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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 drfit lower after BoJ holds policy steady - Petrofac leads gains after Barclays upgrade
- Dollar/yen trading below 101
- Russian troops have yet to pull back, negotiations ongoing in Ukraine
techMARK 2,710.51 +0.15%
FTSE 100 6,801.35 -0.01%
FTSE 250 15,467.06 +0.17%
Stocks were trading slightly lower little over an hour after the start of trading, following somewhat hawkish remarks out from several global monetary policy-makers overnight and losses on Wall Street and Asian markets.
Charles Plosser, the President of the Federal reserve bank of Philadelphia, last night reiterated his hawkish stance regarding the inflationary potential of the Federal Reserve's unusually large balance sheet, which now holds about $2.5bn in excess reserves.
In a speech given in Washington, he said this could mean a rate hike needs to occur "sooner rather than later".
Mr. Plosser's remarks were joined by those of Bank of Japan (BoJ) Governor Haruhiko Kuroda. He said that consumer price inflation in his country was likely to reach the monetary authority's 2% target in the middle of the projection period. Traders may have interpreted as signalling that any possible monetary easing has moved further out on the time horizon. That came as the BoJ opted too hold its policy settings steady.
Significantly for capital markets in the very short - term, the dollar/yen dropped below the 101 yen mark as a result, reflecting investors' resulting aversion to risk.
On Tuesday evening outgoing Bank of England Deputy Governor Charlie Bean outlined in a speech the case to be made in favour of employing macroprudential tools to safeguard financial stability. That comes at a time when the Bank has come under some pressure to act to slow house prices rises.
To take note of as well, the Pentagon indicated that it has as of yet seen no shift in Russian forces currently positioned close to the border with Ukraine back to their assigned garrisons. Nonetheless, negotiations between Kiev and pro-Russian separatists are ongoing.
Markets are now expectant ahead of this morning's MPC minutes and UK retail sales data, both of which are due out at 09:30. A raft of Fed speakers will take to the podium later in the day.
Petrofac paces gains after upgrade out of Barclays
Back in the UK and in this morning's company news, Burberry said its annual revenue rose 17% to £2.3bn, driven by strong retail sales. The luxury fashion house reported adjusted pre-tax profit of £461m in the year to end of March 2014, up 8% on the previous year.
Soft drinks group Britvic served up a 20% increase in interim profit, as it continues with its cost saving programme, and underlined its confidence in future trading with 13 per cent hike in its interim dividend. Pre-tax profit jumped 20.8% to £45.3m for the 28 weeks ended April 13th, while revenue increased to £670.7m from £639.2m the same time a year earlier.
Electricity and gas supplier SSE said profits from supplying households and businesses fell by nearly a third due to lower energy use and higher costs, but still boosted underlying annual group profits by 9.6% to £1.5bn and hiked its dividend by 3%.
Train and bus company FirstGroup made progress with four of its divisions, growing underlying group operating profits despite the extreme weather hitting US operations, but the recovery of the First Student in the US was slower than hoped. Disposals put the brakes on the top line, holding back full-year group revenue 2.7% to £6.7bn, but adjusted operating profit climbed 5.5% to £268.0m.
Telecom Plus posted a rise in annual profit and revenue as the utility achieved a record increase in service numbers. The company, which supplies gas, electricity, telephony and broadband, said adjusted pre-tax profit jumped 25.3% to £44.6m and revenue increased 9.5% to £658.8m in the year to end of March 2014.
Petrofac was pacing risers now on the Footsie after being upgraded to 'equalweight' from 'underweight'.
Vodafone had been removed from UBS's European Key call list.
