.55pm GMT |
| 15:55 | 15:55 |
| Away from the markets, here’s some good news for UK consumers. Companies that plague householders with nuisance phone calls and texts face fines totalling more than £1m this year and next, a government watchdog has warned after tripling the financial punishment for rogue callers in 2015, our consumer affairs correspondent Rebecca Smithers writes. | Away from the markets, here’s some good news for UK consumers. Companies that plague householders with nuisance phone calls and texts face fines totalling more than £1m this year and next, a government watchdog has warned after tripling the financial punishment for rogue callers in 2015, our consumer affairs correspondent Rebecca Smithers writes. |
| The information commissioner’s office received about 170,000 complaints in 2015 from people who had received nuisance calls and texts – a slight decline on last year, when the total was 175,330. | The information commissioner’s office received about 170,000 complaints in 2015 from people who had received nuisance calls and texts – a slight decline on last year, when the total was 175,330. |
| You can read our full story here. | You can read our full story here. |
| The most recent fine came earlier this month when the ICO fined the Telegraph Media Group £30,000 for sending hundreds of thousands of emails on the day of the general election urging readers to vote Conservative, breaking the rules around direct marketing. | The most recent fine came earlier this month when the ICO fined the Telegraph Media Group £30,000 for sending hundreds of thousands of emails on the day of the general election urging readers to vote Conservative, breaking the rules around direct marketing. |
| Here is a list of other fines imposed this year: | Here is a list of other fines imposed this year: |
| Updated | Updated |
| at 3.58pm GMT | at 3.58pm GMT |
| 3.51pm GMT | 3.51pm GMT |
| 15:51 | 15:51 |
| Gold has benefited from the rally in oil prices, but gains were limited by a stronger dollar. Spot gold edged up 0.1% to $1,070.05 an ounce in thin trading. | Gold has benefited from the rally in oil prices, but gains were limited by a stronger dollar. Spot gold edged up 0.1% to $1,070.05 an ounce in thin trading. |
| The precious metal is still on course for its third year of losses, pressured by the prospect for more rate hikes in the US. It is likely to end the year nearly 10% lower from the previous year, mainly due to expectations that higher US interest rates will hit demand for gold. | The precious metal is still on course for its third year of losses, pressured by the prospect for more rate hikes in the US. It is likely to end the year nearly 10% lower from the previous year, mainly due to expectations that higher US interest rates will hit demand for gold. |
| ABN Amro analyst Georgette Boele said: | ABN Amro analyst Georgette Boele said: |
| Gold’s down trend is likely to continue throughout 2016.... there are going to be more US rate hikes than the market is anticipating the next year.” | Gold’s down trend is likely to continue throughout 2016.... there are going to be more US rate hikes than the market is anticipating the next year.” |
| Brent crude is nearly 3% higher, rising more than a dollar to $37.70, after hitting 11-year lows. | Brent crude is nearly 3% higher, rising more than a dollar to $37.70, after hitting 11-year lows. |
| 3.41pm GMT | 3.41pm GMT |
| 15:41 | 15:41 |
| Here is Connor Campbell again, financial analyst at Spreadex: | Here is Connor Campbell again, financial analyst at Spreadex: |
| A slightly better than expected goods trade deficit (at $60.5bn against the $60.9bn anticipated, but still greater than last month’s $58.4bn) and a much better than forecast CB consumer confidence figure helped the Dow Jones open at, and maintain, a 170 point jump this Tuesday. That leaves the US index at a 12 day high, and with a slim chance of edging into the green in terms of year-long growth before the end of trading on Thursday. | A slightly better than expected goods trade deficit (at $60.5bn against the $60.9bn anticipated, but still greater than last month’s $58.4bn) and a much better than forecast CB consumer confidence figure helped the Dow Jones open at, and maintain, a 170 point jump this Tuesday. That leaves the US index at a 12 day high, and with a slim chance of edging into the green in terms of year-long growth before the end of trading on Thursday. |
| This has given a further boost to eurozone stocks, already buoyant on the rising oil price. Germany’s Dax is nearly 180 points, or 1.66%, ahead, while France’s CAC has gained almost 70 points, or 1.45%. | This has given a further boost to eurozone stocks, already buoyant on the rising oil price. Germany’s Dax is nearly 180 points, or 1.66%, ahead, while France’s CAC has gained almost 70 points, or 1.45%. |
| The FTSE 100 index in London is some 33 points ahead, or 0.5%. | The FTSE 100 index in London is some 33 points ahead, or 0.5%. |
| Campbell says: | Campbell says: |
