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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 post mild gains ahead of key inflation data London's benchmark FTSE 100 index kicked off Tuesday's session by posting mild gains following a late recovery in Asian markets overnight and better-than-expected Eurozone data.
At 09:06 GMT, the UK index of 100 leading blue-chip stocks rose 0.3% or 20 points to trade at 7046.
China's worse-than-expected manufacturing data pressured Asian markets, particularly stocks in mainland China however share markets in the region edged off session lows as the data fuelled hopes that China's central bank will support growth through injecting more stimulus measures.
In Europe, better-than-expected data offers upside support to UK stocks. The Eurozone flash purchasing managers' index (PMI) composite, which includes manufacturing and services activity, rose to 54.1 in March from 53.3 in February, a 46-month high.
Price-action however is broadly range-bound as traders cite apprehension as lawmakers in the EU continue to squabble over the terms of a fresh funding deal for Greece but have agreed that Greece present reforms to the Eurogroup by next Monday.
Across other major asset classes, oil prices have recovered from overnight lows with Brent futures up 0.4% while gold prices added 0.2%. Cable was little change with the pound switching hands at 1.49551 with the US dollar and the 10-year UK Gilt inched up by 22 basis points to trade at 121.52.
Attention now turns to the inflation and producer price data out of the UK. With UK chancellor George Osborne stating in last week's Budget that 2015 inflation forecasts have been revised down, it would be surprising if the number didn't decline, said Connor Campbell, market analyst at Spreadex.
"However, given that inflation continues to leave analysts on the fence about whether these current lows are healthy for the country, it will be interesting to see which way the markets turn," added Campbell.
Kingfisher falls on derailed French bid while Wolseley gets hit by impairment charge
Shares in UK-listed home improvement retailer Kingfisher fell 1.2% after its bid for French rival Mr Bricolage ran into trouble.
Shares in construction and building material company Wolseley dropped 2.8% after first-half profits plunged due to a hefty impairment charge, though the group did raise its dividend after strong growth in the US.
Real estate investment trust Land Securities sold a 95% stake in London's Times Square building to private equity group Blackstone for £268.4m. Land Securities stock added 0.6%.
Despite paying out a special dividend, shares in UK video game retailer Game Digital sank 7% on the FTSE 250 index after its chief financial officer called it quits. |
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| | Market Movers
techMARK 3,247.95 +0.09%
FTSE 100 7,047.94 +0.15%
FTSE 250 17,604.94 +0.31%
FTSE 100 - Risers
Sage Group (SGE) 486.20p +1.59%
Persimmon (PSN) 1,701.00p +1.55%
International Consolidated Airlines Group SA (CDI) (IAG) 600.00p +1.35%
Compass Group (CPG) 1,209.00p +1.34%
Reed Elsevier (REL) 1,185.00p +1.28%
CRH (CRH) 1,874.00p +1.19%
Experian (EXPN) 1,161.00p +1.13%
Next (NXT) 7,300.00p +1.11%
Pearson (PSON) 1,507.00p +1.07%
Burberry Group (BRBY) 1,847.00p +1.04%
FTSE 100 - Fallers
Wolseley (WOS) 4,099.00p -2.64%
Centrica (CNA) 253.80p -1.93%
Associated British Foods (ABF) 2,961.00p -1.66%
Meggitt (MGGT) 555.50p -1.51%
Standard Chartered (STAN) 1,125.00p -1.40%
Kingfisher (KGF) 368.00p -1.26%
Shire Plc (SHP) 5,500.00p -1.17%
Weir Group (WEIR) 1,780.00p -1.17%
BG Group (BG.) 884.00p -0.74%
Babcock International Group (BAB) 987.00p -0.55%
FTSE 250 - Risers
Acacia Mining (ACA) 279.40p +4.25%
