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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 ahead of spate of economic indicators - Eurozone CPI data due out
- US activity indicators expected later in the day
- Weak Japanese economic figures
techMARK 2,854.37 +0.28%
FTSE 100 6,821.60 +0.21%
FTSE 250 15,909.75 -0.01%
UK stocks were registering only slight gains in the early going ahead of the release of the latest Eurozone inflation numbers and a spate of high-frequency data which are due for release later on Stateside.
An hour after the start of trading the FTSE 100 was edging 16 points higher to 6,821.75.
Economists expect Eurozone consumer prices to have slowed to a 0.3% year-on-year rate of change in August, after a reading of 0.4% in the month before. That follows flat economic growth in the euro area during the second quarter as activity levels in Germany came off sharply.
Speaking to Bloomberg TV German finance minister Wolfgang Schaeuble insisted that the European Central Bank can only "buy time" with its monetary policy, emphasising the need for structural economic reforms.
Acting as a backdrop, according to images released by Nato on Thursday, Russian armed forces did indeed enter Ukrainian territory, claims that Russia had denied.
Weaker than expected data out of Japan
Meanwhile, overnight data released from Japan indicated the country had suffered a second month of weakness, offering what Alpari market analyst Joshua Mahony described as "yet another glimpse of the economy at a time where markets want to know if there is enough juice in the system for the Bank of Japan to reach their [inflation] targets, along with the question of whether the sales tax continues to drag the economy down following it's introduction in April".
Industrial output in the land of the rising sun grew at a 0.2% month-on-month clip in July, well below the 1% gain which analysts had pencilled in.
Household spending contracted by 5.9% year-on-year in July, almost twice the expected rate of decline.
Housing market showing signs of slowdown
House prices inched just 0.1% higher in August, according to Hometrack's monthly national housing survey.
It was the second consecutive month that the gap between supply and demand narrowed, with the number of new buys down 0.9%, although this was largely due to seasonal factors.
The narrowing meant that although average house prices continued to rise, the upward pressure was reduced.
"This is increasing the amount of time properties are spending on the market and resulting in sellers having to accept larger discounts to the asking price to achieve a sale," Hometrack explained.
Building society Nationwide offered a more upbeat assessment, with UK house prices up by 0.8% month-on-month (11% year-on-year) versus forecasts for a rise of 10.1%.
Tesco anticipates profit fall of up to 27%
The pressure is on for new boss Dave Lewis at Tesco after the struggling grocery giant said on Friday that it expects profits to fall by as much as 27% this year and its interim dividend to be cut by 75%. Lewis, due to take over from Philip Clarke who announced his resignation in July, will now join the group one month earlier than planned on 1 September.
Sabsa, a wholly-owned subsidiary of drinks giant SABMiller, has completed the sale of its stake in Tsogo Sun through the placing of 293,896 shares and the sale of 7.78m shares. Tsogo Sun also repurchased the company's remaining 133.58m shares. Altogether, the disposal generated around $1bn.
Road and rail haulier Stobart Group reported satisfactory trading in all its divisions, with biomass tonnages up in its energy division and higher passenger numbers in its airport business. But profits in its energy business were lower as a result of competition from exports and the end of a transport contract in February.
Gaming giant Bwin.party widened its first-half loss, reflecting a fall in casino and poker revenues. Loss before tax in the six months to 30 June 2014 came to €94m, up from €11.6 the previous year. Revenue declined to €317.1m from €342.5m as a solid performance from sports betting was offset by year-on-year declines in casino and poker.
