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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: Markets pause ahead of UK GDP, but airlines rise UK stocks opened flat on Tuesday with gains in the airline and mining sectors offset by falling bank shares, as markets paused at a fresh four-month high.
London's FTSE 100 was down just 0.01% at 6,851.55 early on after settling at 6,852.40 on Monday, its best finish since 5 September 2014 when it closed at 6,855.10.
The outcome of the weekend's Greek elections continues to be in focus for financial markets worldwide after anti-austerity, far-left party Syriza won the poll and agreed to form a coalition government with the centre-right Independent Greeks.
"In Greece, it was a case of Syriza came, they won, they formed a coalition and the Eurozone did not fall apart at the seams," said economist Simon Smith from FxPro.
Weighing on sentiment early on was the news that industrial profits in China dropped by 8% year-on-year in December, with the rate of contraction worsening from -4.2% in November. Meanwhile, a measure of small business confidence in Japan also weakened in January.
The focus of Tuesday's session would likely be on UK gross domestic product estimates for the fourth quarter which are expected to show that the economy expanded by 0.6% after 0.7% growth the preceding three months.
Easyjet and IAG flying higher, Afren plummets
Shares in Easyjet ascended after the British budget airline said it now expects an increase in revenues per seat in the first half. The company said revenue per seat at constant currency should rise by 2% on last year, compared with its previous guidance of "flat to very slightly up". It also expects to report a loss before tax of £10m-30m in the first half, compared with a £53m loss the year before.
Sector peer IAG also gained after sweetening its offer for Aer Lingus to €2.55 per share, valuing the Dublin-based airline at €1.36bn. "The board of Aer Lingus has indicated to IAG that the financial terms of the proposal are at a level at which it would be willing to recommend to Aer Lingus shareholders," IAG said in a statement.
The share price of oil group Afren collapsed after the company said it needs to restructure its debts or receive an equity injection due to the "significant dislocation" in the oil market. Investors are still waiting on Nigerian producer Seplat to see if it makes a firm offer for the company. The stock was down 53%.
Mining stocks edged higher, including Fresnillo, Petra Diamonds, Glencore and Randgold. Heading the other way were the banks with HSBC, Standard Chartered and RBS trading in the red. |
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| Market Movers
techMARK 3,083.16 +0.02%
FTSE 100 6,851.55 -0.01%
FTSE 250 16,501.80 +0.19%
FTSE 100 - Risers
easyJet (EZJ) 1,818.00p +3.53%
International Consolidated Airlines Group SA (CDI) (IAG) 562.00p +2.37%
Tullow Oil (TLW) 377.60p +1.94%
Randgold Resources Ltd. (RRS) 5,555.00p +1.93%
Glencore (GLEN) 257.05p +1.72%
Fresnillo (FRES) 911.00p +1.62%
Mondi (MNDI) 1,191.00p +1.10%
Weir Group (WEIR) 1,705.00p +1.07%
Sage Group (SGE) 484.90p +1.02%
Kingfisher (KGF) 349.90p +0.98%
FTSE 100 - Fallers
Dixons Carphone (DC.) 409.40p -4.77%
Royal Mail (RMG) 436.10p -3.37%
Direct Line Insurance Group (DLG) 309.90p -1.05%
Pearson (PSON) 1,334.00p -0.89%
Babcock International Group (BAB) 1,025.00p -0.87%
HSBC Holdings (HSBA) 621.70p -0.86%
TUI AG Reg Shs (Post- 16/12/14)(DI) (TUIJ) 1,161.00p -0.85%
Whitbread (WTB) 5,025.00p -0.79%
Wolseley (WOS) 3,929.00p -0.78%
BT Group (BT.A) 422.70p -0.77%
FTSE 250 - Risers
Britvic (BVIC) 674.00p +4.33%
Entertainment One Limited (ETO) 279.40p +4.10%
Zoopla Property Group (WI) (ZPLA) 176.20p +3.95%
Crest Nicholson Holdings (CRST) 385.00p +3.41%
Petra Diamonds Ltd.(DI) (PDL) 170.40p +3.15%
Card Factory (CARD) 264.30p +3.12%
Ashmore Group (ASHM) 290.50p +3.12%
PZ Cussons (PZC) 320.00p +2.89%
Centamin (DI) (CEY) 67.70p +2.89%
Diploma (DPLM) 784.00p +2.55%
FTSE 250 - Fallers
Afren (AFR) 8.37p -52.63%
Hunting (HTG) 429.60p -3.11%
Premier Oil (PMO) 144.00p -1.91%
Ophir Energy (OPHR) 134.00p -1.69%
Aveva Group (AVV) 1,357.00p -1.60%
Fidelity European Values (FEV) 170.00p -1.56%
FirstGroup (FGP) 104.70p -1.13%
Fidessa Group (FDSA) 2,363.00p -1.13%
Nostrum Oil & Gas (NOG) 551.00p -1.08% |
| | UK Event Calendar | | Tuesday 27 January
INTERIMS
Mattioli Woods, PZ Cussons
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
Durable Goods Orders (US) (13:30)
New Homes Sales (US) (15:00)
Q4
Nord Gold NV GDR (Reg S)
FINALS
Benchmark Holdings , Crest Nicholson Holdings, Nord Gold NV GDR (Reg S), PJSC Magnit GDR (REG S)
IMSS
Greencore Group
AGMS
Arria NLG, Britvic, Greencore Group, Marston's, Servoca
TRADING ANNOUNCEMENTS
Foxtons Group , Gem Diamonds Ltd. (DI)
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
GDP (Preliminary) (09:30)
Index of Services (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slide as EU looks set to tighten Russian sanctions European stocks declined as the EU edged closer to tightening sanction against Russia.
