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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 after sell-off as markets eye Fed meeting UK stocks gained on Monday as investors hunted for bargains following a sharp slide in the value of the FTSE 100 over the last week.
Ahead of a busy week for financial markets worldwide, the Footsie was up 0.4% at 6,767.46 early on.
The index had lost 2.5% over the past five sessions on the back of a strengthening US dollar, concerns about Greece and slowdown worries in China.
"The positive open comes after the FTSE was left behind on Friday with French and German bourses rallying late in the session to finish with modest gains, and the GBP/USD currency pair hitting multi-year lows in the afternoon," said analysts at Accendo Markets.
Economic data such as New York manufacturing, US industrial production and Eurozone inflation will be in focus over the next couple of days, though the Federal Reserve decision and UK Budget on Wednesday will likely dominate proceedings this week.
As for the Fed meeting, investors will be waiting to see whether policymakers drop the term 'patient' from their guidance about the timing of interest rates. "More and more investors expect the US central bank to raise its benchmark interest rate sooner rather than later," Accendo Markets said.
CRH drops, Astra study underwhelms
Irish building materials group CRH dropped on the news that Holcim has rejected the terms of a proposed merger with Lafarge, demanding a better deal. CRH is set to snap up €6.5bn of assets from Holcim and Lafarge subject to the completion of the merger.
Results from Astrazeneca's much-anticipated Pegasus study of its Brilinta treatment found that the drug reduced the chances of another heart attack or stroke in patients. However, the stock was slightly lower early on after the study showed that bleeding was higher compared with the placebo.
Shares in Antofagasta were under pressure after reports that the copper miner may have to close it Los Pelambres project in Chile after a court ruling last week to destroy a tailings dam wall at the site on environmental concerns.
Afren's share price was extending losses made Friday when the company proposed a debt-for-equity swap with lenders to keep its afloat. The deal will lead to a substantial dilution of shareholders' interests.
Balfour Beatty was on the rise after Jefferies upgraded the stock to 'buy' and hiked its target from 115p to 270p.
However, housing-related groups such as Countrywide, Zoopla and Persimmon were subdued after a Goldman Sachs downgrade to 'neutral'. |
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| Market Movers
techMARK 3,202.71 +0.32%
FTSE 100 6,767.46 +0.40%
FTSE 250 17,194.25 +0.50%
FTSE 100 - Risers
Compass Group (CPG) 1,190.00p +1.97%
Johnson Matthey (JMAT) 3,311.00p +1.88%
Aberdeen Asset Management (ADN) 459.00p +1.71%
Burberry Group (BRBY) 1,875.00p +1.68%
Meggitt (MGGT) 584.50p +1.65%
InterContinental Hotels Group (IHG) 2,682.00p +1.63%
Prudential (PRU) 1,696.00p +1.56%
Next (NXT) 7,460.00p +1.50%
Marks & Spencer Group (MKS) 500.50p +1.40%
Hargreaves Lansdown (HL.) 1,135.00p +1.34%
FTSE 100 - Fallers
CRH (CRH) 1,765.00p -2.54%
Morrison (Wm) Supermarkets (MRW) 201.20p -1.37%
Weir Group (WEIR) 1,768.00p -1.12%
Sainsbury (J) (SBRY) 256.20p -1.12%
Glencore (GLEN) 274.65p -0.97%
Shire Plc (SHP) 5,475.00p -0.91%
Coca-Cola HBC AG (CDI) (CCH) 1,111.00p -0.80%
Standard Life (SL.) 464.80p -0.71%
Rolls-Royce Holdings (RR.) 963.00p -0.67%
Antofagasta (ANTO) 694.50p -0.57%
FTSE 250 - Risers
Allied Minds (ALM) 660.00p +3.12%
Provident Financial (PFG) 2,724.00p +3.06%
Saga (SAGA) 181.30p +2.78%
Beazley (BEZ) 293.90p +2.76%
Informa (INF) 578.50p +2.75%
Balfour Beatty (BBY) 233.00p +2.46%
JD Sports Fashion (JD.) 495.00p +2.38%
Indivior (INDV) 178.70p +2.29%
Smith (DS) (SMDS) 380.40p +2.26%
Barr (A.G.) (BAG) 657.00p +2.02%
FTSE 250 - Fallers
Afren (AFR) 3.90p -16.13%
Nostrum Oil & Gas (NOG) 560.00p -4.44%
AO World (AO.) 184.80p -3.55%
Serco Group (SRP) 175.90p -3.51%
Vedanta Resources (VED) 470.90p -3.25%
Thomas Cook Group (TCG) 155.60p -1.95%
Hunting (HTG) 445.70p -1.81%
Premier Oil (PMO) 127.70p -1.77%
Polymetal International (POLY) 512.50p -1.73% |
| | UK Event Calendar | | Monday 16 March
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Capacity Utilisation (US) (13:15)
Industrial Production (US) (13:15)
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Aviva, Berendsen, Breedon Aggregates Ltd., New Europe Property Investments, Senior
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GLI Finance Limited, Telecom Egypt SAE GDS (Regs)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks gain as ECB's QE continues to provide a lift Stocks in the euro-area continued to be lifted by the European Central Bank's (ECB) quantitative easing (QE) programme.
