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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks pull back from four-week high FTSE 100 opened slightly lower on Wednesday morning as markets paused for breath to digest recent developments in Syria after the government agreed to hand over its chemical weapons.
London's benchmark index finished Tuesday's session at 6,583.99, its highest closing price since August 14th when it ended the day at 6,587.43. Stocks across Europe were largely flat this morning with the STOXX Europe 600 index more or less unchanged after hitting its highest level since May 22nd yesterday.
Global stocks rose strongly on Tuesday after Syria accepted a Russian proposal to hand over all chemical weapons to international control in an attempt to avoid US military action.
In a nationally televised speech last night, US President Barack Obama asked Congress to delay a vote on military intervention in Syria in light of recent diplomatic developments. He said that the Russian initiative "has the potential to remove the threat of chemical weapons without the use of force".
"While the practicality of this deal seems somewhat lacking, Syria's tentative agreement none-the-less bought Obama time to regain composure and attempt to rally support for military action should a diplomatic resolution fail to come to fruition," said Financial Sales Trader Alex Conroy from Spreadex.
FTSE 100: Ex-div stocks provide a drag
A number of blue-chip stocks were trading lower this morning after going ex-dividend, meaning that from today investors will not be able to benefit from each companies' latest dividend payments. These included Admiral, G4S, Hargreaves Lansdown, Land Securities and Standard Life.
Costa and Premier Inn owner Whitbread was extending losses after falling sharply on Tuesday as it announced a slowdown in second-quarter growth. Weighing on the stock this morning was a downgrade by JPMorgan Cazenove to 'neutral'. The same bank also cut its rating for BSkyB to 'neutral'.
Home improvement retailer Kingfisher, owner of B&Q and Screwfix, declined after reporting a 1.6% fall in first-half profits as it blamed depressed consumer confidence and cold weather.
Leading the risers was ARM Holdings, the chip designer, which rose strongly in the aftermath of last night's launch by customer Apple of its new iPhone models.
Defensive stocks meanwhile were performing well with utilities National Grid, United Utilities SSE and Severn Trent making gains.
FTSE 250: African Barrick Gold slumps after COO exit
African Barrick Gold was a heavy faller this morning after Chief Operating Officer Marco Zolezzi resigned with immediate effect. Zolezzi, who has been COO since September 2010, is leaving to pursue other interests.
Gold mining peer Polymetal was also lower as gold prices swung between gains and losses this morning, fluctuating at a three-week low. Goldman Sachs today estimated that bullion prices will decline into 2014 as the Federal Reserve scales back its stimulus programme. It said that the next's policy meeting later this month "could prove the catalyse to push gold prices lower". |
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| | UK Event Calendar | | Wednesday September 11
INTERIMS
Advanced Medical Solutions Group, African Minerals Ltd., Alkane Energy, Alliance Pharma, Kingfisher, ServicePower Technologies
INTERIM DIVIDEND PAYMENT DATE
Rexam
INTERIM EX-DIVIDEND DATE
Abbey Protection, Admiral Group, Alent, Archipelago Resources, Belvoir Lettings, Berendsen, Bilfinger Berger Global Infrastructure Sicav S.A.(DI), Bwin.party Digital Entertainment, Cape, Chesnara, Clarke (T.), Clarkson, Communisis, Densitron Technologies, Downing Planned Exit VCT 8, Downing Planned Exit VCT 9, Fyffes, G4S, H&T Group, International Public Partnerships Ltd., Rathbone Brothers, Restaurant Group, Savills, Standard Life, Tamar European Industrial Fund Ltd., Temple Bar Inv Trust, Tex Holdings, Treatt, Tyman, UTV Media, Zotefoams
QUARTERLY PAYMENT DATE
Unilever
QUARTERLY EX-DIVIDEND DATE
British Assets Trust, Land Securities Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
Wholesales Inventories (US) (15:00)
GMS
PV Crystalox Solar
FINALS
Barratt Developments, Brooks Macdonald Group, Thorntons
SPECIAL EX-DIVIDEND PAYMENT DATE
Admiral Group, Goodwin Plc, Hargreaves Lansdown, Miton Income Opportunities Trust
AGMS
Enteq Upstream, Frutarom Industries Ltd GDR (Reg S), ITM Power, PetroNeft Resources, Sports Direct International, Stewart & Wight, VietNam Holding Ltd
TRADING ANNOUNCEMENTS
Sports Direct International
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
Unemployment Rate (09:30)
FINAL EX-DIVIDEND DATE
Advanced Computer Software Group, Colefax Group, Dart Group, Darty, ECO Animal Health Group, Goodwin Plc, Hargreaves Lansdown, Rank Group, Stewart & Wight, TVC Holdings
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed as US delays Syria vote - Syria military action delayed
- UK jobs report
- Apple unveils new iPhones
FTSE 100: -0.12
DAX: 0.28%
CAC 40: -0.24%
FTSE MIB: 0.81%
IBEX 35: -0.06%
Stoxx 600: 0.04%
European equities were little changed on Wednesday morning after the US last night delayed a decision on military action in Syria.
