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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 surge ahead of data, corporate earnings impress - Kingfisher, easyJet, 888 and RSA rise early on
- UK inflation expected to ease
- US economic data in focus later on
- Russia out of G8, threaten more sanctions
techMARK 2,777.09 +0.84%
FTSE 100 6,579.14 +0.90%
FTSE 250 16,121.26 +0.64%
UK stocks surged on Tuesday morning ahead of a barrage of economic data as updates and results from Kingfisher, easyJet, 888 Holdings and RSA impressed investors.
The FTSE 100, which fell to a seven-week low the previous session, gained 0.9% to 6,579 in early trading.
The index declined by 0.6% to 6,520.39 on Monday, its worst closing level since February 5th when it finished at 6,457.89.
During today's session, the focus is likely to be on February UK inflation figures, which are likely to have fallen further away from the Bank of England's 2% target, economists have predicted. Consumer prices are expected to have dropped to 1.7% year-on-year in February, compared to 1.9% a month earlier.
There will also be data from the UK housing market out later this morning, as well as the CBI Distributive Trades survey on retail sales.
Investors will be also on the look-out for US economic data later on, including the S&P/Case-Shiller Home Price Index, consumer confidence figures and new home sales, as well as speeches from two members of the Federal Reserve.
Despite today's rebound, the market's attention is still very much on Eastern Europe after Russian troops stormed more bases in Crimea in recent days following the annexation of the region last week.
The world's top industrial powers removed Russia from the G8 yesterday as they met in The Hague on the sidelines of a nuclear security summit. The G7 said it was ready to "intensify actions including coordinated sectoral sanctions that will have an increasingly significant impact on the Russian economy, if Russia continues to escalate this situation".
Kingfisher, easyJet, 888 and RSA impress
Shareholders of Kingfisher, Europe's largest home improvement retailer, celebrated this morning after the company said it would return £200m this year and expand into new markets after profits improved by 10% in the 12 months ended February 1st. The company, which owns B&Q and Screwfix in the UK, said it would embark on a new multi-year programme of additional capital returns.
Budget airline easyJet advanced after raising its first-half guidance as it worked to drive down costs. The carrier expects a pre-tax loss for the six months ended March 31st 2014 between £55m and £65m, compared with the previous guidance of a pre-tax loss of £70m to £90m and last year's £61m loss.
Online gaming group 888 also jumped after raising its full-year dividend by 56% and proposing a special dividend, as operating profits rose 13% in 2013.
RSA also gained after announcing plans for a fully underwritten rights issue to raise £773m to restore the UK insurer's capital position. The company said it will launch a three-to-eight rights issue at 56p per share, a substantial discount of around 405p on Monday's closing price.
Housebuiders Bovis Homes and Travis Perkins were also performing well after Citigroup upgraded its ratings on both stocks to 'buy'.
Royal Mail was the only significant faller this morning after saying it is to begin talks with its unions about cutting a net 1,300 back office jobs in order to save £50m per year from 2016 onwards. Cruise operator Carnvial edged lower ahead of its first-quarter results due out later on. |
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| FTSE 100 - Risers
easyJet (EZJ) 1,709.00p +4.72%
Kingfisher (KGF) 420.30p +3.39%
SABMiller (SAB) 2,930.00p +3.35%
Travis Perkins (TPK) 1,862.00p +3.33%
Sage Group (SGE) 433.70p +2.41%
Barratt Developments (BDEV) 403.00p +2.36%
International Consolidated Airlines Group SA (CDI) (IAG) 420.30p +2.29%
Rio Tinto (RIO) 3,252.00p +1.98%
BT Group (BT.A) 390.40p +1.91%
Anglo American (AAL) 1,466.50p +1.84%
FTSE 100 - Fallers
Royal Mail (RMG) 571.50p -2.14%
Carnival (CCL) 2,431.00p -1.02%
Systems (BA.) 401.30p -0.55%
Rexam (REX) 488.10p -0.35%
Marks & Spencer Group (MKS) 452.70p -0.29%
British Sky Broadcasting Group (BSY) 939.00p -0.27%
ARM Holdings (ARM) 976.50p -0.20%
WPP (WPP) 1,197.00p -0.08%
William Hill (WMH) 335.80p -0.03%
