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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: FTSE begins session with strong upwards momentum - FTSE rises around 40 points in first hour
- US gains provide driving force
- Focus to be on Fed meeting minutes
techMARK 2,719.29 +0.81%
FTSE 100 6,618.78 +0.43%
FTSE 250 16,132.68 +0.74%
UK stocks kicked off today's session in a positive fashion, lifted by a decent performance in the US overnight and ahead of the release of the minutes from the most recent Federal Reserve meeting.
The FTSE climbed around 40 points in the first hour of trading, driven by ARM Holdings and housebuilders.
US stocks ended yesterday's session with modest gains, following three days of heavy declines, in what was a rather turbulent day following heightened tensions in Eastern Europe.
Notably, the Nasdaq rose 0.8% as it recovered from its worst three-day slump since 2011.
Aluminum producer Alcoa marked the unofficial start of the first-quarter earnings season with its results, with revenue slightly below consensus forecasts, although shares put in a decent rise after hours.
Overnight, Asia stocks were also broadly higher, with the notable exception of Japan.
It was yesterday announced that Japan and Australia are set to sign an historic trade deal to reduce the tariffs imposed on a number of products, following seven years of negotiations.
The agreement comes amid attempts, driven by the US, to form a free trade plan between 12 countries, in which Japan is seen as a key player, known as the Trans-Pacific Partnership (TPP).
Today's attention will be focused on the US Federal Reserve, which will release minutes of its meeting in March when it announced another round of stimulus tapering.
The central bank shaved off a further $10bn off its monthly bond purchase following the March 18th to 19th meeting. Fed Chair Janet Yellen surprised markets by saying the first rise in interest rates could come six months after the end to quantitative easing.
If the Fed keeps up the current pace of asset buying reductions, the programme will end around October.
Last week Yellen said the bank's "extraordinary commitment" to improving the labour market "is still needed and will be for some time, and I believe that this view is widely held by my fellow policymakers at the Fed".
The minutes may shed further light on the Fed's decision to scale back QE and on Yellen's remarks regarding interest rates.
ARM rises following strong performance of tech stocks Stateside
ARM Holdings was a notable riser this morning, with investors feeling a renewed sense of confidence after the tech-heavy Nasdaq snapped its recent slump.
Housebuilding stocks Barratt Developments and Travis Perkins both performed well as the industry continues to see encouraging signs of improvement.
Insurance stocks extended yesterday's declines following the news that the Financial Conduct Authority is to conduct an inquiry into its bungled announcement of an industry inspection.
Rolls-Royce climbed after announcing that it has been awarded a $100m contract to service the US Navy's T-45 training aircraft. The contractor logistics support contract with the US Department of Defense is a one-year extension to the existing agreement. Rolls-Royce has provided support to the US Navy's training fleet for the past 10 years |
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| | FTSE 100 - Risers
Ashtead Group (AHT) 924.00p +2.55%
ARM Holdings (ARM) 1,007.00p +2.29%
Standard Chartered (STAN) 1,319.50p +2.25%
Barratt Developments (BDEV) 388.70p +1.97%
Burberry Group (BRBY) 1,400.00p +1.89%
Travis Perkins (TPK) 1,820.00p +1.85%
easyJet (EZJ) 1,781.00p +1.77%
Babcock International Group (BAB) 1,401.00p +1.52%
TUI Travel (TT.) 429.30p +1.51%
ITV (ITV) 190.60p +1.49%
FTSE 100 - Fallers
Admiral Group (ADM) 1,353.00p -2.17%
Standard Life (SL.) 378.00p -1.95%
Antofagasta (ANTO) 861.00p -1.09%
Tesco (TSCO) 285.30p -0.89%
Reed Elsevier (REL) 885.50p -0.78%
SABMiller (SAB) 3,117.00p -0.49%
Rio Tinto (RIO) 3,413.00p -0.39%
Carnival (CCL) 2,328.00p -0.34%
St James's Place (STJ) 770.50p -0.32%
Fresnillo (FRES) 902.50p -0.28%
FTSE 250 - Risers
Entertainment One Limited (ETO) 326.60p +6.66%
Carillion (CLLN) 380.20p +5.49%
Evraz (EVR) 81.75p +3.55%
Carphone Warehouse Group (CPW) 323.40p +3.52%
African Barrick Gold (ABG) 266.30p +3.38%
Aveva Group (AVV) 2,016.00p +3.23%
Ocado Group (OCDO) 408.50p +3.10%
Pace (PIC) 443.70p +2.71%
Spirent Communications (SPT) 95.10p +2.70%
IP Group (IPO) 209.60p +2.69%
FTSE 250 - Fallers
esure Group (ESUR) 250.90p -6.28%
Direct Line Insurance Group (DLG) 231.80p -2.93%
Bwin party Digital Entertainment (BPTY) 122.60p -1.92%
Heritage Oil (HOIL) 240.40p -1.60%
International Public Partnerships Ltd. (INPP) 126.20p -1.02%
F&C Commercial Property Trust Ltd. (FCPT) 119.10p -1.00%
UK Commercial Property Trust (UKCM) 80.80p -0.92%
Bodycote (BOY) 787.00p -0.88%
888 Holdings (888) 146.80p -0.81% |
| | UK Event Calendar | | Wednesday April 09
INTERIM DIVIDEND PAYMENT DATE
Colefax Group, Galliford Try, Haynes Publishing Group, Hays, JPMorgan Mid Cap Inv Trust
INTERIM EX-DIVIDEND DATE
Animalcare Group, Begbies Traynor Group, Digital Globe Services Ltd (DI), Northamber, St Ives, Symphony International Holdings Ltd., Thorpe (F.W.)
