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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: Miners rise on Chinese stimulus hopes, insurers drop - Miners rise on Chinese stimulus hopes
- Li Keqiang hints at possible easing
- Insurers fall on FCA investigation
techMARK 2,779.04 +0.58%
FTSE 100 6,621.74 +0.51%
FTSE 250 16,239.90 +0.23%
UK stocks were making decent gains on Friday morning after a positive session in Asia overnight as comments from Chinese Premier Li Keqiang sparked hopes that measures to stimulate growth in the region could be on their way.
Heavyweight mining stocks were performing well on the back of this speculation as metal prices advanced, lifting the FTSE 100 0.5% higher to 6,622 in early trading. The index is set to finish at its highest closing level since March 11th.
Li, speaking at a government meeting in Shenyang, reportedly said that policymakers "should launch well-targeted, effective measures one after another according to our tasks stated in the Government Work Report".
He said that the government should not overlook "downward risks" to the economy and has the "ability, confidence and conditions to make sure the economy runs within a reasonable range".
"Analysts believe China could implement measures to boost stimulus after a string of deteriorating data has shown the economy is struggling," said Lee Mumford, Financial Sales Trader at Spreadex.
On today's economic data calendar, there will be a final revision to UK gross domestic product growth forecasts this morning, along with economic confidence figures from the Eurozone and spending data in the US.
Miners jump on Chinese stimulus hopes
Mining stocks were leading the risers this morning as investors ramped up their appetite for risk amid hopes of Chinese stimulus. Fresnillo, Anglo American, Rio Tinto, Glencore Xstrata, Antofagasta and BHP Billiton were all putting in decent gains.
Royal Mail was also higher after RBC Capital upgraded its rating for the postal group to 'outpeform'.
Leading the downside were insurance stocks on reports that the Financial Conduct Authority is investigating 30m policies sold by insurers between the 1970s and 2000. Resolution, Legal & General, Aviva, Standard Life, Prudential, Phoenix and Partnership Assurance falling sharply.
On AIM, the share price of radiation technology group Kromek plummeted after it warned that revenue for the year ending April 30th will be "significantly below current market expectations" due to delays in a number of large contracts. Kromek, which listed in London in October, had previously expected to break even this year but now predicts making a loss. |
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| FTSE 100 - Risers
Fresnillo (FRES) 862.50p +2.99%
Glencore Xstrata (GLEN) 315.75p +2.82%
Anglo American (AAL) 1,526.50p +2.66%
Rio Tinto (RIO) 3,343.50p +2.09%
Royal Bank of Scotland Group (RBS) 308.20p +2.09%
Smith & Nephew (SN.) 918.00p +2.00%
Randgold Resources Ltd. (RRS) 4,566.00p +1.78%
Antofagasta (ANTO) 841.50p +1.69%
BHP Billiton (BLT) 1,863.00p +1.66%
Sports Direct International (SPD) 878.00p +1.50%
FTSE 100 - Fallers
Resolution Ltd. (RSL) 286.30p -10.25%
Aviva (AV.) 453.10p -6.29%
Legal & General Group (LGEN) 201.70p -5.04%
St James's Place (STJ) 824.00p -2.54%
Standard Life (SL.) 376.60p -2.51%
Prudential (PRU) 1,292.00p -1.75%
Kingfisher (KGF) 420.60p -0.71%
Old Mutual (OML) 200.40p -0.40%
Babcock International Group (BAB) 1,270.00p -0.39%
Petrofac Ltd. (PFC) 1,429.00p -0.21%
FTSE 250 - Risers
Ocado Group (OCDO) 463.50p +3.78%
Evraz (EVR) 73.20p +3.32%
Capital & Counties Properties (CAPC) 362.90p +2.92%
Kier Group (KIE) 1,644.00p +2.37%
Kazakhmys (KAZ) 257.20p +2.35%
Paragon Group Of Companies (PAG) 409.30p +2.30%
Ferrexpo (FXPO) 152.90p +2.00%
Polymetal International (POLY) 612.50p +1.91%
Croda International (CRDA) 2,570.00p +1.90%
Interserve (IRV) 718.50p +1.84%
FTSE 250 - Fallers
Phoenix Group Holdings (DI) (PHNX) 690.00p -6.38%
Partnership Assurance Group (PA.) 130.50p -2.61%
Cairn Energy (CNE) 169.40p -2.25%
Afren (AFR) 139.80p -2.24%
Grafton Group Units (GFTU) 645.00p -2.05%
Tullett Prebon (TLPR) 277.30p -1.56%
