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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 hit new record high on China rate cut UK stocks rose modestly to a new record high on Monday morning on the back of gains in the banking and mining sectors, tracking a strong performance on Asian markets overnight after a rate cut in China.
The FTSE 100 was up 0.3% at 6,969.46 within the opening hour, having risen as high as 6,972.01 in early deals. That was ahead of the previous intraday all-time high of 6,967.24 reached on Friday.
Asian markets rallied Monday after China's central bank cut interest rates, driving stock indices higher across the region on hopes that Beijing will take a supportive stance on ensuring growth.
The People's Bank of China (PBoC) cut its benchmark interest rate by a quarter point for the second time in three months, to 5.35%, and lowered its one-year benchmark deposit rate by the same amount to 2.5%.
Contrasting data reports on Chinese manufacturing activity in February were also released overnight, but they broadly indicated an up-trend in growth for the sector. Both the HSBC/Markit and government purchasing managers' indices (PMIs) both came in ahead of expectations, though the latter continued to signal a contraction.
Manufacturing PMIs were also due out in the UK, Eurozone and US later on Monday, along with UK mortgage approvals, Eurozone inflation and US personal income/spending figures.
Banks and miners provide a lift
Banking stocks such as Barclays and RBS were among the best performers early on as share prices rebounded after a weak outing last week following some poorly-received annual results. 2014 figures from Barclays, the last UK lender to report, are due out on Tuesday.
Miners were also on the rise, including Glencore, BHP Billiton and Anglo American, after the rate cut and improved economic data in China.
Intertek, the product testing and certification outfit, was higher after forecasting a improvement in organic revenue growth in 2015 after a 0.6% decline last year. Profits were down 4.7% in 2014, though the company still lifted its dividend by 6.7%
Oil stocks such as Tullow and Shell were trading lower as crude prices weakened with Brent down 1% at $61.96 a barrel.
Asset manager Aberdeen was lower after receiving a downgrade to 'neutral' at JPMorgan Cazenove. |
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| Market Movers
techMARK 3,167.41 +0.23%
FTSE 100 6,969.46 +0.33%
FTSE 250 17,324.96 +0.30%
FTSE 100 - Risers
Intertek Group (ITRK) 2,613.00p +3.28%
Smiths Group (SMIN) 1,178.00p +1.99%
Barclays (BARC) 261.90p +1.95%
Capita (CPI) 1,210.00p +1.85%
Glencore (GLEN) 305.55p +1.77%
Anglo American (AAL) 1,230.00p +1.65%
ITV (ITV) 228.90p +1.60%
Wolseley (WOS) 4,034.00p +1.59%
Royal Bank of Scotland Group (RBS) 372.60p +1.47%
Hargreaves Lansdown (HL.) 1,146.00p +1.42%
FTSE 100 - Fallers
Tullow Oil (TLW) 381.40p -1.52%
Shire Plc (SHP) 5,215.00p -1.14%
Aberdeen Asset Management (ADN) 463.60p -1.07%
Weir Group (WEIR) 1,686.00p -1.06%
Aviva (AV.) 534.50p -0.83%
Friends Life Group Limited (FLG) 408.70p -0.58%
Rolls-Royce Holdings (RR.) 943.50p -0.58%
Associated British Foods (ABF) 3,109.00p -0.51%
BT Group (BT.A) 453.50p -0.48%
Royal Dutch Shell 'B' (RDSB) 2,195.50p -0.45%
FTSE 250 - Risers
Afren (AFR) 10.25p +19.12%
Allied Minds (ALM) 642.00p +7.90%
Oxford Instruments (OXIG) 788.00p +4.16%
Keller Group (KLR) 1,049.00p +3.55%
Man Group (EMG) 198.40p +3.55%
Petrofac Ltd. (PFC) 908.00p +3.24%
Ted Baker (TED) 2,624.00p +2.38%
Bovis Homes Group (BVS) 988.50p +2.28%
National Express Group (NEX) 290.30p +2.18%
Bellway (BWY) 2,033.00p +2.11%
FTSE 250 - Fallers
Amlin (AML) 509.00p -3.87%
Ultra Electronics Holdings (ULE) 1,750.00p -2.78%
Aveva Group (AVV) 1,565.00p -1.88%
Euromoney Institutional Investor (ERM) 1,027.00p -1.72%
Senior (SNR) 334.80p -1.67%
Ladbrokes (LAD) 116.80p -1.60%
Cairn Energy (CNE) 200.40p -1.52%
Serco Group (SRP) 219.10p -1.48%
