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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: Stocks retreat as investors await Eurozone inflation data - Eurozone CPI in focus ahead of ECB meeting
- HSBC China manufacturing PMI disappoints
- Wolseley rises after Q3 results
techMARK 2,816.21 -0.22%
FTSE 100 6,847.06 -0.25%
FTSE 250 16,009.90 -0.47%
UK stocks retreated on Tuesday morning as investors adopted a cautious approach ahead of Eurozone inflation figures which are expected to set the stage for a policy meeting later this week.
The FTSE 100 was trading 0.3% lower at 6,847 in early trading.
With European Central Bank (ECB) President Mario Draghi ready to act to combat weak inflation and high unemployment if necessary, markets will be keeping a close eye on the consumer price index (CPI) due out at 10:00 in an attempt to gauge what move policymakers will make on Thursday.
Economists expect the increase in Eurozone consumer prices to ease to 0.9% in May from 1% in April, which would put more pressure on the ECB to give the single-currency region a kick-start. The ECB is targeting inflation of just under 2%.
According to Mike van Dulken, Head of Research at Accendo Markets, CPI is "seen falling back towards their recent lows, adding weight to the argument for stimulus from the ECB, especially after the German deflationary reads yesterday".
Concerns over a slowdown in China were also dampening sentiment after the final reading of HSBC's own manufacturing purchasing managers' index (PMI) for May was revised lower from 49.7 to 49.4 in May. This was up from 48.1 in April but below analysts' forecasts and still below the 50-point mark which marks a contraction.
This came in contrast to the government's 'official' manufacturing PMI released at the weekend which showed that growth in the sector had picked up slightly last month.
Wolseley gains, Pennon drops
Currency movements put a dampener on third-quarter results at heating and plumbing products group Wolseley, though strong growth in the US and Nordic regions drove an acceleration in like-for-like sales, to 5.1%, helping shares to rise strongly this morning.
South West Water owner Pennon declined despite unveiling higher annual profits and dividends, as the company said its Viridor landfill and waste recycling business took a hit from cut-throat pricing by rivals.
Security group G4S was trading lower on the news that is to be examined by a UK government-funded watchdog after a complaint made by a human rights group in Israel. |
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| | FTSE 100 - Risers
Wolseley (WOS) 3,400.00p +2.72%
EasyJet (EZJ) 1,574.00p +0.96%
Antofagasta (ANTO) 8,030.30p +0.69%
International Consolidated Airlines Group SA (CDI) (IAG) 4,027.00p +0.29%
Royal Dutch Shell (RDS) 2,459.00p +0.37%
Babcock Intl. (BAB) 1,227.00p +0.25%
Rio Tinto (RIO) 3,130.00p +0.29%
Glencore (GLEN) 3,288.50p +0.27%
BAE Systems (BA.) 4,286.00p +0.17%
Meggitt (MGGT) 4,908p +0.11%
FTSE 100 - Fallers
Coca Cola HbC (CCH) 1,383.00p -2.46%
Barratt Developments (BDEV) 355.00p -1.83%
William Hill (WMH) 352.00p -1.62%
ITV (ITV) 1,791.00p -1.59%
G4S (GFS) 246.00p -1.56%
Petrofac (PFC) 1,247.00p -1.18%
Royal Mail (RMG) 519.00p -1.40%
Ashtead Group (AHT) 888.00p -1.33%
Sports Direct (SPD) 777.00p -1.21%
Weir Group (WEIR) 2,573.00p -1.19%
FTSE 250 - Risers
Cairn Energy (CNE) 211.00p +4.48%
Tullett Prebon (TLPR) 295.60p +1.86%
Betfair Group (BET) 1,000.00p +1.63%
Riverstone (RSE) 904.5p +1.52%
CSR (CSR) 601.50p +1.09%
Oxford Instruments (OXIG) 1,361.00p +1.04%
IP Group (IPO) 181.00p +1.00%
Entertainment One (ETO) 310,70.00p +0.97%
Beazley (BEZ) 249.70p +0.85%
Fidelity China (FCSS) 101.80p +0.79%
FTSE 250 - Fallers
Imagination Technologies (IMG) 224.40p -3.94%
Pennon Group (PNN) 757.00p -3.38%
Foxtons (FOXT) 320.50p -2.82%
Fenner Group (FENR) 340.70p -2.46%
Thomas Cook (TCG) 161.30p -2.12%
Ocado (OCDO) 368.00p -2.08%
Home Retail (HOME) 188.80p -2.02%
Essentra (ESNT) 782.00p -2.01%
Playtech (PTEC) 651.00p -1.96%
Bellway (BWY) 1,365.00p -1.94% |
| | UK Event Calendar | | Tuesday June 03
INTERIM DIVIDEND PAYMENT DATE
Spirit Pub Company
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
China Manufacturing Sector PMI (09:45)
RBA cash rate
India repo rate
Auto Sales (US) (15:00)
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)
International Reserves (EU) (11:00)
Unemployment Rate (EU) (10:00)
Consumer Price Index (EZ) (10:00)
FINALS
B.P. Marsh & Partners, LondonMetric Property, Severfield, WYG, Pennon,
IMSS
Wolseley
AGMS
Augean, Matra Petroleum, Outsourcery, Oxford Biomedica
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
Nationwide House Price Index (08:00)
FINAL DIVIDEND PAYMENT DATE
APR Energy, Dialight, Mitsubhi Electric Corp., North American Income Trust (The), Pfizer Inc., Rexam, Sony Corp.