The EU will add more individuals this week to a list of those facing visa bans and asset freezes in Russia as deadly clashes between government troops and rebels escalated.
In Greece, European finance ministers began working on reviving the nation's troubled rescue programme after Syriza leader Alexis Tsipras took office.
Ministers on Monday agreed to work with the new government to help keep Greece in the euro, Dutch Finance Minister Jeroen Dijsselbloem said.
Turning to Tuesday's agenda, there is a raft of economic data releases.
At 09:30 London time a report is forecast to show UK gross domestic product rose 2.8% year-on-year in the fourth quarter.
In the US later on, the focus will be on the release of figures on durable goods orders, consumer confidence, services activity and new home sales.
Company-wise, Siemens slumped as the European engineering company reported a fall in first quarter profit.
Royal Philips NV dropped after saying it is falling short of its 2016 financial targets following shipment delays, currency impact and weakness in some of its markets.
Easyjet gained after reporting an increase in first-quarter revenue, as the airline expanded its capacity.
The euro rose 0.69% to $1.316. |
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| | US Market Report | | US close: Markets fluctuate as investors digest Greek elections' results US stocks fluctuated on Monday, as investors digested the possible ramifications of the general election result in Greece, while Wall Street remained open despite one of the worst blizzard over the last few years.
The Dow Jones Industrial Average closed up 0.03% at 17,678.70 points, while the S&P 500 ended the first session of the week up 0.26% at 2,057.09 and the Nasdaq gained 0.29% to 4,771.76.
In New York, residents were told to stay at home as a blizzard forecasters call "life-threatening" could see as much as three feet of snow fall in some areas from New York to Boston. However, the New York Stock Exchange operated on a normal schedule on Monday and is expected to do so on Tuesday as well.
As widely expected, anti-austerity party Syriza won the Greek general election on Sunday and, as it fell three seats short of achieving an overall majority, agreed a coalition with right-wing Independent Greeks. Both parties aim to renegotiate the nation's international bailout.
"The wider implications of Syriza's victory are complex," said Azad Zangana, senior European economist and strategist at Schroders
"From a markets standpoint, the reaction so far has been muted. The euro is trading higher against both the US dollar and sterling (albeit after days of falls), while European bourses are a little higher, with the notable exception of the Athens Stock Exchange
"Compared to when the European sovereign debt crisis first started, the markets' contagion risk has been dramatically reduced. European financial institutions now have minimal exposure to Greece, which reduces the likelihood of a wider crisis returning."
In corporate news, IBM, rose 0.31% after dismissing rumours that it was preparing the largest corporate lay-off in history, while Microsoft fell 2.47% in after-hour trading, even though the firm announced its second quarter earnings per share met analysts' expectations.
The company's second quarter earnings fell to 71 cents per share from 78 cents a share in the year-earlier period, while revenue increased to $26.47bn from $24.52bn a year ago.
Post Holdings soared 17.83% after announcing it will acquire privately-held MOM Brands Co. for $1.15bn, while MeadWestvaco jumped 14% after news emerged that the firm will merge with Rock-Tenn in a company with combined equity value of $16bn.
