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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: Mining stocks pull FTSE 100 lower ahead of data - Profit taking continues as miners fall
- Traders await global economic data
- Broker downgrades hit blue chips
techMARK 2,839.63 -0.04%
FTSE 100 6,827.09 -0.17%
FTSE 250 16,073.58 -0.09%
UK stocks opened flat on Thursday morning as weakness in the mining sector held back any chances of a rebound.
After coming within reach of a 14-year closing high earlier in the week, the FTSE 100 suffered a steep fall on Wednesday to finish at 6,838.87. Investors were looking to book profits with global equity indices trading at multi-year or record highs, while sentiment was dampened further after the World Bank downgraded its growth forecasts.
Subdued risk appetite was keeping investors from 'buying on the dip' this morning as they awaited what is set to be a somewhat heavier session in terms of macro data. The FTSE 100 was 0.2% lower at 6,827 in early trading.
Mike van Dulken, Head of Research at Accendo Markets, said that after the recent run on major bourses, traders are now "concerned about complacency and the emergence of fresh risks following a period of relative calm". Nevertheless, the FTSE 100 still remains range-bound with "catalysts lacking (for now) for a break either way", he said.
After a quiet start to the week on the economic calendar, the focus today will turn to Eurozone industrial production, French inflation and US retail sales and jobless claims figures.
Mining stocks fall
Miners were among the worst performers this morning with Anglo American, BHP Billiton, Rio Tinto and Antofagasta falling sharply. Anglo was cut from 'equal weight' to 'underweight' at Morgan Stanley today.
Shares in AstraZeneca rose after the pharmaceutical group signed a licence agreement with AIM-listed Synairgen for the development of SNG000l, a treatment for respiratory tract viral infections in patients with severe asthma.
Natural gas producer BG Group was lower as it suffered from a ratings downgrade by Nomura to 'neutral'. Publisher Pearson was subdued after a Goldman Sachs downgrade to 'sell', while temporary power and temperature control group Aggreko was hit with a downgrade to 'sector performer' by RBC Capital Markets.
In contrast, Provident Financial was on the rise after Citigroup lifted its recommendation on the stock to 'buy' and hiked its target by nearly 38%.
Infrastructure and construction peers Balfour Beatty, Galliford Try and Carillion all fell despite the news that they have been appointed as preferred bidders to work on a £745m project to build new roads in Scotland.
Halma impressed with record annual revenue as the safety, health and environmental technology group achieved growth across all its sectors.
Home improvement retailer Kingfisher edged lower after revealing that Philippe Tible, Chief Executive of its European Castorama & Brico Depot brands, will step down from the board at the end of July. |
| FTSE 100 - Risers
ITV (ITV) 179.60p +1.70%
Unilever (ULVR) 2,700.00p +0.82%
AstraZeneca (AZN) 4,434.00p +0.77%
British American Tobacco (BATS) 3,564.00p +0.59%
Reckitt Benckiser Group (RB.) 5,155.00p +0.59%
Lloyds Banking Group (LLOY) 79.51p +0.57%
Imperial Tobacco Group (IMT) 2,640.00p +0.46%
Diageo (DGE) 1,915.50p +0.45%
Rolls-Royce Holdings (RR.) 1,021.00p +0.39%
GlaxoSmithKline (GSK) 1,617.50p +0.37%
FTSE 100 - Fallers
Anglo American (AAL) 1,410.50p -3.69%
Rio Tinto (RIO) 3,093.00p -2.01%
BHP Billiton (BLT) 1,856.50p -1.90%
Aggreko (AGK) 1,628.00p -1.75%
Sainsbury (J) (SBRY) 327.90p -1.53%
International Consolidated Airlines Group SA (CDI) (IAG) 394.10p -1.48%
Antofagasta (ANTO) 760.00p -1.23%
Fresnillo (FRES) 783.50p -1.14%
Glencore (GLEN) 320.60p -1.11%
ARM Holdings (ARM) 898.00p -1.05%
FTSE 250 - Risers
Ocado Group (OCDO) 380.00p +3.43%
Provident Financial (PFG) 2,221.00p +2.26%
Halma (HLMA) 602.50p +1.95%
Partnership Assurance Group (PA.) 132.20p +1.85%
Premier Farnell (PFL) 212.20p +1.82%
Perform Group (PER) 274.50p +1.63%
Fisher (James) & Sons (FSJ) 1,330.00p +1.53%
Alent (ALNT) 335.00p +1.52%
PayPoint (PAY) 1,131.00p +1.25%
