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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: Banks and resource stocks pull FTSE lower early on Yet more economic data from China came in below expectations on Tuesday, though hopes for further stimulus in Beijing were enough to support UK stocks early on.
London's FTSE 100 was down 0.5% at 6,803 early on, with financial, mining and oil stocks providing a drag.
Figures out overnight 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%.
Analysts at Barclays said "there are a number of reasons to worry that deflation in China could reappear" and an easing of inflation "should induce the People's Bank of China to ease monetary policy further".
In other economic data, the British Retail Consortium said that UK retail sales grew at a 1.6% year-on-year rate in January but by just 0.2% in like-for-like terms, short of the estimate of 0.5%.
UK industrial production figures are due out on later Tuesday morning, along with economic growth estimates for January from the NIESR, while wholesale inventories and small business optimism data is due out later on in the States.
Banks and resource stocks fall
Banking peers Standard Chartered, HSBC and Barclays were among the worst performers early on in London. StanChart was hit with a downgrade by Deutsche Bank to 'sell', while HSBC continued to feel the heat from allegations it helped customers with tax avoidance in Switzerland.
Oil stocks such as Tullow Oil and Shell declined as the price of Brent crude fell 1.2% to $57.64 a barrel.
Mining stocks were also out of favour, pulling back after a strong performance on Monday with Randgold Resources and Anglo American both falling. Anglo 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 at Deutsche Bank to 'hold'.
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.
After an unscheduled announcement, shares in Mondi were up 2% as the paper and packaging group revealed that earnings for the full year would be at least 20% higher than the previous year. The company's unscheduled update reported that basic earnings per share would be between €0.96 and €0.99 in the calendar year, up between 20% and 24% on the €0.80 last year.
UK engineering group Babcock gained after saying it expects to hit forecasts for the full year after strong trading momentum continued into the third quarter, despite the collapse in oil prices causing "uncertainty" in some divisions.
Housebuilder Bellway rose after reporting that market conditions "remain favourable" as its saw an increased average of reservations per week in recent months. |
| Market Movers
techMARK 3,064.95 -0.18%
FTSE 100 6,803.36 -0.49%
FTSE 250 16,596.19 +0.10%
FTSE 100 - Risers
Mondi (MNDI) 1,238.00p +2.74%
Marks & Spencer Group (MKS) 486.50p +2.31%
Experian (EXPN) 1,202.00p +1.43%
Babcock International Group (BAB) 1,042.00p +1.36%
ITV (ITV) 228.70p +1.15%
Next (NXT) 7,155.00p +1.06%
CRH (CRH) 1,769.00p +0.74%
Direct Line Insurance Group (DLG) 315.30p +0.73%
RSA Insurance Group (RSA) 442.20p +0.73%
Travis Perkins (TPK) 1,953.00p +0.67%
FTSE 100 - Fallers
Royal Mail (RMG) 440.20p -3.15%
Weir Group (WEIR) 1,833.00p -2.45%
Standard Chartered (STAN) 920.10p -2.05%
Shire Plc (SHP) 4,652.00p -1.88%
HSBC Holdings (HSBA) 599.90p -1.75%
Centrica (CNA) 288.00p -1.74%
Barclays (BARC) 250.05p -1.42%
Royal Dutch Shell 'A' (RDSA) 2,159.00p -1.26%
BP (BP.) 451.35p -1.26%
Randgold Resources Ltd. (RRS) 5,350.00p -1.20%
FTSE 250 - Risers
Ocado Group (OCDO) 405.30p +3.92%
Micro Focus International (MCRO) 1,141.00p +3.54%
Man Group (EMG) 171.60p +2.14%
Ultra Electronics Holdings (ULE) 1,819.00p +1.96%
Polymetal International (POLY) 616.00p +1.73%
Hikma Pharmaceuticals (HIK) 2,372.00p +1.67%
Evraz (EVR) 183.90p +1.60%
Rightmove (RMV) 2,486.00p +1.30%
Stagecoach Group (SGC) 345.20p +1.26%
Alent (ALNT) 361.30p +1.23%
FTSE 250 - Fallers
Hunting (HTG) 525.50p -4.19%
Rank Group (RNK) 180.10p -2.65%
Premier Oil (PMO) 167.30p -2.28%
Vedanta Resources (VED) 452.10p -1.72%
ICAP (IAP) 456.00p -1.70%
Bank of Georgia Holdings (BGEO) 2,219.00p -1.68%
Petrofac Ltd. (PFC) 793.00p -1.49%
Wood Group (John) (WG.) 622.00p -1.35%
Cranswick (CWK) 1,332.00p -1.33% |
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| | UK Event Calendar | | Tuesday 10 February
INTERIMS
Vernalis
QUARTERLY EX-DIVIDEND DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Wholesales Inventories (US) (15:00)
FINALS
Catlin Group Ltd., Entu (UK) , Millennium & Copthorne Hotels
EGMS
Datang International Power Generation Co Ltd.
