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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: UK stocks tread water at all-time high UK stocks were flat on Wednesday morning as markets paused for breath following the new all-time highs reached the previous session. The FTSE 100 was trading just 0.04% lower at 6,947.03 in early deals.
The index set a new closing record of 6,949.63 on Tuesday, and also reached a new intraday peak of 6,958.89.
The recent rally came on the back of an approval for Greece's four-month bailout extension and relatively dovish comments from Federal Reserve chair Janet Yellen, who said that the central bank would still take a cautious approach to raising rates.
"Investors seem a bit hungover after all of yesterday's excitement as the markets open flat this Wednesday morning," said analyst Connor Campbell from Spreadex. He said there was "little current impetus" for the rally to continue.
Overnight, data revealed that China's manufacturing sector returned to growth this month, with the HSBC purchasing managers' index rising from 49.7 to 50.1, surprising those who had expected a fall to 49.5. A figure above 50 represents expansion.
St James's Place leads the risers
Wealth management group St James's Place impressed City analysts on Wednesday with a solid set of annual results, as strong cash generation led it to hike its final dividend by 50%. Operating profits on a EEV basis were 29% higher at £596.4m, well ahead of the consensus forecast of £533m.
Hospitality group Whitbread rose after saying it expects full-year results to come in at the top end of expectations after a strong fourth quarter from its Premier Inn and Costa brands.
Morrisons reassured investors with the quick appointment of a new chief executive after Dalton Philips was pushed out of the company earlier this month after five years. The company named the former head of Tesco's Asian business, David Potts, as its boss.
First-half profits from Barratt Developments were up 74.6% at £210.2m though the stock was subdued early on, pausing after having risen by over a third over the last six months.
Electrical appliances retailer AO World plummeted after forecasting full-year results "slightly below market expectations" after a harder fourth quarter. |
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| | Market Movers
techMARK 3,149.06 -0.05%
FTSE 100 6,947.03 -0.04%
FTSE 250 17,197.10 -0.03%
FTSE 100 - Risers
St James's Place (STJ) 937.50p +5.10%
Sky (SKY) 1,002.00p +2.87%
Fresnillo (FRES) 846.50p +2.36%
Whitbread (WTB) 5,220.00p +2.25%
Mondi (MNDI) 1,339.00p +2.21%
Morrison (Wm) Supermarkets (MRW) 195.60p +1.98%
Tesco (TSCO) 242.15p +1.57%
SSE (SSE) 1,601.00p +1.33%
Meggitt (MGGT) 544.00p +1.30%
Randgold Resources Ltd. (RRS) 5,040.00p +1.27%
FTSE 100 - Fallers
Weir Group (WEIR) 1,726.00p -7.35%
GKN (GKN) 361.70p -3.19%
Standard Chartered (STAN) 927.40p -2.44%
Hargreaves Lansdown (HL.) 1,088.00p -1.81%
Tullow Oil (TLW) 395.00p -1.32%
Hammerson (HMSO) 660.00p -1.20%
BG Group (BG.) 971.40p -0.98%
Land Securities Group (LAND) 1,226.00p -0.97%
Dixons Carphone (DC.) 444.90p -0.94%
SABMiller (SAB) 3,661.50p -0.92%
FTSE 250 - Risers
Afren (AFR) 10.90p +3.81%
Petrofac Ltd. (PFC) 840.50p +3.13%
PayPoint (PAY) 891.00p +2.77%
Jimmy Choo (CHOO) 174.20p +2.47%
Tullett Prebon (TLPR) 342.50p +2.24%
Just Retirement Group (JRG) 169.50p +1.92%
Smith (DS) (SMDS) 368.00p +1.74%
Just Eat (JE.) 373.60p +1.74%
Phoenix Group Holdings (DI) (PHNX) 863.50p +1.71%
NMC Health (NMC) 528.50p +1.63%
FTSE 250 - Fallers
AO World (AO.) 204.10p -27.37%
Hays (HAS) 151.20p -5.38%
Cranswick (CWK) 1,367.00p -2.91%
Supergroup (SGP) 985.00p -2.86%
International Personal Finance (IPF) 456.00p -2.44%
Bwin.party Digital Entertainment (BPTY) 88.75p -1.93%
Drax Group (DRX) 423.10p -1.58%
Melrose Industries (MRO) 302.50p -1.56%
Countrywide (CWD) 507.50p -1.46% |
| | UK Event Calendar | | Wednesday 25 February
INTERIMS
Avingtrans, Barratt Developments, Empiric Student Property , Hays, Ibex Global Solutions, MJ Gleeson , Tristel, Wilmington Group
QUARTERLY PAYMENT DATE
Merchants Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
New Homes Sales (US) (15:00)
GMS
Carclo
FINALS
Henderson Group, International Personal Finance, Man Group, Petrofac Ltd., Plus500 Ltd (DI), Rex Bionics, SEGRO, St James's Place, Telefonica SA, TSB Banking Group , Vitec Group, Weir Group
EGMS
Amiad Water Systems Ltd, Petroceltic International
AGMS
Bankers Inv Trust, Blackrock Income And Growth Investment Trust, Driver Group
TRADING ANNOUNCEMENTS
Safestore Holdings
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as oil falls, Chinese manufacturing activity grows European stocks were little changed as a slump in energy prices was offset by better-than-expected Chinese manufacturing data. A gauge of energy stocks, including Tullow Oil, dropped on the Stoxx Europe 600 Index as West Texas Intermediate crude traded below $50 a barrel before the release of US government data which was forecast to show oil stockpiles increased. Brent crude rose 0.4% to $58.92 per barrel in morning trade, according to the ICE.
