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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 lift FTSE but Morrisons slumps after results A rebound in the mining sector pushed UK markets higher for a second day on Thursday as stocks continue to recover after a steep sell-off earlier in the week.
London's FTSE 100 was up 0.75% at 6,771.66 in early deals with metal producers rising strongly after stronger-than-expected Chinese lending data overnight.
New renminbi loans rose by 1.02bn yuan in February, less than the 1.47bn extended in the prior month but nevertheless well ahead of the 700bn expected by economists.
Investors will be looking out for a barrage of other economic indicators during the session, whilst keeping their eyes on moves in the euro-dollar which has dominated trading over the last few days.
The currencies are getting closer to parity - the EUR/USD temporarily dipped below 1.05 early on for the first time since January 2003 - as the European Central Bank bond-buying programme continues and speculation ramps up about a rate hike Stateside.
"The pair looks to be stabilising, although the mere fact that it made new lows this morning and isn't showing signs of momentum loss suggests to me that bias is going to remain to the downside," said analyst Craig Erlam from FX specialists Oanda.
In economic data, German inflation numbers are due out on Thursday, along with figures on UK trade, Eurozone industrial production, US retail sales, US jobless claims and US business inventories.
Mining stocks jump, Morrisons slumps
Miners such as Antofagasta, Fresnillo, Anglo American, Glencore, Rio Tinto and Randgold were among the best performers on the FTSE 100 early on as metal prices recovered after declining earlier in the week on a stronger US dollar.
Antofagasta in particular was up over 3% after reaching an agreement with locals to resolve two-week-long protests that have affected production at its flagship Los Pelambres copper project in Chile. The company expected normal operations to resume in the coming days, but admitted that the industrial action resulted in 8,000 tonnes of lost production.
However, BHP Billiton was bucking the trend after going ex-dividend, along with Direct Line, Hargreaves Lansdown, Hammerson, Land Securities, Shire and Standard Chartered.
Like-for-like sales improved in the fourth quarter at Morrisons but the grocer reported a £792m loss before tax for 2014 as it wrote down the value of its stores by £1.3bn, causing shares to fall. The supermarket group said it was hiking the total dividend by 5% to 13.65p but said the payment for the new financial year was likely to be more than halved, to "not less than 5p per share".
Soco International plummeted nearly 30% after the oil and gas group said profits sank to just $14m in 2014 from $104.1m the year before on the back of challenging market conditions
Shares in ASOS soared 18% after the online fashion retailer impressed investors with a strong acceleration in sales growth in the second quarter, helped by a 30% jump in sales in the UK.
ITV gained after agreeing to acquire Netherlands-based television producer Talpa Media, maker of The Voice, for around £355m. |
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| Market Movers
techMARK 3,154.60 +0.56%
FTSE 100 6,771.66 +0.75%
FTSE 250 17,001.92 +0.31%
FTSE 100 - Risers
Antofagasta (ANTO) 721.00p +3.15%
Fresnillo (FRES) 667.00p +2.62%
Intertek Group (ITRK) 2,592.00p +2.61%
SABMiller (SAB) 3,650.00p +2.21%
Anglo American (AAL) 1,109.00p +2.16%
Glencore (GLEN) 291.55p +2.07%
Rio Tinto (RIO) 2,897.50p +1.88%
Diageo (DGE) 1,883.50p +1.87%
Randgold Resources Ltd. (RRS) 4,629.00p +1.85%
Prudential (PRU) 1,663.00p +1.77%
FTSE 100 - Fallers
Standard Chartered (STAN) 991.90p -3.18%
Direct Line Insurance Group (DLG) 319.70p -3.12%
