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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: Mining stocks and Prudential drag markets lower Equity markets declined on Tuesday morning on the back of mixed data from China, with mining stocks bearing the brunt of the selling pressure as metal prices weakened.
The FTSE 100, which set a three-week closing low of 6,876.47 on Monday, was down a further 0.22% at 6,861.50 early on with Prudential also providing a drag after announcing the exit of its chief executive officer (CEO).
Analysts at Accendo Markets said the benchmark was "making another test of March lows 6,860 as the index continues to weaken back from last week's revisit of recent highs 6,970".
They said: "Mixed China inflation data overnight adds to woes about slowing growth in world's #2 economy, but still likely boosts hopes of more stimulus, however, Eurozone/Greek progress remains pedestrian/tenuous at best."
Chinese consumer-price inflation rebounded from a five-year low but producer prices remained in deflation, raising the prospect of further stimulus measures by the country's central bank.
The annual rate of consumer price index (CPI) inflation picked up to 1.4% in February from 0.8% in January, above forecasts for a 1% rise. The uptick came after the People's Bank of China introduced more stimulus measures and the Lunar New Year holiday pushed up food and transport costs.
At the same time, China's producer price index dropped 4.8% from a year ago, worsening from January's 4.3% drop and marking three full years of declines.
Analysts at Goldman Sachs said they expected the rise in CPI inflation to "alleviate the anxiety policy makers have about weak growth and risk of deflation". However, they added: "We still expect further loosening measures in the coming months as overall economic activity growth remains weak and CPI inflation is likely to ease again in March as the Chinese New Year distortion disappears".
Commodity stocks and Prudential fall
Mining stocks declined early on as metal prices weakened, with BHP Billiton, Antofagasta and Anglo American among the worst performers.
BHP Billiton fell despite saying it's on track to deliver 245m tonnes of iron ore for the year ending 30 June 2015 and that the company has delivered a "solid" performance amid "challenging market conditions".
Meanwhile, Antofagasta slipped on the court ruling that it must destroy at least part of its tailings dam at the Los Pelambres copper project in Chile as it is affecting the natural flow of a nearby river.
Oil producers such as Tullow, Shell and BG Group were also out of favour as crude prices declined. Brent futures were down 0.7% at $58.13 a barrel early on.
Insurer Prudential fell after confirming speculation that Credit Suisse has poached its boss Tidjane Thiam to replace its long-standing CEO Brady Dougan. Prudential, which also released final results showing operating profits growth slowed to 14% from 17% at the half-year stage, said it had identified a successor from within.
G4S was among the best performers after the security group reported a better-than-expected rise in full-year profits and raised its final dividend by 5%. The company did, however, raise provisions for underperforming UK government contracts by £45m.
Esure tumbled after saying that annual profits declined 12.8% on the back of challenging conditions in the insurance market and costs associated with the takeover of Gocompare. |
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| Market Movers
techMARK 3,154.16 +0.15%
FTSE 100 6,861.50 -0.22%
FTSE 250 17,158.94 -0.05%
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 214.00p +2.79%
G4S (GFS) 296.10p +1.75%
easyJet (EZJ) 1,730.00p +1.65%
Vodafone Group (VOD) 222.65p +1.62%
Schroders (SDR) 3,136.00p +1.49%
HSBC Holdings (HSBA) 573.00p +1.15%
Standard Life (SL.) 451.50p +1.07%
Shire Plc (SHP) 5,255.00p +0.86%
3i Group (III) 492.90p +0.86%
CRH (CRH) 1,740.00p +0.75%
FTSE 100 - Fallers
Tullow Oil (TLW) 332.50p -3.93%
Weir Group (WEIR) 1,837.00p -2.65%
Prudential (PRU) 1,623.00p -2.43%
Antofagasta (ANTO) 739.00p -1.79%
BHP Billiton (BLT) 1,516.00p -1.78%
Capita (CPI) 1,173.00p -1.59%
Royal Dutch Shell 'B' (RDSB) 2,109.00p -1.49%
BG Group (BG.) 906.80p -1.35%
Randgold Resources Ltd. (RRS) 4,503.00p -1.29%
Anglo American (AAL) 1,123.50p -1.27%
FTSE 250 - Risers
Allied Minds (ALM) 610.00p +7.96%
Inchcape (INCH) 794.00p +7.15%
Jimmy Choo (CHOO) 175.00p +2.10%
AO World (AO.) 197.10p +2.07%
Ocado Group (OCDO) 378.00p +2.02%
COLT Group SA (COLT) 150.60p +1.76%
Riverstone Energy Limited (RSE) 1,040.00p +1.66%
Beazley (BEZ) 285.30p +1.49%
Zoopla Property Group (WI) (ZPLA) 175.00p +1.45%
NMC Health (NMC) 639.00p +1.43%
FTSE 250 - Fallers
esure Group (ESUR) 207.10p -11.42%
Afren (AFR) 5.00p -8.61%
Ophir Energy (OPHR) 134.70p -3.85%
Lonmin (LMI) 121.50p -3.80%
Cairn Energy (CNE) 190.70p -3.74%
Elementis (ELM) 281.60p -3.23%
Acacia Mining (ACA) 244.80p -3.13%
Premier Oil (PMO) 150.90p -2.65%
RPS Group (RPS) 239.00p -2.65% |
| | UK Event Calendar | | Tuesday March 10
INTERIMS
Close Brothers Group, Craneware, Kalibrate Technologies
QUARTERLY PAYMENT DATE
Canaccord Genuity Group Inc., Honeywell International Inc., IBM Corp.
