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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 rebound slightly after sell-off, Domino Printing soars UK stocks advanced on Wednesday morning but only partly reversed the prior day's heavy sell-off as a raft of weak economic data from China added to concerns about a slowdown in the world's second-largest economy. London's FTSE 100 was up 0.4% at 6,731.82 in early trading.
The index sunk 2.5% on Tuesday to 6,702.84, its worst close since 20 January, as a stronger US dollar dampened the price of commodities and concerns about Greece weighed on sentiment.
Chinese data disappoints
The annual rate of Chinese fixed asset investment growth slowed to 13.9% last month from 15.7% in January and retail sales grew 10.7% year-on-year in February, compared with 12% previously. Meanwhile, industrial production growth eased to just 6.8% from 8.3%, the lowest increase since March 2009.
The worse-than-expected data came just a week after China's government lowered its economic growth target to "around 7%" this year from 7.4% in 2014.
"It's become quite normal to be disappointed with Chinese data releases and the People's Bank of China offering monetary stimulus in an effort to offset this has helped cushion the blow quite well, but this morning's data is pretty dire," said analyst Craig Erlam from FX trading group Oanda.
Domino Printing soars, Cairn and N Brown sink
Shares in Domino Printing jumped 31% on reports that an unnamed Japanese firm it set to clinch a takeover deal worth nearly £1bn. According to sources cited by Sky News, the FTSE 250 group, which has held discussions with a number of US-based competitors recently, could officialise the deal as early as Wednesday.
Cairn Energy dropped over 16% after being issued with a bill of at least $1.6bn by the Indian government due to unpaid tax by a subsidiary, which the oil group has contested.
Retailer N Brown fell 14% after delivering its second profit warning in six months due to lower-than-expected product gross margins in the fourth quarter. The company said pre-tax profit for the full year would be "slightly below the range previously guided".
Tullow Oil gained after hailing "excellent results" from its appraisal activity in the South Lokichar Basin in Kenya as it looks to prove reservoir quality and define resources estimates ahead of potential development, though one well had to be plugged and abandoned. |
| | Market Movers
techMARK 3,133.16 +0.86%
FTSE 100 6,731.82 +0.43%
FTSE 250 16,981.34 +0.35%
FTSE 100 - Risers
Burberry Group (BRBY) 1,858.00p +2.31%
Associated British Foods (ABF) 3,018.00p +1.41%
Anglo American (AAL) 1,096.50p +1.39%
Prudential (PRU) 1,633.50p +1.33%
CRH (CRH) 1,721.00p +1.29%
Aggreko (AGK) 1,534.00p +1.25%
United Utilities Group (UU.) 900.00p +1.24%
Reckitt Benckiser Group (RB.) 5,770.00p +1.14%
International Consolidated Airlines Group SA (CDI) (IAG) 551.50p +1.10%
Taylor Wimpey (TW.) 147.40p +1.10%
FTSE 100 - Fallers
Coca-Cola HBC AG (CDI) (CCH) 1,096.00p -1.70%
Babcock International Group (BAB) 945.00p -1.10%
Sainsbury (J) (SBRY) 263.10p -1.05%
Fresnillo (FRES) 651.50p -0.84%
Standard Chartered (STAN) 1,010.00p -0.83%
Weir Group (WEIR) 1,812.00p -0.71%
Johnson Matthey (JMAT) 3,275.00p -0.70%
Sports Direct International (SPD) 666.00p -0.60%
Smith & Nephew (SN.) 1,108.00p -0.45%
Barclays (BARC) 253.20p -0.43%
FTSE 250 - Risers
Domino Printing Sciences (DNO) 946.00p +31.21%
Domino's Pizza Group (DOM) 771.50p +5.40%
Afren (AFR) 6.50p +3.83%
Bwin.party Digital Entertainment (BPTY) 81.00p +3.32%
Booker Group (BOK) 159.70p +3.23%
Oxford Instruments (OXIG) 849.00p +3.22%
Cable & Wireless Communications (CWC) 58.80p +2.44%
FirstGroup (FGP) 100.80p +2.39%
UDG Healthcare Public Limited Company (UDG) 464.10p +2.20%
Dunelm Group (DNLM) 869.00p +2.18%
FTSE 250 - Fallers
Cairn Energy (CNE) 153.30p -16.41%
Brown (N.) Group (BWNG) 351.60p -13.95%
Hikma Pharmaceuticals (HIK) 2,239.00p -3.32%
Ophir Energy (OPHR) 126.60p -3.06%
Hunting (HTG) 473.50p -2.97%
Centamin (DI) (CEY) 52.90p -2.04%
NMC Health (NMC) 633.00p -1.94%
Nostrum Oil & Gas (NOG) 583.00p -1.77%
Premier Oil (PMO) 142.00p -1.66% |
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| | UK Event Calendar | | Wednesday March 11
INTERIMS
Brooks Macdonald Group, Ceres Power Holdings
INTERIM DIVIDEND PAYMENT DATE
Ideagen
QUARTERLY PAYMENT DATE
Unilever
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (14:30)
MBA Mortgage Applications (US) (11:00)
Treasury Budget Statement (US) (18:00)
Q3
Kirkland Lake Gold Inc.