FTSE 250 - Risers
888 Holdings (888) 146.30p +8.37%
Cairn Energy (CNE) 155.80p +2.97%
Tullett Prebon (TLPR) 282.40p +2.50%
Laird (LRD) 298.10p +2.40%
Bovis Homes Group (BVS) 879.50p +2.39%
Renishaw (RSW) 1,931.00p +2.22%
Ted Baker (TED) 2,302.00p +2.22%
Carphone Warehouse Group (CPW) 329.80p +2.14%
Electrocomponents (ECM) 272.70p +2.13%
Playtech (PTEC) 685.00p +2.09%
FTSE 250 - Fallers
Cranswick (CWK) 1,213.00p -2.10%
Infinis Energy (INFI) 240.10p -1.88%
IP Group (IPO) 209.80p -1.82%
Synthomer (SYNT) 271.20p -1.81%
Daejan Holdings (DJAN) 4,825.00p -1.21%
BH Global Ltd. USD Shares (BHGU) 11.71 -1.18%
Centamin (DI) (CEY) 57.05p -1.13%
AL Noor Hospitals Group (ANH) 1,057.00p -1.12%
Foxtons Group (FOXT) 376.90p -1.08% |
| | UK Event Calendar | | Tuesday March 25
INTERIMS
EpiStem Holdings, Nanoco Group, Sinclair Is Pharma, Wolseley
INTERIM DIVIDEND PAYMENT DATE
Ibex Global Solutions
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (14:00)
House Price Index (US) (14:00)
IFO Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
New Homes Sales (US) (14:00)
FINALS
888 Holdings, Accesso Technology Group, Augean, Barr (A.G.), Concurrent Technologies, Corero Network Security, Faroe Petroleum, JSC Halyk Bank GDR (Reg S), Kingfisher, Mar City, Mission Marketing Group, ProPhotonix (Reg S), Quixant, S & U, Ubisense Group
ANNUAL REPORT
Morgan Sindall Group, Spectris
IMSS
Hazel Renewable Energy VCT 2 A Shares
EGMS
Datang International Power Generation Co Ltd.
AGMS
Aukett Fitzroy Robinson Group, Hazel Renewable Energy VCT 1, Hazel Renewable Energy VCT 1 A Shares, Hazel Renewable Energy VCT 2, Horizonte Minerals, Innovation Group, Low & Bonar, Skandinaviska Enskilda Banken, W H Ireland Group
TRADING ANNOUNCEMENTS
Topps Tiles
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
CBI Distributive Trades Surveys (11:00)
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
Q1
Carnival
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of slate of economic data - German business confidence out
- UK inflation figures in focus
- US consumer confidence data to be released
FTSE 100: 0.94%
DAX: 0.84%
CAC 40: 0.82%
FTSE MIB: 0.50%
IBEX 35: 0.24%
Stoxx 600: 0.63%
European stocks rose ahead of the release of reports on German business confidence, UK inflation and US consumer confidence.
The Ifo institute's German business climate index in March is expected to fall to 110.9 from 111.3 a month earlier.
UK consumer prices are projected to have dropped to 1.7% year-on-year in February, compared to 1.9% a month earlier.
On the month, consumer prices are projected to have risen in February by 0.5% from January when they declined 0.6%.
A further fall away from the Bank of England's 2% target is likely to support the central bank's decision to keep interest rates at the record low of 0.5% for some time.
In the US later on, the Conference Board's consumer confidence index is tipped to rise to 78.6 in March from 78.1 in February.
Consumer spending accounts for about 70% of economic activity in the US so it will be a closely watched release.
A report on US new home sales may show a 4.9% drop in February, compared to a 9.6% increase in January, according to analysts' forecasts.
Luxottica, Baloise
Luxottica advanced as the world's largest maker of glasses said it will design, develop and sell spectacles that use Google Glass technology.
Baloise gained after the Swiss insurer unexpectedly increased its dividend.
easyJet edged higher after the European airline raised its guidance for the first half to a pre-tax loss of £55m to £65m from a January estimate for a loss of as much as £90m.
Kingfisher jumped after reporting a rise in annual adjusted pre-tax profit that beat the consensus forecast.
The euro fell 0.03% to $1.3835.
Brent crude futures rose $0.075 to $106.890 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks fall after manufacturing PMI, NATO warning - US, China manufacturing PMIs miss forecasts
- Recession a risk in Russia
- Apple gains on Comcast talks
- Netflix, Facebook fall sharply
Dow Jones: -0.16%
Nasdaq: -1.18%
S&P 500: -0.49%
US stocks ended in negative territory on Monday after data showed a slowdown in domestic manufacturing growth, while sentiment continued to be dampened by the ongoing crisis in Ukraine.
Meanwhile fears of an economic slowdown in global powerhouse China were also causing investors to shy away from risk.