TUI AG Reg Shs (DI) (TUI) 1,138.00p -1.22%
Morrison (Wm) Supermarkets (MRW) 204.20p -1.11%
BHP Billiton (BLT) 1,461.00p -0.75%
Kingfisher (KGF) 350.50p -0.60%
Hammerson (HMSO) 651.50p -0.53%
Legal & General Group (LGEN) 281.90p -0.49%
BT Group (BT.A) 444.30p -0.49%
easyJet (EZJ) 1,729.00p -0.46%
FTSE 250 - Risers
Kaz Minerals (KAZ) 214.30p +4.79%
Cineworld Group (CINE) 466.20p +4.04%
Ophir Energy (OPHR) 131.80p +3.70%
Centamin (DI) (CEY) 56.55p +3.38%
Michael Page International (MPI) 519.50p +3.28%
Supergroup (SGP) 885.50p +2.97%
Lonmin (LMI) 113.90p +2.80%
Jimmy Choo (CHOO) 167.60p +2.76%
Hikma Pharmaceuticals (HIK) 2,298.00p +2.45%
Acacia Mining (ACA) 245.00p +2.38%
FTSE 250 - Fallers
Soco International (SIA) 170.40p -29.59%
Serco Group (SRP) 179.00p -13.28%
Home Retail Group (HOME) 180.90p -7.47%
Just Retirement Group (JRG) 148.00p -3.77%
Infinis Energy (INFI) 184.70p -3.30%
Bodycote (BOY) 736.00p -3.09%
Greggs (GRG) 996.50p -1.63%
Keller Group (KLR) 953.50p -1.60%
Greencore Group (GNC) 323.20p -1.34% |
| | UK Event Calendar | | Thursday March 12
INTERIMS
Eagle Eye Solutions Group
INTERIM DIVIDEND PAYMENT DATE
Penna Consulting
INTERIM EX-DIVIDEND DATE
BHP Billiton, Clinigen Group, Dechra Pharmaceuticals, Dunelm Group, ECO Animal Health Group, Foresight 3 VCT, Hargreaves Lansdown, Haynes Publishing Group, Management Resources Solutions , River and Mercantile Group , Standard Life UK Smaller Companies Trust, Stewart & Wight, Wilmington Group
QUARTERLY EX-DIVIDEND DATE
BlackRock Income Strategies Trust , Land Securities Group, XP Power Ltd. (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (14:00)
Consumer Price Index (GER) (07:00)
Continuing Claims (US) (12:30)
Import and Export Price Indexes (US) (12:30)
Industrial Production (EU) (10:00)
Initial Jobless Claims (US) (12:30)
Manufacturing Inventories (US) (14:00)
Retail Sales (US) (12:30)
Retail Sales Inventories (US) (14:00)
FINALS
Bankers Petroleum Ltd.(CDI), Cambridge Cognition Holdings, Cineworld Group, Computacenter, Lenta Ltd GDR (Each 5 Repr 1 Ord) (144A) , LSL Property Services, Medaphor Group, Morrison (Wm) Supermarkets, Portmeirion Group, SIG, Soco International, Stilo International, Stock Spirits Group , TT Electronics
ANNUAL REPORT
CRH, Heavitree Brewery, Hunting
IMSS
Northgate
SPECIAL EX-DIVIDEND PAYMENT DATE
Direct Line Insurance Group, Rensburg AIM VCT, River and Mercantile Group
AGMS
Banco Bilbao Vizcaya Argentaria SA
TRADING ANNOUNCEMENTS
ASOS, Home Retail Group
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
RICS Housing Market Survey (09:30)
FINAL EX-DIVIDEND DATE
Avesco Group, British Polythene Industries, Crest Nicholson Holdings, Direct Line Insurance Group, FBD Holdings, Hammerson, Keller Group, LPA Group, Mithras Inv Trust, MTI Wireless Edge Ltd., Paddy Power, Randgold Resources Ltd., RM, Safestore Holdings, Standard Chartered, Temple Bar Inv Trust, W H Ireland Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as report confirms Germany remains in deflation European stocks were little changed as a report confirmed German remained in deflation in February.
A final reading of Germany's EU-harmonised inflation showed consumer prices dropped 0.1% in February compared to a year ago, and increased 1% month-on-month. The figures were in line with analysts' expectations.
A report at 10:00 GMT is forecast to show Eurozone industrial production rose 0.1% year-on-year in January following a 0.2% declined the previous month.
The US at 12:30 GMT sees the release of retail sales figures. Analysts predict sales climbed 0.3% in February after a 0.8% fall in January.
Meanwhile, developments in Greece will remain under watch as the nation thrashes out reforms to unlock further aid. Greece started technical talks with Eurozone creditors in Brussels on Wednesday.