Q4
OJSC Megafon GDR (Reg S)
GMS
Frontier Mining Ltd (DI)
FINALS
Alkane Energy, Bwin.party Digital Entertainment, Centaur Media, Deltex Medical Group, FDM Group (Holdings), Ferrexpo, Foxtons Group , Hikma Pharmaceuticals, Michael Page International, Modern Water, OJSC Megafon GDR (Reg S), Restore, Servelec Group
EGMS
Flying Brands Ltd Units
AGMS
Clear Leisure
TRADING ANNOUNCEMENTS
Boohoo.com, Brown (N.) Group
UK ECONOMIC ANNOUNCEMENTS
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
JPMorgan Russian Securities, OMG, Shoe Zone |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks gain as ECB's QE programme commences third day European stocks advanced on Wednesday, two days after the European Central Bank (ECB) started buying government bonds. The ECB began printing money to buy sovereign bonds on Monday in an effort to boost the recovery and bring inflation up towards the target of just below 2%. ECB member Benoît Coeure confirmed that the monetary authority had bought €3.2bn of government bonds on the first day of the €1.1trn quantitative easing programme.
Speaking in Frankfurt, ECB President Mario Draghi defended the programme, saying that such policies are a standard tool used by central banks around the world.
"Asset purchases are unconventional but they are not unorthodox. In fact they are eminently orthodox," Draghi said at a conference of economists and central bankers at Goethe University.
The euro dropped 0.45% to $1.0650.
In China, a report showed retail sales rose 10.7% in February, compared to forecasts for a 11.6% jump and the previous month's 12% gain.
Industrial production in the world's second largest economy climbed 6.8% in February after a 8.3% rise. Analysts had predicted a 7.7% increase.
At 09:30 GMT reports on UK industrial and manufacturing production will be released. The UK also sees the publication of the Bank of England's report on the Supervision of Financial Market Infrastructures at 11:00 GMT and NIESR's February gross domestic product estimate at 15:00 GMT.
Company-wise Adecco SA rallied after the provider of temporary workers reported 2014 net income that beat analysts' expectations.
Deutsche Post AG slumped as the European postal service posted quarterly earnings that missed forecasts and warned that operating profit growth this year may be limited to less than 3%. |
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| | US Market Report | | US close: Dow sinks to five-month low as investors worry about rate hike US stocks plunged on Tuesday, with the Dow Jones Industrial reaching its worst level in five months, as investors feared the Federal Reserve will raise interest rates soon. The Dow Jones Industrial Average closed down 332 points to 17,662.94, its lowest level since 9 October, while the S&P 500 and the Nasdaq lost 35 and 83 points respectively.
The dollar soared to near a 12-year high against the euro, gaining 1.2% against the European currency and 0.24% against the pound. However, the greenback slid 0.29% against the yen, while gold futures declined 0.57% to $1,159.80.
"The rise in real interest rates in the US in recent months is not a cause for concern," analysts at Capital Economics said in a note.
"Its economy is strong enough to withstand the increase.
"And while we expect the Fed to start hiking in June, policy rates adjusted for expected inflation are likely to remain in negative territory at least until 2016.
Meanwhile, job openings in the US rose 2.4% to 5m in January, reaching a 14-year high, according to the Labor Department.
Official figures showed that the number of people hired fell marginally to 5m, while separations - which include layoffs, workers who quit and who are fired - dropped from 4.90m to 4.82m.
In company news, Urban Outfitters gained 11.52% after reporting better-than-expected fourth quarter earnings on Monday night.