The Dow Jones Industrial Average finished with losses of 0.2%, the S&P 500 fell 0.5%, while the Nasdaq slumped 1.2% as biotech and internet stocks fell sharply.
Markit's preliminary purchasing managers' index (PMI) for US manufacturing in March dropped to 55.5 in March from 57.1 a month earlier. While the sector was still found to be expanding – indicated by a reading above 50 – the consensus forecast was for 56.5.
Investors were also reacting to the HSBC/Markit PMI for Chinese manufacturing which dropped to 48.1 this month from 48.5 in February. This marked the fifth consecutive fall for the index and missed the market's estimate for 49.7.
"This is all the more significant because March is the first month this year for which the data should not have been distorted by the timing of Chinese New Year," said Andrew Kenningham, Senior Global Economist at Capital Economics.
Crimea crisis
The ongoing Ukraine crisis stepped up a gear over the weekend on reports of Russian troops storming more bases in Crimea and a warning from NATO´s top military commander regarding the size of recent Russian troop deployments in western Ukraine.
Ukraine's interim President Olexander Turchynov has now ordered the withdrawal of Ukrainian armed forces from Crimea.
G7 leaders are expected to discuss their response to the annexation of Crimea as they meet for a nuclear security summit in The Hague today. EU and US leaders have already imposed and extended sanctions on a number of high-ranking officials and institutions close to the Kremlin.
A number of banks including state-run VTB estimated that Russia, the world's ninth-biggest economy, could fall into recession as a result of the sanctions due to reduced investment and increased borrowing costs.
Apple gains on talks with Comcast
Apple Inc. advanced after The Wall Street Journal reported that the company has held talks with Comcast Corp. about streaming live and on-demand television. Online streaming group Netflix sunk on the news.
Facebook was a heavy faller, pulling back after its strong performance since the start of the year.
Herbalife rallied after agreeing to nominate three people proposed by billionaire Carl Icahn to its board.
Lighting and electronics group O2Micro dropped after lowering its revenue guidance for the first quarter due to weakness in the TV and notebook market and production delays.
Nu Skin Enterprises, the cosmetics and nutritional supplements firm, was fined $0.54m by Chinese regulators after a review of its sales and promotional practices. However, the stock surged as investors showed their relief that the fine was not higher.
S&P 500 - Risers
Symantec Corp. (SYMC) $19.09 +4.89%
State Street Corp. (STT) $70.21 +2.03%
Nabors Industries Ltd. (NBR) $24.04 +1.99%
Peabody Energy Corp. (BTU) $16.04 +1.91%
Procter & Gamble Co. (PG) $79.30 +1.82%
Delta Airlines Inc. (DAL) $33.32 +1.80%
Mastercard Inc. (MA) $77.39 +1.75%
Adt Corp (ADT) $29.75 +1.74%
FirstEnergy Corp. (FE) $33.40 +1.67%
Staples Inc. (SPLS) $11.64 +1.66%
S&P 500 - Fallers
Netflix Inc. (NFLX) $378.90 -6.67%
Alexion Pharmaceuticals Inc. (ALXN) $149.76 -5.78%
Facebook Inc. (FB) $64.10 -4.67%
F5 Inc. (FFIV) $107.87 -4.40%
Mylan Inc. (MYL) $49.97 -4.16%
AbbVie Inc (ABBV) $51.36 -3.93%
TripAdvisor Inc. (TRIP) $97.58 -3.87%
Tiffany & Co. (TIF) $87.23 -3.86%
Chipotle Mexican Grill Inc. (CMG) $588.54 -3.69%
Yahoo! Inc. (YHOO) $36.68 -3.32%
Dow Jones I.A - Risers
Procter & Gamble Co. (PG) $79.30 +1.82%
JP Morgan Chase & Co. (JPM) $61.07 +1.50%
Microsoft Corp. (MSFT) $40.50 +0.85%
International Machines Corp. (IBM) $188.25 +0.85%
McDonald's Corp. (MCD) $96.18 +0.74%
Boeing Co. (BA) $123.42 +0.69%
AT&T Inc. (T) $34.46 +0.47%
Wal-Mart Stores Inc. (WMT) $76.76 +0.36%
Exxon Mobil Corp. (XOM) $94.64 +0.35%
Verizon Communications Inc. (VZ) $47.01 +0.21%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $31.49 -2.14%
Merck & Co. Inc. (MRK) $53.78 -1.61%
Visa Inc. (V) $220.75 -1.17%
Walt Disney Co. (DIS) $79.49 -1.07%
Home Depot Inc. (HD) $79.66 -0.92%
Johnson & Johnson (JNJ) $95.20 -0.76%
Goldman Sachs Group Inc. (GS) $165.72 -0.74%
E.I. du Pont de Nemours and Co. (DD) $66.49 -0.73%
United Technologies Corp. (UTX) $113.75 -0.72%
American Express Co. (AXP) $91.01 -0.56%
Nasdaq 100 - Risers
Symantec Corp. (SYMC) $19.09 +4.89%
Staples Inc. (SPLS) $11.64 +1.66%
Apple Inc. (AAPL) $539.19 +1.19%
