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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: GKN leads UK stocks higher, but upside limited - GKN, Next and Mondi impress with updates/results
- St James's Place drops despite strong first half
- West-Russia tensions rise as sanctions eyed
- US data, Gaza in focus
techMARK 2,780.14 +0.15%
FTSE 100 6,806.28 +0.27%
FTSE 250 15,662.90 +0.30%
Strong gains from GKN, Next and Mondi helped UK markets higher on Tuesday morning, with stocks tracking gains in the US and Asia overnight.
However, despite the positive start, dealer Jonathan Sudaria from Capital Spreads said that markets "aren't expected to make much headway as traders sit on the sidelines ahead of key US economic data but also today's European Union ambassadors meeting".
The FTSE 100 was trading 0.3% higher at 6,806 in early trading
Consumer confidence, house-price data, economic growth figures and a host of labour-market indicators will be in focus Stateside over the coming days, culminating with the all-important US non-farm payrolls report on Friday. Meanwhile, Thursday will see the latest policy decision from the Federal Reserve.
Meanwhile, investors will also be keeping an eye on geopolitical tensions today with EU leaders set to approve fresh sanctions on Russia with measures likely to be imposed on banks and energy companies.
"Like the prior tit for tat exchange of token sanctions between the West and Russia, traders are concerned about how Russia will react and what they deem will be appropriate retaliatory action," Sudaria said.
Ongoing fighting between Israel and Hamas is also expected to cap gains today as investors continue to watch developments closely after blasts in Gaza City and Eshkol yesterday. Over 1,000 Palestinians have now been killed as a result of the violence.
GKN, Next and Mondi provide a lift
GKN rose strongly this morning after saying that a good performance by its car driveshaft business fuelled 6% higher profits at the automotive and aerospace engineer in the first half to £296m. However, a strong pound knocked saw sales fall 1%.
Analysts celebrated a confident outlook from high street giant Next which lifted its sales and profit guidance for the full year after a strong first half.
Packaging and paper group Mondi also said its bottom line is expected to beat forecasts this year, lifting the stock higher early on.
Meanwhile, precious metal producers Randgold and Fresnillo were also on the rise this morning as gold and silver prices gained.
Leading the fallers on the FTSE 100 was wealth manager St James's Place despite a seemingly strong first half as it hiked its interim dividend by 40% and posted record funds under management.
Emerging-markets bank Standard Chartered was in demand this morning after JPMorgan Cazenove upgraded the stock from 'neutral' to 'overweight'.
Oil major BP was volatile early on, but managed to register small gains. The company announced second-quarter profits 34% higher than the same period last year but said that further sanctions imposed on Russia "could have a material adverse impact" on its business and corporate relationships. |
| FTSE 100 - Risers
GKN (GKN) 362.20p +5.57%
Next (NXT) 6,685.00p +2.53%
Hammerson (HMSO) 610.00p +2.43%
Randgold Resources Ltd. (RRS) 5,285.00p +2.22%
Kingfisher (KGF) 301.40p +1.89%
Mondi (MNDI) 1,080.00p +1.89%
Standard Chartered (STAN) 1,244.50p +1.80%
Fresnillo (FRES) 954.00p +1.49%
Travis Perkins (TPK) 1,641.00p +1.30%
Aggreko (AGK) 1,777.00p +1.14%
FTSE 100 - Fallers
St James's Place (STJ) 766.50p -2.97%
Aberdeen Asset Management (ADN) 429.00p -1.38%
Admiral Group (ADM) 1,468.00p -0.88%
ITV (ITV) 204.40p -0.68%
easyJet (EZJ) 1,336.00p -0.60%
Royal Mail (RMG) 427.60p -0.56%
Petrofac Ltd. (PFC) 1,121.00p -0.44%
BG Group (BG.) 1,207.50p -0.37%
Shire Plc (SHP) 4,924.00p -0.36%
SABMiller (SAB) 3,318.50p -0.35%
FTSE 250 - Risers
JD Sports Fashion (JD.) 394.90p +2.31%
Millennium & Copthorne Hotels (MLC) 585.00p +2.09%
Thomas Cook Group (TCG) 120.00p +2.04%
AL Noor Hospitals Group (ANH) 1,019.00p +1.95%
Domino's Pizza Group (DOM) 553.00p +1.94%
