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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 fall ahead of Putin speech on Crimea - Markets await comments from Putin on Crimea, sanctions
- Antofagasta rises after 2013 results, Sainsbury gains
- Resolution founders to step down
- ASOS, Speedy Hire plummet after updates
techMARK 2,789.35 -0.24%
FTSE 100 6,551.61 -0.25%
FTSE 250 16,261.53 -0.22%
Following Monday's respite from rising geopolitical tensions between Moscow and the West, stocks fell on Tuesday as investors awaited a speech from Russian President Vladimir Putin on Crimea's vote to join the Russian Federation.
The FTSE 100, which finished in positive territory yesterday for the first time in seven sessions, was trading 0.25% lower at 6,552 in early trading.
European Union (EU) and US leaders announced yesterday that they would impose sanctions on several Ukrainian and Russian officials after Sunday's referendum in Crimea, which saw an overwhelming majority vote in favour of leaving Ukraine. These sanctions include asset freezes and bans on travel.
All eyes are now on Putin who is due to address Russian lawmakers later on today regarding the Crimea vote and a possible response to the Western sanctions.
Market Analyst Craig Erlam from Alpari said that the situation has the potential to take a "turn for the worse" as Putin could respond by "reducing Russia's oil exports, something Europe in particular relies heavily on right now, or the West could impose harsher sanctions if the initial batch have no impact.
"Should this happen I imagine we'll see yet another flight for safety, with investors moving back towards assets such as gold, US Treasuries and the yen, all of which eased off yesterday," he said.
While the focus will remain on Putin, markets will also be watching economic sentiment data from Germany and the wider Eurozone, as well as consumer price inflation and housing figures from the US this afternoon.
Antofagasta and Sainsbury rise, Resolution slumps
Copper miner Antofagasta rose strongly after hailing a "strong set of results" for a year which was hampered by depressed metal prices. The company delivered a record level of production during 2013 but lowered its dividend slightly after a 30% slump in operating profits.
Supermarket chain J Sainsbury was higher after saying that it held on to market share despite a tough fourth quarter which saw like-for-like sales fall 3.8%.
Heading the other way was insurance group Resolution after announcing that two of its founders, Clive Cowdery and John Tiner, are stepping down from the board given that the company has completed its restructuring programme. Resolution, which now intends to change its name to Friends Life Group, reported a big jump in profits for 2013 but left its dividend unchanged.
Defence contractor BAE Systems was making gains after RBC Capital Markets lifted its rating on the stock to 'outperform' and raised its target from 450p to 490p.
Cairn Energy fell sharply after widening its annual loss, reflecting unsuccessful exploration costs and the disposal of assets. It also said it is suspending its share buy-back programme.
Outside the FTSE 350, online fashion retailer ASOS was a big mover, falling 16% after saying that sales growth in the first two months of the year slowed more than expected and margins would be dented by increased spend on warehousing and its new Chinese operations.
