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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: Stocks drop on Greek fears, but miners rise on Chinese stimulus hopes Mining stocks were shrugging off some gloomy economic data from China on Monday morning on hopes for further stimulus in Beijing, though the wider market was dragged into the red on the back of ongoing concerns about Greece.
London's FTSE 100 was down 1% at 6,786 early on.
Greek prime minister Alexis Tsipras addressed parliament over the weekend, standing firm on his plans to ease austerity measures in his first major speech since taking his new role. "After five years of bailout barbarity, our people cannot take any more," he said.
The comments came just days after Standard & Poor's downgraded Greece's credit rating by one notch and warned that the country's newly-elected government was running out of time to agree on a new financing programme with creditors.
"As both sides become more and more entrenched it's only going to become more and more difficult to imagine a happy outcome, while this stand-off continues, with the likelihood of a Greece exit [from there Eurozone] increasing by the day," said analyst Michael Hewson from CMC Markets.
In other news, the Chinese trade surplus unexpectedly ballooned to $60bn in January from $49.6bn the month before, as imports sank by an annual rate of 19.9%. Exports were also weak, falling by 3.3%.
The only other major economic data release of Monday's session will be the Eurozone Sentix investor confidence index which is forecast to improve to 3.0 in February from 0.9 the month before.
Miners shrug off weak Chinese data
Fresnillo, Randgold, Antofagasata, Glencore, Anglo American, Rio Tinto and BHP Billiton all edged higher early on, showing that mining stocks were "holding up surprisingly well this morning" despite the weak trade figures from China, according to Mike van Dulken from Accendo Markets.
"While the news would normally see the natural resources focused names on the FTSE suffer, however, their relative buoyancy likely comes from expectations of more stimulus being forthcoming from Beijing (government or People's Bank of China) in order to keep [economic] growth in the world's #2 economy at a level markets are comfortable with," he said.
Even Anglo American was rising despite revealing that its contribution to underlying profits from its platinum division in South Africa plummeted 92% in 2014 as a result of a five-month strike and lower metal prices. Meanwhile, Randgold was resilient after reporting a 17% drop in annual profits for last year, though it did hike its dividend payment by 20%.
Utility stocks were among the worst performers early on, with United Utilities, Severn Trent and National Grid falling sharply.
Natural gas producer BG Group edged higher after bringing forward the starting date of its new boss by one month. Statoil's Helge Lund will join immediately, the company said. |
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| Market Movers
techMARK 3,063.10 -1.00%
FTSE 100 6,785.99 -0.98%
FTSE 250 16,545.84 -0.84%
FTSE 100 - Risers
Fresnillo (FRES) 876.00p +1.86%
Randgold Resources Ltd. (RRS) 5,365.00p +1.04%
Antofagasta (ANTO) 708.50p +0.93%
Glencore (GLEN) 267.65p +0.85%
Anglo American (AAL) 1,153.50p +0.70%
BG Group (BG.) 938.20p +0.35%
Rio Tinto (RIO) 3,033.50p +0.17%
BHP Billiton (BLT) 1,506.00p +0.07%
FTSE 100 - Fallers
United Utilities Group (UU.) 955.00p -3.88%
Severn Trent (SVT) 2,034.00p -2.96%
ARM Holdings (ARM) 1,049.00p -2.78%
Shire Plc (SHP) 4,789.00p -2.50%
RSA Insurance Group (RSA) 443.20p -2.44%
Smiths Group (SMIN) 1,161.00p -2.19%
National Grid (NG.) 889.60p -2.17%
GKN (GKN) 372.00p -2.03%
Taylor Wimpey (TW.) 134.40p -1.97%
Intu Properties (INTU) 365.20p -1.93%
FTSE 250 - Risers
Polymetal International (POLY) 622.00p +6.32%
Kaz Minerals (KAZ) 238.50p +2.80%
Hunting (HTG) 511.00p +2.69%
Soco International (SIA) 303.60p +2.60%
Alent (ALNT) 371.90p +2.59%
Centamin (DI) (CEY) 68.00p +2.26%
Premier Oil (PMO) 165.80p +2.16%
Afren (AFR) 9.27p +1.76%
Supergroup (SGP) 1,038.00p +1.67%
Zoopla Property Group (WI) (ZPLA) 177.50p +1.37%
FTSE 250 - Fallers
Halma (HLMA) 671.00p -4.96%
Oxford Instruments (OXIG) 686.50p -3.38%
Nostrum Oil & Gas (NOG) 557.00p -2.79%
Euromoney Institutional Investor (ERM) 1,031.00p -2.37%
Hikma Pharmaceuticals (HIK) 2,413.00p -2.31%
Cranswick (CWK) 1,320.00p -2.29%
FirstGroup (FGP) 101.10p -2.22%
Melrose Industries (MRO) 265.10p -2.21%
IP Group (IPO) 240.80p -2.19% |
| | UK Event Calendar | | Monday 9 February
INTERIMS
Renewable Energy Generation Ltd.