In China, a report from HSBC showed manufacturing activity expanded in February. The purchasing managers' index rose to 50.1 from 49.7 in January, beating analysts' estimates of 49.5. A reading above 50 signals growth while a level below 50 indicates a contraction.
Meanwhile, Greece continued to remain a focal point as the International Monetary Fund (IMF) raised doubts on the nation's four-month bailout extension with Eurozone creditors.
"In quite a few areas [...] including perhaps the most important ones, [the Greek proposal] is not conveying clear enough assurances that the government intends to undertake the reforms," the IMF's managing director, Christine Lagarde , said in a letter published after euro-area finance ministers approved the extension.
The euro rose 0.34% to $1.1379.
In the US later on, a report on new home sales is expected to reveal purchases fell to a 470,000 annualised pace in January.
On the corporate front, Axa rallied after the French insurer reported a 12% jump in full-year profit, boosted by growth at its life and savings division.
Telefonica SA slumped after posting a 36% fall in fourth-quarter operating profit. |
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| | US Market Report | | US close: Dow Jones and S&P reach record highs after Yellen's speech US stocks rallied on Tuesday, as the S&P 500 and Dow industrials hit record highs, after Federal Reserve Chairwoman Janet Yellen testified to the Congress. The Dow Jones Industrial Average closed up 92.35 points at 18,209.19, while the S&P 500 and the Nasdaq rose 5.82 and 7.15 points respectively.
In her speech, Yellen told the Congress the Federal Reserve was making plans to drop the word "patient" from its statement.
"The Fed is clearly getting close to the first rate hike, which we expect in June," said Paul Ashworth, chief US economist at Capital Economics.
"Beyond that, we anticipate that rising wage and core price inflation will prompt the Fed to hike the fed funds rate to between 1.00% and 1.25% by end-2015 and 2.75% to 3.00% by end-2016."
Analysts at Barclays also believed the rate hike will be discussed at the Fed's meeting in March.
"We read Fed Chair Janet Yellen's prepared testimony to the Senate as indicating the Fed is readying a change in its forward guidance, which we see coming at the March meeting," they said.
"We retain our call for a rate hike in June and look for the committee to alter the March statement by removing "patient" in favour of other language that suggests full data dependency."
US consumer confidence dropped to 96.4 in February, after reaching a seven-year high of 103.8 in January.
Meanwhile, activity in the US services sector bounced back in February, as new work at companies recovered from the prior month's record low levels, the results of a survey showed.
Markit's services sector purchasing managers' index (PMI) for the month of February increased to a reading of 57 from the prior month's print of 54.2.
Completing a heavy day in terms of economic data, the S&P/Case-Shiller composite index of home prices in 20 cities increased rose 4.5% year-on-year in December, exceeding expectations for a 4.3% rise.
In company news, Shake Shack rose 4.50% after a host of investment banks began covering the stock with the hold, neutral and buy ratings
Retail giant Home Depot rose 3.98% after reporting a 36% rise in fourth-quarter profit and said it would buy back $18bn of shares, despite warning that currency headwinds will impact 2015 earnings.
SunPower and First Solar jumped 18% and 10.21% respectively after saying late on Monday they planned an initial public offering for a pooled-asset spin-off.
Gold futures were down 0.05% to $1,200.20, while the dollar slipped marginally against the euro, the yen and the pound.
After a sharp drop on Monday which led to speculations of an OPEC emergency meeting, oil prices continued to fall, with Brent crude losing 0.44% to $58.64 a barrel, while West Texas Intermediate declined 0.75% and ended the session at $49.08 a barrel.