Shares of Speedy Hire also tumbled after the equipment and tool rental firm warned that adjusted pre-tax profit for the year ending March 31st is now expected to be "in the region of £14.5m". This is down from £16.8m the previous year and well under current consensus estimates for a figure of around £17.8m. |
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| FTSE 100 - Risers
Antofagasta (ANTO) 879.00p +3.72%
Sainsbury (J) (SBRY) 316.30p +1.57%
BAE Systems (BA.) 399.80p +0.83%
Aberdeen Asset Management (ADN) 372.30p +0.76%
G4S (GFS) 237.70p +0.64%
Schroders (SDR) 2,614.00p +0.58%
Rolls-Royce Holdings (RR.) 1,052.00p +0.48%
Persimmon (PSN) 1,367.00p +0.44%
Glencore Xstrata (GLEN) 307.60p +0.33%
ITV (ITV) 198.40p +0.30%
FTSE 100 - Fallers
Fresnillo (FRES) 882.00p -4.60%
Resolution Ltd. (RSL) 364.50p -2.31%
Next (NXT) 6,615.00p -1.49%
Randgold Resources Ltd. (RRS) 4,905.00p -1.29%
Burberry Group (BRBY) 1,428.00p -1.24%
WPP (WPP) 1,208.00p -1.23%
CRH (CRH) 1,639.00p -1.15%
Vodafone Group (VOD) 223.55p -1.08%
RSA Insurance Group (RSA) 95.55p -0.98%
Kingfisher (KGF) 410.10p -0.97%
FTSE 250 - Risers
IG Group Holdings (IGG) 646.00p +2.54%
Ferrexpo (FXPO) 144.70p +1.69%
Henderson Group (HGG) 242.40p +1.55%
Berkeley Group Holdings (The) (BKG) 2,688.00p +1.36%
Evraz (EVR) 55.90p +1.18%
Barr (A.G.) (BAG) 591.00p +1.03%
Imagination Technologies Group (IMG) 161.30p +1.00%
Enterprise Inns (ETI) 149.20p +0.95%
Kazakhmys (KAZ) 257.40p +0.90%
Homeserve (HSV) 315.00p +0.83%
FTSE 250 - Fallers
Xaar (XAR) 922.50p -7.52%
Cairn Energy (CNE) 183.40p -6.67%
Moneysupermarket.com Group (MONY) 186.60p -4.80%
Centamin (DI) (CEY) 54.80p -2.14%
Kenmare Resources (KMR) 14.70p -2.00%
Essar Energy (ESSR) 63.15p -1.86%
Lonmin (LMI) 288.90p -1.60%
Synthomer (SYNT) 265.00p -1.49%
Polymetal International (POLY) 613.00p -1.45% |
| | UK Event Calendar | | Tuesday March 18
INTERIMS
Quoram
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Building Permits (US) (12:30)
Consumer Price Index (US) (12:30)
Housing Starts (US) (12:30)
New Car Registrations (EU) (10:00)
Wholesale Price Index (GER) (07:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Central bank Policy Meeting (Turkey) (12:00)
FINALS
Antofagasta, Bango, Bioquell, Cairn Energy, Capital Drilling Ltd. (DI), Charlemagne Capital Ltd., Clarke (T.), Gem Diamonds Ltd. (DI), Mears Group, Mecom Group, Resolution Ltd., SDL, Source BioScience, UTV Media, Xaar, Zotefoams
ANNUAL REPORT
Dialight, Foreign and Colonial Inv Trust, Ladbrokes, Taylor Wimpey, Vitec Group, William Hill
IMSS
Berkeley Group Holdings (The), IG Group Holdings
EGMS
Hiscox Ltd
AGMS
Brunner Inv Trust, Ground Rents Income Fund, Wynnstay Group
TRADING ANNOUNCEMENTS
Sainsbury (J), Asos, Sainsbury, Spirit Pub Company
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall as Russia moves towards absorbing Crimea - Putin signs decree on Crimea
- Eurozone and German economic confidence data out
- US inflation and housing starts released
- Fed begins policy meeting
FTSE 100: -0.32%
DAX: -0.75%
CAC 40: -0.33%
FTSE MIB: -0.32%
IBEX 35: -0.52%
Stoxx 600: -0.44%
European stocks moved into the red as Russian President Vladimir Putin signed a decree recognising Crimea as a sovereign state.
The decree paves the way for the region to leave Ukraine and rejoin Russia. It follows a referendum on Sunday in which officials said 97% of voters backed breaking away from Ukraine.
The European Union and US said the referendum was illegal and imposed sanctions on 21 officials from Russia and Ukraine.
"Europeans understand that broader economic sanctions such as on energy exports or Russian banking could eventually hit them as hard as the Russians," Barclays said.
The EU will follow-up the issue at its summit on March 20th to 21st.
On today's agenda, will be a batch of economic data in the Eurozone and the US.
ZEW's economic sentiment index for the Eurozone and Germany in March will be released at 10:00 GMT.
In the US later on in the session, the attention will turn to reports on US inflation and housing starts as the Federal Reserve kicks off its two-day policy meeting.
The central bank is widely expected to announce a further reduction to monetary stimulus measures when it wraps up its meeting tomorrow.
