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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: Tesco still in the news, as euro continues to slip UK stocks have begun the session with the slightest of gains, with investors focusing on remarks by European Central Bank President Mario Draghi, to a Lithuanian publication, to the effect that the ECB could implement additional easing measures.
That comes as the euro/dollar slips below the 1.28 dollar mark in early trading.
Related to the above, new Bank of England Deputy Governor Minouche Shafik told the Yorkshire Post on Thursday morning that the Eurozone represents a "significant risk" for the UK economy, while also highlighting concerns about low inflation.
BoE Governor Mark Carney is due to offer a speech this afternoon from Wales, at 13:40.
As of 08:56 the FTSE 100 was 8 points higher at 6,714.
Overnight Wall Street ended the session with large gains thanks to a dovish speech from a Fed official and strong US housing figures.
In something of a surprise, new home sales in America climbed 18% to a seasonally adjusted annual rate of 504,000 units, the highest since May 2008.
"This week is beginning to look like a tale of two halves, with yesterday witnessing substantial gains across both US and Asian indices which are now expected to carry on through to the European market today," Alpari UK market analyst Joshua Mahony said.
"With European markets virtually bereft of any notable data or economic release today, it is likely that they will follow the lead of the US and Asian markets higher."
Tesco's stratospheric error still in the news
Back in the UK, and in company news, retailer Sports Direct International revealed it has entered into a put option on 23m Tesco shares, which it said reflected its belief in the company. The company stated that the investment "reflects Sports Direct's growing relationship with Tesco and belief in Tesco's long-term future," it explained.
In parallel, speaking on BBC Radio 5 Live Adrian Bailey, chairman of the parliamentary business committee, said Tesco executives may be asked to explain the firm's £250m misstatement of first-half profits which took £2bn off its stock market capitalisation.
Analysts at JP Morgan have lowered their price target on shares of Sainsbury to 225p from 280p and Deutsche Bank to 275p from 330p.
Insurance provider Direct Line has announced an agreement to sell its international division to Mapfre for €550m. Direct Line described the deal as the last step in its strategic review and said that it expects to recognise a pre-tax gain on disposal of approximately £160m. |
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| | Market Movers
techMARK 2,821.57 +0.28%
FTSE 100 6,708.62 +0.04%
FTSE 250 15,569.35 +0.20%
FTSE 100 - Risers
Smiths Group (SMIN) 1,279.00p +2.16%
easyJet (EZJ) 1,343.00p +2.13%
Capita (CPI) 1,159.00p +1.67%
Whitbread (WTB) 4,204.00p +1.67%
Ashtead Group (AHT) 1,048.00p +1.55%
Carnival (CCL) 2,486.00p +1.43%
International Consolidated Airlines Group SA (CDI) (IAG) 371.40p +1.39%
Aviva (AV.) 529.50p +1.34%
Burberry Group (BRBY) 1,522.00p +1.26%
ITV (ITV) 211.00p +1.20%
FTSE 100 - Fallers
Hammerson (HMSO) 563.00p -3.68%
Hargreaves Lansdown (HL.) 930.00p -3.53%
Randgold Resources Ltd. (RRS) 4,203.00p -2.87%
Royal Mail (RMG) 403.50p -2.63%
Fresnillo (FRES) 755.50p -2.58%
Anglo American (AAL) 1,424.50p -2.50%
BHP Billiton (BLT) 1,763.50p -1.89%
Glencore (GLEN) 344.60p -1.35%
Antofagasta (ANTO) 732.50p -1.15%
Standard Chartered (STAN) 1,184.00p -1.13%
FTSE 250 - Risers
CSR (CSR) 785.00p +7.76%
Cairn Energy (CNE) 188.90p +4.48%
Ladbrokes (LAD) 131.60p +3.54%
IP Group (IPO) 214.90p +3.12%
William Hill (WMH) 375.00p +2.94%
