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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 rise amid Ukraine crisis talks - Crisis talks in focus in Berlin
- UK rates could rise before wage growth sets in, Carney says
- Bovis gains after strong growth in H1 profits
techMARK 2,780.09 +0.89%
FTSE 100 6,734.04 +0.67%
FTSE 250 15,757.36 +0.57%
UK stocks rose strongly on Monday on the back of a slight reduction in geopolitical risk.
Stocks had pared gains sharply late on Friday on reports that Ukraine's military had shot down Russian armoured vehicles that had crossed the border.
Nevertheless, reports of progress in crisis talks between Ukrainian Foreign Minister Pavlo Klimkin and his Russian counterpart Sergei Lavrov in Berlin were helping to lift sentiment on the markets on Monday.
The FTSE 100 was up 0.7% in early trading at 6,734.
"However, with the Russian 'aid' convoy now at the border, the situation still remains a geopolitical tinder box just waiting for the smallest ember of trouble to set things alight, so despite the positive start, caution remains high," said Jonathan Sudaria, a dealer at Capital Spreads.
UK rates, house prices
Comments from Bank of England Governor Mark Carney were also in focus for investors over the weekend after he said that the central bank may not wait for wages to grow before lifting interest rates.
In an interview with the Sunday Times, Carney said that policymakers "have to have the confidence that real wages are going to be growing sustainably" before tightening policy, but said "we don't have to wait for the fact of that turn to do so".
As such, minutes of the latest meeting of the BoE's Monetary Policy Committee due out on Wednesday will be closely watched by the market.
In other UK news, Rightmove data showed a record 2.9% month-on-month drop in asking prices across the UK in August to £262,401 as the traditional summer lull dampened demand. The London market was particularly in focus as asking prices dropped 5.9% from July to £552,783.
Bovis jumps, supermarkets fall
Bovis Homes was a high riser after seeing profits rocket in the first half with operating margins nearly five percentage points higher than last year, prompting the housebuilder to hike its interim dividend by 200%.
Pre-tax profit in the six months to 30 June totalled £49.4m, up 166% over the year before, on revenues that jumped 75% to £322.1m, as completions reached a record level and sales prices improved.
Supermarket giants Tesco and Wm Morrison were among the worst performers in early trading.
Mining group Rio Tinto edged higher after saying it will decide on the future of its majority stake in a long-dormant copper mine in Papua New Guinea.
Precious metal miners, however, such as Randgold Resources and Centamin were under pressure as gold prices fell. |
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| FTSE 100 - Risers
Hargreaves Lansdown (HL.) 1,104.00p +2.22%
ARM Holdings (ARM) 923.50p +1.82%
Aberdeen Asset Management (ADN) 432.90p +1.57%
Aggreko (AGK) 1,735.00p +1.46%
SABMiller (SAB) 3,297.50p +1.45%
Anglo American (AAL) 1,600.00p +1.43%
Associated British Foods (ABF) 2,847.00p +1.43%
Sage Group (SGE) 397.80p +1.43%
Burberry Group (BRBY) 1,479.00p +1.37%
easyJet (EZJ) 1,306.00p +1.32%
FTSE 100 - Fallers
Tesco (TSCO) 245.00p -1.21%
Barratt Developments (BDEV) 351.00p -0.82%
Randgold Resources Ltd. (RRS) 5,045.00p -0.39%
Morrison (Wm) Supermarkets (MRW) 172.60p -0.29%
Reckitt Benckiser Group (RB.) 5,275.00p -0.28%
Prudential (PRU) 1,418.50p -0.11%
FTSE 250 - Risers
Foxtons Group (FOXT) 281.40p +3.91%
St. Modwen Properties (SMP) 389.30p +3.15%
Bovis Homes Group (BVS) 825.00p +2.93%
JD Sports Fashion (JD.) 405.00p +2.79%
Afren (AFR) 106.20p +2.31%
Vedanta Resources (VED) 1,033.00p +2.08%
Man Group (EMG) 113.90p +1.88%
Aveva Group (AVV) 2,115.00p +1.88%
Imagination Technologies Group (IMG) 189.10p +1.78%
Micro Focus International (MCRO) 893.00p +1.77%
FTSE 250 - Fallers
Centamin (DI) (CEY) 63.45p -4.59%