Computacenter posted higher first-half profits and a good UK performance, but the IT services provider flagged up challenges in France and Germany. Computacenter said adjusted pre-tax profit in the six months to 30 June rose 6.8% to £28m on a 2.2% rise in revenue to £1.46bn
FTSE 100 - Risers
AstraZeneca (AZN) 4,584.00p +2.33%
RSA Insurance Group (RSA) 455.20p +1.25%
St James's Place (STJ) 712.50p +1.21%
3i Group (III) 393.70p +1.21%
Hargreaves Lansdown (HL.) 1,129.00p +1.07%
CRH (CRH) 1,441.00p +1.05%
Sports Direct International (SPD) 727.50p +1.04%
Fresnillo (FRES) 950.00p +1.01%
Aberdeen Asset Management (ADN) 436.00p +1.00%
Lloyds Banking Group (LLOY) 76.93p +0.85%
FTSE 100 - Fallers
Tesco (TSCO) 230.05p -6.60%
Sainsbury (J) (SBRY) 291.60p -3.92%
Morrison (Wm) Supermarkets (MRW) 180.40p -3.48%
Marks & Spencer Group (MKS) 426.50p -2.65%
United Utilities Group (UU.) 880.50p -0.96%
Next (NXT) 7,080.00p -0.84%
Hammerson (HMSO) 608.00p -0.82%
easyJet (EZJ) 1,343.00p -0.74%
Royal Mail (RMG) 446.30p -0.62%
Admiral Group (ADM) 1,331.00p -0.60%
FTSE 250 - Risers
Bwin.party Digital Entertainment (BPTY) 82.90p +3.43%
Direct Line Insurance Group (DLG) 294.50p +1.83%
Lancashire Holdings Limited (LRE) 627.00p +1.46%
Vedanta Resources (VED) 995.50p +1.32%
Ophir Energy (OPHR) 230.00p +1.32%
Kazakhmys (KAZ) 293.70p +1.31%
AL Noor Hospitals Group (ANH) 1,139.00p +1.24%
Ferrexpo (FXPO) 131.50p +1.15%
Enterprise Inns (ETI) 121.20p +1.00%
Hays (HAS) 133.20p +0.99%
FTSE 250 - Fallers
Exova Group (EXO) 194.00p -9.77%
Afren (AFR) 91.10p -8.44%
CSR (CSR) 749.50p -3.91%
Berendsen (BRSN) 1,060.00p -2.75%
Ocado Group (OCDO) 330.60p -2.56%
Poundland Group (PLND) 310.00p -2.52%
Brown (N.) Group (BWNG) 440.80p -2.24%
Perform Group (PER) 209.20p -2.06%
AO World (AO.) 217.90p -1.76% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rally ahead of Eurozone inflation data - Eurozone inflation in focus
- Euro-area jobless rate due
- ECB monetary policy can only buy time, says Schaeuble
FTSE 100: 0.24%
DAX: 0.41%
CAC 40: 0.38%
FTSE MIB: 0.91%
IBEX 35: 0.42%
Stoxx 600: 0.37%
European stocks gained ahead of the release of Eurozone inflation figures.
Eurozone consumer prices are expected to rise 0.3% year-on-year in August following a 0.4% increase a month earlier, moving further away from the European Central Bank's (ECB) target of just under 2%.
A further weakening in inflation will add pressure on the ECB to take further measures to address price instability. ECB President Mario Draghi last Friday hinted at the possibility of full-on quantitative easing.
However, German finance minister Wolfgang Schaeuble told newspaper Passauer Neue Presse this week that Draghi's comments about fiscal policy had been "overinterpreted".
He also told Bloomberg in a televised interview that ECB monetary policy "can only buy time" and Europe is in need of structural reform.
As policymakers closely watch the health of the euro-area economy, Thursday's release of the Eurozone unemployment rate will be high on the agenda. It is expected to hold at 11.5% in July.
In the US later on attention will turn to US personal consumption expenditure figures, the Chicago purchasing managers' index and the University of Michigan's consumer confidence report.
Geopolitical tensions in Syria and Ukraine will continue to be monitored after the crises escalated on Wednesday.
In company news, AstraZeneca advanced as UBS said the pharmaceutical firm's treatment for colorectal cancer has moved to the next stage of testing.
Tesco declined after lowering its full-year profit forecast and its interim dividend.
The euro fell 0.09% to $1.3170.
Brent crude futures rose 0.37% to $102.85 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks fall on Ukraine tensions, GDP, jobs data - Focus on Ukraine-Russia crisis
- US GDP grew 4.2%
- Jobless claims fall 1,000
Dow -0.25% 17,080
Nasdaq -0.25% 4,558
S&P 500 -0.16% 1,997
US stocks ended lower on Thursday as investors reacted to both the latest developments in the Ukraine-Russia crisis and better-than-expected data.
The second estimate for US gross domestic product (GDP) showed that the American economy grew by an annualised rate of 4.2% in the second quarter.