Amec (AMEC) 1,093.00p +2.53%
Ocado Group (OCDO) 288.70p +2.48%
Thomas Cook Group (TCG) 119.90p +2.39%
Spire Healthcare Group (SPI) 287.90p +1.91%
Worldwide Healthcare Trust (WWH) 1,520.00p +1.74%
FTSE 250 - Fallers
Mitchells & Butlers (MAB) 384.00p -5.33%
Evraz (EVR) 123.50p -3.36%
Polymetal International (POLY) 486.50p -2.23%
Vesuvius (VSVS) 465.60p -2.12%
COLT Group SA (COLT) 137.70p -1.78%
Ferrexpo (FXPO) 125.80p -1.64%
Ultra Electronics Holdings (ULE) 1,731.00p -1.59%
Rightmove (RMV) 2,223.00p -1.55%
Spectris (SXS) 1,863.00p -1.53%
Vedanta Resources (VED) 992.00p -1.49%
FTSE TechMARK - Risers
RM (RM.) 149.75p +3.63%
Innovation Group (TIG) 29.00p +0.87%
Skyepharma (SKP) 311.00p +0.65%
Sepura (SEPU) 141.50p +0.35%
Anite (AIE) 88.50p +0.28%
XP Power Ltd. (DI) (XPP) 1,527.00p +0.13%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 196.91 +0.10%
FTSE TechMARK - Fallers
Oxford Biomedica (OXB) 3.88p -1.27%
E2V Technologies (E2V) 162.50p -1.22%
Vectura Group (VEC) 130.75p -0.95%
Ricardo (RCDO) 660.00p -0.75%
NCC Group (NCC) 199.50p -0.13%
Dialight (DIA) 862.00p -0.12%
SDL (SDL) 349.75p -0.07% |
| | UK Event Calendar | | Thursday 25 September
INTERIMS
DJI Holdings, Epwin Group, Incadea, Inditherm, Learning Technologies Group , Manx Telecom , Mission Marketing Group, Miton Group, Northbridge Industrial Services, Surgical Innovations Group, Synairgen, Toumaz Limited
INTERIM DIVIDEND PAYMENT DATE
Low & Bonar, Merlin Entertainments , Prudential, Reckitt Benckiser Group, Schroders, Schroders (Non-Voting), Taylor Wimpey, Wood Group (John)
QUARTERLY PAYMENT DATE
Royal Dutch Shell 'A', Royal Dutch Shell 'B'
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Durable Goods Orders (US) (13:30)
GFK Consumer Confidence (GER) (07:00)
Initial Jobless Claims (US) (13:30)
M3 Money Supply (EU) (09:00)
GMS
Coal of Africa Ltd.
FINALS
Hansard Global
EGMS
Acencia Debt Strategies Ltd., Coal of Africa Ltd., OJSC Magnit GDR (Reg S)
AGMS
AdEPT Telecom, Alcentra Euorpean Floating Rate Income Fund Ltd Red Ord Shs, Camco Clean Energy, Coburg Group, Downing Structured Opportunities VCT 1, Fiske, Micro Focus International, NWF Group, Park Group, Penna Consulting, Phoenix IT Group, Ryanair Holdings, The Real Good Food Company
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
First Property Group, Fletcher King |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks higher ahead of Draghi and Carney speeches European stocks rallied ahead of a speech by European Central Bank (ECB) President Mario Draghi on the future of the euro-area's shared currency. The market will be looking for clues on stimulus measures when Draghi speaks at a conference of European central bankers in Vilnius, Lithuania at 10:00 local time. Ahead of the event he told Verslo Zinios that political tensions and insufficient policy reforms are risks to the bloc's recovery.
He said the ECB is ready to use additional unconventional instruments if necessary.
Bank of England Governor Mark Carney will also speak in Wales and this should produce a reaction in sterling if nothing else as the market picks through his words for any clarity on interest rates.
Data wise, the UK sees the release of Confederation of British Industry realised sales figures while the US has data on jobless claims and durable goods orders.
Cairn Energy, Air France
Cairn Energy advanced after agreeing to sell a 10% stake at a North Sea development. Air France-KLM Group gained after pulling out of a plan to set up a low-cost subsidiary, to prevent a strike by its French pilots.
Direct Line Insurance Group was higher after agreeing to sell its international division to Mapfre SA. The euro fell 0.37% to $1.2733 per barrel, according to the ICE.