President Barack Obama on Tuesday said he will consider Russia's proposal to have Syria relinquish its chemical weapons to international control.
Syria said it would agree to the proposal in exchange for avoiding US military strikes.
The US has been debating whether to chastise Syrian President Bashar Hafez al-Assad's regime for allegedly using chemical weapons against civilians on August 21st. Assad continues to deny the claims.
"It's too early to tell whether this offer will succeed, and any agreement must verify that the Assad regime keeps its commitments," Obama said.
However, Obama agreed that the proposed deal has the potential to remove the threat of chemical weapons without the use of force.
"The only question now is whether Assad will go along with the proposal, or whether this is, as some suspect, just a tactic to delay the vote in Congress," said Craig Erlam, Market Analyst at Alpari Research.
"Whichever it is, the markets are liking it. The news that Obama has asked Congress to hold off on voting on military action spurred on gains in US and Asian equities overnight."
Also in the US, the Commerce Department will release a report which is expected to show stockpiles at distributors rose 0.3% in July after a 0.2% fall in June, according to forecasts.
In the UK, a jobs report is expected show employers added 55,000 workers in July compared to 69,000 in June. Economists forecast the unemployment rate will remain at 7.8%.
The data comes after Chancellor George Osborne on Monday claimed a victory in his battle with Labour over austerity, saying the UK economy was "turning a corner" as it showed early signs of growth.
Kingfisher, ARM, Tesco
Kingfisher declined after the home-improvement retailer said first-half adjusted pre-tax profit fell to miss estimates.
British multinational semiconductor and software design company ARM gained after Apple unveiled its latest iPhone models.
Tesco rallied after disposing of the bulk of its loss-making Fresh & Easy chain, as it prepares to exit the US market.
Other asset classes mixed
Brent crude futures climbed $0.439 to $111.740 per barrel on the ICE.
The euro fell 0.05% to the 1.3261 US dollar mark. |
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| | US Market Report | | US close: Markets rise as Syria tensions ease, Apple falls after iPhone launch - Syria accepts Russian proposal
- Chinese data continues to improve
- Apple falls after iPhone launch
Dow Jones: 0.85%
Nasdaq: 0.62%
S&P 500: 0.74%
Easing tensions over Syria and an improved outlook for China gave US stock markets a lift on Tuesday with the S&P 500 extending its recent winning streak into the sixth day.
This is the longest number of consecutive positive sessions for the Wall Street benchmark since July 15th.
Syria said it accepted a Russian-backed proposal to give up chemical weapons to international control to avoid US military action, according to Russian news agency Interfax.
Meanwhile, the outlook for China economy brightened further today after industrial output, fixed-asset investment and retail sales strengthened during the month of August, with all three economic indicators rising by more than expected. Markets performed well on Monday after export figures from the world's second-largest came in better-than-expected and consumer price inflation eased last month.
