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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 flat as markets await speech from Yellen - Yellen in focus ahead of Jackson Hole speech
- Analysts speculate over dovish/hawkish stance
- Petrofac chairman to step down, LSE falls
- Banks, supermarkets rise
techMARK 2,819.73 -0.00%
FTSE 100 6,777.60 -0.00%
FTSE 250 15,841.09 +0.02%
UK stocks were barely changed in early deals on Friday as investors sat on their hands ahead of a widely-anticipated speech by Federal Reserve chair Janet Yellen.
Another record high for the S&P 500 on Wall Street on Thursday was also prompting investors to adopt a cautious approach, with analysts wondering whether Yellen's comments will push the benchmark index above the psychologically-important level of 2,000 for the first time in history.
A three-day weekend was also likely behind the subdued mood, as investors refrain from taking on too much risk ahead of the Bank Holiday.
With decent gains from banking and supermarket stocks being offset by falls from the likes of Petrofac and London Stock Exchange early on, the FTSE 100 in London was trading flat at 6,777.6.
Markets are waiting to see whether Yellen, who is due to make a keynote speech at the Jackson Hole symposium of central bankers, hints at the timing of the first rise in interest rates.
A dovish view - stressing the need to keep borrowing costs low for now - could drive gains on equity markets with policymakers happy to await a stronger recovery before tightening, probably by the middle of next year. However, a hawkish standpoint could trigger a sell-off as investors bring forward their expectations for the first rate hike and take profits after the recent rally.
With her topic on 'Re-evaluating Labour-Market Dynamics', "some are thinking she may take a less hawkish line that was evident in the [Fed] minutes yesterday, as this is more her area of expertise and it is the labour market that has kept US policy so accommodative for such a sustained length of time," according to economist Simon Smith from Fxpro.
Banks, supermarket rise; Petrofac and LSE fall
Banking groups HSBC, Barclays, RBS and Lloyds were all in demand in early trading on Friday, along with supermarket rivals Tesco, J Sainsbury and Wm Morrison.
Oilfield services group Petrofac was trading lower after its chairman of three years, Norman Murray, announced his resignation from the board. The company said that he will step down with immediate effect for "compassionate reasons".
The London Stock Exchange reported a boost to profits from a surge in flotations in its first quarter but shares fell as it unveiled details of a £938m rights issue to bankroll its proposed acquisition of US financial index business Frank Russell. |
| FTSE 100 - Risers
Barclays (BARC) 223.35p +1.15%
Vodafone Group (VOD) 204.85p +1.11%
Tesco (TSCO) 247.95p +1.00%
HSBC Holdings (HSBA) 647.30p +1.00%
Admiral Group (ADM) 1,336.00p +0.98%
Pearson (PSON) 1,135.00p +0.89%
ITV (ITV) 211.30p +0.86%
Royal Bank of Scotland Group (RBS) 364.00p +0.83%
Lloyds Banking Group (LLOY) 75.77p +0.70%
Schroders (SDR) 2,408.00p +0.67%
FTSE 100 - Fallers
easyJet (EZJ) 1,309.00p -1.13%
Smith & Nephew (SN.) 1,052.00p -1.13%
London Stock Exchange Group (LSE) 1,988.00p -0.85%
Royal Mail (RMG) 436.80p -0.79%
Associated British Foods (ABF) 2,802.00p -0.74%
Sports Direct International (SPD) 713.50p -0.70%
Kingfisher (KGF) 304.70p -0.68%
Diageo (DGE) 1,753.00p -0.68%
Experian (EXPN) 1,033.00p -0.67%
SSE (SSE) 1,510.00p -0.66%
FTSE 250 - Risers
Kazakhmys (KAZ) 304.00p +4.43%
Lonmin (LMI) 221.60p +4.09%
Essentra (ESNT) 854.50p +3.20%
Fidessa Group (FDSA) 2,317.00p +2.98%
Hellermanntyton Group (HTY) 307.90p +2.26%
Rank Group (RNK) 163.60p +2.00%
Bwin.party Digital Entertainment (BPTY) 82.40p +1.35%
Premier Farnell (PFL) 193.90p +0.99%
JPMorgan American Inv Trust (JAM) 257.00p +0.94%
Rentokil Initial (RTO) 125.60p +0.88%
FTSE 250 - Fallers
PayPoint (PAY) 1,046.00p -4.12%
Halfords Group (HFD) 482.00p -2.76%
Exova Group (EXO) 215.00p -2.27%
JD Sports Fashion (JD.) 390.00p -2.21%
IP Group (IPO) 205.10p -1.87%
Computacenter (CCC) 616.50p -1.83%
Dunelm Group (DNLM) 889.00p -1.55%
IG Group Holdings (IGG) 609.50p -1.46%
Supergroup (SGP) 1,111.00p -1.33% |
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| | UK Event Calendar | | Friday August 22
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed in early trading - Financial in the lead early on
- Jakson Hole speeches awaited
- Euro slightly higher
FTSE 100: 0.36%
Dax-30: 0.12%
Cac-40: -0.01%
FTSE Mibtel: -0.30%
Ibex 35: -0.38%
Stoxx 600: 0.40%
The main European equity benchmarks were all trading in a mixed fashion in the early going despite the fresh record highs reached overnight on Wall Street and ahead of speeches from several global policy makers this afternoon at Jackson Hole, Wyoming, at the US Federal Reserve's annual economics symposium.
