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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: Miners pull FTSE 100 back from eight-week high - Traders uncertain about ECB
- CSR jumps on takeover hopes
- Xaar plummets after weak H1, outlook
- Miners fall, supermarkets mixed
techMARK 2,849.12 +0.14%
FTSE 100 6,820.18 -0.15%
FTSE 250 15,983.18 -0.26%
UK stocks were trading lower on Thursday as the FTSE 100 paused for breath after settling near an eight-week high the previous session.
Mining stocks were bearing the brunt of the selling pressure in morning trade as investors took profits and scaled back their appetite for risk.
London's Footsie was down 0.2% at 6,820 early on. The index closed at 6.,830.66 on Wednesday, its highest finish since 4 July (6,866.05).
Markets have risen in recent sessions as speculation grows that the European Central Bank (ECB) will introduce quantitative easing amid a continued worsening of economic data from the Eurozone.
However, German Finance Minister Wolfgang Schäuble said that comments from ECB president Mario Draghi about potential stimulus had been "over-interpreted".
"European equities have edged lower as concern brews that traders have gotten ahead of the curve on ECB stimulus and fighting in Ukraine flares up again," said Jonathan Sudaria, a dealer at Capital Spreads.
CSR soars, Xaar plummets
Wireless technology group CSR jumped on rumours that the firm is considering a sale. According to the Financial Times, the UK chipmaker has received takeover offers from a number of rival semiconductor manufacturers and could fetch a price of as much as $3bn, compared with Wednesday's closing price of $1.57bn.
Xaar, the inkjet printing technology firm, saw shares sink after a weakening in third-quarter sales cast a further pall over already-disappointing interim results, with full-year expectations downgraded.
Mining stocks were providing a drag in morning trade with Rio Tinto, Antofagasta, Anglo American, BHP Billiton and Fresnillo registering losses.
Wm Morrison, which rose strongly on Wednesday after industry figures showed an improvement in sales at the UK supermarket, was extending gains as Deutsche Bank upgraded the stock to 'buy'. Kantar data showed that sales at the Bradford-based chain rose 2.4% in the four weeks to 17 August, raising hopes over its recent price-cutting strategy and online launch.
Rival grocer Tesco was continuing to fall after the figures showed a continued decline in sales and market share, as competition from discount chains Aldi and Lidl continues to bite.
Oil and gas group Tullow was on the rise after announcing several successful drilling results from a series of exploration, appraisal and testing activities conducted in blocks 10BB and 13T onshore Kenya. |
| FTSE 100 - Risers
CRH (CRH) 1,427.00p +2.07%
Morrison (Wm) Supermarkets (MRW) 187.10p +1.46%
Tullow Oil (TLW) 731.50p +1.46%
Smith & Nephew (SN.) 1,061.00p +1.05%
British Land Co (BLND) 733.00p +0.96%
Diageo (DGE) 1,779.50p +0.94%
Hammerson (HMSO) 612.00p +0.91%
SSE (SSE) 1,518.00p +0.80%
National Grid (NG.) 895.50p +0.79%
ARM Holdings (ARM) 968.00p +0.78%
FTSE 100 - Fallers
Rio Tinto (RIO) 3,251.00p -2.53%
Anglo American (AAL) 1,530.50p -2.39%
Intertek Group (ITRK) 2,770.00p -2.26%
Sports Direct International (SPD) 721.50p -1.84%
Antofagasta (ANTO) 793.50p -1.79%
Hargreaves Lansdown (HL.) 1,155.00p -1.62%
Carnival (CCL) 2,252.00p -1.36%
BHP Billiton (BLT) 1,920.00p -1.31%
St James's Place (STJ) 721.00p -1.23%
easyJet (EZJ) 1,355.00p -1.09%
FTSE 250 - Risers
CSR (CSR) 746.00p +29.74%
Playtech (PTEC) 698.00p +5.28%
Imagination Technologies Group (IMG) 213.00p +4.51%
Exova Group (EXO) 219.40p +2.86%
IP Group (IPO) 213.80p +2.54%
Rank Group (RNK) 164.40p +2.11%
DCC (DCC) 3,521.00p +1.85%
Fidessa Group (FDSA) 2,301.00p +1.81%
Perform Group (PER) 213.00p +1.43%
BH Macro Ltd. GBP Shares (BHMG) 1,960.00p +1.14%
FTSE 250 - Fallers
Xaar (XAR) 430.10p -23.20%
Ocado Group (OCDO) 354.60p -12.14%
AL Noor Hospitals Group (ANH) 1,131.00p -3.17%
Ferrexpo (FXPO) 133.00p -2.49%
Crest Nicholson Holdings (CRST) 361.80p -2.14%
Man Group (EMG) 119.00p -2.06%
SEGRO (SGRO) 364.80p -2.01%
Vedanta Resources (VED) 1,007.00p -1.95%
Synthomer (SYNT) 235.30p -1.63% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Rise in German unemployment drags on stocks - German unemployment rises
- German inflation report due
- Russia and Ukraine tensions flare
FTSE 100: -0.16%
DAX: -0.65%
CAC 40: -0.37%
FTSE MIB: -0.72%
IBEX 35: -0.36%
Stoxx 600: -0.34%
European stocks slumped as data showed German unemployment unexpectedly rose in August.