| The FTSE likely would have been higher if wasn’t for the gains made by its housing sector being effectively negated by the Scrooge-like commodity stocks and a renewed slide from the supermarket sector. News that the sale of its pharmacy business to Celesio would be undergoing an in-depth investigation, as ordered by the CMA, caused a specific headache for Sainsbury’s [down 1.2%]. | The FTSE likely would have been higher if wasn’t for the gains made by its housing sector being effectively negated by the Scrooge-like commodity stocks and a renewed slide from the supermarket sector. News that the sale of its pharmacy business to Celesio would be undergoing an in-depth investigation, as ordered by the CMA, caused a specific headache for Sainsbury’s [down 1.2%]. |
| More generally, news that Amazon intends to substantially expand its grocery delivery service Pantry in the New Year caused the likes of Tesco and Morrisons to tumble, with the online-only Ocado Group [plunging more than 4%] especially spooked by the announcement.” | More generally, news that Amazon intends to substantially expand its grocery delivery service Pantry in the New Year caused the likes of Tesco and Morrisons to tumble, with the online-only Ocado Group [plunging more than 4%] especially spooked by the announcement.” |
| Here is our story on Amazon. | Here is our story on Amazon. |
| 3.22pm GMT | 3.22pm GMT |
| 15:22 | 15:22 |
| Adam Button, currency analyst at Forex Live, says about the rise in US consumer confidence: | Adam Button, currency analyst at Forex Live, says about the rise in US consumer confidence: |
| It’s strong but still well below where it was in September. The revision to the November reading meant it was the worst since July, not the worst since Sept 2014.” | It’s strong but still well below where it was in September. The revision to the November reading meant it was the worst since July, not the worst since Sept 2014.” |
| 3.12pm GMT | 3.12pm GMT |
| 15:12 | 15:12 |
| Stocks on Wall Street are extending gains on the better-than-expected US confidence numbers, with the Nasdaq and the Dow Jones up around 1% and the S&P 500 0.8% ahead. | Stocks on Wall Street are extending gains on the better-than-expected US confidence numbers, with the Nasdaq and the Dow Jones up around 1% and the S&P 500 0.8% ahead. |
| 3.08pm GMT | 3.08pm GMT |
| 15:08 | 15:08 |
| Lynn Franco, director of economic indicators at the Conference Board, said: | Lynn Franco, director of economic indicators at the Conference Board, said: |
| Consumer confidence improved in December, following a moderate decrease in November. As 2015 draws to a close, consumers’ assessment of the current state of the economy remains positive, particularly their assessment of the job market. | Consumer confidence improved in December, following a moderate decrease in November. As 2015 draws to a close, consumers’ assessment of the current state of the economy remains positive, particularly their assessment of the job market. |
| Looking ahead to 2016, consumers are expecting little change in both business conditions and the labor market. Expectations regarding their financial outlook are mixed, but the optimists continue to outweigh the pessimists.” | Looking ahead to 2016, consumers are expecting little change in both business conditions and the labor market. Expectations regarding their financial outlook are mixed, but the optimists continue to outweigh the pessimists.” |
| The monthly survey is conducted for the Conference Board by Nielsen. The cutoff date for the preliminary results was 15 December. | The monthly survey is conducted for the Conference Board by Nielsen. The cutoff date for the preliminary results was 15 December. |
| You can read the full consumer confidence report here. | You can read the full consumer confidence report here. |
| 3.05pm GMT | 3.05pm GMT |
| 15:05 | 15:05 |
| US confidence improves | US confidence improves |
| The latest US consumer confidence numbers are out. The Conference Board consumer confidence index improved to 96.5 in December, from a revised 92.6 in November, beating expectations of a reading of 93.5. | The latest US consumer confidence numbers are out. The Conference Board consumer confidence index improved to 96.5 in December, from a revised 92.6 in November, beating expectations of a reading of 93.5. |
| Updated | Updated |
| at 3.22pm GMT | at 3.22pm GMT |
| 3.00pm GMT | 3.00pm GMT |
| 15:00 | 15:00 |
| Barclays Capital agrees $13.75m US settlement over mutual funds | Barclays Capital agrees $13.75m US settlement over mutual funds |
| Staying on the other side of the Atlantic for the moment, the US regulator FINRA has settled with Barclays Capital over mutual funds. The Financial Industry Regulatory Authority has ordered Barclays Capital to pay $13.75m for unsuitable mutual fund transactions and related supervisory failures. | Staying on the other side of the Atlantic for the moment, the US regulator FINRA has settled with Barclays Capital over mutual funds. The Financial Industry Regulatory Authority has ordered Barclays Capital to pay $13.75m for unsuitable mutual fund transactions and related supervisory failures. |
