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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: Miners lead stocks higher on Chinese stimulus hopes - Chinese stimulus hopes increase after Xi comments
- Ukraine in focus after regional referenda
- BSkyB in talks with Fox over German, Italian assets
techMARK 2,785.14 +0.10%
FTSE 100 6,828.98 +0.21%
FTSE 250 15,940.81 +0.35%
UK stocks edged higher on Monday morning despite heightened tensions in Ukraine, as miners gained on hopes over potential new stimulus measures in China.
Chinese President Xi Jinping said the country must adapt to a "new normal" of slower growth. However, he added that the authorities must avoid risks and adopt "timely countermeasures to reduce potential negative effects", Xinhua reported.
Asian markets were mixed overnight on the whole but stocks in Hong Kong raced ahead "on speculation of market reforms (relax limits on foreign investment, expand quotas on capital flows) which could support equities as the country adapts to the new normal slower growth", said Mike van Dulken, Head of Research at Accendo Markets.
The FTSE 100 was trading 0.2% higher at 6,829 in early trading this morning.
Investors were keeping a close eyes on developments in Eastern Europe today after pro-Russian activists in the Donetsk region of Ukraine claimed a overwhelming victory in the controversial 'self-rule' referendum.
Despite reports of chaotic scenes at polling stations with no booths and no electoral registers, the separatists said that 89% of the public voted in favour of endorsing Donetsk's declaration of self-rule. Another vote in the region of Luhansk was also held, the results of which are expected to show a similar result.
Ukrainian officials have labelled the polls as a "criminal farce" set up by Russia, while leaders in the EU and US have also claimed that the votes were unconstitutional.
Miners rise, BSkyB drops on Fox talks
Rio Tinto, BHP Billiton and Antofagasta led the mining sector higher on hopes that stimulus efforts in China will give demand for basic resources a boost.
Anglo American, Glencore Xstrata and Fresnillo were also performing well.
BSkyB fell after saying that it is in talks with 21st Century Fox regarding the potential acquisition of the latter's pay-TV assets in Germany and Italy, Sky Deutschland and Sky Italia. "BSkyB believes at the right value, this combination would have the potential to create a world-class multinational pay TV group."
AstraZeneca rose after the Phase III Amagine-1 study evaluating its brodalumab treatment in patients with moderate-to-severe plaque psoriasis met all primary and secondary endpoints.
Annuities provider Just Retirement impressed after individually underwritten annuity sales jumped by 34% in the third quarter despite recent pension reforms. The company did however say that sales were "at around half of pre-Budget levels".
Capita, the business process outsourcing firm, underwhelmed despite saying that it made a "strong start" to 2014 with £1.1bn-worth of major new sales wins. |
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| FTSE 100 - Risers
Rio Tinto (RIO) 3,272.50p +2.63%
BHP Billiton (BLT) 1,932.00p +1.87%
Antofagasta (ANTO) 782.00p +1.69%
British American Tobacco (BATS) 3,472.00p +1.59%
Anglo American (AAL) 1,626.50p +1.40%
Glencore Xstrata (GLEN) 329.65p +1.27%
Sage Group (SGE) 401.50p +1.26%
ARM Holdings (ARM) 896.00p +1.13%
Ashtead Group (AHT) 863.50p +1.11%
HSBC Holdings (HSBA) 602.60p +1.11%
FTSE 100 - Fallers
British Sky Broadcasting Group (BSY) 869.50p -2.30%
ITV (ITV) 186.50p -1.32%
BT Group (BT.A) 377.50p -1.31%
Barclays (BARC) 257.25p -1.11%
Coca-Cola HBC AG (CDI) (CCH) 1,435.00p -1.03%
Pearson (PSON) 1,126.00p -0.97%
Tesco (TSCO) 294.40p -0.83%
Morrison (Wm) Supermarkets (MRW) 196.20p -0.71%
Melrose Industries (MRO) 287.70p -0.69%
Vodafone Group (VOD) 225.20p -0.68%
FTSE 250 - Risers
Just Retirement Group (JRG) 164.40p +4.51%
Vedanta Resources (VED) 941.50p +3.80%
Perform Group (PER) 262.90p +3.79%
Fidessa Group (FDSA) 2,389.00p +3.64%
Polymetal International (POLY) 570.50p +3.26%
Jardine Lloyd Thompson Group (JLT) 1,081.00p +2.56%
UDG Healthcare Public Limited Company (UDG) 364.90p +2.50%
