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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: Sainsbury's and mining stocks bolster markets ahead of Fed UK stocks rose for the second straight day on Tuesday, helped by a strong performance on Asian markets overnight, ahead of the start of the Federal Reserve's two-day policy meeting.
The FTSE 100 was up 0.5% at 6,839.30 early on, helped by decent gains from a host of stocks in the mining and energy sectors, and grocer Sainsbury's after a well-received trading update.
Chinese stocks finished at their highest in nearly seven years on Tuesday, on continued speculation that Beijing will step in to bolster growth if needed. Premier Li Keqiang said the government still had stimulus measures up its sleeve to take.
Meanwhile Japanese shares reached a 15-year high after the Bank of Japan maintained its ¥80trn stimulus programme. The central bank said that the slowdown in inflation is only temporary and maintained a relatively confident tone on the country's economic outlook.
All eyes on the Fed
While no change is expected in policy when the Fed meeting concludes on Wednesday evening, markets will be watching the central bank's forward guidance closely, given recent speculation that policymakers could hike interest rates sooner than expected.
Economists say the Federal Open Market Committee (FOMC) is likely to remove the word 'patient' from its statement on the timing of policy tightening.
"Given the better-than-expected labour market data [over January and February], the FOMC is likely to open the door to a June rate hike. In fact, the Fed seems intent on preparing the markets for the first rate hike," said analysts at Rabobank.
Sainsbury's and resource stocks provide a boost
Sainsbury's posted a 1.9% fall in fourth-quarter like-for-like sales excluding fuel, not as bad as many had feared, helping the stock higher early on. Having cut prices on over 1,100 items and simplified its promotional offers, the supermarket group warned that pricing pressures were likely to continue.
Mining stocks were mostly higher, including Glencore, Rio Tinto and Anglo American.
Heavyweight miner BHP Billiton also rose after shareholders welcomed the company's recommendation to approve its proposed demerger as it spins off its non-core activities into a new company called South32. The group said one-off costs associated with the transaction would be $738m, though it promised not to cut its dividend post-demerger.
Platinum miner Lonmin surged after appointing Ben Moolman as its new chief operating officer to place Johan Viljon who resigned one month ago. Moolman is already a member of the executive committee.
However, Antofagasta was bucking the trend after profits sank by a more-than-expected 18% in 2014, prompting the company to slash its dividend by 77.4%. The miner also warned of "some inherent uncertainty" surrounding flagship Los Pelambres project in Chile.
Oil and gas stocks such as Tullow Oil, BG Group and Shell were higher early on. |
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| Market Movers
techMARK 3,221.48 +0.03%
FTSE 100 6,839.30 +0.52%
FTSE 250 17,222.38 +0.12%
FTSE 100 - Risers
Tullow Oil (TLW) 298.90p +6.29%
Hargreaves Lansdown (HL.) 1,179.00p +2.61%
Smiths Group (SMIN) 1,205.00p +2.21%
Centrica (CNA) 244.60p +2.21%
BG Group (BG.) 840.00p +2.19%
Glencore (GLEN) 282.80p +2.13%
easyJet (EZJ) 1,770.00p +2.08%
BHP Billiton (BLT) 1,445.00p +2.05%
Royal Dutch Shell 'B' (RDSB) 2,064.00p +1.90%
Royal Dutch Shell 'A' (RDSA) 1,970.00p +1.78%
FTSE 100 - Fallers
Antofagasta (ANTO) 691.00p -2.26%
CRH (CRH) 1,705.00p -1.50%
Wolseley (WOS) 4,116.00p -0.94%
Schroders (SDR) 3,239.00p -0.89%
Next (NXT) 7,490.00p -0.86%
ITV (ITV) 253.30p -0.78%
Tesco (TSCO) 239.50p -0.77%
International Consolidated Airlines Group SA (CDI) (IAG) 576.00p -0.69%
Royal Bank of Scotland Group (RBS) 349.30p -0.63%
British Land Co (BLND) 831.00p -0.60%
FTSE 250 - Risers
Lonmin (LMI) 123.60p +11.35%
Premier Oil (PMO) 127.90p +6.41%
Hunting (HTG) 453.90p +3.96%
Petrofac Ltd. (PFC) 850.50p +3.09%
Ophir Energy (OPHR) 120.30p +2.65%
Wood Group (John) (WG.) 621.00p +2.56%
Amec Foster Wheeler (AMFW) 904.00p +2.49%
Kaz Minerals (KAZ) 205.30p +2.45%
Just Eat (JE.) 372.20p +2.45%
Aveva Group (AVV) 1,505.00p +1.90%
FTSE 250 - Fallers
Afren (AFR) 3.35p -10.43%
Hikma Pharmaceuticals (HIK) 2,202.00p -2.70%
Carillion (CLLN) 338.50p -2.65%
Pace (PIC) 355.50p -1.85%
Betfair Group (BET) 2,195.00p -1.26%
Supergroup (SGP) 876.00p -1.24%
PZ Cussons (PZC) 326.50p -1.21%
esure Group (ESUR) 221.40p -1.16%
Genus (GNS) 1,348.00p -1.10% |
| | UK Event Calendar | | Tuesday 17 March
INTERIMS
Gfinity , Regenersis
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (12:30)
Consumer Price Index (EU) (10:00)
Harmonised Index of Consumer Prices (EU) (10:00)
Housing Starts (US) (12:30)
New Car Registrations (EU) (10:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Q4
MHP SA GDR (Reg S)
FINALS
Capital Drilling Ltd. (DI), Charlemagne Capital Ltd., Fairpoint Group, Gem Diamonds Ltd. (DI), Good Energy Group, Just Eat , KBC Advanced Technologies, Mears Group, MHP SA GDR (Reg S), Pennant International Group, SafeCharge International Group Limited (DI), WANdisco
ANNUAL REPORT
Hiscox Ltd (CDI), Tullow Oil
IMSS
IG Group Holdings
AGMS
Actual Experience , BlackRock Commodities Income Inv Trust
TRADING ANNOUNCEMENTS
Sainsbury (J)
FINAL DIVIDEND PAYMENT DATE
Pressure Technologies
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of FOMC policy decision European stocks were little changed on Tuesday ahead of the Federal Reserve's policy decision.