Greek finance minister Yanis Varoufakis told Mega TV that the European Central Bank (ECB) is "asphyxiating" the government by its refusal to give Athens any leeway to issue short-term debt to meet its funding needs.
The ECB has excluded Greece from its €1.1trn quantitative easing programme which kicked off on Monday.
The euro rose 0.56% to $1.0606 in morning trade.
Among stocks, Deutsche Lufthansa AG gained after saying operating profit will rise this year, supported by its main passenger unit.
Asos was a high riser as the UK fashion retailer reported second quarter sales that exceeded forecasts.
K+S AG advanced after saying earnings this year will surpass last year's results due to higher prices for salt and potash.
Wm Morrison Supermarkets declined after lowering its 2015 dividend as it reported a full-year loss.
Serco Group slumped after announcing it will raise £55m in an underwritten rights offering at 101p. |
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| | US Market Report | | US close: Dow extends losses as dollar surge continues US stocks registered small losses on Wednesday, as Wall Street came to terms with a rally in the dollar that had sent the Dow Jones Industrial Average to its lowest level in five months on Tuesday.
The DJA lost 27.55 points to 17,635.39, while the S&P 500 and the Nasdaq shed 3.90 and 9.85 points respectively.
The DJIA lost over 330 points on Tuesday, as a strong dollar and a decline in oil prices saw the index hit the lowest level since 9 October.
The dollar continued its rise, gaining over 1.5% on the euro and 1% and 0.35% against the pound and the yen respectively, while gold futures fell 0.61% to $1,153.00.
"The dollar at twelve year highs versus multiple major currencies and US, UK and German equities at all-time highs create unease about holding on through market dips on the fear it could finally be the top," said CMC Markets analyst Jasper Lawler.
Investors were buoyed by a positive reaction from across the Atlantic, where, in the third day the European Central Bank's quantitative easing programme, the Stoxx Europe 600 index rebounded after losing 0.9% in the previous session.
Speculations that the Federal Reserve could hike interest rates earlier than expected contributed to worry investors.
"With the labour market still evidently on fire in February, we expect the FOMC statement next Wednesday to omit the language that the Fed can be "patient" in beginning to normalise monetary policy," said analysts at Capital Economics.
"Even with headline inflation below zero, we then anticipate a first hike in June, with the FOMC pushing the target range for the fed funds rate to 1.00-1.25% by the end of this year."
Meanwhile, US commercial crude oil inventories expanded by 4.5m barrels in the week ended on 6 March, according to the Energy Information Administration.
The US Department of Energy's statistical arm added that total motor gasoline inventories decreased by 200,000 barrels while those for distillates rose by 2.5m barrels.
Having fallen sharply on Tuesday, oil prices staged a recovery, with West Texas Intermediate crude gaining 0.04% to $48.31 a barrel, while Brent crude rebounded strongly, climbing 2.45 % to $57.81.
In company news, data storage provider SanDisk Corp. was one of the S&P 500's best performer, rising 3.20% after Goldman Sachs analysts adding the stock to their so-called conviction buy list.
Drugmaker Mylan Inc jumped 6.68% after announcing it launched a host of new types of drugs in the US, including a pain-relief medication that is administered as patches, while electronic payment solutions provider VeriFone rose 4.25% after reporting late on Tuesday that its first quarter earnings had beaten Wall Street's estimates.
