| | | | | | | | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London close: FTSE ekes out new record despite Greek uncertainty After a subdued start, the Footsie managed to edge higher to a new record on Monday though worries about Greece limited upside for London's stocks.
The FTSE 100 finished the session up 0.22% at 7,037.67, surpassing the previous all-time closing high of 7,022.51 set on Friday.
Stocks on the continent however finished sharply lower with Germany's Dax in particular dropping 1.2% after reaching record highs last week.
"The London market has escaped the European sell-off as the spat between Germany and Greece couldn't cross the English Channel," said analyst David Madden from IG.
He said that concerns about Greece were "the perfect excuse to take some money off the table" on European indices, though London's heavyweight mining sector provided some support to the FTSE.
Greece's prime minister Alexis Tsipras warned Germany that Athens will not be able to service debt obligations unless the EU distributes short-term financial aid. The comments came as he met with German chancellor Angela Merkel in Berlin.
Comments from European Central Bank president Mario Draghi were also in focus after he said inflation is likely to remain "very low or negative" in the coming months but should increase towards the end of the year. He said said the euro-area economy is "gaining momentum" partly as a result of the weakness in the single currency and weaker oil prices.
StanChart, commodity stocks rise
Standard Chartered jumped after having its rating promoted from 'neutral' to 'overweight' at JPMorgan. The broker said: "We believe that last week's UK budget may lead the market to attach a higher probability of strategic actions to change domicile and unlock value."
Gold miner Centamin was the standout performer in the mining sector. Profits more than halved in 2014 as higher production was offset by increased output costs and lower commodity prices, however the stock surged after the company's maiden dividend smashed analysts' estimates.
Others in the mining and oil sectors were also on the rise, such as BHP Billiton, Glencore, Shell, Antofagasta and Vedanta.
Shares in Weir Group were being weighed down by a ratings cut at RBC Capital Markets, which said that the risk-reward for new investors is now balanced. The broker lowered its stance on the engineering outfit from 'top pick' to 'sector perform' and slashed its target from 2,150p to 1,850p.
Cruise operator Carnival Corporation also had its rating lowered to 'hold' over at Deutsche Bank, while aerospace engineer Meggitt was cut to 'neutral' by Bernstein.
Market Movers
techMARK 3,245.00 -0.54%
FTSE 100 7,037.67 +0.22%
FTSE 250 17,551.23 +0.08% |
| | Earn an iPad Air 2 or Mini 3 | | Join Spreadex and trade the UK 100, EUR/USD, Wall St or GBP/USD markets to earn either an iPad Air 2 or iPad Mini 3. Losses can exceed deposit. Click here for ull ts & cs. |
| | Market Movers
techMARK 3,245.00 -0.54%
FTSE 100 7,037.67 +0.22% FTSE 250 17,551.23 +0.08%
FTSE 100 - Risers
Standard Chartered (STAN) 1,141.00p +6.49%
BHP Billiton (BLT) 1,591.00p +3.38%
Glencore (GLEN) 307.10p +2.61%
Royal Dutch Shell 'B' (RDSB) 2,215.00p +2.03%
Imperial Tobacco Group (IMT) 3,165.00p +1.93%
Antofagasta (ANTO) 727.00p +1.75%
3i Group (III) 505.00p +1.67%
Hargreaves Lansdown (HL.) 1,214.00p +1.59%
Royal Dutch Shell 'A' (RDSA) 2,094.00p +1.45%
Smith & Nephew (SN.) 1,163.00p +1.31%
FTSE 100 - Fallers
Burberry Group (BRBY) 1,828.00p -2.56%
GKN (GKN) 367.30p -2.21%
Weir Group (WEIR) 1,801.00p -2.17%
Shire Plc (SHP) 5,565.00p -2.11%
Meggitt (MGGT) 564.00p -1.83%
Standard Life (SL.) 479.00p -1.56%
Carnival (CCL) 3,151.00p -1.56%
Whitbread (WTB) 5,350.00p -1.47%
InterContinental Hotels Group (IHG) 2,661.00p -1.37%
GlaxoSmithKline (GSK) 1,615.50p -1.19%
FTSE 250 - Risers
Centamin (DI) (CEY) 62.40p +16.09%
Vedanta Resources (VED) 571.50p +8.86%
Petrofac Ltd. (PFC) 982.00p +4.91%
