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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: CRH and oil stocks lift FTSE 100 ahead of PMI data Strong gains from CRH and a host of oil stocks pushed UK markets higher on Monday, as investors awaited a host of manufacturing data from across the globe.
London's FTSE 100 was up 0.4% at 6,777 early on.
CRH was on the rise after agreeing a deal to buy assets from Holcim and Lafarge, while energy shares were boosted by a recent rebound in crude.
Brent oil futures were down 2.5% on Monday morning but were still firmly above $50 a barrel after having spiked the previous session on the back of news of reduced drilling in the States.
Crude surged as much as 8% on Friday, rebounding from a six-year low, after data from Baker Hughes showed that the number of US rigs drilling for oil dropped by 94, or 7%, last week. News that Chevron had followed in the footsteps of other oil majors to slash its drilling budget also pushed up prices.
In economic news, China's manufacturing sector recorded its first monthly contraction in over two years in January, according to government data released on Sunday.
The official purchasing managers' index (PMI) for manufacturing fell to 49.8 last month from 50.1 in December, according to the National Bureau of Statistics. This was the first time the government's factory PMI slipped below the key 50-point breakeven mark since September 2012, and surprised economists who had predicted a small improvement to 50.2.
The Markit UK manufacturing PMI, due out at 09:30 GMT, and is forecast to show a slight up-tick in growth from 52.7 to 52.5.
Meanwhile, final estimates of January manufacturing PMIs are also expected from Spain, Italy, France, Germany and US on Monday.
CRH cements deal for Holcim-Lafarge assets
Irish building materials group CRH rose 6% after confirming it will spend €6.5bn on assets from Holcim and Lafarge as the two European cement makers dispose of operations to win approval for their merger. CRH, which said it expected the deal to make it the "global number-three building materials player", will finance the acquisition using a combination of existing cash, bank facilities and an equity placing.
Energy stocks such as Tullow, BG Group, Shell, Premier Oil, Cairn Energy and Ophir Energy were making decent gains after the recent rebound in crude. BP also edged higher ahead of its fourth-quarter results on Tuesday.
Enquest rose after saying that it would get $23m back after exiting its investments in Tunisia, though 2014 production would be slightly lower than previously thought as a result.
Shares in struggling oil group Afren rebounded strongly, up 46%, though were still well below levels seen at the start of the year. After saying that it was in need of immediate funding, the company announced over the weekend that lenders had allowed it to defer a $50m payment due on its debt by a month. Afren also said it would delay a $15m bond coupon payment.
In contrast, the rising oil price was weighing on shares in travel groups such as Easyjet, IAG and Carnival. |
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| Market Movers
techMARK 3,061.52 +0.35%
FTSE 100 6,776.79 +0.41%
FTSE 250 16,360.55 +0.34%
FTSE 100 - Risers
CRH (CRH) 1,701.00p +6.11%
BG Group (BG.) 919.80p +3.71%
Tullow Oil (TLW) 376.60p +3.18%
Sainsbury (J) (SBRY) 262.80p +2.90%
Shire Plc (SHP) 4,969.00p +2.37%
Royal Dutch Shell 'B' (RDSB) 2,142.50p +1.81%
Coca-Cola HBC AG (CDI) (CCH) 1,089.00p +1.68%
Dixons Carphone (DC.) 441.70p +1.54%
BHP Billiton (BLT) 1,465.00p +1.52%
Royal Dutch Shell 'A' (RDSA) 2,047.00p +1.44%
FTSE 100 - Fallers
