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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 pull back from seven-week high on Ukraine crisis - Ukraine-Russia tensions continue to rise - William Hill, Pearson and WPP impress with updates - Tullow drops after abandoning well techMARK 2,746.73 -0.48% FTSE 100 6,682.14 -0.31% FTSE 250 15,946.28 -0.28% UK markets retreated from a seven-week high on Friday morning as rising tensions between Ukraine and Russia dampened risk appetite. The FTSE 100 was trading 0.3% lower at 6,682 in early trade. The London index managed to finish 0.4% higher on Thursday at 6,703 after a choppy day's trade as investors weighed upbeat corporate earnings and developments in Ukraine. This was the first time it has closed above the 6,700 level since March 7th. Ongoing turmoil along the eastern border of Ukraine has prompted traders to adopt a cautious attitude this morning after the country's foreign ministry said yesterday that five "terrorists" had been killed near the town of Slavyansk. Russia then announced that it would conduct military exercises near the border in response, with President Vladimir Putin saying there will be "consequences". US Secretary of State John Kerry warned Russia of making an "expensive mistake" if it does not take steps to de-escalate the situation in Ukraine and threatened Moscow with more sanctions. "So, investors are naturally anxious about what consequences follow such a warning if it goes unheeded," said Trader David White from Spreadex this morning. William Hill, Pearson and WPP rise, Tullow falls High street bookie William Hill was rising early on despite reporting a 14% drop in first-quarter profits as major wins for football punters led to two substantial loss-making weeks in the first three months of the year. However, the company gave a confident outlook, saying: "The increased customer confidence from such wins should be good for business, especially in this World Cup year." Education specialist and Financial Times publisher Pearson was also higher after saying it made a "solid start" to the year, in line with expectations. Nevertheless, the company revealed that headline sales had fallen 6% in the first quarter due to the strength of sterling against the US dollar and key emerging market currencies. Currency movements also had a big impact on WPP's top line in the first quarter, limiting revenue growth to just 1.5%, but the £2.57bn in sales recorded still managed to beat analysts' forecasts. Heading the other way was oil explorer Tullow after it said the Tapendar-1 exploration well in the C-10 licence, offshore Mauritania, has not encountered hydrocarbons. The well is being plugged and abandoned. Meanwhile, banking group RBS was making gains after it withdrew plans to propose to shareholders a variable remuneration rate of up to 200% of fixed pay, or two-for-one ratio, after UKFI informed the board that it would vote against the resolution. Airlines easyJet and IAG were lower after reports emerged that a Virgin plane flying from Brisbane was hijacked. The aircraft then landed at Bali's international airport and a passenger has been arrested. |
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| FTSE 100 - Risers Pearson (PSON) 1,074.00p +2.29% William Hill (WMH) 337.80p +1.41% Associated British Foods (ABF) 2,891.00p +0.91% National Grid (NG.) 823.00p +0.73% British Land Co (BLND) 686.50p +0.66% Burberry Group (BRBY) 1,463.00p +0.62% BAE Systems (BA.) 398.80p +0.61% Melrose Industries (MRO) 286.60p +0.56% Admiral Group (ADM) 1,424.00p +0.56% Smiths Group (SMIN) 1,288.00p +0.55% FTSE 100 - Fallers Tullow Oil (TLW) 837.00p -2.79% AstraZeneca (AZN) 4,064.50p -2.65% Ashtead Group (AHT) 833.50p -1.77% HSBC Holdings (HSBA) 604.50p -1.39% Barclays (BARC) 248.95p -1.21% Kingfisher (KGF) 411.90p -1.15% Next (NXT) 6,325.00p -1.09% Hargreaves Lansdown (HL.) 1,199.00p -1.07% Anglo American (AAL) 1,550.50p -1.02% Lloyds Banking Group (LLOY) 74.72p -1.02% FTSE 250 - Risers Tate & Lyle (TATE) 693.50p +3.58% Ophir Energy (OPHR) 240.50p +2.78% Moneysupermarket.com Group (MONY) 182.80p +2.12% Partnership Assurance Group (PA.) 132.30p +1.46% Ladbrokes (LAD) 138.30p +1.39% AL Noor Hospitals Group (ANH) 1,018.00p +1.29% Ted Baker (TED) 1,985.00p +1.12% Computacenter (CCC) 654.50p +0.77% CSR (CSR) 658.50p +0.77% Cable & Wireless Communications (CWC) 53.00p +0.76% FTSE 250 - Fallers Domino Printing Sciences (DNO) 761.00p -2.44% Genus (GNS) 1,019.00p -2.39% Petra Diamonds Ltd.(DI) (PDL) 163.60p -2.09% Imagination Technologies Group (IMG) 193.50p -1.98% Infinis Energy (INFI) 216.50p -1.95% Renishaw (RSW) 1,882.00p -1.93% Evraz (EVR) 91.45p -1.88% Oxford Instruments (OXIG) 1,355.00p -1.81% Bodycote (BOY) 765.00p -1.80% |
