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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: FTSE 100 retreats as Barclays and Aberdeen fall - Barclays, Aberdeen and Balfour Beatty provide a drag
- Ukraine tensions cap risk appetite
- FTSE 100 pulls back from two-month high
techMARK 2,800.50 +0.22%
FTSE 100 6,810.43 -0.18%
FTSE 250 15,950.66 +0.12%
UK markets opened slightly lower on Tuesday morning as traders adopted a cautious approach after stocks hit a two-month high the previous session.
Barclays was among the worst performers after reporting a fall in first-quarter profits, Aberdeen dropped as seeing assets shrink in its first half, while Balfour Beatty saw shares plummet after a profit warning.
The FTSE 100, which was closed on Monday for a public holiday, was down 0.2% at 6,810 in early trading today after having closed at 6,822.42 on Friday, its highest finish since March 4th.
Heightened tensions in Ukraine were also keeping risk appetite in check today after an army helicopters was shot down yesterday by pro-Russian activists near the city of Sloviansk. Deaths have been reported on both sides amid heavy fighting along the eastern border as Kiev continues its so-called 'anti-terrorist' operations.
Jonathan Sudaria, a dealer at Capital Spreads said that markets are "struggling for direction at the moment".
"The situation in Ukraine looks set to be something that will continue to influence financial markets for a considerable amount of time, and markets will struggle to push much higher until investors can see a real improvement in the situation over in Eastern Europe," he said.
Barclays, Aberdeen, Balfour Beatty
Barclays was a heavy faller, blaming a weak performance in its investment banking arm for a 5% decline in quarterly adjusted pre-tax profit to £1.7bn in the first quarter, although it said its retail and credit card operations did well.
Banking peers Lloyds and RBS, which both beat market forecasts last week with their quarterly results, were also trading in the red this morning.
Aberdeen Asset Management was lower after suffering net outflows of £8.8bn in a "demanding" six months to end-March. Assets under management fell 5% to £190.4bn.
Meanwhile, infrastructure services group Balfour Beatty sank sharply after saying "significant operational issues" meant pre-tax profits in 2014 were likely to come in between £145m-£160m, significantly lower than it forecast in March. It also said Chief Executive Andrew McNaughton had quit and would be replaced temporarily by Chairman Steve Marshall.
Housing stocks were among the best performers of the morning with Persimmon, Barratt Developments, Travis Perkins and Bellway all making gains.
Estate agent chain Countrywide rose after saying momentum in the later stages of 2013 continued into the first quarter of this year as the recovery in the residential property market continues. |
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| FTSE 100 - Risers
Persimmon (PSN) 1,379.00p +3.92%
Melrose Industries (MRO) 292.00p +2.28%
Morrison (Wm) Supermarkets (MRW) 199.00p +1.43%
Aviva (AV.) 530.50p +1.43%
Vodafone Group (VOD) 226.00p +1.39%
Pearson (PSON) 1,109.00p +1.37%
Babcock International Group (BAB) 1,224.00p +1.32%
Johnson Matthey (JMAT) 3,351.00p +1.30%
CRH (CRH) 1,747.00p +1.22%
United Utilities Group (UU.) 803.00p +1.13%
FTSE 100 - Fallers
Aberdeen Asset Management (ADN) 426.10p -4.44%
Barclays (BARC) 248.40p -3.91%
Anglo American (AAL) 1,535.00p -1.92%
Coca-Cola HBC AG (CDI) (CCH) 1,452.00p -1.89%
AstraZeneca (AZN) 4,721.50p -1.80%
Rio Tinto (RIO) 3,190.50p -1.74%
BHP Billiton (BLT) 1,900.50p -1.58%
Fresnillo (FRES) 819.00p -1.56%
Centrica (CNA) 323.80p -1.52%
Glencore Xstrata (GLEN) 316.05p -1.00%
FTSE 250 - Risers
Rentokil Initial (RTO) 126.50p +4.29%