easyJet (EZJ) 1,789.00p -3.92%
Fresnillo (FRES) 880.00p -2.11%
Randgold Resources Ltd. (RRS) 5,600.00p -1.50%
Kingfisher (KGF) 338.60p -1.23%
Rolls-Royce Holdings (RR.) 880.50p -1.23%
Carnival (CCL) 2,962.00p -1.17%
Ashtead Group (AHT) 1,078.00p -0.92%
International Consolidated Airlines Group SA (CDI) (IAG) 539.50p -0.92%
Direct Line Insurance Group (DLG) 309.80p -0.86%
Rio Tinto (RIO) 2,902.50p -0.77%
FTSE 250 - Risers
Afren (AFR) 7.75p +46.23%
Ophir Energy (OPHR) 140.50p +4.62%
Premier Oil (PMO) 150.20p +3.87%
Soco International (SIA) 272.70p +3.61%
RPS Group (RPS) 188.00p +3.07%
Grainger (GRI) 199.60p +2.94%
Zoopla Property Group (WI) (ZPLA) 185.20p +2.89%
Cairn Energy (CNE) 197.00p +2.60%
Hunting (HTG) 407.50p +2.46%
Redefine International (RDI) 55.65p +2.39%
FTSE 250 - Fallers
Nostrum Oil & Gas (NOG) 592.00p -5.58%
Oxford Instruments (OXIG) 716.50p -3.76%
Game Digital (GMD) 268.80p -2.43%
Just Retirement Group (JRG) 136.00p -2.37%
Saga (SAGA) 180.10p -1.75%
Poundland Group (PLND) 347.10p -1.73%
Brit (BRIT) 269.80p -1.39%
Millennium & Copthorne Hotels (MLC) 567.00p -1.39%
Infinis Energy (INFI) 191.70p -1.29% |
| | UK Event Calendar | | INTERIM DIVIDEND PAYMENT DATE
Aveva Group, Dart Group, KCOM Group, Mitie Group, United Utilities Group
QUARTERLY PAYMENT DATE
Mercantile Investment Trust (The), Verizon Communications
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
Q4
Torchmark Corp.
GMS
ARC Capital Holdings Ltd
FINALS
Amino Technologies, Damac Real Estate Development Limited GDR (Each Repr 3 Ord) (Reg S) , RM, Torchmark Corp.
ANNUAL REPORT
Wynnstay Group
SPECIAL DIVIDEND PAYMENT DATE
Next
EGMS
BCRE - Brack Capital Real Estate Investments N.V. (DI), Matomy Media Group Limited (DI)
AGMS
John Lewis of Hungerford
UK ECONOMIC ANNOUNCEMENTS
PMI Manufacturing (09:30)
FINAL DIVIDEND PAYMENT DATE
Artemis VCT, Baring Emerging Europe, Marston's, Schroder Asia Pacific Fund |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as markets watch developments in Greece European stocks were little changed as investors weighed developments in Greece and manufacturing data in China and the Eurozone.
Greek Finance Minister Yanis Varoufakis has said the nation needs the European Central Bank's assistance to bolster banks.
He also said the nation will not accept any more aid under its existing bailout agreement.
HSBC's purchasing managers' index (PMI) for China manufacturing was unexpectedly revised lower to 49.7 in January from an earlier estimate of 49.8. A reading below 50 signals contraction, while a level above 50 indicates expansion.
Markit's Eurozone manufacturing PMI was confirmed at 51 in January, as expected.
At 09:30 GMT Markit releases UK manufacturing PMI for January.
In afternoon trading, the US sees the release of reports on personal spending, manufacturing and construction spending.
In company news, BP and BG Group advanced after the Telegraph reported that they will announce $21bn of cost cuts.
Telefonica SA declined after El Confidencial reported the Spanish phone firm plans to sell as much as €5bn of shares.
Julius Baer Group gained after saying it will slash costs by 100m Swiss francs as the jump in Switzerland's currency may hurt profit.
Ryanair Holdings slumped after saying earnings growth next year will be modest due to its fuel-hedging policy.
The euro rose 0.29% to $1.1324. |
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| | US Market Report | | US close: Stocks fall sharply after disappointing GDP US stocks fell sharply on Friday, after government data showed economy slowed down more than anticipated in the fourth quarter, while oil prices staged an unexpected revival.
