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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 bounce off three-week low as Tesco gains - Tesco, Hargreaves, Burberry and Persimmon rise after updates
- Momentum shares bounce back after recent falls
- Chinese data mixed, growth slows
- Global economic data in focus today
techMARK 2,648.70 +0.68%
FTSE 100 6,577.56 +0.55%
FTSE 250 15,701.67 +0.71%
UK stocks rose strongly on Wednesday morning, bouncing after a heavy fall the previous session, as updates from blue chips Tesco, Hargreaves Lansdown, Burberry and Persimmon impressed.
Meanwhile, so-called 'momentum' stocks which had borne the brunt of reduced risk appetite over recent days were providing a lift to markets as bargain hunters stepped back in.
The FTSE 100 as trading 0.6% higher at 6,578 in early trading. The index closed at 6,541.61 on Tuesday, its lowest finish since March 24th, on concerns about heightened tensions between Ukraine and Russia.
Investors were largely shrugging off some mixed economic data from China this morning, where annualised economic growth slowed down from 7.7% to 7.4% in the first quarter. This was ahead of analysts' estimates but below the government's 7.5% growth target for the full year.
Meanwhile, Chinese industrial production and fixed asset investment growth for March missed consensus forecasts this morning, while retail sales came in slightly ahead.
Markets will also have plenty of global economic data to digest during the rest of today's session, including unemployment figures from the UK, revisions to Eurozone inflation and a raft of housing data from the States.
Analysts also noted that trading volumes across global financial markets were likely to be low over the remainder of the week ahead of the four-day break for Easter this weekend.
Tesco rises, momentum shares bounce
Tesco profits fell for the first time in 20 years, though the decline was not as bad as analysts predicted. A 6.7% fall in group trading profit to £3.32bn was still marginally ahead of consensus analyst forecasts of £3.24bn, with underlying pre-tax profits of £3.05bn slightly greater than the estimates of £2.9bn.
Hargreaves Lansdown amassed a record level of assets under administration and net inflows in the first three months of the year as investor sentiment improved, helping the stock higher this morning.
Burberry was higher despite the high end fashion brand warning of "material" currency headwinds this year, after the company reported 19% underlying revenue growth in the second half.
Housebuilder Persimmon also gained after saying total forward sales revenue increased 35% from 2013 as it starts off its new financial year on a strong footing.
Sports Direct, IAG, Hargreaves Lansdown and Ashtead, which have all been under heavy selling pressure over the past week, were performing well this morning. Investors had taken profits following some impressive gains over the last year.
Similarly, high-growth stocks such as Thomas Cook and Ocado were recovering after a recent sell-off.
Energy services group Hunting declined after saying that trading in the first quarter was slower than expected due to poor weather in North America and project delays in Asia Pacific.
BAE Systems was trading lower after going ex-dividend today, along with Melrose, Capita and Premier Oil. ARM Holdings also went ex-dividend but was inching higher this morning as investors reacted to results from global sector peers ASML and Intel. |
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| FTSE 100 - Risers
Tesco (TSCO) 297.75p +4.00%
Sports Direct International (SPD) 770.50p +3.35%
International Consolidated Airlines Group SA (CDI) (IAG) 386.50p +2.74%
Ashtead Group (AHT) 866.50p +2.48%
Morrison (Wm) Supermarkets (MRW) 205.50p +2.34%
Travis Perkins (TPK) 1,746.00p +2.05%
London Stock Exchange Group (LSE) 1,795.00p +1.82%
WPP (WPP) 1,238.00p +1.64%
St James's Place (STJ) 754.00p +1.55%
Shire Plc (SHP) 2,897.00p +1.51%
FTSE 100 - Fallers
BAE (BA.) 381.10p -2.76%
Melrose Industries (MRO) 277.30p -1.84%
Weir Group (WEIR) 2,498.00p -1.61%
Aggreko (AGK) 1,514.00p -0.92%
Capita (CPI) 1,057.00p -0.75%
Smith & Nephew (SN.) 865.50p -0.69%
Unilever (ULVR) 2,614.00p -0.68%
Barratt Developments (BDEV) 371.20p -0.51%
British American Tobacco (BATS) 3,425.50p -0.29%
