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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: Markets slip as Sainsbury falls, Mothercare plummets - FTSE 100 pulls back from two-month high
- Sainsbury, Mothercare, Majestic fall after updates
- Risk events on tap, traders stay cautious
techMARK 2,781.79 -0.27%
FTSE 100 6,735.41 -0.30%
FTSE 250 16,033.22 -0.22%
UK stocks pulled back on Wednesday morning ahead of a number of key 'risk events' over the next few days that could spark market volatility.
Updates from British retail groups Sainsbury, Mothercare and Majestic Wine managed to disappoint investors this morning.
The FTSE 100, which hit a two-month high on Tuesday, was trading 0.3% lower at around 6,735 this morning.
Investors cautious ahead of risk events
It looks set to be a busy day as far as economic data is concerned, with Eurozone retail sales and Eurozone employment data due out this morning, followed by the ADP employment report in the States this afternoon.
The minutes of December's Federal Reserve policy meeting will also be released after the close, which will shed more light on the central bank's decision to begin scaling back stimulus last month.
Looking ahead to tomorrow, policy meetings at the Bank of England and European Central Bank will take place, with the latter likely to be closely watched after the surprise dip in Eurozone inflation revealed yesterday.
Meanwhile, the focus of Friday's session will undoubtedly be the US official non-farm payrolls figures, which could determine whether the Fed continues to taper quantitative easing at its next meeting.
Retailers in focus: Sainsbury, Mothercare, Majestic
After an initial rise, Sainsbury sank after reporting flat like-for-like (LFL) sales in the third quarter as customers held back on spending ahead of the Christmas period. While the company recorded its "best Christmas ever", a challenging conditions in October and November held back growth.
Rival supermarket Tesco, which is due to update the market tomorrow on its performance over the festive season, was also trading in the red this morning along with Morrison.
The share price of Mothercare plummeted by as much as a third this morning after the baby products retailer said that full-year profit would come in below market forecasts as it battled against Christmas price discounting and weak trading conditions.
Wine retailer Majestic was also lower despite saying that UK store sales for the 10 weeks to January 6th were up 5.9% year-on-year as it opened its 200th store during the period.
Burberry was in the red ahead of its third-quarter update next week. Nomura trimmed its forecasts for the high-end luxury brand today, saying that currency headwinds are likely to weigh on second-half results.
Banking stocks were performing well this morning, extending gains made yesterday when data showed that funding conditions had improved in the fourth quarter of 2013. Barclays, Lloyds and RBS were making gains early on.
British Land was trading in the red after going ex-dividend, along with Dairy Crest and WH Smith. |
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| FTSE 100 - Risers
RSA Insurance Group (RSA) 100.30p +2.61%
International Consolidated Airlines Group SA (CDI) (IAG) 435.50p +1.70%
Royal Bank of Scotland Group (RBS) 354.90p +1.28%
Glencore Xstrata (GLEN) 312.35p +1.13%
Barclays (BARC) 284.05p +1.10%
Fresnillo (FRES) 711.50p +0.85%
ARM Holdings (ARM) 1,064.00p +0.85%
Smith & Nephew (SN.) 870.50p +0.64%
easyJet (EZJ) 1,615.00p +0.62%
Lloyds Banking Group (LLOY) 83.01p +0.61%
FTSE 100 - Fallers
Tate & Lyle (TATE) 770.00p -3.81%
British American Tobacco (BATS) 3,094.50p -2.86%
Imperial Tobacco Group (IMT) 2,268.00p -1.99%
Sainsbury (J) (SBRY) 363.10p -1.57%
Unilever (ULVR) 2,412.00p -1.27%
Centrica (CNA) 333.10p -1.27%
National Grid (NG.) 774.00p -1.15%
Severn Trent (SVT) 1,648.00p -1.14%
Morrison (Wm) Supermarkets (MRW) 250.90p -1.06%
British Land Co (BLND) 620.00p -0.96%
FTSE 250 - Risers
Aveva Group (AVV) 2,195.00p +3.34%
Perform Group (PER) 229.00p +2.92%
Moneysupermarket.com Group (MONY) 192.90p +2.39%
African Barrick Gold (ABG) 202.20p +2.02%
Pace (PIC) 339.40p +2.01%
Essar Energy (ESSR) 72.50p +1.54%
Kier Group (KIE) 1,883.00p +1.35%
Marston's (MARS) 147.10p +1.31%
Interserve (IRV) 656.50p +1.31%
