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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: Grexit fears hit UK stocks, IHG underwhelms UK stocks slipped on Tuesday morning on the back of concerns about a 'Grexit' as another Eurogroup meeting about Greece ended with no agreement.
London's FTSE 100 was down 0.2% at 6,841 early on with Intercontinental Hotels Group (IHG) leading the decline after its annual results.
A meeting of Eurozone finance ministers on Monday ended early with no accord over what to do about Greek debt, as the nation's new government stood firm on its opposition to the terms of its current bailout.
"Another breakdown in communication, another nearly-signed agreement, and another day with the Greek debt crisis unresolved," said analyst Connor Campbell from Spreadex.
"The Eurozone is perpetually engaged in a game of 'Grexit' chicken, with both sides seeing how far they can push the other before the situation snaps," he said.
Leaders have now failed in the past two meetings to make any progress and the current aid agreement is due to expire at the end of the month. The Eurogroup will meet again on Friday.
As for Tuesday's session, the UK consumer price index is due out at 09:30 and is expected to show that the annual rate of inflation eased to 0.4% in January from 0.5% in December.
The German ZEW sentiment index, New York manufacturing data and NAHB US housing market index are also scheduled for release later on.
IHG underwhelms
Hotels group IHG managed to narrowly beat analysts' forecasts with its annual results but shares were lower early on. The Crowne Plaza and Holiday Inn operator said reported operating profit for 2014 totalled $651m, down 3% but slightly ahead of the consensus estimate of $646m.
"In all, the results are solid if somewhat unexciting," said Keith Bowman from Hargreaves Lansdown Stockbrokers.
Oil and gas engineer John Wood Group rose after growing sales and profits by double-digit rates last year and said it expected to deliver growth despite the lower oil price environment.
Supermarket giant Tesco was making gains after being upgraded from 'hold' to 'buy' at Deutsche Bank. Other retailers, however, were trading in the red such as Marks & Spencer, Next and Sports Direct.
Sports Direct was lower on the news that Jeff Blue, M&A director, has left the company. Retail analyst Nick Bubb said the departure "will raise eyebrows [...] given the need for more acquisitions to boost Sports Direct's flagging profits growth". |
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| | Market Movers
techMARK 3,106.26 -0.19%
FTSE 100 6,840.53 -0.24%
FTSE 250 16,871.39 +0.06%
FTSE 100 - Risers
Fresnillo (FRES) 847.50p +0.83%
HSBC Holdings (HSBA) 605.80p +0.78%
Tesco (TSCO) 243.75p +0.56%
Ashtead Group (AHT) 1,091.00p +0.46%
London Stock Exchange Group (LSE) 2,402.00p +0.42%
Diageo (DGE) 1,846.50p +0.38%
BHP Billiton (BLT) 1,595.00p +0.38%
Imperial Tobacco Group (IMT) 3,008.00p +0.37%
AstraZeneca (AZN) 4,484.00p +0.35%
Weir Group (WEIR) 1,864.00p +0.32%
FTSE 100 - Fallers
Sports Direct International (SPD) 655.50p -3.46%
Royal Mail (RMG) 433.70p -3.19%
InterContinental Hotels Group (IHG) 2,523.00p -2.51%
Coca-Cola HBC AG (CDI) (CCH) 1,170.00p -1.85%
Travis Perkins (TPK) 1,952.00p -1.31%
Whitbread (WTB) 4,948.00p -1.24%
Hammerson (HMSO) 677.50p -1.09%
Barclays (BARC) 256.00p -1.08%
Aggreko (AGK) 1,640.00p -0.97%
Kingfisher (KGF) 339.70p -0.96%
FTSE 250 - Risers
Brit (BRIT) 302.20p +10.21%
Wood Group (John) (WG.) 674.50p +7.06%
Bwin . party Digital Entertainment (BPTY) 94.65p +5.17%
Smith (DS) (SMDS) 334.10p +3.69%
Just Eat (JE.) 365.20p +2.79%
Petrofac Ltd. (PFC) 826.00p +1.98%
Howden Joinery Group (HWDN) 435.50p +1.66%
Genus (GNS) 1,297.00p +1.57%
Enterprise Inns (ETI) 112.10p +1.54%
Allied Minds (ALM) 499.00p +1.48%
FTSE 250 - Fallers
Vedanta Resources (VED) 544.50p -2.94%
Afren (AFR) 6.83p -2.36%
Zoopla Property Group (WI) (ZPLA) 185.00p -2.27%
SSP Group (SSPG) 276.60p -2.26%
Game Digital (GMD) 255.00p -1.70%
Rank Group (RNK) 183.76p -1.68%
Grafton Group Units (GFTU) 722.00p -1.63%
TSB Banking Group (TSB) 265.00p -1.38%
Spire Healthcare Group (SPI) 312.30p -1.36% |
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| | UK Event Calendar | | INTERIMS
Hargreaves Services, Monitise, Sinclair Is Pharma
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
New Car Registrations (EU) (10:00)
ZEW Survey (EU) (10:00)
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Brammer, Dragon Oil, InterContinental Hotels Group, Pendragon, Wood Group (John)
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UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks decline after talks between Greece and Eurozone end abruptly European stocks declined after Greece rejected a proposal by the Eurozone to extend its bailout programme.
