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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 steady ahead of further data on US housing - Footsie steady in early trading
- US and allies warn Russia of possible further sanctions
- More US housing data due out
techMARK 2,761.98 +0.15%
FTSE 100 6,843.95 +0.04%
FTSE 250 15,655.31 +0.25%
Equities were slightly higher early on following yesterday's sharp falls worldwide in reaction to weak data on growth in the Eurozone's gross domestic product and the US housing market.
In that regard, it may be worth pointing out that there is further data scheduled for release on Friday afternoon on the state of the US housing market. According to some market commentary investors are increasingly worried by the possibility of deflation in the Eurozone.
Acting as a backdrop, speaking overnight and following conversations with his counterparts from Britain, Italy, France and Germany, US Secretary of State John Kerry stated that "If Russia or its proxies disrupt the elections [the US and its allies] will impose sectoral economic sanctions as a result".
That came as Ukrainian forces successfully undertook operations against two militant bases near the towns of Slovyansk and Kramatorsk.
"A somewhat quiet end to the week is expected today, as the European markets take a breather following yesterday's GDP and CPI fuelled roller-coaster," Alpari UK Research Analyst Joshua Mahaony noted this morning.
Meanwhile, concerns about global growth weighed down sentiment in Asia, giving a mixed picture at the close.
Tokyo's benchmark Nikkei-225 closed 1.41% lower at 14,096.59, while the Shanghai Stock Exchange's main gauge edged higher by 0.1% to reach 2,026.5.
"European futures are signalling a flat open as aversion to risk continues, shifting investors to the sidelines," Lee Mumford at Spreadex said.
The dollar/yen currency pair, a widely followed barometer of risk aversion, was dipping by 0.02% as of 08:58, at the 101.56 yen level.
Intertek falls after taking hit from currency fluctuations
In UK company news, Intertek reported a 0.3 per cent rise in quarterly organic revenue as operating margins improved as a result of on-going restructuring measures. However, total revenues declined by 4.9% during the first quarter as a result of the appreciation in sterling. The inspection, product testing and certification company said it experienced strong performance of its key product-related business but weaker-than-expected activity in the energy market in the three months to the end of April 2014.
Supermarket operators Morrison and Sainsbury were seeing some buying interest for a second day. In related sector news, John Lewis reported a 15.6% year-on-year increase in its sales for the week ending on May 10th.
Coca-Cola HBC reported a drop in first quarter revenue and volumes due to the timing of Easter and foreign exchange movements. The second largest bottler of the brands of The Coca-Cola Company said volume declined by 4% to 409.6m cases in the three months to March 28th and new sales revenue fell 7% to £1.3bn.
Keller Group reported that its overall trading in the four months to the end of April was in line with expectations in March. Although the Europe, Middle East and Africa region was behind, it said this was countered by a strong performance from its businesses in the US, with Asia and Australia on track. As such, its results for the full year remain in line with current market expectations.
Oil engineering group Lamprell has started the year well and is encouraged by the ongoing dialogue with a number of prospective clients for new projects and the recent $390m contract win with Ensco. In parallel, the firm has announced that it will pursue a rights issue with the aim of raising gross proceeds of £71.6m.
Analysts at Exane BNP Paribas upgraded their view on shares of Dixon's Retail to 'outperform' from 'neutral'.
Morgan Stanley downgraded Evraz to 'equalweight' from 'overweight'.