Syria crisis in focus
Interfax quoted Syria's Foreign Minister Walid Muallem as saying: "We held a very fruitful round of talks with [Russian] Foreign Minister Sergei Lavrov yesterday, and he proposed an initiative relating to chemical weapons. And in the evening we agreed to the Russian initiative."
He is reported to have said that Syria agreed in an attempt to "remove the grounds for American aggression".
"No action from the US is clearly the preferred outcome for the markets […] Whether that will be the eventual outcome is another matter altogether," said Market Strategist Ishaq Siddiqi from ETX Capital.
"Many have already questioned whether Assad will consider giving up his chemical weapons, or whether this is just intended to delay the US congressional vote. The latter is the most likely at the moment, but both are good news for the markets."
After the close, President Barack Obama gave a nationally-televised speech on Syria in which is built his case for military intervention. However he said that the vote on action should be delayed given recent diplomatic developments which have "the potential to remove the threat of chemical weapons without the use of force, particularly because Russia is one of Assad's strongest allies".
Apple to unveil new iPhone
Tech giant Apple was in the red after it unveiled its new iPhone models at an event at its Cupertino headquarters in California later on. The company launched the new version of its iPhone 5, dubbed the iPhone 5S, as well as the cheaper, colourful version called iPhone 5C. It should be noted that the stock had gained strongly coming into the event with the share price up 10% over the last month alone.
McDonald's jumped after saying same-store sales increased 1.9% last month, beating analysts' estimates.
Neurocrine Biosciences dropped as an experimental treatment for tardive dyskinesia failed to achieve targets of the study.
The latest shake-up of the Dow Jones Industrial Average has been unveiled with Bank of America, Hewlett-Packard and Alcoa to drop out of the index later this month, to be replaced by Goldman Sachs, Visa and Nike.
S&P 500 - Risers
Sears Holdings Corp. (SHLD) $56.64 +6.73%
Netflix Inc. (NFLX) $313.06 +6.43%
Advanced Micro Devices Inc. (AMD) $3.87 +4.88%
Mylan Inc. (MYL) $38.24 +4.78%
Southwest Airlines Co. (LUV) $13.90 +4.75%
Micron Technology Inc. (MU) $16.26 +4.13%
TE Connectivity Ltd (TEL) $52.99 +4.00%
Ingersoll Rand Ltd. (IR) $64.81 +3.93%
First Solar Inc. (FSLR) $39.73 +3.90%
AutoNation Inc. (AN) $53.45 +3.89%
S&P 500 - Fallers
Urban Outfitters Inc. (URBN) $38.35 -10.21%
ConAgra Foods Inc. (CAG) $31.54 -6.02%
PVH Corp. (PVH) $124.66 -5.64%
Newmont Mining Corp. (NEM) $29.20 -3.88%
TripAdvisor Inc. (TRIP) $72.62 -2.52%
Apple Inc. (AAPL) $494.64 -2.28%
Marathon Petroleum Corporation (MPC) $68.10 -2.17%
Intuitive Surgical Inc. (ISRG) $376.97 -2.06%
Hasbro Inc (HAS) $47.17 -2.06%
Kraft Foods Group, Inc. (KRFT) $53.12 -2.05%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $32.39 +2.32%
General Electric Co. (GE) $23.87 +2.05%
Walt Disney Co. (DIS) $62.83 +2.01%
United Technologies Corp. (UTX) $106.26 +1.70%
JP Morgan Chase & Co. (JPM) $53.67 +1.53%
Home Depot Inc. (HD) $74.60 +1.39%
American Express Co. (AXP) $74.60 +1.28%
Verizon Communications Inc. (VZ) $46.47 +1.22%
Caterpillar Inc. (CAT) $86.61 +1.19%
Johnson & Johnson (JNJ) $88.53 +1.11%
Dow Jones I.A - Fallers
Hewlett-Packard Co. (HPQ) $22.27 -0.40%
Alcoa Inc. (AA) $8.06 -0.31%
Procter & Gamble Co. (PG) $77.95 -0.27%
Exxon Mobil Corp. (XOM) $87.82 -0.25%
Nasdaq 100 - Risers
Sears Holdings Corp. (SHLD) $56.64 +6.73%
Netflix Inc. (NFLX) $313.06 +6.43%