QUARTERLY EX-DIVIDEND DATE
Assura Group Ltd., Middlefield Canadian Income PCC
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Crude Oil Inventories (US) (15:30)
Current Account (GER) (07:00)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)
Retail Price Index (GER) (07:00)
Wholesale Inventories (US) (15:00)
Speech President Chicago Fed (15:30)
Speech Fed's Tarullo (19:00)
FINALS
Bond International Software, Evraz, Prezzo
ANNUAL REPORT
Rentokil Initial
SPECIAL EX-DIVIDEND PAYMENT DATE
Bodycote, Photo-Me International, Symphony International Holdings Ltd.
EGMS
Dexion Trading Ltd.
AGMS
Admiral Group, Athelney Trust, Chrysalis VCT, JPMorgan Claverhouse Inv Trust, Law Debenture Corp., Octopus Titan VCT 5, Perform Group
TRADING ANNOUNCEMENTS
Atkins (WS)
PRODUCTION RESULTS
Centamin Egypt
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
BRC Shop Price Index (00:01)
FINAL DIVIDEND PAYMENT DATE
CQS Rig Finance Fund Ltd., Crest Nicholson Holdings, TUI Travel
FINAL EX-DIVIDEND DATE
4Imprint Group, Aberdeen UK Tracker Trust, BBA Aviation, Berendsen, Bodycote, Charles Taylor, Chesnara, EMIS Group, Essentra, esure Group, Fisher (James) & Sons, Fyffes, GKN, Greggs, IDOX, IMI, International Personal Finance, JPMorgan American Inv Trust, JPMorgan US Smaller Co. Inv Tst, Jupiter Fund Management , Kerry Group 'A' Shares, Manchester & London Investment Trust, Pennant International Group, Quindell , Rentokil Initial, Rotork, Secure Trust Bank, Smurfit Kappa Group, St James's Place, Standard Life, Tamar European Industrial Fund Ltd., Taylor Wimpey, Ultra Electronics Holdings, Vitec Group, Wood Group (John)
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of Fed meeting minutes - Fed meeting minutes due
- German trade surplus narrows
FTSE 100: 0.39%
DAX: 0.14%
CAC 40: 0.18%
FTSE MIB: 0.37%
IBEX 35: 0.36%
Stoxx 600: 0.29%
European stocks gained as investors awaited the release of the Federal Reserve's meeting minutes.
The Fed will publish details of its March 18-19th gathering when the central bank decided to scale back a further $10bn from monthly bond purchases.
At the time, Fed Chair Janet Yellen surprised markets by saying a rise in interest rates may come about six months after the end to quantitative easing.
Last week Yellen said the bank's "extraordinary commitment to improving the labour market is still needed and will be for some time, and I believe that this view is widely held by my fellow policymakers at the Fed".
Germany trade surplus narrows as exports fall
German exports fell 1.3% on the month in February following a 2.2% jump the prior month. Consensus had been looking for a drop of 0.5%.
Imports, on the other hand, rose advanced 0.4% from the prior month. This compared to expectations for a slight 0.1% increase and January's month-on-month rise of 4.1%.
The data left the trade surplus at €15.5bn, below the €17.8bn consensus forecast and down from the revised January data of €17.3bn.
Kingfisher, Arseus
Kingfisher rallied as UBS raised its rating on the European home improvement company to 'buy' from 'neutral'.
Arseus slumped after its largest shareholder, Waterland Private Equity Investments, sold its entire 27% stake in the Belgian supplier of dental equipment.
Indesit jumped following reports Whirlpool Corp. may offer to buy the Italian maker of ovens and fridges.
Norsk Hydro gained as US peer Alcoa Inc. posted a better-than-forecast quarterly profit and said it predicts global aluminium demand to grow 7% this year.