| UK Event Calendar | Friday April 24th
Q1 African Barrick Gold , AstraZeneca, Unilever
INTERIMS Egdon Resources
INTERIM DIVIDEND PAYMENT DATE Craneware, Finsbury Food Group, Henderson EuroTrust, Plexus Holdings, Smiths Group
QUARTERLY PAYMENT DATE General Electric Co
INTERNATIONAL ECONOMIC ANNOUNCEMENTS U. of Michigan Confidence (Final) (US) (14:55) National CPI (JP) Index All-Industry Activity (JP)
GMS CVC Credit Partners European Opportunities Ltd GBP
FINALS Harvey Nash Group
ANNUAL REPORT Cupid, M. P. Evans Group, North Midland Construction, Travis Perkins
IMSS COLT Group SA, Rotork, William Hill, Pearson
EGMS Bluecrest Bluetrend Ltd Red USD
AGMS Abbott Laboratories, Alpha Pyrenees Trust Ltd., Bank of Ireland (Governor & Company of the), Espirito Santo Financial Group SA, Hexaware Technologies Ltd. GDS (Reg S), Japan Residential Investment Co Ltd., JSC Halyk Bank GDR (Reg S), Minoan Group, Pearson, Quixant, Rotork, Senior, Spectris, Sterling Energy, X5 Retail Group NV GDR (Reg S)
TRADING ANNOUNCEMENTS Spectris, WPP
UK ECONOMIC ANNOUNCEMENTS BBA Mortgage Lending Figures (09:30) Internet Retail Sales (09:30) Retail Sales (09:30) Speech Ian McCafferty
FINAL DIVIDEND PAYMENT DATE Costain Group, Hammerson, Heavitree Brewery, Heavitree Brewery 'A' Shares, IDOX, Japan Residential Investment Co Ltd., New Britain Palm Oil Ltd. (DI), Pennant International Group, SpaceandPeople, Spirent Communications
Q1 Orange Polska S.A. GDR (Reg S), Skandinaviska Enskilda Banken |
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| Europe Market Report | | FTSE 100 | Euronext | Dax perf | CAC 40 | | | | | | Europe open: US Secretary of State warns Russia against grave mistake - Kerry warns Russia against grave mistake - S&P cuts Russia's long-term credit rating - Automobile stocks lead falls FTSE-100: -0.33% Dax-30: -0.98% Cac-40: -0.49% FTSE Mibtel 30: -0.64% Ibex 35: -0.75% Stoxx 600: -0.54% European stocks started the day lower, with most market commentary leading off with US Secretary of State John Kerry's warning to Russia, overnight, that it would be making a "grave mistake" if it did not stop its provocations in Ukraine. Earlier in the morning ratings agency Standard&Poors cut the Russian Federation's credit rating by one notch to BBB-, to just one step above 'junk' level. Not to be missed amongst the tumult, the latest Japanese inflation data came in below forecasts. Consumer prices in Tokyo advanced at a 2.7% year-on-year pace in April, slightly less than the 2.8% clip expected by analysts. The dollar/yen was initially barely moved by the data, although the currency pair afterwards slipped a tad, by 0.06%, to 102.25. From a sector standpoint, and within the DJ Stoxx 600, the largest falls were being seen in the following industry groups: Automobiles&Parts (-1.20%), Banks (-0.94%) and Insurance (-0.77%). Risk appetite may also have been restrained by the looming US FOMC meeting and non-farm payrolls data due out next week. Lastly, first thing in the morning news broke that a Virgin Blue airliner headed for Bali suffered what appears to have been a hijack attempt. Crude futures lower The euro/dollar was edging higher by 0.02% to 1.3831. Front-month Brent crude futures were moving lower by 0.309% to the $109.97/barrel mark on the ICE. |
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| US Market Report | - Ukraine tensions rise as Putin warns of 'consequences' - Russia to begin military drills - Ukraine pauses operations - Apple gains strongly after earnings, increases buyback - Facebook beats forecasts but shares fall - US economic data comes in mixed - Barclays sees NFP rising by 250,000 in April
Dow Jones: -0.03% Nasdaq: +0.52% S&P 500: +0.17%
US stock markets finished the session largely unmoved on Thursday as rising tensions in Ukraine took the shine off impressive results from a number of heavyweights, including Amazon, Apple and Facebook.
The Dow Jones Industrial Average closed 5.45 points or 0.03% off at 16,496.20 and the S&P 500 was only slightly up, but the better-than-expected results from Apple helped boost the Nasdaq by more than 0.5%.
Russia has ordered new military exercises on its border with Ukraine following an operation by Kiev against pro-Russian separatists, in which up to five of the rebels reportedly died on Thursday.
Compensating for that a bit later on, Ukraine "paused to reformulate the plan", a senior security official in Kiev said, according to reports from editor Katya Gorchinskaya, amid a "heightened risk" of Russia sending troops into Ukraine.
Markets were also reacting to economic data today showing jobless claims rose 24,000 to 329,000 last week. This compared with an upwardly revised 305,000 the week before and disappointed analysts seeking a figure of 315,000.
Meanwhile, US durable goods orders increased by 2.6% in March, up from 2.1% growth the previous month and ahead of the 2% month-on-month rise expected.
As an aside, Barclays said it sees April non-farm payrolls (NFP) coming in at 250,000, versus the 192,000 seen in March. That comes as some traders have been critical of what they say has been a tepid pace of job growth up until now.
Amazon, Apple, Facebook
Amazon.com reported a 32% rise in first-quarter net income on Thursday as the largest US online retailer's revenue increased by a better-than-expected 23%. The shares rose $12.57 to $337.15.
Higher-than-expected sales of iPhones helped Apple to deliver earnings per share (EPS) of $11.62 for its fiscal second quarter. This was up from $10.09 the year before and well above the consensus forecast for $10.18.
The stock closed $43.02 higher at $567.77 after Apple also added a further $30bn to its share buyback programme and announced a seven-for-one stock split which could see the company join the Dow, given that its high price was an obstacle to its inclusion in the index.
Social media titan Facebook impressed after it smashed profit forecasts for its first quarter, as a surge in mobile advertising led to a jump in revenues. However, the stock failed to capitalise, ending the session slightly down.
Digger maker Caterpillar also soundly beat analysts’ forecasts, delighting shareholders with a first-quarter EPS figure of $1.61, in comparison to the $1.23 anticipated by analysts. It closed nearly $2 up at $105.28.
Zimmer, a maker of artificial joints, rose strongly after agreeing to buy rival in a cash-and-stock deal valued at $13.4bn. Biomet’s parent, Biomet Group, had been planning an initial public offering, Zimmer said.
West Texas Intermediate futures were down 0.31% at $101.44 a barrel on the NYMEX.
The yield on a 10-year US Treasury was down one basis point at 2.69%.
BC/PW
S&P 500 - Risers Zimmer Holdings Inc. (ZMH) $101.97 +11.50% Lam Research Corp. (LRCX) $58.26 +11.50% D. R. Horton Inc. (DHI) $23.13 +8.34% Apple Inc. (AAPL) $567.77 +8.20% Citrix Systems Inc. (CTXS) $60.00 +7.16% Diamond Offshore Drilling Inc. (DO) $51.69 +6.51% Aetna Inc. (AET) $72.96 +5.88% E*TRADE Financial Corp. (ETFC) $22.66 +5.40% Cabot Oil & Gas Corp. (COG) $37.97 +5.06% Mead Johnson Nutrition Co. (MJN) $88.22 +4.69%
S&P 500 - Fallers Xilinx Inc. (XLNX) $47.66 -9.08% Helmerich & Payne Inc. (HP) $107.02 -5.97% Flowserve Corp. (FLS) $73.96 -5.34% Raytheon Co. (RTN) $95.92 -4.30% Hershey Foods Corp. (HSY) $96.02 -4.12% Biogen Idec Inc. (BIIB) $294.84 -3.88% QUALCOMM Inc. (QCOM) $77.87 -3.52% Thermo Fisher Scientific Inc. (TMO) $115.38 -3.36% Regeneron Pharmaceuticals Inc. (REGN) $293.43 -3.18% Varian Medical Systems Inc. (VAR) $78.74 -3.16%
Dow Jones I.A - Risers Caterpillar Inc. (CAT) $105.28 +1.84% Unitedhealth Group Inc. (UNH) $76.59 +1.67% Home Depot Inc. (HD) $79.77 +1.59% Procter & Gamble Co. (PG) $81.15 +0.98% McDonald's Corp. (MCD) $99.84 +0.72% Travelers Company Inc. (TRV) $88.59 +0.52% Microsoft Corp. (MSFT) $39.86 +0.43% Wal-Mart Stores Inc. (WMT) $78.31 +0.35% American Express Co. (AXP) $87.41 +0.32% Visa Inc. (V) $209.40 +0.28%