Perform Group (PER) 227.10p +4.17%
Pace (PIC) 349.90p +3.83%
Countrywide (CWD) 608.00p +3.05%
Grafton Group Units (GFTU) 610.00p +2.87%
ITE Group (ITE) 230.40p +2.49%
Howden Joinery Group (HWDN) 345.80p +2.31%
AL Noor Hospitals Group (ANH) 1,021.00p +2.10%
Supergroup (SGP) 1,435.00p +1.99%
Go-Ahead Group (GOG) 2,035.00p +1.85%
FTSE 250 - Fallers
Balfour Beatty (BBY) 231.10p -19.14%
Polymetal International (POLY) 547.00p -2.67%
Croda International (CRDA) 2,510.00p -2.14%
Carillion (CLLN) 366.50p -2.01%
African Barrick Gold (ABG) 236.50p -1.87%
Brown (N.) Group (BWNG) 457.20p -1.68%
Lonmin (LMI) 288.00p -1.57%
Dunelm Group (DNLM) 936.00p -1.47%
St. Modwen Properties (SMP) 358.90p -1.46% |
| | UK Event Calendar | | INTERIMS
Aberdeen Asset Management
INTERIM DIVIDEND PAYMENT DATE
Photo-Me International, Thorpe (F.W.)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Retail Sales (EU) (10:00)
FINALS
Blinkx, JZ Capital Partners Ltd
IMSS
Countrywide, Countrywide, Glencore Xstrata
EGMS
EW Group Ltd, Itacare Capital Investments Ltd. (DI)
AGMS
4Imprint Group, Macfarlane Group, Randgold Resources Ltd., Salamander Energy, Sherborne Investors (Guernsey) 'B' (Reg S), Stratex International
UK ECONOMIC ANNOUNCEMENTS
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
DP World Limited, First Quantum Minerals Ltd., JPMorgan US Smaller Co. Inv Tst |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Single currency moves atop 1.39 - Traders keeping a wary eye on Ukraine situation
- Eurozone services PMI ahead of forecasts
- Single currency clambers atop 1.39
FTSE-100: -0.17%
Dax-30: 0.10%
Cac-40: 0.14%
FTSE Mibtel 30: 0.35%
Ibex 35: 0.52%
Stoxx 600: 0.14%
European stocks began the Tuesday session moving higher, buoyed by a positive end to trading on Wall Street.
Nevertheless, traders were keeping a wary on events in Ukraine, with government troops having experienced four deaths as they moved deeper into the pro-Russian holdout of Slovyansk.
The Markit Eurozone services sector purchasing managers' index for the month of April printed at 53.1, as expected. However, the readings for France, Italy and Spain all exceeded economists' forecasts.
Spanish unemployment surprised sharply on the downside in April, plummeting by 111,600.
All of the above came ahead of this next Thursday's policy meeting at the European Central Bank, with the single currency having moved up towards the 1.3915 mark this morning.
Chinese services PMI data over the weekend printed below analysts' forecasts. Even so, three-month copper futures on the LME closed up by 1.11% at $6,719 per metric tonne on Monday.
BMW re-affirms ambitious goals for 2014
German luxury car maker BMW reiterated what market commentary described as its ambitious 2014 goals. First quarter operating profit increased 2.6%, as expected.
First quarter earnings figures at German sportswear maker Adidas came in below forecasts, but the firm expected improved trading over the coming three months.
From a sector standpoint the largest gains were to be seen in Telecommunications (0.66%) and Real Estate (0.52%).
Single currency clambers atop 1.39
The euro/dollar was 0.28% higher at 1.3915.
Front-month Brent crude futures were advancing 0.139% to the $107.68/barrel mark on the ICE. |
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| | US Market Report | | US close: Stocks end day in the blue despite Ukraine - Equity benchmarks finish in the blue
- Better than expected reading on services activity
- Financials lower after JP Morgan warns on quarterly revenues
Dow Jones: 0.11%
Nasdaq: 0.34%
S&P 500: 0.21%
The main market averages managed to overcome initial jitters set off by selling overseas on the back of the rising tensions in Ukraine to finish the day slightly in the blue.