INTERIM DIVIDEND PAYMENT DATE
BT Group, Pinewood Shepperton
QUARTERLY PAYMENT DATE
Albion Technology & General VCT
QUARTERLY EX-DIVIDEND DATE
IBM Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Current Account (GER) (07:00)
Harmonised Competitiveness Indicators (EU) (09:00)
Retail Price Index (GER) (07:00)
Q4
Randgold Resources Ltd.
FINALS
Randgold Resources Ltd.
ANNUAL REPORT
LightwaveRF , Sinclair (William) Holdings
EGMS
Kofax Limited (DI)
FINAL DIVIDEND PAYMENT DATE
ITE Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks decline on Chinese trade data, Greece woes European shares slumped after weaker-than-expected data on Chinese imports and exports, and as Greece bumped heads with European leaders over its debt plans.
Chinese exports fell 3.3% in January, trailing estimates for a 5.8% increase and following a 9.7% rise a month earlier.
Imports plunged 19.9% last month, compared to forecasts for a 3.2% drop and December's 2.4% decline.
"This unexpected weakness is likely to increase the pressure on Chinese officials to implement further measures to ease policy further after last week's triple-R cut," said Michael Hewson, chief market analyst at CMC Markets UK.
In Greece, Prime Minister Alexis Tsipras made a list of proposals to reverse reforms imposed by European and International leaders including cancelling a property tax to end mass layoffs, raising the minimum wage and reinstating pension bonuses.
He ruled out any extension of Greece's international bailout and explained his plans to end the austerity programme.
His plans put him at loggerheads with EU leaders who have advised Greece to honour commitments in the €240bn bailout.
Greece's finance minister Yanis Varoufakis is due to present the Greek government's detailed proposal on Wednesday.
Among companies, UBS Group slumped following reports the US Justice Department is investigating claims the Swiss bank misled clients in the marketing and selling of some foreign-exchange structured products.
HSBC Holdings declined after an investigative journalism report by the International Consortium of Investigative Journalist and the BBC's Panorama revealed its private-banking unit profited from secret accounts for criminals.
BNP Paribas SA slid after JPMorgan Chase & Co. lowered the stock to a rating equivalent to sell.
The euro rose 0.26% to $1.1345. |
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| | US Market Report | | US close: Stocks decline as S&P downgrades Greece US stocks declined on Friday, as a strong job report was offset by worries about Greece's financial situation heightened in the wake of a downgrade by Standard & Poor's
The Dow Jones Industrial Average closed 60.59 points down, while the S&P 500 and the Nasdaq dropped 0.34% and 0.43% respectively.
S&P sparked fears about Greece's future after it downgraded the country's long-term sovereign-debt rating to B-minus from B and kept it on watch for additional downgrades, should its prospects deteriorate.
Non-farm payroll in the US increased by 257,000 in January, according to the Bureau of Labor Statistics (BLS), beating expectations of a 231,000 rise.
Jobs growth for the prior two months combined were revised higher by a net 147,000 and the cumulative three-month gain in non-farm payrolls was the largest since 1997.
The unemployment rate rose by one tenth of a percentage point to 5.7%, against expectations of a 5.6% increase. However, that was the result of the labour force participation rate edging higher to 62.9% from 62.7% in the month before.
"The US dataflow has become more bearish in part due to the dollar's recent strength. Corporate earnings reports are awash with warnings of how the strong dollar is hurting exports and hitting profits," said Markit chief economist Chris Williamson.
"Companies might therefore start taking a more cautious approach to hiring in coming months.
"While a mid-year rate rise remains on the table, if continued in coming weeks, the weaker data flow points to rates not being hiked until the second half of 2015, and perhaps policy even being on hold until 2016 if events such as the Greek debt talks and geopolitical worries over Russia add to economic uncertainty and dampen global demand."
Among the corporates on the rise, Moody's rose 5.11% after reporting fourth quarter earnings that beat estimates.
Harris and Exelis surged over 9.63% and 36.25% respectively after announcing a deal which will see Harris buy the aerospace group for $4.75bn in cash and shares.
Twitter surged 16.36% after its fourth quarter earnings, released late on Thursday, were above Wall Street's expectations, while LinkedIn also jumped over 10% on the back of strong fourth quarter results.
Going the other way, GoPro slumped 13.33% after the company announcing it expected earnings for the current quarter to miss estimates. The maker of wearable video cameras also said its chief operating officer had quit his role.
Pandora Media plunged over 17% after saying late on Thursday night that its fourth quarter revenue missed expectations and saying its outlook for 2015 is also likely to come in below estimates, while Expedia dropped over 11% following disappointing quarterly results.
The dollar rallied, gaining over 1% against the yen and the euro and over 0.6% against the pound, while gold futures slid 2.07% to $1,236.60.
Oil prices rebounded, with West Texas Intermediate rising over 2.9% to $52.02 a barrel, while Brent crude rose over 2.6% to $58.10 a barrel.