Infinis Energy (INFI) 211.60p +1.24%
FTSE 250 - Fallers
Afren (AFR) 140.90p -2.29%
Lonmin (LMI) 232.40p -1.82%
Synthomer (SYNT) 244.97p -1.81%
African Barrick Gold (ABG) 219.30p -1.75%
Polymetal International (POLY) 545.50p -1.71%
Evraz (EVR) 97.90p -1.66%
Victrex plc (VCT) 1,737.00p -1.64%
Ophir Energy (OPHR) 237.00p -1.62%
Serco Group (SRP) 364.80p -1.33% |
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| | UK Event Calendar | | Thursday June 12
INTERIMS
CareTech Holding, IDOX, Redhall Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (13:30)
Continuing Claims (US) (13:30)
Import and Export Price Indexes (US) (13:30)
Industrial Production (EU) (10:00)
Initial Jobless Claims (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:45)
Business Inventories (US) (15:15)
Core machinery orders (JP)
FINALS
Atkins (WS), Boohoo.com, Halma, Mulberry Group, Real Estate Credit Investments PCC Ltd, Hardy Oil&Gas, Pets at Home, Volex
IMSS
Home Retail Group, PZ Cussons
EGMS
Kennedy Wilson Europe Real Estate
AGMS
Datang International Power Generation Co Ltd., Evraz, Golden Saint Resources Ltd (DI), International Public Partnerships Ltd., Kingfisher, Leyshon Energy Limited (DI), REA Holdings, Source BioScience, Tangiers Petroleum Ltd (DI), Threadneedle UK Select Trust Limited, Trader Media East Ltd GDR (Reg S), Verona Pharma, Walcom Group (DI)
TRADING ANNOUNCEMENTS
PZ Cussons
UK ECONOMIC ANNOUNCEMENTS
RICS Housing Market Survey (09:30)
FINAL DIVIDEND PAYMENT DATE
Sagentia Group, XLMedia
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed on Euronext delay - Euronext delays opening of markets
- Eurozone industrial output data due
- French inflation figures to be released
- US retail sales and jobless claims out
FTSE 100: -0.14%
DAX: 0.02%
CAC 40: -0.87%
FTSE MIB: 0.43%
IBEX 35: 0.10%
Stoxx 600: 0.01%
European stocks were little changed as Euronext revealed a delay to the opening of some markets and as investors await a batch of data.
Euronext, operator of exchanges from Paris to Amsterdam, said a connectivity issue has delayed the opening of its markets. Trading will start at 9:30 Frankfurt time, it said.
Meanwhile, a report on industrial output in the euro-area today is expected to show a rise of 0.9% year-on-year in April following a 0.1% drop a month earlier.
French inflation figures are forecast to reveal a 0.8% year-on-year gain in May on a harmonised basis amid concerns of price instability in the Eurozone.
The European Central Bank last week announced new measures, including cuts to interest rates and the deposit rate, to address weak inflation in the Eurozone.
In the US, a report on retail sales is predicted to reveal a 0.6% increase for May after a 0.1% rise the previous month.
Initial jobless claims in the US may have climbed 309,000 in the week ended June 7th, after 312,000 claims the prior week, according to economists before the release of the report.
The Federal Reserve is monitoring the labour market to determine whether to continue tapering bond purchasing and decide on the timing of an interest rate hike.
Ocado, Anglo American
Ocado Group advanced as JPMorgan Chase & Co. advised investors to buy the shares.
Anglo American declined after Morgan Stanley recommended selling the stock.
Consumer products group PZ Cussons slumped after saying annual profits will be ahead of last year, but adverse currency movements will have a big impact on growth.
AstraZeneca gained after signing a licence agreement with AIM-listed Synairgen for the development of SNG000l, a treatment for respiratory tract viral infections in patients with severe asthma.
The euro rose by 0.04% to $1.3538.
Brent crude futures increased $0.686 to $110.710 per barrel, according to the ICE. |
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| | US Market Report | | US close: Dow pulls back from record as World Bank cuts forecasts - Dow pulls back from record high
- World Bank cuts growth forecasts
- Airlines, housebuilders provide a drag
Dow Jones: -0.60%
Nasdaq: -0.14%
S&P 500: -0.35%
US stock markets declined on Wednesday as traders turned cautious after a five-day winning streak for the Dow Jones Industrial Average.