A speech from Fed chair Janet Yellen is particularly awaited. She is expected to deliver 'dovish' remarks which will help to offset the more hawkish than expected tone of the last Fed minutes.
In a recent article in the Financial Times ex-Monetary Policy Committee member Adam Posen argued that central bankers should err on the side of reducing unemployment much as in the early-80s Fed chairman Paul Volker carried out a very restrictive monetary policy aimed at quashing inflation.
LSE announces fund raising
The LSE has decided to raise £938m to partially finance the acquisition of Frank Russell Company.
The German economics ministry has authorised RWE to sell its oil and gas unit DEA to a group of investors headed by Russian financier Mikhail Fridman, despite the current geopolitical backdrop, Reuters reports citing two persons familiar with the matter.
From a sector standpoint the biggest gains on the DJ Stoxx 600 were being seen in the following industrial groups: Banks (0.74%), Finanial services (0.27%) and Telecommnuications (0.21%).
Single currency moves slightly higher
The euro/dollar to trade slightly higher by 0.04% to the 1.3290 mark.
Front month Brent crude slipped 0.225% to $102.540/barrel on the ICE. |
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| | US Market Report | | US Close: Stocks rise on positive economic data - Jobless claim figures fall more than expected
- Investors speculate about US economic policy shift at Jackson Hole
- Family Dollar rejects takeover approach
Dow Jones Industrial Average - 17,040, +61, 0.36%
Nasdaq - 4,532, +6, 0.12%
S&P 500 - 1,992 +5 0.28%
A raft of positive economic data buoyed US markets on Thursday as central bankers and senior economists gathered for a key meeting.
The main indices closed in positive territory as sales of existing homes rose 2.4% in July to 5.15m units on an annual basis, easily outdoing market expectations of a small decline.
Jobless claim figures added to the upbeat mood by dipping below the 300,000 mark for the third time in five weeks. The consensus forecast was 300,000.
The Conference Board's index of leading economic indicators advanced at a 0.9% pace month-on-month in July, after a gain of 0.6% in the month before against a consensus of 0.6%.
The Federal Reserve bank of Philadelphia's regional manufacturing index rose to 28 points from 23.9 in June.
Meanwhile, the Jackson Hole Symposium of central bankers was due to kick off with comments from policymakers around the world likely to be closely watched.
The minutes to the July FOMC pointed to a committee edging in view towards the more hawkish members, following a strong series of job numbers.
Broker Investec said: "Given the significance of the voice of the Fed Chair in policy-setting on the FOMC, we are keen to hear how Ms Yellen's views specifically have shifted and whether she is keen to talk more openly about the possibility of an earlier than expected policy shift."
In corporate news, department store group Sears reported its ninth quarterly loss in a row, with second quarter revenue falling about 10% to $8bn from $8.9bn a year ago. Losses widened to $573m from $194m a year earlier.
Family Dollar Stores rejected a $9bn approach from Dollar General on the back of anti-trust concerns, and instead has favoured a lower offer from Dollar Tree.
Bank of America struck a record $16.65bn deal with the US government to settle allegations that it and companies it bought misled investors into buying troubled mortgage-backed securities.
Computer group Hewlett-Packard rose more than 5% after quarterly revenue unexpectedly rose.
Shares in online marketplace EBay jumped more than 4% on talk that the company was considering offloading its PayPal payment arm next year.
West Texas crude futures were 1.66% higher at $96.07 per barrel on NYMEX.
US 10-year Treasury yields were down 0.02 or 0.88% at 2.41%.
