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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: FTSE 100 rises for third day, BHP gains - Stocks set to close at highest level this month
- Stimulus bets continue to drive gains
- Putin comments help sentiment, but developments closely watched
- BHP Billiton considering demerger of assets
techMARK 2,756.41 +0.25%
FTSE 100 6,717.11 +0.48%
FTSE 250 15,732.60 +0.36%
Stocks rose strongly on Friday morning with the FTSE 100 heading for its third straight gain as speculation of further central bank stimulus worldwide continued to lift sentiment in spite of ongoing geopolitical uncertainty.
London's benchmark index was up 0.5% at 6,717 in early trading, heading for a weekly gain of around 2.3%, with BHP Billiton leading the heavyweight mining sector higher. The last time the Footsie closed higher was on 31 July when it settled at 6,730.11.
Disappointing indicators from China and a stagnation in Europe has spurred hopes in recent days that policymakers will step in to give growth a boost. Easing concerns about an early rate hike by the Bank of England were also supporting stocks after the central bank warned on weak wage growth in the UK.
Comments on Thursday from Russian President Vladimir Putin about ending the crisis in Ukraine were also helping investor risk appetite in London, as well as the resignation of Iraq Prime Minister Nouri Maliki overnight as he supported the formation of a new government.
However, markets were keeping a close eye on developments in Ukraine as a result of reports of armoured personnel vehicles crossing the border from Russia amid an ongoing row over Moscow sending a convoy of humanitarian aid.
The second estimate of UK gross domestic product (GDP) for the second quarter will be released on Friday on an otherwise quiet day for European economic data. GDP is expected to have expanded 3.1% in the second quarter, in line with the preliminary estimate.
Meanwhile in the States, the producer price index, Empire State manufacturing, industrial production and University of Michigan consumer confidence figures will keep US investors busy later on.
BHP gains on demerger comments
BHP Billiton shares jumped after the company said that it is considering a demerger of certain assets in an effort to make the business "simpler and more productive".
The company, which is the largest mining company in the world by revenues, is currently undergoing its "next phase of simplification" and will update the market after the board reconvenes next week.
Other miners such as Rio Tinto and Glencore were also performing well early on.
Construction group Balfour Beatty was flat after again rejecting Carillion's takeover proposal, branding it "opportunistic" and accusing Carillion of wanting to reduce Balfour's UK construction revenues by up to two-thirds. Carillion's shares were firmly lower in morning trade. |
| FTSE 100 - Risers
BHP Billiton (BLT) 2,080.00p +2.69%
BG Group (BG.) 1,181.50p +2.16%
Smiths Group (SMIN) 1,281.00p +2.07%
Johnson Matthey (JMAT) 3,135.00p +1.72%
Tesco (TSCO) 248.40p +1.31%
Rio Tinto (RIO) 3,419.50p +1.29%
Barratt Developments (BDEV) 354.80p +1.05%
Glencore (GLEN) 364.45p +1.05%
United Utilities Group (UU.) 875.00p +1.04%
International Consolidated Airlines Group SA (CDI) (IAG) 335.20p +0.99%
FTSE 100 - Fallers
Shire Plc (SHP) 4,821.00p -0.66%
Legal & General Group (LGEN) 238.30p -0.42%
Pearson (PSON) 1,116.00p -0.36%
Aggreko (AGK) 1,714.00p -0.35%
HSBC Holdings (HSBA) 649.50p -0.29%
Weir Group (WEIR) 2,610.00p -0.23%
G4S (GFS) 266.10p -0.19%
Smith & Nephew (SN.) 1,039.00p -0.19%
Intu Properties (INTU) 336.10p -0.18%
easyJet (EZJ) 1,287.00p -0.16%
FTSE 250 - Risers
Tullett Prebon (TLPR) 283.30p +3.89%
Premier Oil (PMO) 336.60p +3.09%
EnQuest (ENQ) 122.90p +2.85%
Perform Group (PER) 212.10p +2.46%
COLT Group SA (COLT) 144.20p +2.34%
Dunelm Group (DNLM) 866.00p +2.30%
Ophir Energy (OPHR) 216.20p +2.13%
Brewin Dolphin Holdings (BRW) 294.80p +1.94%
Infinis Energy (INFI) 217.20p +1.83%
Rank Group (RNK) 171.80p +1.78%
FTSE 250 - Fallers
Just Eat (JE.) 244.50p -6.68%
SVG Capital (SVI) 405.00p -5.70%
Carillion (CLLN) 336.50p -2.97%
Millennium & Copthorne Hotels (MLC) 589.00p -2.24%
Hochschild Mining (HOC) 166.00p -1.78%
Centamin (DI) (CEY) 68.80p -1.57%
Renishaw (RSW) 1,665.00p -1.48%
IP Group (IPO) 197.30p -1.10%
TalkTalk Telecom Group (TALK) 300.30p -0.99% |
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| | UK Event Calendar | | Friday August 15
INTERIMS
Alpha Pyrenees Trust Ltd.