Elementis (ELM) 262.00p +1.79%
Greencore Group (GNC) 278.80p +1.57%
NMC Health (NMC) 462.00p +1.54%
Rotork (ROR) 2,824.00p +1.47%
Savills (SVS) 594.50p +1.45%
FTSE 250 - Fallers
Petra Diamonds Ltd.(DI) (PDL) 196.10p -9.46%
Exova Group (EXO) 227.90p -5.04%
PayPoint (PAY) 1,033.00p -1.62%
Jardine Lloyd Thompson Group (JLT) 1,040.00p -1.52%
Brit (BRIT) 244.30p -1.49%
Fidelity China Special Situations (FCSS) 109.70p -1.08%
Alent (ALNT) 350.00p -0.99%
Informa (INF) 485.90p -0.96%
Balfour Beatty (BBY) 250.70p -0.91% |
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| | UK Event Calendar | | Tuesday July 29
INTERIMS
BP, Brammer, Circassia Pharmaceuticals, Domino's Pizza Group, Drax Group, GKN, Hutchison China Meditech Ltd, Informa, Jardine Lloyd Thompson Group, Marsh & Mclennan Cos Inc., Pace, St James's Place, Synectics, Tullett Prebon, Tyman
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Consumer Confidence (US) (15:00)
Q2
BP, Marsh & Mclennan Cos Inc.
FINALS
PZ Cussons
IMSS
Greencore Group
AGMS
Acal, Byotrol, Halfords Group, Plastics Capital, Ventus 2 VCT, Ventus 2 VCT 'C' Shares, Ventus VCT, Vodafone Group
TRADING ANNOUNCEMENTS
Gem Diamonds Ltd. (DI), Next
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
Aurora Investment Trust, Coca-Cola HBC AG (CDI), Electrocomponents, Vertu Motors
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise on back of gains in Asia - Japanese data mixed
- UK mortgage approvals data to be released
- US consumer confidence report due
- FOMC policy decision looms
FTSE 100: 0.29%
DAX: 0.01%
CAC 40: 0.03%
FTSE MIB: 0.07%
IBEX 35: 0.03%
Stoxx 600: 0.09%
European stocks rebounded from a two-day drop on the back of gains in Asia overnight.
Japan's Nikkei jumped to a four-month high while China's Shanghai composite reached a seven-month high and Hong Kong's Hang Seng hit a near four-year high.
Data in Japan last night was mixed with better-than-forecast household spending and small business confidence figures but an unexpected rise in the jobless rate.
Today's agenda includes the release of UK mortgage approvals and US consumer confidence reports.
Alpari UK analyst Craig Erlam said there was a "real lack of drivers to come today" with the economic calendar looking very bare.
The pace is set to pick up tomorrow when the Federal Reserve announces its latest policy decision. The central bank is expected to slash a further $10bn off monthly bond purchases and to keep its interest rate unchanged.
With a lack of data being released today, the focus is on the earnings session.
BP provided a boost to the market after the oil producer reported a 34% jump in first half profit to $3.64bn that beat analysts' estimates.
Ferrovial rallied after the Spanish construction company posted a drop in first half net income that exceeded forecasts. The firm also said it will spend up to €350m to purchase its own shares.
The euro fell 0.02% to $1.3437.
Brent crude futures rose 0.213% to $107.86 per barrel, according to the ICE. |
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| | US Market Report | | US close: Mixed finish for stocks after housing, PMI data - Mixed finish for indices
- Pending home sales weaker than expected
- Services PMI beats expectations
Dow Jones Industrials: 0.13%
Nasdaq Composite: -0.11%
S&P 500: 0.03%
It was a turbulent session for US stock markets, which ultimately ended in a mixed fashion following the release of soft existing homes data and a raft of corporate news.
The Dow Jones rose 22.02 points to end at 16,982.59, the Nasdaq closed down 4.66 at 4,444.91 and the S&P 500 inched 0.57 points higher at 1,978.91.
In their first drop seen in four months, pending home sales fell 1.1% from a month earlier after rising 6% in May, according to the National Association of Realtors. Analysts had forecast a rise of 0.5%.
Jasper Lawler, a Market Analyst at CMC Markets UK, said: "New Homes sales were a disappointment last week in what some saw as a resurgent US housing market; today's pending home sales suggest a more broad-based problem in the housing market recovery before it even go going again."
