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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: UK markets flat ahead of 'risk events', Tesco in focus - Markets await ECB meeting, US jobs
- UK services PMI, ADP data in focus today
- Tesco LFL sales worsen but beat forecasts
techMARK 2,816.36 +0.08%
FTSE 100 6,839.73 +0.05%
FTSE 250 15,990.30 +0.12%
UK stocks were struggling for direction on Wednesday morning as investors continued to show caution ahead of the European Central Bank (ECB) policy meeting on Thursday and the all-important US jobs report on Friday.
The FTSE 100 was just a few points higher at 6,840 in early trading after falling to a 6,836.30 on Tuesday, its lowest close since May 23rd.
"Traders continue to pass time until this week's big economic releases," according to Jonathan Sudaria, a dealer at Capital Spreads. "With no one in a rush to do anything, markets are still hovering near their recent highs but with no one willing to bet big ahead of the central bank meetings and payrolls, the natural position squaring is leading to a consolidation of price action."
However, he said that today's data - UK services and US labour figures - "may jolt traders out of their lull".
The Markit purchasing managers' index for the UK services sector is expected to slip slightly to 58.2 in May after a better-than-expected jump to 58.7 the month before.
Meanwhile, the ADP US employment report, often seen as a rough guide to Friday's 'official' non-farm payrolls data, will show a 208,000 increase in private payrolls for last month, according to forecasts, down from a 220,000 gain in April.
Tesco fluctuates as LFL sales slump
Tesco was flat, erasing earlier gains, as the decline in like-for-like (LFL) sales at its UK business worsened in the first quarter with the recent wave of price cuts and competitive measures taking its toll on the top line. UK LFL sales excluding petrol fell by 3.7% in the first three months of Tesco's fiscal year, worse than the 2.9% drop recorded in the fourth quarter but not as bad as some analysts had feared.
Grocery rivals J Sainsbury and WM Morrison, however, were out of favour after the statement.
Office space provider Workspace jumped after reporting a strong set of annual results, thanks to London's flourishing technology and media sector, with LFL rent roll up 8.5% in year to £47.4m.
Plastic packaging manufacturer RPC Group was also higher after beating earnings expectations for the full year as acquisitions gave results a boost.
Mining stocks rose this morning after a recent slump. Anglo American, Rio Tinto,Fresnillo, BHP Billiton and Randgold Resources were among the best performers.
National Grid and WPP were trading lower this morning after going ex-dividend.
Other ex-dividend stocks today include Associated British Foods, Bank of Georgia, Debenhams, Evraz, Grainger, Laird and Taylor Wimpey. |
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| | FTSE 100 - Risers
Mondi (MNDI) 1,097.00p +2.05%
Fresnillo (FRES) 798.50p +1.66%
Smith & Nephew (SN.) 1,047.00p +1.65%
Anglo American (AAL) 1,479.00p +1.44%
Sports Direct International (SPD) 781.00p +1.30%
Rio Tinto (RIO) 3,157.00p +1.22%
BHP Billiton (BLT) 1,898.50p +1.20%
Randgold Resources Ltd. (RRS) 4,379.00p +1.18%
Standard Life (SL.) 392.60p +1.16%
G4S (GFS) 248.30p +1.10%
FTSE 100 - Fallers
National Grid (NG.) 839.50p -4.33%
WPP (WPP) 1,265.00p -1.79%
Centrica (CNA) 330.50p -1.25%
Barclays (BARC) 241.55p -1.04%
Rexam (REX) 540.00p -1.01%
Vodafone Group (VOD) 205.60p -0.94%
Royal Bank of Scotland Group (RBS) 338.00p -0.88%
SABMiller (SAB) 3,265.50p -0.85%
IMI (IMI) 1,575.00p -0.69%
Meggitt (MGGT) 490.40p -0.63%
FTSE 250 - Risers
Workspace Group (WKP) 615.50p +5.39%
African Barrick Gold (ABG) 223.40p +2.95%
RPC Group (RPC) 640.00p +2.81%
Imagination Technologies Group (IMG) 231.80p +2.25%
BTG (BTG) 613.50p +1.91%
Perform Group (PER) 283.60p +1.87%
Premier Oil (PMO) 355.40p +1.54%
Bellway (BWY) 1,403.00p +1.52%
Dairy Crest Group (DCG) 466.40p +1.52%
Vedanta Resources (VED) 1,140.00p +1.51%
FTSE 250 - Fallers
Laird (LRD) 291.90p -3.31%
Evraz (EVR) 100.60p -2.80%
Supergroup (SGP) 1,147.00p -1.97%
Synthomer (SYNT) 255.00p -1.54%
Bank of Georgia Holdings (BGEO) 2,475.00p -1.39%
Debenhams (DEB) 75.85p -1.37%