Brent crude futures rose 0.02% to $96.97. |
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| | US Market Report | | US close: Positive housing data boosts shares US stocks staged a comeback on Wednesday after three losing sessions as investors took heart from upbeat housing market news and hopes of eurozone stimulus.
The Dow Jones Industrial Average closed 154 points up at 17,210 after sales of new US single-family homes surged in August to their highest in more than six years. The Nasdaq rose 46 points to 4,555 and the S&P 500 lifted 15 points to 1,998.
New home sales climbed 18% to a seasonally adjusted annual rate of 504,000 units, the highest since May 2008, Washington said.
Barclays analysts said in a note: "Altogether, this is a much stronger report than expected and suggests housing demand has stabilised in recent quarters."
Traders also welcomed a renewed pledge by European Central Bank (ECB) President Mario Draghi to keep monetary policy loose for an extended period to boost inflation and output in the eurozone.
But sentiment still took a hit from the second day in a row of disappointing German economic data, with the country's IFO business climate survey falling to 104.7, its lowest level since April 2013.
It was the fifth consecutive time the parameter has fallen and prompted IFO analysts to say the "German economy is no longer running smoothly."
In corporate news, reports that a group of financial firms led by Goldman Sachs may unveil a deal to buy instant-messaging startup Perzo as early as next week got traders talking.
Shares in Citizens Financial moved higher after the regional bank's initial public offer (IPO) by parent Royal Bank of Scotland had hitherto received a lukewarm reception, although the price of $21.50 a share was worse than expected.
Accenture shares rose as the consulting group issued cautious forecasts for its next fiscal year, while Morgan Stanley pared earlier losses to rise modestly after JP Morgan downgraded its rating on the financial firm from overweight to neutral.
KB Home fell markedly as the company reported third quarter earnings and revenue that fell short of forecast, while Merrimack Pharmaceuticals surged after the firm agreed a deal to develop and market its pancreatic cancer drug outside the US.
Bed, Bath & Beyond shares rose after better than expected quarterly earnings, while Lipocine's stock leapt by half ahead of latest results and developments in its late-stage study of an oral Androgen replacement.
West Texas intermediate crude was stable and traded at more than $91 a barrel. The yield on the benchmark US 10-year Treasury note rose four basis points to 2.57.
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $72.84 +2.53%
Wal-Mart Stores Inc. (WMT) $77.10 +1.98%
Unitedhealth Group Inc. (UNH) $88.21 +1.87%
Home Depot Inc. (HD) $93.02 +1.67%
McDonald's Corp. (MCD) $95.03 +1.63%
Goldman Sachs Group Inc. (GS) $187.90 +1.52%
Travelers Company Inc. (TRV) $94.79 +1.33%
Walt Disney Co. (DIS) $89.45 +1.29%
Caterpillar Inc. (CAT) $101.20 +1.21%
Johnson & Johnson (JNJ) $108.71 +1.16%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $122.40 -0.54%
General Electric Co. (GE) $25.93 -0.35%
Exxon Mobil Corp. (XOM) $95.83 -0.21%
S&P 500 - Risers
Bed Bath & Beyond Inc. (BBBY) $67.33 +7.40%
Vertex Pharmaceuticals Inc. (VRTX) $111.98 +6.81%
Alexion Pharmaceuticals Inc. (ALXN) $168.70 +6.32%
Biogen Idec Inc. (BIIB) $346.39 +4.26%
Allergan Inc. (AGN) $176.18 +4.14%
WellPoint Inc. (WLP) $124.22 +4.07%
Hasbro Inc (HAS) $54.96 +3.82%
Paychex Inc. (PAYX) $43.88 +3.47%
Sysco Corp. (SYY) $37.99 +3.39%
Celgene Corp. (CELG) $96.21 +3.32%
S&P 500 - Fallers
Diamond Offshore Drilling Inc. (DO) $36.55 -2.97%
United States Steel Corp. (X) $42.71 -2.71%
Ensco Plc. (ESV) $42.46 -2.28%
NRG Energy Inc. (NRG) $30.07 -2.24%
Equity Residential (EQR) $60.85 -2.00%
