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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 rise but upside limited ahead of busy session - Stocks await economic data, policy decisions
- ECB rate cut on the cards
- Blue-chip updates come in mixed
techMARK 2,750.64 +0.21%
FTSE 100 6,465.58 +0.12%
FTSE 250 15,605.64 +0.28%
UK markets opened with small gains on Thursday morning as investors reacted to a number of blue-chip results, though upside was limited ahead of what is set to be a busy day for financial markets across the globe.
Smith & Nephew impressed with its annual results early on, while Vodafone, Compass and easyJet edged higher after trading updates. AstraZeneca, on the other hand, declined after its 2013 figures and TUI Travel slumped following its quarterly statement.
There will be a host of economic data due out later in the session, including: new car registrations in the UK; German factory orders; and jobless claims and the trade balance in the States.
However, policy decisions at the Bank of England (BoE) and European Central Bank (ECB) are likely to garner the most attention. While the BoE is widely expected to keep policy unchanged at midday, the ECB will be closely watched this afternoon given last month’s surprise dip in inflation in the Eurozone.
“The main event is the ECB meeting, where we expect a refi rate cut to 0.1%,” said analysts at Danske Bank this morning. The rate was reduced to the current record-low rate of 0.25% in November.
“During January we have seen low inflation and declining inflation expectations combined with higher short-term money market rates - two scenarios ECB's Draghi said would lead to policy action,” they said.
Investors will also be looking ahead to the US Labor Department’s all-important non-farm payroll data due out tomorrow with labour-market figures continuing to be scrutinised after the Federal Reserve’s decision last month to continue tapering its stimulus programme. The report is expected to show that non-farm payrolls rose to 184,000 in January from just 74,000 in December.
Smith & Nephew, Vodafone, AstraZeneca…
Medical equipment manufacturer Smith & Nephew beat analysts’ forecasts as it registered a strong end to 2013 with underlying revenue growth picking up in the fourth quarter. The company also lifted its full-year dividend by 5% and gave a confident outlook for 2014, lifting shares higher early on.
Vodafone’s third-quarter revenue dropped 3.6%, reflecting challenging trading conditions in Europe and competitive pressures, but the stock gained this morning after Chief Executive Vittorio Colao said that sales trends would begin to improve.
AstraZeneca was in the red after saying that 2013 annual revenue fell 6% to $25.7bn as the drug maker was hurt by competition from generic brands. Core earnings per share fell 26% year-on-year to $5.05.
Catering giant Compass was slightly higher after keeping expectations for the full-year organic results unchanged after a “good” first quarter. However, the company warned that adverse currency movements may dampen statutory numbers due to the recent strength in sterling.
TUI Travel underwhelmed despite saying that it is confident of hitting full-year forecasts after underlying operating losses narrowed in the first quarter.
Imagination Technologies surged after announcing that US gadget giant Apple as extended its multi-year, multi-use license agreement with the chip designer. |
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| | FTSE 100 - Risers
Reckitt Benckiser Group (RB.) 4,774.00p +2.51%
Smith & Nephew (SN.) 892.00p +2.00%
GKN (GKN) 394.80p +1.73%
Prudential (PRU) 1,252.00p +1.62%
Vodafone Group (VOD) 218.35p +1.13%
International Consolidated Airlines Group SA (CDI) (IAG) 416.20p +0.87%
ARM Holdings (ARM) 900.00p +0.84%
Associated British Foods (ABF) 2,905.00p +0.76%
Hargreaves Lansdown (HL.) 1,355.00p +0.74%
Barclays (BARC) 266.90p +0.74%
FTSE 100 - Fallers
AstraZeneca (AZN) 3,763.50p -2.93%
Tullow Oil (TLW) 828.50p -2.47%
RSA Insurance Group (RSA) 101.70p -1.83%
Fresnillo (FRES) 781.00p -1.39%
TUI Travel (TT.) 418.60p -1.37%
William Hill (WMH) 340.10p -1.10%
Randgold Resources Ltd. (RRS) 4,359.00p -1.07%
Anglo American (AAL) 1,437.00p -1.03%
Old Mutual (OML) 172.40p -0.86%
Mondi (MNDI) 932.50p -0.75%
FTSE 250 - Risers
Imagination Technologies Group (IMG) 185.00p +14.13%
Beazley (BEZ) 268.70p +6.04%
Supergroup (SGP) 1,540.00p +3.22%
Michael Page International (MPI) 463.00p +2.73%
Dunelm Group (DNLM) 899.50p +2.27%
Grainger (GRI) 215.80p +1.84%
Rank Group (RNK) 139.40p +1.75%
Millennium & Copthorne Hotels (MLC) 563.00p +1.62%
Essar Energy (ESSR) 60.20p +1.52%
Domino Printing Sciences (DNO) 792.00p +1.47%
FTSE 250 - Fallers
Enterprise Inns (ETI) 152.50p -6.56%
Wetherspoon (J.D.) (JDW) 792.50p -1.49%
Serco Group (SRP) 416.60p -1.28%
Perform Group (PER) 233.00p -1.27%
Kazakhmys (KAZ) 175.60p -1.18%
Premier Oil (PMO) 289.20p -0.89%
Euromoney Institutional Investor (ERM) 1,269.00p -0.86%
Henderson Group (HGG) 222.20p -0.85%
Restaurant Group (RTN) 603.00p -0.82%
Foxtons Group (FOXT) 368.60p -0.65% |
| | UK Event Calendar | | INTERIMS
Aquarius Platinum Ltd.