For its part, Barclays Research believes the report "suggests the rebound in existing home sales following previous weather-related softness is complete, implying less momentum to sales in the third quarter".
In more positive news for investors, Markit's purchasing managers' index for services in the US remained at 61 in July, beating analysts' estimates for a drop to 59.8. A reading above 50 indicates expansion in the industry.
Meanwhile, the Dallas Fed's Manufacturing Activity gauge rose to 12.7 in July from 11.4 in June, falling short of expectations for an increase to 12.8.
The data comes ahead of the Federal Reserve's latest policy announcement and the US monthly jobs report.
"Quite often, the week of the jobs report can see traders sitting on the fence a little, unsure over what the events will mean for the US recovery and how it will be received by the markets," said Alpari UK analyst Craig Erlam.
"We are fast approaching the point when I expect strong data to be greeted negatively on fears of an earlier rate hike from the Fed."
M&A activity fails to provide boost
An announcement from Dollar Tree of its intention to buy fellow retail chain Family Dollar Stores for $74.50 per share sent the latter almost 25% higher but did little to excite the wider market.
Zillow recovered from an earlier fall to end higher following its announcement that it would buy rival real-estate website Trulia for $3.5bn in stock, sending shares in the latter higher.
Meanwhile, the homes sales data pushed housing stocks lower.
Herbalife fell ahead of the release of its latest earnings.
Micron Tech was pushed lower following a round of profit taking which came after a 30% leap in the value of the shares in the last three months, helped by its most recent set of quarterly figure, which came in ahead of expectations.
In other markets, crude oil futures ended 0.04% lower at $101.63 per barrel on the New York Marcantile Exchange.
S&P 500 - Risers
Family Dollar Stores Inc. (FDO) $75.74 +24.86%
Roper Industries Inc. (ROP) $148.26 +3.85%
Wynn Resorts Ltd. (WYNN) $210.97 +3.18%
C.R. Bard Inc. (BCR) $153.13 +2.88%
Alcoa Inc. (AA) $17.01 +2.72%
American Electric Power Co. Inc. (AEP) $54.65 +2.69%
Tyson Foods Inc. (TSN) $40.56 +2.58%
Crown Castle International (CCI) $74.95 +2.38%
First Solar Inc. (FSLR) $65.53 +2.31%
Public Service Enterprise Group Inc. (PEG) $37.79 +2.30%
S&P 500 - Fallers
Micron Technology Inc. (MU) $31.98 -4.31%
Cummins Inc. (CMI) $145.35 -3.20%
Masco Corp. (MAS) $20.27 -3.01%
Monster Beverage Corp (MNST) $65.00 -3.00%
VeriSign Inc. (VRSN) $53.97 -2.91%
Kansas City Southern (KSU) $111.03 -2.82%
Allegion (ALLE) $53.57 -2.78%
Electronic Arts Inc. (EA) $35.09 -2.64%
Alexion Pharmaceuticals Inc. (ALXN) $162.74 -2.57%
Walgreen Co. (WAG) $71.45 -2.51%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $85.75 +1.26%
Exxon Mobil Corp. (XOM) $104.37 +1.15%
Walt Disney Co. (DIS) $87.15 +1.07%
Nike Inc. (NKE) $78.40 +0.87%
International Business Machines Corp. (IBM) $195.78 +0.71%
E.I. du Pont de Nemours and Co. (DD) $65.32 +0.60%
Verizon Communications Inc. (VZ) $51.58 +0.59%
Goldman Sachs Group Inc. (GS) $175.95 +0.31%
AT&T Inc. (T) $35.65 +0.31%
JP Morgan Chase & Co. (JPM) $59.19 +0.31%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $43.97 -1.19%
Coca-Cola Co. (KO) $40.68 -0.78%
General Electric Co. (GE) $25.59 -0.78%
Caterpillar Inc. (CAT) $104.15 -0.67%
Procter & Gamble Co. (PG) $79.26 -0.38%
Wal-Mart Stores Inc. (WMT) $75.71 -0.34%
Merck & Co. Inc. (MRK) $57.97 -0.31%
Pfizer Inc. (PFE) $30.10 -0.30%
Visa Inc. (V) $214.22 -0.26%
Chevron Corp. (CVX) $133.24 -0.25%
Nasdaq 100 - Risers
Sba Communications Corp. (SBAC) $106.67 +3.34%
Wynn Resorts Ltd. (WYNN) $210.97 +3.18%
Maxim Integrated Products Inc. (MXIM) $30.25 +2.96%
Citrix Systems Inc. (CTXS) $68.64 +1.89%
Gilead Sciences Inc. (GILD) $91.46 +1.80%
Activision Blizzard Inc. (ATVI) $23.37 +1.68%
Western Digital Corp. (WDC) $100.81 +1.46%
Apple Inc. (AAPL) $99.02 +1.38%
Dollar Tree Inc (DLTR) $54.87 +1.20%
Texas Instruments Inc (TXN) $47.35 +1.13%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $31.98 -4.31%