Betfair Group (BET) 2,249.00p +3.45%
Thomas Cook Group (TCG) 146.90p +3.31%
UDG Healthcare Public Limited Company (UDG) 484.70p +2.52%
Playtech (PTEC) 809.50p +2.27%
Renishaw (RSW) 2,576.00p +2.26%
Henderson Group (HGG) 294.10p +2.22%
Cineworld Group (CINE) 492.60p +2.18%
Brewin Dolphin Holdings (BRW) 324.80p +2.14%
International Personal Finance (IPF) 478.50p +2.13%
FTSE 250 - Fallers
Spire Healthcare Group (SPI) 373.00p -4.36%
Cairn Energy (CNE) 158.50p -2.52%
Barr (A.G.) (BAG) 660.00p -2.51%
Card Factory (CARD) 297.70p -2.39%
Soco International (SIA) 170.40p -2.24%
Cobham (COB) 311.70p -2.13%
Vedanta Resources (VED) 559.50p -2.10%
Bank of Georgia Holdings (BGEO) 1,718.00p -1.66%
Serco Group (SRP) 184.00p -1.60%
AO World (AO.) 182.30p -1.46%
FTSE TechMARK - Risers
Gresham Computing (GHT) 88.00p +3.83%
Oxford Instruments (OXIG) 886.50p +0.97%
KCOM Group (KCOM) 96.00p +0.79%
Ricardo (RCDO) 755.00p +0.67%
Vectura Group (VEC) 150.50p +0.33%
Anite (AIE) 87.25p +0.29%
Spirent Communications (SPT) 88.75p +0.28%
Kofax Limited (DI) (KFX) 501.00p +0.20%
FTSE TechMARK - Fallers
NCC Group (NCC) 204.00p -7.27%
Skyepharma (SKP) 315.00p -2.78%
Oxford Biomedica (OXB) 12.25p -2.00%
RM (RM.) 144.00p -0.69%
E2V Technologies (E2V) 196.00p -0.38%
Optos (OPTS) 344.50p -0.29%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 207.87 -0.10%
Dialight (DIA) 780.00p -0.06% |
| | UK Event Calendar | | Tuesday 24 March
INTERIMS
Game Digital, Wolseley
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (US) (12:30)
House Price Index (US) (14:00)
New Homes Sales (US) (14:00)
FINALS
7Digital Group , Augean, Barr (A.G.), Clarke (T.), Electrical Geodesics Inc (Regs), Etalon Group Ltd GDR (Reg S), Faroe Petroleum, Gulf Marine Services, Inspired Energy, IQE, John Laing Infrastructure Fund Ltd, NAHL Group, Panmure Gordon & Co, Quixant, S&U, Skyepharma, Spire Healthcare Group, Vislink, Vislink
ANNUAL REPORT
Aggreko, IMI, Spectris
EGMS
Metminco Ltd.
AGMS
Ediston Property Investment Company, Electronic Data Processing, Entu (UK) , eServGlobal Limited (DI), Interbulk Group, Low & Bonar, Wynnstay Group
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities gain on better services and manufacturing data European equity indices rallied as a report showed services and manufacturing activity in the Eurozone grew.
Markit's flash purchasing managers' index (PMI) composite, which includes manufacturing and services activity, rose to a 46-month high of 54.1 in March from 53.3 in February. Analysts had expected a reading of 51.5.
A level below 50 signals a contraction while a reading above that indicates expansion.
The services PMI climbed to 54.3 in March from 53.7 a month earlier while manufacturing rose to 51.9 from 51.
"The improvement provides welcome news to a region awaiting signs that the ECB's quantitative easing is stimulating the real economy," said Markit's chief economist, Chris Williamson. "The region's GDP looks to have expanded by 0.3% in the first quarter, buoyed by a 0.4% expansion in Germany and signs of a long-awaited recovery in France."
In the UK, inflation data will be released at 09:30 GMT with analysts expecting a 0.1% year-on-year increase in February after a 0.3% gain the previous month, well below the Bank of England's 2% target.
Meanwhile, concerns over Greece escalated after bil. investor George Soros said the chances of the nation leaving the euro-area were 50-50.
"Greece is a long-festering problem that was mishandled from the beginning by all parties," Soros said in a Bloomberg television interview to be aired on Tuesday.
His remarks came as German Chancellor Angela Merkel met with Greek Prime Minister Alexis Tsipras in Berlin on Monday to discuss what to do about Greece's debt.