| The British bank’s investment banking arm will have to pay more than $10m in compensation, including interest, to affected customers, and has been fined a further $3.75m by the regulator. It said in a statement: | The British bank’s investment banking arm will have to pay more than $10m in compensation, including interest, to affected customers, and has been fined a further $3.75m by the regulator. It said in a statement: |
| FINRA found that from January 2010 through June 2015, Barclays’ supervisory systems were not sufficient to prevent unsuitable switching or to meet certain of the firm’s obligations regarding the sale of mutual funds to retail brokerage customers…. | FINRA found that from January 2010 through June 2015, Barclays’ supervisory systems were not sufficient to prevent unsuitable switching or to meet certain of the firm’s obligations regarding the sale of mutual funds to retail brokerage customers…. |
| In concluding this settlement, Barclays neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.” | In concluding this settlement, Barclays neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.” |
| You can read the statement in full here. | You can read the statement in full here. |
| Updated | Updated |
| at 3.01pm GMT | at 3.01pm GMT |
| 2.40pm GMT | 2.40pm GMT |
| 14:40 | 14:40 |
| Wall Street opens higher | Wall Street opens higher |
| Shortly after the opening bell on Wall Street, shares are higher, mirroring a rally in oil prices. | Shortly after the opening bell on Wall Street, shares are higher, mirroring a rally in oil prices. |
| The tech-heavy Nasdaq index is up 0.7%, the Dow Jones industrial average is up 0.9% and the S&P 500 has added 0.8%. | The tech-heavy Nasdaq index is up 0.7%, the Dow Jones industrial average is up 0.9% and the S&P 500 has added 0.8%. |
| Dow adds 100 in open; energy leading S&P higher https://t.co/DvOQnfZo0W pic.twitter.com/Dm314FFS32 | Dow adds 100 in open; energy leading S&P higher https://t.co/DvOQnfZo0W pic.twitter.com/Dm314FFS32 |
| In the UK, the FTSE 100 is up 0.6% while Brent crude is up 2% at $37.4, creeping further asway from an 11-year low hit last week. | In the UK, the FTSE 100 is up 0.6% while Brent crude is up 2% at $37.4, creeping further asway from an 11-year low hit last week. |
| 2.29pm GMT | 2.29pm GMT |
| 14:29 | 14:29 |
| US house price inflation edges up | US house price inflation edges up |
| Figures just out in the US suggest home prices there rose at a slightly faster pace in October compared with September and a touch above economists’ forecasts. | Figures just out in the US suggest home prices there rose at a slightly faster pace in October compared with September and a touch above economists’ forecasts. |
| The S&P/Case Shiller index of 20 metropolitan areas rose 5.5% on a year earlier in October. That was faster than 5.4% inflation for single-family home prices in September and beat the forecast for 5.4% in a Reuters poll of economists. | The S&P/Case Shiller index of 20 metropolitan areas rose 5.5% on a year earlier in October. That was faster than 5.4% inflation for single-family home prices in September and beat the forecast for 5.4% in a Reuters poll of economists. |
| The survey authors said San Francisco, Denver and Portland continue to report the highest year-over-year gains among the 20 cities with another month of double-digit price increases of 10.9% for all three. | The survey authors said San Francisco, Denver and Portland continue to report the highest year-over-year gains among the 20 cities with another month of double-digit price increases of 10.9% for all three. |
| Commenting on the latest report [PDF], David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices says: | Commenting on the latest report [PDF], David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices says: |
| “Generally good economic conditions continue to support gains in home prices. | “Generally good economic conditions continue to support gains in home prices. |
| “Among the positive factors are consumers’ expectations of low inflation and further economic growth as well as recent increases in residential construction including single family housing starts.” | “Among the positive factors are consumers’ expectations of low inflation and further economic growth as well as recent increases in residential construction including single family housing starts.” |
| He also highlights the impact on sentiment among potential homebuyers from the US central bank’s move to raise interest rates earlier this month - the first increase for almost a decade: | He also highlights the impact on sentiment among potential homebuyers from the US central bank’s move to raise interest rates earlier this month - the first increase for almost a decade: |