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 208.20p +1.46%
Sainsbury (J) (SBRY) 337.40p +1.38%
CRH (CRH) 1,618.00p +1.06%
AstraZeneca (AZN) 4,774.50p +1.02%
Rolls-Royce Holdings (RR.) 1,032.00p +0.88%
ITV (ITV) 171.00p +0.83%
Babcock International Group (BAB) 1,234.00p +0.82%
William Hill (WMH) 339.00p +0.77%
IMI (IMI) 1,599.00p +0.76%
Admiral Group (ADM) 1,426.00p +0.71%
FTSE 100 - Fallers
Intertek Group (ITRK) 2,986.00p -3.37%
Rio Tinto (RIO) 3,319.00p -1.48%
Fresnillo (FRES) 850.00p -1.22%
ARM Holdings (ARM) 857.50p -0.98%
Anglo American (AAL) 1,593.50p -0.90%
National Grid (NG.) 856.00p -0.87%
Persimmon (PSN) 1,333.00p -0.82%
BHP Billiton (BLT) 1,966.00p -0.81%
Barratt Developments (BDEV) 355.20p -0.73%
Lloyds Banking Group (LLOY) 73.25p -0.69%
FTSE 250 - Risers
Perform Group (PER) 263.90p +3.05%
SIG (SHI) 184.40p +3.02%
Fidessa Group (FDSA) 2,318.00p +2.84%
Britvic (BVIC) 719.00p +2.71%
Vedanta Resources (VED) 990.00p +2.48%
TalkTalk Telecom Group (TALK) 291.30p +2.46%
Grainger (GRI) 219.40p +2.05%
Countrywide (CWD) 551.00p +2.04%
JD Sports Fashion (JD.) 1,724.00p +2.01%
Hellermanntyton Group (HTY) 302.50p +1.85%
FTSE 250 - Fallers
Inmarsat (ISAT) 689.00p -3.03%
Partnership Assurance Group (PA.) 122.00p -2.63%
Evraz (EVR) 100.40p -1.86%
Keller Group (KLR) 931.50p -1.38%
Pace (PIC) 355.20p -1.33%
Spirent Communications (SPT) 95.85p -1.24%
Laird (LRD) 286.30p -1.21%
Regus (RGU) 188.90p -1.10%
Kazakhmys (KAZ) 245.30p -1.09% |
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| | UK Event Calendar | | INTERIMS
Grainger
INTERIM DIVIDEND PAYMENT DATE
Carr's Milling Industries, GETECH Group, Kier Group, Next Fifteen Communications
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Building Permits (US) (13:30)
Housing Starts (US) (13:30)
New Car Registrations (EU) (10:00)
U. of Michigan Confidence (Prelim) (US) (14:55)
Wholesale Price Index (GER) (07:00)
IMSS
Alpha Pyrenees Trust Ltd., Bovis Homes Group, Henry Boot, Inchcape, Intertek Group, Keller Group, Kentz Corporation Ltd., Menzies(John), SIG, Centamin Egypt, Coca-Cola HBC AG,
SPECIAL DIVIDEND PAYMENT DATE
Millennium & Copthorne Hotels, Novae Group
EGMS
Treatt
AGMS
Bovis Homes Group, Braime (T.F.& J.H.) Holdings, Brammer, Cenkos Securities, Centamin (DI), Chesnara, Fresnillo, Highcroft Investment, Inchcape, Intertek Group, Kentz Corporation Ltd., Menzies(John), NB Private Equity Partners Ltd., SIG, Total SA, Tribal Group, Tyman
FINAL DIVIDEND PAYMENT DATE
Arbuthnot Banking Group, ARM Holdings, Aviva, Clarke (T.), Devro, Downing Planned Exit VCT 2011 (General Shares), Downing Planned Exit VCT 2011 (Low Carbon Shares), Downing Planned Exit VCT 2011 (Structured Shares), Drax Group, Friends Life Group Limited , Fyffes, Glanbia, HGCapital Trust, Johnson Service Group, Man Group, Millennium & Copthorne Hotels, Mobeus Income & Growth 4 Vct, Novae Group, Quixant, St James's Place
Q1
Coca-Cola HBC AG (CDI) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of US confidence data - European car sales slow
- US consumer confidence data out
- US housing starts report due
- Kerry warns of sanctions
FTSE 100: 0.11%
DAX: 0.11%
CAC 40: 0.05%
FTSE MIB: 0.26%
IBEX 35: 0.13%
Stoxx 600: 0.01%
European stocks were little changed after a report showed car sales in the euro-area eased and before the release of US data on housing starts and consumer confidence.
Car sales rose by 4.2% to 1.13m vehicles in April, the slowest pace in five months, the Brussels-based European Automobile Manufacturer's Association (ACEA) revealed.
In the US later on, data is expected to show consumer confidence rose in May. The University of Michigan's sentiment index may rise 84.5 this month from 84.1 in April, according to forecasts.
Another report on housing starts is tipped to come in at 980,000 in April, up from 946,000 a month earlier.
Also in the US overnight, Federal Reserve Chair Janet Yellen said small businesses have accounted for more than half the job gains in the economic recovery over the past five years.
