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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 waver at the start of trading - Russia backs Ukraine peace initiative
- Weak consumer confidence data in Europe
- Cease fire accord reached in Israel
techMARK 2,837.25 +0.15%
FTSE 100 6,822.05 -0.01%
FTSE 250 16,007.49 +0.06%
UK equities began the day ever so slightly in the red as traders reacted coolly to the fresh record close on the S&P 500 overnight, which saw the value of global equities establish their own record, at $66trn, according to Bloomberg data.
Weighing on stocks at the start of trading were weaker than expected readings on consumer confidence out in Germany and Italy in what is expected to be a light day in terms of economic data.
Geopolitical tensions on the other hand appeared to ratchet down a bit overnight. Following a meeting with Russian President Vladimir Putin Ukraine's leader, Petro Poroshenko, said that the leaders of Russia, Belarus and Kazhakstan had backed his country's peace initiative.
Just Tuesday in an interview with the Financial Times NATO's Secretary General warned that the recent focus on Russian aid convoys may have been meant to distract from a build-up of regular Russian troops in the area.
In parallel, a "long-term" truce was on Tuesday night called between Israel and Hamas in a deal brokered by Egypt, although with firing continuing right up until, and according to some reports even after the agreement, there remains a level of uncertainty as to whether the ceasefire will hold.
Cost-cutting saves the day at Evraz
Russian steel producer Evraz reported lower first-half steel production and revenue, but said cost-cutting had helped it boost earnings by 17%. The group also said political unrest in the Ukraine and related Western sanctions against Russia had not affected the company.
In UK company news, RBS has been fined £14.5m by the Financial Conduct Authority after giving unsuitable advice to mortgage customers.
A focus on its mobile offering helped online gaming group 888 to deliver another set of record interim results, with strong cash flows leading to a 17% increase in the dividend.
Precious metals producer Polymetal turned into the blue during the first six months of the year reporting net profits of $100m versus a loss of $255m in the same period of the previous year. Revenues however only increased 1% to $727m.
Gas explorer and producer BG Group has taken a step forward in developing a new liquefied natural gas (LNG) project in Tanzania. BG said results from tests on its Mzia find off the coast of the southern African country further bolstered the case for a new onshore LNG scheme in the area.
Specialist engineering services group James Fisher reported an 8% rise in first half revenue, which helped to lift underlying pre-tax profit by 13% to £21.9m, despite the adverse effects of currency movements. That came as the group's subsidiary, Divex, won a contract to supply a saturation diving system for the BP Exploration Shah Deniz II project in the Caspian Sea.
Builders merchant Grafton almost doubled earnings in the first half of the year as the recovery in UK and Ireland became more broadly based, but it expects the second half to slow against strong numbers the year before. Chief executive Gavin Slark hailed the "milestone" of lifting operating margins to 5%, saying this was a key point in the company's "journey from recovery to growth".
FTSE 100 - Risers
Petrofac Ltd. (PFC) 1,144.00p +1.87%
easyJet (EZJ) 1,372.00p +1.33%
International Consolidated Airlines Group SA (CDI) (IAG) 362.60p +1.26%
Randgold Resources Ltd. (RRS) 4,958.00p +1.08%
Mondi (MNDI) 1,039.00p +1.07%
Fresnillo (FRES) 921.50p +0.99%
Smith & Nephew (SN.) 1,059.00p +0.86%
Old Mutual (OML) 200.70p +0.75%
Vodafone Group (VOD) 207.20p +0.66%
Rolls-Royce Holdings (RR.) 1,032.00p +0.58%
FTSE 100 - Fallers
Friends Life Group Limited (FLG) 304.00p -1.84%
United Utilities Group (UU.) 893.00p -1.65%
CRH (CRH) 1,400.00p -1.41%
St James's Place (STJ) 731.50p -1.15%
Aggreko (AGK) 1,713.00p -0.98%
Legal & General Group (LGEN) 239.50p -0.95%
Coca-Cola HBC AG (CDI) (CCH) 1,384.00p -0.86%
National Grid (NG.) 885.50p -0.73%
Hammerson (HMSO) 606.00p -0.66%
Capita (CPI) 1,219.00p -0.65%
FTSE 250 - Risers
RPS Group (RPS) 290.00p +3.46%
Fidessa Group (FDSA) 2,332.00p +2.87%
Pets at Home Group (PETS) 185.40p +1.87%