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed ahead of Eurozone inflation - Eurozone inflation data out
- Eurozone unemployment rate scheduled for release
- China PMI contracts
- US factory orders to be released
FTSE 100: -0.17%
DAX: -0.05%
C AC 40: -0.02%
FTSE MIB: -0.07%
IBEX 35: 0.30%
Stoxx 600: -0.10%
European stocks were mixed as investors awaited the latest Eurozone inflation data ahead of the European Central Bank's (ECB) Thursday policy meeting.
Economists expect Eurozone consumer prices to fall to 0.9% in May from 1% previously, which would add more pressure on the ECB to change policy at this week's meeting. The ECB is targeting inflation of just under 2%.
The Eurozone's unemployment rate will also be released today and economists predict it held at 11.8% in April.
ECB President Mario Draghi has said he is "comfortable" to loosen its policy to combat weak inflation and high unemployment this month if necessary.
Berenberg Senior Economist Christian Schulz said he predicts the ECB will ease its stance and "keep the door wide open for further steps".
The economist said there are two clear favourites for action: a further cut to the main interest rate from 0.25% to 0.1% and a negative deposit rate.
"In theory, the combination could provide a powerful cocktail that boosts bank lending," he said.
"But negative deposit rates have not been used at this scale before and could have unpredictable consequences."
China, US data
The China purchasing managers' index (PMI) from HSBC Holdings Plc and Markit Economics climbed to 49.4 in May from 48.1 in April. It missed the 49.7 forecast and was under the 50 level that signals expansion.
It comes in contrast to the official Chinese PMI which increased to 50.8 in May from 50.4 in April, according to the National Bureau of Statistics and China Federation of Logistics and Purchasing, the strongest figure since December. Economists had pencilled in a reading of 50.7.
In the US later on in the session, attention will turn to the release of factory orders which is expected to rise by 0.5% in April following a 1.1% increase a month earlier.
Against this backdrop, Federal Reserve official Esther George is due to speak on the US economy.
Wolseley
Wolseley rallied as the world's biggest distributor of plumbing and heating products reported third quarter like-for-like sales growth of 5.1%.
Pennon declined after saying its Viridor landfill and waste recycling business took a hit from cut-throat pricing by rivals in its full-year results.
The euro rose 0.05% to $1.3604. |
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| | US Market Report | | US close: Dow, S&P hit records as ISM revises data higher - ISM revision sparks gains after an early fall
- Dow, S&P rise to new record highs
- Apple underwhelms investors
Dow Jones: 0.16%
Nasdaq: -0.13%
S&P 500: 0.07%
US stocks finished mostly higher on Monday with two out of the three main benchmark indices setting new records after the Institute for Supply Management (ISM) corrected earlier erroneous data.
The Dow Jones Industrial Average rose 0.2% to an all-time closing high of 16,743.63, while the S&P 500 increased 0.1% to a new peak of 1,924.97. The tech-heavy Nasdaq, however, declined by 0.1% to 4,237.20 on the back of falls from gadget giant Apple.