Perpetual Income & Growth Inv Trust (PLI) 384.80p -1.33%
Cineworld Group (CINE) 340.20p -1.25%
CSR (CSR) 612.00p -1.21% |
| | UK Event Calendar | | Wednesday June 04
INTERIMS
Alternative Networks, OMG
INTERIM EX-DIVIDEND DATE
Artemis VCT, Associated British Foods, Avingtrans, Blackrock Frontiers Investment Trust, Brewin Dolphin Holdings, Cardiff Property, Daily Mail and General Trust A (Non.V), Debenhams, Edge Performance VCT 'H' Shares, Grainger, Greencore Group, Hargreave Hale AIM VCT 1, Jersey Electricity 'A' Shares, Renew Holdings, Schroder UK Mid Cap Fund
QUARTERLY EX-DIVIDEND DATE
Albion Technology & General VCT
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ADP payrolls report (US) (12:15)
Balance of Trade (US) (13:30)
Beige Book Fed Survey (US) (19:00)
Crude Oil Inventories (US) (15:30)
GDP (1st release) (EU) (10:00)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
MBA Mortgage Applications (US) (12:00)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Producer Price Index (EU) (10:00)
Productivity (US) (13:30)
FINALS
Advanced Computer Software Group, API Group, Findel, RPC Group, Synergy Health, Workspace Group
ANNUAL REPORT
AEC Education
IMSS
Tesco
SPECIAL EX-DIVIDEND PAYMENT DATE
Alliance Trust, Artemis VCT, Evraz, Helios Underwriting, Perpetual Income & Growth Inv Trust, Taylor Wimpey
AGMS
Afren, Albion Development VCT, Albion Development VCT 'D' Shares, Amara Mining, Cayenne Trust, IG Seismic Services GDR (Reg S), JKX Oil & Gas, KBC Advanced Technologies, Lenta Ltd GDR (Each 5 Repr 1 Ord) (144A) , Mears Group, Proton Power Systems, WANdisco
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Legal & General Group, Lookers, Northbridge Industrial Services, SThree
FINAL EX-DIVIDEND DATE
Aberdeen New Thai Inv Trust, Augean, Bank of Georgia Holdings, Bioquell, Brammer, Cello Group, Christie Group, Cineworld Group, Cupid, Hargreave Hale AIM VCT 2, Headlam Group, Helios Underwriting, Inspired Energy, Irish Continental Group Units, JPMorgan Euro Small Co. Trust, Judges Scientific, Keller Group, Laird, London & Associated Properties, M&C Saatchi, Marshalls, Mckay Securities, Moss Bros Group, National Grid, Nationwide Accident Repair Services, Octopus VCT 2, Pace, Proven Planned Exit VCT, Quarto Group Inc., Rotala, Slingsby H.C, Staffline Group, Synthomer, WPP, Young & Co's Brewery 'A' Shares
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall ahead of Eurozone GDP - Eurozone services PMI revised down
- Euro-area GDP due
- US ADP jobs report out later
FTSE 100: 0.04%
DAX: 0.06%
CAC 40: 0.04%
FTSE MIB: -0.03%
IBEX 35: -0.24%
Stoxx 600: 0.05%
European stocks were mixed as investors weighed Eurozone service activity data and awaited a report on euro-area economic growth.
Markit's final reading for the Eurozone services purchasing managers' index in May was revised down to 53.2 from the flash estimate of 53.5 but above the 50 level that indicates expansion and April's 53.1.
Separately, a report at 10:00 BST is expected to confirmed that the Eurozone economy grew by 0.2% in the first quarter, in line with the previous three months and the initial estimate last month.
The data comes ahead of tomorrow's European Central Bank (ECB) meeting, at which it is widely expected to loosen monetary policy to address weak inflation and high unemployment.
A report yesterday showed inflation fell to 0.5% in May from 0.7%, under the forecasts of 0.6% and the ECB's 2% target. The unemployment rate dropped to 11.7% in April from a month earlier but still remained in high territory.
ECB President Mario Draghi has said he is "comfortable" with taking action to boost the stagnant economy if needed at tomorrow's policy meeting.
In the US, a release by the ADP Research Institute this afternoon may show companies in the US added 210,000 workers in May, compared with 220,000 the previous month, according to forecasts.
Tesco, BNP
Tesco advanced as the UK supermarket reported a decline in first quarter sales that was less than analysts expected.
BNP Paribas retreated following a report which said New York's top financial regulator may suspend the bank's ability to process dollar payments.
Volkswagen dropped after selling preferred shares at €191 each to institutional investors as part of funding its acquisition of Swedish truckmaker Scania.