The Dow Jones Industrial closed 251.90 points down at 17,164.95, while the S&P 500 and the Nasdaq ended the last session of the week losing 1.30% and 1.03% respectively.
The US economy slowed down to a 2.6% growth rate in the fourth quarter, more than analysts had expected.
Gross domestic product (GDP), the broadest measure of goods and services produced across the economy, grew at a 2.6% annual rate in the fourth quarter, the Commerce Department said.
According to figures released on Friday, the US economy grew 5% in the third quarter and 4.6% in the second quarter after declining in the first three months of the year, while economists had expected GDP to grow by a seasonally adjusted 3.2%.
"There are signs, however, that economic growth could start to pick up again in coming months," said Markit chief economist Chris Williamson.
"Consumer confidence rose to its highest since August 2007 in January, according to the conference board, most likely buoyed by the boost to spending power from lower oil costs and the recent slide in inflation.
"The announcement of full-scale quantitative easing by the European Central Bank should also help boost business and consumer confidence in Europe, which remains a major export market for the US."
Oil prices rebounded, with West Texas Intermediate rising over 6.2% to settle at $47.50 a barrel, while Brent rose 5.7% to $52.11 a barrel.
In corporate news, Google rose over 4.74%% after announcing late on Thursday that its profits rose almost 30%, even though it failed to meet revenue forecasts.
"The strong US dollar was a major concern heading into the fourth quarter earnings season and that was precisely the reason given by Google for missing earnings estimates overnight and is contributing towards a lower open on Friday and could lead to a loss for major indices in January," said CMC Markets analyst Jasper Lawler.
Amazon surged 13.71% after announcing late on Thursday that sales surged 15% and profits fell less than expected.
Biogen Idec rose 10.17% after the firm said late Thursday its fourth-quarter profit nearly doubled, as its portfolio of multiple sclerosis treatments helped the group posting a 34% growth in revenue, while Intercept Pharmaceuticals surged 17.77% after the drug maker said late Thursday its investigational treatment for a liver disease obtained breakthrough-therapy status.
Visa Inc. rose 2.79% after reporting first-quarter earnings of $2.53 a share after the closing bell on Thursday, ahead of the $2.49 a share forecast by analysts, while sector peer MasterCard Inc. gained 0.80% after reporting a rise in fourth-quarter revenue that was better than expected.
Shake Shack jumped 118.57% on debut, after pricing its initial public offering at $21 a share on Thursday.
Gold futures rose 2.27% to $1,283.10, while the dollar rose marginally against the pound and the euro but lost almost 0.7% against the yen.
S&P 500 - Risers
Amazon.Com Inc. (AMZN) $354.37 +13.66%
Biogen Idec Inc. (BIIB) $388.83 +10.07%
Nabors Industries Ltd. (NBR) $11.51 +8.48%
Cameron International Corp. (CAM) $44.78 +6.04%
United States Steel Corp. (X) $24.44 +5.94%
Denbury Resources Inc. (DNR) $6.90 +5.83%
Google Inc. (GOOGL) $538.76 +4.97%
Google Inc. Class C (GOOG) $535.11 +4.79%
Newfield Exploration Co (NFX) $29.78 +4.45%
Rowan Companies plc (RDC) $21.12 +4.14%
S&P 500 - Fallers
PACCAR Inc. (PCAR) $60.11 -6.15%
Delta Airlines Inc. (DAL) $47.31 -5.78%
PulteGroup Inc. (PHM) $20.59 -5.64%
Leggett & Platt Inc. (LEG) $42.63 -5.41%
Viacom Inc. Class B (VIAB) $64.42 -4.55%
Chubb Corp. (CB) $97.90 -4.51%
Coach Inc. (COH) $37.19 -4.49%