Centamin (DI) (CEY) 62.50p +1.79%
Fisher (James) & Sons (FSJ) 1,379.00p +1.77%
Interserve (IRV) 684.50p +1.56%
Redrow (RDW) 282.40p +1.51%
Ferrexpo (FXPO) 137.00p +1.48%
Kazakhmys (KAZ) 302.20p +1.41%
Ocado Group (OCDO) 392.60p +1.39%
FTSE 250 - Fallers
Foxtons Group (FOXT) 274.80p -6.63%
Exova Group (EXO) 212.40p -2.52%
Infinis Energy (INFI) 215.80p -1.82%
Countrywide (CWD) 532.50p -1.75%
Just Retirement Group (JRG) 144.00p -1.57%
Perform Group (PER) 208.00p -1.42%
Millennium & Copthorne Hotels (MLC) 590.00p -1.09%
BlackRock World Mining Trust (BRWM) 484.80p -1.06%
Hays (HAS) 131.90p -1.05% |
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| | UK Event Calendar | | INTERIMS
888 Holdings, Cape, Chime Communications, Churchill China, Evraz, Foxtons Group , Grafton Group Units, Hansteen Holdings, Industrial Mlulti Propety Trust , John Laing Infrastructure Fund Ltd, London Capital Group Holdings, OneSavings Bank, Polymetal International
INTERIM EX-DIVIDEND DATE
Acencia Debt Strategies Ltd., African Barrick Gold , Capita, CRH, Croda International, Devro, Friends Life Group Limited , Glanbia, Henderson Group, Hikma Pharmaceuticals, Lancashire Holdings Limited, Legal & General Group, Low & Bonar, LPA Group, Merlin Entertainments , Mincon Group , Rights & Issues Inv Trust Income Shares, Robinson, Rotork, SEGRO, St James's Place, Tullow Oil, Ultra Electronics Holdings, Wood Group (John)
QUARTERLY EX-DIVIDEND DATE
Canaccord Genuity Group Inc., Canadian General Investments Ltd., Duet Real Estate Finance Ltd, Energy XXI (Bermuda) (DI), Premier Energy & Water Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
GFK Consumer Confidence (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
SPECIAL EX-DIVIDEND PAYMENT DATE
Elderstreet VCT, Hikma Pharmaceuticals, Premier Energy & Water Trust
EGMS
Datang International Power Generation Co Ltd.
AGMS
Collagen Solutions, Coral Products, Indian Hotels Company Ltd. GDR (Reg S), Iomart Group, Iona Environmental VCT, Iona Environmental VCT 'A' Shares, Iona Environmental Vct 'B' Shares, Maven Income And Growth VCT 6 , New Century AIM VCT, Oxford Technology 2 VCT, Oxford Technology 3 VCT, Oxford Technology 4 Venture Capital Trust, Oxford Technology VCT, Prospect Japan Fund Ltd.
FINAL EX-DIVIDEND DATE
Bloomsbury Publishing, Carclo, Cohort, Downing One VCT , Falkland Islands Holdings, Fletcher King, NCC Group, Park Group, red24, Stagecoach Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks decline as German consumer confidence falls - German consumer confidence falls
- German import prices drop
- Russia holds "positive" talks with Ukraine
FTSE 100: -0.1%
DAX: -0.18%
CAC 40: -0.28%
FTSE MIB: -0.19%
IBEX 35: -0.14%
Stoxx 600: -0.07%
European stocks were in the red after a report showed German consumer confidence declined unexpectedly amid geopolitical concerns.
GfK's forward-looking index for German sentiment in September dropped to 8.6 from a downwardly revised 8.9 a month earlier, missing forecast for the reading to remain unchanged.
Tensions in Ukraine and Russia have weighed on confidence in recent months. Russia imposed a ban on imports of agricultural products after Europe and the US slapped sanctions on the country for its insurgence in Ukraine, which markets feared could hurt European businesses.
Russian President Vladimir Putin said he held positive talks on Tuesday with Ukrainian President Petro Poroshenko over the conflict between the two countries over the past five months which has left 2,000 people dead.
Another report out of Germany showed the import price index fell 1.7% in July compared to a year earlier. Analysts had predicted a 1.4% drop. The index slipped 1.2% in June.
In corporate news, Telecom Italia SpA gained after Oi SA said it is reviewing options for buying a stake in Tim Participacoes SA.
United Utilities Group slumped after Bank of America Corp. and RBC Capital Markets LLC downgraded the shares.
The euro rose 0.14% to $1.3186.
Brent crude futures increased 0.38% to $102.90 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks higher after US durable goods, confidence data - US durable goods orders surge
- US consumer confidence rises
- Russia and Ukraine hold talks
DJIA: 0.17%
NASDAQ: 0.29%
S&P 500: 0.11%
US stocks rallied as better-than-forecast reports on durable goods and consumer confidence pointed to further recovery in the world's biggest economy.
