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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 stocks rebound from four-month low - FTSE 100 gains after hitting lowest since 15 April
- Israel, Hamas agree to 72-hour ceasefire
- Chinese inflation unchanged in July
- Centrica falls on EDF outage, Balfour rejects Carillion
techMARK 2,712.26 +0.67%
FTSE 100 6,607.04 +0.60%
FTSE 250 15,355.95 +0.74%
UK stocks rebounded on Monday morning as investors hunted for bargains after the FTSE 100 hit a four-month low last week.
The Footsie was trading 0.6% higher at 6,607 in early trading.
The index fell to 6,567.36 by Friday's close, its lowest finish since 15 April, following three straight days of losses.
A 72-hour ceasefire in Gaza helped sentiment slightly after mediation by Egypt over the weekend. The truce follows heavy fighting between Hamas and Israel over the past month, which has led to the deaths of over 2,000 people.
However, tensions in Iraq, Ukraine and Russia will continue to be watched closely by the markets this week. According to analyst Giuseppe Maraffino from Barclays, despite the improved mood on the market, "geopolitical uncertainty is likely to persist and to weigh again on market sentiment and risky assets in the very near term".
While the macro data calendar for Monday looks pretty thin, investors will be looking ahead to gross domestic product figures from Japan, Chinese and US retail sales, UK unemployment and the Bank of England's Inflation Report over the coming days.
Over the weekend it was announced that Chinese consumer price inflation remained at 2.3% in July, well below the 3.5% government target, sparking strong gains on Asian markets overnight. "The bulls may argue that this creates some headroom for policy to remain loose," according to Deutsche Bank.
Centrica falls on EDF outage
Centrica declined after saying earnings this year will be affected by a reduction in output from EDF Energy's nuclear power stations, in which it owns a 20% stake. The outage will reduce earnings per share in 2014 "by around 0.3p per share", it said.
Construction group Balfour Beatty advanced after rebuffing another takeover proposal from rival Carillion over a row about Balfour's plan to sell its US Parsons Brinckerhoff subsidiary.
Meanwhile, Balfour, which has struggled after profit warnings triggered the departure of its chief executive, unveiled results for the six months to 27 June which it said matched guidance in its most recent trading update.
Precious metal miners Fresnillo and Randgold declined early on as gold and silver prices fell on lower safe-haven demand.
Nevertheless, the wider mining sector was performing well on Monday with heavyweights such as Rio Tinto and Anglo American making gains.
Interim results from chemicals firm Synthomer were taken positively by the market after the company hiked its dividend by 25% despite a fall in sales and profits in the first half. |
| FTSE 100 - Risers
Smith & Nephew (SN.) 1,015.00p +2.99%
Ashtead Group (AHT) 887.50p +2.07%
Rio Tinto (RIO) 3,442.00p +1.83%
London Stock Exchange Group (LSE) 1,893.00p +1.83%
Schroders (SDR) 2,253.00p +1.81%
Mondi (MNDI) 1,019.00p +1.80%
ITV (ITV) 205.20p +1.68%
Sports Direct International (SPD) 668.50p +1.67%
Persimmon (PSN) 1,237.00p +1.64%
easyJet (EZJ) 1,248.00p +1.63%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 5,040.00p -1.37%
Fresnillo (FRES) 999.00p -1.28%
Morrison (Wm) Supermarkets (MRW) 167.50p -1.24%
Friends Life Group Limited (FLG) 316.20p -0.97%
Royal Mail (RMG) 424.10p -0.56%
Centrica (CNA) 306.30p -0.52%
Legal & General Group (LGEN) 236.90p -0.38%
Royal Bank of Scotland Group (RBS) 344.70p -0.26%
Tullow Oil (TLW) 708.50p -0.21%
Aggreko (AGK) 1,697.00p -0.18%
FTSE 250 - Risers
Synthomer (SYNT) 218.10p +4.91%
Enterprise Inns (ETI) 117.60p +3.16%
Ocado Group (OCDO) 340.00p +3.06%
Michael Page International (MPI) 446.50p +2.88%
Thomas Cook Group (TCG) 118.40p +2.78%
Just Retirement Group (JRG) 153.10p +2.41%
Victrex plc (VCT) 1,710.00p +2.27%
Smith (DS) (SMDS) 272.70p +2.25%
Elementis (ELM) 282.70p +2.24%
Pace (PIC) 312.10p +2.09%
FTSE 250 - Fallers
Drax Group (DRX) 638.50p -1.92%
Fidessa Group (FDSA) 2,153.00p -1.91%
Alent (ALNT) 338.20p -1.71%
COLT Group SA (COLT) 134.60p -1.68%
PayPoint (PAY) 1,025.00p -1.54%
Redefine International (RDI) 50.95p -1.36%
Barr (A.G.) (BAG) 640.00p -1.23%
Spirent Communications (SPT) 96.50p -1.08%
F&C Commercial Property Trust Ltd. (FCPT) 123.20p -1.04% |
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| | UK Event Calendar | | Monday August 11
INTERIMS
Grupo Clarin SA GDR (Reg S), Huntsworth, Photonstar LED Group, Planet Payment Inc., SVG Capital, Synthomer
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
Q2
Grupo Clarin SA GDR (Reg S), Planet Payment Inc.
