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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 close: Stocks finish in the red, World Bank forecast drags - World Bank cuts China growth forecast
- UK consumer confidence slides
- German industrial output grows
techMARK 2,730.09 -1.46%
FTSE 100 6,622.84 -1.09%
FTSE 250 16,262.84 -1.04%
UK stocks kicked off the week in a negative fashion, weighed by a poor performance in other markets across the globe and maintained by less than impressive data.
The FTSE 100 ended the session down 72.71 points at 6,622.84.
Providing a notable drag, the World Bank has cut its 2013 forecast for Chinese growth to 7.6% from a previously estimated 7.7%.
The bank cited a "bumpy start to the year" following the release of weak economic data, but said it expects recent reforms in China may boost sustainable growth in the long term.
In the latest out from Eastern Europe, a Ukraine naval officer has been shot dead by a Russian solider in eastern Crimea, according to Ukraine's defence ministry.
UK consumer spending hits 14-month low
UK consumer spending slumped to a 14-month low in March as wages failed to keep pace with the cost of living, according to a recent survey.
Spending rose just 1.1% during the month against March last year, below the rate of inflation for the first time in six months, data from credit card provider Barclaycard showed.
German industrial production beats forecasts
Looking across the Channel, German industrial production for February narrowly beat consensus forecasts, according to data published on Monday by Destatis.
Over the month, the industry output for the Eurozone's largest economy rose for the fourth consecutive month by 0.4%, up from the prior month's revised 0.7% gain and slightly ahead of the consensus estimate for a 0.3% increase.
Year-on-year, industrial production rose 4.8%, down from the previous revised reading of 4.9% growth the month before but slightly above analysts' expectations for an increase of 4.7%.
Tullow Oil climbs after unveiling refinancing deal
Tullow Oil has refinanced its $500m corporate revolving credit facility to boost its balance sheet. The oil and gas firm has increased the facility to $750m and extended the tenor to April 2017.
Irish building materials group CRH was also making gains today following news that its two European rivals Lafarge and Holcim are to merge, creating a cement-making company with combined annual sales of €32bn.
Defensive stocks SSE and Centrica were both on the rise as the wider index fell nearly 1% in mid-afternoon trading.
Meanwhile, housebuilders Barratt Developments and Persimmon were both trading in the red after a report by HomeOwners' Alliance raised concerns with the rapid rise in house prices across the UK. The group said that more people now think house prices are a "very serious issue".
MPs have demanded further explanations from Business Secretary Vince Cable after the National Audit Office (NAO) criticised the over-cautious approach of the government's privatisation of the Royal Mail, pushing the stock firmly lower. Cable has been recalled by the House of Commons Business Committee on April 29th to answer claims that he mis-priced the sale and allowed City traders to make considerable instant profits at the expense of taxpayers.
British department store chain Marks & Spencer (M&S) was also in the red ahead of what is expected to underwhelm with its latest trading update on Thursday. The FTSE 100 company is widely expected to post a decline of 1% in its clothing division in the first three months of the year, while sales within the Food division are forecast to be flat. |
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FTSE 100 - Risers
Centrica (CNA) 334.80p +1.92%
BG Group (BG.) 1,141.50p +0.48%
SSE (SSE) 1,482.00p +0.47%
Babcock International Group (BAB) 1,418.00p +0.28%
Bunzl (BNZL) 1,623.00p +0.25%
Coca-Cola HBC AG (CDI) (CCH) 1,499.00p +0.20%
Randgold Resources Ltd. (RRS) 4,675.00p +0.19%