The World Bank also added to the selling pressure by downgrading its growth forecasts for the global economy.
Weakness among housebuilders and airline stocks provided a drag on indices, with the Dow retreating from a fresh record.
"Investors are booking some profit after a strong run once again in equities, helping to remove some of the froth associated with an overbought market," said David White, Trader at Spreadex.
The Dow dropped 0.6% to finish at 16,844 after setting an all-time high of 16.945.92 on Tuesday. The S&P 500 fell 0.35% while the Nasdaq inched 0.14% lower.
The World Bank on Wednesday downgraded its 2014 growth forecast for the global economy from 3.2% to 2.8%, saying that developing nations are headed for a year of "disappointing growth".
Weakness in the first quarter across the developing world has delayed an expected pickup in economic activity, according to the World Bank's Global Economic Prospects report, published twice every year.
Airlines drop on Lufthansa readacross
Airline stocks dropped after a profit warning from German group Deutsche Lufthansa, which said that it would not hit earnings guidance for the next two years. US-listed Delta Air Lines and American Airlines were both firmly lower by the end of trade.
The cancellation of Emirates Airlines' major order for 70 new Airbus also dampened sentiment in the aviation industry.
Housebuilders were also registering declines today with heavyweights DR Horton, PulteGroup and Lennar all finishing lower.
Biopharmaceutical group Orexigen Therapeutics was a heavy faller after regulators said they would take longer than expected to analyse its new weight-loss drug.
Anadarko Petroleum gained after oil and gas firm was linked to M&A rumours regarding a possible takeover.
Consumer electronics group Synaptics surged nearly 30% as it impressed with the acquisition of smartphone and tablet chips Renesas SP Drivers.
S&P 500 - Risers
Micron Technology Inc. (MU) $30.99 +5.02%
H&R Block Inc. (HRB) $32.15 +4.62%
Facebook Inc. (FB) $65.78 +4.61%
Anadarko Petroleum Corp. (APC) $108.32 +4.23%
Citrix Systems Inc. (CTXS) $64.59 +2.92%
Chesapeake Energy Corp. (CHK) $30.03 +2.77%
United States Steel Corp. (X) $24.49 +2.68%
Sandisk Corp. (SNDK) $99.66 +2.59%
Amazon.Com Inc. (AMZN) $335.20 +2.35%
Gilead Sciences Inc. (GILD) $80.82 +2.30%
S&P 500 - Fallers
Cognizant Technology Solutions Corp. (CTSH) $47.30 -5.06%
Exelon Corp. (EXC) $35.75 -3.79%
E*TRADE Financial Corp. (ETFC) $20.48 -3.17%
Delta Airlines Inc. (DAL) $40.71 -2.89%
Genworth Financial Inc. (GNW) $17.47 -2.84%
PPL Corp. (PPL) $33.72 -2.80%
National Oilwell Varco Inc. (NOV) $76.38 -2.65%
Jacobs Engineering Group Inc. (JEC) $54.99 -2.57%
Goodyear Tire & Rubber Co. (GT) $26.17 -2.50%
PulteGroup Inc. (PHM) $19.63 -2.48%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $25.05 +1.01%
Merck & Co. Inc. (MRK) $58.81 +0.55%
Exxon Mobil Corp. (XOM) $101.95 +0.48%
Unitedhealth Group Inc. (UNH) $80.17 +0.45%
Intel Corp. (INTC) $27.93 +0.07%
Dow Jones I.A - Fallers
Boeing Co. (BA) $134.10 -2.30%
Nike Inc. (NKE) $75.14 -1.53%
Home Depot Inc. (HD) $79.81 -1.15%
International Business Machines Corp. (IBM) $182.25 -1.11%
JP Morgan Chase & Co. (JPM) $57.27 -1.09%
General Electric Co. (GE) $27.15 -0.95%
Johnson & Johnson (JNJ) $103.32 -0.75%
Visa Inc. (V) $212.68 -0.73%
E.I. du Pont de Nemours and Co. (DD) $68.97 -0.72%
United Technologies Corp. (UTX) $118.30 -0.70%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $30.99 +5.02%
Facebook Inc. (FB) $65.78 +4.61%
Illumina Inc. (ILMN) $177.49 +3.58%
Citrix Systems Inc. (CTXS) $64.59 +2.92%
Baidu Inc. (BIDU) $176.51 +2.87%
Sandisk Corp. (SNDK) $99.66 +2.59%
Amazon.Com Inc. (AMZN) $335.20 +2.35%
Gilead Sciences Inc. (GILD) $80.82 +2.30%
Priceline Group Inc (PCLN) $1,248.72 +2.11%
Intuitive Surgical Inc. (ISRG) $382.38 +2.01%
Nasdaq 100 - Fallers