QUARTERLY EX-DIVIDEND DATE
Barclays
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Wholesales Inventories (US) (14:00)
FINALS
Bango, BATM Advanced Communications Ltd., Crossrider , Dalata Hotel Group, esure Group, G4S, Goals Soccer Centres, Grafton Group Units, HaloSource Inc. (Reg S), Hill & Smith Holdings, Inchcape, InterQuest Group, Matomy Media Group Limited (DI) , One Media IP Group, Ooredoo Q.S.C. GDR (Reg S), SDL, Stadium Group, StatPro Group, Synectics, Telecom Egypt SAE GDS (Regs), Tyman
ANNUAL REPORT
Reed Elsevier
SPECIAL DIVIDEND PAYMENT DATE
Neptune-Calculus Income & Growth VCT
EGMS
Ocado Group
AGMS
Image Scan Holdings
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slide amid concern over Greek debt talks European stocks declined amid concerns over Greek debt negotiations.
Eurozone creditors have put more pressure on Greece to implement reforms to unleash aid and avoid bankruptcy. The Eurogroup ended discussions about Greece on Monday after about an hour in Brussels, as Greek finance minister Yannis Varoufakis was told to map out a realistic programme of fiscal reforms.
Jeroen Dijsselbloem, head of the Eurogroup and Dutch finance minister, said: "We have spent the last two weeks discussing who will meet who, where and in what configuration...It's been a complete waste of time."
The European commission, the International Monetary Fund and the European Central Bank will begin technical talks over the Greek bailout proposals on Wednesday, Dijsselbloem said.
The euro fell 0.92% to $1.0752 in morning trade.
In economic data, Chinese inflation grew more than expected in February. The consumer price index rose 1.4% compared to 0.8% in January, beating analysts' estimates of 1%.
"February's seasonal pick-up in food inflation will likely prove short-lived and we still expect inflation to fall back below 1% in coming months," said Capital Economics. "Nonetheless, today's inflation data suggest that downward pressure on broader prices has begun to ease."
Company-wise, Prudential declined after announcing its boss Tidjane Thiam is moving over to Credit Suisse as it reported a 14% increase in annual operating profits.
Hannover Re gained on news the reinsurer plans to pay a special dividend after fourth-quarter profit beat analysts' estimates.
RWE AG dropped after Germany's largest electricity generator reported a 45% fall in full-year profit. |
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| | US Market Report | | US close: Stocks advance on bull market's sixth anniversary US stocks advanced on Monday marking the sixth anniversary of the bull market by recovering the losses that had characterised last week's final session.
The Dow Jones Industrial Average closed 0.78% higher at 17,995.72, while the S&P 500 and the Nasdaq gained 0.39% and 0.31% respectively.
Friday's declines came as investors took profits on concerns that a strong US jobs report could mean the Federal Reserve will hike interest rates much earlier than expected.
However by Monday, traders took the opportunity to snap up some bargains following previous session losses.
"With the equity market still very much reliant on central bank liquidity, the hawkish interpretation of the data cheapened stocks by some 1% on average by the close in the States," said David White, analyst at Spreadex.
In company news, Apple gained 0.43% after unveiling its Apple Watch and a new, thinner, Macbook computer only days after announcing it will join the Dow Jones Industrial Average later in March.
"Apple has a lot of convincing to do to get this fan on board with the idea of a watch and an iPhone," said CMC Markets analyst Michael Hewson.
"If, on the other hand Apple were to combine the two into one device that might well be a game changer, but for now that seems some way off."
Alcoa fell 5.39% after announcing it would buy RTI International Metals for $1.5bn, while General Motors slipped after unveiling plans for $5bn stock buyback programme and saying it would raise its quarterly dividend to from 30 cents to 36 cents a share.
Macerich Co rose 6.96% after receiving a buyout offer from Simon Property Group worth about $22.4bn, including debt
Gold futures edged higher by 0.18% to $1,166.40, while the dollar fell 0.45% and 0.09% against the euro but rose 0.32% against the yen.