Scania, Sainsbury
Scania declined as a board committee reviewing Volkswagen's takeover offer said the bid was too low.
Sainsbury declined after the UK supermarket said sales at stores open at least a year fell 3.1%, excluding fuel, in the 10 weeks ended March 15th.
Kuoni advanced as the Swiss travel company posted 2013 profit that beat analysts' forecasts.
The euro fell 0.06% to $1.3914.
Brent crude futures rose $0.263 to $106.520 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks rise strongly after Crimea referendum - Crimea votes to join Russia
- Industrial production beats forecasts
- Yahoo gains on Alibaba IPO news
Dow Jones: 1.13%
Nasdaq: 0.81%
S&P 500: 0.96%
US stocks recovered strongly on Monday after investors applauded a better-than-expected reading of industrial production, shrugging off the weekend's vote by Crimea to join the Russian Federation.
Yahoo was a high riser on Wall Street after part-owned e-commerce giant Alibaba announced its intention to list on the stock market.
The Dow Jones Industrial Average rose 1.1% to 16,247, the Nasdaq finished 0.8% higher at 4,280, while the S&P 500 increased 1% to 1,859, turning positive for the year to-date.
The gains followed a tough week for global financial markets during which sentiment was dampened by ongoing concerns about the Ukraine crisis and a slowdown in China.
"The geopolitical situation hit global markets quite hard last week so it looks like investors are taking this opportunity to claw back the losses whilst tensions have slightly eased," said Financial Sales Trader Samuel Fox from Spreadex.
Nevertheless, investors were still watching developments closely after European Union and US leaders sanctioned several Russian and Ukrainian officials in retaliation for what they see as an unconstitutional vote in Crimea. These sanctions included freezing assets and imposing visa travel bans.
Closer to home, US industrial production figures showed that output rose 0.6% in February.
This compared with a revised 0.2% fall in January and ahead of the 0.2% growth expected, which "suggests that the economy is waking up after hibernating during the past few months of unusually bad weather," according to Senior US Economist Paul Dales from Capital Economics.
The degree of capacity utilisation rose to 78.8% from 78.5% the previous month, ahead of the consensus estimate of 78.6%.
In other news, the so-called Empire State manufacturing index rose from 4.48 to 5.61 in March but came in under the 6.50 forecast.
Yahoo rises on Alibaba listing
Yahoo! surged following reports Chinese e-commerce company Alibaba Group Holding, in which it holds a 24% stake, may file for an initial public offering in the US as soon as next month in a transaction which may value Alibaba at $100bn.
Car hire firm Hertz Global Holdings climbed after the Financial Times reported that the company will spin off its equipment-rentals unit in a deal expected to value the unit at around $4.5bn.
Keurig Green Mountain advanced after S&P Dow Jones Indices said the coffee maker will join its benchmark index for US stocks.
Intercept Pharmaceuticals declined after the drug maker said "serious adverse events" occurred in a drug trial for its liver-disease treatment.