European Parliament chief Martin Schulz expects Greece and its creditors could make a breakthrough this week.
"I think by the end of this week a new deal will be reached that should be sufficient to release the most urgent financing," he told Italy's La Repubblica.
Greece will present its proposed package of reforms to Eurozone leaders next Monday in an effort to unlock further aid.
The euro rose 0.27% to $1.0976.
Miners slump
A measure of mining stocks declined after a report showed Chinese manufacturing activity contracted. HSBC's PMI for manufacturing fell to 49.2 in March from 50.7 the prior month, missing forecasts for a reading of 50.5.
Hennes & Mauritz AB gained after reporting better-than-estimated first quarter pre-tax profit.
Carrefour slumped after launching the disposal of 12.7m treasury shares, representing about 1.73% of its share capital. |
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| | US Market Report | | US close: Dow relinquishes gains at the end of the session as oil prices rebound US stocks declined on Monday, erasing the day's gains as investors digested comments by Federal Reserve members and a weaker-than-expected existing-home sales figures.
The Dow Jones Industrial Average closed down 11.61 points to 18,116.04, while the S&P 500 and the Nasdaq fell four and 13 points respectively.
St. Louis Federal Reserve President, James Bullard told CNBC that the dovish statement from last week may have misplaced investor expectations about the first rate hike, while Cleveland Fed President Loretta Mester, said the Fed could do more to help guide the market in terms of rate moves.
The dollar lost over 1% against the euro and 0.2% against the yen but was largely stable agains the pound, while gold futures gained 0.47% to $1,190.20.
Oil prices rebound from last week's losses, with Brent crude gaining 0.84% to $55.79 a barrel, while West Texas Intermediate rose 1.60% to $47.73 a barrel.
"US stocks have been especially sensitive to moves in the US dollar and oil prices so with both moving lower on Monday, US stocks look to follow suit," said CMC Markets analyst Jasper Lawler.
Sales of existing homes rose 1.2% in February to a seasonally adjusted annual rate of 4.88m, falling below analysts' expectations of a 4.94m reading.
According to figures released by the National Association of Realtors, existing home sales remain sluggish, having fluctuated over the 5m level for the past two and half years.
The report added that the median sales price of used homes hit $202,600 in February, a 7.5% increase year-on-year.
Meanwhile, the Chicago Fed National Activity Index dipped to -0.11 in February from -0.10 in January. Any reading below zero indicates growth below historic trends.
The three-month moving average was at -0.08 from +0.26 in the month before. For the monthly index, the production and consumption/housing sub-categories were also below zero.
In company news, cruise-operator Carnival Corp fell 1.75% after Deutsche Bank's analysts downgraded the rating on the stock to 'hold' from 'buy', while railroad operator Kansas City Southern dropped 7.96% after the company lowered its 2015 sales growth outlook.
Drugmaker Gilead Sciences fell 1.89% after Bloomberg reported the company had warned health-care providers on Friday that nine patients taking its hepatitis C drugs Harvoni or Sovaldi along with the heart treatment amiodarone had developed abnormally slow heart beats and one had been died following a heart attack.
Tenet Healthcare Corp rose 4.94% after it announced it was creating a $2.6bn joint venture with United Surgical Partners International.