INTERIM DIVIDEND PAYMENT DATE
Tongaat-Hulett Ltd.
QUARTERLY EX-DIVIDEND DATE
IBM Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Bloomberg Consumer Confidence (US) (14:45)
Continuing Claims (US) (13:30)
ECB Interest Rate (EU) (12:45)
Factory Orders (GER) (11:00)
Initial Jobless Claims (US) (13:30)
PMI Construction (GER) (08:55)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)
Productivity (US) (13:30)
Policy rate announcement Philippines
Policy rate announcement CZech Republic
Speech President Boston Fed
Q3
Srei Infrastructure Finance Ltd. GDR (Reg S)
Q4
AstraZeneca, Smith & Nephew
GMS
Tangiers Petroleum Ltd (DI)
FINALS
AstraZeneca, Beazley, Redhall Group, Smith & Nephew
IMSS
Avon Rubber, Compass Group, Enterprise Inns, Grainger, Investec, LondonMetric Property, Supergroup, Vodafone Group
AGMS
Avon Rubber, BlackRock New Energy Inv Trust, Compass Group, Conygar Investment Company, Dunedin Smaller Companies Inv Trust, Enegi Oil, Enterprise Inns, Leed Resources, Paragon Group Of Companies, TUI Travel
TRADING ANNOUNCEMENTS
Northbridge Industrial Services
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
New Car Registrations (09:30)
FINAL DIVIDEND PAYMENT DATE
Edinburgh Worldwide Inv Trust
Q1
TUI Travel |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of ECB and BoE meetings - ECB and BoE announce policies
- German data released
- US jobless claims in focus later
FTSE 100: 0.20%
DAX: 0.42%
CAC 40: 0.30%
FTSE MIB: 0.48%
IBEX 35: 0.47%
Stoxx 600: 0.30%
Stocks in the euro-area rose on Thursday ahead of the European Central Bank’s (ECB) latest policy announcement.
Although analysts broadly expect the ECB will keep its policy and interest rates unchanged after today’s meeting, the monetary authority has come under mounting pressure to take greater measures to tackle deflationary risks.
ECB President Mario Draghi described December's weak 0.8% consumer price inflation reading as a "one-off" event but an unexpected further slide to 0.7% the next month prompted some experts to anticipate the central bank would make a move. The ECB is targeting inflation of close to but under 2%.
Credit Suisse said it sees the ECB taking the deposit rate marginally into negative territory and cutting its main policy rate in March or April. However, the broker said the possibility that it would bring forward the decision to today’s policy meeting is a risk.
“We expect headline and core to hit a new low in March at 0.4% year-on-year. 2014 inflation is likely to be well below the ECB December staff projections, and prospects for the medium term have also weakened in our view,” the broker said.
Also on today’s agenda is the release of German factory orders, retail and construction data. In the US will be initial jobless claims and Bloomberg’s consumer confidence figures.
Carmakers rally
Daimler advanced after the luxury vehicle maker posted a 45% rise in quarterly profit.
Volvo gained after reporting fourth-quarter operating profit that beat projections and saying it will cut 4,400 jobs.
Credit Suisse Group dropped after posting fourth-quarter profit that fell short of analysts’ estimates.
Alcatel-Lucent was higher as the French network-equipment vendor posted its first quarterly profit in two years. Fourth-quarter net income was €134m, compared with a €1.56bn loss a year earlier.
