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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 stocks fall from two-week high as miners slip - Mining stocks provide a drag on iron ore price decline
- Fenner plummets after profit warning
- Economic data comes in mixed
techMARK 2,810.65 +0.04%
FTSE 100 6,858.36 -0.19%
FTSE 250 15,975.00 +0.13%
UK stocks slipped on Friday morning, pulling back from a two-week high after three straight days of gains, with the heavyweight mining sector providing a drag in London.
The FTSE 100 was down 0.2% at 6.858 after hitting 6,871.29 on Thursday, its highest close since May 14th when it reached a new 14-year high of 6,787.49.
Mining stocks were trading firmly in the red early on as iron ore prices were headed for their sixth consecutive monthly decline, the longest losing streak on record.
Ahead of the open, Jasper Lawler, Market Analyst at CMC Markets UK, said that markets across Europe were likely to open mixed as traders turn cautious after another record close for the S&P 500 in the US last night.
"Trading has been a bit muted this week as traders are sitting on their hands in anticipation of the expected announcement of monetary easing from the European Central Bank next week," he said.
Meanwhile, investors were also focusing on a batch of mixed economic data from across the globe, including an improvement in consumer confidence in the UK, weak industrial production figures and stronger-than-expected inflation in Japan, and an unexpected dip in retail sales in Germany.
Miners weigh on markets, Fenner plummets
Rising iron ore supplies from Australia and Brazil have prompted a 9% fall in prices this month, with the value of the commodity having now fallen every month since December. This is the longest string of monthly losses since data from The Steel Index Ltd began in November 2008, according to Bloomberg.
Diversified miners Anglo American, BHP Billiton and Rio Tinto were among the worst performers on the FTSE 100.
In another hit to sentiment in the mining industry, polymer products group Fenner, which makes conveyor belts for resource companies, issued a profit warning this morning. The group said annual profits would be 10-15% below market expectations on the back of weakness in the US coal industry, causing shares to sink sharply.
Meanwhile, solid fuel supplier and logistics group Hargreaves Services also fell after saying results from its Production Division will be below expectations this year due "challenging trading conditions" in coke markets and delays.
GlaxoSmithKline edged higher on rumours that it has approached a number of private equity firms to gauge the interest for a range of its older drugs as it attempts to refresh its portfolio. According to various reports, the pharmaceutical group has contacted companies including Advent International, Blackstone and KKR regarding a £7.5bn portfolio of mature products.
AIM-listed oil explorer Petroceltic was trading lower after giving investors a trio of "disappointing" updates from its international drilling programme. |
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| FTSE 100 - Risers
Admiral Group (ADM) 1,446.00p +1.26%
Whitbread (WTB) 4,189.00p +1.23%
Schroders (SDR) 2,647.00p +1.19%
ITV (ITV) 186.10p +1.03%
Sage Group (SGE) 415.60p +0.92%
Sports Direct International (SPD) 799.50p +0.82%
Associated British Foods (ABF) 3,049.00p +0.79%
Severn Trent (SVT) 1,955.00p +0.72%
Reed Elsevier (REL) 956.00p +0.58%
Smith & Nephew (SN.) 1,035.00p +0.58%
FTSE 100 - Fallers
Anglo American (AAL) 1,493.00p -3.37%
Rio Tinto (RIO) 3,108.00p -2.52%
BHP Billiton (BLT) 1,906.00p -1.78%
