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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 near 14-year high after upbeat Asian data - China trade surplus doubles as exports rise
- Japanese consumer confidence improves, GDP revised higher
- Rio gains on Credit Suisse comments
- Lloyds fall after pricing TSB IPO
techMARK 2,852.63 +0.04%
FTSE 100 6,872.71 +0.21%
FTSE 250 16,239.01 +0.04%
Yet another record close on Wall Street fed into a higher start for London stocks on Monday, with upbeat data from Asia giving sentiment a lift early on.
The FTSE 100 was trading 0.2% higher at 6,873 this morning as the heavyweight mining sector provided a boost.
The index has not closed above this level since May 14th when it finished at a 14-year high of 6,878.49.
Both the Dow Jones Industrial Average and S&P 500 hit all-time highs on Friday after US non-farm payrolls increased by 217,000, taking employment back to its pre-recession peak.
The strong finish Stateside and a buoyant session for Asian stocks overnight "indicate that the rally still has some more legs in it", according to Jonathan Sudaria, a dealer at Capital Spreads.
"It's a reasonably quiet week on the economic calendar front so there's little for traders to get apprehensive about and play it cautious so we could see the bulls stampede," Sudaria said, adding that "the top is probably still some way off".
Data released this weekend showed that China's trade surplus doubled in May to $35.9bn, helped by a massive 7% year-on-year increase in exports, better than estimates. While import growth was still weak, analysts said that the figures could possible take some pressure off of authorities in Beijing to prop up economic activity.
Over in Japan, consumer confidence improved in May for the first time in 2014, while economic growth for the first quarter was revised higher. An increase in consumer confidence - albeit still at depressed levels - suggests that the negative impact from an increase in the national sales tax may not be as bad as feared.
Miners rise on Asian data
Mining stocks were among the best performers today as investors reacted to the solid data out from top metals consumer China. Fresnillo, Randgold and Antofagasta were all putting in decent gains early on.
Rio Tinto also rose after Credit Suisse reiterated an 'outperform' rating for the stock. The bank said that despite the record 30% valuation premium (on a price-to-earnings basis) that it trades at against Brazilian rival Vale, it still prefers the UK-listed miner and it is not the right time to sell.
Supermarket rivals Wm Morrison and Tesco were on the rise this morning as both stocks rebounded after some heavy falls last week.
Financials, however, were weak with Lloyds Banking Group leading the decline after confirming a offer price of 220p-290p for its 25% stake in TB. At the mid-point of the price range, TSB's market capitalisation would be approximately £1.275bn, well below book value of £1.6bn.
Other financial stocks such as Hargreaves Lansdown, St James's Place, Aviva and Standard Life were all trading lower.
Support services company Carillion was in demand after its 50/50 joint venture with Lafarge Tarmac was selected as one of the contractors on the Midlands Highway Alliance framework. |
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| FTSE 100 - Risers
Fresnillo (FRES) 791.00p +2.00%
Randgold Resources Ltd. (RRS) 4,425.00p +1.58%
Antofagasta (ANTO) 784.00p +1.49%
Morrison (Wm) Supermarkets (MRW) 195.80p +1.45%
International Consolidated Airlines Group SA (CDI) (IAG) 424.70p +1.38%
Tesco (TSCO) 294.45p +1.34%
Capita (CPI) 1,143.00p +1.15%
BHP Billiton (BLT) 1,912.50p +1.08%
Experian (EXPN) 1,061.00p +1.05%
Vodafone Group (VOD) 209.05p +0.99%
FTSE 100 - Fallers
Lloyds Banking Group (LLOY) 78.90p -1.56%
Hargreaves Lansdown (HL.) 1,286.00p -1.00%
St James's Place (STJ) 820.00p -0.85%
TUI Travel (TT.) 407.00p -0.78%
Aggreko (AGK) 1,676.00p -0.65%
Aberdeen Asset Management (ADN) 459.60p -0.52%
Aviva (AV.) 531.50p -0.47%
Smith & Nephew (SN.) 1,061.00p -0.47%
Shire Plc (SHP) 3,554.00p -0.45%
Standard Life (SL.) 398.40p -0.42%
FTSE 250 - Risers
African Barrick Gold (ABG) 223.50p +3.57%
Crest Nicholson Holdings (CRST) 342.20p +2.21%
Diploma (DPLM) 657.00p +2.02%
esure Group (ESUR) 262.40p +1.51%
Ferrexpo (FXPO) 138.90p +1.39%
Cairn Energy (CNE) 204.50p +1.34%
Brown (N.) Group (BWNG) 463.10p +1.33%
Carillion (CLLN) 359.50p +1.24%
Ocado Group (OCDO) 385.70p +1.21%
KCOM Group (KCOM) 93.90p +1.19%
FTSE 250 - Fallers
Dixons Retail (DXNS) 48.68p -1.85%
Carphone Warehouse Group (CPW) 319.70p -1.78%
Savills (SVS) 639.00p -1.31%
Playtech (PTEC) 672.50p -1.10%
Xaar (XAR) 786.00p -1.07%
Kazakhmys (KAZ) 275.40p -1.04%
Moneysupermarket.com Group (MONY) 180.80p -1.04%
Homeserve (HSV) 337.60p -1.00%
Hansteen Holdings (HSTN) 107.00p -0.93% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of Eurozone investor confidence data - European investor confidence data due
- Japan's economy expands
- Chinese exports rise more than forecast
FTSE 100: 0.20%
DAX: 0.06%
CAC 40: 0.00%
FTSE MIB: 0.25%
IBEX 35: 0.48%
Stoxx 600: 0.17%
European stocks advanced ahead of a report that may show Eurozone investor confidence rebounded last month.