Exova Group (EXO) 230.00p -2.13%
Perform Group (PER) 209.90p -1.96%
Riverstone Energy Limited (RSE) 899.00p -1.75%
Millennium & Copthorne Hotels (MLC) 577.00p -1.70%
PayPoint (PAY) 1,064.00p -1.48%
Homeserve (HSV) 317.70p -1.46%
Ted Baker (TED) 1,779.00p -1.39%
Diploma (DPLM) 665.00p -1.34% |
| | UK Event Calendar | | Monday August 18
INTERIMS
Amlin, Bovis Homes Group, Clarkson, Polypipe Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Wholesale Price Index (GER) (07:00)
IMSS
Essar Energy
AGMS
Northern Bear
FINAL DIVIDEND PAYMENT DATE
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as geopolitical tensions cool - Ukraine troops make breakthrough
- US widens air strikes in Iraq
FTSE 100: 0.66%
DAX: 1.46%
CAC 40: 1.31%
FTSE MIB: 1.28%
IBEX 35: 1.05%
Stoxx 600: 1.09%
European stocks gained as Ukraine's troops made a breakthrough in fighting against pro-Russian rebels.
Kiev said on Sunday that Ukrainian forces raised their national flag over a police station in the city of Luhansk where rebels had taken over for months.
It came as Ukrainian Foreign Minister Pavlo Klimkin and his Russian counterpart Sergei Lavrov made progress in talks in Berlin, according to German Foreign Minister Frank-Walter Steinmeier.
In Iraq, the US widened its air strikes and used bombers for the first time since the offensive began on 8 August to help secure the dam near Mosul, Iraq's largest northern city, that had been taken over by Kurdish forces.
Turning to Monday's agenda the economic calendar is thin on the ground.
"A lack of economic data is forcing investors to focus on the major events coming later in the week, particularly the release of the minutes from the Bank of England and Federal Reserve meetings, and the Jackson Hole symposium which will host Fed Chair Janet Yellen on Thursday and ECB President Mario Draghi on Friday," said Alpari UK analyst Craig Erlam.
"While it's difficult to pick a standout event from these, as all have great potential to create major waves in the markets, I would say Yellen's key note speech on Thursday just about takes it."
United Internet, Neste
United Internet rallied after the online-access and domain provider bought a 10.7% stake in Rocket Internet for €435m.
Neste Oil slumped as the company said production may fall due to damage to the hydrogen plant at its Porvoo refinery.
Rio Tinto gained as the miner said it is reviewing a 53.83% stake in Bougainville Copper.
Deutsche Telekom jumped on reports the phone company may buy cable providers such as Tele Columbus GmbH or Primacom.
The euro fell 0.11% to $1.3386.
Brent crude futures dropped 0.93% to $102.57 per barrel, according to the ICE. |
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| | US Market Report | | US close: Corporate activity offsets geopolitical jitters - Stocks recover despite geopolitical worries
- Treasury yields off sharply
- Mixed economic data
- Beverage stocks lead gains
Dow Jones Industrials: -0.30%
Nasdaq Composite: 0.27%
S&P 500: -0.01%
Stocks recovered towards the end of the trading day as markets continued to watch geopolitical developments, particularly in the Ukraine after the nation said Russia is still supplying rebels in the eastern part of the country with equipment.
More to the point, Ukraine's foreign minister claimed his country had destroyed a large portion of a Russian armoured column which had entered its sovereign territory.
NATO also said it was seeing a continuous flow of Russian weapons into the region.
In parallel, officials from the International Committee of the Red Cross began inspecting a convoy of trucks sent by Russia to provide humanitarian aid to eastern Ukraine.
Mixed economic data
US stocks advanced after a report showed a larger-than-expected increase in industrial and manufacturing production.
Industrial output climbed 0.4% in July, the same rate of growth as the previous month and beating forecasts for a 0.3%.
Manufacturing production rose 1% in July following a 0.3% increase in June. Analysts had predicted a 0.4% gain.
