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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 close: Stocks fall for third day on Greek fears, weak data UK stocks declined for the third straight day on Tuesday as ongoing fears about Greece continued to erode investor confidence, while markets were dampened further by some poor economic data.
Nevertheless, strong gains from retailers helped markets to trim losses in afternoon trade, with London's FTSE 100 finishing the session down just 0.1% at 6,829, bouncing off an intraday low of 6,777.89 reached early on.
Stocks got off to a bad start after figures showed that the annual rate of Chinese inflation fell dramatically to a five-year low of 0.8% in January from 1.5% the month before, missing consensus forecasts of a slowdown to 1%.
Meanwhile, UK industrial production unexpectedly dipped 0.2% in December after a sharp drop in mining and quarrying production. Economists had expected growth of 0.1%.
Greece dominates market sentiment
Worries about the future of Greece were keeping UK investors cautious ahead of a meeting of European Union finance ministers on Wednesday, as the new government looks to ease the terms of its €240bn bailout.
Stocks in Athens soared as much as 8% on Tuesday afternoon on renewed hopes for a deal between the cash-strapped and Europe, after reports that new prime minister Alexis Tsipras had arranged a phone call with European Commission (EC) president Jean-Claude Juncker.
However, an EC spokeswoman said: "Our expectations are low that any final agreements will be reached on Greece this week" and that negotiations between Greece and the EC had so far 'not been very fruitful'."
Retailers on shopping lists
Retailers advanced after the British Retail Consortium (BRC) revealed that the annual rate of UK sales growth picked up to 1.6% in January after a 1% rise in December, lifting shares in high street names such as Dixons Carphone, Marks & Spencer and Next.
Food retailers Tesco and Morrisons were also in demand after Kantar data showed that UK grocery sales increased by 1.1% in the 12 weeks to 1 February, the fastest rate of sales growth since last June. Sainsbury however was reeling after Kantar said that the grocer lost its position as the second-largest retailer by market share to Walmart's Asda.
Mining stocks were dominating the fallers list as metal prices weakened and Chinese economic data disappointed, with Fresnillo, Antofagasta, Rio Tinto and BHP Billiton registering steep losses. Anglo American declined after saying that profits at its part-owned South African iron ore division sank in 2014, while Randgold was weighed down by a ratings cut by Deutsche Bank to 'hold'.
Oil stocks including Tullow Oil, BP and BG Group were also weaker as Brent crude futures dropped nearly 2%.
Royal Mail was also a heavy faller after JPMorgan Cazenove downgraded its stance on the postal delivery group to 'neutral' and cut its target for the shares from 575p to 505p.
Shares in online betting company 888 Holdings soared 18% on speculation that a buyout bid, the value of which was put at £750m, from rival William Hill, could soon materialise. |
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| | Market Movers
techMARK 3,094.39 +0.78%
FTSE 100 6,829.12 -0.12%
FTSE 250 16,658.74 +0.48%
FTSE 100 - Risers
Marks & Spencer Group (MKS) 498.70p +4.88%
easyJet (EZJ) 1,738.00p +3.76%
Tesco (TSCO) 241.85p +3.62%
Morrison (Wm) Supermarkets (MRW) 184.10p +3.43%
Dixons Carphone (DC.) 424.80p +2.61%
Babcock International Group (BAB) 1,054.00p +2.53%
Next (NXT) 7,250.00p +2.40%
London Stock Exchange Group (LSE) 2,387.00p +2.27%
Coca-Cola HBC AG (CDI) (CCH) 1,102.00p +2.13%
InterContinental Hotels Group (IHG) 2,665.00p +2.11%
FTSE 100 - Fallers
Royal Mail (RMG) 432.20p -4.91%
Fresnillo (FRES) 859.50p -4.07%
Randgold Resources Ltd. (RRS) 5,225.00p -3.51%
Rio Tinto (RIO) 2,992.50p -3.31%
Antofagasta (ANTO) 693.50p -3.21%
BHP Billiton (BLT) 1,495.00p -3.08%
BG Group (BG.) 934.30p -2.98%
Anglo American (AAL) 1,149.00p -2.96%
Standard Chartered (STAN) 915.40p -2.55%
BP (BP.) 446.35p -2.35%
FTSE 250 - Risers
Drax Group (DRX) 412.60p +5.82%
RPS Group (RPS) 230.40p +5.74%
Micro Focus International (MCRO) 1,152.00p +4.54%
Zoopla Property Group (WI) (ZPLA) 182.00p +4.54%
Thomas Cook Group (TCG) 133.20p +4.39%
Bwin.party Digital Entertainment (BPTY) 102.40p +4.12%
Hikma Pharmaceuticals (HIK) 2,429.00p +4.11%
Allied Minds (ALM) 454.90p +3.39%
St. Modwen Properties (SMP) 459.70p +3.35%
IP Group (IPO) 250.00p +3.35%
FTSE 250 - Fallers
Hunting (HTG) 505.50p -7.84%
Vedanta Resources (VED) 431.80p -6.13%
Soco International (SIA) 294.50p -5.00%
Ophir Energy (OPHR) 144.20p -4.50%
Premier Farnell (PFL) 161.70p -4.49%
Wood Group (John) (WG.) 604.50p -4.12%
Lonmin (LMI) 172.40p -3.79%
William Hill (WMH) 377.40p -3.13%
Petrofac Ltd. (PFC) 780.00p -3.11%
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Greek stocks jump despite conflicting reports on debt deal European stocks ended the day comfortably in the blue despite contradictory reports regarding a possible deal to extend Greece's rescue programme and on the back of better-than-expected readings on industrial production out of France and Italy.