It was higher than the initial estimate of 4% growth in the advance report and surprised analysts who had expected a small downwards revision to 3.9%. It also marked a strong-than-expected rebound from the 2.1% contraction registered in the first three months of the year.
"These figures confirm the strength of the US economy, and judging by recent figures, it is not going to run out of momentum any time soon," said Nancy Curtin, the chief investment officer at Close Brothers Asset Management.
"While sluggish wage growth remains a key consideration for the Fed, the employment figures continue to show the strength of the labour market [...] The prospect of a change in monetary tightening is one cloud on the horizon, but it should not be a cause for undue concern."
In other economic data on Thursday, US initial jobless claims fell by 1,000 to 298,000 in the week to 23 August, under the 300,000 consensus forecast. The previous week's level was revised up by 1,000 to 299,000.
Meanwhile, the four-week moving average fell by 1,250 to 299,750.
Tensions mount in Ukraine as Nato releases
According to images released by Nato, Russian armed forces did enter Ukranian territory, claims which Russia had denied.
Earlier on Thursday, Ukrainian officials said Russian forces had entered the country and helped local separatists capture the coastal town of Novoazovsk in south-eastern Ukraine.
Ukrainian president Petro Poroshenko said in a televised statement from Kiev on Thursday that he had convened an emergency meeting with his military chiefs as "the introduction of Russian forces into Ukraine has taken place".
That came as it was claimed the quality and volume of supply of arms by Russia has increased.
Williams-Sonoma, Abercrombie, Visa
In company news, Williams-Sonoma declined after its third-quarter earnings forecast missed analysts' estimates.
Abercrombie & Fitch Co. dropped as second-quarter sales fell more than analysts had projected.
Guess? slumped after the retailer cut its annual earnings forecast.
Visa Inc. was also in the red after it was downgraded by Raymond James to 'market perform'.
TripAdvisor was also a notable faller.
S&P 500 - Risers
Pall Corp. (PLL) $83.44 +3.37%
Goodyear Tire & Rubber Co. (GT) $25.75 +2.51%
Chesapeake Energy Corp. (CHK) $26.96 +2.01%
Broadcom Corp. (BRCM) $39.17 +1.73%
Best Buy Co. Inc. (BBY) $32.20 +1.61%
Monster Beverage Corp (MNST) $87.94 +1.61%
Seagate Technology Plc (STX) $62.12 +1.53%
Staples Inc. (SPLS) $11.66 +1.52%
CMS Energy Corp. (CMS) $30.40 +1.35%
Cabot Oil & Gas Corp. (COG) $33.35 +1.34%
S&P 500 - Fallers
Garmin Ltd. (GRMN) $54.15 -5.76%
United States Steel Corp. (X) $37.53 -3.84%
Intuitive Surgical Inc. (ISRG) $465.47 -2.76%
First Solar Inc. (FSLR) $69.12 -2.68%
TripAdvisor Inc. (TRIP) $99.28 -2.46%
Salesforce.Com Inc. (CRM) $58.29 -2.17%
Diamond Offshore Drilling Inc. (DO) $43.77 -2.06%
Peabody Energy Corp. (BTU) $15.66 -1.94%
Fossil Group Inc (FOSL) $100.61 -1.84%
Halliburton Co. (HAL) $67.32 -1.70%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $92.51 +0.70%
E.I. du Pont de Nemours and Co. (DD) $66.11 +0.27%
Cisco Systems Inc. (CSCO) $24.84 +0.16%
Microsoft Corp. (MSFT) $44.90 +0.06%
Coca-Cola Co. (KO) $41.62 +0.05%
Caterpillar Inc. (CAT) $108.58 +0.03%
Chevron Corp. (CVX) $128.65 +0.01%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $78.74 -1.23%
Visa Inc. (V) $214.64 -1.15%
Boeing Co. (BA) $127.03 -0.91%
JP Morgan Chase & Co. (JPM) $59.15 -0.74%
McDonald's Corp. (MCD) $94.06 -0.62%
Merck & Co. Inc. (MRK) $59.98 -0.50%
Travelers Company Inc. (TRV) $94.29 -0.50%
General Electric Co. (GE) $26.01 -0.46%
Intel Corp. (INTC) $34.65 -0.43%
Pfizer Inc. (PFE) $29.38 -0.37%
Nasdaq 100 - Risers
Nxp Semiconductors Nv (NXPI) $66.91 +2.09%
Broadcom Corp. (BRCM) $39.17 +1.73%
Monster Beverage Corp (MNST) $87.94 +1.61%
Seagate Technology Plc (STX) $62.12 +1.53%
Staples Inc. (SPLS) $11.66 +1.52%
Gilead Sciences Inc. (GILD) $107.52 +1.18%
NetApp Inc. (NTAP) $41.97 +1.00%
Maxim Integrated Products Inc. (MXIM) $31.14 +0.94%