INTERIM DIVIDEND PAYMENT DATE
Chemring Group, Domino Printing Sciences, Frenkel Topping Group, Safestore Holdings, Sanderson Group
QUARTERLY PAYMENT DATE
Abbott Laboratories, Marsh & Mclennan Cos Inc.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Capacity Utilisation (US) (16:15)
Industrial Production (US) (16:15)
Producer Price Index (US) (13:30)
U. of Michigan Confidence (Prelim) (US) (14:55)
GMS
Kazakhmys
IMSS
Alpha Real Trust Ltd.
AGMS
Heath (Samuel) & Sons, iEnergizer Ltd., Terra Capital
UK ECONOMIC ANNOUNCEMENTS
GDP (output, income & expenditure) (09:30)
Index of Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Amati VCT , Braemar Shipping Services, ECO Animal Health Group, Energy Technique, F&C Global Smaller Companies, Hansa Trust, Investec, Majestic Wine, Martin Currie Pacific Trust, Naibu Global International Company, Plastics Capital, SABMiller |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mostly higher ahead of UK GDP - UK GDP in focus
- US consumer confidence data due
- Geopolitical tensions continue
FTSE 100: 0.49%
DAX: 0.26%
CAC 40: 0.20%
FTSE MIB: 0.29%
IBEX 35: 0.07%
Stoxx 600: 0.37%
European stocks were mostly higher on Friday as investors awaited reports on UK economic growth and US consumer confidence.
UK gross domestic product (GDP) is expected to rise 3.1% year-on-year in the second quarter, in line with the previous quarter.
It comes after the Bank of England lifted its forecasts for growth this year to 3.5% from 3.4%, and for 2015 it estimated growth of 3% up from 2.9%, in its Inflation Report on Wednesday.
It also follows Thursday's Eurozone GDP which rose 0.7% year-on-year in the second quarter, as expected, following a 0.9% increase the previous quarter.
In the US later on Friday the University of Michigan releases its consumer confidence data. The US consumer confidence index is expected to rise to 82.5 in August versus the previous month's 81.8.
Meanwhile, investors will keep their eye on geopolitical movements in Iraq, Ukraine and Gaza.
On the company front, BHP Billiton advanced after proposing to spin off minor businesses to focus on four main products.
Hennes & Mauritz gained after the operator of H&M clothing stores reported July sales that exceeded estimates.
The euro climbed 0.6% to $1.3373.
Brent crude futures increased 0.3% to $102.38 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks edge higher after remarks from Putin - Equities gain following Putin remarks
- Large fall in oil futures
- Airlines, Brewers and consumer electronics lead gains
Dow Jones Industrials: 0.37%
Nasdaq Composite: 0.43%
S&P 500: 0.43%
US stocks ended the session with modest gains amid speculation that the turmoil in Ukraine will not escalate.
Russian President Vladimir Putin said Russia will do everything it can to stop the conflict in eastern Ukraine.
Speaking to Russian ministers and members of parliament in Crimea, Putin said the nation would stand up for itself but not at the expense of confrontation with the rest of the world.
