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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: Markets flat as Greece submits reform list, investors await Yellen UK stocks opened slightly lower on Tuesday morning as investors waited nervously to see if Eurozone finance ministers will sign off on a Greek bailout extension.
The FTSE 100 was trading down 0.07% at 6,907.52 in early deals. BHP Billiton impressed with its annual results, while Meggitt, Persimmon and GKN underwhelmed.
Greece submitted a list of economic reforms overnight for European leaders to approve as part of the provisional agreement with Athens for the four-month bailout extension agreed on Friday.
The Eurogroup is expected to discuss the proposals, which include efforts to crack down on tax evasion and corruption, later on Tuesday.
An official at the European Commission said the list was "sufficiently comprehensive to be a valid starting point for a successful conclusion of the review".
Stocks in Athens were up by over 6% early on Tuesday, while the yield on three-year Greek bonds had dropped 150 basis points.
Federal Reserve chair Janet Yellen will also be in focus on Tuesday as she gives her semi-annual testimony to the Senate Banking Committee. Analysts are expecting a hawkish stance from the Fed chair as markets await hints about when the central bank will begin to raise interest rates.
"For the market, the risk is that Yellen may sound more upbeat on the economy in light of the strong January employment report, and possibly make the case to Congress that the time is approaching for the Fed to begin the process of policy normalisation," according to analysts at Deutsche Bank.
BHP Billiton jumps after profit beat
Mining giant BHP Billiton jumped early on after beating forecasts with a less-than-expected decline in earnings in the first half. Underlying operating profits fell 12.3% year-on-year to $14.49bn, compared with analysts' forecasts of around $13.62bn. The group also pledged to keep its dividend policy unchanged despite the proposed demerger of its non-core operations.
Engineering group Meggitt declined as it reported a 13% fall in underlying pre-tax profit in 2014 following a "challenging year".
Sector peer GKN also underwhelmed despite beating forecasts with a 4% increase in 'management basis' pre-tax profit in 2014. Numis downgraded the stock from 'add' to 'hold' after a strong run in the shares over recent months.
Persimmon also failed to impress despite meeting expectations with a 44% increase in underlying pre-tax profits in 2014. The stock reversed early on after having jumped 18% since mid-January.
Paper and packaging group Mondi rose after revealing that profit before tax rose 24% to €619m in 2014 while its full-year dividend was lifted 17%.
Pension provider Just Retirement surged after saying it delivered "resilient profits" despite changes made to the annuity market in the government Budget last year. Annuity sales were down just 4% on the pre-Budget comparison period, it said. |
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| Market Movers
techMARK 3,145.96 -0.38%
FTSE 100 6,907.52 -0.07%
FTSE 250 17,124.14 -0.26%
FTSE 100 - Risers
BHP Billiton (BLT) 1,600.50p +3.46%
Mondi (MNDI) 1,298.00p +1.64%
Hargreaves Lansdown (HL.) 1,091.00p +1.02%
Carnival (CCL) 2,927.00p +1.00%
G4S (GFS) 296.10p +0.99%
Sage Group (SGE) 483.80p +0.98%
British American Tobacco (BATS) 3,760.00p +0.87%
BAE Systems (BA.) 538.50p +0.84%
International Consolidated Airlines Group SA (CDI) (IAG) 565.50p +0.62%
British Land Co (BLND) 825.50p +0.61%
FTSE 100 - Fallers
Persimmon (PSN) 1,648.00p -3.63%
GKN (GKN) 373.60p -3.21%
Meggitt (MGGT) 553.50p -3.06%
Vodafone Group (VOD) 227.05p -2.43%
Taylor Wimpey (TW.) 142.50p -1.93%
Rolls-Royce Holdings (RR.) 933.00p -1.79%
Standard Chartered (STAN) 914.20p -1.50%
Associated British Foods (ABF) 3,016.00p -1.37%
Smiths Group (SMIN) 1,162.00p -1.19%
Barratt Developments (BDEV) 497.50p -1.09%
FTSE 250 - Risers
Just Retirement Group (JRG) 170.30p +18.59%
Genus (GNS) 1,356.00p +5.20%
NMC Health (NMC) 525.00p +3.35%
Afren (AFR) 9.71p +2.37%
AL Noor Hospitals Group (ANH) 967.00p +2.00%
Melrose Industries (MRO) 306.10p +1.97%
Acacia Mining (ACA) 272.70p +1.75%
Ashmore Group (ASHM) 313.30p +1.39%
Polymetal International (POLY) 569.50p +1.24%
Inchcape (INCH) 745.50p +1.15%
FTSE 250 - Fallers
Victrex plc (VCT) 2,019.00p -4.63%
Bovis Homes Group (BVS) 916.00p -3.68%
Inmarsat (ISAT) 855.00p -3.66%
Bank of Georgia Holdings (BGEO) 1,890.00p -3.57%
Infinis Energy (INFI) 192.90p -3.07%
AO World (AO.) 282.50p -2.82%
Saga (SAGA) 184.00p -2.13%
Computacenter (CCC) 718.00p -1.98%
Diploma (DPLM) 785.50p -1.94% |
| | UK Event Calendar | | Tuesday 24 February
INTERIMS
Ashmore Group, BHP Billiton, DotDigital Group, Frontier Developments, Town Centre Securities
INTERIM DIVIDEND PAYMENT DATE
red24
QUARTERLY EX-DIVIDEND DATE
Honeywell International Inc.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
Consumer Price Index (EU) (10:00)
Harmonised Index of Consumer Prices (EU) (10:00)
FINALS
Croda International, Drax Group, GKN, Meggitt, Mondi, New World Resources A Shares, Nord Gold NV GDR (Reg S), Persimmon, Provident Financial
AGMS
Invesco Property Income Trust Ld, OMG
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Greek stocks jump as bond yields register sharp drop European stocks have begun the morning trading slightly higher, following the submission, overnight, of Greece's reform plans.