The euro fell 0.01% to $1.3795.
Brent crude dropped $0.354 to $107.290 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks end modestly higher after choppy trading - Stocks snap three-day losing streak
- Alcoa kicks off Q1 earnings season
- Raised tensions in Ukraine act as backdrop
- Choppy trading throughout session
US stocks ended yesterday's session with modest gains, following three days of significant declines, in what was a rather turbulent day following heightened tensions in Eastern Europe.
The S&P 500 closed up 6.92 points, or 0.4%, at 1,851.96, led by both utilities and consumer discretionary stocks. The Dow Jones climbed 10.27, or 0.1%, ending at 16,256.14, while the Nasdaq rose 33.23, or 0.8% to 4,112.99, recovering from its worst three-day slump since 2011.
Aluminum producer Alcoa marked the unofficial start of the first-quarter earnings season with its results, with revenue slightly below consensus forecasts, although shares put in a decent rise after hours.
Heightened tensions in Ukraine were a concern for global financial markets after pro-Moscow protesters stormed government buildings and called for their own referendum on independence. Ukraine's government has accused Russia of instigating the protests, while a White House spokesman said that "outside forces, not local forces, were participating on the effort to create these provocations".
Investors were also digesting comments from the International Monetary Fund (IMF) which released its World Economic Outlook, saying the global economic recovery "has broadly strengthened".
The IMF trimmed its global growth forecast from 3.7% to 3.6% for 2014, but said that developed economies such as the US and UK were making up for weaker recoveries in emerging markets such as Brazil and Russia.
Overnight, Asia stocks were also broadly higher, with the notable exception of Japan.
It was yesterday announced that Japan and Australia are set to sign an historic trade deal to reduce the tariffs imposed on a number of products, following seven years of negotiations.
The pair are due to sign the pact when Japanese Prime Minister Shinzo Abe visits Australia later in the year.
The agreement comes amid attempts, driven by the US, to form a free trade plan between 12 countries, in which Japan is seen as a key player, known as the Trans-Pacific Partnership (TPP).
Alcoa, Eli Lilly, Nordic American Tankers
Alcoa posted better-than-expected first quarter earnings after the close last night, which excluding one-off items rose to $96m, equal to nine cents a share, compared to analyst forecasts of five cents. Revenue declined to $5.45bn from $5.83bn a year earlier.
Eli Lilly & Co slumped as the federal-court jury found that the group, together with Takeda Pharmaceutical hid the cancer risks of their Actos diabetes medicine.
Nordic American Tankers retreated as the ship owner said it is offering 10m shares in a public offering to finance the potential acquisition of as many as four vessels.
Gigamon sank after the company cut its first-quarter preliminary revenue forecast to below analysts' projections.
Shares in Intuitive Surgical fell after the company issued a warning on revenue, revealing it would now be significantly below expectations.
According to Bloomberg, Toyota has recalled 6.76m vehicles worldwide.
West Texas Intermediate crude futures for May delivery settled up 2.11%, or $2.12, at $102.56 a barrel.
S&P 500 - Risers
First Solar Inc. (FSLR) $72.77 +7.01%
Harman International Industries Inc. (HAR) $105.45 +5.47%
Cliffs Natural Resources Inc. (CLF) $20.87 +4.51%
Range Resources Corp. (RRC) $88.64 +3.77%
Denbury Resources Inc. (DNR) $17.04 +3.65%
Nvidia Corp. (NVDA) $18.86 +3.57%
eBay Inc. (EBAY) $54.80 +3.49%
Estee Lauder Co. Inc. (EL) $69.53 +3.31%
TripAdvisor Inc. (TRIP) $86.07 +3.25%
Netflix Inc. (NFLX) $348.89 +3.22%
S&P 500 - Fallers
Dr Pepper Snapple Group Inc. (DPS) $51.62 -3.84%
Gilead Sciences Inc. (GILD) $70.01 -3.07%
AbbVie Inc (ABBV) $49.10 -3.00%
Sears Holdings Corp. (SHLD) $36.99 -2.91%
Biogen Idec Inc. (BIIB) $285.92 -2.81%
NASDAQ OMX Group Inc. (NDAQ) $34.81 -2.74%
Bristol-Myers Squibb (BMY) $49.06 -2.43%
Allergan Inc. (AGN) $117.91 -2.37%
Boston Scientific Corp. (BSX) $12.91 -2.34%
Avon Products Inc. (AVP) $14.87 -2.30%