The Sentix research institute's index measuring sentiment in the euro-area is expected to increase to 13.3 in June from 12.8 in May.
In Japan, a report showed the economy expanded annualised 6.7% in the first three months of this year, faster than a preliminary reading of 5.9% and beating the 5.6% estimate by analysts. Chinese exports in May increased 7%, more than the 6.7% analysts had forecast, according to data yesterday. Exports rose by 0.9% in Apri.
Today's agenda in Europe will be relatively quiet due to a public holiday in a number of countries including Germany and France. However, equity markets will be open across the region apart from a few including Switzerland, Austria and Greece.
In Spain, Standard & Poor's raised the long- and short-term foreign and local currency sovereign ratings to 'BBB/A-2' from 'BBB-/A-3', with a stable outlook.
"This comes after a period of improving economic growth and competitiveness as a result of Spain's structural reform efforts since 2010," the ratings agency said.
Spanish 10-year bond yields are almost on the same level as the US at 2.62% versus 2.61%.
Banco Popular Espanol
Banco Popular Espanol gained after JPMorgan Chase & Co. advised investors to buy shares in the Spanish lender.
Gecina declined following news institutional investors including Blackstone Group will buy 16.8m shares in the company for 92 euros each.
The euro rose by 0.03% to $1.3647.
Brent crude futures increased $0.193 to $108.820 per barrel, according to the ICE. |
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| | US Market Report | | US close: Dow Jones Industrials and S&P 500 end the week at record highs - Investors cheered by solid jobs report
- Labour force participation rate fails to bounce back
- Fed on track to continue tapering
Dow Jones Industrials: 0.52%
Nasdaq Composite: 0.58%
S&P 500: 0.44%
US stocks managed to carve out further gains on Friday following a solid report on non-farm payrolls, leaving the Dow Jones Industrials and S&P 500 1.3% and 1.2% higher on the week.
American employers added 217,000 new jobs in May, compared to a revised 282,000 a month earlier, according to the Labor Department, surprising analysts who had forecast 215,000.
The above data marked the fourth consecutive month since November 1999-January 2000 during which job creation Stateside was at least 200,000.
Nonetheless, the unemployment rate remained unchanged at 6.3%, slightly lower than the 6.4% that was predicted by the market, failing to bounce back from the previous month´s sharp fall as the labour force participation remained unchanged at 62.8%. Some market observers pointed out that it was one small possible negative from the point of view of the Federal Reserve, which is watching the degree of spare capacity in the economy.
Even so, Barclays Research was of the following view: “The [Federal Open Market Committee] has mentioned numerous times in its statement that it will consider a wide range of labour market statistics to ascertain its health.”
“Therefore, while the report is likely to keep the tapering process on track, it is unlikely to alter the Fed’s timeline for potential policy rate hikes significantly. We expect the Fed to taper its monthly purchase pace by another $10bn at its June meeting and conclude purchases in October. Our forecast also calls for the first rate increase in mid-2015.”
Joy Global sees global growth leading to higher demand for commodities
Mining equipment manufacturer Joy Global was upped to buy from neutral by Bank of America Merrill Lynch. On Thursday the company said it saw stronger global growth driving demand for commodities.
Discount retailer Family Dollar rocketed 10% after the close of trading. Multi-millionaire investor Carl Icahn revealed he had accumulated a 9% stake in the firm.
Broker E-Trade Financial Corp. gained on the back of an upbeat research note from analysts at Nomura.
From a sector standpoint the best performance was seen in the following industrial groups: Aluminium (2.35%), Airlines (1.85%) and Consumer electronics (1.83%).
Crude futures edge higher
Front month West Texas crude futures ended the day 0.32% higher at $102.79/barrel on the NYMEX.
The yield on 10-year US Treasuries was flat at 2.59%.