The Eurogroup of finance ministers is due to deliberate on the proposals today.
Traders will also be watching out for a speech from Fed Chair Janet Yellen and BoE Governor Carney's testimony before the Treasury Select Committee later today.
As of 08:49 the Dax-30 is is higher by 0.05% to 11,136.35 points while the Cac-40 is edging up by 0.09% to reach 4,866.86 points.
The Athens stock market exchange's benchmark index is up by over 6% in early trades and the yield on three-year greek bonds down by 150 basis points.
To take note of, speaking on Tuesday morning Eurogroup president Jeroen Djisselbloem pointed out that Greek officials had submitted their plans "just in time".
From a sector standpoint the best performance on the DJ Stoxx 600 was being seen in the following industrial groups: Technology (0.90%), Basic resources (0.74%) and Real estate (0.54%).
Some of the largest European truck-makers are facing a fine of as much as €4bn if found to be operating a cartel, German daily Handelsblatt reported.
Banking shares may come under pressure on the heels of a report in The Wall Street Journal according to which the US Department of Justice and the Commodity Futures Trading Commission are investigating allegations that at least 10 major banks may have colluded in the markets for precious metals.
Japanese multinational Hitachi will acquire the Finmeccanica's rail and signal assets for over $2bn, according to sources close to the company, Reuters reports.
Front month Brent crude futures were down by 0.822% to hit $58.42 per barrel on the ICE. |
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| | US Market Report | | US close: Markets flat as decline in oil prices weighs on energy stocks US stocks were largely flat on Monday as tumbling oil prices weighed on energy stocks.
The Dow Jones Industrial Average closed down 0.13% to 18,116.84, while the S&P 500 declined 0.03% and the Nasdaq rose 0.10%.
Oil prices continued to fall, with West Texas Intermediate losing almost 3.1% to $49.25 a barrel, while Brent crude dropped 2.2% to $58.91 a barrel.
Existing US home sales fell 4.9% in January to 4.82m, reaching the lowest level in nine months.
The index had expected to decline from 5.07m in December to 4.95m, the National Association of Realtors said on Monday."
"The weaker-than-expected existing home sales in January cut our estimate of total home sales, suggesting a slower pace of residential investment in the first quarter," Barclays analysts said in a note.
"However, after rounding, our first quarter gross domestic product tracking estimate remains unchanged at 2.1%."
Having missed Monday's initial deadline, Athens will present a list of cuts and economic reforms on Tuesday morning, which will then have to be approved by the International Monetary Fund and by the European Union.
"US equities largely outperformed those in Europe for the first three weeks of February, snapping back sharply from a downturn in January," said Jasper Lawler, analyst at CMC Markets.
"Now that the situation in Greece is set to calm down for a few months while a longer term solution is reached, there is chance that Europe will again attract a bigger chunk of flows.
"More flows into Europe could leave US markets susceptible to lost upward momentum and perhaps even another downturn as was seen in January."
In corporate news, Valeant surged 14.71% after announcing on Sunday that it will buy Salix in a deal worth $10bn in cash, while Apple edged forward 2.54% after revealing it will invest $1.92bn to build two data centres in Europe.
Hi-tech group Polypore International jumped 12.73% after sector peer 3M said it would pay $1bn for its separations media business.
Discovery Communications, climbed 4.38% after news emerged on Sunday that 21st Century Fox was in talks to purchase the cable operator.
Gold futures fell 0.26% to $1,201.80 ,while the dollar fell 0.47% against the pound and 0.22% against the yen but rose over 0.4% against the euro.