Man Group (EMG) 100.60p -1.28%
Just Retirement Group (JRG) 133.00p -1.19%
Cranswick (CWK) 1,228.00p -1.13% |
| | UK Event Calendar | | INTERIMS
Imperial Innovations Group
INTERIM DIVIDEND PAYMENT DATE
Clinigen Group, Downing One VCT , Foresight 3 VCT, Genus, Ruffer Investment Company Ltd Red PTG Pref Shares
QUARTERLY PAYMENT DATE
Barclays, BP
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Business Climate Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
U. of Michigan Confidence (Final) (US) (13:55)
Speech President Chicago Fed
Speech President Kansas City Fed
Preliminary CPI (GER)
Preliminary CPI (SP) (08:00)
GMS
Trinity Mirror
FINALS
Asia Resource Minerals, Cathay International Holdings Ltd., Chesnara, Futura Medical, HydroDec Group, Judges Scientific, Optimal Payments Plc, Songbird Estates
ANNUAL REPORT
National Express Group
SPECIAL DIVIDEND PAYMENT DATE
Beazley, Ferrexpo, NewRiver Retail Ltd. (Reg S)
EGMS
Alpha Bank GDR (Reg S) USD
AGMS
Banco Santander S.A. (CDI), BlackRock Commodities Income Inv Trust, ECR Minerals, Ferrex, Formation Group, Helius Energy, Invista European Real Estate Trust Sicaf, Milestone Group, MTI Wireless Edge Ltd., Sinclair (William) Holdings, Sphere Medical Holding, St. Modwen Properties, SVG Capital, Turkiye is Bankasi A.S GDR C Shs (Reg S), United Bank Ltd GDR (Reg S)
TRADING ANNOUNCEMENTS
ICAP
UK ECONOMIC ANNOUNCEMENTS
Balance of Payments (09:30)
GfK consumer Confidence (09:30)
Current Account (09:30)
GDP (quarterly national accounts) (09:30)
GFK Consumer Confidence (00:05)
Index of Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Arden Partners, Brewin Dolphin Holdings, Hazel Renewable Energy VCT 1, Hazel Renewable Energy VCT 2, Henderson Value Trust, Jersey Electricity 'A' Shares, Sanderson Group, SWP Group
FINAL EX-DIVIDEND DATE
DP World Limited |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise before Eurozone consumer confidence data - Eurozone consumer confidence data out
- German inflation figures to be released
- Tensions remain high over Crimea
FTSE 100: 0.51%
DAX: 0.75%
CAC 40: 0.44%
FTSE MIB: 0.81%
IBEX 35: 0.72%
Stoxx 600: 0.64%
European stocks gained ahead of a report that may show Eurozone consumer confidence rose in March.
A report at 10:00 GMT is expected to show Eurozone economic confidence increased to a reading of 101.3 in March, from 101.2 a month earlier.
German inflation figures will also be in focus when released at 13:00 GMT. Analysts predict consumer prices in Europe's biggest economy rose by 1.1% year-on-year in March.
In the US, the University of Michigan will unveil its consumer confidence index which is tipped to edge up to 80.5 in March from 79.9 a month ago.
Also in the US, investors will be watching for data on personal spending and income.
Russia's annexation of Crimea illegal, UN confirms
The United Nations (UN) General Assembly yesterday approved a resolution which deemed the Moscow-led referendum that led to Russia's annexation of Crimea from Ukraine as illegal.
The vote came after the International Monetary Fund agreed to throw financial aid to Ukraine in a deal worth $14-18bn.
The US Congress also passed legislation yesterday supporting a $1bn loan guarantee for Ukraine.
Intesa Sanpaolo
Intesa Sanpaolo advanced as Italy's second-biggest bank forecast dividend payouts of €1bn this year and €2bn next year.
Pirelli & C. SpA gained after the Italian tyre maker reported 2013 earnings which beat analysts' estimates.
Deutsche Wohnen climbed after the German residential landlord said annual profit jumped 68%.
The euro fell 0.17% to $1.3716.
Brent crude futures rose $0.046 to $107.880 per barrel, according to the ICE. |
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| | US Market Report | | US close: Citi leads stocks lower as data comes in mixed - Jobless claims fall to four-month low
- GDP revised higher, pending home sales fall
- Citi falls after failing Fed stress tests
Dow Jones: -0.03%
Nasdaq: -0.54%
S&P 500: -0.19%
There was no respite from selling pressure on Thursday as stocks on Wall Street finished with moderate losses, with investors digesting mixed economic data and the results of the banking stress tests.