Atkins (WS) (ATK) 1,298.00p +2.45%
Partnership Assurance Group (PA.) 125.60p +2.11%
Lonmin (LMI) 288.60p +2.09%
FTSE 250 - Fallers
Supergroup (SGP) 1,098.00p -2.40%
Evraz (EVR) 100.60p -2.04%
Infinis Energy (INFI) 204.90p -1.77%
Galliford Try (GFRD) 1,157.00p -1.70%
Debenhams (DEB) 80.60p -1.23%
Man Group (EMG) 96.50p -1.13%
Entertainment One Limited (ETO) 298.10p -1.09%
QinetiQ Group (QQ.) 208.00p -1.00%
Synthomer (SYNT) 256.80p -0.85% |
| | UK Event Calendar | | Monday May 12
INTERIMS
Diploma, Lonmin
INTERIM DIVIDEND PAYMENT DATE
Northamber
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
Treasury Budget Statement (US) (19:00)
FINALS
e-Therapeutics, KEFI Minerals, XLMedia
IMSS
Centrica, Dignity, Gem Diamonds Ltd. (DI), London Mining
AGMS
BrainJuicer Group, Candover Investments, Capita, Centrica, MirLand Development Corporation, Princess Private Equity Holding Ltd., Savills
FINAL DIVIDEND PAYMENT DATE
Ashley (Laura) Holding, CRH, Somero Enterprises Inc.(Reg S)
Q1
Bank Pekao SA GDS (Reg S), Grupo Clarin SA GDR (Reg S), London Mining, Planet Payment Inc.
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed on China reforms, Ukraine unrest - China to deepen reforms
- Donetsk backs plan to break away from Ukraine
- ECB's Constancio to speak on European banking union
FTSE 100: 0.16%
DAX: 0.13%
CAC 40: -0.26%
FTSE MIB: 0.24%
IBEX 35: 0.05%
Stoxx 600: 0.14%
European stocks were little changed as China's government said it will deepen reforms and as Donetsk supported a split from Ukraine.
According to a statement on May 9th, China's cabinet will relax limits on foreign investment in listed companies, expand the quotas for capital flow, and develop commodities trading tools in an effort to improve the quality of and access to the nation's stock, bond and commodities markets.
In the Ukraine, voters in the eastern region of Donetsk backed a plan to break away from Ukraine. Governments in Kiev, the US and the European Union (EU) said the referendum was illegal. Ukraine will hold presidential elections on May 25th.
EU foreign ministers will meet in Brussels today to discuss expanding sanctions on individuals and companies which are connected to the crisis in Ukraine.
Meanwhile, European Central Bank Vice President Vitor Constancio will speak in Vienna on plans for a European banking union this morning.
Sky Deutschland rallies on talks of BskyB deal
Sky Deutschland jumped after British Sky Broadcasting said it is working on a deal to acquire control of the company.
Logitech edged higher after Credit Suisse raised its rating on the world's biggest maker of computer mice to 'outperform' from 'neutral'.
A gauge of European mining stocks, including Rio Tinto and Anglo American, gained as copper and base metals rose.
The euro rose 0.05% to $1.3765.
Brent crude futures increased $0.240 to $108.150 per barrel, according to the ICE. |
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| | US Market Report | | US close: Dow Jones Industrials at record high, but under 16,000 - Stocks end in the blue
- Dow Jones Industrials at record high, but under 16,000
- Apple falls amid Beats takeover reports
- Omnicom, Publicis call off merger
- CBS, Ralph Lauren, GAP report earnings
Dow Jones: 0.19%
Nasdaq: 0.51%
S&P 500: 0.13%
The main US stockmarket averages ended the session in the blue but were mixed on the week, as investors continued to shy away from so-called 'growth' and 'small capitalisation' stocks, shifting instead towards their larger and more conservatively valued peers such as on the S&P 500 and Dow Jones Industrials.
Acting as a backdrop, traders continue to warily eye the situation in Ukraine. In the afternoon it was reported that the European Union might on Monday unveil penalties on those Russian companies which expropriated assets in Crimea.
Majority of Ukrainians reject secession
On Saturday German Chancellor Angela Merkel insisted that Russia do more to create the conditions necessary so that the Ukrainian Presidential elections, scheduled for May 25th, can proceed in a proper manner. The Organisation for Security and Co-operation in Europe is expected to deploy 1,000 observers to the country so as to verify that they meet international standards.
