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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: Investors take profits after FTSE 100 hits four-week high - Markets retreat after global stocks hit record highs
- FTSE 100 pulls back from highest close since May 14th
- Imperial Tobacco leads consumer staples higher
techMARK 2,853.93 -0.12%
FTSE 100 6,852.30 -0.33%
FTSE 250 16,178.50 -0.25%
UK stocks retreated from a four-week high on Tuesday as investors took profits after recent bullishness sent a number of global equity indices to record highs.
The FTSE 100 was trading 0.3% lower at 6,852 in early trading. The index rose to 6,875 on Monday, its highest finish since May 14th when it set a new 14-year closing high of 6,878.49.
Germany's DAX closed above the 10,000 level for the first time in history yesterday, while the Dow Jones Industrial Average and S&P 500 continued to set all-time highs in the US last night. Global stocks, as measured by the FTSE 100 All-World Index, rose 0.2% to a fresh record high while market volatility was maintained at multi-year lows.
Michael Hewson, Chief Market Analyst at CMC Markets UK, said that the gains were registered "against a backdrop of central banks determined to keep interest rates low, and liquidity ample". He said: "Given the prevailing sentiment it remains difficult to imagine what the catalyst would be to prompt any sort of sharp downward correction."
Economic data from China was being closely watched today after a bigger-than-anticipated climb in consumer prices to 2.5% year-on-year. Although this was still notably below the government's target of 3.5%, analysts believe the figure should allay concerns of a disinflationary environment, whilst also staying low enough to pave the way for future stimulus measures.
Here in the UK, today's focus will also be on data releases for UK industrial and manufacturing production this morning, which are both expected to show a pick-up in activity in April.
Consumer staples rise
Consumer staples were in demand this morning as investors sought out defensive sectors amid a reduction in risk appetite. Household goods companies such as Reckitt Benckiser and Unilever were making gains, along with tobacco group Imperial.
Imperial said this morning that it intends to float its logistics business Logista on the Spanish stock exchange, but retain the majority of shares in the subsidiary.
Technology tool maker Oxford Instruments was higher after hailing an improved set of full-year results, with orders, sales and profits all ahead of the prior year.
Retailers were in focus this morning after Goldman Sachs downgraded sportswear chain Sports Direct and cash-and-carry group Booker. The bank, however, raised ASOS to 'conviction buy', helping the stock to recover slightly after getting pummelled by a profit warning from the online fashion retailer last week.
Natural gas producer BG Group was being weighed down by a ratings cut at Exane BNP Paribas from 'outperform' to 'neutral'.
AIM-listed Tristel was a big mover this morning, surging after the contamination control and hygiene group raised its full-year guidance again after a stronger-than-expected fourth quarter. |
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| FTSE 100 - Risers
Barratt Developments (BDEV) 379.30p +0.90%
Weir Group (WEIR) 2,651.00p +0.65%
BAE Systems (BA.) 432.50p +0.44%
Smiths Group (SMIN) 1,347.00p +0.37%
Imperial Tobacco Group (IMT) 2,612.00p +0.35%
CRH (CRH) 1,719.00p +0.29%
Reckitt Benckiser Group (RB.) 5,135.00p +0.29%
Smith & Nephew (SN.) 1,078.00p +0.28%
WPP (WPP) 1,303.00p +0.23%
Marks & Spencer Group (MKS) 455.00p +0.20%
FTSE 100 - Fallers
Old Mutual (OML) 201.10p -1.66%
BG Group (BG.) 1,231.50p -1.56%
International Consolidated Airlines Group SA (CDI) (IAG) 415.10p -1.38%
easyJet (EZJ) 1,586.00p -1.37%
Morrison (Wm) Supermarkets (MRW) 192.00p -1.34%
Antofagasta (ANTO) 770.50p -1.34%
William Hill (WMH) 343.20p -1.27%
Babcock International Group (BAB) 1,212.00p -1.14%
Associated British Foods (ABF) 3,024.00p -1.08%