"On balance, these data support our view that the economy remains fundamentally healthy and will strengthen in the second half of the year," said Capital Economics economist Paul Dales.
The above figures offset a disappointing New York Fed Empire Manufacturing report which fell to 14.69 in August from 25.6 in July, missing the consensus estimate of 20.
The University of Michigan's consumer confidence index for the month of August unexpectedly slipped to 79.2 from 81.8 the month before (consensus: 82.5). The expectations sub-index fell to 66.2 from 71.8, hitting its lowest mark since October.
US policymakers have been weighing data to determine whether the world's biggest economy has recovered enough to sustain an interest rate hike.
On Thursday, Federal Reserve St. Louis President James Bullard said he would still like to see the central bank raise interest rates for the first time this cycle in March 2015. "The end of the first quarter of 2015 is still my preferred lift-off date," Bullard said in an interview with The Wall Street Journal.
His opposite number at the Federal Reserve bank of Minneapolis, Narayana Kocherlakota, was more dovish, saying raising rates too early would be a mistake.
Monster rockets on Coca-Cola stake
On the company front, Monster Beverage Corp. surged after Coca-Cola Co. agreed to buy a stake in the company.
Shares in J.C. Penney Co. initially rallied but later fell back despite reporting a narrower second-quarter loss.
Applied Materials gained after forecasting fiscal fourth-quarter sales that may beat analysts' estimates.
From a sector standpoint the best performance was to be seen in the following industrial groups: Pipelines (2.05%), Soft drinks (1.78%) and Beverages (1.68%).
West Texas Intermediate crude futures rose 1.74% to $97.24 per barrel, according to the ICE.
The US 10-year yield fell back sharply to 2.34%.
S&P 500 - Risers
Monster Beverage Corp (MNST) $93.49 +30.48%
Applied Materials Inc. (AMAT) $22.48 +7.20%
Alexion Pharmaceuticals Inc. (ALXN) $171.30 +4.44%
Amgen Inc. (AMGN) $132.80 +4.29%
Avago Technologies Ltd. (AVGO) $74.79 +3.92%
Agilent Technologies Inc. (A) $57.58 +3.52%
Gilead Sciences Inc. (GILD) $99.49 +3.25%
Cimarex Energy Co (XEC) $136.55 +2.50%
Biogen Idec Inc. (BIIB) $342.47 +2.34%
Amazon.Com Inc. (AMZN) $333.63 +2.25%
S&P 500 - Fallers
Autodesk Inc. (ADSK) $52.66 -5.61%
GameStop Corp. (GME) $39.64 -5.24%
Nordstrom Inc. (JWN) $65.11 -5.21%
Fastenal Co. (FAST) $43.82 -2.43%
Quest Diagnostics (DGX) $60.38 -2.22%
PVH Corp. (PVH) $110.50 -1.92%
L Brands Inc (LB) $61.60 -1.83%
Adt Corp (ADT) $36.41 -1.78%
Jacobs Engineering Group Inc. (JEC) $51.27 -1.67%
Darden Restaurants Inc. (DRI) $46.37 -1.53%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $40.88 +1.74%
Microsoft Corp. (MSFT) $44.79 +1.17%
Walt Disney Co. (DIS) $89.28 +0.76%
Intel Corp. (INTC) $34.17 +0.68%
McDonald's Corp. (MCD) $93.79 +0.14%
E.I. du Pont de Nemours and Co. (DD) $65.25 +0.08%
Caterpillar Inc. (CAT) $105.74 +0.08%
Dow Jones I.A - Fallers
Visa Inc. (V) $210.19 -1.10%
General Electric Co. (GE) $25.64 -0.93%
Johnson & Johnson (JNJ) $101.17 -0.83%
American Express Co. (AXP) $86.60 -0.77%
Boeing Co. (BA) $123.16 -0.77%
Chevron Corp. (CVX) $126.10 -0.68%
Wal-Mart Stores Inc. (WMT) $73.90 -0.66%
AT&T Inc. (T) $34.74 -0.49%
Goldman Sachs Group Inc. (GS) $171.90 -0.48%
Cisco Systems Inc. (CSCO) $24.43 -0.45%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $93.49 +30.48%
Applied Materials Inc. (AMAT) $22.48 +7.20%
Alexion Pharmaceuticals Inc. (ALXN) $171.30 +4.44%
Amgen Inc. (AMGN) $132.80 +4.29%
Avago Technologies Ltd. (AVGO) $74.79 +3.92%
Gilead Sciences Inc. (GILD) $99.49 +3.25%
Biogen Idec Inc. (BIIB) $342.47 +2.34%
Amazon.Com Inc. (AMZN) $333.63 +2.25%
Netflix Inc. (NFLX) $459.09 +1.82%