Broadcom Corp. (BRCM) $31.60 +1.02%
Maxim Integrated Products Inc. (MXIM) $32.21 +0.98%
Microsoft Corp. (MSFT) $40.50 +0.85%
Analog Devices Inc. (ADI) $53.61 +0.69%
Cognizant Technology Solutions Corp. (CTSH) $49.07 +0.65%
Comcast Corp. (CMCSA) $50.30 +0.60%
Equinix Inc. (EQIX) $181.30 +0.53%
Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $378.90 -6.67%
Alexion Pharmaceuticals Inc. (ALXN) $149.76 -5.78%
Keurig Green Mountain Inc (GMCR) $105.88 -5.46%
Facebook Inc. (FB) $64.10 -4.67%
F5 Inc. (FFIV) $107.87 -4.40%
Mylan Inc. (MYL) $49.97 -4.16%
TripAdvisor Inc. (TRIP) $97.58 -3.87%
Tesla Motors Inc (TSLA) $220.17 -3.81%
Vimpelcom Ltd Ads (VIP) $8.57 -3.59%
Yahoo! Inc. (YHOO) $36.68 -3.32% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Lloyds, Pets at Home, Marks&Spencer Lloyds is about to sail into another storm of criticism over alleged financial misconduct. BBC Radio 4 will today claim that its investigation shows the lender has been providing "alternative redress" to more than one in four claimants of payment protection inusrance (PPI). By assuming that customers who were wrongly sold single-premium PPI on credit cards or loans would have have bought cheaper regular premium policy instead the bank can pay less compensation. A spokesman for Lloyds "strongly disputed" the BBC´s claim that one in four customers were affected, saying that 11 per cent had been given "comparative redress" as set out in the Financial Conduct Authority´s handbook, according to The Times.
Directors at Pets at Home have wasted no time cashing in since the company went public earlier this month. According to a late announcement eight directors have already cut their holdings by a cumulative £15m. In the past sizeable sales of stock by insiders following a flotation have set of alarm bells ringing for investors, as executives tend to hang on to their shares if they believe rapid growth at the company still lies ahead. Chief Executive Nick Wood added £4.5m to his fortune by selling 1.8m shares. He had already made £20m during his two year tenure, The Daily Mail writes.
Marks&Spencer´s director of IT Darrell Steinm and property director Clem Constantine have resigned. The former was the brains behind the company´s new M&S website, and the revamping of its IT infrastructure, which was launched last month. Sources close to the company were not surprised by the former´s decision, given that the project was completed and handed over to the multi-channel retail team. Constantine is understood to be leaving to work at a consultancy. They are only the most recent of several high-level departures, The Times said.
Siemens has committed to spending £160m to construct Britain´s first two wind-farm manufacturing plants in Hull for the so-called Round 3 offshore projects in the North Sea. That comes in the aftermath of Westminster´s new Energy Bill which guarantees that wind farm operators shall be paid thrice the current wholesale price of electricity and ensure that the factory can work at capacity. The new factory will build next generation blades for six megawatt turbines which, when rotating, cover an area of two and a half football pitches, The Times reports.
The chief of JP Morgan´s investment banking arm in China is leaving, an internal memo from the bank showed on Monday, according to The Wall Street Journal. That comes amidst an ongoing US Department of Justice investigation of the bank under the Foreign Corrupt Practices Act (FCPA). Authorities are investigating whether a programme originally called "sons and daughters" - which favoured hiring children from prominent Chinese families – might have been in violation of the FCPA.
Looking to recover from a difficult 2013 troubled women's fashion retailer Hobbs has inked a deal with US department store chain Bloomingdale´s, which will see it expand into the US. Private-equity group 3i recently made a decision to write off 40% of the company´s value following lacklustre Christmas sales, to shelve early plans for a sale and overhaul the management team. Ironically, it is precisely that drive overseas which may have distracted management. The company is looking to replicate the sucess achieved Stateside by other UK outfits such as Ted Baker, Topshop and Burberry, The Daily Telegraph says. | | |
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