GKN (GKN) 387.80p -1.07%
FTSE 250 - Risers
Alent (ALNT) 337.60p +1.81%
Oxford Instruments (OXIG) 1,367.00p +1.71%
IP Group (IPO) 182.20p +1.45%
Enterprise Inns (ETI) 141.90p +1.21%
Fidelity European Values (FEV) 160.90p +1.20%
Howden Joinery Group (HWDN) 320.20p +1.07%
Just Retirement Group (JRG) 149.00p +1.02%
Worldwide Healthcare Trust (WWH) 1,325.00p +0.99%
Carphone Warehouse Group (CPW) 325.20p +0.84%
BTG (BTG) 619.00p +0.73%
FTSE 250 - Fallers
Booker Group (BOK) 141.50p -3.02%
Imagination Technologies Group (IMG) 250.40p -2.68%
Lonmin (LMI) 245.90p -1.95%
African Barrick Gold (ABG) 219.80p -1.92%
BH Global Ltd. USD Shares (BHGU) 11.62 -1.86%
Vedanta Resources (VED) 1,171.00p -1.68%
AL Noor Hospitals Group (ANH) 1,020.00p -1.45%
BH Macro Ltd. USD Shares (BHMU) 18.61 -1.43%
Dunelm Group (DNLM) 883.50p -1.40% |
| | UK Event Calendar | | Tuesday June 10
INTERIMS
Gooch & Housego, Pressure Technologies
INTERIM DIVIDEND PAYMENT DATE
Narborough Plantations
QUARTERLY PAYMENT DATE
IBM Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
Wholesales Inventories (US) (15:00)
GMS
Blur Group
FINALS
Carclo, Carphone Warehouse Group, CML Microsystems, Eckoh, Greka Engineering & Technology Ltd. (DI), Oxford Instruments, Park Group, Phoenix IT Group, Sepura, Tricorn Group, Vianet Group
IMSS
Ted Baker
AGMS
BlackRock Smaller Companies Trust, China Africa Resources, DDD Group, Gem Diamonds Ltd. (DI), Iofina, Lamprell, London & Associated Properties, Magnolia Petroleum, Plethora Solutions Holdings, Rightster Group, Share plc, Tandem Group, Ted Baker, Velocys , Work Group
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
Industrial Production (09:30)
Manufacturing Production (09:30)
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall ahead of UK industrial data - UK industrial and factory output data due
- Chinese inflation rises more than forecast
FTSE 100: -0.32%
DAX: -0.11%
CAC 40: -0.13%
FTSE MIB: -0.10%
IBEX 35: -0.53%
Stoxx 600: -0.10%
European stocks slumped as investors awaited reports on UK manufacturing and industrial production and weighed Chinese inflation data.
UK industrial output may have risen by 2.8% year-on-year in April following a 2.3% increase a month earlier, according to the consensus estimate.
Manufacturing production in the UK is forecast to jump 4% year-on-year in April after a 3.3% gain in March.
In China, inflation rose by 2.5% in May year-on-year following a 1.8% increase a month earlier. Analysts had predicted a 2.4% gain. However, it remains well below the 3.5% target set out by the Chinese government.
"With governments the world over worrying about falling prices and the threat of deflation, today's number represents a somewhat 'sweet spot' for China, allaying fears of a disinflationary environment but also remaining low enough to allow for future stimulus measures," according to Alpari UK Analyst Joshua Mahony.
The data comes a day after the People's Bank of China decided to cut the reserve requirement ratio by 50 basis points for some select banks, which will take effect on June 16th.
Bank of Ireland, Imperial Tobacco
Bank of Ireland declined after US billionaire Wilbur Ross decide to sell his remaining share in the lender.
Imperial Tobacco Group advanced on news the firm plans to sell shares of its Logista unit on the Spanish stock exchange in an initial public offering that values the European logistics business at an estimated $2.5bn.
The euro was unchanged at $1.3594.
Brent crude futures rose $0.055 to $110.050 per barrel, according to the ICE. |
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| | US Market Report | | US close: Fourth consecutive day of gains, Apple in focus - Dow and S&P hit new highs
- Concerns about pullback
- Apple in focus after stock split
Dow Jones +18.82 16,943.10
Nasdaq +14.84 4,336.24
S&P 500 +1.83 1,951.27
It was a relatively quiet day over in the States following last week's strong jobs data, but all three of the main indices ended in positive territory, pushing both the Dow Jones and the S&P 500 to fresh highs.