Fresnillo (FRES) 820.50p -1.74%
Morrison (Wm) Supermarkets (MRW) 198.90p -1.63%
Glencore (GLEN) 323.75p -1.37%
Randgold Resources Ltd. (RRS) 4,437.00p -1.22%
Kingfisher (KGF) 393.00p -1.01%
Ashtead Group (AHT) 877.50p -0.96%
Friends Life Group Limited (FLG) 311.30p -0.92%
FTSE 250 - Risers
Henderson Group (HGG) 252.20p +2.69%
Mitchells & Butlers (MAB) 423.60p +2.15%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 538.00p +2.09%
Ocado Group (OCDO) 380.10p +2.04%
CSR (CSR) 588.00p +1.91%
Afren (AFR) 151.90p +1.67%
Infinis Energy (INFI) 210.00p +1.45%
Partnership Assurance Group (PA.) 130.10p +1.40%
Jupiter Fund Management (JUP) 404.20p +1.38%
Bwin.party Digital Entertainment (BPTY) 118.90p +1.36%
FTSE 250 - Fallers
Fenner (FENR) 339.90p -12.78%
Evraz (EVR) 106.90p -2.11%
Redefine International (RDI) 55.00p -1.96%
Grafton Group Units (GFTU) 565.50p -1.74%
Tate & Lyle (TATE) 689.50p -1.71%
Paragon Group Of Companies (PAG) 382.80p -1.54%
Vedanta Resources (VED) 1,111.00p -1.42%
Booker Group (BOK) 141.20p -1.19%
Lonmin (LMI) 259.70p -1.18% |
| | UK Event Calendar | | INTERIMS
APC Technology Group, Standard Life European Private Equity Trust
INTERIM DIVIDEND PAYMENT DATE
Mcbride
QUARTERLY PAYMENT DATE
City of London Inv Trust, Picton Property Income Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Chicago PMI (US) (14:45)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
Retail Sales (GER) (07:00)
U. of Michigan Confidence (Final) (US) (14:55)
FINALS
Acal, HarbourVest Global Private Equity Limited A Shs, Indian Hotels Company Ltd. GDR (Reg S), Westminster Group
ANNUAL REPORT
Central Rand Gold Ltd, HarbourVest Global Private Equity Limited A Shs
SPECIAL DIVIDEND PAYMENT DATE
Admiral Group, Elementis, Foxtons Group , ITV
EGMS
Acencia Debt Strategies Ltd.
AGMS
Alba Mineral Resources, Capital & Regional, Leyshon Resources Ltd., OJSC Magnitogorsk Iron & Steel Works GDR (Reg S), Polyus Gold International Ltd, PXP Vietnam Fund Ltd., ROS Agro GDR REG S, Shanta Gold Ltd., Telefonica SA
FINAL DIVIDEND PAYMENT DATE
Action Hotels, Admiral Group, Aer Lingus Group, Alkane Energy, BG Group, Blackstar Group SE (DI), Cobham, Croda International, CSR, DRS Data & Research Services, Dunedin Income Growth Inv Trust, Elementis, EP Global Opportunities Trust, F&C Private Equity Trust, Ferrexpo, Foxtons Group , Glencore , Goals Soccer Centres, Good Energy Group, Henderson Group, Henry Boot, Highcroft Investment, Highland Gold Mining Ltd., Hydrogen Group, IFG Group, Inmarsat, ITV, Maven Income & Growth 3 VCT, Maven Income & Growth 4 VCT, Maven Income and Growth VCT 5, Morgan Advanced Materials , Old Mutual, Partnership Assurance Group , Polymetal International, Randgold Resources Ltd., Regus, Senior, SIG, SimiGon Ltd. (DI), Smart Metering Systems, Spirax-Sarco Engineering, SQS Software Quality Systems AG, Travis Perkins, Weir Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed after UK and German data - UK consumer confidence rises
- German retail sales rises on the year
- US consumer confidence data due
FTSE 100: -0.22%
DAX: -0.04%
CAC 40: -0.61%
FTSE MIG 0.11%
IBEX 35: 0.05%
Stoxx 600: -0.15%
European stocks were little changed as investors weighed reports on UK consumer confidence and German retail sales and awaited a batch of US data.
GfK's consumer confidence index rose to 0 in May from -3 a month earlier, beating analysts' estimates of -2.
German retail sales jumped 3.4% year-on-year in April following a 1.1% drop the previous month, exceeding the forecast for a 1.5% increase. On the month, however, sales fell 0.9% compared to a 0.1% gain in March and analysts' expectations for a 0.2% rise.