Synthomer (SYNT) 265.10p +1.30%
FTSE 250 - Fallers
International Personal Finance (IPF) 497.60p -2.43%
esure Group (ESUR) 254.00p -2.08%
Rightmove (RMV) 2,750.00p -1.86%
Debenhams (DEB) 75.45p -1.82%
De La Rue (DLAR) 868.00p -1.64%
Berkeley Group Holdings (The) (BKG) 2,637.00p -1.53%
Henderson Group (HGG) 229.00p -1.46%
Murray International Trust (MYI) 1,019.00p -1.45%
JD Sports Fashion (JD.) 1,503.19p -1.43% |
| | UK Event Calendar | | Wednesday January 08
INTERIMS
Tungsten Corporation
INTERIM DIVIDEND PAYMENT DATE
3i Group, De La Rue, Phoenix IT Group
INTERIM EX-DIVIDEND DATE
Aberdeen New Dawn Investment Trust, Dairy Crest Group, Latham (James), Monks Inv Trust, NewRiver Retail Ltd. (Reg S), Pinewood Shepperton, Solid State, Speedy Hire, Workspace Group
QUARTERLY EX-DIVIDEND DATE
Assura Group Ltd., British Land Co, Investors Capital Trust 'A' Shares, Investors Capital Trust Units, Verizon Communications
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Crude Oil Inventories (US) (15:30)
Current Account (GER) (07:00)
Factory Orders (GER) (11:00)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)
Retail Price Index (GER) (07:00)
Retail Sales (EU) (10:00)
Unemployment Rate (EU) (10:00)
GMS
Paragon Diamonds
FINALS
IDOX
ANNUAL REPORT
SWP Group
IMSS
Domino's Pizza Group
SPECIAL DIVIDEND PAYMENT DATE
3i Group
SPECIAL EX-DIVIDEND PAYMENT DATE
European Investment Trust
TRADING ANNOUNCEMENTS
Galliford Try, Robert Walters, Sainsbury (J)
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
FINAL EX-DIVIDEND DATE
Character Group, Conygar Investment Company, DotDigital Group, Edinburgh Worldwide Inv Trust, European Investment Trust, ITE Group, Lowland Investment Co, Majedie Investments, Next Fifteen Communications, Octopus VCT 3, Octopus VCT 4, Paragon Group Of Companies, Smiths News, Spirit Pub Company, Standard Life European Private Equity Trust, WH Smith
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed before Eurozone and US data - Eurozone employment and retail sales out
- German factory orders to be released
- US jobs report and Fed meeting minutes in focus
FTSE 100: -0.15%
DAX: -0.08%
CAC 40: 0.00%
FTSE MIB: 0.55%
IBEX 35: 0.85%
Stoxx 600: 0.05%
European stocks were little changed investors awaited the release of data in the Eurozone and the US along with the Federal Reserve's meeting minutes.
The Eurozone unemployment rate is expected to remained unchanged at 12.1% in November when the latest figures are unveiled this morning.
Also in the region, a report on retail sales is expected to show 0.1% growth in November, compared to a fall of 0.1% the previous month.
The European Central Bank (ECB) is under mounting pressure to take greater measures to boost the bloc amid a stagnant recovery. The central bank announces its latest policy tomorrow, but economists see the monetary authority staying put.
Europe's biggest economy, Germany, will today unveil data for November factory orders which are forecast to have risen by 1.5%, up from October's 2.1% decline.
Later in the US, the focus will turn to the ADP Research Institute's jobs report which is tipped to show employers added 200,000 workers in December, down from 215,000 the prior month.
The Mortgage Bankers Association will also put out figures for mortgage applications.
The Federal Reserve is turning to economic data to gauge the recovery of the US ahead of its policy meeting this month when it could announce a further tapering of monetary stimulus.
The central bank last month announced it would begin reducing monthly bond purchases to $75bn from $85bn.
Minutes from the December 17th-18th meeting will be released after the close of European market today, and is likely to shed further light behind the Fed's decision to scale back quantitative easing.
Meanwhile, the International Monetary Fund plans to increase its forecast for world growth, Managing Director Christine Lagarde told reporters in the Kenyan capital of Nairobi yesterday.
She said the organisation, which currently estimates the global economy will expand by 3.6% this year, will announce its new forecast in about three weeks.
SAP, Kion
SAP gained after UBS AG recommended that investors buy shares in the German software corporation.
Kion Group AG declined after Goldman Sachs and private equity firm KKR put a 10.8% stake in the forklift maker on sale.
