STOCKTRKR UK Morning Market Summary – 3rd Dec 2013
December 3, 2013 12:20 pm
FTSE100 weakened during the morning as Miners mirrored steep falls in commodities prices on Monday. Gold fell to a 5 month low during trading on monday and although commodities prices are now broadly firmer miners are still out of favour with investors as many await risk events later in the week, the latest US jobs report is due on friday.
Rio Tinto (RIO) also revealed they plan to cut capital expenditure of the next two years to investors at a conference in Australia. The Chief Executive of Rio Tinto, Sam Walsh said: “I have set a clear direction for the business to reignite our passion for delivering greater value for shareholders. Our results so far show we are taking decisive action, making tough decisions and advancing at pace.”
The Banking sector is also under fire again after analysts Nomura downgraded HSBC (HSBA) from BUY to NEUTRAL and also rated RBS (RBS) as its “least preferred UK Bank” saying they expected further downside from the current share price, with Barclays (BARC) being its more preferred and still rated as a BUY. Though the feeling is still that increased regulation presents a risk to the whole sector.
FTSE100 weakened during the morning as Miners mirrored steep falls in commodities prices on Monday. Gold fell to a 5 month low during trading on monday and although commodities prices are now broadly firmer miners are still out of favour with investors as many await risk events later in the week, the latest US jobs report is due on friday.
Rio Tinto (RIO) also revealed they plan to cut capital expenditure of the next two years to investors at a conference in Australia. The Chief Executive of Rio Tinto, Sam Walsh said: “I have set a clear direction for the business to reignite our passion for delivering greater value for shareholders. Our results so far show we are taking decisive action, making tough decisions and advancing at pace.”
The Banking sector is also under fire again after analysts Nomura downgraded HSBC (HSBA) from BUY to NEUTRAL and also rated RBS (RBS) as its “least preferred UK Bank” saying they expected further downside from the current share price, with Barclays (BARC) being its more preferred and still rated as a BUY. Though the feeling is still that increased regulation presents a risk to the whole sector.
Related Posts: