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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 one-month high - Stocks track heavy losses in US and Asia
- UK markets retreat from highest close since early March
- CRH rises despite rivals' merger, housebuilders fall
techMARK 2,741.16 -1.06%
FTSE 100 6,646.69 -0.73%
FTSE 250 16,282.85 -0.92%
UK stocks fell sharply on Monday morning as investors booked profits after markets hit a one-month high the previous session.
The FTSE 100 was trading 0.7% lower at 6,647 in early trading today. The index rose to 6,695.55 by the end of trade on Friday, closing at a level not seen since March 7th.
Markets across Europe were also declining today with the STOXX Europe 600 benchmark index retreating from its highest in six years.
Stocks were tracking a heavy sell-off on Wall Street the previous session and losses in Asia overnight in the aftermath of Friday's slightly worse-than-expected US employment report. Non-farm payrolls rose 192,000 in March; while upwards revisions were made to previous months, the headline figure missed the 200,000 forecast.
The falls on equity markets, in the US in particular, were attributed to weakness among the bull market's best performers as investors rotated out of so-called 'momentum' stocks.
"It would appear that a number of investors had been pricing in the prospect of a jobs number in excess of 200,000 as the week had progressed, ignoring the possibility that maybe the type of jobs rebound they had been hoping for might well be a bit premature," said Chief Market Analyst Michael Hewson from CMC Markets.
CRH gains, housing stocks fall
Irish building materials group CRH was making gains this morning despite the news that its two European rivals Lafarge and Holcim are to merge, creating a cement-making company with combined annual sales of €32bn.
Housebuilders Barratt Developments, Persimmon, Countrywide and Berkeley Group, however, were all trading in the red.
High end luxury brand Burberry was lower after Berenberg analysts downgraded their rating on the stock to 'hold' and cut their target from 1,660p to 1,500p.
Supermarket groups WM Morrison, Sainsbury and Tesco were trading more or less flat, outperforming the wider market. Tesco confirmed late on Friday that its Chief Financial Officer Laurie McIlwee would step down.
Meanwhile, engineering firm IMI was higher after an upgrade by Jefferies to 'buy'. Sector peer Kentz also rose after winning a large follow-on contract for work on a major liquid natural gas facility in Australia. |
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| FTSE 100 - Risers
CRH (CRH) 1,792.00p +0.96%
Standard Chartered (STAN) 1,268.00p +0.32%
BG Group (BG.) 1,138.50p +0.22%
Tesco (TSCO) 287.55p +0.05%
FTSE 100 - Fallers
Barratt Developments (BDEV) 398.50p -2.78%
GKN (GKN) 395.00p -2.73%
Hargreaves Lansdown (HL.) 1,400.00p -2.51%
Persimmon (PSN) 1,313.00p -2.45%
ARM Holdings (ARM) 974.50p -2.16%
International Consolidated Airlines Group SA (CDI) (IAG) 434.00p -2.01%
St James's Place (STJ) 827.50p -2.01%
Marks & Spencer Group (MKS) 452.70p -1.99%
Burberry Group (BRBY) 1,407.00p -1.88%
Whitbread (WTB) 4,222.00p -1.84%
FTSE 250 - Risers
Computacenter (CCC) 647.50p +1.97%
Fidessa Group (FDSA) 2,624.00p +1.35%
IP Group (IPO) 211.70p +1.29%
Lancashire Holdings Limited (LRE) 672.00p +1.28%
Kentz Corporation Ltd. (KENZ) 766.50p +1.25%
Balfour Beatty (BBY) 306.60p +1.05%
Hansteen Holdings (HSTN) 110.40p +0.82%
Alent (ALNT) 317.40p +0.73%
Just Retirement Group (JRG) 149.00p +0.68%
Genus (GNS) 991.00p +0.56%
FTSE 250 - Fallers
CSR (CSR) 661.00p -4.20%
Ocado Group (OCDO) 434.70p -3.87%
ITE Group (ITE) 196.80p -3.53%
Pace (PIC) 434.40p -3.47%
Imagination Technologies Group (IMG) 207.40p -3.40%
BTG (BTG) 524.00p -3.14%
Rightmove (RMV) 2,477.00p -3.05%
Berkeley Group Holdings (The) (BKG) 2,508.00p -2.83%
Countrywide (CWD) 634.50p -2.83% |
| | UK Event Calendar | | Monday April 07
INTERIM DIVIDEND PAYMENT DATE
Diageo, Oxford Instruments, Park Group, PZ Cussons, Renishaw, Ricardo, Standard Life UK Smaller Companies Trust, Stewart & Wight
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Harmonised Competitiveness Indicators (EU) (09:00)
Industrial Production (GER) (11:00)
Speech President St.Louis Fed (11:45)
FINALS
Action Hotels, China Chaintek United Co. Limited, Good Energy Group, MMC Norilsk Nickel ADR, Nasstar, NetDimensions Holding Ltd. (DI), Northbridge Industrial Services, Waterlogic
IMS
Cranswick
TRADING STATEMENTS
Synety Group
ANNUAL REPORT
Savills, Trinity Mirror
EGMS
Macau Property Opportunities Fund Ltd.
TRADING ANNOUNCEMENTS
Grafenia
FINAL DIVIDEND PAYMENT DATE
Avesco Group, Electronic Data Processing
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slide ahead of Eurozone confidence data - German industrial output rises
- Eurozone investor confidence report due
- US consumer credit report out later
FTSE 100: -0.74%
DAX: -1.49%
CAC 40: -0.97%
FTSE MIB: -1.37%
IBEX 35: -0.99%
Stoxx 600: -0.95%
European stocks slipped after the release of German industrial figures and before Eurozone investor confidence data.
German industrial production rose by 4.8% year-on-year in February, compared to 0.7% a year earlier. Analysts had predicted a 4.7% increase.
Another report from Sentix is expected to show Eurozone investor confidence remained unchanged at 13.9 in April.
In the US, Federal Reserve official James Bullard will speak in Los Angeles and a release on consumer credit is due.
Tech stocks lead decline
A gauge of 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.
Holcim and Lafarge rallied after agreeing to merge, creating the world's largest cement company with more than $40bn in sales.
Altice gained after Vivendi SA 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.
The euro rose 0.07% to $1.3714.
Brent crude futures fell $1.051 to $106.610 per barrel, according to data from the ICE. |
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| | US Market Report | | US close: Nasdaq falls sharply in market sell-off - Momentum stocks sold off
- Non-farm payrolls rise 192k, previous months revised higher
- IMS and GrubHub surge on market debuts
Dow Jones: -0.96%
Nasdaq: -2.59%
S&P 500: -1.26%
After a decent start, US markets dropped sharply on Friday with heavy falls from biotech and internet stocks leading to the hard sell-off on the Nasdaq Composite.
The tech-heavy Nasdaq dropped 2.6%, pushing below its 50-day moving average, while the Dow Jones Industrial Average fell 1% and the S&P 500 dropped 1.3%.
The falls were attributed to weakness among the bull market's best performers as investors booked profits and rotated out of so-called 'momentum' stocks.
However, IMS Health and GrubHub were a few rare bright sparks amid the wider market sell-off after impressive debuts on the New York Stock Exchange.
Stocks started strongly after the Bureau of Labor Statistics revealed that non-farm payrolls increased by 192,000 in March. This was lower than the 200,000 forecast but revisions to payroll numbers from January and February were revised higher by a net 37,000, showing that recent weakness in data was mostly due to the severe winter weather.
The unemployment rate remained steady at 6.7%; analysts had expected a fall to 6.6%.
Despite the slight miss on the headline figure, the labour-force participation rate and average weekly hours both increased in March.
"We think the Fed will continue to act cautiously, reducing its monthly asset purchases steadily and halting them altogether by the end of this year," said analysts at Capital Economiics.
"And although we suspect the Fed will eventually need to raise interest rates at a faster pace than is currently discounted in the market, it is unlikely to begin doing so until midway through next year."
IMS and GrubHub surge on market debuts
IMS Health Holdings gained 15% on its first day of trading in New York. The company priced its initial public offering (IPO) at $20 a share, in line with the $18-21 expected range, valuing it at $6.64bn. The prescription-data provider raised $1.3bn after offering 65m shares, making it the second-largest IPO of the year in the States.
Online food ordering firm GrubHub, meanwhile, priced its IPO at $26 per share, ahead of the estimated range of $23-25, valuing it at $2.04bn. It raised $192m after selling 7.4m shares and finished over 30% higher.
Biotech stocks fell sharply with the benchmark Nasdaq Biotechnology Index down 4.1%, erasing the impressive gains made earlier in the week. Other technology heavyweights also suffered on Friday, with Apple and Facebook ending with losses.
Delta Air Lines was lower after revealing that it is considering acquiring as many as 50 jets to replace its Boeing 747-400 and 767-300ER planes.
Generic drug firm Mylan trimmed earlier gains but still finished in positive territory after The Wall Street Journal reported that it is looking to buy Swedish pharmaceutical group Meda. The stock was one of four on the Nasdaq to finish with gains.
S&P 500 - Risers
Best Buy Co. Inc. (BBY) $27.70 +3.47%
Peabody Energy Corp. (BTU) $17.22 +2.87%
Avon Products Inc. (AVP) $15.07 +2.66%
NRG Energy Inc. (NRG) $32.66 +2.29%
Allegheny Technologies Inc. (ATI) $38.78 +2.11%
Anadarko Petroleum Corp. (APC) $101.05 +2.05%
Lorillard Inc. (LO) $53.41 +2.04%
Exelon Corp. (EXC) $34.47 +2.04%
First Solar Inc. (FSLR) $69.72 +1.81%
Health Care REIT Inc. (HCN) $60.44 +1.60%
S&P 500 - Fallers
E*TRADE Financial Corp. (ETFC) $20.43 -7.81%
Intuitive Surgical Inc. (ISRG) $505.52 -6.49%
TripAdvisor Inc. (TRIP) $85.69 -6.14%
Micron Technology Inc. (MU) $22.58 -5.92%
Alexion Pharmaceuticals Inc. (ALXN) $142.50 -5.85%
Netflix Inc. (NFLX) $337.31 -4.90%
Priceline Group Inc (PCLN) $1,178.08 -4.80%
Charles Schwab Corp. (SCHW) $26.06 -4.75%
Vertex Pharmaceuticals Inc. (VRTX) $65.84 -4.75%
Expedia Inc. (EXPE) $70.05 -4.60%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $38.22 +0.39%
Travelers Company Inc. (TRV) $85.20 +0.26%
McDonald's Corp. (MCD) $97.87 +0.22%
Johnson & Johnson (JNJ) $98.42 +0.16%
Dow Jones I.A - Fallers
Visa Inc. (V) $207.70 -3.40%
Microsoft Corp. (MSFT) $39.87 -2.78%
American Express Co. (AXP) $89.17 -1.99%
Goldman Sachs Group Inc. (GS) $163.24 -1.72%
Cisco Systems Inc. (CSCO) $22.71 -1.64%
Nike Inc. (NKE) $72.84 -1.55%
Walt Disney Co. (DIS) $80.43 -1.54%
JP Morgan Chase & Co. (JPM) $59.81 -1.40%
United Technologies Corp. (UTX) $118.18 -1.33%
Boeing Co. (BA) $127.38 -1.09%
Nasdaq 100 - Risers
Mylan Inc. (MYL) $50.63 +1.54%
Symantec Corp. (SYMC) $20.25 +1.10%
Staples Inc. (SPLS) $12.16 +0.50%
NetApp Inc. (NTAP) $37.53 +0.03%
Nasdaq 100 - Fallers
Nxp Semiconductors Nv (NXPI) $57.33 -7.40%
Illumina Inc. (ILMN) $138.57 -6.65%
Intuitive Surgical Inc. (ISRG) $505.52 -6.49%
TripAdvisor Inc. (TRIP) $85.69 -6.14%
Micron Technology Inc. (MU) $22.58 -5.92%
Alexion Pharmaceuticals Inc. (ALXN) $142.50 -5.85%
Tesla Motors Inc (TSLA) $212.23 -5.85%
Baidu Inc. (BIDU) $149.35 -5.16%
Keurig Green Mountain Inc (GMCR) $102.99 -5.06%
Netflix Inc. (NFLX) $337.31 -4.90% |
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| | Newspaper Round Up | | Monday newspaper round-up: IMF, Business investment, Consumer spending Almost one year ago the International Monetary Fund (IMF) urged the Chancellor George Osborne to abandon austerity and implement a so-called 'Plan B' to stimulate growth. However, as he prepares to head to the US this week, for the IMF's spring meetings, the Washington-based international lender is set to "upgrade the forecasts for the UK reasonably significantly", government sources expect, which Osborne will use to claim fresh vindication for his economic plan, The Daily Telegraph reports.
Amidst increasing confidence that the economic recovery is for real, finance chiefs at the UK's largest companies have turned the most bullish in six and a half a years. Now is a good time to take risk on the balance sheet 71% of them believe, according to the latest survey carried out by consultants Deloitte. A year ago that percentage was at just 34%. During the worst moments of the past financial crisis just 1% thought the same. The upshot is that business investment may now be set to take-off, writes The Times.
Consumer spending slowed down noticeably in March, exclusive figures obtained from Barclaycard show, growing by just 1.1% when compared with the year-ago period. That was the least in 14 months and the less than the rate of inflation. In fact, sales at shops actually fell by 0.3% - their worst performance in a year – while digital sales were sluggish, expanding by only 6.4%, the smallest gain since the end of 2011. The data covers half of all spending on both credit and debit cards, The Daily Mail says.
Telecommunications group BT has poached a Sky veteran in what amounts to a coup that may lead to increased frictions between the two outfits as they vie for broadband customers. Delia Bushell is to become Managing Director of BT's key sports and television division, following 14 years holding several top jobs at BSkyB and Sky Italia, according to The Times. Bushell's most recent responsibilities were as Chief Commercial Officer at Sky Italia, where she oversaw marketing and sales for its €2.5bn residential business.
The revolving door keeps turning at RBS. Soon after the departure of the group's Finance Director, Nathan Bostock, who is moving to Santander UK, investors are now eyeing who will replace Sir Philip Hampton, the current Chairman of the largely state-owned lender. It was thought that Hampton, who is expected to step down after next year's annual general meeting, might be substituted by either Sir Sandy Crombie or Brendan Nelson, two of the existing non-executive directors. However, Sir Sandy has played down speculation that he is in the running, The Scotsman reports.
Figures from Ombudsman Services show record increases in the number of complaints against energy firms. That follows closely on regulator Ofgem's announcement that it was referring the energy sector to the Competition and Markets Authority for a full-scale competition inquiry. In the first three months of the year those complaints rose by 224% when compared with the year-ago period, to 10,638, The Daily Mail reports. | | |
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