AGMS
RWS Holdings, TUI AG Reg Shs (Prior To 01/10/14) (DI)
TRADING ANNOUNCEMENTS
Cable & Wireless Communications
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
Dunedin Smaller Companies Inv Trust, Spirit Pub Company
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks track Wall Street lower European stocks started the session slightly lower following an overnight swoon in US markets and low inflation readings in China and Denmark.
As of 08:54 the Dax-30 was down by 0.42% to 10,618.89 while the Cac-40 was off by 0.29% to 4,637.72.
Consumer price inflation (CPI) in China fell back to a 0.8% year-on-year pace in January, below the median forecast from economists for a rise of 1%.
While the CPI rate should not dip into negative territory this year Barclays Research thinks the country's central bank will move to ease policy further, including two further reductions in banks' reserve requirement ratios and in the central bank's main policy rate.
In parallel, figures also out on Tuesday showed Danish consumer prices falling into negative territory for the first time since 1954.
On a rosier 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.
Acting as a backdrop, traders were monitoring the news-flow surrounding the crisis in Greece and Ukraine.
Within the DJ Stoxx 600 the best performance was to be seen in the following industrial groups: oil and gas (-0.97%), healthcare (-0.59%) and automobiles and parts (-0.57%).
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 was off by 0.09% to 1.1312. |
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| | US Market Report | | US close: Markets fall amid disappointing Chinese data and tension over Greek bonds US stocks declined on Monday, as investor were left unimpressed by the latest development surrounding Greece's bond crisis, while Chinese data disappointed.
The Dow Jones Industrial Average closed down 95.08 points to 17,729.21, while the S&P 500 and the Nasdaq lost 8.73 and 12.60 points respectively.
On Sunday, Alex Tsipras, the Greek prime minister, insisted the country would not ask the European Union to extend its and the International Monetary Fund bailouts, with his anti-austerity proposals put before parliament on Monday.
Greece has until 16 February to request an extension, but Tsipras was adamant that would not be needed and announced the decision to reverse some of the reforms imposed by Greece's creditors.
Meanwhile, Chinese trade data also piled pressure on the markets, after figures showed a decline in demand from the domestic and foreign market. In January, exports fell 3.3%, while imports plummeted 19%.
China and Greece were earmarked as the main factors behind Monday's losses.
"There is also a realisation that the Federal Reserve will raise rates this year," said Colin Cieszynski, chief market analyst at CMC Markets
"Current volatile environment favors short-term investors, who can take advantage of price swings, while long-term investors are on the sidelines, as valuations are pretty high."
US stocks declined on Friday after a stronger-than-expected monthly payrolls report fuelled speculations that the Federal Reserve might hike interest by June.
"The Fed has been unequivocal in its view that lower inflation is transitory due to energy effects," said David Absolon, investment director at Heartwood Investment Management.
"January's employment report will provide policymakers with more ammunition to raise rates in mid-2015.
"However, consumers are evidently cautious, and we believe that a Fed rate hike cycle will likely be very gradual so as not to de-stabilise a moderate expansion."
McDonald's declined 1.35% after the chain's same-restaurant sales fell more than expected in January, while Alcoa fell 5.55% after JP Morgan downgraded the stock from overweight to neutral.
Abercrombie & Fitch slid 6.48% after Wunderlich Securities cut the stock price target to $17 from $30, while Wal-Mart fell 1.63%.
Hasbro rose 7.03% after reporting a 31% increase in quarterly profit and announcing it planned share repurchases of $500m.
Gold futures rose 0.57% to $1,241.60, while the dollar was rose 0.1% against the pound but lost 0.3% against the yen and less than one percentage point against the euro.
Crude futures started the week on a positive note, with Brent crude gaining 0.67% to $58.19 a barrel, while the price of West Texas Intermediate rose 2.1% to settle at $52.83 a barrel.