Entertainment One Limited (ETO) 320.40p +4.88%
FirstGroup (FGP) 99.00p +4.16%
Soco International (SIA) 174.30p +3.94%
Serco Group (SRP) 187.00p +3.89%
Cairn Energy (CNE) 162.60p +2.98%
Ashmore Group (ASHM) 299.70p +2.81%
Virgin Money Holdings (UK) (VM.) 393.60p +2.77%
FTSE 250 - Fallers
Hellermanntyton Group (HTY) 345.00p -4.35%
Balfour Beatty (BBY) 224.90p -4.30%
Ocado Group (OCDO) 362.40p -3.02%
Workspace Group (WKP) 892.00p -2.62%
Imagination Technologies Group (IMG) 217.00p -2.47%
Pace (PIC) 349.20p -2.38%
Thomas Cook Group (TCG) 142.20p -2.34%
Renishaw (RSW) 2,519.00p -2.33%
Fisher (James) & Sons (FSJ) 1,371.00p -2.14% |
| | FREE ADVFN Seminar: Introduction to FX and Level 2 Trading | | Wednesday 25th March at The Phoenix Club, London. Forex Trading plus an introduction to Level 2 data! Click here find out more |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stock markets take profits as ongoing Greek drama rattles confidence European share markets closed Monday's session on a softer note amid concerns about Greece running out of cash as the country's government and EU leaders continue to wrestle with agreeing on a funding deal for the beleaguered southern peripheral.
"The current Greek-debt stagnation, something unlikely to really change by the end of the day, left the Eurozone indices flailing to more losses," noted Connor Campbell, market analyst at Spreadex.
Despite the broader picture for European markets being one of supportive measures by central banks, sentiment was rattled by concerns that no meaningful progress between EU and Greek lawmakers raises the spectre of a credit default by the country, which involved contagion risks to the wider euro area.
Unsurprisingly, the hesitation around the current political drama taking place in Brussels prompted profit taking across major European markets. Germany's DAX index led the falls (off 1.3%) followed by France's CAC-40 (down 0.8%) and the UK's FTSE 100 (flat). The broader Stoxx 600 index fell 0.8%.
Germany's DAX is up by more than 20% this year on track to record its best quarter in 12 years. The UK market climbed off its all-time highs but remained comfortably above the 7000 mark.
Aside from Monday's key meeting between German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras, the market focus was on European Central Bank head Mario Draghi's speech to EU parliament.
Draghi noted that the Eurozone benefiting from weaker euro and inflation is expected to increase gradually toward year-end. He added that ECB stimulus is key factor in Eurozone recovery, with overall program on track to reach EUR60bn for this month. Draghi's comments were largely in line with his previous comments on monetary policy, thus having little effect on financial markets.
In the currency market, the dollar index - a broad measure of the currency against its major rivals- was down 0.6% at 97.34. That weakness sent the euro back above the $1.09 mark and pushed the Japanese yen to 119.88. The greenback's weakness on Monday is largely attributable to the volatility caused by the Fed who sparked a dovish tone in a policy meeting last week.
In fixed income markets, German 10-year yield inched up 4 basis points to 0.22%, while yields on Italian equivalents gained 11 basis points to a day's high of 1.31% amid worries about the Eurozone political drama and inflation outlook.
Companies: Talanx earnings disappoint while Pirelli rallies on takeover
Talanx AG shares fell over 4% in Frankfurt after posting full year earnings which contained a reduction to mid-term target from 10% growth to mid-single digit.
In Milan, shares in Pirelli gained over 2% after ChemChina confirmed purchase of the tire-maker at EUR15 per share or EUR7.1bn.
In Madrid, shares in Banco Santander rose 0.3% after the bank reportedly submitted a non-binding offer for Novo Banco in Portugal.
Meanwhile in London, shares in Weir Group declined by 2% after RBC Capital Markets downgraded the stock to a 'sector perform' rating.
