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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: Petrofac leads fallers as stocks pull back from 11-week high - Petrofac drops after profit warning
- FTSE 100 pulls back from highest since Feb 24th
- IAG impresses with first quarter, Friends Life falls
techMARK 2,792.72 -0.52%
FTSE 100 6,823.10 -0.24%
FTSE 250 15,899.90 -0.43%
UK stocks pulled back from its highest level in nearly 11 weeks on Friday morning with Petrofac leading the way lower after a profit warning.
The FTSE 100 was down 0.2% at 6,823 early on after having risen to 6,839.25 on Thursday, its highest closing mark since February 24th.
Over in Europe, stocks were falling after the STOXX Europe 600 Index closed at its highest level since January 2008.
Global stock markets performed well yesterday on the back of dovish comments from European Central Bank President Mario Draghi, who signalled that policymakers are ready to act next month to stimulate the Eurozone economy.
Meanwhile, upbeat jobless claims figures in the US gave sentiment a lift, along with words from Federal Reserve Chair Janet Yellen who reiterated that interest rates will remain low for a long time yet.
"Trading this morning appears to be reversing some of the gains made in the previous session," said analysts at Capital Spreads.
"Opportunities to trade some news volatility today are limited really to UK industrial and manufacturing production [data], but with all the goings on in the Ukraine and the weekend break to come, it wouldn't be a surprise to see some money taken out of risk based assets later on."
Petrofac plummets after profit warning
Shares in oilfield services firm Petrofac sank as much as 17% after the company delivered a profit warning, saying that its bottom line in 2014 is likely to weaken due to lower-than-expected earnings from its IES division. The company, which had previous guided to "flat to modest growth" in net profit this year, now expects to report a 9-11% decline.
British Airways- and Iberia-owner IAG was flying higher after narrowing operating losses in the first quarter, helped by higher revenue and reduced fuel costs.
Insurer Friends Life was lower after warning that measures in the UK government's Budget will hit its ability to achieve new business targets this year. Friends Life, formerly known as Resolution, said Chancellor George Osborne's decision to relax rules forcing people to buy annuities to fund their retirement would have longer-term implications for its business and the industry as a whole.
Media group WPP gained this morning after sector peers Omnicom and Publicis abandoned their $35bn merger to create the world's largest advertising company.
British Land fell despite saying it has completed its first letting at Marble Arch House in the West End as the real estate stock was downgraded to 'hold' from 'buy' at Liberum.
Similarly, Rolls-Royce's announcement of £60m of orders for its offshore ship designs and equipment underwhelmed the market after Barclays cut its rating to 'underweight' from 'overweight'.
Department stores Marks & Spencer and Debenhams were trading higher early on after high street peer John Lewis reported 14.5% annual sales growth in the week to May 3rd. |
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| FTSE 100 - Risers
Marks & Spencer Group (MKS) 457.80p +1.87%
Barclays (BARC) 265.35p +1.10%
Rio Tinto (RIO) 3,238.00p +1.03%
Intertek Group (ITRK) 3,011.00p +0.84%
Randgold Resources Ltd. (RRS) 4,568.00p +0.84%
WPP (WPP) 1,287.00p +0.78%
International Consolidated Airlines Group SA (CDI) (IAG) 407.70p +0.77%
CRH (CRH) 1,693.00p +0.65%
Anglo American (AAL) 1,598.50p +0.60%
RSA Insurance Group (RSA) 97.20p +0.52%
FTSE 100 - Fallers
Petrofac Ltd. (PFC) 1,155.00p -16.79%
Sage Group (SGE) 391.00p -2.13%
Friends Life Group Limited (FLG) 297.10p -1.91%
Centrica (CNA) 314.60p -1.81%
ARM Holdings (ARM) 885.50p -1.77%
Persimmon (PSN) 1,347.00p -1.75%
SSE (SSE) 1,511.00p -1.37%
Aberdeen Asset Management (ADN) 433.60p -1.21%
Barratt Developments (BDEV) 378.70p -0.99%
Rolls-Royce Holdings (RR.) 1,003.00p -0.99%
FTSE 250 - Risers
Grafton Group Units (GFTU) 630.00p +2.94%
Debenhams (DEB) 81.70p +2.12%
Perform Group (PER) 255.00p +2.00%
IP Group (IPO) 180.00p +1.87%
African Barrick Gold (ABG) 237.60p +1.67%
Bank of Georgia Holdings (BGEO) 2,715.00p +1.57%
AL Noor Hospitals Group (ANH) 1,060.00p +1.34%
Thomas Cook Group (TCG) 180.30p +1.24%
Rightmove (RMV) 2,426.00p +1.21%
Supergroup (SGP) 1,193.00p +1.19%
FTSE 250 - Fallers
Tullett Prebon (TLPR) 287.00p -9.09%
Wood Group (John) (WG.) 779.00p -3.35%
Infinis Energy (INFI) 210.00p -2.73%
Drax Group (DRX) 659.50p -2.58%
Cairn Energy (CNE) 182.70p -2.30%
Henderson Group (HGG) 242.30p -1.66%
Fenner (FENR) 405.10p -1.60%
Hunting (HTG) 819.50p -1.56%
RPS Group (RPS) 291.30p -1.55% |
| | UK Event Calendar | | INTERIM DIVIDEND PAYMENT DATE
Begbies Traynor Group, Ingenious Entertainment VCT 1 H Shs, Ingenious Entertainment Vct 2 H Shs
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Current Account (GER) (07:00)
Retail Price Index (GER) (07:00)
Wholesales Inventories (US) (15:00)
ANNUAL REPORT
Crawshaw Group
IMSS
Hansard Global, Man Group, Resolution Ltd.