S&P 500 - Risers
Transocean Ltd. (RIG) $20.44 +10.43%
Hasbro Inc (HAS) $59.66 +7.03%
Rowan Companies plc (RDC) $24.43 +6.26%
Noble Corporation plc (NE) $19.28 +5.99%
United States Steel Corp. (X) $24.55 +5.86%
Ensco Plc. (ESV) $31.93 +5.76%
Motorola Solutions Inc (MSI) $67.78 +4.83%
Freeport-McMoRan Inc (FCX) $19.51 +3.50%
Nabors Industries Ltd. (NBR) $12.83 +3.38%
Staples Inc. (SPLS) $17.12 +3.32%
S&P 500 - Fallers
Alcoa Inc. (AA) $15.65 -5.55%
PVH Corp. (PVH) $103.19 -4.97%
Edwards Lifesciences Corp. (EW) $128.08 -3.42%
Applied Materials Inc. (AMAT) $23.51 -2.99%
TECO Energy Inc. (TE) $20.44 -2.99%
Borg Warner Inc. (BWA) $57.00 -2.66%
FirstEnergy Corp. (FE) $37.95 -2.54%
AbbVie Inc (ABBV) $55.48 -2.50%
Avago Technologies Ltd. (AVGO) $102.24 -2.39%
Tenet Healthcare Corp. (THC) $42.65 -2.36%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $84.67 +1.75%
Chevron Corp. (CVX) $110.43 +0.75%
General Electric Co. (GE) $24.64 +0.49%
Exxon Mobil Corp. (XOM) $91.56 +0.07%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $85.91 -1.63%
McDonald's Corp. (MCD) $92.72 -1.35%
Travelers Company Inc. (TRV) $105.77 -1.33%
Johnson & Johnson (JNJ) $99.78 -1.31%
Intel Corp. (INTC) $32.93 -1.10%
Unitedhealth Group Inc. (UNH) $106.49 -1.03%
Merck & Co. Inc. (MRK) $58.33 -0.78%
3M Co. (MMM) $164.84 -0.74%
Visa Inc. (V) $265.46 -0.73%
Nike Inc. (NKE) $91.17 -0.68%
Nasdaq 100 - Risers
Staples Inc. (SPLS) $17.12 +3.32%
Viacom Inc. Class B (VIAB) $68.24 +1.74%
Baidu Inc. (BIDU) $215.02 +1.53%
Wynn Resorts Ltd. (WYNN) $148.45 +1.51%
Twenty-First Century Fox Inc Class A (FOXA) $34.05 +1.40%
QUALCOMM Inc. (QCOM) $67.11 +1.15%
Priceline Group Inc (PCLN) $1,033.15 +1.05%
Liberty Interactive Corp (QVCA) $28.22 +0.82%
Seagate Technology Plc (STX) $60.40 +0.77%
Garmin Ltd. (GRMN) $53.82 +0.75%
Nasdaq 100 - Fallers
Applied Materials Inc. (AMAT) $23.51 -2.99%
Avago Technologies Ltd. (AVGO) $102.24 -2.39%
Alexion Pharmaceuticals Inc. (ALXN) $171.49 -2.36%
Intuitive Surgical Inc. (ISRG) $501.00 -2.20%
Micron Technology Inc. (MU) $28.34 -1.97%
Keurig Green Mountain Inc (GMCR) $116.72 -1.83%
Regeneron Pharmaceuticals Inc. (REGN) $399.72 -1.75%
Mylan Inc. (MYL) $53.00 -1.65%
Nxp Semiconductors Nv (NXPI) $80.97 -1.60% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: HSBC questioning, Cameron pay rises, Qualcomm fine The ex-head of Revenue and Customs and an ex-government minister have been called to explain how HSBC clients were able to hide 135m in the firm's Swiss branch without criminal charges, according to The Times.
Prime Minister David Cameron will advise British businesses on Tuesday to give their employees a pay rise as protections against Ed Miliband's "attacks", The Guardian reported. The comments follow claims made last week with Cameron saying that Labour is "anti-enterprise, anti-business".
Qualcomm has agreed to pay a record fine worth $975m to quiet accusations by China that the firm broke an anti-monopoly law, according to the Financial Times.
Plans to devolve powers out of Whitehall would allow large cities to set their own stamp duty rates and retain the proceeds, according to The Times.
Budget car brands are leading a new wave of success for the European automobile market, wrote the Wall Street Journal.
The NHS has funded nine times more overseas trips to search for short-term foreign labour, The Telegraph reported. Some of these trips cost up to 100,000 each, the paper said.
British drivers caught speeding in Europe will face new fines in the UK if European Union legislation comes into effect, wrote The Times. | | |
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