The ECB will at 14:45 GMT announce details of its latest round of bond purchases under the €1.1trn QE programme which began last Monday.
"As the steroid injection of ECB QE continues to swell the DAX, as well as the other Eurozone indices, investors remain enthralled with the region and seem committed to continuing its upswing," said Connor Campbell, analyst at Spreadex.
ECB President Mario Draghi will speak on 'The Future of the Finance Industry - Between Growth and Regulation' in Frankfurt after the close.
Also hot on this week's agenda is the Federal Reserve's latest policy decision on Wednesday and the UK Budget.
While most analysts see the Fed keeping interest rates unchanged, investors will be looking to see whether the central bank changes its forward guidance.
"Markets appear to have got it into their heads that this week's Federal Reserve rate meeting could well be the precursor to a change in their forward guidance, which some think could be a precursor to a potential rate rise this summer," said Michael Hewson, chief market analyst at CMC Markets.
Meanwhile, the UK Budget will come under fierce scrutiny ahead of the UK general election on 7 May.
Turning to Monday's calendar, economic data will be sparse with the only notable releases being US industrial and manufacturing production figures and the NAHB US Housing Market Index.
Company-wise, Hennes & Mauritz AB rallied after reporting a rise in first-quarter sales that beat analysts' forecasts.
Standard Life dropped following reports it may increase its stake in an Indian joint venture.
Linde AG jumped after the supplier of industrial gases said it expects profit to increase this year.
Royal DSM NV gained after the Dutch chemical maker agreed to dispose a majority holding in a plastics and resins business.
French cement maker Lafarge and Swiss building materials company Holcim declined as the former said it's willing to consider revising the share-exchange ratio in its planned merger with the latter.
The euro rose 0.40% to $1.0538. |
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| | US Market Report | | US close: Markets decline as Dow, S&P suffer third straight week of losses US stocks declined on Friday, registering losses for the third week in a row as investors came to terms with disappointing economic data.
The Dow Jones Industrial Average closed 0.82% down, while the S&P 500 and the Nasdaq closed 12 and 21 points down respectively
Consumer sentiment in the US waned unexpectedly in March, as the preliminary reading on the University of Michigan's consumer confidence index for March came in at 91.2, down from 95.4 in February. Analysts had been expecting a reading of 95.5.
Consumer's expectations saw the largest decline, with the corresponding sub-index dropping to 83.7 from 88 a month before.
"Fed officials still worried that the sharp decline in energy prices would trigger a more widespread debt-deflation spiral should be comforted by the rebound in one-year ahead inflation expectations to a six-month high of 3.0%," said Paul Ashworth, Capital Economics' chief US Economist.
Meanwhile, US producer prices fell 0.5% in February, marking the fourth straight month of decline as a sharp decline in retail trade margins dragged the index down.
In company news, Hibbett Sports declined 2.87% despite reporting better-than-expected results in its fourth quarter.
Clothing group Aeropostale tanked 17.30% after announcing it forecast a larger-than-expected loss in the first quarter, while sector peers Buckle Inc and Ann Inc respectively fell 1.52% and rose 8.07%.
Foreign exchange broker FXCM soared 20% after posting fourth quarter earnings that exceeded Wall Street's expectations late on Thursday.
Nutrition group Herbalife gained 8.15% after a Wall Street Journal report that federal investigators were interviewing people connected to hedge-fund billionaire Bill Ackman in a possible stock-manipulation probe.
Oil prices plunged, with Brent crude losing 4.69% to $54.52 a barrel, while West Texas Intermediate fell 4.18% to $45.16 a barrel.
The dollar gained 0.93% and 1.31% against the pound and the euro respectively and was largely stable against the yen, while gold futures gained 0.25% to $1,154.80.