RSA Insurance rallied after saying it believes the scandal surrounding a £200m capital black hole at the group's Irish operations was an isolated incident
The euro fell 0.10% to $1.3602.
Brent crude futures rose $0.251 to $107.620 per barrel on the ICE. |
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| | US Market Report | | US close: S&P 500 registers first gain of 2014 as trade deficit falls - Trade deficit dropped to four-year low in November
- S&P 500 snaps three-day losing streak
- Healthcare stocks provide a lift
Dow Jones: 0.64%
Nasdaq: 0.96%
S&P 500: 0.61%
An unexpected drop in the US trade deficit spurred Wall Street stocks on Tuesday, sending the S&P 500 into positive territory for the first time in 2014.
The S&P 500 managed to snap three straight days of losses – its longest losing streak to start a year for the index since 2005 - to finish up 0.61% at 1,837.88. Meanwhile, the Dow Jones Industrial Average rose 0.64% and the Nasdaq jumped 0.96%.
The Commerce Department revealed a 0.9% month-on-month rise in exports to $194.9bn – the highest level in history – and a 1.4% fall in imports to $229.1bn, helping the seasonally-adjusted trade deficit fall by a whopping 13% $34.3bn in November.
This was down from a revised $39.3bn in October. The consensus estimate had been for a wider trade gap of $40bn.
"The trade deficit unexpectedly shrank to a four-year low […] suggesting that fourth-quarter gross domestic product growth could turn out to be above 3% annualised," said Paul Ashworth, Chief US Economist from Capital Economics.
The economic data schedule has ramped up this week following a quiet start to the year, with a raft of market-moving events due out in the coming days. These include the ADP employment report and Federal Reserve meeting minutes on Wednesday, policy meetings in the UK and Europe on Thursday, and the all-important official jobs report on Friday.
In other news, it was revealed on Monday that Janet Yellen won US Senate confirmation to be approved as the new Federal Reserve Chair, replacing Ben Bernanke, who leaves his role at the end of the month.
UnitedHealth and healthcare stocks gain
US insurance group UnitedHealth surged after analysts at Deutsche Bank upgraded their rating on the stock from 'hold' to 'buy'. Healthcare products giant Johnson & Johnson also rose after RBC Capital Markets lifted its recommendation from 'sector perform' to 'outperform'.
Meanwhile, healthcare peers Tenet Healthcare and HCA Holdings were in demand after Credit Suisse recommended clients to buy hospital stocks on weakness.
Palo Alto advanced after the computer security company announced the first acquisition since its July 2012 initial public offering. It is buying anti-hacking company Morta Security Inc. for an undisclosed amount.
Convergys Corp. jumped after saying it will buy Stream Global Services for $820m.
Netflix dropped after Morgan Stanley cut its rating on the stock to 'underweight' from 'equal weight'. LinkedIn slumped as Bank of America downgraded the shares to 'neutral' from 'buy'.
Aluminium group Alcoa, which finished slightly higher, will be in focus this week as it kicks off fourth-quarter earnings season with its results on Thursday night.
S&P 500 - Risers
FLIR Systems Inc. (FLIR) $31.81 +9.67%
TripAdvisor Inc. (TRIP) $84.91 +5.64%
Micron Technology Inc. (MU) $21.73 +5.13%
Tenet Healthcare Corp. (THC) $46.10 +4.89%
Expedia Inc. (EXPE) $71.45 +3.61%
Newfield Exploration Co (NFX) $24.65 +3.57%
Comcast Corp. (CMCSA) $52.83 +3.55%
Western Digital Corp. (WDC) $85.65 +3.33%
Seagate Technology Plc (STX) $58.80 +3.25%
Valero Energy Corp. (VLO) $51.42 +3.19%
S&P 500 - Fallers
GameStop Corp. (GME) $44.14 -8.37%
Netflix Inc. (NFLX) $339.50 -5.58%
J.C. Penney Co. Inc. (JCP) $8.19 -5.54%
Best Buy Co. Inc. (BBY) $38.38 -2.61%
Sears Holdings Corp. (SHLD) $43.83 -2.12%
Monsanto Co. (MON) $113.24 -2.11%
Jabil Circuit Inc. (JBL) $16.62 -1.95%
Nabors Industries Ltd. (NBR) $16.64 -1.83%
Macy's Inc. (M) $52.18 -1.83%
Iron Mountain Inc. (IRM) $28.77 -1.74%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $76.51 +3.06%
Johnson & Johnson (JNJ) $94.29 +2.12%
International Business Machines Corp. (IBM) $189.71 +1.99%
Boeing Co. (BA) $140.51 +1.52%