Fresnillo (FRES) 899.00p -0.28%
FTSE 250 - Risers
AL Noor Hospitals Group (ANH) 1,026.00p +3.74%
Smith (DS) (SMDS) 312.30p +3.34%
NMC Health (NMC) 514.87p +3.16%
Carphone Warehouse Group (CPW) 307.70p +2.74%
Victrex plc (VCT) 1,926.00p +2.67%
Grainger (GRI) 221.80p +2.45%
FirstGroup (FGP) 126.90p +2.42%
Xaar (XAR) 849.50p +2.41%
Ocado Group (OCDO) 336.10p +2.34%
Mitchells & Butlers (MAB) 435.50p +2.33%
FTSE 250 - Fallers
Amlin (AML) 445.90p -4.27%
Lancashire Holdings Limited (LRE) 679.00p -3.28%
Hunting (HTG) 826.50p -2.94%
Savills (SVS) 600.50p -2.44%
Evraz (EVR) 83.35p -1.36%
Premier Oil (PMO) 306.80p -1.19%
Euromoney Institutional Investor (ERM) 1,173.00p -1.01%
Rank Group (RNK) 160.40p -0.80%
BH Global Ltd. GBP Shares (BHGG) 1,203.00p -0.74% |
| | UK Event Calendar | | Wednesday April 16th
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Beige Book Fed Survey (US) (19:00)
Building Permits (US) (13:30)
Capacity Utilisation (US) (16:15)
Consumer Price Index (EU) (10:00)
Crude Oil Inventories (US) (15:30)
Current Account (EU) (09:00)
Harmonised Index of Consumer Prices (EU) (10:00)
Housing Starts (US) (13:30)
Industrial Production (US) (16:15)
MBA Mortgages (US) (12:00)
Speech Fed Chair Janet Yellen
Fixed Asset Investment (China)
Retails sales (China)
Industrial production (China)
Gross Domestic Product (China)
Fixed Asset Investment (China)
FINALS
Central Asia Metals, IG Seismic Services GDR (Reg S), Integra Group GDR (Each GDR Repr 2 A Com Shr) (RegS), Tesco
IMSS
Evraz, Hargreaves Lansdown, Hunting, Persimmon, Reckitt Benckiser Group, Dialight
SPECIAL DIVIDEND PAYMENT DATE
Lancashire Holdings Limited
SPECIAL EX-DIVIDEND PAYMENT DATE
BrainJuicer Group, Novae Group, Savills
AGMS
Bunzl, Canadian General Investments Ltd., CLS Holdings, Dialight, EP Global Opportunities Trust, Heavitree Brewery, Hunting, MoneySwap, Persimmon
TRADING ANNOUNCEMENTS
Burberry Group
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
Unemployment Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
Amino Technologies, Lancashire Holdings Limited
FINAL EX-DIVIDEND DATE
Amlin, Arbuthnot Banking Group, ARM Holdings, BAE , BrainJuicer Group, Capita, Chemring Group, Clarke (T.), Communisis, Downing Planned Exit VCT 2011 (General Shares), Downing Planned Exit VCT 2011 (Low Carbon Shares), Downing Planned Exit VCT 2011 (Structured Shares), Downing Planned Exit VCT 8, Downing Planned Exit VCT 9, Johnson Group, Melrose Industries, Mobeus Income & Growth 4 Vct, Mobeus Income & Growth Vct, Novae Group, Petrofac Ltd., Premier Oil, RPS Group, Savills, Smith & Nephew, Stilo International, STV Group, Tyman
INTERIM DIVIDEND PAYMENT DATE
Brooks Macdonald Group, Casdon plc |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as China economic growth beats forecasts - China grows more than expected
- Eurozone inflation data due
- UK jobs numbers to be released
FTSE 100: 0.57%
DAX: 0.73%
CAC 40: 0.81%
FTSE MIB: 1.62%
IBEX 35: 0.91%
Stoxx 600: 0.66%
European stocks climbed as investors weighed a report that showed faster-than-expected growth in China and awaited the release of a report on Eurozone inflation.
China's economy grew by 7.4% in the first quarter, better than the 7.3% analysts had forecast. However, it marked a slowdown from the 7.7% posted in the previous quarter. Last year China set its growth target for 2014 at 7.5%, in an effort to stabilise the economy following years of expansion.
On today's agenda, revised Eurozone inflation data is expected to confirm consumer prices rose by 0.5% in March, its lowest level in more than four years.
European Central Bank (ECB) President Mario Draghi hinted at the possibility of quantitative easing (QE) to combat falling prices over the weekend.
Speaking after the International Monetary Fund's spring meeting in Washington, Draghi remarked that a "further strengthening of the exchange rate would require further stimulus".
Earlier this month Draghi said the ECB, which is targeting inflation of just below 2%, had held extensive talks about whether to begin QE but decided against the move.
In the UK, the unemployment rate and jobless claims report will be released this morning.
Later in the US, will be the release of data on industrial and manufacturing production, mortgage applications and housing starts.