Dow Jones I.A - Risers
Nike Inc. (NKE) $72.92 +2.95%
Intel Corp. (INTC) $26.91 +1.60%
Caterpillar Inc. (CAT) $102.39 +1.27%
Wal-Mart Stores Inc. (WMT) $78.18 +1.13%
McDonald's Corp. (MCD) $98.08 +1.10%
Procter & Gamble Co. (PG) $81.35 +1.07%
Coca-Cola Co. (KO) $38.90 +0.73%
Exxon Mobil Corp. (XOM) $97.45 +0.69%
Walt Disney Co. (DIS) $79.57 +0.56%
Cisco Systems Inc. (CSCO) $22.94 +0.39%
Dow Jones I.A - Fallers
Goldman Sachs Group Inc. (GS) $156.56 -1.26%
Boeing Co. (BA) $124.15 -1.15%
Pfizer Inc. (PFE) $30.87 -1.06%
International Business Machines Corp. (IBM) $193.29 -0.63%
AT&T Inc. (T) $35.27 -0.62%
Unitedhealth Group Inc. (UNH) $80.66 -0.52%
Visa Inc. (V) $202.59 -0.40%
General Electric Co. (GE) $25.75 -0.39%
United Technologies Corp. (UTX) $115.77 -0.35%
Travelers Company Inc. (TRV) $84.73 -0.32%
Nasdaq 100 - Risers
Baidu Inc. (BIDU) $150.96 +5.19%
Nxp Semiconductors Nv (NXPI) $58.24 +4.52%
Tesla Motors Inc (TSLA) $215.50 +3.85%
Nvidia Corp. (NVDA) $18.86 +3.57%
eBay Inc. (EBAY) $54.80 +3.49%
TripAdvisor Inc. (TRIP) $86.07 +3.25%
Netflix Inc. (NFLX) $348.89 +3.22%
Google Inc. (GOOGL) $557.51 +3.12%
Amazon.Com Inc. (AMZN) $327.07 +2.93%
DIRECTV (DTV) $78.77 +2.66%
Nasdaq 100 - Fallers
Gilead Sciences Inc. (GILD) $70.01 -3.07%
Biogen Idec Inc. (BIIB) $285.92 -2.81%
Sirius XM Holdings Inc (SIRI) $3.07 -1.76%
Vertex Pharmaceuticals Inc. (VRTX) $65.32 -1.63%
Mylan Inc. (MYL) $47.64 -1.57%
Monster Beverage Corp (MNST) $65.85 -1.47%
Intuitive Surgical Inc. (ISRG) $489.84 -1.45%
KLA-Tencor Corp. (KLAC) $68.03 -1.13%
Liberty Interactive Corp (LINTA) $28.65 -1.10%
Catamaran Corp (CTRX) $41.28 -0.96% |
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| | News Paper Round-up | | Wednesday newspaper round-up: Ukraine, Just Eat, Pension There are signs of disarray amongst some of the groups of armed radicals who have dug in behind reinforced barricades in several cities in eastern Ukraine. However, on Tuesday Russia warned the new government in Kiev against the use of force to make them vacate those positions. That comes after Ukrainian police managed to dislodge some of those pro-Russian separatists from a government building. Nonetheless, Moscow said that the use of force might end up in civil war, The Wall Street Journal Europe reports.
Investors’ appetite for newly listed companies has waned sharply of late, with shares of Just Eat experiencing a poor start to unconditional trading after coming to market at a mind boggling valuation of 100 times' underlying 2013 earnings. Boohoo.com and AO World are not far behind. The fall from grace in three of this year’s highest profile technology flotations has fuelled concerns that a new bear market might possibly ensue, The Times says.
Tens of thousands of individuals who are due to retire this year have no form of pension and will be forced to fall back on very thin incomes of less than £8,600 a year, insurer Prudential claims. Those people, one in seven of all those who are planning to give up work this year, have no workplace or personal pension savings set up, leaving them reliant on their state pension. That will also place one in five of them below the threshold for the 'Minimum Income Standard' as defined by poverty campaigners the Joseph Rowntree Foundation, which is at £8,600 for a single person or £12,500 for a couple, The Daily Mail writes.
After coming under scrutiny for the bungled announcement of an industry inspection into the insurance sector – which wiped £6bn off those firms’ market capitalisation – the Financial Conduct Authority has chosen law firm Clifford Chance to lead an inquiry. The point man for the investigation will be that firm’s Simon Davis, one of its senior partners. In particular, he is expected to focus on how details of the investigation were leaked by a senior official at the regulator to the Daily Telegraph, according to The Guardian.
Asset manager St.James Place has decided to pull £8bn of funds from Invesco Perpetual and funnel them towards that firm’s former star manager, Neil Woodford. Mr.Woodford will manage them at his new business, Woodford Investment Management. St.James Place says this will ensure continuity of manager for its investors, The Daily Mail says. | | |
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