Exxon Mobil Corp. (XOM) $101.07 +1.41%
Cisco Systems Inc. (CSCO) $22.31 +1.32%
Verizon Communications Inc. (VZ) $49.30 +1.25%
Procter & Gamble Co. (PG) $81.42 +0.97%
Chevron Corp. (CVX) $125.07 +0.85%
Microsoft Corp. (MSFT) $36.41 +0.77%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $58.32 -1.15%
E.I. du Pont de Nemours and Co. (DD) $62.33 -1.00%
Goldman Sachs Group Inc. (GS) $178.29 -0.60%
Travelers Company Inc. (TRV) $88.40 -0.58%
American Express Co. (AXP) $89.36 -0.38%
AT&T Inc. (T) $34.95 -0.03%
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $84.91 +5.64%
Micron Technology Inc. (MU) $21.73 +5.13%
Expedia Inc. (EXPE) $71.45 +3.61%
Green Mountain Coffee Roasters Inc. (GMCR) $79.69 +3.56%
Comcast Corp. (CMCSA) $52.83 +3.55%
Illumina Inc. (ILMN) $112.51 +3.34%
Western Digital Corp. (WDC) $85.65 +3.33%
Seagate Technology Plc (STX) $58.80 +3.25%
Equinix Inc. (EQIX) $179.59 +3.11%
Staples Inc. (SPLS) $15.80 +3.07%
Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $339.50 -5.58%
Dish Network Corp. (DISH) $56.93 -1.59%
Garmin Ltd. (GRMN) $45.68 -1.57%
Citrix Systems Inc. (CTXS) $60.10 -1.48%
Vertex Pharmaceuticals Inc. (VRTX) $74.49 -1.34%
Mattel Inc. (MAT) $46.04 -1.24%
Apple Inc. (AAPL) $540.04 -0.72%
Gilead Sciences Inc. (GILD) $72.78 -0.63%
Maxim Integrated Products Inc. (MXIM) $28.78 -0.62%
Discovery Communications Inc. Class A (DISCA) $86.94 -0.61% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: AstraZeneca, SSE, IMF... AstraZeneca has struck a deal with a fast-growing UK biotech company to develop treatments that use the body's immune system to fight cancer. The partnership with privately owned Immunocore highlights intensifying interest from big pharmaceutical groups in what many experts consider the most promising area of cancer research. - Financial Times
SSE became the latest energy firm to announce savings from the government's green levy shake-up with plans to cut dual fuel prices by 3.5% from 24 March. The bill reduction will apply to all SSE's 9.5 million residential customers, including those on fixed or capped deals. - The Guardian
The International Monetary Fund will revise upward its global growth forecast in about three weeks, Managing Director Christine Lagarde has revealed. "We will be revising upwards the global forecast of the economic growth," she told a press conference in the Nairobi, adding that it would be premature to say any more. - The Telegraph
The regulator who authorised Paul Flowers's appointment as chairman of the Co-operative Bank faced intense criticism from MPs on Tuesday after he insisted he stood by the decision to allow the now disgraced Methodist minister to take on the role after a 90-minute interview in 2010. - The Guardian
Gatwick Airport ignored its own contingency plan when floods struck on Christmas Eve and tried to get as many passengers away as possible, even though it lacked sufficient staff or bus drivers to transfer travellers between terminals, Parliament was told yesterday. - The Times
Ford Chief Executive Alan Mulally has moved to scotch speculation that he might move to Microsoft, saying he had "no plans to do anything other than serve Ford". The statement by Mr Mulally – who has run the second-biggest US carmaker by sales since 2006 – is aimed at ending months of speculation that he might take over from Steve Ballmer, the departing Microsoft Chief Executive. - Financial Times
One of China's biggest developers has bought the historic Ram Brewery in Wandsworth in a deal worth £600m and plans to build a high-rise housing scheme on the site. Greenland Plc, owned by the Chinese state, said today that it had agreed to buy the site from Delancey and Ares Management in its first UK deal. - The Times
The hedge fund manager, Chris Hohn, has made billions of dollars after a record year - but, for the first time since founding The Children's Investment (TCI), his charity may not see a penny of the profit. TCI's flagship $7.9bn (£4.8bn) Master Fund generated a 47% return during 2013 - among the best performances of any hedge fund in the world - from investments in companies including Royal Mail. - The Telegraph | | |
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