In the US later on will be the release of consumer confidence data. The University of Michigan is likely to revise its consumer confidence index upwards to 82.5 in May from 81.8 in April, according to forecasts.
Elsewhere in the US will be data including personal spending and Chicago purchasing managers' index.
Societe Generale, BNP Parabis
Societe Generale slumped after Les Echos reported that the French bank's Russian unit posted a decline in first-quarter profit.
BNP Parabis dropped on reports US authorities are seeking more than $10bn from the bank to settle investigations into dealings with sanctioned countries.
The euro rose 0.07% to $1.3612.
Brent crude futures fell $0.109 to $109.850 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks dismiss GDP dip to rise higher - Indices gain despite worse-than-expected GDP
- Analysts unfazed by weak growth numbers
- Q2 expected to bounce back strongly
Dow Jones Industrials: 0.40%
Nasdaq Composite: 0.54%
S&P 500: 0.54%
US stocks rose on Thursday as negative economic growth figures were brushed off by expectations of a strongly rebounding second quarter and improved jobs data.
The S&P 500 closed at a record high, up 0.54% to 1,920, while the Naddaq rose by the same proportion to 4,248 points and the DJIA climbed 0.4% higher to a 16,699 finish.
This was in spite of a US gross domestic product (GDP) contracting by an annualised rate of 1% in the first three months of 2014, according to revised estimates by the Department of Commerce, representing the first quarterly contraction in three years.
The figures surprised economists, whose consensus expectation was for the initial estimate of 0.1% growth to be revised lower to -0.5% and follows a 2.6% GDP expansion in the fourth quarter of 2013.
The Bureau of Economic Analysis said the sharper-than-expected downwards revision was mainly due to lower private inventory investment than previously estimated, as well as the impact from poor weather.
Despite the headline 'miss', the market reaction to the figures was relatively subdued, suggesting that a negative surprise was largely priced in.
Daiwa analyst Michael Moran had a positive take on the data, saying that inventory investment had, in his view, been running at "an unsustainable pace and needed to slow further". The revised-down reading is within a more normal range "and thus the outlook for Q2 and beyond is a bit brighter".
The GDP contraction was also "quite obviously" due to the severe winter, stressed Paul Ashworth, Chief US economist at Capital Economics, which hit durable goods consumption, residential investment, business investment in non-residential structures and exports.
He flagged up that incoming monthly data already was pointing to a "marked turnaround" in the second quarter.
"For those worried about a recession, it's worth remembering that employment increased by nearly 300,000 in April and jobless claims dropped to 300,000 last week. Those numbers point to a recovery gathering some real momentum at last."
Another report showed US pending home sales fell 9.4% year-on-year in April following a 7.5% drop a month earlier. Economists had pencilled in an 8.7% decline.
Tyson punches stocks higher
-
- GDP data surprises to the downside
- Analysts unfazed by weak growth numbers
Dow Jones Industrials: 0.40%
Nasdaq Composite: 0.54%
S&P 500: 0.54%
US stocks rose on Thursday as negative economic growth figures were brushed off by expectations of a strongly rebounding second quarter and improved jobs data.
The S&P 500 closed at a record high, up 0.54% to 1,920, while the Naddaq rose by the same proportion to 4,248 points and the DJIA climbed 0.4% higher to a 16,699 finish.
This was in spite of a US gross domestic product (GDP) contracting by an annualised rate of 1% in the first three months of 2014, according to revised estimates by the Department of Commerce, representing the first quarterly contraction in three years.
The figures surprised economists, whose consensus expectation was for the initial estimate of 0.1% growth to be revised lower to -0.5% and follows a 2.6% GDP expansion in the fourth quarter of 2013.
The Bureau of Economic Analysis said the sharper-than-expected downwards revision was mainly due to lower private inventory investment than previously estimated, as well as the impact from poor weather.