Federal Reserve Chair Janet Yellen will address the Economic Club of New York after European markets close. The US central bank will also unveil its Beige Book, an economic survey.
Tesco, Syngenta
Tesco advanced as the UK supermarket chain reported annual trading profit that beat analysts' estimates.
Syngenta rallied as the world's largest maker of crop chemicals posted a rise in quarterly sales that was in line with market consensus.
Burberry Group edged higher after the UK luxury-goods maker revealed an increase in second-half sales that exceeded forecasts.
BHP Billiton gained as the mining company raised its full-year iron-ore production guidance after a jump in third-quarter output.
Credit Suisse declined as the second-biggest Swiss bank said lower investment-bank profit led to a drop in first-quarter net income.
The euro rose 0.16% to $1.3837.
Brent crude futures climbed $0.100 to $109.470 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks end higher as US inflation rises US stocks closed on a high note as investors weighed earnings from Coca-Cola and Johnson & Johnson and a rise in inflation.
Coca-Cola gained after reporting first quarter earnings per share (EPS) of 44 cents on an adjusted basis, in line with analysts' forecasts.
Cosmetics and pharmaceuticals manufacturer Johnson & Johnson advanced after posting first-quarter EPS of $1.64, up from $1.22 the year before and well ahead of the $1.48 estimate. Revenue rose 3% to $18.1bn, compared to the $18bn forecast.
Meanwhile, US inflation accelerated in March on the back of higher food and rent prices.
The consumer price index increased 0.2% after rising 0.1% the prior month, the Labor Department revealed. Analysts had expected prices to remain unchanged.
Capital Economics said the pick-up in inflation was partly due to better weather following the disruption earlier this year.
"Overall, we suspect that core inflation will rise to 2% this year and beyond it next year, which would catch the Fed off guard," the analyst said.
Another report showed manufacturing in the New York area grew at a slower pace in April. The Federal Reserve Bank of New York's Empire Manufacturing index fell to 1.3 this month from 5.6 in March. Analysts had predicted an increase to 8.0.
An S&P index of homebuilders dipped 1%, headed for the lowest close this year, as confidence among US homebuilders rose less than forecast in April.
Ahead of the US session, the People's Bank of China revealed the nation's broadest measure of new credit fell 19% in March from a year earlier and money supply grew at the slowest pace since 2001. It comes ahead of a report tomorrow, which is forecast to show economic growth in China slowed in the first quarter.
Ukraine crisis
Acting President of Ukraine, Olexander Turchynov, said an "anti-terrorist operation" against pro-Russian separatists was underway.
The operation started in the north of Donetsk Region and Turchynov said it was being conducted "stage by stage, in a responsible manner". He added that the airbase at Kramatorsk had been "liberated" from "terrorists".
Pro-Russian rebels have taken over buildings in about 10 towns and cities across Ukraine's eastern provinces.
It comes after Russia annexed the Ukrainian province of Crimea last month following a Moscow-backed referendum. The US yesterday warned it was "seriously considering" further sanctions against Russia.
West Texas Intermediate crude futures fell by $0.522 to $103.510 per barrel, according to data from the ICE.
The US 10-year yield declined three basis points to 2.62%.
S&P 500 - Risers
Sears Holdings Corp. (SHLD) $33.57 +5.80%
TripAdvisor Inc. (TRIP) $83.30 +4.43%
Janus Capital Group Inc. (JNS) $11.17 +3.81%
Coca-Cola Co. (KO) $40.18 +3.74%
Tesoro Corp. (TSO) $51.25 +3.68%
Sealed Air Corp. (SEE) $31.72 +3.36%
Teradata Corp. (TDC) $46.78 +3.31%
Charles Schwab Corp. (SCHW) $26.11 +3.20%
Allergan Inc. (AGN) $127.80 +3.09%
Valero Energy Corp. (VLO) $53.57 +2.92%
S&P 500 - Fallers
Safeway Inc. (SWY) $34.19 -10.05%
Wynn Resorts Ltd. (WYNN) $202.82 -3.60%
First Solar Inc. (FSLR) $66.39 -2.80%
Best Buy Co. Inc. (BBY) $25.00 -2.72%
Northern Trust Corp. (NTRS) $59.63 -2.60%
Newmont Mining Corp. (NEM) $23.84 -2.34%
Darden Restaurants Inc. (DRI) $48.40 -1.87%
Intuitive Surgical Inc. (ISRG) $417.09 -1.86%
Graham Holdings Co. (GHC) $662.35 -1.83%
Coca-Cola Enterprises Inc. (CCE) $44.56 -1.76%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $40.18 +3.74%
