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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: UK markets flat as Glaxo falls - European stocks retreat from six-year highs
- Economic data in focus
- GSK to be investigated by UK fraud body
- Weir drops pursuit of Metso
techMARK 2,784.94 -0.05%
FTSE 100 6,838.75 -0.09%
FTSE 250 15,885.65 +0.26%
UK equities opened more or less flat on Wednesday as markets showed caution after stocks across Europe hit a six-year high the previous session.
The FTSE 100 was trading 0.1% lower at 6,384 in early trading as investors awaited a wave of key economic data, including German unemployment, Eurozone consumer confidence and money supply figures.
The Stoxx Europe 600 Index was trading 0.2% lower this morning after hitting 344.47 on Tuesday, its highest close since January 2008. Meanwhile, Germany's Dax index retreated after reaching a record high.
Michael Hewson, Chief Market Analyst at CMC Markets UK, said that there is the prospect of further gains across Europe if today's economic data surprises to the upside, "as investors buy into a narrative of improving economic data and a backdrop of a further loosening of monetary policy from the European Central Bank at next week's rate meeting".
GSK and Weir fall, RBS gains
The Serious Fraud Office has opened a criminal investigation into the "commercial practices" of GlaxoSmithKline, causing shares in the pharmaceutical group to decline this morning. While details regarding this particular case are not yet known, the news will come as a further blow to shareholders after a wave of allegations against the company relating to international bribery.
Engineering group Weir fell after dropping its pursuit to merge with Metso after continued rejections from the board of the Finnish rival. "Weir believes it made a compelling proposal but remains financially disciplined and therefore does not intend to pursue this opportunity further at this time," Weir said.
Royal Bank of Scotland rose on reports that it is set to push through job cuts at its US mortgage business as the lender trims costs to avoid regulatory pressure from the Federal Reserve.
Banknote printer De La Rue jumped after as reported a 43% surge in annual underlying operating profit and said it entered the new financial year with a good order book.
Discretionary wealth manager Brewin Dolphin underwhelmed with a 25% increase in adjusted profits in the first half as the interim dividend came in slightly below forecasts.
Serco gained after being selected to manage the new 15-year franchise for the Caledonian Sleeper service between London and several Scottish cities, taking over from current operator FirstGroup from April 2015.
A host of stocks were automatically trading lower after going ex-dividend this morning, including heavyweights Marks & Spencer and Whitbread. Amec, Bellway, Britvic, Cable & Wireless Communications, Premier Farnell and Spectris also went ex-dividend today. |
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| FTSE 100 - Risers
London Stock Exchange Group (LSE) 1,940.00p +1.78%
Admiral Group (ADM) 1,413.00p +1.51%
Rolls-Royce Holdings (RR.) 1,010.00p +1.20%
Severn Trent (SVT) 1,919.00p +1.05%
BT Group (BT.A) 396.00p +1.02%
Experian (EXPN) 1,032.00p +0.88%
Randgold Resources Ltd. (RRS) 4,464.00p +0.81%
HSBC Holdings (HSBA) 626.00p +0.77%
Sports Direct International (SPD) 796.00p +0.76%
RSA Insurance Group (RSA) 479.40p +0.74%
FTSE 100 - Fallers
Marks & Spencer Group (MKS) 444.20p -1.44%
GlaxoSmithKline (GSK) 1,611.00p -1.44%
Diageo (DGE) 1,879.00p -1.11%
Morrison (Wm) Supermarkets (MRW) 197.80p -1.10%
Johnson Matthey (JMAT) 3,307.00p -1.08%
Coca-Cola HBC AG (CDI) (CCH) 1,359.00p -1.02%
BHP Billiton (BLT) 1,928.00p -1.00%
Tesco (TSCO) 299.80p -0.99%
Burberry Group (BRBY) 1,514.00p -0.98%
Barclays (BARC) 243.25p -0.92%
FTSE 250 - Risers
De La Rue (DLAR) 847.50p +4.63%
Betfair Group (BET) 1,019.00p +3.50%
Lancashire Holdings Limited (LRE) 631.00p +2.44%