The euro fell 0.12% to $1.3612. Brent crude futures rose $0.119 to $108.950 per barrel, according to the ICE. |
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| | US Market Report | | US Close: Stocks fall after factory data, Fed speech - US factory orders slow
- Fed's George warns on early interest rate rise
- Eurozone inflation eases ahead of ECB meeting
DJIA: -0.13%
Nasdaq: -0.07%
S&P 500: -0.04%
US stocks declined as a report showed factory orders in the world's biggest economy slowed in May and a Federal Reserve official said the central bank should hold off on raising interest rates.
US factory orders rose by 0.7% in April following a 1.5% increase in March, beating analysts' expectations for a 0.5% gain.
Another US report revealed US light vehicle sales came in stronger than expected in May, with Autodata reporting an annualised sales of 16.8m. It exceeded the consensus forecast of 16.1m and the April reading of 16m, marking the strongest monthly sales pace since February 2007.
Federal Reserve Bank of Kansas City President Esther George said the Fed should avoid raising the main interest rate until the balance sheet shrink.
"Allowing the balance sheet to decline due to 'passive runoff', which stops reinvesting the maturing securities, prior to the first rate hike is appropriate," George said today in a speech in Breckenridge, Colorado.
She said Fed will need to decide in the "relatively near future" on how to withdraw the monetary stimulus that has boosted the central bank's balance sheet to $4.32tn.
In the euro-area, inflation fell to 0.5% last month from 0.7% in April, according to the European Union's statistics office in Luxembourg today. Economists had predicted a decline to 0.6%.
The data adds pressure on the European Central Bank (ECB) to address weak inflation ahead of its Thursday meeting. The ECB is projected to ease policy to bring prices up to its target of just under 2%.
Meanwhile, in China, the purchasing managers' index (PMI) from HSBC Holdings and Markit Economics climbed to 49.4 in May from 48.1 in April. However, it missed the 49.7 forecast and was under the 50 level that signals expansion.
Krispy Kreme, Quicksilver
Krispy Kreme Doughnuts slumped after cutting its earnings forecast due to rising costs and slow first-quarter sales.
Quiksilver declined after the surfwear retailer posted a wider loss than analysts had estimated
Applied Minerals gained after Jefferies initiated coverage of the stock with a 'buy' rating.
Hillshire Brands advanced after confirming that Pilgrim's Pride Corp. has increased its bid for the food producer.
The US 10-year yield rose by seven basis points to 2.60%.
West Texas Intermediate crude futures increased by $0.369 to $102.850 per barrel on the NYMEX.
S&P 500 - Risers
Applied Materials Inc. (AMAT) $21.43 +4.45%
Lam Research Corp. (LRCX) $64.65 +4.21%
Dollar General Corp (DG) $56.41 +3.89%
Broadcom Corp. (BRCM) $35.88 +2.99%
FirstEnergy Corp. (FE) $34.51 +2.86%
MetLife Inc. (MET) $53.21 +2.74%
Carmax Inc. (KMX) $45.51 +2.73%
National Oilwell Varco Inc. (NOV) $76.02 +2.47%
Pioneer Natural Resources Co. (PXD) $214.30 +2.40%
Prudential Fincl Inc. (PRU) $86.03 +2.39%
S&P 500 - Fallers
Wynn Resorts Ltd. (WYNN) $208.23 -4.49%
Cliffs Natural Resources Inc. (CLF) $14.94 -4.29%
E*TRADE Financial Corp. (ETFC) $19.66 -3.91%
Monster Beverage Corp (MNST) $66.74 -3.28%
Tyson Foods Inc. (TSN) $42.08 -3.04%
Salesforce.Com Inc. (CRM) $50.95 -2.73%
NetApp Inc. (NTAP) $36.59 -2.45%
Allegheny Technologies Inc. (ATI) $39.70 -2.43%
Staples Inc. (SPLS) $10.91 -2.33%
Harris Corp. (HRS) $75.56 -2.10%
Dow Jones I.A - Risers
Intel Corp. (INTC) $27.66 +1.47%
Goldman Sachs Group Inc. (GS) $161.80 +1.11%
Caterpillar Inc. (CAT) $104.49 +0.70%
Unitedhealth Group Inc. (UNH) $79.88 +0.52%
JP Morgan Chase & Co. (JPM) $55.60 +0.45%
Exxon Mobil Corp. (XOM) $100.39 +0.45%
3M Co. (MMM) $142.89 +0.40%
United Technologies Corp. (UTX) $117.82 +0.36%
Johnson & Johnson (JNJ) $102.46 +0.28%
Chevron Corp. (CVX) $122.55 +0.28%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $75.55 -1.53%
Verizon Communications Inc. (VZ) $49.29 -1.52%
Microsoft Corp. (MSFT) $40.29 -1.23%
Visa Inc. (V) $211.32 -1.03%
International Business Machines Corp. (IBM) $184.37 -0.71%
AT&T Inc. (T) $35.20 -0.68%
McDonald's Corp. (MCD) $101.45 -0.57%
E.I. du Pont de Nemours and Co. (DD) $68.87 -0.56%