US durable goods orders jumped 22.6% in July, following a 2.7% gain in June, beating analysts' projections for an 8% increase.
"July's spectacular durable goods orders provide a misleadingly strong signal on the strength of the economy, although the outlook for business investment is improving," Capital Economics said.
"Pretty much all of the rise was due to an exceptional 318% month-on-month surge in commercial aircraft orders, as flagged up a few weeks ago by Boeing's announcement that it received 324 aircraft orders last month compared with 109 in June. Orders were also supported by a 10.2% month-on-month rise in motor vehicle orders.
"Neither of these, however, are a true reflection of the state of economic activity."
The economist said since gross domestic product measures output rather than orders, the surge in aircraft orders won't boost activity until the planes are delivered late this decade.
Separately, the index for US consumer confidence rose to 92.4 in August from a revised 90.3 in July, surprising analysts who had expected a reading of 89.
However, expectations of the economic outlook fell slightly to 90.9 from 91.9 in July.
"While the expectations index has been volatile in recent years, the present situation index has been steadily trending higher over that time, mirroring improvements in housing and labour markets," Barclays Research said.
"We expect this pattern to continue over the medium term and look for consumer confidence to remain on a broadly upward trend as a result."
Another report showed US house prises grew more than expected. The house price index climbed 0.4% in June, the same rate as May, beating the forecast for a 0.3% rise.
The market also continued to watch geopolitical developments closely on Tuesday, particularly talks between Russian President Vladimir Putin and his Ukrainian counterpart, Petro Poroshenko.
The leaders held "complicated" negotiations at a summit of the Russian-led Customs Union in Minsk, Belarus, according to that country's President, Aleksandr Lukashenko. A bilateral meeting between Putin and Poroshenko ended Tuesday evening as they tried to find a way to ease rifts between Russia and Ukraine after five months of separatist unrest which has left at least 2,000 dead.
On the corporate agenda, Tim Hortons advanced after Burger King Worldwide agreed to acquire the company in a C$12.5bn cash-and-share deal.
Premier, which provides group purchasing and performance services to hospitals, climbed after predicting full-year profit that exceeded analysts' estimates. The company also agreed to buy software company Aperek.
Best Buy slumped after posting a sales decline that was lower than forecast.
Fashion retailer Ann Taylor gained after Reuters reported the company had hired JP Morgan to explore a potential sale.
The 10-year treasury yield was up one basis point at 2.40%.
West Texas Intermediate crude futures increased 0.56% to $93.88 per barrel, according to the ICE.
S&P 500 - Risers
Celgene Corp. (CELG) $95.65 +4.40%
Amgen Inc. (AMGN) $137.27 +3.35%
Nabors Industries Ltd. (NBR) $26.53 +3.15%
Amazon.Com Inc. (AMZN) $341.83 +3.09%
Transocean Ltd. (RIG) $38.52 +2.77%
Diamond Offshore Drilling Inc. (DO) $44.40 +2.73%
Alexion Pharmaceuticals Inc. (ALXN) $172.27 +2.41%
Tractor Supply Company (TSCO) $66.78 +2.31%
Allegheny Technologies Inc. (ATI) $43.06 +2.28%
Vertex Pharmaceuticals Inc. (VRTX) $93.64 +2.05%
S&P 500 - Fallers
Best Buy Co. Inc. (BBY) $29.80 -6.85%
Ameren Corp. (AEE) $38.96 -1.94%
Pentair plc (PNR) $68.69 -1.72%
Exelon Corp. (EXC) $32.31 -1.58%
Delta Airlines Inc. (DAL) $39.90 -1.53%
Pinnacle West Capital Corp. (PNW) $55.56 -1.49%
NextEra Energy Inc. (NEE) $96.72 -1.48%
DTE Energy Co. (DTE) $76.31 -1.47%
Entergy Corp. (ETR) $74.47 -1.47%
Edison International (EIX) $57.74 -1.47%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $85.12 +1.04%
Pfizer Inc. (PFE) $29.21 +1.04%
International Business Machines Corp. (IBM) $192.99 +0.96%
Exxon Mobil Corp. (XOM) $99.64 +0.90%
Merck & Co. Inc. (MRK) $60.20 +0.79%
JP Morgan Chase & Co. (JPM) $59.74 +0.67%
Cisco Systems Inc. (CSCO) $24.81 +0.65%
Home Depot Inc. (HD) $91.63 +0.47%