ANNUAL REPORT
Bailey (C.H.)
IMSS
Mitie Group
EGMS
Infrastructure India
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as Russia ends military drills - Russia ends military drills
- Iraqi Shi ites to elect PM
- Gaza ceasefire under watch
FTSE 100: 0.75%
DAX: 1.39%
CAC 40: 0.94%
FTSE MIB: 1.56%
IBEX 35: 1.26%
Stoxx 600: 1.12%
European stocks gained on Monday after Russia said it had ended military exercises near Ukraine's border.
Russia's Defence Ministry on Friday said it had returned its armed forces to their bases. Inferfax reported that troops and planes had ended military drills held at the Ashuluk firing range in the Astrakhan region.
Tensions in Israel and Iraq will also be in focus on Monday with the economic data calendar thin on the ground. A three-day ceasefire in Gaza was agreed on Sunday
Meanwhile, the Iraqi Prime Minister (PM) Nuri al-Maliki, who is under pressure to give up his bid for a third term, deployed troops in Baghdad on Sunday. A bloc comprising Iraqi's largest Shi'ite parties is close to nominating a new PM to challenge Maliki.
"Although the stories in Iraq, Russia and Ukraine are likely to continue to dominate news agenda's across the globe there is a whole host of economic data due for release this week, with Wednesday the busiest day by far," said Alpari UK analyst James Hughes.
Wednesday's agenda includes the release of Chinese industrial production and retail sales data, German inflation, UK employment figures and a US retail sales report.
On the company front Banco Popolare advanced after the Italian lender unexpectedly posted a profit in the second quarter.
Balfour Beatty rallied after rejecting a revised merger proposal from Carillion.
The euro fell 0.10% to $1.3397.
Brent crude futures fell 0.2% to $104.81 per barrel, according to the ICE. |
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| | US Market Report | | US close: Dow Jones in the blue on positive reports out of Russia - RIA Novosti: Russia seeks to de-escalate tensions with Ukraine
- Interfax: Russian military manoeuvres have concluded
- Dow Jones Industrials manages positive finish to the week
Dow Jones: 1.13%
Nasdaq Composite: 0.83%
S&P 500: 1.15%
US equities bounced back on the final day of the week following a report that Russia might be seeking to de-escalate tensions near its western border.
Another report from Interfax citing Russia's Ministry of Defence said that military manoeuvres near the border with Ukraine were now over.
The Dow Jones Industrials Average finished the session 1.13% lower at 16,554, thus avoiding a negative finish for the week, while the S&P 500 ended the day down by 1.15% at 1,932.
The Dow Jones Industrial Average had dropped to a 15-week low in the previous session.
US President Barack Obama said overnight that America could not turn a "blind eye" to what he called a "potential act of genocide" of the Yazidi people, as he announced targeted strikes on Islamic State fighters.
Meanwhile, the ending of a three-day ceasefire in Gaza was weighing on market sentiment.
First quarter unit labour costs revised sharply higher
Non-farm labour productivity grew at an annualised 2.5% in the second quarter of the year (consensus: 1.6%) while unit labour costs edged higher by 0.6%. The estimate for the rate of growth in first quarter unit labour costs however was revised sharply higher, to show a gain of 11.8% (previous: 5.7%).
Wholesale inventories expanded at a 0.3% month-on-month clip in June (consensus: 0.7%). The previous month's reading was revised to show a rise of 0.3%, instead of the initial estimate of 0.5%.
JP Morgan lowered its forecast for the rate of growth of the US economy in the second quarter to 3.9% from 4.2% in the wake of the above figures.
McDonald's bounces back
McDonald's shares managed to recover from earlier weakness after saying that supply issues in China could affect full-year sales. Same-store sales across the Asia Pacific, Middle East and Africa region were down 7.3% in July. The stock price was up 0.26% at the end of trading.
From a sector standpoint the best performance was seen in the following sectors: Apparel retailers (2.87%), Home improvement retailers (2.79%) and Gas distribution (2.72%).
Other asset classes calm
Front month West Texas crude futures edged higher by 0.01% to the $97.35/barrel mark on the NYMEX.
Yields on 10-year Treasuries were flat at 2.42%.