However, the gains have given rise to an increasing degree of nervousness that a correction is now due.
Alastair McCaig, Market Analyst at IG, said: "US markets have moved higher again this afternoon, registering fresh highs, but the S&P 500 now looks overbought and vulnerable to profit-taking if more good news does not appear soon.
"Unfortunately it seems that is in short supply, leaving the index at risk of a short, sharp correction that could see it drop back towards the Friday low of 1,940."
Meanwhile, much of the day's focus was on tech giant Apple on the back of talk of new products, which are said to be particularly important following the stock split - its first in more than nine years.
McCaig explained that "the more optimistic will be looking for the company to be added to the Dow Jones in due course, truly a sign that the world's most recognisable tech brand has now joined the ranks of the establishment".
Oil reaches highest level in three months
Oil futures climbed to their highest level since March, boosted in part by positive Asian data.
oil futures were up 1.7% to settle at $104.41 a barrel, while Brent was up 1.18%.
Merck & Co. to acquire Idenix
Pharmaceuticals giant Merck & Co. will acquire Idenix for approximately $3.85bn in cash, an amount which is equivalent to $24.5 per share.
In a press statement, the former highlighted Idenix´s "promising" portfolio of drugs for the treatment of hepatitis-C, which compliments its own therapies now in development for the development of a once-daily oral regimen to treat against the virus.
Tyson Foods was a notable faller following the announcement of its acquisition of Hillshire Brands, which, having been valued at $8.55bn, rose strongly.
Shares in Family Dollar Stores jumped after Carl Icahn an activist investor, was declared as having a 9.4% stake, revealing he has plans to boost shareholder value.
S&P 500 - Risers
International Game Technology (IGT) $14.31 +14.39%
Family Dollar Stores Inc. (FDO) $68.61 +13.35%
Dollar General Corp (DG) $62.24 +7.33%
E*TRADE Financial Corp. (ETFC) $21.14 +6.39%
Analog Devices Inc. (ADI) $55.32 +4.99%
Comerica Inc. (CMA) $50.80 +3.55%
Clorox Co. (CLX) $92.65 +3.52%
Garmin Ltd. (GRMN) $60.78 +3.24%
Citrix Systems Inc. (CTXS) $62.76 +2.55%
Kraft Foods Group, Inc. (KRFT) $60.43 +2.49%
S&P 500 - Fallers
Apple Inc. (AAPL) $93.70 -85.49%
Union Pacific Corp. (UNP) $102.12 -49.41%
Tyson Foods Inc. (TSN) $37.49 -6.56%
Gilead Sciences Inc. (GILD) $79.01 -4.58%
Time Warner Inc. (TWX) $69.00 -2.93%
Boston Scientific Corp. (BSX) $12.75 -2.89%
Wynn Resorts Ltd. (WYNN) $199.05 -2.89%
Frontier Communications Co. (FTR) $5.56 -2.80%
Mead Johnson Nutrition Co. (MJN) $87.38 -2.72%
AbbVie Inc (ABBV) $53.83 -2.30%
Dow Jones I.A - Risers
Walt Disney Co. (DIS) $85.47 +1.02%
United Technologies Corp. (UTX) $120.08 +0.99%
General Electric Co. (GE) $27.44 +0.96%
Intel Corp. (INTC) $27.91 +0.90%
JP Morgan Chase & Co. (JPM) $57.42 +0.79%
American Express Co. (AXP) $95.57 +0.70%
Nike Inc. (NKE) $76.66 +0.56%
Caterpillar Inc. (CAT) $108.76 +0.54%
3M Co. (MMM) $145.32 +0.47%
Cisco Systems Inc. (CSCO) $24.80 +0.40%
Dow Jones I.A - Fallers
McDonald's Corp. (MCD) $101.38 -0.57%
Microsoft Corp. (MSFT) $41.27 -0.51%
E.I. du Pont de Nemours and Co. (DD) $69.44 -0.33%
Pfizer Inc. (PFE) $29.34 -0.27%
Wal-Mart Stores Inc. (WMT) $77.01 -0.26%
Visa Inc. (V) $212.54 -0.22%
Unitedhealth Group Inc. (UNH) $79.77 -0.20%
Coca-Cola Co. (KO) $40.91 -0.20%
Boeing Co. (BA) $137.95 -0.19%
Goldman Sachs Group Inc. (GS) $166.00 -0.11%
Nasdaq 100 - Risers
Analog Devices Inc. (ADI) $55.32 +4.99%
Illumina Inc. (ILMN) $171.29 +4.39%
Garmin Ltd. (GRMN) $60.78 +3.24%
Citrix Systems Inc. (CTXS) $62.76 +2.55%