Morrison (Wm) Supermarkets (MRW) 204.90p +0.05%
Royal Dutch Shell 'A' (RDSA) 2,216.50p +0.02%
FTSE 100 - Fallers
Barratt Developments (BDEV) 389.40p -5.00%
Hargreaves Lansdown (HL.) 1,365.00p -4.94%
GKN (GKN) 389.70p -4.04%
Persimmon (PSN) 1,292.00p -4.01%
Wolseley (WOS) 3,406.00p -3.54%
St James's Place (STJ) 815.50p -3.43%
Mondi (MNDI) 1,047.00p -3.32%
Whitbread (WTB) 4,165.00p -3.16%
Ashtead Group (AHT) 952.50p -3.10%
Sports Direct International (SPD) 893.50p -3.09%
FTSE 250 - Risers
Soco International (SIA) 410.40p +3.58%
Tullett Prebon (TLPR) 294.90p +2.97%
Lancashire Holdings Limited (LRE) 678.00p +2.19%
Premier Oil (PMO) 315.00p +2.04%
Hansteen Holdings (HSTN) 111.50p +1.83%
Savills (SVS) 666.00p +1.60%
Centamin (DI) (CEY) 54.20p +1.50%
Laird (LRD) 321.00p +1.36%
Inmarsat (ISAT) 754.00p +1.21%
Caledonia Investments (CLDN) 2,008.00p +1.16%
FTSE 250 - Fallers
Ocado Group (OCDO) 422.00p -6.68%
Imagination Technologies Group (IMG) 202.60p -5.64%
Evraz (EVR) 75.70p -5.26%
Redrow (RDW) 301.00p -4.87%
ITE Group (ITE) 195.80p -4.02%
Ferrexpo (FXPO) 155.80p -3.89%
Bovis Homes Group (BVS) 852.00p -3.78%
Berkeley Group Holdings (The) (BKG) 2,484.00p -3.76%
Taylor Wimpey (TW.) 113.60p -3.73%
PayPoint (PAY) 1,151.00p -3.52% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks down on World Bank China downgrade - World Bank cuts China growth estimate
- Eurozone investor confidence gains
- German industrial output rises
- Ukraine tensions continue
- India election begins
FTSE 100: -1.09%
DAX: -1.91%
CAC 40: -1.08%
FTSE MIB: -0.84%
IBEX 35: -0.66%
Stoxx 600: -1.25%
European stocks declined as the World Bank downgraded its forecast for Chinese economic growth this year.
The World Bank cut its estimate for China growth to 7.6% from a previously projected 7.7 %, citing a "bumpy start to the year" following the release of weak economic data in the world's second largest economy.
However, the bank expects recent reforms in China may see the economy improve in the long term.
Meanwhile, India began the world's biggest elections today, to be held in stages before announcing the results on May 16th.
In Ukraine, acting president Oleksandr Turchynov accused Moscow of backing thousands of pro-Russian separatists who seized government buildings in eastern cities.
Meanwhile, India began the world's biggest elections today, to be held in stages before announcing the results on May 16th.
Eurozone investor confidence rises unexpectedly
Eurozone investor confidence rose to 14.1 in April from 13.9 the previous month, according a survey from Sentx, beating forecasts for the reading to remain unchanged.
German industrial production increased 4.8% year-on-year in February, compared to 0.7% a year earlier. Analysts had predicted a 4.7% increase.
In France, Finance Minister Michel Sapin said any measures to cut the country's public deficit will come from growth and savings as he vowed to take "tough, brave" decisions on the economy. The French government, under Prime Minister Manuel Valls, will face its first vote of confidence in the National Assembley tomorrow.
Osram Licht, Technip
Osram Licht declined after Berenberg Bank cut the lighting manufacturer to 'hold' from 'buy'.
Technip gained after WSP Global Inc. said it agreed to buy the French company's building and infrastructure-engineering arm.
Technology stocks fell on the Stoxx 600, including Iliad and Nokia Oyj. It came off the back of a drop in shares from Google and Yahoo as investors sold the bull market's biggest winners.
Alfa Laval jumped as the maker of heat exchangers agreed to buy Norwegian pumpmaker Frank Mohn for 13bn kroner.
Altice gained after Vivendi agreed to sell its phone unit SFR to the company in a deal valued at more than €17bn. Boyugues, who lost the bidding fight for SFR, slumped.
Holcim and Lafarge rallied after agreeing to merge, creating the world's largest cement company with more than $40bn in sales.
The euro rose 0.28% to $1.3744.