FTSE 100 - Risers
ARM Holdings (ARM) 867.00p +2.60%
Petrofac Ltd. (PFC) 1,223.00p +2.43%
William Hill (WMH) 331.20p +1.60%
TUI Travel (TT.) 407.70p +1.42%
InterContinental Hotels Group (IHG) 2,207.00p +1.28%
Rexam (REX) 523.00p +1.16%
International Consolidated Airlines Group SA (CDI) (IAG) 382.40p +1.06%
WPP (WPP) 1,252.00p +1.05%
Whitbread (WTB) 4,035.00p +1.05%
Barclays (BARC) 240.95p +1.01%
FTSE 100 - Fallers
Morrison (Wm) Supermarkets (MRW) 204.30p -2.48%
Intertek Group (ITRK) 2,883.00p -1.47%
Sainsbury (J) (SBRY) 335.00p -1.33%
HSBC Holdings (HSBA) 618.80p -1.32%
SSE (SSE) 1,550.00p -1.15%
Glencore (GLEN) 323.75p -1.15%
Rio Tinto (RIO) 3,168.50p -1.08%
Fresnillo (FRES) 823.50p -1.08%
Antofagasta (ANTO) 775.50p -1.02%
Anglo American (AAL) 1,517.50p -1.01%
FTSE 250 - Risers
Telecom Plus (TEP) 1,499.00p +9.42%
Britvic (BVIC) 732.50p +5.47%
DCC (DCC) 3,254.00p +4.80%
Man Group (EMG) 93.25p +2.81%
International Personal Finance (IPF) 580.50p +2.74%
Thomas Cook Group (TCG) 157.80p +2.40%
Ladbrokes (LAD) 136.40p +2.10%
Laird (LRD) 281.40p +2.07%
FirstGroup (FGP) 134.90p +2.04%
Afren (AFR) 147.80p +1.72%
FTSE 250 - Fallers
Redefine International (RDI) 54.50p -3.88%
Paragon Group Of Companies (PAG) 374.30p -2.42%
Computacenter (CCC) 599.50p -2.20%
HICL Infrastructure Company Ltd (HICL) 135.70p -2.16%
Evraz (EVR) 97.75p -1.91%
African Barrick Gold (ABG) 213.10p -1.89%
Ferrexpo (FXPO) 132.90p -1.56%
Dignity (DTY) 1,329.00p -1.56%
Supergroup (SGP) 997.50p -1.43%
Keller Group (KLR) 956.50p -1.19%
FTSE TechMARK - Risers
RM (RM.) 142.00p +10.08%
Vectura Group (VEC) 130.25p +2.16%
Filtronic (FTC) 38.75p +1.31%
Ricardo (RCDO) 664.50p +0.08%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 187.33 +0.01%
FTSE TechMARK - Fallers
Phoenix IT Group (PNX) 106.00p -2.75%
Dialight (DIA) 853.50p -1.33%
Oxford Biomedica (OXB) 1.98p -1.25%
Anite (AIE) 90.25p -0.82%
Consort Medical (CSRT) 852.50p -0.76%
E2V Technologies (E2V) 154.50p -0.32% |
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| | UK Event Calendar | | INTERIMS
Britvic
INTERIM EX-DIVIDEND DATE
Cambria Automobiles, Compass Group, Diploma, Euromoney Institutional Investor, Narborough Plantations, UDG Healthcare Public Limited Company
QUARTERLY EX-DIVIDEND DATE
Blackrock North American Income Trust, Carnival, Duet Real Estate Finance Ltd, M Winkworth
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Consumer Confidence Indicator (EU) (10:00)
Crude Oil Inventories (US) (15:30)
Current Account (EU) (09:00)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)
Speech President New York Fed
Speech Fed Chair Janet Yellen
Speech President Minneapolis Fed
Speech President Kansas City Fed
BoJ monetary policy meeting (JP) (09:50)
FINALS
Burberry Group, Cable & Wireless Communications, DCC, FirstGroup, Great Portland Estates, HICL Infrastructure Company Ltd, OPG Power Ventures, Pennon Group, SSE, Stobart Group Ltd., Telecom Plus, UK Mail, Vectura
ANNUAL REPORT
CEPS
SPECIAL DIVIDEND PAYMENT DATE
888 Holdings, Savills
AGMS
Alliance Pharma, Antofagasta, Bankers Petroleum Ltd.(CDI), Cluff Natural Resources, CSR, F&C Commercial Property Trust Ltd., Foxtons Group , Impax Environmental Markets, Jupiter Fund Management , Kcell Joint Stock Co GDR (Reg S), Legal & General Group, Mar City, Mecom Group, Mediterranean Oil & Gas, Mercantile Investment Trust (The), Merchants Trust, Michelmersh Brick Holdings, Ophir Energy, Optimal Payments Plc, Panmure Gordon & Co, Playtech, Polymetal International, Public Service Properties Investments Ltd (DI), STM Group
UK ECONOMIC ANNOUNCEMENTS
MPC minutes (09:30)
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