Infinis Energy (INFI) 208.90p +2.40%
Alent (ALNT) 319.10p +2.37%
Ocado Group (OCDO) 352.50p +2.29%
Halfords Group (HFD) 505.00p +2.23%
Partnership Assurance Group (PA.) 127.60p +2.16%
TalkTalk Telecom Group (TALK) 319.50p +2.08%
Kazakhmys (KAZ) 270.30p +2.00%
FTSE 250 - Fallers
Aveva Group (AVV) 2,233.00p -4.98%
Premier Farnell (PFL) 210.30p -2.68%
Amec (AMEC) 1,174.00p -2.57%
Cable & Wireless Communications (CWC) 54.45p -1.89%
Brewin Dolphin Holdings (BRW) 298.40p -1.52%
Rightmove (RMV) 2,305.00p -1.50%
Barr (A.G.) (BAG) 629.50p -1.49%
Bellway (BWY) 1,382.00p -1.36%
Inchcape (INCH) 629.00p -1.33% |
| | UK Event Calendar | | Wednesday May 28
INTERIMS
Brewin Dolphin Holdings
INTERIM EX-DIVIDEND DATE
A&J Mucklow Group, Bellway, Britvic, Henderson European Focus Trust, Innovation Group, Keystone Inv Trust, Marston's, Matchtech Group, Titon Holdings, Town Centre Securities
QUARTERLY EX-DIVIDEND DATE
Brunner Inv Trust, Canadian General Investments Ltd., Energy XXI (Bermuda) (DI), Premier Energy & Water Trust, Utilico Investments Ltd (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
M3 Money Supply (EU) (09:00)
MBA Mortgage Applications (US) (12:00)
Unemployment Rate (GER) (08:55)
FINALS
Caledonia Investments, De La Rue, Digital Barriers, Iomart Group, Mckay Securities, Scapa Group, Torotrak, Telford Homes
SPECIAL EX-DIVIDEND PAYMENT DATE
Graphite Enterprise Trust, Premier Energy & Water Trust
AGMS
Arrow Global Group, Bank of Georgia Holdings, Electric Word, EnQuest, Escher Group Holdings, Judges Scientific, Kenmare Resources, M Winkworth, SQS Software Quality Systems AG, Standard Life Investments Property Income Trust Ltd., Styles & Wood Group, Travis Perkins
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Advanced Medical Solutions Group, Bwin.party Digital Entertainment, Capita, Cenkos Securities, Impax Environmental Markets, Zotefoams
FINAL EX-DIVIDEND DATE
Amec, Andrews Sykes Group, British Smaller Companies VCT 2, C&C Group, Cable & Wireless Communications, Cayenne Trust, Central Asia Metals, DCC, Elderstreet VCT, Graphite Enterprise Trust, Great Portland Estates, Hill & Smith Holdings, Hilton Food Group, Huntsworth, Inchcape, Investec Structured Products Calculus VCT, Investec Structured Products Calculus VCT 'C' Shares, Journey Group, Kakuzi Ltd., Marks & Spencer Group, Networkers International, NMC Health, Pacific Assets Trust, Premier Farnell, Spectris, Stobart Group Ltd., Tarsus Group, TLA Worldwide , UTV Media, Whitbread
Q1
OJSC Cherkizovo Group GDR (Reg S), Talvivaara Mining Company (CDI)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed before Eurozone data - German unemployment data out
- Eurozone consumer confidence report due
- Chinese industrial profits increase
FTSE 100: -0.09%
DAX: -0.07%
CAC 40: -0.22%
FTSE MIB: 0.11%
IBEX 35: -0.27%
Stoxx 600: -0.25%
European stocks were little changed ahead of the release of data on German unemployment and Eurozone consumer confidence.
The report on German unemployment is expected to show the number of jobless fell by 15,000 in May following a 25,000 drop a month earlier. The unemployment rate is forecast to stay put at 6.7% this month.
A final reading is predicted to confirm the consumer confidence index in the Eurozone increased to -7.1 in May from -8.6 last month.
Meanwhile, in China industrial profits increased 10% in the first four months of the year, a report showed today, compared to 10.1% growth in the three months through March.
The data comes after central bank Governor Zhou Xiaochuan said the economy is in a rare "complicated" situation amid speculation policymakers will introduce new measures to spur growth in the world's second largest economy.
Hugo Boss, Telecom Italia
Hugo Boss declined as its majority shareholder sold a stake in the German maker of luxury suits.
Telecom Italia advanced as Goldman Sachs added it to a conviction-buy list.
Osram Licht dropped after cutting its sales forecast for 2014.
The euro fell 0.10% to $1.3621.