In a speech at the Chamber of Commerce, she said the Fed has tried to foster job creation by keeping interest rates near record lows but that "overwhelmingly, it is businesses that create jobs".
Meanwhile, US Secretary of State John Kerry has warned of further sanctions on those connected with the Ukraine unrest.
"If Russia or its proxies disrupt the elections, the US and its allies will impose sectoral economic sanctions as a result," he said in London yesterday after meeting his counterparts from Britain, Italy, France and Germany.
Bouygues, Credit Suisse
Bouygues SA advanced following a report that Orange SA is considering buying Bouygues Telecom.
Credit Suisse Group AG retreated after reports the Swiss bank will soon reach an agreement with the US to resolve investigations into whether it helped Americans evade taxes.
The euro rose 0.04% to $1.3715.
Brent crude futures rose by $0.157 to $101.660 per barrel, according to the ICE. |
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| | US Market Report | | US Close: Stocks finish lower as industrial output falls - Inflation rises in line
- Jobless claims fall
- Industrial production drops
Dow Jones: -1.01%
Nasdaq: -0.76%
S&P 500: -0.94%
US stocks declined as industrial production unexpectedly declined and Wal-Mart Stores forecast profit that fell short of analysts' estimates.
Industrial output in the US dropped 0.6% in April following a 0.9% increase a month earlier. Analysts had forecast it to remain unchanged.
It came in contrast to a report which showed manufacturing expanded in the New York region. The Federal Reserve of New York's index for manufacturing rose to 19.01 this month, from 1.29 in April, exceeding estimates for a reading of 5.
On another positive note for the US, consumer prices in the US climbed by 2% year-on-year in April, in line with estimates and the Federal Reserve's target, following a 1.5% increase a month earlier.
Initial jobless claims for the week ended May 10th came in at 297,000, compared to 319,000 the previous week. Economists had pencilled in 320,000 claims.
Meanwhile Federal Reserve Chair Janet Yellen was due to speak in Washington at the Chamber of Commerce after the close.
Last week she said the US still requires stimulus despite data which has shown solid growth in the second quarter. She said there were still many Americans without jobs and inflation remains low.
Wal-Mart
Wal-Mart slumped after the world's largest retailer reported a fall in first quarter profit. The company predicted second-quarter earnings of $1.15-$1.25 per share from continuing operations, trailing the average analyst estimate of $1.28 per share.
Cisco advanced as the world's largest equipment maker estimated revenue in the quarter ending July that missed analysts' expectations.
Gentiva Health Services jumped in pre-market trading after Kindred Healthcare offer to buy the company for about $1.6bn.
The US 10-year yield dropped five basis points to 2.50%.
West Texas Intermediate crude futures fell $0.817 to $101.540 per barrel, according to the ICE.
S&P 500 - Risers
Cisco Systems Inc. (CSCO) $24.18 +6.01%
Symantec Corp. (SYMC) $22.31 +4.20%
Expeditors International Of Washington Inc. (EXPD) $45.93 +2.82%
Windstream Holdings Inc (WIN) $9.56 +2.25%
Goodyear Tire & Rubber Co. (GT) $24.79 +2.14%
CareFusion Corp. (CFN) $41.87 +1.65%
Time Warner Cable Inc. (TWC) $137.04 +1.34%
Mylan Inc. (MYL) $48.02 +1.16%
Tyson Foods Inc. (TSN) $40.60 +1.12%
Omnicom Group Inc. (OMC) $67.74 +1.09%
S&P 500 - Fallers
Bristol-Myers Squibb (BMY) $48.93 -6.12%
Lincoln National Corp. (LNC) $47.41 -5.16%
E*TRADE Financial Corp. (ETFC) $19.76 -4.68%
Charles Schwab Corp. (SCHW) $25.00 -4.58%
Nabors Industries Ltd. (NBR) $24.81 -4.36%
Janus Capital Group Inc. (JNS) $11.32 -3.99%
Micron Technology Inc. (MU) $25.86 -3.72%
Urban Outfitters Inc. (URBN) $35.36 -3.57%
CF Industries Holdings Inc. (CF) $239.20 -3.55%
Rowan Companies plc (RDC) $30.11 -3.49%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $24.18 +6.01%
AT&T Inc. (T) $36.52 +0.36%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $76.83 -2.43%
Chevron Corp. (CVX) $123.81 -2.06%
Goldman Sachs Group Inc. (GS) $156.64 -1.76%