Kraft Foods Group, Inc. (KRFT) $60.43 +2.49%
KLA-Tencor Corp. (KLAC) $68.02 +2.36%
Liberty Interactive Corp (LINTA) $29.85 +2.03%
Fastenal Co. (FAST) $50.59 +1.89%
Activision Blizzard Inc. (ATVI) $21.29 +1.77%
Cognizant Technology Solutions Corp. (CTSH) $49.82 +1.67%
Nasdaq 100 - Fallers
Apple Inc. (AAPL) $93.70 -85.49%
Gilead Sciences Inc. (GILD) $79.01 -4.58%
Wynn Resorts Ltd. (WYNN) $199.05 -2.89%
eBay Inc. (EBAY) $49.58 -1.97%
Micron Technology Inc. (MU) $29.00 -1.84%
Sandisk Corp. (SNDK) $98.17 -1.84%
Netflix Inc. (NFLX) $423.09 -1.64%
Alexion Pharmaceuticals Inc. (ALXN) $167.81 -1.40%
Tesla Motors Inc (TSLA) $205.31 -1.37%
Amgen Inc. (AMGN) $116.40 -1.21% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Sports Direct, Tesco, BP The board of Sports Direct has reignited a row with its minority investors over executive rewards by creating a £200m bonus fund that conceals a likely payout for Mike Ashley, its billionaire founder. Shareholders reacted with indignation as the sportswear chain came up with its third plan in two years for a performance-related payout scheme involving Mr Ashley. Two months ago, a scheme offering a £73m payout to the founder was withdrawn after failing to win enough support. - The Times
Tesco has outlined its biggest assault yet on Britain's high street banks by launching its first current account, 17 years after it entered financial services. The retailer's banking division, which boasts 6m customers through its sales of mortgages, savings accounts and insurance, plans to exploit its network of stores and incentives such as rewards for Clubcard subscribers to encourage customers to move away from the major lenders. - The Daily Telegraph
BP has lost a last-ditch legal appeal to prevent having to pay out hundreds of millions of dollars of what it claims are "fictitious" and "absurd" compensation claims over its Gulf of Mexico oil spill. The US Supreme Court last night rejected the oil firm's application to keep in place an injunction blocking contested payments. A New Orleans court had last week lifted the injunction, which had been in place since December, to give BP time to make its case over the compensation deal it struck two years ago at the heart of the dispute. - The Times
Fears among Britain's top lenders that the recent rapid house price growth could lead to a crash are now close to levels seen during the Great Recession, according to a Bank of England survey. The Bank's twice-yearly Systemic Risk Survey showed 40% of UK banks, building societies and asset managers said the risk of property price falls posed a "key risk" to the economy, compared with 36% of respondents last November and just 14% in the second half of 2012. - The Daily Telegraph
The boss of SSP played down recent "blips" in the stock market yesterday as the airport catering specialist served up appetising profits in advance of a possible £2bn flotation. Kate Swann, the former WH Smith Chief Executive who took the helm of SSP last year, acknowledged that the market for new issues had been volatile but said that the "fundamental strengths" of the business would prevail. - The Times
Supermarkets are being warned they are locked in a "race to the bottom" in a new report showing that a food price war dragged sales lower last month. The British Retail Consortium said like-for-like food sales fell by an annual rate of 2.2% during March to May, in contrast to a year earlier when turnover grew 0.7%. On one measure, it was the worst quarter for food sales since BRC records began in 2008. Non-food sales were better, buoyed by demand for TVs for the World Cup and summer clothes. - The Guardian | | |
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