Brent crude futures rose $0.254 to $110.300 per barrel, according to the ICE. |
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| | US Market Report | | US Close: Upbeat US data boosts stocks - US durable goods rise
- US consumer confidence grows
- US services activity expands
DJIA: 0.42%
NASDAQ: 1.22%
S&P 500: 0.60%
US stocks finished higher as US durable goods orders rose unexpectedly and consumer confidence grew in line with forecasts.
Durable goods orders increased 0.8% in April following a 3.6% climb a month earlier, surprising analysts who had expected a 0.7% drop.
"Altogether, in our view, the report signals that moderate rates of business investment remain in place," according to Barclays Research.
"Despite core orders and shipments coming in slightly better than our forecast, the April durable goods report left our GDP tracking estimates unchanged at 3.1% quarter-on-quarter for the second quarter and -0.6% quarter-on-quarter for the first quarter."
The consumer confidence index edged up to 83 in May from 81.7 in April. Capital Economics said the rebound is mainly a reflection of improving labour market conditions, the upward trend in equity prices and the recent decline in households' borrowing costs.
Meanwhile, Markit's services sector purchasing managers' index jumped to 58.4 in May from 55 a month before, beating the forecast of 54.4. A reading above 50 signals expansion. Services account for more than two thirds of US GDP.
The US Richmond Fed manufacturing index remained unchanged at 7 in May while the Dallas Fed manufacturing index fell to 8 this month from 11.7 in April.
Cisco Systems, Staples
Cisco Systems advanced as Deutsche Bank AG analysts recommended buying the shares.
Staples slumped after Goldman Sachs cut its rating of the maker of office stationary and furniture to 'sell' from 'neutral'.
Pfizer rallied after abandoning its attempt to buy AstraZeneca.
Bank of America edged higher after resubmitting its capital plan to the Federal Reserve.
Hillshire gained as JBS's Pilgrim's Pride offered $45 a share in cash for the maker of Jimmy Dean sausages and Ball Park hot dogs.
The US 10-year yield fell two basis points to 2.52%.
West Texas Intermediate crude futures fell $0.077 to $104.160 per barrel, according to the ICE.
S&P 500 - Risers
Goodyear Tire & Rubber Co. (GT) $26.30 +6.48%
FirstEnergy Corp. (FE) $33.23 +5.56%
Priceline Group Inc (PCLN) $1,259.11 +5.18%
NRG Energy Inc. (NRG) $35.31 +4.72%
Tyson Foods Inc. (TSN) $41.54 +4.58%
Lam Research Corp. (LRCX) $61.81 +4.41%
Moody's Corp. (MCO) $85.68 +3.85%
Garmin Ltd. (GRMN) $57.98 +3.85%
Wynn Resorts Ltd. (WYNN) $215.69 +3.77%
Alexion Pharmaceuticals Inc. (ALXN) $168.20 +3.64%
S&P 500 - Fallers
AutoZone Inc. (AZO) $520.25 -3.82%
Newmont Mining Corp. (NEM) $22.68 -3.08%
GameStop Corp. (GME) $37.29 -2.97%
Whirlpool Corp. (WHR) $143.71 -2.41%
Perrigo Company plc (PRGO) $135.84 -2.01%
Staples Inc. (SPLS) $11.42 -1.97%
D. R. Horton Inc. (DHI) $23.13 -1.87%
Hewlett-Packard Co. (HPQ) $33.10 -1.84%
Edwards Lifesciences Corp. (EW) $79.50 -1.57%
L Brands Inc (LB) $56.46 -1.50%
Dow Jones I.A - Risers
American Express Co. (AXP) $91.39 +2.94%
Intel Corp. (INTC) $26.71 +2.14%
Boeing Co. (BA) $134.17 +1.33%
Visa Inc. (V) $214.50 +1.15%
JP Morgan Chase & Co. (JPM) $55.14 +1.12%
Goldman Sachs Group Inc. (GS) $161.77 +1.01%
Nike Inc. (NKE) $76.61 +1.00%
Cisco Systems Inc. (CSCO) $24.71 +0.77%
Travelers Company Inc. (TRV) $93.49 +0.68%
Home Depot Inc. (HD) $79.69 +0.64%
Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $184.78 -0.62%
Procter & Gamble Co. (PG) $80.08 -0.55%
Chevron Corp. (CVX) $122.84 -0.43%
Caterpillar Inc. (CAT) $103.68 -0.34%
AT&T Inc. (T) $35.21 -0.31%
Verizon Communications Inc. (VZ) $49.62 -0.24%
Merck & Co. Inc. (MRK) $56.69 -0.21%
Johnson & Johnson (JNJ) $100.81 -0.17%
Wal-Mart Stores Inc. (WMT) $75.59 -0.03%
Nasdaq 100 - Risers
Priceline Group Inc (PCLN) $1,259.11 +5.18%
Garmin Ltd. (GRMN) $57.98 +3.85%