The Federal Open Market Committee (FOMC) is expected to keep interest rates unchanged at its Wednesday meeting.
However, recent data pointing to a pick-up in the labour market has fuelled speculation of an earlier rate hike than was previously priced in by markets.
"Given the better-than-expected labour market data, the FOMC is likely to open the door to a June rate hike," according to Philip Marey, senior US strategist at Rabobank.
"In fact, the Fed seems intent on preparing the markets for the first rate hike. Therefore we are likely to see the removal of the 'patient' code word from this week's FOMC statement."
Yet deflation and the strong US dollar may make the Fed hesitant to pull the trigger in June, Marey added.
The euro /dollar rose 0.15% to $1.0584 in Tuesday's early trading.
Wednesday's agenda also includes the UK budget which will be closely scrutinised as the 7 May general election looms. The budget is expected to include an increase in the minimum wage by 20p to £6.70 per hour.
Turning to Tuesday's events, a report from ZEW at 10:00 GMT is forecast to show German economic sentiment rose in March.
A final estimate on Eurozone inflation will be released at the same time. Analysts predict consumer prices dropped 0.3% year-on-year in February.
In company news, J Sainsbury gained after the UK supermarket reported a better-than-expected fall in quarterly sales.
Antofagasta declined after the miner posted annual earnings and sales that trailed analysts' forecasts. |
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| | US Market Report | | US close: Stocks track international markets higher ahead of Fed meeting, Dow up 228 points US stocks rebounded on Monday, with the Dow Jones Industrial Average rocketing more than 200 points, as international markets rallied and investors anticipated the Federal Open Market Committee's meeting on Wednesday.
At close, the Dow Jones Industrial Average was up 228.11 points, while the S&P 500 and the Nasdaq were up 57.75 and 27.79 respectively.
The promise of fiscal stimulus in China and plentiful liquidity from central banks saw the US track Asian and European markets higher.
Germany kicked off the week on a high on Monday, with the The DAX 30 index jumped more than 2%, topping 12,000 for the first time. European exporters, particularly Germany, have been boosted by a weak euro which dropped to a 12-year low against the dollar in Asia overnight.
Meanwhile the Shanghai Composite index surged 2.3% to almost a six-year high, after Chinese premier Li Keqiang said the government would increase efforts to nurture economic growth.
The Federal Reserve will release the statement from its two-day FOMC meeting on Wednesday, as investors wait to see whether it will remove the word "patient" from its stance, which would be seen as a clear indication of an imminent hike in interest rates.
Data largely disappointed, as The Empire State manufacturing gauge dipped slightly in March, offset somewhat by solid gains in the employment index. Industrial production rose a seasonally adjusted 0.1% in February, lower than expected.
In company news, Life Time Fitness climbed more than 5% after the fitness operator agreed to a takeover offer by private-equity firm TPG and Leonard Green & Partners for $72.10 a share.
Streaming video service Netflix was trading lower over after being downgraded by analysts at Evercore ISI, while clothing company Quiksilver dipped ahead of its first quarter results in which it is expected to announce a loss of 12 cents a share.
DuPont shares fell after the company criticized Nelson Peltz's hedge fund Trian Fund Management for its "high-risk agenda" in trying to break up the chemicals company on Friday.
Oil prices tumbled, with West Texas Intermediate slumping to its lowest level since March 2009 as a growing supply glut continued to concern investors. Brent closed $1.23 lower, finishing at $53.44 a barrel, after hitting a six-week low of $52.50 in earlier trade.