Despite the headline 'miss', the market reaction to the figures was relatively subdued, suggesting that a negative surprise was largely priced in.
Daiwa analyst Michael Moran had a positive take on the data, saying that inventory investment had, in his view, been running at "an unsustainable pace and needed to slow further". The revised-down reading is within a more normal range "and thus the outlook for Q2 and beyond is a bit brighter".
The GDP contraction was also "quite obviously" due to the severe winter, stressed Paul Ashworth, Chief US economist at Capital Economics, which hit durable goods consumption, residential investment, business investment in non-residential structures and exports.
He flagged up that incoming monthly data already was pointing to a "marked turnaround" in the second quarter.
"For those worried about a recession, it's worth remembering that employment increased by nearly 300,000 in April and jobless claims dropped to 300,000 last week. Those numbers point to a recovery gathering some real momentum at last."
Another report showed US pending home sales fell 9.4% year-on-year in April following a 7.5% drop a month earlier. Economists had pencilled in an 8.7% decline.
Tyson punches stocks higher
In company news, Tyson's unsolicited bid for sausage-maker Hillshire Brands saw both stocks fly higher on Thursday. Meat packager Tyson bid $50 a share in cash for the meat producer, valuing its rival at $6.8bn, £5 a share higher than a recent bid for Hillshire from poultry specialist Pilgrim's Pride.
Retailer Sears Holding rebounded on a pledge the company would close 80 stores this year, despite wider first-quarter losses and falling revenue.
West Texas Intermediate was up 0.79% at $103.53.
S&P 500 - Risers
Sears Holdings Corp. (SHLD) $41.21 +7.77%
Tyson Foods Inc. (TSN) $43.21 +6.04%
Biogen Idec Inc. (BIIB) $319.65 +3.51%
First Solar Inc. (FSLR) $63.39 +3.47%
Netflix Inc. (NFLX) $415.15 +3.47%
Pioneer Natural Resources Co. (PXD) $209.87 +3.40%
McKesson Corp. (MCK) $188.53 +3.18%
TripAdvisor Inc. (TRIP) $98.17 +3.13%
Cliffs Natural Resources Inc. (CLF) $16.56 +3.08%
Noble Corporation plc (NE) $31.35 +2.82%
S&P 500 - Fallers
Simon Property Group Inc. (SPG) $165.27 -6.06%
eBay Inc. (EBAY) $50.07 -3.28%
SLM Corp. (SLM) $8.56 -2.00%
Dollar General Corp (DG) $53.58 -1.87%
Mohawk Inds Inc. (MHK) $135.67 -1.62%
Whole Foods Market Inc. (WFM) $38.10 -1.41%
Applied Materials Inc. (AMAT) $20.26 -1.36%
Intuit Inc. (INTU) $79.14 -1.25%
St Jude Medical Inc. (STJ) $64.96 -1.22%
M&T Bank Corp. (MTB) $120.63 -1.21%
Dow Jones I.A - Risers
Merck & Co. Inc. (MRK) $57.71 +2.32%
Unitedhealth Group Inc. (UNH) $79.29 +0.90%
Intel Corp. (INTC) $26.94 +0.88%
E.I. du Pont de Nemours and Co. (DD) $68.98 +0.83%
Microsoft Corp. (MSFT) $40.32 +0.77%
3M Co. (MMM) $142.34 +0.64%
Travelers Company Inc. (TRV) $94.06 +0.64%
Caterpillar Inc. (CAT) $103.57 +0.64%
Boeing Co. (BA) $135.18 +0.63%
Wal-Mart Stores Inc. (WMT) $76.00 +0.62%
Dow Jones I.A - Fallers
Goldman Sachs Group Inc. (GS) $160.63 -0.35%
Chevron Corp. (CVX) $122.25 -0.22%
Cisco Systems Inc. (CSCO) $24.66 -0.20%
Verizon Communications Inc. (VZ) $49.69 -0.10%
Pfizer Inc. (PFE) $29.60 -0.03%
McDonald's Corp. (MCD) $101.29 -0.01%
Nasdaq 100 - Risers
Biogen Idec Inc. (BIIB) $319.65 +3.51%
Netflix Inc. (NFLX) $415.15 +3.47%
TripAdvisor Inc. (TRIP) $98.17 +3.13%
Activision Blizzard Inc. (ATVI) $20.75 +2.04%
Wynn Resorts Ltd. (WYNN) $219.91 +1.98%
Twenty-First Century Fox Inc Class A (FOXA) $35.41 +1.81%
Apple Inc. (AAPL) $635.31 +1.81%