Harley-Davidson Inc. (HOG) $61.70 -4.49%
AbbVie Inc (ABBV) $60.35 -4.39%
Lam Research Corp. (LRCX) $76.44 -4.29%
Dow Jones I.A - Risers
Visa Inc. (V) $254.91 +2.79%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $40.40 -3.83%
Intel Corp. (INTC) $33.04 -3.42%
Wal-Mart Stores Inc. (WMT) $84.98 -3.12%
Cisco Systems Inc. (CSCO) $26.37 -3.12%
Home Depot Inc. (HD) $104.42 -2.97%
Merck & Co. Inc. (MRK) $60.28 -2.92%
Unitedhealth Group Inc. (UNH) $106.25 -2.87%
Nike Inc. (NKE) $92.25 -2.76%
Walt Disney Co. (DIS) $90.96 -2.42%
JP Morgan Chase & Co. (JPM) $54.38 -2.32%
Nasdaq 100 - Risers
Amazon.Com Inc. (AMZN) $354.37 +13.66%
Biogen Idec Inc. (BIIB) $388.83 +10.07%
Google Inc. (GOOGL) $538.76 +4.97%
Vimpelcom Ltd Ads (VIP) $3.60 +4.96%
Google Inc. Class C (GOOG) $535.11 +4.79%
Broadcom Corp. (BRCM) $42.43 +2.71%
Costco Wholesale Corp. (COST) $142.99 +1.67%
Dollar Tree Inc (DLTR) $71.11 +1.33%
Activision Blizzard Inc. (ATVI) $20.90 +0.75%
Liberty Global plc Series A (LBTYA) $46.74 +0.71%
Nasdaq 100 - Fallers
PACCAR Inc. (PCAR) $60.11 -6.15%
Viacom Inc. Class B (VIAB) $64.42 -4.55%
Keurig Green Mountain Inc (GMCR) $122.56 -4.24%
Dish Network Corp. (DISH) $70.37 -4.23%
Seagate Technology Plc (STX) $56.44 -3.85%
Microsoft Corp. (MSFT) $40.40 -3.83%
Western Digital Corp. (WDC) $97.23 -3.79%
Vertex Pharmaceuticals Inc. (VRTX) $110.14 -3.50%
Intel Corp. (INTC) $33.04 -3.42% |
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| | Newspaper Round Up | | Monday newspaper round-up: Financial sector suffers, Tuition fees slashed, Untaxed earnings levy... The Telegraph wrote that Britain's financial sector is suffering from the country's "diminishing influence" in the EU as political interference from Brussels drives a flawed and unreliable system of red tape.
University leaders have slammed Labour's plan to slash tuition fees down to £6,000 a year. Britain's top academics, according to The Times, believe this will risk "colossal damage" to universities and will only benefit wealthier graduates.
US President Barack Obama will propose a crackdown on US firms hiding untaxed earnings overseas with a levy estimated to be worth $1trn. The fee will be a one-off and the resulting funds will injected into America's flailing road infrastructure, according to The Guardian.
The upper-middle class have replaced celebrities as number one on the watch list for tax dodging, according to The Times. New figures revealed that Revenue and Customs investigations have recovered more tax from doctors, lawyers, dentists and other wealthy professionals than from the country's richest entertainers and sports stars.
Business and property-owners in the southeast of England could be made to foot the bill for the Crossrail 2 line, which looks set to reach £27bn. If the endeavour goes ahead, The Times has written that Londoners will have to expect surcharges similar those paid during the 2012 Olympics.
Investors will soon be able to purchase stakes in Domaine Chanzy, a burgundy-based vineyard, for £10 after the firm is listed on Aim through the crowdfunding company Seedrs, The Telegraph wrote.
House prices in towns and cities across the UK are mimicking those in London, said The Times. University towns like Oxford and Cambridge, as well as growing communities in Bath and Aberdeen have a housing market that more closely resembles London than their own regions, the paper found.
Greek finance minister Yanis Varoufakis will meet with George Osborne on Monday during his tour of Europe to discuss a renegotiated debt deal, according to The Guardian. | | |
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