Lumber Liquidators Holdings jumped 5.83% after releasing the agenda for a conference call with investors scheduled for Thursday, in which it will provide an update on its products' safety.
Newmont Mining shed 2.79% despite an upgrade from analysts at Jeffries, while bookseller Barnes & Noble fell over 10% after its quarterly profit fell share of analysts' expectations.
Oil prices fell sharply, with Brent crude losing 3.48% to $56.56 a barrel, while West Texas intermediate shed 2.77% to $48.65 a barrel.
S&P 500 - Risers
Urban Outfitters Inc. (URBN) $44.06 +11.52%
Nvidia Corp. (NVDA) $22.99 +1.68%
Apartment Investment & Management Co. (AIV) $37.63 +1.62%
Rowan Companies plc (RDC) $19.06 +1.33%
Macy's Inc. (M) $63.30 +1.18%
Entergy Corp. (ETR) $75.48 +1.04%
Ameren Corp. (AEE) $41.47 +0.84%
FirstEnergy Corp. (FE) $34.40 +0.73%
Health Care REIT Inc. (HCN) $74.93 +0.73%
Public Service Enterprise Group Inc. (PEG) $40.06 +0.60%
S&P 500 - Fallers
Nabors Industries Ltd. (NBR) $11.60 -6.30%
Avon Products Inc. (AVP) $8.44 -6.22%
Denbury Resources Inc. (DNR) $7.54 -5.28%
Peabody Energy Corp. (BTU) $6.02 -5.20%
Diamond Offshore Drilling Inc. (DO) $26.82 -4.72%
Lincoln National Corp. (LNC) $56.38 -4.52%
Seagate Technology Plc (STX) $54.41 -4.51%
Allegheny Technologies Inc. (ATI) $31.53 -4.31%
Freeport-McMoRan Inc (FCX) $18.85 -3.90%
Genworth Financial Inc. (GNW) $7.15 -3.90%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $78.77 +0.25%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $117.40 -3.57%
Intel Corp. (INTC) $31.72 -3.06%
Goldman Sachs Group Inc. (GS) $182.71 -2.78%
JP Morgan Chase & Co. (JPM) $59.96 -2.50%
3M Co. (MMM) $162.26 -2.47%
Cisco Systems Inc. (CSCO) $28.67 -2.35%
Home Depot Inc. (HD) $112.56 -2.33%
Visa Inc. (V) $265.20 -2.29%
Unitedhealth Group Inc. (UNH) $112.46 -2.12%
Walt Disney Co. (DIS) $103.09 -2.06%
Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $22.99 +1.68%
Vimpelcom Ltd Ads (VIP) $5.48 +1.67%
Catamaran Corp (CTRX) $48.60 +0.56%
Garmin Ltd. (GRMN) $49.53 +0.26%
Illumina Inc. (ILMN) $193.24 +0.09%
Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $54.41 -4.51%
Verisk Analytics Inc. (VRSK) $68.54 -3.96%
Micron Technology Inc. (MU) $27.61 -3.66%
Dish Network Corp. (DISH) $73.45 -3.46%
Autodesk Inc. (ADSK) $59.64 -3.43%
Western Digital Corp. (WDC) $99.39 -3.11%
Comcast Corp. (CMCSA) $58.70 -3.09%
Intel Corp. (INTC) $31.72 -3.06%
Citrix Systems Inc. (CTXS) $59.75 -2.92% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: China, Google, UK unemployment China's economy began to weaken in the first two months of 2015 due to industrial output and slow asset investment growth, The Wall Street Journal reported. Google has revealed that it's chief financial officer Patrick Pichette will quit as soon as a replacement is found, according to the Financial Times.
There has been a 50% increase in the number of young people from ethnic minority backgrounds who have been unemployed for more than a year since the coalition came into power, reported The Guardian.
Despite the country's ban on Bitcoin transactions being handled by banks, the cryptocurrency has become increasingly popular in China, wrote the Financial Times.
Britain may seek to embarrass Russian president Vladimir Putin exposing financial secrets that implicate him and his inner circle, according to The Times.
A jury has awarded Marvin Gaye's children $7.4m after finding those responsible for creating Robin Thicke and Pharrell Williams song Blurred Lines guilty of copying Gaye's music, said The Telegraph.
Former chancellor Alistair Darling has said the "non-com" tax status currently exploited by the super-rich should be overhauled so that wealthy people "pay their fair share of taxes", wrote The Times. | | |
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