German unemployment increased 2,000 following a 12,000 rise a month earlier, missing analysts' forecasts for a 5,000 decrease.
The unemployment rate for August held at 6.7%, as expected.
German inflation figures will be released at 12:00 GMT which are expected to show an annualised 0.8% rise.
The figures come amid the suggestion that the European Central Bank (ECB) will introduce full-on quantitative easing to address a weak recovery and price instability.
Any signs of strife in Europe's biggest economy are likely to fuel speculation the ECB will shake up policy.
Later on in Thursday's session, a US gross domestic product report is expected to reveal an annualised 3.9% rise in the second quarter after a 4% increase the previous three months.
Policymakers are assessing the health of the US economy to determine the best time to raise interest rates.
Federal Reserve chair Janet Yellen last Friday signalled that interest rates could rise sooner than previously thought following a raft of data pointing to a fast-paced recovery.
Meanwhile, geopolitical tensions continued to flare with the US accusing Russia of directing attacks by separatist rebels in Ukraine.
US State Department spokeswoman Jen Psaki said reports of fresh fighting in Ukraine "indicate a Russian-directed counteroffensive is likely under way in Donetsk and Luhansk", according to Bloomberg.
In the UK, the British Chambers of Commerce (BCC) said it expected the economy to grow by 3.2% this year and by 2.8% in 2015, up one percentage point from forecasts of 3.1% and 2.7% three months earlier. The BCC cited higher consumer spending on recent falls in unemployment. However, it warned the rapid pace is unlikely to be sustained.
In corporate news, Gemalto declined after reporting first-half revenue that missed analysts' estimates.
Essilor International gained after posting an 11% increase in first-half adjusted profit. |
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| | US Market Report | | US Close - US stocks tread water after hitting records - Russian troops reported inside Ukraine
- Oil inventories drop by 2.1m barrels a day
- Mortgage applications rose last week
Dow Jones Industrials: 17,122 +15 0.09%
Nasdaq Composite: 4,570 -1 0.01%
S&P 500: 2,000 0.00%
US stocks were little changed on Wednesday as investors sat tight after indices hit record levels on the previous day, although retail stocks provided some interest.
The Dow Jones Industrial Average edged higher by 15 points to 17,122 while the S&P 500 was flat at the 2,000-point mark in a lacklustre day in terms of news-flow. That came despite a report in The New York Times that Russian troops had engaged in fighting inside of Ukraine.
Jasper Lawler at CMC Markets said: "With US markets at important psychological levels, shares appeared more vulnerable to selling than those in Europe but saving any geopolitical event later in the session action should remain fairly flat ahead of key data tomorrow."
Of the few items of economic data due out Wednesday, analysts said EIA crude oil stock figures were probably the most notable as they could impact crude prices.
In the event, the Energy Information Administration (EIA), the Department of Energy's statistical arm, reported that US commercial crude oil inventories fell by 2.1m barrels from the previous week.
Mortgage applications rose last week as demand for both refinancing and purchase loans increased, according to the Mortgage Bankers Association.
Aircraft from the United Arab Emirates and Egypt attacked militia forces in Libya in the past week, Pentagon spokesman John Kirby said, opposing the intervention.