EGMS
PetroNeft Resources
AGMS
Baillie Gifford Shin Nippon, Byblos Bank SAL GDR (Reg S), Clarke (T.), Clarkson, Equatorial Palm Oil, Forum Energy, Goldenport Holdings Inc., Grafton Group Units, Kellan Group, Man Group, Mobeus Income & Growth 4 Vct, Morgan Advanced Materials , RSA Insurance Group, TT Electronics, Tullett Prebon
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
4Imprint Group, Chemring Group, Fisher (James) & Sons, Greggs, InterContinental Hotels Group, International Personal Finance, JPMorgan American Inv Trust, Kerry Group 'A' Shares, Meggitt, Molins, Trust Bank, SEGRO, Smurfit Kappa Group, Stadium Group, Tullow Oil, Vitec Group
Q1
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Russia asks Ukraine to pre-pay for June gas - Slight profit taking at the start of trading
- Capital flight in Russia may be worse than admitted by Moscow
- Weak Chinese CPI numbers, Wall Street lower overnight
- Technology and Telecommunications lead retreat
FTSE 100: -0.23%
Dax 30: -0.31%
Cac 50: -0.40%
FTSE Mibtel 30: -0.47%
Ibex 35: -0.25%
Stoxx 600: -0.27%
European equity markets have begun the session with small declines as traders look to take some profits off the table while keeping an eye on the latest developments in the Ukraine region.
Stocks rose sharply on Thursday after the European Central Bank all but pre-announced that it would move to ease monetary conditions in the single currency area further come its next meeting, in June.
Wall Street finished lower overnight and the latest Chinese consumer price data out this morning printed well beneath analysts´ forecasts, although that may herald further policy accommodation from Beijing going forward.
Acting as a backdrop, The Wall Street Journal cites US lawmakers as last night having explained that when they talk of "sectoral sanctions" against Russian industries they are in fact referring to very targeted measures. In parallel, The Daily Telegraph referenced data from the ECB showing that capital flight out of the Russian Federation may be four times more than admitted to by the Kremlin, possibly complicating the ECB´s task.
For its part, Moscow is now asking Ukraine to pre-pay for June natural gas shipments.
Chancellor Angela Merkel and French Prime Minister Francois Hollande will meet today on the Baltic coast. That meeting will take place against the backdrop of the current situation in Ukraine, with some observers describing recent conciliatory comments from Russia´s President as an attempt to "white-wash" its role in the current crisis.
Weak industrial production in the Netherlands
Dutch industrial production contracted at a 3.8% month-on-month pace in March (consensus: -0.8%).
Germany´s trade surplus increased in March to €16.4bn, from €16.2bn in the month before (consensus: €17.4bn) .
Technology and Telecommunications lead declines
Telefonica reported a 14% drop in first quarter operating income before depreciation and amortisation to €3.93bn (consensus: €3.97bn).
Belgacom unveiled first quarter operating profits of €412m, falling slightly shy of analysts´ projections.
From a sector stand-point, the worst performance was to be seen in the following industrial groups within the DJ Stoxx 600: Technology (-0.55%), Telecommunications (-0.50%) and Utilities (-0.49%).
Weak industrial production figures in Germany
Industrial production in Germany decreased by 0.5% month-on-month in March, according to the Federal Office of Statistics.