S&P 500 - Risers
Hewlett-Packard Co. (HPQ) $37.00 +5.35%
eBay Inc. (EBAY) $55.88 +4.65%
Hormel Foods Corp. (HRL) $49.93 +4.33%
Bank of America Corp. (BAC) $16.17 +4.19%
Citigroup Inc. (C) $51.06 +2.53%
SunTrust Banks Inc. (STI) $38.41 +2.51%
Quanta Services Inc. (PWR) $35.99 +2.33%
Amphenol Corp. (APH) $104.39 +2.09%
Avon Products Inc. (AVP) $14.18 +2.01%
Hudson City Bancorp Inc. (HCBK) $9.89 +1.96%
S&P 500 - Fallers
Staples Inc. (SPLS) $10.97 -3.09%
Monsanto Co. (MON) $117.62 -2.73%
Vertex Pharmaceuticals Inc. (VRTX) $88.99 -2.53%
Peabody Energy Corp. (BTU) $16.33 -2.04%
GameStop Corp. (GME) $40.49 -2.03%
Mylan Inc. (MYL) $47.75 -1.73%
Under Armour Inc. Class A (UA) $69.44 -1.59%
Borg Warner Inc. (BWA) $62.71 -1.59%
United States Steel Corp. (X) $36.83 -1.58%
PACCAR Inc. (PCAR) $63.31 -1.53%
Dow Jones I.A - Risers
Intel Corp. (INTC) $35.14 +1.86%
JP Morgan Chase & Co. (JPM) $58.50 +1.49%
Johnson & Johnson (JNJ) $104.19 +0.95%
Travelers Company Inc. (TRV) $93.95 +0.90%
Wal-Mart Stores Inc. (WMT) $75.54 +0.77%
American Express Co. (AXP) $89.15 +0.75%
Cisco Systems Inc. (CSCO) $24.89 +0.73%
Goldman Sachs Group Inc. (GS) $175.15 +0.64%
Walt Disney Co. (DIS) $90.39 +0.61%
Microsoft Corp. (MSFT) $45.22 +0.60%
Dow Jones I.A - Fallers
Merck & Co. Inc. (MRK) $58.84 -1.08%
Exxon Mobil Corp. (XOM) $99.28 -0.42%
Pfizer Inc. (PFE) $28.81 -0.28%
Visa Inc. (V) $215.91 -0.13%
3M Co. (MMM) $144.51 -0.06%
Nasdaq 100 - Risers
eBay Inc. (EBAY) $55.88 +4.65%
Intel Corp. (INTC) $35.14 +1.86%
Liberty Interactive Corp (LINTA) $29.26 +1.74%
Dish Network Corp. (DISH) $65.35 +1.62%
Equinix Inc. (EQIX) $223.58 +1.45%
Gilead Sciences Inc. (GILD) $102.24 +1.44%
Applied Materials Inc. (AMAT) $22.20 +1.37%
Mattel Inc. (MAT) $35.29 +1.12%
Adobe Systems Inc. (ADBE) $71.74 +1.01%
Seagate Technology Plc (STX) $60.43 +1.00%
Nasdaq 100 - Fallers
Staples Inc. (SPLS) $10.97 -3.09%
Vertex Pharmaceuticals Inc. (VRTX) $88.99 -2.53%
Mylan Inc. (MYL) $47.75 -1.73%
PACCAR Inc. (PCAR) $63.31 -1.53%
Alexion Pharmaceuticals Inc. (ALXN) $166.47 -1.35%
Dollar Tree Inc (DLTR) $54.28 -1.31%
Biogen Idec Inc. (BIIB) $338.65 -1.15%
Monster Beverage Corp (MNST) $87.50 -1.12%
Regeneron Pharmaceuticals Inc. (REGN) $341.48 -1.10% |
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| | Newspaper Round Up | | Friday newspaper round-up: Burberry, Hedge funds, Scottish independence... Only six weeks after a revolt by investors over excessive pay at Burberry, its boss has boosted his bank balance by cashing in £5.2 million of shares. Christopher Bailey, a design expert elevated to the top job at the fashion house in May, exercised share awards worth £4.2 million that vested under a bonus scheme dating back to his earlier role as chief creative officer. He also offloaded a slice of his personal shareholding in the business for £1 million. - The TImes
Hedge fund executives in London saw bonuses plummet last year, resulting in their pay packets being less than half of what they were 12 months ago. The average bonus paid to a partner or a managing director of a London-based hedge fund stood at £1,236,000 in 2012/13 but this has fallen to £459,000 in 2013/14. Coupled with a decline in base salaries, total compensation packages are down almost £1m to £660,000. - The Guardian
The chairman of HSBC has warned that Scottish independence could prompt "capital flight" from the country and leave its financial system in a "parlous state". Douglas Flint is the most senior business leader to voice concerns about independence - providing a boost to the pro-union No campaign ahead of the referendum on September 18. - The Telegraph
Landlords have been warned to check the terms they get from their letting agent after research showed the difference between the cheapest and most expensive agents can be equivalent to more than 10 per cent of rental returns. Tricks including double-charging tenants and landlords for the same service and charging hundreds of pounds for contracts where only the date had changes were also revealed in the research by insurer Direct Line for Business. - The Daily Mail
The boss of one of the UK's biggest energy companies has blamed Labour's threatened price freeze for his group's failure to cut bills, despite the recent slump in wholesale gas prices. Paul Massara, chief executive of npower, [...] said that cutting bills would be too risky because the supplier would be unable to raise them again in response to rising costs if Labour won the election next May and implemented its promised 20-month price freeze. - The TImes
The number of young people who were not in education, employment or training (Neet) fell in the second quarter, in the latest positive news for the labour market. There were 955,000 Neets aged 16-to-24 in the UK in the period between April and June according to the Office for National Statistics, down by 20,000 compared with January and March, and 138,000 lower than a year earlier. - The Guardian
Housebuilder Miller Group has unveiled a doubling in half-year profits as the privately-owned firm continues to mull a possible stock market flotation. The company, which last month sold its commercial construction division to listed rival Galliford Try, said tougher mortgage lending rules had not affected trading at its housing arm, where underlying profits almost trebled. - The Scotsman | | |
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