"We discourage other nations from taking part in Libya's issues through violence," he said.
Meanwhile, the US Congressional Budget Office (CBO) estimated that the 2014 US public deficit would now reach the equivalent of 2.9% of gross domestic product (GDP), falling to 2.6% next year.
Iconic jewellery store chain Tiffany & Co and fashion chain Express rose after posting better-than-expected quarterly revenue and raising annual profit forecasts.
Electronics retailer Best Buy rebounded from a drop of 6.8% on Tuesday after it forecast lower annual sales.
Clothing retailer Chico's FAS was out of fashion after its results, dipping more than 4%.
The value of equities globally has soared from $25trn in March 2009 to $66trn as of yesterday's close. Stocks were valued at $63trn at the 2007 peak, according to data compiled by Bloomberg.
Broker Janney Montgomery downgraded shares in Facebook to 'neutral' from 'buy' and MannKind Corp gained 1.8% after broker Jefferies recommended buying the stock.
Industrial conglomerate United Technologies fell slightly after reaffirming its forecast for earnings per share this year of between $6.75 and $6.85. The company also raised the size of its share repurchase programme to $1.35bn from $1.25bn.
Front month West Texas crude futures edged 0.54% higher to $93.86 per barrel on the Nymex.
US 10-year Treasury yields slipped to 2.36%.
S&P 500 - Risers
Best Buy Co. Inc. (BBY) $31.69 +6.34%
Staples Inc. (SPLS) $11.48 +3.89%
Whole Foods Market Inc. (WFM) $39.80 +3.39%
NRG Energy Inc. (NRG) $30.39 +2.19%
Pinnacle West Capital Corp. (PNW) $56.62 +1.91%
Humana Inc. (HUM) $127.32 +1.82%
Applied Materials Inc. (AMAT) $22.63 +1.80%
FirstEnergy Corp. (FE) $33.80 +1.75%
American Electric Power Co. Inc. (AEP) $53.15 +1.70%
Dr Pepper Snapple Group Inc. (DPS) $61.82 +1.54%
S&P 500 - Fallers
Garmin Ltd. (GRMN) $54.59 -4.99%
TripAdvisor Inc. (TRIP) $101.78 -2.61%
Pioneer Natural Resources Co. (PXD) $206.05 -2.51%
Analog Devices Inc. (ADI) $51.03 -2.27%
Halliburton Co. (HAL) $68.48 -1.91%
Alexion Pharmaceuticals Inc. (ALXN) $169.17 -1.80%
Facebook Inc. (FB) $74.63 -1.75%
Tesoro Corp. (TSO) $63.71 -1.62%
Red Hat Inc. (RHT) $61.07 -1.55%
Wynn Resorts Ltd. (WYNN) $196.20 -1.55%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $86.38 +1.48%
Pfizer Inc. (PFE) $29.49 +0.96%
AT&T Inc. (T) $34.75 +0.72%
Travelers Company Inc. (TRV) $94.76 +0.59%
McDonald's Corp. (MCD) $94.65 +0.57%
General Electric Co. (GE) $26.13 +0.46%
Caterpillar Inc. (CAT) $108.55 +0.45%
Wal-Mart Stores Inc. (WMT) $75.85 +0.44%
Walt Disney Co. (DIS) $90.37 +0.39%
Verizon Communications Inc. (VZ) $49.43 +0.37%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $109.09 -0.54%
3M Co. (MMM) $143.94 -0.46%
International Business Machines Corp. (IBM) $192.25 -0.38%
E.I. du Pont de Nemours and Co. (DD) $65.93 -0.35%
Boeing Co. (BA) $128.20 -0.31%
Microsoft Corp. (MSFT) $44.87 -0.30%
JP Morgan Chase & Co. (JPM) $59.59 -0.25%
Johnson & Johnson (JNJ) $103.22 -0.21%
Exxon Mobil Corp. (XOM) $99.53 -0.11%
Procter & Gamble Co. (PG) $83.31 -0.08%
Nasdaq 100 - Risers
Staples Inc. (SPLS) $11.48 +3.89%
Whole Foods Market Inc. (WFM) $39.80 +3.39%
Vimpelcom Ltd Ads (VIP) $8.89 +1.95%
Applied Materials Inc. (AMAT) $22.63 +1.80%
Vodafone Group Plc ADS (VOD) $34.54 +1.41%
Liberty Global plc Series A (LBTYA) $43.75 +1.25%
Nxp Semiconductors Nv (NXPI) $65.54 +1.24%
Apple Inc. (AAPL) $102.13 +1.23%
Gilead Sciences Inc. (GILD) $107.48 +1.14%
Ross Stores Inc. (ROST) $75.15 +1.08%
Nasdaq 100 - Fallers
Garmin Ltd. (GRMN) $54.59 -4.99%
TripAdvisor Inc. (TRIP) $101.78 -2.61%
Analog Devices Inc. (ADI) $51.03 -2.27%
Alexion Pharmaceuticals Inc. (ALXN) $169.17 -1.80%
Facebook Inc. (FB) $74.63 -1.75%
Wynn Resorts Ltd. (WYNN) $196.20 -1.55%
Intuitive Surgical Inc. (ISRG) $471.59 -1.48%
Keurig Green Mountain Inc (GMCR) $134.73 -1.34%