"We must calmly, with dignity and effectively, build up our country, not fence it off from the outside world," Putin said, according to Reuters. "We need to consolidate and mobilise but not for war or any kind of confrontation [...] for hard work in the name of Russia."
Unemployment claims surprise to the upside
Back in the US, the Labor Department revealed applications for unemployment benefits Stateside rose more than forecast in the week ended 9 August. Jobless claims climbed by 21,000 to 311,000, the highest in six weeks, after a print of 290,000 a week earlier. Economists had predicted 295,000 claims.
"While the latest reading on initial claims was higher than expected, the four-week average has risen only slightly from the eight-year low reached last week, and the level of continuing claims remains low," Barclays Research said. "Thus, we still would view the claims data as consistent with a labour market that is improving."
Import prices declined by 0.2% month-on-month in July (consensus: -0.3%).
Acting as a backdrop, oil was moving quickly to the downside again as sellers continued to step in on the heels of weak economic growth data in France and Germany published earlier in the day. As well, reports that the west might act to arm Iraqi kurds may have also have added to the downward pressures on prices.
Oil equipment stocks lead fallers
In corporate news, Kohl's Corp. rallied after the department-store chain reported second quarter results that exceeded analysts' estimates.
Cisco slumped as the world's largest networking-equipment maker said it would cut another 6,000 jobs after reporting a fall in fourth quarter income.
Wal-Mart Stores declined after the world's largest retailer reported stagnant same-store sales in the last quarter and cut its 2014 profit forecast due to slow traffic at its supercenters.
From a sector standpoint the biggest gains were seen in the following sectors: Brewers (2.83%), Airlines (2.47%) and Consumer electronics (2.07%). Oil equipment stocks led fallers, moving down by 1.85% as a group.
Crude futures slip below 200-day moving average again
Front month West Texas crude futures were lower by $1.72 to $95.58/barrel on the NYMEX.
US 10-year Treasury bond yields were up by one basis point at 2.41%.
S&P 500 - Risers
Perrigo Company plc (PRGO) $149.29 +7.29%
NetApp Inc. (NTAP) $41.35 +5.22%
Alexion Pharmaceuticals Inc. (ALXN) $168.89 +5.15%
Amgen Inc. (AMGN) $131.86 +4.39%
Amazon.Com Inc. (AMZN) $333.21 +4.35%
Avago Technologies Ltd. (AVGO) $73.84 +3.78%
Biogen Idec Inc. (BIIB) $337.01 +3.71%
Kohls Corp. (KSS) $56.91 +3.27%
Molson Coors Brewing Co. Class B (TAP) $74.90 +3.24%
Time Warner Inc. (TWX) $76.52 +3.18%
S&P 500 - Fallers
Nabors Industries Ltd. (NBR) $25.74 -4.10%
Helmerich & Payne Inc. (HP) $98.63 -3.55%
Halliburton Co. (HAL) $67.34 -3.16%
Baker Hughes Inc. (BHI) $66.82 -3.02%
Juniper Networks Inc. (JNPR) $23.00 -2.46%
Cisco Systems Inc. (CSCO) $24.54 -2.43%
Pioneer Natural Resources Co. (PXD) $200.07 -2.35%
Eog Resources Inc. (EOG) $103.93 -2.28%
Cimarex Energy Co (XEC) $133.22 -2.14%
National Oilwell Varco Inc. (NOV) $80.77 -1.76%
Dow Jones I.A - Risers
Intel Corp. (INTC) $33.94 +2.44%
Pfizer Inc. (PFE) $28.73 +1.84%
Boeing Co. (BA) $124.11 +1.75%
Merck & Co. Inc. (MRK) $58.78 +1.61%
Walt Disney Co. (DIS) $88.61 +1.15%
Travelers Company Inc. (TRV) $92.22 +1.04%
Home Depot Inc. (HD) $83.86 +0.89%
AT&T Inc. (T) $34.91 +0.63%
Coca-Cola Co. (KO) $40.18 +0.60%
Procter & Gamble Co. (PG) $81.95 +0.58%
Dow Jones I.A - Fallers
Cisco Systems Inc. (CSCO) $24.54 -2.43%
Chevron Corp. (CVX) $126.96 -0.50%
McDonald's Corp. (MCD) $93.66 -0.32%
American Express Co. (AXP) $87.27 -0.15%