S&P 500 - Risers
MeadWestvaco Corp. (MWV) $51.35 +14.01%
Wynn Resorts Ltd. (WYNN) $155.85 +6.74%
Peabody Energy Corp. (BTU) $6.67 +5.87%
D. R. Horton Inc. (DHI) $24.38 +5.54%
Transocean Ltd. (RIG) $16.49 +5.23%
Mylan Inc. (MYL) $56.80 +4.78%
Roper Industries Inc. (ROP) $155.70 +4.01%
First Solar Inc. (FSLR) $44.17 +3.83%
United States Steel Corp. (X) $21.33 +3.64%
Allegheny Technologies Inc. (ATI) $28.26 +3.44%
S&P 500 - Fallers
Seagate Technology Plc (STX) $59.06 -7.69%
Mattel Inc. (MAT) $26.64 -4.99%
Western Digital Corp. (WDC) $100.98 -4.83%
W.W. Grainger Inc. (GWW) $234.81 -4.54%
Adt Corp (ADT) $33.82 -3.29%
Hewlett-Packard Co. (HPQ) $38.84 -3.09%
Dollar Tree Inc (DLTR) $70.36 -2.37%
LyondellBasell Industries (LYB) $79.27 -1.89%
Adobe Systems Inc. (ADBE) $72.74 -1.78%
Medtronic Inc. (MDT) $75.59 -1.77%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $108.88 +1.90%
McDonald's Corp. (MCD) $90.67 +1.24%
Pfizer Inc. (PFE) $32.80 +1.08%
Exxon Mobil Corp. (XOM) $91.76 +0.96%
Home Depot Inc. (HD) $106.36 +0.94%
Merck & Co. Inc. (MRK) $62.82 +0.53%
Caterpillar Inc. (CAT) $86.03 +0.49%
General Electric Co. (GE) $24.59 +0.45%
E.I. du Pont de Nemours and Co. (DD) $74.11 +0.43%
International Business Machines Corp. (IBM) $156.36 +0.31%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $35.81 -1.76%
United Technologies Corp. (UTX) $118.75 -1.03%
American Express Co. (AXP) $83.30 -0.99%
Cisco Systems Inc. (CSCO) $27.96 -0.87%
Coca-Cola Co. (KO) $43.00 -0.72%
Visa Inc. (V) $256.53 -0.68%
AT&T Inc. (T) $33.18 -0.57%
Procter & Gamble Co. (PG) $89.58 -0.56%
Boeing Co. (BA) $134.07 -0.41%
Verizon Communications Inc. (VZ) $46.96 -0.40%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $155.85 +6.74%
Mylan Inc. (MYL) $56.80 +4.78%
Liberty Media Corporation - Class A (LMCA) $35.65 +3.18%
Tesla Motors Inc (TSLA) $206.55 +2.61%
Tractor Supply Company (TSCO) $81.78 +2.59%
Sirius XM Holdings Inc (SIRI) $3.66 +2.52%
Garmin Ltd. (GRMN) $54.30 +2.43%
Illumina Inc. (ILMN) $201.68 +2.29%
Expeditors International Of Washington Inc. (EXPD) $45.24 +2.14%
Netflix Inc. (NFLX) $446.56 +2.08%
Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $59.06 -7.69%
Mattel Inc. (MAT) $26.64 -4.99%
Western Digital Corp. (WDC) $100.98 -4.83%
Vimpelcom Ltd Ads (VIP) $3.80 -3.31%
Dollar Tree Inc (DLTR) $70.36 -2.37%
Adobe Systems Inc. (ADBE) $72.74 -1.78%
Intel Corp. (INTC) $35.81 -1.76%
Baidu Inc. (BIDU) $229.46 -1.66%
NetApp Inc. (NTAP) $38.90 -1.47%
Nxp Semiconductors Nv (NXPI) $79.12 -1.38%
Ocwen Financial Group rose over 8% after avoiding having its licence suspended as it agreed to a $2.5m settlement with the state of California, while DR Horton gained 5.54% after posting better-than-expected first quarter profit.
Oil prices continued to fall on Monday, with West Texas crude futures falling 1.1% to just over $45 a barrel and Brent sliding 1.4% to settle at just over $48 a barrel.
Abdulla al-Badri, the secretary general of the Organisation for Petroleum Exporting Countries (OPEC), has claimed that oil prices could be on the rise very soon.
"Now the prices are around $45-$50 and I think maybe they reached the bottom and will see some rebound very soon," Badri was quoted as saying by Reuters. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: SSE cuts, Starbucks, UK construction... SSE has become the fifth big energy supplier to cut household bills after the slump in wholesale costs, wrote The Times. The 4.1% cut in gas prices, equivalent to £28 off an annual gas bill, will not take effect until April 30, however, when most households have turned off their central heating. The paper added that one consumer group described the price cut as "probably the slowest in history".
Starbucks has been urged to live up to its promise to pay more taxes after boasting about the turnaround of its UK business and an 82% rise in global profits, The Times reported. The Seattle-based coffee chain said that its net profit hit $983.1 million in the 13 weeks to December 28. The paper also said that the amount of tax handed to the UK government in 2014 has not been disclosed.
Britain's construction companies will need an extra 224,000 workers over the coming five years as growth returns to the industry across the whole country for the first time since the financial crisis, said The Telegraph. The prediction comes in the Construction Industry Training Board's (CITB) annual survey of the sector's health, which also forecasts annual year-on-year growth of 2.9% out to 2019, according to the paper.
The Guardian wrote that the coalition's changes to benefits and direct taxes have hit families with children under five harder than any other group and hurt the poorest more than the better off, according to the most comprehensive evaluation yet of the government's social policy record.
BHS is holding property assets worth between £100m and £200m, driving interest in the department store retailer from potential buyers despite the fact it has been losing money on the high street, said The Telegraph. The value of BHS's assets has not previously been disclosed, but City sources said its property was worth between £100m and £200m, making it a potentially lucrative prize.
World leaders will be condemned by their grandchildren if they fail to take action to save rainforests and prevent dangerous climate change, the Prince of Wales has said according to The Times. He spoke of his concern that his second grandchild, due in April, would be entering an "increasingly uncertain world".
The UK's fracking sector breathed a sigh of relief last night, after an attempt to suspend its progress was voted down in parliament, wrote the City A.M. A moratorium, which would have blocked fracking activity for up to two-and-a-half years, was defeated by 308 votes to 52 after Labour failed to back the move, wrote the paper. | | |
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