S&P 500 - Risers
Nvidia Corp. (NVDA) $19.00 +8.82%
Monster Beverage Corp (MNST) $69.45 +6.68%
Twenty-First Century Fox Inc Class A (FOXA) $34.37 +6.31%
Gap Inc. (GPS) $42.57 +5.90%
Coach Inc. (COH) $36.71 +5.43%
PVH Corp. (PVH) $114.43 +4.46%
Allegheny Technologies Inc. (ATI) $40.36 +4.29%
L Brands Inc (LB) $63.20 +4.26%
CBS Corp. (CBS) $59.23 +4.09%
Whirlpool Corp. (WHR) $148.15 +3.91%
S&P 500 - Fallers
Discovery Communications Inc. Class A (DISCA) $42.28 -49.07%
Computer Sciences Corp. (CSC) $57.50 -6.24%
Keurig Green Mountain Inc (GMCR) $113.20 -4.18%
Expedia Inc. (EXPE) $82.55 -1.55%
News Corp Class A (NWSA) $17.15 -1.55%
Mylan Inc. (MYL) $45.85 -1.38%
Cablevision Systems Corp. (CVC) $17.99 -0.99%
Netflix Inc. (NFLX) $445.85 -0.85%
Frontier Communications Co. (FTR) $6.35 -0.78%
NRG Energy Inc. (NRG) $29.62 -0.70%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $82.43 +2.44%
Goldman Sachs Group Inc. (GS) $172.26 +1.87%
Chevron Corp. (CVX) $127.86 +1.76%
American Express Co. (AXP) $87.47 +1.69%
United Technologies Corp. (UTX) $105.96 +1.67%
Merck & Co. Inc. (MRK) $56.55 +1.64%
Walt Disney Co. (DIS) $86.85 +1.57%
Exxon Mobil Corp. (XOM) $99.74 +1.50%
Caterpillar Inc. (CAT) $103.28 +1.31%
International Business Machines Corp. (IBM) $186.63 +1.26%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $32.60 -0.24%
Microsoft Corp. (MSFT) $43.20 -0.07%
Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $19.00 +8.82%
Monster Beverage Corp (MNST) $69.45 +6.68%
Twenty-First Century Fox Inc Class A (FOXA) $34.37 +6.31%
Illumina Inc. (ILMN) $167.45 +5.20%
Ross Stores Inc. (ROST) $66.75 +3.26%
Sba Communications Corp. (SBAC) $110.49 +3.18%
Wynn Resorts Ltd. (WYNN) $200.72 +2.84%
O'Reilly Automotive Inc. (ORLY) $152.66 +2.55%
Vimpelcom Ltd Ads (VIP) $8.20 +2.50%
Sirius XM Holdings Inc (SIRI) $3.44 +2.38%
Nasdaq 100 - Fallers
Discovery Communications Inc. Class A (DISCA) $42.28 -49.07%
Keurig Green Mountain Inc (GMCR) $113.20 -4.18%
Activision Blizzard Inc. (ATVI) $22.54 -1.79%
Tesla Motors Inc (TSLA) $248.13 -1.69%
Vodafone Group Plc ADS (VOD) $32.18 -1.59%
Expedia Inc. (EXPE) $82.55 -1.55%
Mylan Inc. (MYL) $45.85 -1.38%
Charter Communications Inc. (CHTR) $152.04 -1.12%
Dish Network Corp. (DISH) $62.60 -0.97%
Netflix Inc. (NFLX) $445.85 -0.85% |
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| | Newspaper Round Up | | Monday newspaper round-up: Iraq, Balfour-Carillion, BoE... The United States is exploring options to evacuate thousands of Iraqi civilians trapped on a mountain in northern Iraq by Islamic militants after four nights of humanitarian relief airdrops, officials in Washington said. At least half of the 40,000 people besieged by jihadists on Mount Sinjar had escaped by Sunday night, aided by Kurdish rebels who crossed from Syria to rescue them. - The Guardian
Construction rivals Balfour Beatty and Carillion have reignited talks about a potential £3bn tie-up after a fiery breakdown in negotiations a fortnight ago. Carillion is understood to have made some concessions to lure Balfour's chairman Steven Marshall back to the table and the two sides have resumed contact. - The Telegraph
The Bank of England will deliver its strongest signal yet that interest rates are likely to rise by early next year when it publishes its latest outlook on the economy this week. The central bank is expected to endorse market forecasts for the first rate increase at Wednesday's quarterly Inflation Report. In the past three months, traders have brought forward their prediction from May to February. Economists think that Mark Carney, the governor, will also leave the door open to a possible increase before the end of the year. - The Times
Israel and Hamas agreed to an Egyptian proposal for a new 72-hour ceasefire on Sunday night in a last-ditch attempt to avert a lengthy war in Gaza.Though most people in the coastal enclave welcomed the prospect of relief from the conflict, few expressed much optimism that any new pause - the eighth attempt at ending the fighting - would last. - The Guardian
Oil tycoon Alasdair Locke is understood to have struck a £200 million deal to acquire a chain of petrol stations from US-based Murphy Oil Corporation, which last month agreed to sell its troubled Welsh refinery as it retreats from the UK. - The Scotsman
Alex Salmond has admitted there is no acceptable 'Plan B' if an independent Scotland is barred from using the British pound. The First Minister said dropping the pound 'implies settling for what's second best' - but still insisted there will be a deal on a currency union with the rest of the UK. His admission came as Labour leader Ed Miliband revealed he will campaign against a currency union in the event of a 'yes' vote. - The Daily Mail | | |
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