S&P 500 - Risers
Edwards Lifesciences Corp. (EW) $148.64 +9.82%
Amgen Inc. (AMGN) $163.03 +5.69%
Regeneron Pharmaceuticals Inc. (REGN) $451.77 +5.21%
Humana Inc. (HUM) $174.31 +4.69%
Thermo Fisher Scientific Inc. (TMO) $132.97 +4.36%
Xilinx Inc. (XLNX) $41.41 +4.15%
Avago Technologies Ltd. (AVGO) $129.87 +3.89%
Boston Scientific Corp. (BSX) $17.24 +3.79%
Amerisource Bergen Corp. (ABC) $110.13 +3.75%
Noble Energy Inc. (NBL) $45.61 +3.59%
S&P 500 - Fallers
Avon Products Inc. (AVP) $7.28 -5.70%
E.I. du Pont de Nemours and Co. (DD) $77.07 -4.26%
Netflix Inc. (NFLX) $421.90 -3.76%
PVH Corp. (PVH) $94.35 -3.03%
Alcoa Inc. (AA) $13.29 -2.06%
Stanley Black & Decker Inc. (SWK) $95.02 -1.21%
Wynn Resorts Ltd. (WYNN) $125.64 -1.12%
Freeport-McMoRan Inc (FCX) $17.97 -0.94%
National Oilwell Varco Inc. (NOV) $48.67 -0.82%
Micron Technology Inc. (MU) $28.50 -0.73%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $118.52 +2.84%
3M Co. (MMM) $166.21 +2.13%
Procter & Gamble Co. (PG) $83.56 +2.11%
Travelers Company Inc. (TRV) $108.93 +2.07%
Johnson & Johnson (JNJ) $101.06 +1.86%
International Business Machines Corp. (IBM) $157.08 +1.81%
Wal-Mart Stores Inc. (WMT) $83.29 +1.70%
General Electric Co. (GE) $25.45 +1.64%
Merck & Co. Inc. (MRK) $57.12 +1.64%
Visa Inc. (V) $269.02 +1.51%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $77.07 -4.26%
Intel Corp. (INTC) $30.83 -0.32%
Nasdaq 100 - Risers
Amgen Inc. (AMGN) $163.03 +5.69%
Regeneron Pharmaceuticals Inc. (REGN) $451.77 +5.21%
Illumina Inc. (ILMN) $196.72 +4.52%
Xilinx Inc. (XLNX) $41.41 +4.15%
Avago Technologies Ltd. (AVGO) $129.87 +3.89%
Tesla Motors Inc (TSLA) $195.70 +3.72%
Vertex Pharmaceuticals Inc. (VRTX) $127.73 +3.01%
Express Scripts Holding Co (ESRX) $83.65 +2.80%
Intuitive Surgical Inc. (ISRG) $506.82 +2.71%
Celgene Corp. (CELG) $120.81 +2.62%
Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $421.90 -3.76%
Wynn Resorts Ltd. (WYNN) $125.64 -1.12%
Micron Technology Inc. (MU) $28.50 -0.73%
Sba Communications Corp. (SBAC) $118.88 -0.48%
Dish Network Corp. (DISH) $73.54 -0.38%
Intel Corp. (INTC) $30.83 -0.32%
Vimpelcom Ltd Ads (VIP) $5.26 -0.28%
Nxp Semiconductors Nv (NXPI) $104.37 -0.28% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: HSBC, Netanyahu election, Iran nuclear deal Thousands of clients of HSBC on the mainland have been told their accounts in the Channel Islands are to be closed. That comes as the lender seeks to ensure that its services are not being used to avoid paying taxes in the UK, according to The Times.
Trinity Mirror, the owner of the Daily Mirror, has been given access to the confidential accounts of Richard Desmond's Daily Express. Nonetheless, contacts are at an early stage, one source told The Times, while another insisted that they were at an "advanced" stage. Mr.Desmond stands to bank £100m if the sale goes ahead, the latter added.
France, Germany and Italy have agreed to join China-led Asia Infrastructure Bank alongside Britain according to the Financial Times.
US hedge-fund Stonehill Capital Management has scooped up the majority of the £430m in senior bonds in Phones 4U which were left almost worthless in the wake of the retailer's collapse last year. The distressed debt specialist's holdings of those instruments, which were sold on the Irish market in 2011, may allow it to mount a legal attack on BC partners, the private equity outfit which raised the cash to buy Phones 4U in 2011, The Daily Telegraph says.
An Iranian nuclear deal to ease Western sanctions could drastically alter the price of oil as talks intensify, wrote The Wall Street Journal.
Israeli prime minister Benjamin Netanyahu has insisted ahead of the upcoming election that a Palestinian state will never be established so long as he stays in office, The Wall Street Journal reported.
The US has offered former prime minister Tony Blair a new role in the Middle East as part of a fresh peace initiative, said The Times.
Chancellor George Osbourne has proposed a £6bn boost to the economy that will permit tax cuts for millions of middle-class families, wrote The Daily Telegraph. | | |
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