Cognizant Technology Solutions Corp. (CTSH) $47.30 -5.06%
Vodafone Group Plc ADS (VOD) $33.33 -4.58%
Biogen Idec Inc. (BIIB) $310.72 -2.34%
Bed Bath & Beyond Inc. (BBBY) $60.76 -2.24%
Dollar Tree Inc (DLTR) $54.28 -2.20%
Discovery Communications Inc. Class A (DISCA) $78.68 -2.08%
Ross Stores Inc. (ROST) $67.40 -1.92%
Automatic Data Processing Inc. (ADP) $78.54 -1.83%
Vimpelcom Ltd Ads (VIP) $8.72 -1.80%
Liberty Global plc Series A (LBTYA) $44.40 -1.62% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Mosul, Housing market, Al-Qaeda Open warfare between the government and rebels in Iraq would pose a threat to the global economic recovery should oil production from the war-torn Middle East state suffer a serious disruption, analysts have warned. Brent oil prices climbed as high as $110.25 (£65.59) on Wednesday amid concerns that 3.5m barrels per day of Iraqi exports could be knocked out of the market by the violence that has seen al-Qaeda forces seize control of Mosul, Tikrit and Samarra. - The Daily Telegraph
The fast-paced recovery in Britain's housing market has lost some of its steam as a chronic lack of new homes for sale, soaring house prices and tougher lending measures has deterred some would-be buyers. In its latest snapshot of the UK's property sector, the Royal Institution of Chartered Surveyors found that demand for new homes in London, where many fear a bubble is emerging, has fallen for the first time since 2012 as consumers become more cautious. - The Times
Al-Qaeda renegades seized Saddam Hussein's home town yesterday as they swept towards Baghdad from Syria, leaving the Iraqi government paralysed and the West rushing to supply it with arms. In a lightning surge, fighters from the Islamic State of Iraq and al-Sham (Isis) overran Tikrit, the former stronghold of the late Iraqi dictator and the second provincial capital to fall in as many days. Half a million people were driven from their homes in Mosul, Iraq's second largest city, on Tuesday. Yesterday Isis, a bloodthirsty Syria-based terrorist group which counts hundreds of British jihadists among its ranks, took hostages, freed prisoners and used Twitter to boast of its gains. - The Times
Britain's leading competition watchdog will press ahead today with a crackdown on motor insurers as part of a drive to give motorists a fairer deal. In what will be seen in the City as another attack on the insurance industry after the chancellor's overhaul of annuities in March, the Competition & Markets Authority is expected to take draconian steps to drive down costs in the £11bn-a-year motor market. - The Times European regulators launched inquiries into the tax affairs of Apple,Starbucks and Fiat on Wednesday, saying sweetheart deals the companies allegedly negotiated with governments in Ireland, the Netherlands and Luxembourg could be illegal. The European commission's top competition regulator, Joaquín Almunia, turned up the pressure for a clampdown on aggressive corporate tax planning, calling for multinationals to "pay their fair share". The commission believes any special treatment granted to the two US corporations and the Italian automotive group's finance arm could breach EU rules on state aid. - The Guardian
The mobile payments company Powa Technologies has acquired a Hong-Kong rival in a deal that it says puts a $2.7bn (£1.6bn) valuation on the British startup. The company, founded by the serial entrepreneur Dan Wagner, has bought MPayMe, in an all-share deal valued at $75m. Powa has paid with 3% of the company's stock, putting the eye-watering figure on its business. $75m represents 2.5 times MPayMe's revenue. The deal comes just a year after a funding round that valued Powa at under $500m. Mr Wagner owns 70% of the company, with most of the rest held by US investors Wellington Management. - The Daily Telegraph | | |
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