888 Holdings, GKN, Interserve, Premier Oil, Rentokil Initial, Savills, StatPro Group, Taylor Wimpey, Tyman
FINAL EX-DIVIDEND DATE
Belgravium Technologies, BlackRock Emerging Europe, Burford Capital , Capital & Counties Properties , Chime Communications, China Chaintek United Co. Limited, Clarkson, Computacenter, Dignity, Empresaria Group, Fairpoint Group, Frenkel Topping Group, Home Retail Group, Howden Joinery Group, Intertek Group, Maven Income & Growth 2 VCT, Menzies(John), Michael Page International, Netplay TV, Provident Financial, Robert Walters, Sagentia Group, Share plc, TT Electronics, Witan Pacific Inv Trust, Xaar, XLMedia
Q1
Frutarom Industries Ltd GDR (Reg S)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall ahead of euro-area confidence data - Eurozone consumer confidence data due
- UK retail sales out
- BoE and Fed release meeting minutes
FTSE 100: -0.16%
DAX: -0.23%
CAC 40: -0.41%
FTSE MIB: -0.24%
IBEX 35: -0.44%
Stoxx 600: -0.30%
European stocks declined ahead of Eurozone consumer confidence data and the release of meeting minutes from the Bank of England and US Federal Reserve.
The European Commission's gauge of consumer confidence may have risen to -8.3 in May from -8.6 last month, according to forecasts.
Another report is expected to show UK retail sales increased 0.4% in April following a 0.1% gain a month earlier.
The Bank England will release the minutes from its meeting earlier this month, which may shed further light behind the central bank's decision to keep interest rates at 0.5% and its bond-buying programme unchanged at £375bn.
The Fed will later on unveil minutes from its meeting a month ago when it pared bond purchases and said further tapering in measured steps was likely given the improvement in the job market and economy.
The minutes come after Charles Plosser, the Philadelphia Federal Reserve President, last night warned the current rate of tapering set forth by the Fed could be too slow if the US economy continues to recover as expected.
In a speech in Washington, he said this could mean a rate hike needs to occur "sooner rather than later".
"As we continue to move closer to our 2% inflation goal and the labour market improves, we must be prepared to adjust policy appropriately," he said.
Meanwhile, Plosser's counterpart in New York, William Dudley, said the Fed would raise rates only after "a considerable period of time" after the final asset purchase, which he anticipated would happen in the autumn.
Burberry, FirstGroup
Burberry gained after reporting record annual profit and revenue, driven by retail sales.
FirstGroup slumped as the bus and train operator said it will not pay a dividend due to its turnaround plan as it posted full-year results.
BNP Paribas retreated following reports that US authorities are seeking more than $5bn from the French bank to settle federal and state investigations into the lender's dealings with sanctioned countries including Sudan and Iran.
The euro rose 0.09% to $1.3715.
Brent crude futures increased $0.300 to $110.020 per barrel, according to the ICE. |
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| | US Market Report | | US Close: Stocks end firmly lower, retailers and Plosser comments weigh - Stocks lower across the board
- Plosser says rate of tapering could be too slow
- Dudley says rate hike will go at slow pace
US stocks finished firmly in the red on Tuesday, with retail stocks lower after earnings came in below expectations. The Nasdaq dropped 28.92 points, the S&P 500 fell 12.25, while the Dow Jones suffered triple digit losses, ending 137.55 points lower.