Priceline Group Inc (PCLN) $1,260.77 -1.31% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Scottish independence, UK economy, Apple... More than a hundred Scottish business leaders wanted to sign a letter backing the Union but stayed silent because they feared "consequences" from the SNP Government, it has been claimed. Gavin Hewitt, the former Scotch Whisky Association chairman who helped gather signatures, said around half the executives he approached agreed the business case for independence was not yet made but declined to go public amid worries of a Nationalist backlash. - The Telegraph
Britain is on track to grow at its fastest pace since 2007, but the government is no closer to achieving its goal of rebalancing the economy, according to the British Chambers of Commerce. In its latest health check of the economy, the BCC raised its growth forecast from 3.1 per cent to 3.2 per cent for this year and from 2.7 per cent to 2.8 per cent for 2015 on the back of stronger employment figures. [...] However, the government appears to be struggling in its efforts to double exports to £1 trillion by 2020, with the business lobby group more than halving its estimate this year for exports of goods and services from 1.9 per cent to 0.8 per cent. - The Times
Apple will unveil a smartwatch alongside the iPhone 6 on September 9, according to reports. The technology giant is expected to launch the iWatch at a "big" media event next month, Re/code has claimed. The wearable device could utilise the HomeKit function on Apple's new iOS 8 operating system, potentially allowing users to control lights and garage doors wherever they are in the house. - The Telegraph
The global insurance industry covered $21bn (£12.7bn) of losses from disasters in the first half of 2014 as fewer natural catastrophes kept claims below their long-term average. The total economic cost of disasters in the first six months was $44bn of which natural events made up $41bn, figures from Swiss Re, the world's second-biggest reinsurer, showed. [...] The figure for overall economic costs was down from $59bn a year ago and was less than half the first-half average of $94bn in the last decade. - The Guardian
It is the inalienable right of every American to keep and bear arms. However, according to one of the United States' most high-profile and historic gunsmiths, recent enthusiastic keeping and bearing of arms has led to a collapse in sales of new weapons. Shares in Smith & Wesson, the company that produces the Magnum revolver made famous by the Dirty Harry films, crashed on Wall Street after the 160-year-old company issued a profit warning, reported a dive in earnings and admitted that semi- automatic rifle sales had shot their bolt. - The Times
Scottish business confidence has dropped below the UK average, despite firms enjoying strong sales growth over the past 12 months.The latest UK business confidence monitor, which is published today by accountancy firm Grant Thornton and membership organisation ICAEW, reveals a score of +15.1 for companies based north of the Border, well below the UK average of +32.3. Three months ago the monitor had stood at around 
35 on both sides of the Border - The Scotsman
Matalan has donated less than $120,000 (£72,000) to a UN-backed compensation fund for victims of the Rana Plaza factory disaster in Bangladesh, far less than the amount called for by workers' rights campaigners. The British fashion retailer's contribution is revealed by the rise in the total value of donations published on the fund's website since Matalan's donation was added. The payout falls well short of the £3m ($5m) which labour rights organisations including Labour Behind the Label and 38 Degrees have called on Matalan to donate. - The Guardian | | |
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