Autodesk Inc. (ADSK) $52.65 +1.80%
Mylan Inc. (MYL) $49.74 +1.79%
Priceline Group Inc (PCLN) $1,291.35 +1.68%
Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $112.33 -3.84%
eBay Inc. (EBAY) $50.07 -3.28%
Whole Foods Market Inc. (WFM) $38.10 -1.41%
Applied Materials Inc. (AMAT) $20.26 -1.36%
Intuit Inc. (INTU) $79.14 -1.25%
Discovery Communications Inc. Class A (DISCA) $77.65 -1.08%
Vertex Pharmaceuticals Inc. (VRTX) $72.72 -0.87%
PACCAR Inc. (PCAR) $63.37 -0.77%
Google Inc. (GOOGL) $570.80 -0.71% |
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| | Newspaper Round Up | | Friday newspaper round-up: US economy, Inequality, Smith & Nephew The US economy contracted sharply in the first quarter and bond yields have been falling at the fastest rate since the recession scare two years ago, in signs that bond tapering by the Federal Reserve is biting more than anticipated. The slowdown comes as a key indicator of the US money supply flashes slowdown warnings, though the picture remains murky after extreme weather conditions over the winter. – The Daily Telegraph
The row over Thomas Piketty's bestselling book Capital in the 21st Century has taken a new twist after the journalist who said he had uncovered mistakes in the French economist's work was accused of making "serious errors" of his own. Analysis by the economic consultant Howard Reed published on the Guardian's datablog supported Piketty's view that inequality of wealth has been rising in recent years and dismissed the attack on some of the book's findings by the Financial Times journalist Chris Giles. – The Guardian
Two of Britain's best-known FTSE 100 companies were firmly in the bid spotlight last night after Smith & Nephew and InterContinental Hotels Group replaced AstraZeneca as the blue-chip index's likeliest takeover candidates. S&N, Europe's largest maker of knee and hip joints, appeared to be "in play" for a takeover after Stryker, an American rival sitting on $4bn of cash, admitted it had considered making a bid for the group. – The Times
The US is seeking more than $10bn from French bank BNP Paribas to settle charges it violated US sanctions on Iran, Sudan and Cuba, according to reports. BNP is locked in talks with the Justice Department, but the lender wants to pay less than $8bn, the Wall Street Journal claimed. Both numbers are far higher than earlier reports of less than $4bn, and would smash the $1.9bn fine HSBC was hit with in 2012 for routinely handling money transfers for countries under sanctions and for Mexican drug traffickers. – The Daily Telegraph
Sir Philip Green is to return to the stock market for the first time in more than a quarter of a century after an Australian online retailer confirmed its intention to float. The retail tycoon has paid £48m for a 25% stake in MySale, a flash sale website selling fashion, beauty and toys for thousands of brands, in one of his biggest deals since buying Arcadia Group in 2002. MySale, which bills itself as the leading flash sale business in Asia Pacific, plans to raise £40m through selling new shares on the Alternative Investment Market in mid-June. – The Times
Corporate lending by Britain's biggest banks collapsed this year, dealing a crushing blow to policymakers' recent efforts to improve the supply of credit for businesses. Loans made through the Bank of England's Funding for Lending Scheme fell by £2.7bn in the three months to April, sparking widespread disappointment. – The Times | | |
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