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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: Weak HSBC results keep FTSE flat early on After briefly testing an all-time high on the back of Greece's bailout extension, the FTSE 100 quickly reversed into the red on Monday morning on the back of disappointing results from banking heavyweight HSBC.
HSBC's shares were down as much as 5% early on after the global lender reported a drop in profits for 2014.
"Disappointing numbers and a cautious outlook from HSBC resulted in some strong negative pressure on its share price, also depressing what had been a perky opening for the wider market," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers.
The FTSE 100 was trading down 0.04% at 6,912.53 in London, having reached a high of 6,943.61 shortly after the open.
The index briefly surpassed its all-time closing high of 6,930.20 reached in December 1999, but failed to exceed the intraday record of 6,950.60.
The Eurozone approved a four-month extension on Greece's bailout on Friday, two months shorter than requested, subject to Athens submitting details on the reform and budgetary measures it plans to take by Monday.
Greek Prime Minister Alexis Tsipras delivered a triumphant speech following the bailout extension, but warned his country faces "a long and difficult road" ahead. Although Tsipras said his government had "achieved much" by agreeing the deal, it was a move he had previously promised never to make and is viewed by many as the party backing down from its original position.
Monday's session is set to be relatively quiet in terms of economic data, with the German IFO business climate index and US existing-home sales being the only major releases of the day.
However, analysts at Danske Bank said the focus will remain on Greece today. They said: "The monitoring institutions need to approve the policy programme submitted by the Greek government for the agreement reached on Friday to be effective. We expect it to be approved but probably not until after market close in Europe."
HSBC sinks after 2014 results
HSBC has reported a 17% drop in pre-tax annual profit to $18.68bn, after the lender was hit by fines for its involvement in the foreign exchange rigging scandal. Chief executive Stuart Gulliver said 2014 was a "challenging year in which we continued to work hard to improve business performance while managing the impact of a higher operating cost base".
Standard Chartered was also trading lower, while peers Barclays, RBS and Lloyds pushed higher.
Primark owner and food ingredients group Associated British Foods rose after saying that underlying trading in the first half has been in line with expectations. While profits for the full year are forecast to fall, first-half adjusted earnings should be flat, it said.
Chilean copper miner Antofagasta declined despite guiding to lower-than-expected cash costs in 2015 on the back of a weaker Chilean peso and lower oil prices. The wider mining sector was also trading lower, including Fresnillo, Anglo American and BHP Billiton.
Distribution group Bunzl impressed with its its full-year results, revealing a 3% increase in pre-tax profit and a 10% hike in the dividend.
Housebuilder Bovis Homes hiked its full-year dividend by 159% after a surge in profits in 2014, helped by a record year for legal completions. The group also said that current trading was "robust" with private reservations and selling prices improving, though that wasn't enough to stop the stock falling early on. |
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| Market Movers
techMARK 3,150.83 +0.43%
FTSE 100 6,912.53 -0.04%
FTSE 250 17,128.46 +0.03%
FTSE 100 - Risers
Lloyds Banking Group (LLOY) 79.34p +1.74%
Bunzl (BNZL) 1,961.00p +1.71%
Pearson (PSON) 1,413.00p +1.58%
London Stock Exchange Group (LSE) 2,499.00p +1.54%
Reed Elsevier (REL) 1,197.00p +1.27%
AstraZeneca (AZN) 4,468.50p +1.25%
Compass Group (CPG) 1,147.00p +1.15%
3i Group (III) 487.50p +1.10%
Ashtead Group (AHT) 1,142.00p +1.06%
Associated British Foods (ABF) 3,068.00p +1.05%
FTSE 100 - Fallers
HSBC Holdings (HSBA) 574.70p -5.04%
Fresnillo (FRES) 808.00p -2.30%
Randgold Resources Ltd. (RRS) 4,904.00p -2.21%
Standard Chartered (STAN) 953.30p -2.08%
Anglo American (AAL) 1,222.50p -1.93%
Tullow Oil (TLW) 399.50p -1.92%
BHP Billiton (BLT) 1,556.00p -1.58%
Weir Group (WEIR) 1,882.00p -1.52%
Rio Tinto (RIO) 3,189.00p -1.50%
Intertek Group (ITRK) 2,521.00p -1.02%
FTSE 250 - Risers
Smith (DS) (SMDS) 359.30p +3.48%
Melrose Industries (MRO) 300.00p +2.15%
Dunelm Group (DNLM) 938.00p +1.90%
Infinis Energy (INFI) 202.60p +1.81%
Man Group (EMG) 191.30p +1.81%
Dechra Pharmaceuticals (DPH) 925.00p +1.76%
Bank of Georgia Holdings (BGEO) 1,930.00p +1.58%
PayPoint (PAY) 883.50p +1.55%
Rightmove (RMV) 2,649.00p +1.38%
Hikma Pharmaceuticals (HIK) 2,530.00p +1.36%
FTSE 250 - Fallers
Ladbrokes (LAD) 113.50p -6.97%
Soco International (SIA) 277.70p -4.14%
Afren (AFR) 9.10p -3.60%
IP Group (IPO) 250.00p -3.47%
Premier Oil (PMO) 171.40p -3.33%
Polymetal International (POLY) 578.50p -3.10%
Cranswick (CWK) 1,355.00p -3.01%
Allied Minds (ALM) 500.00p -2.91%
Alent (ALNT) 340.40p -2.91% |
| | UK Event Calendar | | Monday 23 February
INTERIMS
Dechra Pharmaceuticals, Green Reit
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Existing Home Sales (US) (15:00)
IFO Business Climate (GER) (09:30)
IFO Current Assessment (GER) (09:30)
IFO Expectations (GER) (09:30)
GMS
Velocys
FINALS
Audioboom Group, Bovis Homes Group, Greencoat UK Wind, HSBC Holdings, Tritax Big Box Reit , Unite Group, Vmoto Ltd, XP Power Ltd. (DI)
ANNUAL REPORT
Unite Group
EGMS
Baker Steel Resources Trust Ltd.