AvalonBay Communities Inc. (AVB) $142.13 -1.55%
Range Resources Corp. (RRC) $68.95 -1.47%
Southwestern Energy Co. (SWN) $35.70 -1.46%
Gannett Co. Inc. (GCI) $30.61 -1.45%
Allegheny Technologies Inc. (ATI) $40.83 -1.41%
Nasdaq 100 - Risers
Bed Bath & Beyond Inc. (BBBY) $67.33 +7.40%
Vertex Pharmaceuticals Inc. (VRTX) $111.98 +6.81%
Alexion Pharmaceuticals Inc. (ALXN) $168.70 +6.32%
Biogen Idec Inc. (BIIB) $346.39 +4.26%
Paychex Inc. (PAYX) $43.88 +3.47%
Baidu Inc. (BIDU) $221.97 +3.34%
Celgene Corp. (CELG) $96.21 +3.32%
Micron Technology Inc. (MU) $32.22 +3.27%
Gilead Sciences Inc. (GILD) $108.66 +3.10%
Liberty Interactive Corp (LINTA) $28.62 +2.69%
Nasdaq 100 - Fallers
Mattel Inc. (MAT) $31.66 -1.28%
Apple Inc. (AAPL) $101.73 -0.89%
Charter Communications Inc. (CHTR) $155.16 -0.77%
Catamaran Corp (CTRX) $43.62 -0.75%
Mylan Inc. (MYL) $46.44 -0.36%
Activision Blizzard Inc. (ATVI) $21.21 -0.33%
Discovery Communications Inc. Class A (DISCA) $38.10 -0.30%
Comcast Corp. (CMCSA) $54.85 -0.22%
Linear Technology Corp. (LLTC) $45.02 -0.04% |
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| | Newspaper Round Up | | Thursday newspaper round-up: RBS, GSK, Barclays, BP Sir Philip Hampton, the chairman of Royal Bank of Scotland (RBS) is to quit his role at in charge of the bank and take on the same role at pharmaceutical company GlaxoSmithKline (GSK), The Guardian reported on Thursday. Hampton will succeed Sir Christopher Gent at GSK, as the pharmaceutical firm's current chairman has announced his intentions to retire from the company at the end of 2015.
The RBS chairman is not expected to leave the bank, which is 81% owned by the taxpayer, immediately, however, as he'll remain on the board until after the general election in May.
Should he win the general election in May, Ed Miliband would be under pressure to ensure British chief executives of overseas companies that profit from using tax avoidance schemes are sent to jail, The Independent reported.
Paul Kenny, the general secretary of the powerful GMB union, is quoted as saying: "Tax avoidance is stealing, it's cheating. Give them, UK CEOs, five years, more – we need to change the rules to let them know they can't prosper like this."
GMB, which is a major Labour party donor and represents over 630,000 workers, cited cases involving Google and Starbucks.
Barclays has been told to pay a former client €10m after losing a court case related to claims it had misused confidential information, The Times reported.
The bank allegedly used the information obtained from a customer to purchase a Swedish carbon trading company in 2010 and will now have to pay the sum in damages to CF Partners, a financial advisory firm, over its £98m takeover of Stockholm-based hydropower carbon credis trader Tricorona.
On Wednesday, a federal judge stated that BP must honour the agreement it made with the companies it compensated for losses blamed on the 2010 Gulf oil spill, reported The Wall Street Journal.
The firm had argued that nearly 800 companies had been allowed to overestimate their claims because of a flawed funding formula and about 150 claimants should return a total of $185m, BP said.
U.S. District Judge Carl Barbier, however, rejected the oil giant's stance and reiterated it must now stand by the agreement it made.
Blackberry has launched a new handset characterised by a square screen and a keyboard that offers both touch-enabled controls and physical keys, The Financial Times reported.
The company has seen the sales of its handsets declining and, according to initial reports, the new device should appeal to existing customers but it might struggle to win over new users.
The new phone has a 4.5in (11.4cm) touchscreen with a resolution of 453 pixels per inch - higher than Apple's iPhone 6 Plus, but lower than Samsung's Galaxy Note 4. | | |
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