The consensus estimate had been for a gain of 0.2% over the month (4.2% year-on-year).
Euro steady at 1.3840
Front month Brent crude futures were 0.543% higher at $108.63/barrel on the ICE.
The single currency was 0.01% lower at 1.3840 versus the US dollar. |
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| | US Market Report | | US open: Wall Street closes higher after jobless claims fall more than hoped - Jobless claims fall 26,000, more than forecast
- ECB, BoE keep policy unchanged
- Tesla drops on guidance
Dow Jones: 16,551 +32 0.2%
Nasdaq: 4,051 -17 0.41%
S&P 500: 1,876 -2 0.12%
The Dow Jones Industrial Average closed modestly higher on Thursday after data showed that claims for unemployment benefits dropped by more than expected last week.
But a late sell-off in utilities and energy, which have done well lately, dragged down the S&P 500 and the Nasdaq.
Initial US jobless claims for the week ended May 3rd fell by 26,000 to 319,000, below the consensus forecast of 325,000. The previous week's reading was revised higher by 1,000 to 345,000.
Following several weeks of volatility due to a later-than-usual Easter, the Labor Department said no special factors affected the data.
US Federal Reserve Chair Janet Yellen told a Senate panel that the Fed had not yet made a decision on its asset portfolio, which has risen to $4.5tn from about $800bn in 2007. Reducing it to a pre-crisis level could take up to 10 years, Yellen said.
Stocks also tracked gains on the other side of the Atlantic today after both the European Central Bank and Bank of England kept monetary policy on hold, as expected.
Meanwhile, an easing of tensions in Eastern Europe also helped to lift sentiment on Wall Street after Russian President Vladimir Putin called for a proposed regional referendum in Ukraine to be postponed.
Tesla, SolarCity, Priceline
Electric vehicle maker Tesla closed the session down despite beating first-quarter earnings estimates as the company disappointed with its near-term outlook. The group said it expected the second quarter to be "marginally profitable".
Revenues more than doubled in the first quarter at SolarCity, ahead of estimates, causing shares to close up 12%.
Travel website operator Priceline Group fell 2.1% after reporting higher-than-expected quarterly profit, but forecasting second-quarter profit below estimates.
West Texas Intermediate futures were down 0.49% at $100.27 a barrel on the NYMEX.
S&P 500 - Risers
Twenty-First Century Fox Inc Class A (FOXA) $34.22 +6.54%
CenturyLink Inc. (CTL) $36.86 +6.38%
L Brands Inc (LB) $55.93 +4.76%
Expeditors International Of Washington Inc. (EXPD) $43.42 +4.53%
Scripps Network Interactive Inc. (SNI) $76.73 +3.03%
MetLife Inc. (MET) $51.60 +2.99%
Prudential Fincl Inc. (PRU) $83.25 +2.90%
Tiffany & Co. (TIF) $88.90 +2.53%
Costco Wholesale Corp. (COST) $114.73 +2.46%
Quest Diagnostics (DGX) $57.27 +2.45%
S&P 500 - Fallers
Teradata Corp. (TDC) $39.54 -10.08%
IntercontinentalExchange Group Inc (ICE) $192.14 -4.76%
Transocean Ltd. (RIG) $41.47 -4.29%
Wynn Resorts Ltd. (WYNN) $196.45 -4.14%
DIRECTV (DTV) $85.11 -3.56%
Nabors Industries Ltd. (NBR) $25.56 -3.15%
Denbury Resources Inc. (DNR) $16.79 -2.95%
Eog Resources Inc. (EOG) $101.73 -2.92%
Cliffs Natural Resources Inc. (CLF) $17.34 -2.91%
Devon Energy Corp. (DVN) $70.99 -2.83%
Dow Jones I.A - Risers
AT&T Inc. (T) $36.41 +1.82%
Walt Disney Co. (DIS) $81.60 +1.63%
Goldman Sachs Group Inc. (GS) $157.40 +1.21%
Nike Inc. (NKE) $73.05 +1.21%
Visa Inc. (V) $210.90 +1.05%
Wal-Mart Stores Inc. (WMT) $78.69 +0.94%
Verizon Communications Inc. (VZ) $48.49 +0.81%
American Express Co. (AXP) $88.62 +0.73%
Cisco Systems Inc. (CSCO) $23.02 +0.65%
JP Morgan Chase & Co. (JPM) $54.36 +0.57%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $54.83 -1.82%
Unitedhealth Group Inc. (UNH) $76.90 -1.30%
Chevron Corp. (CVX) $125.09 -0.90%
Exxon Mobil Corp. (XOM) $102.32 -0.77%
Coca-Cola Co. (KO) $40.73 -0.44%
Johnson & Johnson (JNJ) $100.50 -0.41%
General Electric Co. (GE) $26.45 -0.30%
3M Co. (MMM) $140.80 -0.24%
International Business Machines Corp. (IBM) $188.91 -0.21%