S&P 500 - Risers
Harris Corp. (HRS) $76.18 +9.63%
FLIR Systems Inc. (FLIR) $33.97 +6.82%
VeriSign Inc. (VRSN) $59.97 +5.30%
Moody's Corp. (MCO) $98.04 +5.11%
Charles Schwab Corp. (SCHW) $29.11 +4.26%
Rowan Companies plc (RDC) $22.99 +3.93%
Regions Financial Corp. (RF) $9.56 +3.91%
Lincoln National Corp. (LNC) $55.80 +3.76%
CME Group Inc. (CME) $94.17 +3.67%
PulteGroup Inc. (PHM) $22.26 +3.63%
S&P 500 - Fallers
Expedia Inc. (EXPE) $77.87 -11.51%
Health Care REIT Inc. (HCN) $77.25 -5.37%
SCANA Corp. (SCG) $60.47 -5.31%
Public Service Enterprise Group Inc. (PEG) $40.59 -5.30%
American Electric Power Co. Inc. (AEP) $59.15 -5.28%
FirstEnergy Corp. (FE) $38.94 -5.12%
Ameren Corp. (AEE) $42.89 -5.01%
Edison International (EIX) $64.37 -4.96%
Xcel Energy Inc. (XEL) $35.71 -4.93%
DTE Energy Co. (DTE) $85.25 -4.81%
Dow Jones I.A - Risers
Verizon Communications Inc. (VZ) $49.33 +3.07%
JP Morgan Chase & Co. (JPM) $57.89 +1.97%
Goldman Sachs Group Inc. (GS) $183.43 +1.47%
AT&T Inc. (T) $34.87 +0.96%
Pfizer Inc. (PFE) $33.17 +0.55%
American Express Co. (AXP) $85.01 +0.33%
Chevron Corp. (CVX) $109.61 +0.27%
E.I. du Pont de Nemours and Co. (DD) $76.10 +0.13%
General Electric Co. (GE) $24.52 +0.08%
Wal-Mart Stores Inc. (WMT) $87.33 +0.06%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $33.29 -1.92%
Nike Inc. (NKE) $91.79 -1.66%
Visa Inc. (V) $267.42 -1.61%
Johnson & Johnson (JNJ) $101.10 -1.33%
Procter & Gamble Co. (PG) $85.61 -1.26%
Unitedhealth Group Inc. (UNH) $107.60 -1.12%
Exxon Mobil Corp. (XOM) $91.50 -0.93%
Coca-Cola Co. (KO) $41.45 -0.81%
International Business Machines Corp. (IBM) $156.72 -0.75%
Merck & Co. Inc. (MRK) $58.79 -0.64%
Nasdaq 100 - Risers
Nxp Semiconductors Nv (NXPI) $82.29 +5.14%
Keurig Green Mountain Inc (GMCR) $118.90 +3.12%
Discovery Communications Inc. Class A (DISCA) $29.91 +2.45%
Twenty-First Century Fox Inc Class A (FOXA) $33.58 +2.38%
Autodesk Inc. (ADSK) $57.07 +1.49%
Activision Blizzard Inc. (ATVI) $22.10 +1.31%
Viacom Inc. Class B (VIAB) $67.07 +1.24%
Applied Materials Inc. (AMAT) $24.24 +1.15%
Cerner Corp. (CERN) $67.72 +1.06%
Akamai Technologies Inc. (AKAM) $61.13 +1.06%
Nasdaq 100 - Fallers
Expedia Inc. (EXPE) $77.87 -11.51%
Symantec Corp. (SYMC) $24.77 -4.60%
Intuit Inc. (INTU) $87.83 -4.23%
Stericycle Inc. (SRCL) $130.19 -3.54%
TripAdvisor Inc. (TRIP) $68.55 -2.88%
Vertex Pharmaceuticals Inc. (VRTX) $108.66 -2.63%
QUALCOMM Inc. (QCOM) $66.28 -2.46%
Gilead Sciences Inc. (GILD) $97.51 -2.39%
Staples Inc. (SPLS) $16.57 -2.36% |
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| | Newspaper Round Up | | Monday newspaper round-up: HSBC tax dodge, UK pensioners, CGT loophole Leaked bank account files have revealed that HSBC's Swiss banking branch took part in tax avoidance schemes, helping well-off customers hide millions of dollars in assets, untraceable cash and domestic tax loopholes, wrote The Guardian.
A multi-billion-pound bonds windfall unveiled by chancellor George Osborne will make one pensioner in 10 up to 600 wealthier, according to The Times. One million pensioners will feel the benefit of the new rates by the time the upcoming general election comes around, the paper read.
Parents can buy a second home and avoid paying capital gains tax by purchasing a property for their adult children to live in rent free, reported The Telegraph.
According to the Wall Street Journal (WSJ), Germany and the US are struggling to retain their united front against Russia as they enter a week of high-stake discussions. German chancellor Angela Merkel gave Russian president Vladimir Putin until Wednesday to shake hands on a plan that will end the fighting in eastern Ukraine, said the paper.
Angela Merkel has a meeting with Barack Obama scheduled in Washington on Monday to discuss an agreement she hopes can be made with Russia, The Times reported.
Ed Miliband will promise to give new fathers a month of paid paternity leave, doubling the current rate, according to The Telegraph.
The Guardian reported that 160,000 care workers get paid less than minimum wage according to new research. This "wage theft" comes to 130m a year, the paper noted. | | |
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