S&P 500 - Risers
Leggett & Platt Inc. (LEG) $45.47 +3.20%
GameStop Corp. (GME) $40.70 +2.57%
Micron Technology Inc. (MU) $28.72 +2.48%
Tesoro Corp. (TSO) $86.23 +2.33%
Macerich Co (MAC) $94.39 +2.25%
Applied Materials Inc. (AMAT) $24.24 +1.98%
Aetna Inc. (AET) $104.09 +1.93%
Oracle Corp. (ORCL) $42.38 +1.83%
Rockwell Collins Inc. (COL) $93.23 +1.75%
Anthem Inc (ANTM) $150.01 +1.73%
S&P 500 - Fallers
Ensco Plc. (ESV) $20.46 -6.58%
Peabody Energy Corp. (BTU) $5.47 -6.01%
Avon Products Inc. (AVP) $7.72 -5.85%
Allegheny Technologies Inc. (ATI) $29.76 -5.76%
Rowan Companies plc (RDC) $18.00 -5.56%
Transocean Ltd. (RIG) $13.60 -4.70%
Noble Corporation plc (NE) $13.56 -4.57%
Mylan Inc. (MYL) $59.76 -4.08%
Freeport-McMoRan Inc (FCX) $18.14 -3.97%
Denbury Resources Inc. (DNR) $7.31 -3.82%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $41.38 +0.88%
Intel Corp. (INTC) $30.93 +0.42%
Unitedhealth Group Inc. (UNH) $115.25 +0.32%
Verizon Communications Inc. (VZ) $48.84 +0.23%
E.I. du Pont de Nemours and Co. (DD) $80.50 +0.12%
McDonald's Corp. (MCD) $96.35 +0.10%
Merck & Co. Inc. (MRK) $56.20 +0.05%
Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $154.28 -2.34%
United Technologies Corp. (UTX) $118.74 -2.06%
Visa Inc. (V) $265.03 -1.69%
Coca-Cola Co. (KO) $39.91 -1.63%
General Electric Co. (GE) $25.04 -1.42%
Nike Inc. (NKE) $95.81 -1.27%
Caterpillar Inc. (CAT) $79.23 -1.20%
American Express Co. (AXP) $80.60 -1.18%
AT&T Inc. (T) $32.76 -1.12%
Home Depot Inc. (HD) $114.82 -1.10%
Nasdaq 100 - Risers
Nxp Semiconductors Nv (NXPI) $104.67 +6.17%
Micron Technology Inc. (MU) $28.72 +2.48%
Applied Materials Inc. (AMAT) $24.24 +1.98%
Biogen Idec Inc. (BIIB) $413.35 +1.40%
Dollar Tree Inc (DLTR) $81.91 +1.26%
Intuit Inc. (INTU) $97.77 +1.13%
Regeneron Pharmaceuticals Inc. (REGN) $429.38 +0.99%
Microsoft Corp. (MSFT) $41.38 +0.88%
Activision Blizzard Inc. (ATVI) $22.99 +0.88%
Wynn Resorts Ltd. (WYNN) $127.07 +0.59%
Nasdaq 100 - Fallers
Mylan Inc. (MYL) $59.76 -4.08%
Priceline Group Inc (PCLN) $1,157.77 -2.43%
Mattel Inc. (MAT) $25.04 -2.40%
Viacom Inc. Class B (VIAB) $68.13 -2.27%
Netflix Inc. (NFLX) $438.40 -2.21%
TripAdvisor Inc. (TRIP) $82.52 -1.94%
Monster Beverage Corp (MNST) $135.48 -1.72%
Twenty-First Century Fox Inc Class A (FOXA) $34.02 -1.61%
NetApp Inc. (NTAP) $36.81 -1.58% |
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| | Newspaper Round Up | | Monday newspaper round-up: Putin on Crimea, China steel exports, Tony Blair steps down Russian president Vladimir Putin revealed late on Sunday that he was ready to put the country's nuclear weapons on alert during Russia's 2014 annexation of Crimea, according to the Financial Times.
China's steel exports have been causing global producers to demand tariffs or government protection from falling prices in the US and Europe, wrote The Wall Street Journal.
Former British prime minister Tony Blair is poised to step back as Middle East peace envoy, wrote the Financial Times.
The most recent polls have predicted that Israeli prime minister Benjamin Netanyahu will struggle in the upcoming election, revealed The Times.
Sussex-based wine producers have requested protected status, alongside champagne and burgundy, from the EU as English brands are on track to record £100m in sales, according to The Guardian.
Chancellor George Osborne is preparing to announce the largest business rates review "in a generation" and consumers will see prices drop in shops across the country, wrote The Telegraph.
Childhood mental health has cost £550m in lost earnings and tax revenue over the past 40 years and anyone who experiences mental illness in childhood will lose more than £300,000 in income on average during their lifetime, The Times reported. | | |
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