S&P 500 - Risers
Amazon.Com Inc. (AMZN) $329.67 +7.46%
E*TRADE Financial Corp. (ETFC) $20.74 +5.28%
Adobe Systems Inc. (ADBE) $66.91 +4.27%
Akamai Technologies Inc. (AKAM) $57.47 +4.13%
CA Inc. (CA) $29.35 +3.64%
Xerox Corp. (XRX) $12.85 +3.55%
Autodesk Inc. (ADSK) $54.87 +3.47%
Goodyear Tire & Rubber Co. (GT) $27.23 +3.34%
Alliance Data Systems Corp. (ADS) $266.20 +3.04%
CH Robinson Worldwide Inc (CHRW) $61.17 +3.01%
S&P 500 - Fallers
First Solar Inc. (FSLR) $62.87 -3.85%
Frontier Communications Co. (FTR) $5.67 -3.74%
Cliffs Natural Resources Inc. (CLF) $14.48 -2.16%
Tyson Foods Inc. (TSN) $40.12 -1.91%
SCANA Corp. (SCG) $51.38 -1.83%
eBay Inc. (EBAY) $49.69 -1.51%
Reynolds American Inc. (RAI) $59.34 -1.48%
Peabody Energy Corp. (BTU) $16.34 -1.45%
Pepco Holdings Inc. (POM) $27.46 -1.44%
Facebook Inc. (FB) $62.50 -1.33%
Dow Jones I.A - Risers
American Express Co. (AXP) $94.91 +2.27%
Goldman Sachs Group Inc. (GS) $166.19 +2.22%
Intel Corp. (INTC) $28.18 +2.10%
General Electric Co. (GE) $27.18 +1.53%
Cisco Systems Inc. (CSCO) $24.83 +1.35%
Caterpillar Inc. (CAT) $108.18 +1.14%
Exxon Mobil Corp. (XOM) $101.60 +1.04%
Boeing Co. (BA) $138.21 +1.02%
Microsoft Corp. (MSFT) $41.48 +0.66%
3M Co. (MMM) $144.64 +0.65%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $29.42 -1.14%
Travelers Company Inc. (TRV) $94.36 -0.64%
McDonald's Corp. (MCD) $101.96 -0.48%
Merck & Co. Inc. (MRK) $57.85 -0.43%
AT&T Inc. (T) $35.02 -0.23%
Walt Disney Co. (DIS) $84.61 -0.20%
Wal-Mart Stores Inc. (WMT) $77.21 -0.14%
Procter & Gamble Co. (PG) $80.03 -0.10%
Johnson & Johnson (JNJ) $103.18 -0.04% |
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| | Newspaper Round Up | | Monday newspaper round-up: Hinkley Point, FDI, Builders EDF Energy is locked in secret negotiations with the Treasury over the fee to secure a crucial 10bn pounds government guarantee for the French group's Hinkley Point nuclear reactor project. The Treasury has demanded that EDF Energy pay between 225m and 250m pounds, the minimum it believes to be deemed a commercial rate. Officials argued that if payment was set any lower, the guarantee scheme would risk falling foul of European state aid laws. - The Times
The message that Britain is open for business is being received "loud and clear" with the UK for the first time overtaking Germany in global rankings of countries seen as attractive to invest in. Professional services firm EY's annual survey found that Britain advanced three places to fifth spot in worldwide rankings as a target for foreign direct investment (FDI) over the next three years. Only China, the US, India and Brazil were ahead of the UK. - The Daily Telegraph
Builders are to get new incentives to make it easier to build on derelict sites in towns and cities to spare the green belt, George Osborne is set to announce this week. The Chancellor will use a speech on Thursday in the Mansion House in the City of London this week to offer new ways to persuade developers to build more homes on derelict sites in towns and cities. Campaigners complain that developers are keener to build on greenfield sites around the edge of towns than shoulder the cost of building on previously developed or "brownfield" land. - The Daily Telegraph
Manufacturers believe they can still lead Britain's economic recovery in spite of recent signs that the sector's rampant growth has slowed. Businesses surveyed by EEF, the manufacturers' organisation, and BDO, the accountancy firm, said they were predicting that the sector would grow by 3.6% this year. This is an upgrade on the prediction of 2.7% when the poll was last carried out three months ago. The survey found that manufacturers were reporting strong trading conditions across Britain, as well as plans to invest and recruit new staff. - The Times
Growth in Scotland's private sector economy has eased to its slowest pace in more than a year following the fourth month in a row of falling export orders, according to a new report. However, today's Bank of Scotland's purchasing managers' index (PMI) found employers in the manufacturing and services sectors continued to create jobs on the back of strong domestic demand. Inflationary pressures also eased slightly, with input prices rising at their second-lowest rate in almost two years, although a lack of available candidates drove up wage bills for services firms. - The Scotsman
The employment rate among those aged 16 years and older is now approaching pre-crisis levels and, for the first time on record, is higher than the equivalent US measure. However, this relatively robust performance masks a marked divergence between older and younger workers. While the employment rate among those aged 50 and above sets a new record almost every month, the figures for those aged 21 to 49 – what used to be described as 'prime working age' – remains depressingly weak. - The Daily Mail | | |
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