Figures out during the session showed that jobless claims fell more than expected last week, economic growth estimates were revised higher, albeit not as much as expected, and pending home sales slumped.
Meanwhile, Citigroup fell sharply after it was found to be one of the few banks that failed the Federal Reserve's stress tests, along with the US units of European counterparts RBS, HSBC and Santander.
The Dow Jones Industrial Average finished broadly flat by the closing bell, while the Nasdaq dropped 0.5% and the S&P 500 fell 0.2%.
Markets had suffered steep losses on Wednesday after comments from President Barack Obama sparked a sell-off in afternoon trade as he warned that Russia faces further sanctions if it continues to take steps to further destabilise Ukraine.
Economic data
US jobless claims dropped to their lowest levels in nearly four months last week, according to the Labor Department. Initial claims for unemployment benefits fell by 10,000 to a seasonally-adjusted 311,000 in the seven days to March 22nd, from a revised 321,000 the week before.
This was the lowest since November and surprised analysts who had expected claims to rise to 323,000.
US gross domestic product growth in the fourth quarter was revised higher to an annualised rate of 2.6%, from the initial 2.4% estimate. However, the consensus estimate was for a revision to 2.7%.
Pending home sales fell at a year-on-year rate of 10.2% in February, worse than a revised 9.3% decline in January and the 9% drop expected by analysts.
Banks in focus
Citi fell sharply after the Fed rejected the bank's capital plans to lift dividends and increase share buybacks. The central bank said that it had concerns about the "overall reliability of Citigroup's capital planning process".
Other banks including JPMorgan Chase, Bank of America and Goldman Sachs, however, managed to pass the stress tests.
Gaming group King Digital Entertainment extended losses after a disappointing stock-market debut on Wednesday in which the Candy Crush maker's shares dropped 15%. The stock was down a further 3% on Thursday.
Accenture was a heavy faller after saying that a "challenging" environment will likely continue for its consulting business, which accounts for over half of group sales. |
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| | Newspaper Round Up | | Friday newspaper round-up: Housing bubble, Scotland, AO World The number of borrowers being offered dangerously large mortgages is at an all-time high, the Bank of England has warned. About one in ten homebuyers are borrowing more than four times their income, the Bank said, stoking fears that the nation is in the grip of an unsustainable housing bubble. In London, almost one in five buyers are taking out "high income-multiple" loans as the cost of the average property approaches 500,000 pounds. - The Times
The European Commission has dealt a blow to First Minister Alex Salmond and left Scotland facing a massive pensions blackhole if there is a Yes vote in the referendum. Officials declared there would be no change in the rules governing cross-border pension schemes – despite a widely held belief that the regulations were to be relaxed. Finance secretary John Swinney was among those who expected the European Union to make the change. - Scotsman
Some of London's leading hedge funds are betting that AO World's share price will slide amid speculation that the online appliances retailer makes more money from selling warranties than it does from shifting white goods. While AO World refuses to split out the profits it makes from selling washing machines and kettles compared with insurance policies, speculation has been rife in the stock market that warranties accounted for as much as 90% of its earnings. - The Times
Creditors of Lehman Brothers are to receive an additional payout of $17.9bn, more than five years after the investment bank plunged into bankruptcy and pushed the global financial system into chaos. The distribution in the United States, including to third parties such as hedge funds that bought the bank's debt at a discount after the bankruptcy, will bring the payouts to $56bn. Further payments are expected to bring the final total to $80bn. - The Times
The City has switched into overdrive, the London Stock Exchange has revealed, with money raised on the Square Mile's markets almost doubling so far this financial year. The LSE said the total cash raised in the 11 months to the end of February was £28.3bn, compared with £14.8bn in the same period last year. This equates to a 91% increase in the financial year so far, with the number of new fundraisings or stock market floats soaring to 162 from 107. - The Daily Mail
Morrisons chief executive Dalton Philips is giving up his annual bonus after a disastrous year in which Britain's fourth-biggest grocer issued two profits warnings and saw bank details of 100,000 staff posted online after a theft. He decided to give up a cash-and-shares award totalling £374,000 after the group lost market share and warned underlying profit for 2014 would be half the £732m analysts were expecting. New finance director Trevor Strain chose to take his bonus of £211,000 and sold shares to pay the tax liability. - The Daily Mail | | |
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