Talks between Greece and Eurozone finance ministers collapsed on Monday as the Mediterranean nation rejected the proposal to prolong the bailout package by six months. It is due to end on 28 February.
Greek Finance Minister Yanis Varoufakis said his euro-area counterparts refused to discuss a deal that the European Commission had offered and instead looked at tying Greece to its current terms linked to austerity.
"Given the end of the programme in end February and parliamentary deadlines, the pressure on Greece to reach an agreement with its peers this week has increased," said BNP Paribas senior European economist Gizem Kara.
"Note that the European Central Bank governing council is also due to meet tomorrow to review the emergency liquidity assistance for the Greek banks, which could be another potential pressure point for the country over the next couple of days."
The euro was down 0.3% to $1.1352.
Turning to Tuesday's agenda, all eyes are on the UK inflation report at 09:30 GMT. Analysts predict the consumer price index (CPI) rose 0.4% year-on-year in January following a 0.5% gain in December. On a month-on-month comparison, CPI is forecast to have dropped 0.8% in January after a flat December.
The Bank of England last week indicated in its Inflation Report that it sees the cost of living falling further as Brent crude has dropped by 50% since mid-2014.
Brent crude was up 0.69% to $61.83 per barrel in morning trade, according to the ICE, as the International Energy Agency warned of supply risks in the Middle East.
At 10:00 a report is forecast to show that German economic confidence rose in February. ZEW's sentiment index is expected to increase to 55 this month from 48.4 in January.
Among stocks, Orange SA declined after the French telecommunications company said it predicts a fall in earnings this year.
TNT Express NV slumped after saying this year will be affected by adverse trading conditions.
Telefonica SA dropped after cutting the value of its Venezuelan assets by €2.8bn as it changed to a lower exchange rate for last year. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Ed Balls expenses, Greek talks, Amazon Prime Ed Balls has come under fire for claiming expenses for odd jobs without submitting receipts, undermining advice he gave to the British public about demanding receipts from tradesmen on Monday, wrote The Telegraph.
Greece ended talks with Eurozone creditors on Monday night after rejecting conditions of a newly proposed bailout, The Guardian reported.
Amazon Prime subscribers have claimed they were duped into paying a secret fee worth £79 a year, The Times reported.
If another Conservative government comes into power, tens of thousands of jobless teenagers will be banned from claiming benefits unless they undertake community volunteer work, said The Telegraph.
Railway lines across the UK are being re-opened more than 50 years after they were closed, according to The Times. The move comes "in response to congestion on the roads combined with demands to restore public transport to areas cut off from neighbouring towns and villages", the paper said.
Ukraine's cease-fire lasted 40 minutes, according to The Wall Street Journal. The paper reported that fighting in a railway town called Debaltseve broke out shortly after news of the cease-fire spread.
A new treatment for Alzheimer's may be close now that scientists have claimed statin-like drugs could postpone the disease, wrote The Times. | | |
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