Microsoft Corp. (MSFT) $39.60 -1.59%
JP Morgan Chase & Co. (JPM) $53.51 -1.56%
Exxon Mobil Corp. (XOM) $100.78 -1.48%
Caterpillar Inc. (CAT) $104.99 -1.45%
United Technologies Corp. (UTX) $115.70 -1.38%
Boeing Co. (BA) $131.21 -1.34%
E.I. du Pont de Nemours and Co. (DD) $66.83 -1.31%
Nasdaq 100 - Risers
Cisco Systems Inc. (CSCO) $24.18 +6.01%
Symantec Corp. (SYMC) $22.31 +4.20%
Expeditors International Of Washington Inc. (EXPD) $45.93 +2.82%
Mylan Inc. (MYL) $48.02 +1.16%
Citrix Systems Inc. (CTXS) $60.82 +1.05%
Comcast Corp. (CMCSA) $50.31 +0.96%
Regeneron Pharmaceuticals Inc. (REGN) $289.60 +0.77%
Charter Communications Inc. (CHTR) $136.91 +0.56%
Discovery Communications Inc. Class A (DISCA) $72.70 +0.50%
NetApp Inc. (NTAP) $34.71 +0.40%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $25.86 -3.72%
CA Inc. (CA) $29.05 -3.39%
Vertex Pharmaceuticals Inc. (VRTX) $65.46 -3.29%
Cognizant Technology Solutions Corp. (CTSH) $47.18 -2.90%
Vimpelcom Ltd Ads (VIP) $7.59 -2.82%
Biogen Idec Inc. (BIIB) $289.63 -2.32%
Facebook Inc. (FB) $57.92 -2.21%
Netflix Inc. (NFLX) $344.19 -2.19%
Vodafone Group Plc ADS (VOD) $36.28 -2.13% |
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| | Newspaper Round Up | | Friday newspaper round-up: Flotations, Bank of England, Inequality The flood of companies floating in Britain in recent months has produced a bumper surge in admission fees for London Stock Exchange Group. The stock exchange revealed that revenues from admission fees surged by 24 per cent to 39.9m pounds in the year to March as more companies queued up to float in both Britain and its other main market, Italy. – The Times
American economist Kristin Forbes is to become the first woman to serve on the Bank of England's interest rate setting panel in five years. Ms Forbes, who became the youngest ever economic adviser to former US president George W Bush at the age of 33, is currently a professor of global economics at the Massachusetts Institute of Technology (MIT). She will replace Ben Broadbent on July 1, who will become deputy governor for monetary policy when Charlie Bean retires from the Monetary Policy Committee (MPC) in June. – The Daily Telegraph
Britain's richest 1% have accumulated as much wealth as the poorest 55% of the population put together, according to the latest official analysis of who owns the nation's £9.5tn of property, pensions and financial assets. In figures that also lay bare the extent of inequality across the north-south divide, the Office for National Statistics said household wealth in the south-east had been rising five times as fast as across the whole country. – The Guardian
Investors at a trio of Britain's biggest companies flexed their muscles over what they perceive to be excessive pay policies, delivering some of the largest 'no' votes of this annual general meeting season so far. In the latest in a string of sizeable votes against remuneration policies and reports – following on from recent protests at companies ranging from AstraZeneca to Standard Chartered – shareholders attempted to send a signal over compensation. – The Daily Telegraph
Nearly 60,000 British staff at pharmacy and beauty group Alliance Boots, including UK boss Simon Roberts, are to miss out on annual bonuses after the business failed to meet profit targets. Employees were told yesterday that no bonuses – normally thought to be between 1.5% and 8% of salary – would be paid this year, although a one-off payment would be awarded as a gesture of goodwill. The company declined to confirm how much but it is thought to be around 1%. – The Daily Express
A takeover of AstraZeneca by Pfizer could pose "a threat to UK science", according to a strongly worded letter to the government by an influential cross-party panel of MPs. Andrew Miller, the Labour chairman of the science and technology select committee, has warned that Pfizer's assurances of jobs and investment in Britain lack detail and are of "little value", and has urged the government to demand firmer pledges from the US drug company as a condition of the £63bn takeover. – The Times | | |
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