On the bright side, UK listed bank Standard Chartered shares jumped as high as 8% after it has had its rating promoted to 'overweight' from 'neutral' at JPMorgan. |
| | Swissquote offers CFD Trading, an efficient mean of trading indices, commodities and currencies. | | You can trade on the market whether you think it will go UP or Down! Think the DAX will go Down? Short the DAX… Try CFD Trading with a Free Practice Account losses can exceed your deposit.
|
| | US Market Report | | US open: Dow and S&P edge forward, as oil prices rebound US stocks fluctuated on Monday, as markets relinquished some of last week's gains, with investors digesting comments by Federal Reserve members.
Just after 10:30 in New York, the Dow Jones Industrial Average was 59.69 points up to 18,187.34, while the S&P rose 5.67 points and the Nasdaq shed 2.46 points.
St. Louis Federal Reserve President, James Bullard told CNBC that the dovish statement from last week may have misplaced investor expectations about the first rate hike, while Cleveland Fed President Loretta Mester, said the Fed could do more to help guide the market in terms of rate moves.
The dollar lost over 1% against the euro 0.3% against the yen but was largely stable agains the pound, while gold futures slipped 0.16% to $1,182.70.
Oil prices rebound from last week's losses, with Brent crude gaining 1.3% to $56.05 a barrel, while West Texas Intermediate rose 1.12% to $47.10 a barrel.
"US stocks have been especially sensitive to moves in the US dollar and oil prices so with both moving lower on Monday, US stocks look to follow suit," said CMC Markets analyst Jasper Lawler.
Sales of existing homes rose 1.2% in February to a seasonally adjusted annual rate of 4.88m, falling below analysts' expectations of a 4.94m reading.
According to figures released by the National Association of Realtors, existing home sales remain sluggish, having fluctuated over the 5m level for the past two and half years.
The report added that the median sales price of used homes hit $202,600 in February, a 7.5% increase year-on-year.
Meanwhile, the Chicago Fed National Activity Index dipped to -0.11 in February from -0.10 in January. Any reading below zero indicates growth below historic trends.
The three-month moving average was at -0.08 from +0.26 in the month before. For the monthly index, the production and consumption/housing sub-categories were also below zero.
In company news, cruise-operator Carnival Corp fell 1.17% after Deutsche Bank's analysts downgraded the rating on the stock to 'hold' from 'buy', while railroad operator Kansas City Southern dropped almost 7% after the company lowered its 2015 sales growth outlook.
Drugmaker Gilead Sciences fell 1.8% after Bloomberg reported the company had warned health-care providers on Friday that nine patients taking its hepatitis C drugs Harvoni or Sovaldi along with the heart treatment amiodarone had developed abnormally slow heart beats and one had been died following a heart attack.
Tenet Healthcare Corp rose over 5% after it announced it was creating a $2.6bn joint venture with United Surgical Partners International. |
| | Up to 8% yields passive income | | Earn passive income with this fantastic opportunity in Manchester's cultural hub, Salford Quays. Recently ranked second highest as a British buy-to-let hotspot, 'The Canary Wharf of Manchester' is an investment opportunity not to be missed! Click here to find out more |
| | Broker Tips | | Broker tips: Standard Chartered, Carnival, Smith & Nephew, Weir UK listed bank Standard Chartered has had its rating promoted to 'overweight' from 'neutral' at JPMorgan.
The US bank said that although it is hesitant to change its view for the arrival of the new chief executive which has been a material positive, "we believe that last week's UK budget may lead the market to attach a higher probability of strategic actions to change domicile and unlock value".
Carnival Corporation has had its rating cut to 'hold' from 'buy' over at Deutsche Bank.
Deutsche Bank said while it expects the company's first-quarter trading update to demonstrate further bookings and pricing recovery coupled with more operational momentum in the core Carnival brand, "we think recent significant moves in euro and sterling currency could result in full-year 2015 EPS guidance being reduced around 8%".
Smith & Nephew has been raised to 'buy' from 'neutral' at Goldman Sachs due to improving fundamentals and under-appreciated strategic value.
Goldman also increased its target on the stock, up to 1300p from 1200p.
Shares in Weir Group were being weighed down on Monday by a ratings cut at RBC Capital Markets, which said that the risk-reward for new investors is now balanced. | | |
New ADVFN Service - FREE Reports Get your free report on Isa's, Investment Trusts, Funds,
Sipps Travel and Cars - FREE and Easy service CLICK HERE
To advertise in the Euro Markets Bulletin please contact patrick@advfn.co.uk |
| | | | | | | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
No comments:
Post a Comment