The euro fell 0.04% to $1.3527.
Brent crude futures rose $0.075 to $106.330 per barrel, according to data from the ICE. |
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| | US Market Report | | US close: Stocks fall as investors react to mixed ADP, ISM data - ADP report misses forecasts due to weather
- ISM services data shows acceleration
- Non-farm payrolls in focus
Dow Jones: -0.03%
Nasdaq: -0.50%
S&P 500: -0.20%
US markets ended slightly lower on Wednesday after a choppy session as mixed economic data held back risk appetite.
The S&P 500 finished in the red for the third time in four days after private employers added fewer-than-expected jobs in January, while activity in the services sector accelerated.
Private-sector companies increased payrolls by 175,000 in January, compared to 227,000 a month earlier, according to ADP. This missed the 185,000 consensus forecasts as the severe winter weather dampened hiring.
The figures came ahead of the Labor Department’s non-farm payrolls data on Friday which is expected to show the number of people hired in January rose to 184,000 from just 74,000 in December.
While the ADP number is often seen as a rough indicator of the official figure, Analyst Cooper Howes from Barclays pointed out that the different methodology used in each report “limit[s] is usefulness for forecasting on a month-to-month basis”.
In other economic news, the Institute for Supply Management’s non-manufacturing index rose from 53 to 54 in January, ahead of the 53.7 level expected by analysts.
Meanwhile, the Mortgage Bankers Association’s seasonally adjusted mortgage application index increased by 0.4% in the week ended January 31st after a 0.2% decline the month before.
Time Warner beats with Q4 figures
Media giant Time Warner finished higher after beating forecasts with its fourth-quarter results. The company, which owns HBO and the Warner Bros. film studio, reported a 12% fall in net income but adjusted earnings managed to come in ahead of expectations.
Fashion retailer Ralph Lauren fell as it underwhelmed after exceeding analysts’ estimates and upgrading its full-year sales guidance.
Health insurer Humana retreated after swinging to a loss in the fourth quarter.
Myriad Genetics jumped as the breast-cancer test provider lifted its full-year guidance after strong second-quarter earnings.
Cognizant Technology Solutions dropped after the provider of outsourcing services forecast 2014 earnings that fell short of analysts’ estimates.
S&P 500 - Risers
Walgreen Co. (WAG) $57.85 +3.40%
PACCAR Inc. (PCAR) $56.90 +3.34%
TJX Companies Inc. (TJX) $57.79 +3.14%
Tiffany & Co. (TIF) $84.97 +3.12%
Nordstrom Inc. (JWN) $57.09 +3.09%
Genworth Financial Inc. (GNW) $14.92 +2.68%
GameStop Corp. (GME) $34.76 +2.39%
Gannett Co. Inc. (GCI) $26.98 +2.35%
International Paper Co. (IP) $46.84 +2.23%
Hartford Financial Services Group Inc. (HIG) $33.54 +2.19%
S&P 500 - Fallers
CH Robinson Worldwide Inc (CHRW) $53.16 -9.35%
Cerner Corp. (CERN) $53.21 -5.99%
Estee Lauder Co. Inc. (EL) $65.38 -5.51%
Gilead Sciences Inc. (GILD) $78.15 -4.72%
Cognizant Technology Solutions Corp. (CTSH) $92.85 -4.29%
Valero Energy Corp. (VLO) $46.37 -3.88%
Alcoa Inc. (AA) $11.04 -3.58%
Ralph Lauren Corp (RL) $148.69 -3.56%
Peabody Energy Corp. (BTU) $16.03 -3.43%
Diamond Offshore Drilling Inc. (DO) $46.50 -3.25%
Dow Jones I.A - Risers
Walt Disney Co. (DIS) $71.76 +1.00%
Cisco Systems Inc. (CSCO) $21.98 +0.83%
International Business Machines Corp. (IBM) $174.18 +0.77%
Johnson & Johnson (JNJ) $87.28 +0.76%
Visa Inc. (V) $216.09 +0.72%
McDonald's Corp. (MCD) $93.58 +0.53%
3M Co. (MMM) $127.38 +0.52%
Procter & Gamble Co. (PG) $76.46 +0.49%
JP Morgan Chase & Co. (JPM) $55.21 +0.47%
E.I. du Pont de Nemours and Co. (DD) $61.90 +0.47%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $30.65 -2.51%
Microsoft Corp. (MSFT) $35.82 -1.46%
Intel Corp. (INTC) $23.52 -1.26%
Chevron Corp. (CVX) $109.53 -1.17%
AT&T Inc. (T) $32.09 -1.11%
United Technologies Corp. (UTX) $107.95 -1.05%