Discovery Communications Inc. Class A (DISCA) $43.49 +1.68%
Nasdaq 100 - Fallers
Autodesk Inc. (ADSK) $52.66 -5.61%
Fastenal Co. (FAST) $43.82 -2.43%
Cerner Corp. (CERN) $55.49 -1.40%
Expeditors International Of Washington Inc. (EXPD) $40.60 -1.31%
O'Reilly Automotive Inc. (ORLY) $151.94 -1.29%
Tractor Supply Company (TSCO) $61.30 -1.18%
Priceline Group Inc (PCLN) $1,270.12 -1.14%
Facebook Inc. (FB) $73.63 -0.90%
Ross Stores Inc. (ROST) $65.55 -0.83%
Staples Inc. (SPLS) $11.49 -0.78% |
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| | Newspaper Round Up | | Monday newspaper round-up: Asking prices, Tesco, Sainsbury's... House sellers' asking prices fell steeply by 2.9% month-on-month to £262,401 typically in August as the mood of the market grows calmer in London in particular, website Rightmove has reported. The dip as sellers adopt a "summer sales" attitude is the largest for the month of August that Rightmove has on its records, which go back more than a decade. - The Daily Mail
Leading hedge funds have bet hundreds of millions of pounds on shares in the UK's supermarkets falling further — amid mounting speculation that Tesco could cut its dividend to finance another round of price cuts. - The Times
A Sainsbury's branch removed kosher food from its shelves over fears that anti-Israeli protesters would attack it. The branch manager of the store in Holborn, central London ordered the section to be emptied on Saturday afternoon, while protesters outside picketed it calling for a boycott of Israeli goods. The move prompted outrage after a photo of the empty shelves was posted on social media. - The Guardian
The bosses of Britain's 100 biggest listed companies are earning on average 143 times more than their staff, according to data that exposes the growing imbalance between how the nation's workforce and its business leaders are rewarded. The pay gap is widest at Rangold Resources, where boss Mark Bristow was paid £4.4m last year, nearly 1,500 times that of his average employee, many of whom work in the company's African mines. - The Guardian
Almost a million more women have moved into low-paid, insecure jobs since the recession which is fuelling a widening "inequality gap", according to a new report. The shift includes tens of thousands of women educated to degree level. The Fawcett Society said that since 2008, female "under-employment" in the UK has nearly doubled, to 789,000, and an additional 371,000 women have moved into self-employment, which is typically very low paid. - The Scotsman
Workers from some of Britain's biggest commuter towns could be forced to pay £5,000 a year just to get to work under expected rail fare rises to be determined this week. The cost of an annual standard class season ticket into London from many parts of Kent is expected to pass the £5,000 mark for the first time, not including onward travel across the capital. - The Telegraph
The Serious Fraud Office is examining allegations that government schemes designed to increase lending to small businesses have been abused by high street banks. A claim that government-funded guarantees have been wrongfully secured in order to remove companies' overdrafts and pass risky SME loans on to the taxpayer is understood to be one of a range of issues being looked at by the SFO. - The Times
The world's corporate giants are poised to tap into record cash reserves and possibly embark on a long-awaited spending spree, fuelling hopes of a massive boost to the global economic recovery. Companies, together with private equity firms, are coming under mounting pressure to delve into a global cash mountain of $7 trillion (£4.1 trillion) that has been amassed since the dark days of the financial crisis. - The Telegraph | | |
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