Mylan Inc. (MYL) $38.24 +4.78%
Micron Technology Inc. (MU) $16.26 +4.13%
Tesla Motors Inc (TSLA) $166.37 +3.53%
Baidu Inc. (BIDU) $140.60 +2.94%
Check Point Software Technologies Ltd. (CHKP) $58.45 +2.74%
Wynn Resorts Ltd. (WYNN) $149.24 +2.68%
Applied Materials Inc. (AMAT) $15.98 +2.53%
Dentsply International Inc. (XRAY) $44.38 +2.49%
Nasdaq 100 - Fallers
Randgold Resources Ltd. Ads (GOLD) $73.43 -3.89%
Green Mountain Coffee Roasters Inc. (GMCR) $83.78 -3.08%
Apple Inc. (AAPL) $494.64 -2.28%
Intuitive Surgical Inc. (ISRG) $376.97 -2.06%
Kraft Foods Group, Inc. (KRFT) $53.12 -2.05%
Facebook Inc. (FB) $43.60 -1.00%
Vodafone Group Plc ADS (VOD) $33.01 -0.97%
Bed Bath & Beyond Inc. (BBBY) $71.78 -0.92%
Vertex Pharmaceuticals Inc. (VRTX) $81.32 -0.74%
Discovery Communications Inc. Class A (DISCA) $77.94 -0.66% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Syria, FTT, Lloyds Barack Obama has asked Congress to delay a vote authorising a strike on Syria while the US and its allies pursue a diplomatic initiative with Russia at the UN to force Damascus to give up its chemical weapons. In a nationally televised address from the White House, the US president said the initiative, first proposed publicly by Moscow on Monday, "had the potential to remove chemical weapons without the use of force," the Financial Times says.
Vince Cable has criticised a growing "complacency" towards the economy, in a calculated swipe at George Osborne before the Liberal Democrat conference. The Liberal Democrat Business Secretary will suggest today that Britain is not seeing "the kind of growth we want" despite the Chancellor claiming on Monday that the economy is "turning a corner," The Times says.
Spain's borrowing costs have fallen below Italy's for the first time in more than a year as favourable market conditions spur Madrid to examine breaking new ground by issuing ultra-long 50-year bonds. Yields on Spanish 10-year government bonds, which move inversely to prices, dropped to 4.51% on Tuesday – compared with the yield of 4.53% on the Italian equivalents, writes the Financial Times.
Royal Dutch Shell is likely to face questions over the future of its operations in China after sources claimed an £8.3bn project in the country had been quietly shelved. The tie-up with China National Petroleum Corp (CNPC), the country's largest energy producer, and Qatar Petroleum to build a refinery and petrochemical plant is believed to have been suspended after losing political support, The Daily Telegraph reports
European efforts to impose a financial transaction tax (FTT) have been plunged into further chaos after Brussels' own lawyers concluded that the levy is unlawful. A leaked opinion from the European Union's legal service contains warnings that the flagship policy is "not compatible" with existing laws and is also "discriminatory". The 14-page document, dated September 6th, said the levy "exceeds Member States' jurisdiction for taxation" and "infringes upon the taxing competences" of states that have refused to adopt it, The Daily Telegraph writes.
Shares in taxpayer-backed Lloyds Banking Group soared to a five-year high yesterday amid speculation the Government is poised to start selling its stake. A source close to the situation said it was 'entirely possible' that the share sale could begin this month – and possibly within the next seven to ten days. It is thought George Osborne is keen to start offloading the Government's 39% stake before the Conservative's party conference begins on September 29th, The Daily Mail explains. | | |
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