Wynn Resorts Ltd. (WYNN) $215.69 +3.77%
Liberty Interactive Corp (LINTA) $29.20 +3.69%
Alexion Pharmaceuticals Inc. (ALXN) $168.20 +3.64%
Google Inc. (GOOGL) $574.87 +3.50%
Facebook Inc. (FB) $63.48 +3.47%
Regeneron Pharmaceuticals Inc. (REGN) $307.94 +3.42%
Biogen Idec Inc. (BIIB) $309.77 +3.36%
Celgene Corp. (CELG) $155.13 +3.33%
Nasdaq 100 - Fallers
Staples Inc. (SPLS) $11.42 -1.97%
Monster Beverage Corp (MNST) $68.66 -1.45%
Catamaran Corp (CTRX) $43.55 -1.16%
O'Reilly Automotive Inc. (ORLY) $146.93 -1.15%
DIRECTV (DTV) $82.74 -1.02%
Costco Wholesale Corp. (COST) $113.87 -0.93%
Gilead Sciences Inc. (GILD) $82.16 -0.89%
Netflix Inc. (NFLX) $398.81 -0.88%
Ross Stores Inc. (ROST) $68.30 -0.80% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Bank of England, GlaxoSmithKline, Banks Bank of England Governor Mark Carney said Tuesday the misdeeds of the financial sector risk undermining public support for free markets and called on bankers to radically improve their behaviour, a sign of simmering frustration in policy circles over a string of misdemeanours. In a forthright speech, Mr. Carney said recent scandals in currency and commodity markets highlight "a malaise in corners of finance that must be remedied," saying such "corruption" has hurt trust in modern capitalism. The Wall Street Journal Europe
The Serious Fraud Office has opened a criminal investigation into GlaxoSmithKline's commercial activities in a sharp escalation of an ethical scandal that began with allegations of bribes paid to doctors in China. Britain's largest pharmaceuticals company disclosed the inquiry last night. The group said: "GSK is committed to operating its business to the highest ethical standards and will continue to co-operate fully with the SFO." The Times
The big accountancy firms have been criticised once again for lacking rigour in checking the books of banks and building societies. In a report published today, the Financial Reporting Council (FRC) makes it clear that its repeated warnings about substandard audits have continued to fall on deaf ears. The audit regulator's annual review of quality found that not one of the ten audits of banks and building societies it checked in 2013-14 could be classed as "good", the highest of its four grades. The Times
Capitalism is at risk of destroying itself unless bankers realise they have an obligation to create a fairer society, the Bank of England Governor has warned. Mark Carney said bankers had operated a "heads-I-win-tails-you-lose" system. He questioned whether traders met ethical standards and said that those who failed to meet high professional standards should face ostracism. Speaking at a City conference, the Bank's Governor warned that there was a growing sense that the basic social contract at the heart of capitalism was breaking down amid rising inequality. The Guardian
South Africa is sliding towards a slow economic crisis as the global commodity boom fades and striking workers dig in their heels, becoming the third of the Brics quintet after Russia and Brazil at risk of full-blown recession this year. Output contracted by 0.6% in the first quarter, the worst since the Lehman crisis. "The GDP figures reveal a sad state of affairs and highlight the grave need for South Africa to get its industrial house in order," said Jeffrey Schultz, from BNP Paribas. The Daily Telegraph
Hargreaves Lansdown investors are to be given discounted access to Mr Woodford's new equity income fund after it shot straight into the investing platform's famed Wealth 150+ despite having no assets or historic performance. Inclusion in the list means investors will be able to pay an annual management charge on the former Invesco Perpetual manager's new venture at 0.60% instead of the standard 0.75% when it launches on June 2nd. Investors will also receive an annual loyalty bonus of 0.05%. The Daily Mail | | |
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