Intel Corp. (INTC) $26.34 -0.11%
Nasdaq 100 - Risers
Keurig Green Mountain Inc (GMCR) $104.19 +12.99%
Twenty-First Century Fox Inc Class A (FOXA) $34.22 +6.54%
Expeditors International Of Washington Inc. (EXPD) $43.42 +4.53%
Costco Wholesale Corp. (COST) $114.73 +2.46%
Discovery Communications Inc. Class A (DISCA) $74.36 +2.26%
Cognizant Technology Solutions Corp. (CTSH) $48.00 +2.08%
Micron Technology Inc. (MU) $26.93 +1.95%
Sandisk Corp. (SNDK) $88.61 +1.90%
Ross Stores Inc. (ROST) $69.05 +1.87%
Applied Materials Inc. (AMAT) $19.32 +1.74%
Nasdaq 100 - Fallers
Tesla Motors Inc (TSLA) $178.59 -11.30%
Wynn Resorts Ltd. (WYNN) $196.45 -4.14%
Dish Network Corp. (DISH) $60.14 -4.02%
DIRECTV (DTV) $85.11 -3.56%
Vimpelcom Ltd Ads (VIP) $8.09 -3.06%
Catamaran Corp (CTRX) $40.20 -2.36%
Vertex Pharmaceuticals Inc. (VRTX) $63.80 -2.10%
Priceline Group Inc (PCLN) $1,108.00 -2.10%
Regeneron Pharmaceuticals Inc. (REGN) $281.12 -1.93%
Amgen Inc. (AMGN) $110.78 -1.76% |
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| | Newspaper Round Up | | Friday newspaper round-up: Russia, Britain, AstraZeneca The European Central Bank says capital flight from Russia since the Ukraine crisis erupted may be four times higher than admitted by the Kremlin, a clear sign that sanctions pressure is inflicting serious damage on the Russian economy. Mario Draghi, the ECB's president, said the outflows from Russia have been large enough over recent weeks to push up the euro exchange rate, complicating monetary policy for the ECB. - The Daily Telegraph
Britain's six-year Great Recession will be declared over today when one of the country's leading economic bodies says that the ground lost in the financial crisis has been recovered. The monthly estimate of growth from the National Institute of Economic and Social Research will show that GDP is back at, or just fractionally short of, its March 2008 record. "We are incredibly close to the pre-recession peak. Whether we make it in the April estimate will be a matter of 0.1%," Jack Meaning, a research fellow at the institute, said. - The Times
Former science minister Lord Sainsbury has launched a blistering attack on Pfizer's £63bn takeover move on AstraZeneca, calling on the government to block its attempt to "dismember" a strategically important British company. Amid expectation that the US pharmaceutical firm is preparing to come back with an improved offer which could value AstraZeneca at £67bn, Sainsbury warned David Cameron he would be politically damaged if he simply stood by and let the takeover go ahead. - The Guardian
The boss of US drugs giant Pfizer could lose out on a potential £70m windfall if the proposed takeover of AstraZeneca fails. Pfizer's Chief Executive Ian Read has more than 4m shares in the pharmaceuticals giant that will mature only if the company hits performance targets in the coming years. But the group has recently been struggling financially, which has led analysts to predict that it needs to buy AstraZeneca, Britain's second-largest drugs maker, in order to keep growing. - The Daily Mail
Investors staged this year's biggest rebellion yet against excessive boardroom rewards by casting a substantial vote against pay proposals at Standard Chartered yesterday. At the bank's annual meeting, 56% of investors withheld their support from Standard Chartered's plans to change the way its executives are paid in response to the European Union's new bonus cap. - The Times
Omnicom and Publicis have abandoned their $35bn plan to merge into what would have been the largest advertising company in the world. The boards of the American and French companies met on Thursday evening to finalise the decision, walking away from an agreement they toasted with Champagne nearly 10 months ago. Neither side will pay a break fee. The break-up came amid concerns of a cultural clash between the two companies, and worries that the deal was taking too long to complete – to the detriment of the respective businesses. - The Daily Telegraph | | |
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