Helping sentiment along was a stronger-than expected reading on the US services sector for the month of April out shortly after the open.
However, so-called 'market breadth' as measured by the advance/decline ratios for the NYSE and Nasdaq, was negative.
JP Morgan weighs on financials
Financials took a hit after heavyweight JP Morgan Chase & Co announced that it expected revenue from fixed income and equities trading to drop by 20% during the current quarter, duly sending its shares lower by 2.5%.
The best performing sectors on the broader market were: Biotechnology (1.8%), Platinum&Precious metals (1.48%) and Aerospace (1.4%).
Service sector humming along
The ISM's service sector activity gauge edged higher to a reading of 55.2 points for the month of April, from 53.1 in the month before (consensus: 54), led by large increases in the sub-indexs for production and new orders.
"The prices paid index also ticked higher to 60.8, which is its highest reading since 2012; while this index can be volatile, it would be in line with our view that inflation will pick up modestly through the second half of the year," Barclays Research pointed out.
Moves in other asset classes limited
10-year US Treasury bond yields were up by two basis points at 2.61% after the data.
Meanwhile, front month West Texas crude futures were 0.06% lower at $99.42/barrel on NYMEX.
S&P 500 - Risers
PerkinElmer Inc. (PKI) $43.95 +3.56%
Vertex Pharmaceuticals Inc. (VRTX) $68.41 +3.07%
Actavis plc (ACT) $207.90 +2.75%
Sysco Corp. (SYY) $37.19 +2.71%
TripAdvisor Inc. (TRIP) $84.71 +2.55%
Crown Castle International (CCI) $76.46 +2.53%
Monsanto Co. (MON) $114.85 +2.36%
Precision Castparts Corp. (PCP) $260.23 +2.32%
Salesforce.Com Inc. (CRM) $53.65 +2.31%
Eog Resources Inc. (EOG) $99.25 +2.26%
S&P 500 - Fallers
Tyson Foods Inc. (TSN) $38.44 -9.87%
GameStop Corp. (GME) $38.15 -4.43%
Target Corp. (TGT) $59.87 -3.45%
Diamond Offshore Drilling Inc. (DO) $51.60 -3.08%
Sears Holdings Corp. (SHLD) $42.67 -3.07%
Expedia Inc. (EXPE) $71.77 -2.84%
Whole Foods Market Inc. (WFM) $48.28 -2.76%
F5 Networks Inc. (FFIV) $103.83 -2.69%
Pfizer Inc. (PFE) $29.96 -2.57%
Clorox Co. (CLX) $87.31 -2.53%
Dow Jones I.A - Risers
Boeing Co. (BA) $131.96 +1.55%
Visa Inc. (V) $207.13 +1.33%
Walt Disney Co. (DIS) $81.22 +1.13%
Exxon Mobil Corp. (XOM) $102.91 +0.88%
E.I. du Pont de Nemours and Co. (DD) $67.39 +0.81%
Merck & Co. Inc. (MRK) $58.63 +0.70%
Johnson & Johnson (JNJ) $100.00 +0.69%
Verizon Communications Inc. (VZ) $47.39 +0.57%
Chevron Corp. (CVX) $125.36 +0.51%
American Express Co. (AXP) $87.36 +0.49%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $29.96 -2.57%
JP Morgan Chase & Co. (JPM) $54.22 -2.45%
Goldman Sachs Group Inc. (GS) $156.35 -1.59%
Intel Corp. (INTC) $26.17 -1.06%
Home Depot Inc. (HD) $78.69 -0.89%
Microsoft Corp. (MSFT) $39.43 -0.66%
Wal-Mart Stores Inc. (WMT) $78.62 -0.63%
Caterpillar Inc. (CAT) $104.52 -0.47%
Coca-Cola Co. (KO) $40.76 -0.46%
Travelers Company Inc. (TRV) $90.65 -0.38%
Nasdaq 100 - Risers
Liberty Global plc Series A (LBTYA) $42.70 +4.38%
Dish Network Corp. (DISH) $62.80 +4.30%
Vertex Pharmaceuticals Inc. (VRTX) $68.41 +3.07%
Tesla Motors Inc (TSLA) $216.61 +2.70%
TripAdvisor Inc. (TRIP) $84.71 +2.55%
Discovery Communications Inc. Class A (DISCA) $77.77 +2.17%
Regeneron Pharmaceuticals Inc. (REGN) $298.98 +1.84%
Sba Communications Corp. (SBAC) $96.52 +1.72%
Micron Technology Inc. (MU) $26.74 +1.63%