Monster Beverage Corp (MNST) $65.00 -3.00%
Illumina Inc. (ILMN) $166.08 -2.89%
Alexion Pharmaceuticals Inc. (ALXN) $162.74 -2.57%
Mylan Inc. (MYL) $50.53 -2.34%
Sirius XM Holdings Inc (SIRI) $3.38 -1.74%
Altera Corp. (ALTR) $33.02 -1.37%
Expeditors International Of Washington Inc. (EXPD) $44.86 -1.23%
Microsoft Corp. (MSFT) $43.97 -1.19%
Amazon.Com Inc. (AMZN) $320.41 -1.11% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Lloyds, Tesco, Tax inversion... Lloyds Banking Group has been accused of unlawful behaviour by the Bank of England after it emerged its traders had manipulated interest rates in order to cut fees for its emergency lifeline at the height of the financial crisis. [[...] The revelations unleashed an angry attack by Mark Carney, the Bank of England's governor, who said: "Such manipulation is highly reprehensible, clearly unlawful and may amount to criminal conduct on the part of the individuals involved." - The Guardian
Fresh doubts over Philip Clarke's strategy at Tesco were raised yesterday after the surprise resignation of the founders of the Giraffe restaurant chain acquired by the supermarket last year for almost £50 million. Only a week after Mr Clarke's abrupt ousting as chief executive, the retail giant has parted company with Juliette and Russel Joffe, who said it had been "an incredibly emotional decision to step away from our business". The news led to further questioning of Mr Clarke's strategy of trying to turn some large Tesco Extra stores into retail destinations with high street names including Giraffe family restaurants, Harris + Hoole coffee shops and Euphorium bakeries. - The Times
US politicans are to unveil proposals to block American companies from winning government contracts if they move their tax headquarters overseas, unless they can show they have substantial business in their new "host" country. The new legislation comes just days after President Barack Obama attacked US firms seeking to reduce their tax bills by buying European businesses as "corporate deserters" who show a lack of "economic patriotism". - The Telegraph
Families setting off on summer holiday breaks have been given some welcome news in the form of supermarket petrol price cuts. Asda, Sainsbury's and Tesco are all reducing the cost of their petrol and diesel by 2p a litre from Tuesday. Asda's customers will pay no more than 126.7p a litre for petrol and 129.7p a litre for diesel, its lowest price since January 2011. Asda said the pound's increasing strength against the dollar had been the key driver of the cuts. - The Guardian
Agents have been appointed to sell the "Gherkin" skyscraper in what will be one of the most closely watched property sales in the Square Mile for years. Savills and Deloitte Real Estate are expected to be confirmed this morning as the appointed sales advisers for the building, which collapsed into receivership in April when a group of banks, owed more than £500 million, lost patience with the owners. - The Times
Sterling is "overvalued" and this may hamper efforts to rebalance the British economy, the International Monetary Fund has warned the Chancellor. In an otherwise-optimistic annual assessment of the UK economy, the IMF told George Osborne that the pound was 5pc to 10pc overvalued. This could hit exporters and take some of the steam out of the improving economy - the fastest growing among the world's largest countries, according to the fund. - The Telegraph
Confidence that the coming months will be a good time to buy a home has slipped back to its lowest levels in at least three years amid growing concerns over spiralling property prices and the prospect of interest rates rising, according to a consumer survey. London and the South East were identified as the places where people were most likely to feel negative about buying a property in the next 12 months, while those living in Scotland and the North East were the most positive, according to Halifax's quarterly Housing Market Confidence tracker. - The Daily Mail | | |
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