International Business Machines Corp. (IBM) $187.88 -0.04%
Nasdaq 100 - Risers
NetApp Inc. (NTAP) $41.35 +5.22%
Alexion Pharmaceuticals Inc. (ALXN) $168.89 +5.15%
Amgen Inc. (AMGN) $131.86 +4.39%
Amazon.Com Inc. (AMZN) $333.21 +4.35%
Liberty Media Corporation - Class A (LMCA) $48.54 +3.83%
Avago Technologies Ltd. (AVGO) $73.84 +3.78%
Biogen Idec Inc. (BIIB) $337.01 +3.71%
Illumina Inc. (ILMN) $168.01 +3.12%
Autodesk Inc. (ADSK) $56.28 +3.04%
Dish Network Corp. (DISH) $64.36 +2.93%
Nasdaq 100 - Fallers
Cisco Systems Inc. (CSCO) $24.54 -2.43%
Nvidia Corp. (NVDA) $18.80 -1.10%
Micron Technology Inc. (MU) $31.04 -1.08%
Cerner Corp. (CERN) $55.80 -1.05%
eBay Inc. (EBAY) $52.93 -0.94%
Starbucks Corp. (SBUX) $76.62 -0.80%
CH Robinson Worldwide Inc (CHRW) $67.22 -0.72%
Priceline Group Inc (PCLN) $1,284.81 -0.69%
Vodafone Group Plc ADS (VOD) $32.74 -0.58%
F5 Networks Inc. (FFIV) $114.68 -0.34% |
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| | Newspaper Round Up | | Friday newspaper round-up: Kurdish forces, SSE, Barclays David Cameron has said he is prepared to arm Kurdish forces in Iraq after a week of demands by Tory MPs and military figures for Britain to intervene in the conflict. Philip Hammond, the Foreign Secretary, is on Friday expected to tell his EU counterparts in Brussels that Britain is prepared to join France and arm the Kurds. The decision, which was made during a Cobra meeting chaired by Mr Cameron on Thursday, marks a significant escalation in Britain's involvement in the conflict. - The Daily Telegraph
Energy bills in the east Midlands and other densely populated areas could rise by up to £37 a year to reduce the cost to households of distributing energy in remote parts of the country under proposals put forward by SSE. The energy group argues that imposing one national charge for delivering electricity and gas to the home would make bills much simpler to understand than the current system, where suppliers levy 14 regional charges. - The Times
A Barclays document sent to shareholders has laid bare the full extent of the bank's legal woes, ranging from continuing court tussles over rigging interest rates to allegations of ripping off its own clients. As the bank battles to restore its tarnished reputation, the investor prospectus makes clear it faces multimillion-pound pay-outs and years of costly litigation. - The Guardian
Shrinking sales of gold jewellery across Asia and the Middle East dragged overall demand for the precious metal 16% lower in the second quarter compared to unprecedented conditions in 2013. The World Gold Council, which compiled the Gold Demand Trends report, said that the decline from 1,148 tonnes betweeen April and June last year to 964 tonnes in the second quarter should come as "no surprise given the stark contrast in conditions in the global gold market" at this time last year when gold prices fell 25% to record lows and kick-started a buying spree.- The Times
A record number of disadvantaged teenagers will be heading for university this year after an unprecedented expansion of places. With a dip in A-level grades yesterday, many leading universities lowered their entry requirements to accept applicants who had narrowly missed their targets. Experts predicted that the number of students accepted by universities this year would pass 500,000 for the first time. - The Times
Europe's biggest oil-company, Royal Dutch Shell, has been selling off non-core and less profitable businesses in a drive to shore up global profits. In the latest shake-up it has sold a 155,000 acre shale gas project in Pinedale, Wyoming, for £550m to Ultra Petroleum. - The Daily Express | | |
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