Charles Plosser, the Philadelphia Federal Reserve President, also weighed on sentiment after he warned the current rate of tapering set forth by the Fed could be too slow in the US economy continues to recover as expected.
In a speech given in Washington, he said this could mean a rate hike needs to occur "sooner rather than later". "As we continue to move closer to our 2% inflation goal and the labor market improves, we must be prepared to adjust policy appropriately," he said.
Meanwhile, Plosser's counterpart in New York, William Dudley, said in his own speech that the Fed would raise rates only after "a considerable period of time" after the final asset purchase, which he anticipated would happen in the autumn.
Dudley votes at each Federal Open Market Committee meeting and as such is generally considered to be more influential.
Speaking earlier in the day, Craig Erlam, a Market Analyst at Alpari, commented: "If anything, the views of these Fed officials, along with those of Esther George, Narayana Kocherlakota and Chairwoman Janet Yellen tomorrow, are more relevant as they take into consideration the latest data including the jobs report earlier this month which showed 288,000 jobs being created in April.
"I can't imagine the Fed changing the pace of tapering because of this data, so if anything we may get further insight into their views on interest rates and when they expect the first hike."
Russia's PM warns of retaliation over sanctions
Russian Prime Minister Dmitry Medvedev said he has prepared a raft of retaliatory steps in response to potentially wider sanctions imposed by the US and the European Union.
Medvedev told Bloomberg Russia is being pulled into a new Cold War with the US and its allies over the turmoil in Ukraine. "We haven't especially commented on" sanctions "or responded to them harshly, although we could do something unpleasant or offensive to those countries that are introducing these sanctions," he said.
Retailers disappoint with earnings
Office supplies group Staples declined after its profit for the first quarter fell 10%. Earnings came in at 15 cents a share, compared to expectations of 21 cents.
Fashion retailer Urban Outfitters posted a 20% drop in profit, prompting a steep decline in the share price. Car maker General Motors was also in the red after announcing it was recalling a further 2.4m vehicles.
Machinery group Caterpillar shares dropped into the bottom spot on the Dow Jones after it disappointed with a 25% drop in three month Asia-Pacific revenue and a 28% plunge in Latin America.
In other markets, crude oil fell 0.17%, or $0.17, to $102.44 per barrel on the New York Mercantile Exchange. Meanwhile, Brent crude oil front month futures were at $109.76, up 0.36% on the day.
S&P 500 - Risers
F5 Networks Inc. (FFIV) $105.92 +3.22%
Google Inc. (GOOGL) $540.39 +2.29%
Broadcom Corp. (BRCM) $30.30 +2.02%
Netflix Inc. (NFLX) $371.67 +1.97%
Home Depot Inc. (HD) $77.96 +1.91%
Devon Energy Corp. (DVN) $72.55 +1.78%
Intuit Inc. (INTU) $76.84 +1.76%
NextEra Energy Inc. (NEE) $96.32 +1.71%
ONEOK Inc. (OKE) $63.21 +1.62%
Newfield Exploration Co (NFX) $34.97 +1.57%
S&P 500 - Fallers
Staples Inc. (SPLS) $11.71 -12.55%
Urban Outfitters Inc. (URBN) $32.98 -8.82%
TJX Companies Inc. (TJX) $53.97 -7.59%
Best Buy Co. Inc. (BBY) $24.67 -5.55%
United States Steel Corp. (X) $23.98 -4.42%
L Brands Inc (LB) $55.48 -4.28%
Sears Holdings Corp. (SHLD) $37.95 -4.24%
Peabody Energy Corp. (BTU) $18.04 -4.09%
Thermo Fisher Scientific Inc. (TMO) $114.47 -4.04%
DIRECTV (DTV) $82.99 -3.70%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $77.96 +1.91%
Intel Corp. (INTC) $26.04 +0.85%
Procter & Gamble Co. (PG) $80.23 +0.38%
Walt Disney Co. (DIS) $81.09 +0.05%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $101.59 -3.61%
AT&T Inc. (T) $35.50 -2.42%
United Technologies Corp. (UTX) $113.07 -1.70%
Nike Inc. (NKE) $73.23 -1.69%