AGMS
Thomas Cook Group
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Compass Group, Scottish Oriental Smaller Companies Trust, UDG Healthcare Public Limited Company, Zoopla Property Group (WI)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rally as Greece agrees bailout extension European stocks gained after Greek creditors agreed to extend the nation's bailout funds by four months.
In exchange for the bailout extension, Greece needs to submit a list of reforms to lenders on Monday.
Minister of state Nikos Pappas said the reforms would include measures to tackle tax evasion and streamline the civil service.
In other European news, a report showed German business confidence declined. The Ifo's business climate index dropped to 106.8 from 106.7, surprising analysts' who had expected a reading of 107.7.
The euro fell 0.45% to $1.1330.
In the US, the focus will be on the release of a report on existing home sales at 15:00 GMT, which is projected to show a 1.8% decline in January.
On the corporate front, HSBC declined after reporting a 17% drop in annual pre-tax profit as the lender was hit by fines for forex rigging.
PostNL NV advanced after the Dutch company reported better-than-forecast 2014 revenue. |
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| | US Market Report | | US close: Dow and S&P set new records as Greece reaches bailout agreement US stocks rallied on Friday, as news emerged that Greece was granted a four-month extension on its bailout agreement with the Eurozone.
The Dow Jones Industrial Average closed up 154.17 points to 18,140.44 setting a new record for 2015, while the S&P 500 climbed 12.85 points to 2,110.30, its third record for the week, and the Nasdaq closed the last session of the week up by 31.27 points.
Austria's finance minister Hans Jrg Schelling said the Eurozone approved a four-month extension on Greece's bailout, subject to Athens submitting details on the reform and budgetary measures it plans to take by Monday.
The four-month extension is two months short than Greece had requested on Thursday and strengthens the position of the country's creditor.
Meanwhile, US manufacturing grew from 53.9 in January to 54.3 in February, as output levels rose at the fastest pace in four months, though they did so at a weaker rate than the average for 2014 as a whole.
Production volumes expanded at a solid pace in February, registering the biggest increase since October, while overall new orders also increased.
"The production upturn occurred despite widespread delivery delays caused by heavy snowfall and port strikes, which may have also been a factor behind the near-stagnation of exports, suggesting the underlying picture may have been one of slightly stronger growth," said Markit chief economist Chris Williamson.
"However, the rate of growth remains well down on last year's peaks, and a slowing of new orders growth to the weakest for just over a year looks to have caused employers to take a more cautious approach to hiring."
Noodles & Co tanked over 31% after reporting late on Thursday that its fourth quarter earnings had fallen short of estimates,
Wal-Mart edged 0.93% higher even though analysts at Barclays downgraded the company to equal weight from overweight and cut their target to $85 from $90, while Cabot Oil & Gas rose 1.26% despite swinging to a fourth quarter loss amid plunging oil prices and cutting its growth outlook.
Deere & Co. rose 0.79% despite reporting a 17% drop in sales and warning of further troubles ahead as it continues to suffer from weak demand.
Gold futures fell 0.59% to $1,200.50, while the dollar gained over 0.1% against the pound and 0.1% against the yen but fell by the same margin against the euro.
Oil prices fell, with West Texas Intermediate losing more than 2% to settle at $50.76 a barrel, while Brent crude slipped 0.15% to $60.12 a barrel.