S&P 500 - Risers
Allegheny Technologies Inc. (ATI) $31.50 +6.64%
Tiffany & Co. (TIF) $87.74 +5.80%
Noble Corporation plc (NE) $14.44 +5.25%
Genworth Financial Inc. (GNW) $7.75 +5.01%
Freeport-McMoRan Inc (FCX) $19.33 +5.00%
Tenet Healthcare Corp. (THC) $52.06 +4.92%
United States Steel Corp. (X) $24.21 +4.44%
Avon Products Inc. (AVP) $7.95 +4.26%
Darden Restaurants Inc. (DRI) $69.23 +3.84%
Peabody Energy Corp. (BTU) $6.37 +3.79%
S&P 500 - Fallers
Kansas City Southern (KSU) $106.48 -7.96%
Celgene Corp. (CELG) $122.95 -4.32%
CSX Corp. (CSX) $33.70 -4.15%
Vertex Pharmaceuticals Inc. (VRTX) $125.79 -3.97%
Union Pacific Corp. (UNP) $112.79 -3.97%
Perrigo Company plc (PRGO) $166.42 -3.73%
Norfolk Southern Corp. (NSC) $106.56 -3.50%
Denbury Resources Inc. (DNR) $7.21 -3.35%
Nvidia Corp. (NVDA) $22.70 -3.26%
Noble Energy Inc. (NBL) $46.40 -3.01%
Dow Jones I.A - Risers
Pfizer Inc. (PFE) $35.05 +2.34%
McDonald's Corp. (MCD) $98.62 +1.62%
International Business Machines Corp. (IBM) $164.70 +1.12%
Exxon Mobil Corp. (XOM) $85.43 +1.05%
Johnson & Johnson (JNJ) $102.91 +0.50%
Merck & Co. Inc. (MRK) $58.73 +0.34%
General Electric Co. (GE) $25.47 +0.28%
AT&T Inc. (T) $33.29 +0.18%
Verizon Communications Inc. (VZ) $49.64 +0.16%
E.I. du Pont de Nemours and Co. (DD) $74.42 +0.11%
Dow Jones I.A - Fallers
Home Depot Inc. (HD) $116.07 -1.21%
Boeing Co. (BA) $152.84 -1.07%
Chevron Corp. (CVX) $105.92 -1.04%
JP Morgan Chase & Co. (JPM) $61.12 -1.02%
United Technologies Corp. (UTX) $118.68 -0.65%
American Express Co. (AXP) $82.20 -0.60%
Goldman Sachs Group Inc. (GS) $191.98 -0.60%
Nike Inc. (NKE) $101.46 -0.51%
Visa Inc. (V) $67.08 -0.49%
Intel Corp. (INTC) $31.20 -0.35%
Nasdaq 100 - Risers
Staples Inc. (SPLS) $16.81 +3.45%
Baidu Inc. (BIDU) $216.69 +1.88%
Mondelez International Inc. (MDLZ) $35.29 +1.60%
Wynn Resorts Ltd. (WYNN) $132.04 +1.58%
eBay Inc. (EBAY) $58.62 +1.19%
Apple Inc. (AAPL) $127.21 +1.04%
Vimpelcom Ltd Ads (VIP) $5.39 +0.94%
Viacom Inc. Class B (VIAB) $70.40 +0.92%
Avago Technologies Ltd. (AVGO) $134.44 +0.86%
Tesla Motors Inc (TSLA) $199.63 +0.78%
Nasdaq 100 - Fallers
Celgene Corp. (CELG) $122.95 -4.32%
Vertex Pharmaceuticals Inc. (VRTX) $125.79 -3.97%
Nvidia Corp. (NVDA) $22.70 -3.26%
Nxp Semiconductors Nv (NXPI) $104.90 -2.90%
Biogen Idec Inc. (BIIB) $463.73 -2.57%
Micron Technology Inc. (MU) $28.01 -2.34%
Regeneron Pharmaceuticals Inc. (REGN) $478.32 -2.16%
Amgen Inc. (AMGN) $166.54 -2.09%
Illumina Inc. (ILMN) $192.11 -1.99% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: ECB bond-buying, Banks, David Cameron The European Central Bank said it will continue to purchase debt for at least 18 months until inflation has stabilised, reported The Wall Street Journal.
US regulators vetoed the "living wills" of Royal Bank of Scotland, HSBC and BNP Paribas on Monday, demanding that the banks improve planning in the event of their demise, reported the Financial Times.
Prime minister David Cameron will not seek a third term in-office and has made recommendations for three potential replacements, wrote The Guardian.
White House officials have revealed that Israel spied on international negotiations surrounding Iran's nuclear programme in 2014, according to The Wall Street Journal.
Defence secretary Michael Fallon has planned to bolster the Falkland Islands garrison in the face of further Argentinian threats, The Telegraph said.
Human waste may be "mined" for up to £500m in metals like gold, silver, copper and vanadium, according to The Times. "Gold has been identified in waste from sewage treatment plants at levels which, if found in rock, would be worth mining, according to scientists," the paper said.
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