Equity markets got off to a weak start after the ISM said its May manufacturing index declined to 53.2, from 54.9 in April. However, losses were quickly erased after the data was revised twice to show a final reading of 55.4, broadly in line with analysts' forecasts.
Analysts at Capital Economics said the error led to "widespread confusion" but the revision showed that "manufacturing activity is still gathering momentum after the winter slowdown".
"The extent of the rebound in the production index indicates that we will see a further acceleration in the growth rate of manufacturing output in the coming months," they said.
Meanwhile, the final reading of Markit's own manufacturing purchasing managers' index was revised to 56.4 in May, up from the initial reading of 56.2 and ahead of estimates.
In other news, Chicago Federal Reserve President Charles Evans warned that using monetary policy tools to head off financial instability implied risks.
"Degrading monetary policy tools to mitigate financial instability risks would lead to inflation below target and additional resource slack," Evans warned in a macro workshop organised by the Central Bank of Turkey in Istanbul. He added that the current accommodative monetary policy "seems appropriate" and that wage growth is stable.
Apple falls
iPhone and iPad maker Apple was in focus after its annual developer conference was used to unveil a new mobile operating system iOS 8, along with a host of new software features. While developers were said to be impressed by the launches, investors were underwhelmed as shares inched lower.
Marathon Oil declined after agreeing to sell its Norwegian operations to Det Norske Oljeselskap for $2.1bn. Marathon's President and Chief Executive Lee Tillman said the sale is part of its "rigorous portfolio management to simplify and concentrate our business".
Endurance Specialty fell as it lifted its takeover bid for Aspen Insurance from $47.50 to $49.50 a share, valuing the insurance and reinsurance firm at $3.2bn.
Ventas, the largest health care property group, is to acquire Nasdaq-listed American Realty Capital Healthcare Trust for $2.6bn, causing shares in the latter to jump 10%.
Delta Air Lines was higher after the company ordered 15 A321 aircraft from Aurbus for $1.65bn.
Internet titan Google fell after Korean electronics group Samsung said it would start selling its Samsung Z smartphone running on its own operating system (OS) called Tizen in an effort to lessen its reliance on Google's Android OS.
S&P 500 - Risers
Broadcom Corp. (BRCM) $34.90 +10.20%
Allergan Inc. (AGN) $172.09 +8.93%
MeadWestvaco Corp. (MWV) $43.02 +6.01%
Gannett Co. Inc. (GCI) $28.90 +3.99%
Lincoln National Corp. (LNC) $49.49 +3.20%
Tyson Foods Inc. (TSN) $43.46 +2.36%
Prudential Fincl Inc. (PRU) $84.06 +2.33%
Chesapeake Energy Corp. (CHK) $29.37 +2.26%
Delta Airlines Inc. (DAL) $40.76 +2.13%
Genworth Financial Inc. (GNW) $17.35 +2.12%
S&P 500 - Fallers
National Oilwell Varco Inc. (NOV) $74.10 -9.49%
Sears Holdings Corp. (SHLD) $39.31 -6.53%
GameStop Corp. (GME) $36.59 -3.33%
Ventas Inc. (VTR) $64.84 -2.93%
Lorillard Inc. (LO) $60.53 -2.64%
Diamond Offshore Drilling Inc. (DO) $49.92 -2.23%
Hasbro Inc (HAS) $52.18 -2.19%
Transocean Ltd. (RIG) $41.61 -2.07%
Frontier Communications Co. (FTR) $5.71 -1.72%
Amazon.Com Inc. (AMZN) $308.51 -1.68%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $103.93 +1.66%
Intel Corp. (INTC) $27.26 +1.11%
United Technologies Corp. (UTX) $117.50 +1.10%
Home Depot Inc. (HD) $80.88 +0.81%
Johnson & Johnson (JNJ) $102.19 +0.72%
International Business Machines Corp. (IBM) $185.64 +0.69%
McDonald's Corp. (MCD) $102.02 +0.58%
Boeing Co. (BA) $135.98 +0.54%
American Express Co. (AXP) $91.88 +0.42%
Walt Disney Co. (DIS) $84.35 +0.40%
Dow Jones I.A - Fallers
Exxon Mobil Corp. (XOM) $99.96 -0.57%
Visa Inc. (V) $213.66 -0.54%
Procter & Gamble Co. (PG) $80.39 -0.50%
Chevron Corp. (CVX) $122.29 -0.41%
JP Morgan Chase & Co. (JPM) $55.36 -0.38%