Procter & Gamble Co. (PG) $79.93 -0.54%
Walt Disney Co. (DIS) $83.88 -0.46%
Nasdaq 100 - Risers
Applied Materials Inc. (AMAT) $21.43 +4.45%
Broadcom Corp. (BRCM) $35.88 +2.99%
Liberty Media Corporation - Class A (LMCA) $129.74 +2.05%
Intel Corp. (INTC) $27.66 +1.47%
Akamai Technologies Inc. (AKAM) $55.09 +1.34%
Gilead Sciences Inc. (GILD) $82.55 +1.23%
Dollar Tree Inc (DLTR) $53.97 +1.22%
Autodesk Inc. (ADSK) $53.16 +1.22%
Fiserv Inc. (FISV) $60.95 +0.86%
Altera Corp. (ALTR) $33.38 +0.82%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $208.23 -4.49%
Monster Beverage Corp (MNST) $66.74 -3.28%
NetApp Inc. (NTAP) $36.59 -2.45%
Staples Inc. (SPLS) $10.91 -2.33%
Baidu Inc. (BIDU) $163.67 -2.14%
Google Inc. (GOOGL) $554.51 -1.74%
Equinix Inc. (EQIX) $196.72 -1.67%
CA Inc. (CA) $28.29 -1.39%
Expedia Inc. (EXPE) $73.21 -1.36%
Microsoft Corp. (MSFT) $40.29 -1.23% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Oil prices, RBS, Lloyds The world needs to invest more than 48trn dollars by 2035 to meet global energy demand and prevent oil prices spiralling out of control, according to the International Energy Agency. The IEA, which represents some of the world's largest energy consuming countries, said that current investment to secure new supplies of oil and gas and keep the lights on has to increase by a quarter to hit the target, as the world's population increases. Spending to improve energy efficiency, primarily for cars and buildings, also needs to grow fourfold over the next two decades. – The Times
Royal Bank of Scotland has become the second bank in the space of two weeks to limit risky mortgage lending amid fears of unsustainable house price inflation. The taxpayer-owned bank, which also runs NatWest, will limit house loans of more than £500,000 to four times a borrowers' income, the same measure introduced by Lloyds Banking Group last month. In addition, RBS - which is 80% owned by the Government after its 2008 bailout - will cap the length of the mortgages at 30 years. The terms, introduced nationwide but intended to cool the London market, will affect 2.6% of RBS's loans in London, and 0.5% of its total. – The Daily Telegraph
The fall-out from the rising tension between the west and Russia over its actions in Crimea and eastern Ukraine struck at the heart of the City last night after Lloyds Banking Group withdrew from a trade finance deal with Rosneft worth up to $2bn. Lloyds, which is still 25% owned by the UK taxpayer, was a lead arranger for the syndicated loan along with Germany's Deutsche Bank, HSBC and Bank of China. The money was to be used to finance BP's purchase of crude oil and refined products from Rosneft, the Russian state-backed oil firm, in which the British oil giant has an almost 20% stake. – The Times
Takeover activity between British companies fell to its lowest ever level on record during the first quarter of the year, according to official figures. The Office for National Statistic (ONS) said British businesses bought just 26 other British firms with a value of at least £1m, down from 59 in the last three months of 2013. The ONS blamed relatively slow global economic growth, a lack of confidence within the M&A markets and the length of time involved to complete transactions. – The Daily Telegraph
A pro-Russian rebel leader yesterday called on every man in eastern Ukraine to join a guerrilla war against Kiev in revenge for an air attack on his headquarters that killed eight people. In the second-floor conference room of the regional administration building in Luhansk, the table and floor were still strewn with shards of broken chandelier and smashed windows as Valery Bolotov beseeched Russia to impose a no-fly zone and send peacekeeping troops to protect his insurgency. – The Times
Discounts on clothing and bank holiday offers on DIY and gardening products resulted in prices in British shops continuing to fall last month, according to the British Retail Consortium. With prices across stores falling 1.4% on the year, it was the 13th straight month of deflation, the trade association said. It was, as usual, non-food items that drove the deflation, with their prices falling for a 14th month running. There was some let-up on food too, where inflation held at 0.7%, the lowest on record for the BRC-Nielsen Shop Price Index.– The Guardian | | |
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