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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: BP leads stocks higher on Greek optimism, stronger commodities UK stocks surged on Tuesday on the back of optimism surrounding Greece's proposed debt plan, while rising commodity prices gave resource shares a boost.
Within the first hour of trade, the FTSE 100 was up 1.1% at 6,857, led by gains in the oil and mining sectors, with BP among the best performers after a well-received fourth-quarter report.
The new government in Greece has proposed using debt swaps for new growth-linked bonds, rather than calling for a write-off of its €315n of foreign debt. Finance minister Yanis Varoufakis labelled it "smart debt engineering".
Analyst Michael Hewson from CMC Markets UK said: "While the initial proposals could well run into obstacles with respect to EU rules about monetary financing, the fact that a new approach is being tried has to be welcome given how much of a disaster the current bailout program has been."
In other news, the Reserve Bank of Australia has become the latest central bank cut to lower interest rates in response to deflationary concerns. The 25 basis-point reduction to a record-low 2.25% saw the Aussie dollar drop to a fresh five-and-a-half-year low and stock markets leap to their highest since May 2008.
Tuesday will be a relatively quiet day in terms of economic data, though figures from the UK construction sector and US factory orders will be in focus.
BP gains despite Q4 loss, miners surge
BP has slashed its investment budget for 2015 by $4bn-6bn after swinging to a non-adjusted loss in the fourth quarter after taking $3.6bn of impairment charges due to the lower oil price. The oil major reported a replacement cost loss of just under $1bn for the three months to 31 December 2014, compared with a profit of $1.5bn previously. However, underlying profits came in ahead of expectations.
Others in the oil sector were also higher as crude rose 1.9% to $55.77 a barrel, extending gains made over the last few days. Shell was on the rise early on.
Mining stocks were also performing well as metal prices advanced. Antofagasta, BHP Billiton, Anglo American and Rio Tinto were all putting in decent gains.
Aberdeen Asset Management declined after seeing net outflows in the three months to end-December due to a weakening of investor sentiment to emerging markets in December. The first three months of its new financial year recorded a decline in assets under management to £323.3bn from £324.4bn at the September year end.
Business outsourcing firm Capita was a heavy faller after the news that it has acquired European customer services firm Avocis for £157m.
BG Group rose after reporting an adjusted net profit of $915m for the fourth quarter, down 19% year-on-year. However, reported net losses widened to $5.03bn from $1.07bn after a $8.9bn impairment charge due to lower commodity prices.
Energy services group Hunting was higher after Nomura upgraded its rating on the stock to 'neutral'. |
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| Market Movers
techMARK 3,062.68 +0.67%
FTSE 100 6,857.26 +1.10%
FTSE 250 16,454.91 +0.61%
FTSE 100 - Risers
BHP Billiton (BLT) 1,551.00p +4.51%
BP (BP.) 456.10p +4.20%
Antofagasta (ANTO) 700.00p +4.17%
Weir Group (WEIR) 1,805.00p +4.09%
Coca-Cola HBC AG (CDI) (CCH) 1,114.00p +3.92%
Anglo American (AAL) 1,161.00p +3.29%
Rio Tinto (RIO) 3,054.50p +3.16%
Fresnillo (FRES) 914.50p +3.16%
Royal Dutch Shell 'A' (RDSA) 2,133.50p +3.12%
Glencore (GLEN) 260.55p +2.94%
FTSE 100 - Fallers
Capita (CPI) 1,081.00p -3.05%
Aberdeen Asset Management (ADN) 429.20p -2.48%
SABMiller (SAB) 3,589.50p -0.99%
Diageo (DGE) 1,931.50p -0.95%
Taylor Wimpey (TW.) 132.60p -0.60%
SSE (SSE) 1,609.00p -0.49%
British Land Co (BLND) 835.00p -0.48%
Carnival (CCL) 2,909.00p -0.41%
Intu Properties (INTU) 368.00p -0.38%
InterContinental Hotels Group (IHG) 2,596.00p -0.38%
FTSE 250 - Risers
Afren (AFR) 12.50p +25.00%
Hunting (HTG) 455.70p +8.91%
Computacenter (CCC) 674.00p +6.90%
Petrofac Ltd. (PFC) 768.50p +5.64%
Vedanta Resources (VED) 417.80p +5.53%
Ophir Energy (OPHR) 146.40p +4.65%
UDG Healthcare Public Limited Company (UDG) 413.60p +4.26%
Soco International (SIA) 289.90p +4.24%
Amec Foster Wheeler (AMFW) 865.00p +4.15%
Premier Oil (PMO) 163.20p +4.02%
FTSE 250 - Fallers
Croda International (CRDA) 2,577.00p -4.02%
Saga (SAGA) 175.40p -3.25%
TalkTalk Telecom Group (TALK) 308.90p -2.95%
NMC Health (NMC) 496.10p -2.34%
Allied Minds (ALM) 425.40p -2.21%
Big Yellow Group (BYG) 637.00p -1.70%
Pennon Group (PNN) 851.50p -1.67%
Zoopla Property Group (WI) (ZPLA) 177.00p -1.67%
Unite Group (UTG) 498.60p -1.66% |
| | UK Event Calendar | | INTERIMS
Alumasc Group, NWF Group
INTERIM DIVIDEND PAYMENT DATE
Johnson Matthey, Workspace Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)
Producer Price Index (EU) (10:00)
Q4
ARM Holdings, BP
GMS
Gulfsands Petroleum
FINALS
ARM Holdings, BP, Ocado Group, St. Modwen Properties
EGMS
Kcell Joint Stock Co GDR (Reg S)
AGMS
Dewhurst, Finsbury Growth & Income Trust, Invesco Perpetual Enhanced Income Limited, Numis Corporation, Redhall Group, UDG Healthcare Public Limited Company
TRADING ANNOUNCEMENTS
Proxama , UDG Healthcare Public Limited Company
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
JPMorgan Asian Inv Trust, JPMorgan Chinese Inv Trust |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as Greece backs down from calls for debt write down European stocks advanced as Greece's new government backed down from plans to ask the euro-area to write-off its foreign debt.