Apple Inc. (AAPL) $600.96 +1.60%
Nasdaq 100 - Fallers
Expedia Inc. (EXPE) $71.77 -2.84%
Whole Foods Market Inc. (WFM) $48.28 -2.76%
Activision Blizzard Inc. (ATVI) $19.42 -2.75%
F5 Networks Inc. (FFIV) $103.83 -2.69%
Vimpelcom Ltd Ads (VIP) $8.06 -2.66%
Wynn Resorts Ltd. (WYNN) $216.65 -2.27%
Autodesk Inc. (ADSK) $47.52 -1.86%
Adobe Systems Inc. (ADBE) $61.44 -1.84%
Fastenal Co. (FAST) $48.72 -1.62%
CA Inc. (CA) $29.66 -1.59% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Ukraine, AstraZeneca, Bank of England Heavy fighting erupted Monday around a pro-Russian separatist stronghold in eastern Ukraine, with dozens of casualties reported as the standoff between insurgents and the government entered a more dangerous phase. The fighting was the most sustained since acting President Oleksandr Turchynov first sent troops to eastern Ukraine about three weeks ago, in what he called an anti-terrorist operation. – The Wall Street Journal Europe
The heads of the two pharmaceuticals giants at the heart of a takeover row could be summoned to give evidence before MPs. The shadow business secretary, Chuka Umunna, wrote yesterday to the science and technology select committee urging it to invite the chief executives of Pfizer and AstraZeneca to appear before them. – The Times
The Bank of England looks set to leave interest rates on hold again this week, but a hike before the General Election is seen as increasingly likely. Governor Mark Carney last week said he is still 'comfortable' with rates at a record low of 0.5% – setting the scene for another 'no change' decision when the monetary policy committee votes on Thursday. But with the economy growing at its fastest pace for nearly seven years, and unemployment down from 7.9% to 6.9% in the past 12 months, pressure is mounting on the Bank to act. – The Daily Mail
According to figures from accountants BDO same-store sales on the High Street grew 2.7% in April compared with the same time last year. It said consumers, buoyed by supermarket discounts on everyday items such as milk and lower petrol prices, used the extra cash in their pockets to take a trip to the high street and splash out on "non-essentials". It said fashion sales at retailers including Next led the way, up 2.1% as warmer weather prompted shoppers to snap up summer clothes. – The Daily Express
According to the latest ICAEW/Grant Thornton UK Business Confidence Monitor small and medium sized businesses in the private sector will be looking for 450,000 new employees before the middle of 2015 as confidence in their future prospects surges to record levels. The report, covering the first quarter of the year, found that firms throughout the country felt more bullish about the economy than ever before with the property and construction sector leading the way. – The Daily Express
Britain's rapid growth rate will become "ingrained" and more balanced, the European Commission (EC) said on Monday, as two separate reports suggested the strong rate of expansion was likely to continue. The EC now expects the UK economy to grow by 2.7% in 2014, compared with a forecast of 2.5% three months ago. It also upgraded its forecast for 2015 growth to 2.5%, from a previous estimate of 2.4%. "Growth is expected to become firmly established... and its composition is expected to broaden," the EC said in its spring forecast on Monday. – The Daily Telegraph | | |
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