Moneysupermarket.com Group (MONY) 269.70p -1.46% |
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| | UK Event Calendar | | INTERIMS
Allergy Therapeutics, Swallowfield, Thorntons
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Personal income and spending (US) (13:30)
ISM manufacturing (USD) (15:00)
FINALS
British Polythene Industries, Dialight, FBD Holdings, Hellermanntyton Group, Hiscox Ltd (CDI), Intertek Group, Keller Group, PPHE Hotel Group Ltd, RTC Group, Senior, Trinity Mirror, Ultra Electronics Holdings, W H Ireland Group
ANNUAL REPORT
Scottish American Inv Company
QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust
FINAL DIVIDEND PAYMENT DATE
Renew Holdings
UK ECONOMIC ANNOUNCEMENTS
Nationwide house price index (07:00)
Manufacturing PMI (09:30)
Mortgage lending (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed before Eurozone inflation data European stocks were little changed ahead of Eurozone inflation data, while markets reacted to a rate cut in China.
Analysts expect the inflation report at 10:00 GMT to show euro-area consumer prices fell 0.5% in February, easing back from the previous month's 0.6% drop.
The European Central Bank (ECB) this month kicks off its €1trn quantitative easing programme, to help bring inflation back towards its target of just below 2%.
A slump in energy prices has weighed on inflation but the ECB hopes lower fuel costs will boost consumer spending.
Asian markets rallied Monday after China's central bank cut interest rates, driving stock indices higher across the region on hopes that Beijing will take a supportive stance on ensuring growth.
The People's Bank of China (PBoC) cut its benchmark interest rate by a quarter point for the second time in three months, to 5.35%, and lowered its one-year benchmark deposit rate by the same amount to 2.5%.
In economic data, Markit's final reading on Eurozone purchasing managers index (PMI) for manufacturing activity was confirmed at 51 in February, holding above the 50 level that indicates expansion.
In China, HSBC's manufacturing PMI was unexpectedly revised to 50.7 in February from 50.1.
The UK will also see figures on manufacturing activity in morning trade as well as mortgage approvals data. In the US later on, reports on personal consumption expenditure and manufacturing will be due.
Company-wise, Vivendi SA declined after saying it plans to return about €5.7bn to investors after selling more than $30bn of assets.
Intertek was a high riser after raising its full-year dividend 6.7% to 49.1p per share and saying it expects organic revenue growth rate to improve gradually during the year.
A measure of energy stocks slumped as oil prices fell after OPEC output in February exceeded its quota for a ninth month. |
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| | Newspaper Round Up | | Monday newspaper round-up: Scottish oil, HSBC, US army The Scottish oil industry desperately needs state support to prevent drilling fields from becoming uneconomic and prematurely abandoned, Gordon Brown told The Guardian.
MPs are set to question HSBC about its relationship with the leader of the BBC Trust after they found that the bank was paying her £10,000 each day, according to The Telegraph.
US army chief of staff Gen Raymond Odierno told The Telegraph that British defence cuts are destroying America's confidence in its ally.
Samsung has unveiled a new line of Galaxy smartphones in an attempt to boost flailing sales, according to the Financial Times.
An avalanche in Afghanistan's Panjshir valley has killed at least 198 people and the death toll has been rising as first responders try to reach remote villages that have been cut off for nearly a week, wrote The Times.
Thousands of people marched in Moscow on Sunday to remember opposition leader Boris Nemtsov who was shot dead Friday night, The Wall Street Journal reported. | | |
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