| “The recent action by the Federal Reserve raising the Fed funds target rate by 25 basis points and spreading expectations of further increases during 2016 are leading some to wonder if mortgage interest rate might rise. Typically, increases in short term interest rates lead to smaller increases in long term interest rates ... From May 2004 to July 2007, the Fed funds rate moved up from 1.0% to 5.25%; over the same period, the mortgage rate rose from about 6% to 6.75% during a sustained tightening effort by the Federal Reserve. The latest economic projections published by the Fed following the recent rate increase suggest that the Fed funds rate will be around 2.6% in September 2017 compared to a current rate of about 0.5%. These data suggest that potential home buyers need not fear runaway mortgage interest rates.” | “The recent action by the Federal Reserve raising the Fed funds target rate by 25 basis points and spreading expectations of further increases during 2016 are leading some to wonder if mortgage interest rate might rise. Typically, increases in short term interest rates lead to smaller increases in long term interest rates ... From May 2004 to July 2007, the Fed funds rate moved up from 1.0% to 5.25%; over the same period, the mortgage rate rose from about 6% to 6.75% during a sustained tightening effort by the Federal Reserve. The latest economic projections published by the Fed following the recent rate increase suggest that the Fed funds rate will be around 2.6% in September 2017 compared to a current rate of about 0.5%. These data suggest that potential home buyers need not fear runaway mortgage interest rates.” |
| 1.50pm GMT | 1.50pm GMT |
| 13:50 | 13:50 |
| Competition watchdog to probe Sainsbury's pharmacy sale | Competition watchdog to probe Sainsbury's pharmacy sale |
| The Competition and Markets Authority (CMA) in the UK has confirmed it is referring the sale of Sainsbury’s pharmacy business for an in-depth investigation. | The Competition and Markets Authority (CMA) in the UK has confirmed it is referring the sale of Sainsbury’s pharmacy business for an in-depth investigation. |
| In a statement, the CMA says the proposed acquistion of the business by Celesio, the owner of Lloyds Pharmacy, will be probed further after Celesio had failed to address the watchdog’s concerns about competition being affected. | In a statement, the CMA says the proposed acquistion of the business by Celesio, the owner of Lloyds Pharmacy, will be probed further after Celesio had failed to address the watchdog’s concerns about competition being affected. |
| The CMA says: | The CMA says: |
| The CMA’s initial investigation identified 78 local areas where customers may be affected by a loss of competition between Lloyds Pharmacy (a Celesio subsidiary) and Sainsbury’s pharmacies. The CMA also indicated that in other local areas it had been unable to reach a positive conclusion on whether the merger gives rise to a realistic prospect of a substantial lessening of competition. | The CMA’s initial investigation identified 78 local areas where customers may be affected by a loss of competition between Lloyds Pharmacy (a Celesio subsidiary) and Sainsbury’s pharmacies. The CMA also indicated that in other local areas it had been unable to reach a positive conclusion on whether the merger gives rise to a realistic prospect of a substantial lessening of competition. |
| Celesio has not offered any undertakings in lieu and the CMA will therefore now refer the merger. | Celesio has not offered any undertakings in lieu and the CMA will therefore now refer the merger. |
| A decision on the merger will be made by a group of independent panel members supported by a case team of CMA staff. The deadline for the final report will be 13 June 2016. | A decision on the merger will be made by a group of independent panel members supported by a case team of CMA staff. The deadline for the final report will be 13 June 2016. |
| Sainsbury’s announced back in July that it had sold its 281-store pharmacy business to Celesio for £125m. | Sainsbury’s announced back in July that it had sold its 281-store pharmacy business to Celesio for £125m. |
| Under the deal, Lloyds will rent out and run Sainsbury’s 277 in-store pharmacies and take over four located in hospitals. | Under the deal, Lloyds will rent out and run Sainsbury’s 277 in-store pharmacies and take over four located in hospitals. |
| 1.23pm GMT | 1.23pm GMT |
| 13:23 | 13:23 |
| More pressure on Britain’s big supermarkets | More pressure on Britain’s big supermarkets |
| The focus will be firmly on retailers’ shares in coming days as the trading updates from the crucial Christmas season roll in. | The focus will be firmly on retailers’ shares in coming days as the trading updates from the crucial Christmas season roll in. |
| We already know Britain’s supermarkets have been struggling as shopping habits change and as discounters like Lidl and Aldi take market share and intensify a fierce price war. Now Amazon is preparing to crank up the pressure on grocers by dramatically expanding the range of food products it sells. | We already know Britain’s supermarkets have been struggling as shopping habits change and as discounters like Lidl and Aldi take market share and intensify a fierce price war. Now Amazon is preparing to crank up the pressure on grocers by dramatically expanding the range of food products it sells. |
| My colleague Graham Ruddick has been talking to Christopher North, UK boss of the online retailer. North says Amazon plans to expand its Pantry service rapidly in the new year. | My colleague Graham Ruddick has been talking to Christopher North, UK boss of the online retailer. North says Amazon plans to expand its Pantry service rapidly in the new year. |
| Here’s the full story: | Here’s the full story: |