Coca-Cola Co. (KO) $41.60 +0.46%
Visa Inc. (V) $216.73 +0.33%
Dow Jones I.A - Fallers
General Electric Co. (GE) $26.01 -0.73%
Nike Inc. (NKE) $79.48 -0.66%
American Express Co. (AXP) $89.15 -0.49%
Walt Disney Co. (DIS) $90.02 -0.40%
Microsoft Corp. (MSFT) $45.01 -0.37%
McDonald's Corp. (MCD) $94.11 -0.35%
Wal-Mart Stores Inc. (WMT) $75.52 -0.22%
Procter & Gamble Co. (PG) $83.38 -0.19%
United Technologies Corp. (UTX) $109.68 -0.13%
Travelers Company Inc. (TRV) $94.20 -0.10%
Nasdaq 100 - Risers
Celgene Corp. (CELG) $95.65 +4.40%
Amgen Inc. (AMGN) $137.27 +3.35%
Amazon.Com Inc. (AMZN) $341.83 +3.09%
Alexion Pharmaceuticals Inc. (ALXN) $172.27 +2.41%
Tractor Supply Company (TSCO) $66.78 +2.31%
Check Point Software Technologies Ltd. (CHKP) $69.70 +2.27%
Vertex Pharmaceuticals Inc. (VRTX) $93.64 +2.05%
F5 Networks Inc. (FFIV) $123.86 +1.90%
Nvidia Corp. (NVDA) $19.45 +1.81%
Regeneron Pharmaceuticals Inc. (REGN) $354.05 +1.76%
Nasdaq 100 - Fallers
Equinix Inc. (EQIX) $217.25 -2.00%
Dollar Tree Inc (DLTR) $53.51 -1.39%
O'Reilly Automotive Inc. (ORLY) $154.94 -1.29%
Nxp Semiconductors Nv (NXPI) $64.74 -1.22%
Dish Network Corp. (DISH) $64.10 -1.11%
Gilead Sciences Inc. (GILD) $106.27 -1.10%
Broadcom Corp. (BRCM) $38.81 -1.02%
Micron Technology Inc. (MU) $32.88 -0.99%
Sirius XM Holdings Inc (SIRI) $3.56 -0.84%
Altera Corp. (ALTR) $34.64 -0.72% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Ukraine, House prices, Crude prices Face-to-face talks between the Russian and Ukrainian presidents failed to produce a breakthrough for ending the conflict over eastern Ukraine, as Kiev released videos of captured Russian soldiers and rebels pushed toward a government-held city. The one-on-one session, which Ukraine's President Petro Poroshenko described as "tough and complex," ended early Wednesday after a day of talks on the crisis in the Belarusian capital of Minsk. - The Wall Street Journal Europe
House prices in Britain will be more than 25% higher in five years, with London finally being overtaken by other parts of the country. Savills, the property company, has forecast that house prices will jump by 9.5% this year across the UK, up from its original estimate of 6.5%, with the property market having "exceeded all expectations". - The Times
Oil superpowers Saudi Arabia and Iran have warned that recent declines in crude prices will be short lived. It is an ominous sign for motorists in the UK who were hoping that recent declines in the cost of a gallon of petrol would be sustained. Iran's Petroleum Minister Bijan Namdar Zanganeh said on Tuesday that the current weakness in oil prices, which have resulted in Brent crude falling by almost 13% to a low around $100 per barrel, will soon be reversed. - The Daily Telegraph
Scotland's remaining shipbuilding industry was dealt a severe blow on Friday when the country's last commercial shipyard went into administration with the loss of about 70 jobs on the river Clyde. After more than a century in business, staff at Ferguson Shipbuilders arrived for work at Port Glasgow, Inverclyde, in the morning to be told most of the 77-strong workforce were being made redundant with immediate effect. - The Guardian
A victory for the Yes campaign in next month's referendum on Scottish independence could spark a financial crunch at some of Britain's biggest corporate pension schemes. Analysts at JP Morgan Cazenove told clients yesterday that they had identified 22 companies that could be forced to top up their retirement funds or split them into two if Scots voted to break away from the Union in the poll on 18 September. - The Times
Shares of online fashion emporium ASOS, which has clothed Prime Minister's wife Samantha Cameron and superstar singer Rihanna, were suddenly in vogue again as takeover rumours swep sparsely populated dealing rooms. They jumped 166p or 7.6% to 2348p on vague talk of a US cash bid in the region of £50 a share. Dealers heard whispers that its major 27.4% shareholder Bestseller, the Danish privately-held family-owned clothing firm, has been approached for its stake by a US buyer. - The Daily Mail | | |
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