Goldman Sachs Group Inc. (GS) $160.42 -0.83%
Caterpillar Inc. (CAT) $91.98 -0.56%
Boeing Co. (BA) $121.44 -0.49%
Exxon Mobil Corp. (XOM) $89.58 -0.49%
Nasdaq 100 - Risers
PACCAR Inc. (PCAR) $56.90 +3.34%
Adobe Systems Inc. (ADBE) $61.00 +2.14%
Akamai Technologies Inc. (AKAM) $47.42 +2.00%
Discovery Communications Inc. Class A (DISCA) $79.39 +1.74%
Intuitive Surgical Inc. (ISRG) $415.10 +1.47%
Micron Technology Inc. (MU) $23.31 +1.35%
Check Point Software Technologies Ltd. (CHKP) $63.98 +1.30%
Dish Network Corp. (DISH) $57.26 +1.20%
eBay Inc. (EBAY) $53.52 +1.15%
KLA-Tencor Corp. (KLAC) $60.93 +1.06%
Nasdaq 100 - Fallers
CH Robinson Worldwide Inc (CHRW) $53.16 -9.35%
Cerner Corp. (CERN) $53.21 -5.99%
Gilead Sciences Inc. (GILD) $78.15 -4.72%
Cognizant Technology Solutions Corp. (CTSH) $92.85 -4.29%
Biogen Idec Inc. (BIIB) $299.93 -2.68%
Sirius XM Holdings Inc (SIRI) $3.43 -2.56%
Tesla Motors Inc (TSLA) $174.42 -2.41%
Baidu Inc. (BIDU) $152.10 -2.39%
F5 Networks Inc. (FFIV) $103.95 -2.37%
Vertex Pharmaceuticals Inc. (VRTX) $77.41 -2.20% |
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| | Thursday newspaper round-up | | Banks, GlaxoSmithKline, Young people New York’s top banking regulator has demanded documents from more than a dozen banks, opening a new front in the sprawling global investigation into alleged foreign exchange manipulation. Ben Lawsky, superintendent of New York’s Department of Financial Services, sent requests to banks including Deutsche Bank, Goldman Sachs, Lloyds, Royal Bank of Scotland, and Standard Chartered, one person familiar with the matter said. All the banks declined to comment on whether they had been contacted. - Financial Times
Shares in GlaxoSmithKline edged higher after the drugs giant said its sales decline was "starting to stabilise" in China, where the firm has been rocked by a damaging bribery and corruption scandal. Reporting 2013 results, GSK boss Sir Andrew Witty said sales of pharmaceuticals and vaccines had fallen another 29% in China during the fourth quarter to December. That compares with a 61% slump in the previous three months. - Daily Mail
Young people in Britain have borne the brunt of the financial crisis, with a larger proportion of 16- to 24-year-olds now out of work than any other age group. The unemployment rate among 16- to 17-year-olds is 35.9%, and 18% among 18- to 24-year-olds, according to the Office for National Statistics in its latest economic review. In contrast the rate falls to 4.7% among 35- to 49-year-olds, and 4.4% among 50- to 64-year-olds. - The Guardian
An ambitious $5bn plan to expand the Panama Canal and reshape the flow of world trade is at imminent risk of failure at the cost of 10,000 jobs and billions of dollars of upfront spending, the Spanish company leading the works has warned. The project to widen the 100-year-old canal that links the Pacific and Atlantic oceans, one of the biggest civil engineering operations in the world, is due to be completed next year but has been plagued by a long-running dispute around cost overruns. - The Times
Even as many high street banks are working out how to slim down or shut branches, a small Swedish lender has been opening outlets nationwide. Since December, Handelsbanken has opened ten branches, taking its total in Britain to 171. Four years ago, while the City was reeling in the immediate aftermath of the financial crisis, it had just over 60. - The Times
Twitter reported a big, increased loss in its first quarterly report since becoming a publicly traded company, as slow growth and heavy costs produced a mixed bag of results. Earnings came in significantly higher than expected, with revenue more than doubling, but Twitter shares, which have risen by nearly 150% since its public offering in November, fell by 17% in after-hours trading in New York to $54.76, reflecting disappointing growth in the numbers of its users. - The Times | | |
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