Dow Jones I.A - Fallers Verizon Communications Inc. (VZ) $46.28 -2.42% AT&T Inc. (T) $34.50 -1.20% 3M Co. (MMM) $136.65 -0.97% Nike Inc. (NKE) $73.39 -0.96% International Business Machines Corp. (IBM) $190.22 -0.79% Cisco Systems Inc. (CSCO) $23.33 -0.72% Pfizer Inc. (PFE) $30.71 -0.68% Boeing Co. (BA) $129.86 -0.59% United Technologies Corp. (UTX) $118.98 -0.56% Exxon Mobil Corp. (XOM) $100.01 -0.49%
Nasdaq 100 - Risers Apple Inc. (AAPL) $567.77 +8.20% Citrix Systems Inc. (CTXS) $60.00 +7.16% Texas Instruments Inc (TXN) $48.47 +4.33% Amazon.Com Inc. (AMZN) $337.15 +3.87% Wynn Resorts Ltd. (WYNN) $213.13 +3.05% Alexion Pharmaceuticals Inc. (ALXN) $156.01 +2.48% Whole Foods Market Inc. (WFM) $51.02 +2.45% Nxp Semiconductors Nv (NXPI) $62.00 +2.45% Broadcom Corp. (BRCM) $31.14 +2.37% Charter Communications Inc. (CHTR) $130.49 +1.87%
Nasdaq 100 - Fallers Xilinx Inc. (XLNX) $47.66 -9.08% Biogen Idec Inc. (BIIB) $294.84 -3.88% QUALCOMM Inc. (QCOM) $77.87 -3.52% Regeneron Pharmaceuticals Inc. (REGN) $293.43 -3.18% Netflix Inc. (NFLX) $344.07 -2.67% Celgene Corp. (CELG) $141.25 -2.47% F5 Networks Inc. (FFIV) $105.97 -2.10% Adobe Systems Inc. (ADBE) $63.21 -1.84% Vimpelcom Ltd Ads (VIP) $8.67 -1.48% CH Robinson Worldwide Inc (CHRW) $56.92 -1.32% |
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| Newspaper Round Up | Friday newspaper round-up: Archbishop of Canterbury, AstraZeneca, Scotland The Archbishop of Canterbury joined the prime minister in a staunch defence of Christian Britain yesterday, as Nick Clegg called for an end to the link between church and state. The Most Rev Justin Welby said he had found it "quite baffling" to see the vociferous response to David Cameron's "moving" Easter declaration that Britain should be proud of its status as a Christian country. The Wall Street Journal Europe Two of Britain's biggest companies, AstraZeneca and Barclays, were given a public mauling by shareholders over pay and bonuses yesterday as the City's top fund managers threatened to stage a repeat performance of their spring uprising of two years ago. Shareholders speaking for 38.5% of AstraZeneca voted against the remuneration report at the drugs group's annual meeting. The Times The BBC has announced it has suspended its membership of the CBI following the business lobbying organisation's decision to register as a supporter of the No campaign [in Scotland]. A short statement issued by the Corporation said the decision had been taken in conjunction with the CBI in order to protect the public sector broadcaster's neutral political stand-point. The Scotsman An EU tax on financial transactions is set to move closer next week with Britain expected to suffer an embarrassing defeat in its legal attempt to block the move. The levy, pushed by France and Germany, could wipe more than £3.6bn from the value of UK shares and bonds, according to some estimates, and has been described as "deadly" for the financial sector. The Times Barclays has become embroiled in a row with one of its biggest investors after being criticised over the bank's decision to increase bonuses last year despite a fall in profits. Sir David Walker, chairman of Barclays, and Sir John Sunderland, head of the bank's remuneration committee, rounded on Standard Life Investments after the fund manager spoke out at the lender's annual shareholder meeting saying it was "unconvinced" of the need to pay such large bonuses. The Daily Telegraph Amazon, whose shares have dropped sharply in the past three months, announced rapidly growing earnings on Thursday amid a flurry of new initiatives. The company said that its revenue rocketed 23% to $19.74bn in the first three months of this year, compared with $16.07bn at the same time a year ago, above analysts' expectations. The Guardian | | New ADVFN Service - FREE Reports Get your free report on Isa's, Investment Trusts, Funds, Sipps Travel and Cars - FREE and Easy service CLICK HERE To advertise in the Euro Markets Bulletin please contact patrick@advfn.co.uk |
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