Johnson & Johnson (JNJ) $99.20 +2.12%
Visa Inc. (V) $204.05 +1.51%
Microsoft Corp. (MSFT) $39.75 +1.45%
Chevron Corp. (CVX) $120.30 +1.35%
AT&T Inc. (T) $35.68 +0.90%
Merck & Co. Inc. (MRK) $56.05 +0.86%
Exxon Mobil Corp. (XOM) $98.68 +0.84%
Boeing Co. (BA) $124.27 +0.83%
United Technologies Corp. (UTX) $115.84 +0.78%
Dow Jones I.A - Fallers
Verizon Communications Inc. (VZ) $46.92 -0.74%
Wal-Mart Stores Inc. (WMT) $76.88 -0.65%
International Business Machines Corp. (IBM) $197.02 -0.38%
JP Morgan Chase & Co. (JPM) $54.80 -0.29%
Caterpillar Inc. (CAT) $102.50 -0.27%
Nike Inc. (NKE) $72.28 -0.14%
Home Depot Inc. (HD) $75.89 -0.11%
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $83.30 +4.43%
Alexion Pharmaceuticals Inc. (ALXN) $145.34 +2.39%
Yahoo! Inc. (YHOO) $34.22 +2.32%
Liberty Interactive Corp (LINTA) $29.16 +2.32%
Autodesk Inc. (ADSK) $46.83 +2.19%
Nxp Semiconductors Nv (NXPI) $57.63 +2.18%
Biogen Idec Inc. (BIIB) $285.49 +2.14%
Cerner Corp. (CERN) $53.96 +2.08%
Gilead Sciences Inc. (GILD) $68.14 +2.04%
Express Scripts Holding Co (ESRX) $73.62 +1.92%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $202.82 -3.60%
Vimpelcom Ltd Ads (VIP) $7.96 -2.81%
Tesla Motors Inc (TSLA) $193.91 -2.11%
Intuitive Surgical Inc. (ISRG) $417.09 -1.86%
Netflix Inc. (NFLX) $326.27 -1.60%
Whole Foods Market Inc. (WFM) $48.90 -1.20%
Charter Communications Inc. (CHTR) $118.00 -1.16%
Verisk Analytics Inc. (VRSK) $57.12 -1.14%
Sirius XM Holdings Inc (SIRI) $3.09 -1.12% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Ukraine, Lloyds, Yahoo In the early hours of the morning Ukraine began its "anti-terrorist" operation in the northern part of the Donetsk region. The country's President described it as "phased, responsible and balanced". Ukrainian military units took up positions around the region, setting up checkpoints along key roads. In one incident, soldiers repelled an armed mob from a military air base, The Wall Street Journal Europe reports.
One of the most senior figures in Lloyds Banking Group's foreign exchange division, Darren Coote, has quit, it has emerged. That follows the regulator's investigation into the alleged manipulation of the world's biggest market. Sources familiar with the matter said Coote in fact left the division last week, but was apparently for 'personal reasons' and not related to the inquiry. Lloyd's declined to comment. The above follows the suspension, two months ago, of Martin Chantree, one of its foreign exchange traders, whom Lloyd's emphasised had not been accused of any wrongdoing, The Times reports.
Yahoo! and Intel rose in after-hours trading following their latest quarterly results. Stock in the former shot up by 6%, with its performance during the period having been buoyed by its stake in Alibaba, which is expected to soon float on the US market. The company managed a rise of 2% in its revenues from display advertising, its main business area. The chipmaker, on the other hand, saw its shares gain 1%. The company is trying to tap into increased demand for wearable computing devices, The Times reports.
Department store chain House of Fraser reported record revenue for last year thanks to booming internet and mobile sales. Turnover grew by 3% on a like-for-like basis to reach £1.2bn, on total revenue that was up by 3.6%. Earnings jumped by 8.3% to £60.2m. E-commerce sales soared 41% and now represent 12.2% of total income, The Scotsman writes.
BSkyB has tied up with Twitter to launch a new offering which the company hopes will encourage the social network's 15m UK users to consume more of its programming. The new technology will allow viewers to either remotely record shows or stream them through Sky's TV on-demand software, The Daily Telegraph says.
Following a rough Christmas that saw pre-tax profit contract by 25% to £85.2m Debenhams is negotiating with 12 suppliers, including Sports Direct, to increase sales of branded products. As a part of its efforts it is cutting promotions and rejigging space in 40 of its 158 UK shops, with the aim of being able to offer more products from other popular brands. However, the firm's chief, Michael Sharp, was adamant that the above does not mark a change of strategy from its policy of increasing Designers at Debenhams exclusive ranges, The Daily Express reports. | | |
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