S&P 500 - Risers
Mylan Inc. (MYL) $59.00 +6.68%
Nabors Industries Ltd. (NBR) $12.18 +5.00%
Denbury Resources Inc. (DNR) $7.91 +4.91%
Cabot Oil & Gas Corp. (COG) $27.92 +3.79%
Chesapeake Energy Corp. (CHK) $14.29 +3.25%
Sandisk Corp. (SNDK) $82.73 +3.20%
Diamond Offshore Drilling Inc. (DO) $27.67 +3.17%
Southwestern Energy Co. (SWN) $22.30 +3.10%
CONSOL Energy Inc. (CNX) $28.70 +2.50%
Waters Corp. (WAT) $119.76 +2.47%
S&P 500 - Fallers
Tyson Foods Inc. (TSN) $37.55 -5.61%
EMC Corp. (EMC) $25.72 -4.56%
Williams Companies Inc. (WMB) $46.24 -3.04%
PVH Corp. (PVH) $96.98 -2.95%
Whirlpool Corp. (WHR) $196.67 -2.90%
GameStop Corp. (GME) $39.48 -2.88%
QUALCOMM Inc. (QCOM) $70.27 -2.25%
Wynn Resorts Ltd. (WYNN) $126.63 -2.23%
Spectra Energy Corp. (SE) $34.05 -2.18%
Ralph Lauren Corp (RL) $127.66 -2.15%
Dow Jones I.A - Risers
Intel Corp. (INTC) $32.34 +2.02%
Travelers Company Inc. (TRV) $105.67 +0.90%
Goldman Sachs Group Inc. (GS) $184.18 +0.80%
United Technologies Corp. (UTX) $118.34 +0.80%
E.I. du Pont de Nemours and Co. (DD) $79.29 +0.66%
Chevron Corp. (CVX) $103.54 +0.61%
JP Morgan Chase & Co. (JPM) $60.24 +0.47%
Home Depot Inc. (HD) $113.07 +0.45%
American Express Co. (AXP) $79.45 +0.43%
Verizon Communications Inc. (VZ) $47.68 +0.36%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $80.69 -1.68%
Coca-Cola Co. (KO) $40.10 -1.45%
Cisco Systems Inc. (CSCO) $28.26 -1.40%
McDonald's Corp. (MCD) $94.96 -1.38%
Johnson & Johnson (JNJ) $98.32 -1.22%
Nike Inc. (NKE) $95.34 -1.21%
Merck & Co. Inc. (MRK) $56.06 -0.92%
Boeing Co. (BA) $151.17 -0.82%
International Business Machines Corp. (IBM) $156.80 -0.64%
AT&T Inc. (T) $32.62 -0.49%
Nasdaq 100 - Risers
Mylan Inc. (MYL) $59.00 +6.68%
Sandisk Corp. (SNDK) $82.73 +3.20%
Intel Corp. (INTC) $32.34 +2.02%
Verisk Analytics Inc. (VRSK) $69.78 +1.81%
Tesla Motors Inc (TSLA) $193.74 +1.80%
Akamai Technologies Inc. (AKAM) $70.37 +1.69%
Intuitive Surgical Inc. (ISRG) $493.42 +1.21%
Netflix Inc. (NFLX) $440.19 +1.18%
Micron Technology Inc. (MU) $27.88 +0.98%
PACCAR Inc. (PCAR) $61.00 +0.83%
Nasdaq 100 - Fallers
Baidu Inc. (BIDU) $204.38 -2.86%
QUALCOMM Inc. (QCOM) $70.27 -2.25%
Wynn Resorts Ltd. (WYNN) $126.63 -2.23%
Apple Inc. (AAPL) $122.24 -1.82%
Symantec Corp. (SYMC) $23.46 -1.64%
Mattel Inc. (MAT) $24.62 -1.60%
Liberty Global plc Series A (LBTYA) $52.36 -1.59%
Western Digital Corp. (WDC) $97.89 -1.51%
Biogen Idec Inc. (BIIB) $408.11 -1.47% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Fed stress tests, Lib Dem scandal, North Sea oil Four of the largest Wall Street banks including Goldman Sachs, JP Morgan Chase and Morgan Stanley, struggled to pass the Federal Reserve's 2015 stress tests, wrote The Wall Street Journal. US units of Santander and Deustche Bank fell short of the requirements.
The Liberal Democrats were hit with a scandal on Thursday after it was revealed a key member accepted a potentially illegal donation and arranged a uncouth meeting with the chief secretary to the treasury, The Telegraph reported.
The latest North Sea oil inventory revenue data has revealed that Scotland may face a £6.6bn shortfall in the next 12 months after oil prices plummeted to $50 a barrell in 2014, wrote The Guardian.
Virgin Group and Sir Richard Branson have been taken to court for more than $300m in damages by the former chief executive of Norwegian Cruise Line over the British billionaire's plans to enter the luxury cruise industry, The Telegraph reported.
Angela Merkel turned down president Putin's invitation to attend a military parade in Moscow to signify the end of the second world war, reported The Times.
South Korea surprised the market early on Thursday by dropping its benchmark interest rate to 1.75% , according to the Financial Times. | | |
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