Finance minister Yanis Varoufakis told investors in London that the government would spare privately held bonds from losses, Reuters reported, citing a source.
"Varoufakis has finally laid out Syriza's proposed Greek debt plan, and it's not as radical as many hoped and/or feared, with the party putting forward a selection of 'debt swaps' that would ease Greece's financial situation," said Connor Campbell, analyst at Spreadex.
"However, whilst this plan has calmed the markets, claims that Syriza are backing away from an actual debt cut have riled Varoufakis, who stated this morning that some of his proposals have been misinterpreted."
In economic data, Tuesday's calendar will be thin on the ground with the only notable releases being US UK construction and US factory orders.
In company news, Banco Santander SA rallied as Spain's largest lender reported a 68% in profit in the fourth quarter, as expected by most analysts.
BG Group slipped after the natural-gas producer reported a wider quarterly net loss after writing down the value of its Australian assets.
Danske Bank A/S was a high riser after the Danish bank said it will buy back shares for 5bn kroner, the first such programme since 2004.
Alfa Laval AB jumped after posting fourth-quarter sales that exceeded market forecasts and raising its dividend.
Brent crude rose 3.1% to $56.52 per barrel, according to ICE. |
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| | US Market Report | | US close: Markets stage late rally as oil customer spending falls and oil jumps US stocks staged a late rally on Monday, after a choppy session during which investors data on consumer spending, while the prices of oil rebounded.
The Dow Jones Industrial Average closed 196.09 points up at 17,361.04, while the S&P 500 and the Nasdaq rose 1.30% and 0.89% respectively.
US consumer spending recorded its biggest drop in five years in December, as Americans bought fewer cars and trucks and spent less money on energy and oil prices tumbled.
Personal spending fell to a seasonally adjusted 0.3% in December, while personal spending increased 0.3%, though both figures were in line with expectations. The saving rate rose from 4.3% to 4.9%, while prices calculated by the personal consumption expenditures index fell 0.2% in December.
Meanwhile, the US manufacturing purchasing managers' index showed that production levels rose at the fastest pace for three months in January.
At 53.9, the seasonally adjusted index remained well above the neutral 50.0 threshold, but new order volumes increased at a slower pace the first month of 2015 and input prices fell for the first time in two-and-a-half years.
"Manufacturing continued to expand in January, but the sector remains in a lower gear compared to that seen last summer," said Markit chief economist Chris Williamson.
"Factory output growth and job creation remain well below last year's peaks, adding to the suspicion that the pace of economic expansion in the first quarter could even fall below the 2.6% rate seen in the final quarter of last year."
The Institute for Supply Management's manufacturing index slowed to a reading of 53.5% in January from 55.1% in December, registering its worst performance in 12 months.
Having surged 8% on Friday, crude prices fell sharply earlier in the day in Asia, after news that Chinese manufacturing contracted in January, before rebounding steadily. West Texas Intermediate rose over 3% to settle at $49.80 a barrel, while Brent crude gained 3.3% to $54.83 a barrel.
In corporate news, Exxon rose 2.47% after posting better-than-expected fourth-quarter earnings, even though it missed revenue estimates, while Netflix fell 0.17% after its credit rating was further downgraded into junk territory by Standard & Poor's Ratings Services.
Sysco fell 1.89% despite reporting second-quarter earnings of 41 cents a share, that were in line with Wall Street forecasts, and announcing that it was aiming to obtain regulatory approval to sell certain assets as part of a plan to merge with US Foods.