Should Russia not do more to help those elections to be carried out then it risks further EU sanctions.
To take note of, a study by the Pew Research Center showed that even in the east 70% of Ukrainians reject secession.
Dow Jones Industrials finished at record high, but resistance at 16,000 holds
The S&P 500 was down 0.48% for the week at 1,878.48m while the Dow Jones Industrials managed another record close on Friday, after rising by 0.43% over the last five days to end at 16,583.34. The Nasdaq-100 shed 0.89% over the week.
Despite the above, Chris Beauchamp, Market Analyst at IG, said: "The inability of the Dow Jones to hold above 16,600 is a worrying short-term sign for the bulls and may well signal another swift retest of 16,400."
Apple set to use some of its cash pile
Tech giant Apple traded lower on reports that it is in talks to buy Beats Electronics, the audio products and music streaming group founded by hip-hop star Dr Dre and record producer Jimmy Iovine. Apple could spend up to $3.2bn for the company, famous for its trendy 'Beats by Dr Dre' headphones, according to media reports.
Ishaq Siddiqi from ETX Capital said that this would represent the biggest purchase yet by Apple and makes strategic sense for the company: "Apple are in need for a cool branding and the company’s current audio equipment isn’t exactly regarded as the best in industry while it’s streaming music service is under threat by rivals like Spotify and Google Play."
Omnicom was moderately higher after having pulled its proposed $35bn merger with rival Publicis to create the world's biggest advertising company.
TV group CBS dropped after first-quarter sales fell by a worse-than-expected 4.6% to $3.86bn, missing the $3.92bn consensus forecast, as advertising revenues dropped 12%.
Shares in Ralph Lauren were moving sharply lower after the fashion retailer warned that next year's operating margins will weaken as a result of continued investment in infrastructure and higher advertising and marketing spending.
Sector peer GAP was headed the other way, having announced that quarterly earnings per share would come in at between 56 and 57 cents in the latest quarter, well ahead of forecasts.
West Texas Intermediate futures were down by 0.23% at $100.03 a barrel on the NYMEX.
10-year US Treasury yields were up by one basis point at 2.62%. |
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| | Newspaper Round Up | | Monday newspaper round-up: Ukraine, House price rises, Interest rates Pro-Russian separatists in eastern Ukraine declared victory in a secession referendum Sunday, ratcheting up tensions between the West and Moscow, which by recognizing the results could push the country toward a breakup. Ukraine called the vote illegal and riddled with irregularities, and part of a wider campaign by Moscow to punish Kiev for pursuing closer relations with Europe. - The Wall Street Journal Europe
Britain's leading business lobby group has warned that policymakers must be ready to act on unsustainable house price rises in the UK. The CBI said it was on high alert after annual house price inflation reached more than 10% in some areas. It now expects interest rates to rise in the first three months of 2015, six months earlier than it previously predicted and, crucially, before the general election. - The Guardian
One of the biggest names in British construction is being prepared for a possible return to the stock market through a flotation that could value the business at as much as £1.5bn. The future of John Laing, an infrastructure investor best known for delivering a string of PFI projects for the last Labour government, is under consideration by its owner Henderson, the fund management and private equity group. - The Times
Britain's largest tobacco group has hired bankers to advise on multibillion-pound acquisition opportunities in America, including possible deals with Reynolds American and Lorillard. British American Tobacco has asked Deutsche Bank to work alongside UBS, the company's long-standing financial adviser on how it should pursue and finance deals in America, according to City sources. - The Times
Interest rates could rise early next year, the Bank of England is expected to say. The Bank is set to lift growth forecasts for 2014 from 3.4% to 3.5% when presenting the quarterly inflation report on Wednesday. And Governor Mark Carney is also likely to predict that rates will rise from their five-year record low of 0.5% some time in the first quarter of 2015. A first-quarter rise would be one quarter earlier than the Bank predicted in February. - The Daily Mail
Carphone Warehouse is poised to announce its £3.6bn tie-up with Dixons Retail in a deal that will change the face of British electronics retailing. The two retailers are on Thursday expected to confirm their "merger of equals" following two months of talks as to how the deal would be structured and the potential benefits to shareholders of both companies. The Telegraph has learnt that the all-share merger will be structured by Carphone effectively taking over Dixons, but with both companies' market values currently around the £1.8bn mark, it will essentially be a merger. - The Daily Telegraph | | |
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