S&P 500 - Risers
Computer Sciences Corp. (CSC) $71.74 +7.19%
Humana Inc. (HUM) $164.52 +5.38%
Discovery Communications Inc. Class A (DISCA) $32.33 +4.54%
Unitedhealth Group Inc. (UNH) $116.40 +3.36%
Valero Energy Corp. (VLO) $62.50 +2.93%
Aetna Inc. (AET) $100.68 +2.82%
Apple Inc. (AAPL) $133.00 +2.71%
Expedia Inc. (EXPE) $94.75 +2.65%
Phillips 66 Common Stock (PSX) $79.33 +2.57%
Kansas City Southern (KSU) $119.47 +2.45%
S&P 500 - Fallers
Nabors Industries Ltd. (NBR) $12.85 -4.96%
Transocean Ltd. (RIG) $16.26 -4.41%
Ensco Plc. (ESV) $28.65 -3.73%
Freeport-McMoRan Inc (FCX) $20.59 -3.24%
Rowan Companies plc (RDC) $23.92 -3.08%
Helmerich & Payne Inc. (HP) $67.60 -3.05%
Chesapeake Energy Corp. (CHK) $19.71 -2.91%
Citrix Systems Inc. (CTXS) $63.07 -2.85%
Red Hat Inc. (RHT) $68.54 -2.72%
Wynn Resorts Ltd. (WYNN) $154.33 -2.61%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $116.40 +3.36%
E.I. du Pont de Nemours and Co. (DD) $77.46 +1.03%
Microsoft Corp. (MSFT) $44.14 +0.65%
Procter & Gamble Co. (PG) $85.39 +0.61%
American Express Co. (AXP) $80.30 +0.59%
Walt Disney Co. (DIS) $104.99 +0.42%
3M Co. (MMM) $168.81 +0.41%
Wal-Mart Stores Inc. (WMT) $84.60 +0.36%
McDonald's Corp. (MCD) $94.31 +0.13%
Nike Inc. (NKE) $95.01 +0.08%
Dow Jones I.A - Fallers
Boeing Co. (BA) $154.74 -2.26%
Intel Corp. (INTC) $33.76 -1.89%
Caterpillar Inc. (CAT) $83.49 -1.13%
Exxon Mobil Corp. (XOM) $89.01 -1.01%
JP Morgan Chase & Co. (JPM) $59.35 -0.75%
Travelers Company Inc. (TRV) $107.08 -0.69%
Chevron Corp. (CVX) $107.86 -0.68%
AT&T Inc. (T) $33.85 -0.67%
Goldman Sachs Group Inc. (GS) $190.31 -0.63%
Pfizer Inc. (PFE) $34.39 -0.49%
Nasdaq 100 - Risers
Discovery Communications Inc. Class A (DISCA) $32.33 +4.54%
Apple Inc. (AAPL) $133.00 +2.71%
Expedia Inc. (EXPE) $94.75 +2.65%
Gilead Sciences Inc. (GILD) $104.51 +1.85%
Keurig Green Mountain Inc (GMCR) $124.72 +1.51%
Cerner Corp. (CERN) $73.08 +1.39%
O'Reilly Automotive Inc. (ORLY) $208.52 +1.30%
Liberty Global plc Series A (LBTYA) $53.87 +1.16%
Ross Stores Inc. (ROST) $98.83 +0.93%
CH Robinson Worldwide Inc (CHRW) $73.14 +0.88%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $4.95 -5.17%
Tesla Motors Inc (TSLA) $207.34 -4.50%
Citrix Systems Inc. (CTXS) $63.07 -2.85%
Wynn Resorts Ltd. (WYNN) $154.33 -2.61%
Micron Technology Inc. (MU) $31.40 -1.97%
Akamai Technologies Inc. (AKAM) $70.24 -1.93%
Intel Corp. (INTC) $33.76 -1.89%
Sba Communications Corp. (SBAC) $119.36 -1.56%
Baidu Inc. (BIDU) $206.43 -1.53% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Greece, Malcolm Rifkind, UKIP A six-page list of bailout extension reforms have been prepared for examination in Brussels on Tuesday, where the Eurozone's finance ministers are expected to decide whether Greece's proposals will be set in motion, said The Guardian.
Sir Malcolm Rifkind has been asked to step down as MP after prime minister David Cameron suspended him and ordered a disciplinary investigation into "cash for access" claims, said The Times.
UKIP have suffered in the polls, according to Conservative peer Lord Ashcroft, after the Ofcom received thousands of complaints about a Channel 4 docudrama detailing the party's rise, wrote The Telegraph.
A top-secret Mossad document has contradicted statements made by Binyamin Netanyahu in 2012 that Iran was 12 months away from creating a nuclear bomb, The Guardian reported.
Young adults are at a major disadvantage compared to pensioners in Britain, according to the Financial Times. In the most dramatic generational change in decades, living standards have fallen for Brits in their 20s while average pensioners have seen their incomes rise.
Berlin has demanded answers from Athens after it was revealed the Greek government made a pact to send Syrian asylum seekers to Germany, wrote The Times. | | |
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