The dollar gained over 0.3% against the pound and 0.25% against the yen but fell almost 0.3% against the euro, while gold futures fell 0.3% to $1,275.20.
S&P 500 - Risers
Denbury Resources Inc. (DNR) $7.75 +12.32%
First Solar Inc. (FSLR) $45.48 +7.47%
Chesapeake Energy Corp. (CHK) $20.52 +6.99%
Helmerich & Payne Inc. (HP) $63.70 +6.95%
Frontier Communications Co. (FTR) $7.14 +6.33%
Quanta Services Inc. (PWR) $28.15 +6.31%
Genworth Financial Inc. (GNW) $7.42 +6.30%
Murphy Oil Corp. (MUR) $47.65 +6.10%
Peabody Energy Corp. (BTU) $6.61 +6.10%
Transocean Ltd. (RIG) $17.28 +6.01%
S&P 500 - Fallers
Pitney Bowes Inc. (PBI) $22.26 -7.17%
Micron Technology Inc. (MU) $28.43 -2.85%
Alexion Pharmaceuticals Inc. (ALXN) $178.10 -2.81%
Darden Restaurants Inc. (DRI) $60.02 -2.22%
Moody's Corp. (MCO) $89.32 -2.20%
Wyndham Worldwide Corp. (WYN) $81.98 -2.16%
Avery Dennison Corp. (AVY) $51.20 -2.05%
Sysco Corp. (SYY) $38.43 -1.89%
Broadcom Corp. (BRCM) $41.64 -1.87%
Delta Airlines Inc. (DAL) $46.51 -1.69%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $106.06 +3.44%
Verizon Communications Inc. (VZ) $46.98 +2.73%
Exxon Mobil Corp. (XOM) $89.58 +2.47%
Microsoft Corp. (MSFT) $41.28 +2.18%
JP Morgan Chase & Co. (JPM) $55.47 +2.00%
AT&T Inc. (T) $33.56 +1.94%
Intel Corp. (INTC) $33.65 +1.85%
Goldman Sachs Group Inc. (GS) $175.49 +1.79%
American Express Co. (AXP) $82.13 +1.78%
Cisco Systems Inc. (CSCO) $26.83 +1.76%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $91.92 -0.36%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $4.12 +14.44%
QUALCOMM Inc. (QCOM) $65.53 +4.92%
Mattel Inc. (MAT) $27.91 +3.75%
Tesla Motors Inc (TSLA) $210.94 +3.61%
Dish Network Corp. (DISH) $72.59 +3.18%
CH Robinson Worldwide Inc (CHRW) $73.44 +3.12%
Amazon.Com Inc. (AMZN) $364.47 +2.80%
Intuitive Surgical Inc. (ISRG) $507.13 +2.56%
Seagate Technology Plc (STX) $57.80 +2.41%
Microsoft Corp. (MSFT) $41.28 +2.18%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $28.43 -2.85%
Alexion Pharmaceuticals Inc. (ALXN) $178.10 -2.81%
Broadcom Corp. (BRCM) $41.64 -1.87%
Nxp Semiconductors Nv (NXPI) $77.87 -1.85%
Facebook Inc. (FB) $74.99 -1.21%
Google Inc. Class C (GOOG) $528.48 -1.13%
Google Inc. (GOOGL) $532.20 -1.00%
Check Point Software Technologies Ltd. (CHKP) $76.50 -0.87%
Regeneron Pharmaceuticals Inc. (REGN) $413.07 -0.86% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: £2.6bn NHS charge, Tory school cuts, News Corp cleared The bill for agency workers has hit £2.6bn a year in England, according to The Guardian, as senior A&E specialists profit from NHS staff shortages.
School budgets will be slashed by 10% if the Conservatives win the general election, The Guardian has said. David Cameron has admitted that he cannot agree that his party will promise inflation-profs education funding.
The US Department of Justice has "decided not to prosecute" News Corp after completing its investigation into phone hacking and allegations of corruption, The Times reported.
Pensioners would save up to £400m a year if they were to opt in to winter fuel payments rather than receive them automatically, wrote The Times.
The Prince of Wales has told ministers that he does not want British arms promoted in the Arab world any longer, according to The Times. The royal has tried to avoid helping sales efforts wherever possible, the paper wrote.
The US has moved closer to supplying Ukraine with weaponry in its deepening war with Russia according to speculation, wrote The Telegraph.
The treasurer of a Conservative club has siphoned off more that £131,000 in five years, according to The Telegraph. Reports claim the woman has produced records accounting for her expenditure of the funds, which she plundered with the help of her son, aid the paper.
Business leaders across Britain have accused Ed Miliband of trying to slam policy debate ahead of the election by issuing "personal attacks" on his critics, said The Telegraph. | | |
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