S&P 500 - Risers
Mohawk Inds Inc. (MHK) $184.26 +6.71%
Intuit Inc. (INTU) $96.71 +6.15%
Nordstrom Inc. (JWN) $81.74 +5.96%
Vertex Pharmaceuticals Inc. (VRTX) $118.58 +5.90%
Newmont Mining Corp. (NEM) $25.58 +4.58%
AbbVie Inc (ABBV) $61.30 +3.90%
Laboratory Corporation of America Holdings (LH) $121.08 +3.36%
Public Service Enterprise Group Inc. (PEG) $41.63 +3.35%
Delta Airlines Inc. (DAL) $47.44 +3.31%
Tractor Supply Company (TSCO) $88.12 +2.98%
S&P 500 - Fallers
Avon Products Inc. (AVP) $8.45 -3.21%
Eog Resources Inc. (EOG) $91.08 -2.90%
Nabors Industries Ltd. (NBR) $13.52 -2.73%
Garmin Ltd. (GRMN) $49.42 -2.56%
Peabody Energy Corp. (BTU) $7.66 -2.54%
Cameron International Corp. (CAM) $47.09 -2.48%
Noble Corporation plc (NE) $19.05 -2.36%
Transocean Ltd. (RIG) $17.01 -2.30%
Newfield Exploration Co (NFX) $32.09 -2.10%
Halliburton Co. (HAL) $43.36 -1.99%
Dow Jones I.A - Risers
Boeing Co. (BA) $158.31 +2.97%
Unitedhealth Group Inc. (UNH) $112.62 +2.35%
American Express Co. (AXP) $79.83 +1.82%
Visa Inc. (V) $273.00 +1.45%
Caterpillar Inc. (CAT) $84.44 +1.37%
Nike Inc. (NKE) $94.93 +1.31%
Goldman Sachs Group Inc. (GS) $191.51 +1.27%
Home Depot Inc. (HD) $112.24 +1.17%
Cisco Systems Inc. (CSCO) $29.61 +1.02%
United Technologies Corp. (UTX) $124.11 +0.98%
Dow Jones I.A - Fallers
Johnson & Johnson (JNJ) $100.26 -0.44%
Procter & Gamble Co. (PG) $84.87 -0.40%
Coca-Cola Co. (KO) $41.97 -0.33%
Travelers Company Inc. (TRV) $107.82 -0.16%
International Business Machines Corp. (IBM) $163.65 -0.15%
AT&T Inc. (T) $34.08 -0.03%
McDonald's Corp. (MCD) $94.19 -0.00%
Nasdaq 100 - Risers
Intuit Inc. (INTU) $96.71 +6.15%
Vertex Pharmaceuticals Inc. (VRTX) $118.58 +5.90%
Tractor Supply Company (TSCO) $88.12 +2.98%
Celgene Corp. (CELG) $123.40 +2.66%
Tesla Motors Inc (TSLA) $217.11 +2.55%
Keurig Green Mountain Inc (GMCR) $122.87 +2.15%
Alexion Pharmaceuticals Inc. (ALXN) $186.02 +2.05%
Vodafone Group Plc ADS (VOD) $35.91 +1.96%
Catamaran Corp (CTRX) $52.69 +1.73%
Cognizant Technology Solutions Corp. (CTSH) $63.03 +1.66%
Nasdaq 100 - Fallers
Garmin Ltd. (GRMN) $49.42 -2.56%
Nxp Semiconductors Nv (NXPI) $84.66 -1.18%
Google Inc. (GOOGL) $541.76 -0.86%
Google Inc. Class C (GOOG) $538.90 -0.73%
Regeneron Pharmaceuticals Inc. (REGN) $423.78 -0.66%
Yahoo! Inc. (YHOO) $44.11 -0.59%
Discovery Communications Inc. Class A (DISCA) $30.93 -0.55%
Broadcom Corp. (BRCM) $44.68 -0.49%
Fastenal Co. (FAST) $42.76 -0.45% |
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| | Newspaper Round Up | | Monday newspaper round-up: HSBC chief, Terrorism, UK wages Leaked files revealed that HSBC chief executive Stuart Gulliver hid millions of pounds in a Swiss account through a Panamanian company and is still tax domiciled in Hong Kong, according to The Guardian.
A militant group told Muslims to attack Oxford Street and two London-based shopping centres late on Sunday, according to The Times, putting counterterrorism police on high-alert.
British wages will soar above inflation in 2015 for the first time in eight years but will still fall short of the growth seen before the recession, The Guardian reported.
A harsh new personal liability regime will be revealed on Monday, according to the Financial Times. The paper claimed that UK regulators will have to include senior non-executives from banks and insurers in the regime.
Turkey has sent troops into Syria to retrieve an Ottoman tomb and the 38 Turkish soldiers guarding it amid concerns Islamic State militants have planned an attack, wrote The Wall Street Journal.
Greece is prepared to announce plans for quashing tax evasion in the new government's latest attempt to convince creditors it should be granted a bailout extension, wrote The Telegraph. | | |
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