Boeing Co. (BA) $129.58 -1.35%
Visa Inc. (V) $207.75 -1.24%
Wal-Mart Stores Inc. (WMT) $75.70 -1.19%
American Express Co. (AXP) $87.09 -1.17%
General Electric Co. (GE) $26.30 -1.16%
International Business Machines Corp. (IBM) $184.91 -1.12%
Nasdaq 100 - Risers
F5 Networks Inc. (FFIV) $105.92 +3.22%
Illumina Inc. (ILMN) $148.33 +2.99%
Activision Blizzard Inc. (ATVI) $20.83 +2.36%
Baidu Inc. (BIDU) $158.42 +2.36%
Google Inc. (GOOGL) $540.39 +2.29%
Broadcom Corp. (BRCM) $30.30 +2.02%
Netflix Inc. (NFLX) $371.67 +1.97%
Intuit Inc. (INTU) $76.84 +1.76%
Apple Inc. (AAPL) $604.71 +1.20%
Amazon.Com Inc. (AMZN) $301.22 +1.18%
Nasdaq 100 - Fallers
Staples Inc. (SPLS) $11.71 -12.55%
Vodafone Group Plc ADS (VOD) $34.21 -5.78%
Dish Network Corp. (DISH) $57.53 -4.04%
DIRECTV (DTV) $82.99 -3.70%
Regeneron Pharmaceuticals Inc. (REGN) $292.81 -3.09%
Ross Stores Inc. (ROST) $67.12 -3.02%
Intuitive Surgical Inc. (ISRG) $363.75 -2.76%
Vertex Pharmaceuticals Inc. (VRTX) $65.49 -2.57%
Akamai Technologies Inc. (AKAM) $52.24 -2.04%
Mylan Inc. (MYL) $46.19 -2.02% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Bank of England, Lloyds, AstraZeneca Raising interest rates might be the only effective tool the Bank of England has to cool the housing market, its deputy governor has conceded. Charlie Bean, who retires at the end of June, said that while it was sensible for the Bank to use macro-prudential tools to control rapid price rises and manage financial stability risks, the untested nature of such measures meant interest rate rises could end up being the "only game in town" to deal with an overheating market. – The Daily Telegraph
The UK's biggest mortgage provider, Lloyds Banking Group, has taken radical action to address what it called "inflationary pressures" in London's housing market, tightening requirements for high-value property purchases. The taxpayer-backed bank said on Tuesday that it would not approve mortgages of over £500,000 when consumers are borrowing more than four times their incomes. – The Daily Telegraph
Pfizer is scrambling to keep alive its £69.4bn offer for AstraZeneca as the two sides vie for shareholder support in the battle to control the UK drugmaker. AstraZeneca sought to bring a definitive end to Pfizer's pursuit by issuing a statement saying there was no chance of renewed talks leading to an increased bid after it rejected the US company's £55-per-share "final" offer on Monday. – Financial Times
Fears have increased that BP will have to increase its $42bn provision to cover costs and compensation for the catastrophic spill in the Gulf of Mexico in 2010 after it lost a court battle in the United States. A federal court of appeal in New Orleans upheld a ruling and found that businesses did not have to prove that they were directly affected when claiming compensation related to the after-effects of the Deepwater Horizon blowout. – The Times
EU officials have decided to charge three banks with running a cartel to rig interest rates as German regulators confirmed that they had found evidence of attempts to fix foreign exchange markets. In an unusual act of defiance, HSBC, JP Morgan and Credit Agricole have all refused to settle the case, which relates to an alleged cartel to fix Euribor, the interbank lending rate charged between European banks. – The Times
One of America's leading technology companies, which is stretching the boundaries of communications in space and in the bowels of the earth, has been snared by Cobham. The British champion, previously best known as a defence and aerospace electronics and components company, is paying £869m to take over Aeroflex, whose UK assets include part of the British empire of the former Marconi company, which has been testing the next generation of 4G and 5G internet telecommunications. – The Times | | |
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