S&P 500 - Risers
First Solar Inc. (FSLR) $54.70 +10.19%
Expeditors International Of Washington Inc. (EXPD) $47.88 +5.29%
Peabody Energy Corp. (BTU) $7.84 +5.09%
Home Depot Inc. (HD) $116.75 +3.98%
United States Steel Corp. (X) $25.13 +3.50%
Freeport-McMoRan Inc (FCX) $21.22 +3.06%
CONSOL Energy Inc. (CNX) $34.34 +3.00%
Exelon Corp. (EXC) $34.79 +2.99%
Cabot Oil & Gas Corp. (COG) $28.40 +2.97%
Coach Inc. (COH) $42.95 +2.97%
S&P 500 - Fallers
Diamond Offshore Drilling Inc. (DO) $30.79 -8.42%
Windstream Holdings Inc (WIN) $7.86 -8.39%
Ensco Plc. (ESV) $26.97 -5.86%
ONEOK Inc. (OKE) $45.10 -4.89%
Wynn Resorts Ltd. (WYNN) $147.00 -4.75%
Noble Corporation plc (NE) $17.83 -4.29%
Rowan Companies plc (RDC) $22.94 -4.10%
Ventas Inc. (VTR) $74.54 -3.92%
HCP Inc. (HCP) $42.16 -3.59%
Macy's Inc. (M) $62.10 -3.21%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $116.75 +3.98%
JP Morgan Chase & Co. (JPM) $60.82 +2.48%
Intel Corp. (INTC) $34.42 +1.95%
Caterpillar Inc. (CAT) $84.50 +1.21%
International Business Machines Corp. (IBM) $164.83 +1.18%
Goldman Sachs Group Inc. (GS) $192.22 +1.00%
Verizon Communications Inc. (VZ) $49.22 +0.92%
General Electric Co. (GE) $25.39 +0.87%
McDonald's Corp. (MCD) $94.98 +0.71%
American Express Co. (AXP) $80.86 +0.70%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $115.43 -0.83%
Walt Disney Co. (DIS) $104.67 -0.30%
Boeing Co. (BA) $154.38 -0.23%
Visa Inc. (V) $272.47 -0.20%
Pfizer Inc. (PFE) $34.34 -0.15%
Microsoft Corp. (MSFT) $44.09 -0.14%
Wal-Mart Stores Inc. (WMT) $84.57 -0.04%
Nasdaq 100 - Risers
Expeditors International Of Washington Inc. (EXPD) $47.88 +5.29%
Xilinx Inc. (XLNX) $42.48 +2.88%
KLA-Tencor Corp. (KLAC) $66.27 +2.78%
Altera Corp. (ALTR) $36.80 +2.48%
Broadcom Corp. (BRCM) $45.31 +2.40%
Sirius XM Holdings Inc (SIRI) $3.91 +2.22%
Monster Beverage Corp (MNST) $124.81 +2.20%
Discovery Communications Inc. Class A (DISCA) $33.00 +2.06%
Intel Corp. (INTC) $34.42 +1.95%
Applied Materials Inc. (AMAT) $25.36 +1.81%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $147.00 -4.75%
Vodafone Group Plc ADS (VOD) $34.81 -3.25%
Vimpelcom Ltd Ads (VIP) $4.81 -2.83%
Seagate Technology Plc (STX) $60.70 -2.08%
Micron Technology Inc. (MU) $30.78 -1.97%
Western Digital Corp. (WDC) $108.97 -1.91%
Sandisk Corp. (SNDK) $79.97 -1.74%
Tesla Motors Inc (TSLA) $204.05 -1.58%
Sba Communications Corp. (SBAC) $117.81 -1.30% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Greek bailout, HSBC boss, UK sends troops Doubts have shrouded whether Greece will follow its creditors' orders on budget cuts despite Eurozone finance minister approval for a four-month bailout extension, wrote The Wall Street Journal. HSBC's boss Stuart Gulliver has been summoned by MPs to give evidence alongside the company's chairman on Wednesday, according to The Guardian.
David Cameron has announced that Britain will deploy troops in Ukraine to help train soldiers fighting Russian separatists, The Telegraph reported.
A new daily pill will reduce the taker's risk of getting HIV by 90% and should be distributed to the gay community according to researchers, The Times wrote on Wednesday.
A Google-backed start-up called Magic Leap has planned to develop a "techno-biology" headset expected to replace smartphones and PCs as the next "everyday computing" device, wrote the Financial Times.
UK prime minister David Cameron has been called to make Boris Johnson the centre of the election campaign amid speculative concerns the Conservative party needs more positivity, wrote The Times. | | |
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