Tractor Supply Company (TSCO) $67.13 +0.93%
Intuit Inc. (INTU) $83.37 +0.88%
Nasdaq 100 - Fallers
Garmin Ltd. (GRMN) $54.15 -5.76%
Intuitive Surgical Inc. (ISRG) $465.47 -2.76%
TripAdvisor Inc. (TRIP) $99.28 -2.46%
Google Inc. Class C (GOOG) $568.57 -1.61%
Whole Foods Market Inc. (WFM) $39.17 -1.58%
Vimpelcom Ltd Ads (VIP) $8.75 -1.57%
Keurig Green Mountain Inc (GMCR) $134.44 -1.55%
Google Inc. (GOOGL) $579.35 -1.49%
Cognizant Technology Solutions Corp. (CTSH) $45.47 -1.42%
Express Scripts Holding Co (ESRX) $73.79 -1.24% |
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| | Newspaper Round Up | | Friday newspaper round-up: AA, Iron ore prices, Ocado... Shareholder groups last night warned of a corporate governance breakdown at the AA after chief executive Chris Jansen resigned two months after its stock market float. The roadside assistance firm decided its boardroom was not big enough for both Jansen and executive chairman Bob Mackenzie, who led a management buy-in that accompanied the float. [...] But groups that advise shareholders on how to exercise their voting power said the AA, which has 13m members, was lagging behind other listed firms in the way it handles its obligation to investors. - The Daily Mail
London-listed mining groups are facing a $30bn (£18bn) loss of revenue from a collapse in the iron ore price as Chinese growth slows more sharply than expected and mine output increases at the fastest rate on record. The benchmark iron ore price fell to a two-year low of $87 per tonne yesterday, down 36pc this year having opened at around $140 per tonne in January. Fears are now increasing that the iron ore price could slump to fresh five-year lows, undermining the profits of some of Britain's biggest listed companies. - The Telegraph
Strong criticism of Ocado's business model led to £375 million being wiped off its value yesterday. Redburn, an independent equity broker, said that sales at the online grocer were not growing fast enough and were "unlikely to do so soon". In a further blow, Redburn warned that the group's much-vaunted technology — a robotic system used to pick and move containers in its warehouses — was "less unique than we previously thought". - The Times
The gap between house sellers' asking prices and the amounts buyers are willing to pay is widening amid growing signs the market is cooling, the property analyst Hometrack has reported. Sellers in England and Wales typically achieved 95.9% of their asking price in August, falling back for the third month in a row from 96.8% in May. - The Guardian
Pernod Ricard yesterday offered a glimmer of hope for recovery in its key Chinese market as Scotland's second biggest distiller's annual results were scarred by a slowdown in the Far East and adverse currency movements. Alexandre Ricard, group deputy chief executive, said although trading remained challenging "we anticipate a gradual improvement in our sales growth" in the current financial year. - The Scotsman
Royal Dutch Shell could resurrect its controversial plan to drill for oil in the Alaskan Arctic after filing new plans with the US government. The FTSE-100 listed company put all work in the region on hold earlier this year after a series of incidents, including the grounding of the Kulluk rig in December 2012. On Thursday night Shell submitted a proposal to the Interior Department that would see it set up two rigs in the Shuckchi Sea, which is hoped could yield more than 400,000 barrels of oil a day. - The Telegraph
Wind, solar and other renewable power capacity grew at its strongest ever pace last year and now produces 22% of the world's electricity, the International Energy Agency said on Thursday in a new report. More than $250bn (£150bn) was invested in "green" generating systems in 2013, although the speed of growth is expected to slacken, partly because politicians are becoming nervous about the cost of subsidies. - The Guardian | | |
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