Brent crude futures slipped $1.070 to $105.580 per barrel, according to the ICE. |
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| | US Market Report | | US open: Stocks mixed after sell-off, Nasdaq claws back - Subdued start after heavy sell-off
- Nasdaq gains as momentum stocks recover
- Alcoa in focus ahead of quarterly results
Dow Jones: -0.17%
Nasdaq: 0.13%
S&P 500: -0.06%
US markets opened with small losses on Monday following a heavy sell-off the previous session after weakness in so-called 'momentum stocks'.
"As we have no significant economic data out today, markets will be driven by the negative sentiment from last week," said Sam Fox from Financial Sales at Spreadex.
The S&P 500 was down 0.1% in early trading, lower for the third straight day, while the Dow Jones Industrial Average fell 0.2%.
The Nasdaq, however, were up 0.1%, rebounding after its worst one-day drop in two years on Friday as biotech and internet stocks faced heavy selling pressure after performing well over recent months. These fast-growing sectors recovered slightly today.
The World Bank was dampening sentiment on global equity markets on Monday after cutting its estimates for economic growth in Asia. In particular, China growth was revised to 7.6% from a previous projection of 7.7 %, with the World Bank citing a "bumpy start to the year" for the world's second largest economy.
Meanwhile, heightened tensions in Ukraine was also in investors' minds after a Ukraine naval officer was reportedly shot dead by a Russian solider in eastern Crimea. The news came as Ukraine Prime Minister Arseniy Yatsenyuk accused Russia of provoking unrest in his country's eastern region as an excuse to send troops across the border.
On today's agenda, Federal Reserve official James Bullard will speak on monetary policy in Los Angeles, potentially shedding further light on the central bank's next move.
At 17:00 GMT, the US consumer credit report will be released and is anticipated to come in at $14.1bn in February, up from $13.7b a month earlier.
Momentum shares, Alcoa kicks off earnings season
Facebook attempted to claw its way back after a tough week last week which saw the social media group's shares lose 5.4% of their value following a near-140% rise over the past year. The stock was up 2% in early trading.
Others such as Biogen, Gilead Sciences and Twitter, who have also experienced falls over the past few days, were trading firmly higher this morning, giving the Nasdaq a lift.
Aluminium producer Alcoa edged higher ahead of its results tomorrow as it unofficially starts the US quarterly earnings season after the close of trade.
Heavyweight banking giant JPMorgan Chase and Wells Fargo, who also report this week, were trading lower after the opening bell this morning.
Sprouts Farmers Market slumped as the organic grocery chain recalled its black peppercorns after routine testing by US food regulator showed that some of it contained salmonella.
West Texas Intermediate futures were down 0.3% at $100.84 a barrel in early trading.
The yield on a benchmark 10-year US Treasury was down two basis points at 2.71%. |
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| | Broker Tips | | Broker tips: Burberry, IMI, Carpetright, Airlines Berenberg has downgraded its rating for high end fashion brand Burberry from 'buy' to 'hold', saying that recent strength of the pound will have a negative impact on its performance.
The broker said that the estimated sales and earnings growth rates over the next three years are "less compelling". It has cut its target for the stock from 1,660p to 1,500p.
Jefferies has lifted its stance on engineer IMI from 'hold' to 'buy', saying that improvements should follow the company's 'new regime'.
The broker said that the stock trades in line with the UK industrials sector despite the business delivering above-average margins, having a "decent" balance sheet and "first-rate management". This sector-average valuation is expected to "unwind", Jefferies said, as it hiked its target from 1,590p to 1,750p.
Deutsche Bank has cut its recommendation for home furnishings retailer Carpetright from 'sell' to 'hold', saying that the stock is pricing in too much of a recovery.
The bank highlighted that the shares are now sitting 7% above the level seen before the company's latest profit warning on March 26th and a "pricing in perfection".
The impact of Easter on yields at European airlines is likely to be negative, according to analysts at UBS.
"North Atlantic yield development shows negative growth in April while February, March and May is expected to come in positive," said UBS analysts Jarrod Castle and Anuj Mehrotra. "We think the timing of Easter has had an impact on April data given the impact Easter has on premium travel (less premium travel over Easter period)," they said. | | |
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