The Dax-30 advanced 0.85% to end the session at 10,753.83 while the Cac-40 rose 0.96% to 4,695.65. Greece's ASE main stock-market index jumped 7.98% to 826.31 points.
Late in the afternoon European Commission (EC) officials denied the existence of a debt deal between Greece and its creditors, after news of a phone call between Greek prime minister Alexis Tsipras and EC president Jean-Claude Juncker.
Earlier in the day reports had cited MNI as saying that according to sources a compromise deal between the European Union and Greece could be possible.
The single currency area's finance ministers were due to hold an emergency meeting on Wednesday to analise what solutions might be available.
That came as traders were continuing to closely monitor the news-flow surrounding the situation in Ukraine. On Tuesday government forces launched a counter-offensive against separatist forces around one of the country's main ports.
On a much less gloomy note, French industrial production grew by 1.5% month-on-month in December, coming in well ahead of the 0.3% rise which had been expected.
Italian industrial production expanded at a 0.4% month-on-month clip in December, well ahead of the flat reading anticipated by economists.
In parallel, figures also out on Tuesday showed Danish consumer prices falling into negative territory for the first time since 1954.
Within the DJ Stoxx 600 the best performance was to be seen in the following industrial groups: technology (1.85%), retail (1.76%) and telecommunications (1.65%).
German retailer Metro confirmed its outlook for a slight increase in its full-year sales and earnings.
Deutsche Bank's electronic foreign exchange trading platform is now being monitored by New York's banking regulator, people familiar with the matter told Reuters.
The euro/dollar ended the day flat at 1.1324. |
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| | US Market Report | | US open: Dow rises amid hopes of solution on Greek debts US stock markets edged higher early on Tuesday, amid speculations that Greece and its international creditors were moving towards a solution.
Just before 10:00 in New York, the Dow Jones Industrial Average rose 0.51%, while the S&P 500 and the Nasdaq rose 0.49% and 0.61% respectively.
Greek media reported that prime minister Alexis Tsipras will speak with European Commission president Jean-Claude Juncker this afternoon, at 15:30 GMT.
However, Brussels officials remained cautious over the outcome of possible negotiations with Athens.
"Our expectations are low that any final agreements will be reached on Greece this week," said a spokeswoman for the European Commission.
On Wednesday, the finance ministers of the Eurozone countries, the so-called Eurogroup, will meet to decide Greece's destiny, but analysts said a permanent solution remained hard to achieve.
Meanwhile, the NFIB's gauge of small business confidence advanced to a reading of 97.9 from 100.4 in the prior month, just below consensus estimates of a 101 reading.
In corporate news, Coca-Cola rose 3.49% after quarterly results exceeded Wall Street's expectations, while Molson Coors Brewing Company advanced 2.28% after it raised its dividend 11% to 41 cents from 38 cents. The brewing giant said its profits had been hit by strong currency headwinds and added it was readying a $1bn share repurchase.
Aeropostale soared 18.56% after the group's fourth-quarter loss narrowed, while Qualcomm rose 3.23% after announcing late on Monday that it reached a deal with the Chinese government over infractions of the country's antimonopoly law and agreeing to pay a $975m fine.
CVS gained 0.32% after the pharmacy chain reported earnings above estimates and Apple rose after a report in the Wall Street Journal suggested the iPhone maker will go ahead with plans to sell a debut bond in Swiss francs.
Gold futures fell 0.39% to $1,236.60, while the dollar gained 0.7% and 0.2% against the yen, but relinquished 0.1% against the pound. |
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| | Broker Tips | | Broker tips: Barclays, Randgold Resources, Zoopla and Rightmove Morgan Stanley has reiterated its 'overweight' position on UK banking group Barclays, saying that the value of its non-core operations are "under-appreciated" by the market.
Analysts acknowledged that many bearish investors have raised concerns since its upgrade on Barclays from 'equalweight' on 3 February. However, despite many valid concerns about the investment case it still sees an "upward skew" to the risk-reward balance.
Shares in Randgold Resources were squeezed lower on Tuesday by downgrades from Deutsche Bank and Charles Stanley, as analysts turned more cautious after a strong run in the stock over the last few months.
Both Deutsche Bank and Charles Stanley have now cut their ratings to 'hold' with the stock having risen by nearly a third over the last three months. The German bank in particular, which lowered its target from 5,800p to 5,600p, said that the shares have "run out of upside".
Canaccord Genuity has cut its forecasts for Zoopla and Rightmove on the back of rising competition from OnTheMarket, but has played down the impact on the current market leaders from the challenger real estate portal. | | |
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