Microsoft Corp. (MSFT) $40.80 -0.34%
Nike Inc. (NKE) $76.76 -0.20%
Unitedhealth Group Inc. (UNH) $79.49 -0.18%
Coca-Cola Co. (KO) $40.88 -0.07%
AT&T Inc. (T) $35.44 -0.07%
Nasdaq 100 - Risers
Broadcom Corp. (BRCM) $34.90 +10.20%
Charter Communications Inc. (CHTR) $147.12 +3.09%
Tractor Supply Company (TSCO) $65.06 +2.26%
Keurig Green Mountain Inc (GMCR) $114.11 +1.45%
Wynn Resorts Ltd. (WYNN) $218.04 +1.43%
Costco Wholesale Corp. (COST) $115.71 +1.37%
NetApp Inc. (NTAP) $37.51 +1.35%
Liberty Media Corporation - Class A (LMCA) $128.68 +1.22%
Viacom Inc. Class B (VIAB) $86.66 +1.21%
Intel Corp. (INTC) $27.26 +1.11%
Nasdaq 100 - Fallers
Tesla Motors Inc (TSLA) $204.94 -2.52%
Verisk Analytics Inc. (VRSK) $59.57 -2.04%
Amazon.Com Inc. (AMZN) $308.51 -1.68%
Express Scripts Holding Co (ESRX) $70.07 -1.39%
Xilinx Inc. (XLNX) $46.36 -1.28%
Adobe Systems Inc. (ADBE) $64.62 -1.27%
Cognizant Technology Solutions Corp. (CTSH) $48.35 -1.24%
Facebook Inc. (FB) $63.07 -1.19%
Whole Foods Market Inc. (WFM) $37.79 -1.18%
Google Inc. (GOOGL) $563.94 -1.16% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Merkel, Google, Flotation David Cameron was told to tear up his economic policy by Brussels yesterday, hours after being warned by Angela Merkel that Britain faced being ignored over who should become President of the European Commission. The Prime Minister faced a double reminder of the difficulties in store on the eve of a critical G7 summit and urgent talks with the German Chancellor. – The Times
Google is understood to be investing $1bn in a fleet of satellites so that it can beam internet services across the developing world. The move will help hundreds of millions of people who do not currently have access to the web to get online - accelerating development and handing Google a huge, untapped pool of potential new users. According to The Wall Street Journal, the Californian web giant will buy around 180 satellites, designed to sit lower in the sky than many models. – The Daily Telegraph
The discount online clothing business MandM Direct is to become the latest retailer to reveal plans to float. The company is likely to announce its intention to float as early as Tuesday, with the IPO valuing the business at roughly £140m to £170m. MandM Direct, which is being advised by Canaccord and Investec, sells off excess stock at discounts of up to 75% on behalf of a collection of fashion and sports brands. – The Daily Telegraph
The Chancellor, George Osborne, is expected to announce measures to increase oversight of the £3trn-a-day foreign exchange market as investigations continue into the latest allegations of benchmark-fixing in the City. Amid concerns about damage to London's standing as a global financial centre, Osborne could unveil an overhaul as soon as next week. – The Guardian
The boss of Tesco has made two top appointments in an effort to shore up his senior team as he prepares to present a grim trading update widely expected to show the supermarket chain's worst performance for a decade. Philip Clarke, the embattled Chief Executive, has created new roles of "chief customer officer" and "chief creative officer" as he looks for answers to the supermarket's flagging fortunes. Figures due tomorrow are forecast to show a decline in like-for-like sales of between 3.5% and 4% for the three months to May 24th. – The Times
Westminster "tinkering" over green energy policy has been blamed for a slump in renewable energy investment, according to a study. A senior figure in the sector said the report amounted to "serious damage" being inflicted on the industry due to such measures as Chancellor George Osborne's Budget tax breaks for electricity generated from coal and oil Government policy meant the UK has slipped further behind the likes of China and the US in the latest "country attractiveness" index produced by
accountant EY. – The Scotsman | | |
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