S&P 500 - Risers
First Solar Inc. (FSLR) $56.52 +4.61%
Yahoo! Inc. (YHOO) $39.11 +4.02%
Biogen Idec Inc. (BIIB) $345.60 +3.86%
Helmerich & Payne Inc. (HP) $101.10 +3.22%
Parker-Hannifin Corp. (PH) $119.83 +3.13%
QUALCOMM Inc. (QCOM) $77.02 +3.05%
CONSOL Energy Inc. (CNX) $39.75 +3.01%
Coca-Cola Enterprises Inc. (CCE) $47.87 +2.95%
Fastenal Co. (FAST) $49.91 +2.86%
F5 Networks Inc. (FFIV) $110.37 +2.70%
S&P 500 - Fallers
VeriSign Inc. (VRSN) $51.68 -5.78%
Weyerhaeuser Co. (WY) $29.33 -1.77%
Tesoro Corp. (TSO) $52.29 -1.73%
Cabot Oil & Gas Corp. (COG) $33.39 -1.68%
Denbury Resources Inc. (DNR) $16.00 -1.60%
Newmont Mining Corp. (NEM) $25.77 -1.57%
Chesapeake Energy Corp. (CHK) $24.69 -1.36%
Rowan Companies plc (RDC) $31.31 -1.26%
Reynolds American Inc. (RAI) $53.69 -1.20%
Juniper Networks Inc. (JNPR) $25.36 -1.01%
Dow Jones I.A - Risers
International Business Machines Corp. (IBM) $185.81 +1.98%
3M Co. (MMM) $132.27 +1.88%
Boeing Co. (BA) $125.42 +1.88%
Walt Disney Co. (DIS) $81.39 +1.65%
United Technologies Corp. (UTX) $114.41 +1.61%
Unitedhealth Group Inc. (UNH) $76.76 +1.40%
JP Morgan Chase & Co. (JPM) $57.58 +1.37%
Visa Inc. (V) $223.78 +1.36%
General Electric Co. (GE) $25.43 +1.27%
AT&T Inc. (T) $32.89 +1.23%
Dow Jones I.A - Fallers
Nasdaq 100 - Risers
Yahoo! Inc. (YHOO) $39.11 +4.02%
Biogen Idec Inc. (BIIB) $345.60 +3.86%
QUALCOMM Inc. (QCOM) $77.02 +3.05%
Fastenal Co. (FAST) $49.91 +2.86%
F5 Networks Inc. (FFIV) $110.37 +2.70%
Check Point Technologies Ltd. (CHKP) $69.02 +2.53%
PACCAR Inc. (PCAR) $66.51 +2.32%
Garmin Ltd. (GRMN) $53.37 +2.24%
Texas Instruments Inc (TXN) $45.27 +2.17%
Keurig Green Mountain Inc (GMCR) $115.56 +2.04%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $159.72 -3.04%
Liberty Global plc Series A (LBTYA) $42.76 -1.16%
Express Scripts Holding Co (ESRX) $76.69 -0.87%
Vertex Pharmaceuticals Inc. (VRTX) $77.70 -0.79%
Catamaran Corp (CTRX) $45.51 -0.78%
Sirius XM Holdings Inc (SIRI) $3.42 -0.58%
Sba Communications Corp. (SBAC) $94.51 -0.47%
Dollar Tree Inc (DLTR) $53.68 -0.45%
Regeneron Pharmaceuticals Inc. (REGN) $328.09 -0.43%
Netflix Inc. (NFLX) $422.72 -0.42% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Barclays, China, Budget Criticism of Barclays and other investment banks risks leaving both Britain and Continental Europe dependent on their US peers, Robert Talbut, Chief Investment officer at Royal London Asset Management and Chairman of the Association of British Insurers' investment committee has said. In what amounts to a cautious defence of Barclays, Talbut argued that a 10 per cent increase in bonuses, while disappointing, did indeed make sense, The Times reports.
Credit curbs in China threaten the largest property default ever in the country, possibly breaking the housing boom and leaving a string of ghost towns across the country in their wake. The company in question, according to Chinese newspaper Economic Daily News, is XinGrun properties, near the coastal city of Ningbo. It owes banks 570m dollars. Local authorities have set up a working group to contain the fallout, The Daily Telegraph says.
In the debate ahead of the Budget Labour leader Ed Miliband argues that the failure to solve the increasing inequality means the recovery will only favour the "privileged few" and is therefore prone to flounder. Yes, the recovery means that living standards will improve this year, but they will do so by the most for the rich, he wrote in The Guardian.
The Bank of England may today announce a management shake-up, the largest in years. Thus, the Chancellor is thought to be preparing to name a successor for Charlie Bean, the monetary authority's Deputy Governor, before this evening's speech from Governor Carney at the annual Mais lecture, The Times says.
HBM Sayers, the Scottish litigation firm, yesterday unveiled a merger with Berrymans Lace Mawer. The transaction will create BLM, a £100m business focused Britain and Ireland. It will have 1,550 employees, including 170 partners and 630 lawyers working out of 12 offices, The Scotsman reports. | | |
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