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BP, Glencore and more

European markets are tracking US and Asian gains this morning. China and Japan bourses have been led higher by the tech and financial sectors but have also been supported by the omnipresent but oscillating speculation of additional stimulus from the PBOC and the BOJ. This has been further underpinned by Kuroda on the wires this morning where he stated that the BOJ would continue to ease until the 2% inflation target was achieved. A boost in the price of oil is possibly temporary given that it’s based on the expectations that US crude production will decrease, has pushed oil stocks higher this morning too. The issue of OPEC potentially taking up this slack remains key.

With Chinese GDP due for release on Monday, the jury is still out on whether the country can achieve an annualised 7% annual growth. Bullish calls from HSBC this morning in respect of the number are most certainly adding an extra element to the debate.

BP + 1.5%, Shell + 1.47%

GLENCORE (+3.48%) The company now seeks credit rating upgrade with more debt cuts. This has been construed as a positive step and Blackrock has apparently added to their long position.

RIO Tinto (-0.54%) Q3 production in line with expectations. solid execution in iron ore, coal & aluminum. The main fly in the ointment was the decline in copper production. Mined copper fell 24% from the same period last year but remains on track to meet full year guidance of around 510 thousand tonnes.

DIAGEO (-0.35%) Speculation that the drinks giant could sell beer division to HEIA for £7bn

ASTRAZENECA (-0.91%) FDA says more data required to support application on 2 drugs.

IMAGINATION TECH (+1.9%) higher on bid speculation in The FT.

AB FOODS (-1.15%) cut to hold from buy at SocGen with a price target at 3300p. Average broker 12 month PT is 3239p.

ARM HOLDINGS (-0.71%) Bid speculation in The FT, Telegraph, Times &Daily Mail is not exactly igniting any interest in the stock in early trade.