Oil prices fluctuated, with Brent crude losing 1.9% and settling at $58.59 a barrel, while West Texas Intermediate rose 0.8% to $50.01 a barrel.
S&P 500 - Risers
Macerich Co (MAC) $92.76 +6.96%
Allegheny Technologies Inc. (ATI) $32.95 +4.14%
Constellation Brands Inc. Class A (STZ) $115.23 +3.90%
Adt Corp (ADT) $38.97 +2.39%
Rockwell Collins Inc. (COL) $93.20 +2.28%
Perrigo Company plc (PRGO) $160.15 +2.12%
CF Industries Holdings Inc. (CF) $304.27 +2.09%
McGraw Hill Financial Inc (MHFI) $103.47 +2.01%
Moody's Corp. (MCO) $96.43 +1.98%
Deere & Co. (DE) $92.02 +1.95%
S&P 500 - Fallers
Chesapeake Energy Corp. (CHK) $14.24 -6.13%
Transocean Ltd. (RIG) $14.58 -6.06%
Southwestern Energy Co. (SWN) $22.29 -5.75%
Noble Corporation plc (NE) $14.36 -5.46%
Alcoa Inc. (AA) $13.70 -5.39%
Rowan Companies plc (RDC) $18.81 -5.24%
Diamond Offshore Drilling Inc. (DO) $28.15 -4.61%
Range Resources Corp. (RRC) $46.61 -4.33%
Denbury Resources Inc. (DNR) $7.96 -4.10%
Newmont Mining Corp. (NEM) $22.42 -3.78%
Dow Jones I.A - Risers
United Technologies Corp. (UTX) $121.75 +1.94%
Unitedhealth Group Inc. (UNH) $114.90 +1.79%
Cisco Systems Inc. (CSCO) $29.36 +1.50%
International Business Machines Corp. (IBM) $160.77 +1.43%
Walt Disney Co. (DIS) $105.26 +1.39%
3M Co. (MMM) $166.37 +1.22%
Microsoft Corp. (MSFT) $42.83 +1.11%
Boeing Co. (BA) $154.75 +1.06%
JP Morgan Chase & Co. (JPM) $61.50 +1.00%
Caterpillar Inc. (CAT) $80.81 +0.94%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $32.71 -1.45%
Exxon Mobil Corp. (XOM) $85.16 -0.55%
AT&T Inc. (T) $33.35 -0.39%
Coca-Cola Co. (KO) $41.39 -0.31%
Verizon Communications Inc. (VZ) $48.23 -0.12%
Nasdaq 100 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $184.91 +1.79%
Sandisk Corp. (SNDK) $82.09 +1.78%
QUALCOMM Inc. (QCOM) $72.71 +1.68%
Bed Bath & Beyond Inc. (BBBY) $74.83 +1.59%
eBay Inc. (EBAY) $60.81 +1.56%
Cisco Systems Inc. (CSCO) $29.36 +1.50%
Viacom Inc. Class B (VIAB) $71.28 +1.37%
Texas Instruments Inc (TXN) $58.42 +1.35%
Symantec Corp. (SYMC) $24.48 +1.28%
O'Reilly Automotive Inc. (ORLY) $206.58 +1.17%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $132.84 -3.04%
F5 Networks Inc. (FFIV) $114.83 -2.65%
Netflix Inc. (NFLX) $445.63 -1.87%
Vimpelcom Ltd Ads (VIP) $5.39 -1.82%
Tesla Motors Inc (TSLA) $190.88 -1.55%
Intel Corp. (INTC) $32.71 -1.45%
Yahoo! Inc. (YHOO) $42.98 -1.06%
Discovery Communications Inc. Class A (DISCA) $32.80 -0.85%
Baidu Inc. (BIDU) $211.55 -0.83% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Prudential CEO, BBC scandal, Conservatives Present chief executive of Britain's Prudential Insurance Group has been lined up to replace Brady Dougan as leader of Credit Suisse, the Financial Times reported.
BBC Trust chair Rona Fairhead has been told she should resign after her involvement in the HSBC tax avoidance scandal was revealed to the public despite her long service, wrote The Guardian.
A Tory government will likely start charging for NHS services or raise VAT if they win the general election in May because George Osborne's plan to slash public spending is unachievable, wrote The Guardian.
Gordon Brown has said that if Britain leaves the European Union it will emulate North Korea, forsaking all friends and influence, according to The Times.
Greek relations with Europe's creditor powers are at a dangerously high breaking point now that both sides have released ultimatums insisting on fixed positions, reported The Telegraph.
Russian prime minister Vladimir Putin honoured a known warlord ally ties to the Nemtsov murder, The Times reported. | | |
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