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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: LSE and Easyjet lead stocks lower, oil prices spike UK stocks dropped sharply on Thursday morning following a steep sell-off on Wall Street, with financial and airline shares providing a drag. The FTSE 100 was down 1% at 6,919.49 early on as it continues to pull back from the fresh all-time closing high of 7,037.67 reached on Monday.
The London Stock Exchange Group (LSEG) was the worst performer on the Footsie after Dubai sold a 1.5bn stake, while Easyjet underwhelmed with a first-half update.
Weighing on airline stocks in particular was a spike in the price of oil on Thursday after Saudi Arabia launched air strikes in Yemen overnight in an effort to defeat rebel Houthi fighters from the north of that country. Brent was up 3.6% at $58.50 a barrel.
US markets suffered sharp declines on Wednesday as economic data continued to disappoint, with durable goods orders unexpectedly dropped 1.4% month-on-month in February.
"For the most part of this year the consensus view has been, and to some extent still is, that the US economy is in pretty good shape with robust jobs growth, helping propel a recovery that sets it apart from its peers," said CMC Markets analyst Michael Hewson. ??"This rather rose tinted view has taken somewhat of a knock in the past few days with a raft of disappointing data announcements, and yesterday's durable goods numbers for February did nothing to dispel these concerns."
In economic data on Thursday, investors will looking out for German consumer confidence, UK retail sales, US jobless claims and US service-sector figures.
In other news, Greek Economy Minister George Stathakis said on Thursday he believed that Greece's government would reach an agreement with the Eurozone's finance ministers by "next week."
LSEG and Easyjet drop
LSEG sank 10% after Borse Dubai offloaded 60m shares in the exchange operator, equal to a 17.4% stake worth £1.5bn.
Other financials such as Hargreaves Lansdown, St James's Place and Aviva were also in the red. Schroders and Prudential were registering losses after going ex-dividend, along with real estate group British Land.
Banks were also under the weather early on: RBS fell after confirming it expects to make at least $3.2bn from the partial sale of shares in US subsidiary Citizens, while Lloyds declined after the government sold a stake worth £569m in the lender.
Easyjet was lower despite a first-half update in which the airline upgraded guidance for the first half. The company now anticipates a £20m favourable impact from currency movements, compared with £10m previously.
The stock, along with sector peers IAG and Ryanair, was also out of favour as oil prices headed higher.
In contrast, oil-related stock such as Weir Group, BG Group, BP, Shell and Petrofac were all making gains. |
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| | Market Movers
techMARK 3,177.34 -1.24%
FTSE 100 6,919.49 -1.02%
FTSE 250 17,275.55 -1.30%
FTSE 100 - Risers
Weir Group (WEIR) 1,816.00p +2.71%
Fresnillo (FRES) 728.00p +2.39%
Randgold Resources Ltd. (RRS) 4,975.00p +1.91%
BG Group (BG.) 910.20p +1.62%
Hikma Pharmaceuticals (HIK) 2,208.00p +1.10%
BP (BP.) 452.60p +0.95%
Centrica (CNA) 262.30p +0.81%
SSE (SSE) 1,568.00p +0.32%
Experian (EXPN) 1,144.00p +0.26%
Severn Trent (SVT) 2,094.00p +0.19%
FTSE 100 - Fallers
London Stock Exchange Group (LSE) 2,277.00p -10.28%
easyJet (EZJ) 1,805.00p -4.50%
ARM Holdings (ARM) 1,077.00p -4.44%
International Consolidated Airlines Group SA (CDI) (IAG) 581.50p -4.28%
St James's Place (STJ) 940.50p -3.93%
Schroders (SDR) 3,216.00p -3.80%
Prudential (PRU) 1,677.00p -3.73%
Hargreaves Lansdown (HL.) 1,162.00p -3.73%
British Land Co (BLND) 841.00p -2.94%
Aviva (AV.) 547.50p -2.93%
FTSE 250 - Risers
Supergroup (SGP) 1,001.00p +7.23%
Petrofac Ltd. (PFC) 1,018.00p +3.04%
Premier Oil (PMO) 154.00p +2.67%
Ophir Energy (OPHR) 142.10p +2.38%
Kaz Minerals (KAZ) 222.00p +2.12%
Soco International (SIA) 172.00p +1.53%
Vedanta Resources (VED) 564.50p +1.35%
Wood Group (John) (WG.) 664.50p +1.22%
Hunting (HTG) 541.00p +1.22%
Stagecoach Group (SGC) 360.30p +1.18%
FTSE 250 - Fallers
Bodycote (BOY) 719.50p -6.44%
BlackRock World Mining Trust (BRWM) 304.00p -4.94%
Ladbrokes (LAD) 104.30p -4.92%
Countrywide (CWD) 531.00p -4.50%
Euromoney Institutional Investor (ERM) 1,084.00p -4.07%
Go-Ahead Group (GOG) 2,436.00p -3.98%
Phoenix Group Holdings (DI) (PHNX) 849.00p -3.85%
Essentra (ESNT) 1,004.00p -3.83%
Bovis Homes Group (BVS) 937.00p -3.70% |
| | UK Event Calendar | | Thursday 26 March
INTERIMS
EpiStem Holdings, Produce Investments
INTERIM EX-DIVIDEND DATE
Craneware, Go-Ahead Group, Sky, Smiths Group, Symphony International Holdings Ltd., Thorpe (F.W.), Tristel
QUARTERLY PAYMENT DATE
Brunner Inv Trust
QUARTERLY EX-DIVIDEND DATE
British Land Co, Schroder Income Growth Fund
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (12:30)
GFK Consumer Confidence (GER) (07:00)
Initial Jobless Claims (US) (12:30)
M3 Money Supply (EU) (09:00)
Q4
Signet Jewelers Ltd.
GMS
Aviva, IP Group, IP Group, IP Group, IP Group
FINALS
Churchill China, Concurrent Technologies, Corero Network Security, Henry Boot, IFG Group, International Public Partnerships Ltd., Mission Marketing Group, Mortgage Advice Bureau (Holdings) , Personal Group Holdings, Safestyle UK , Signet Jewelers Ltd.
ANNUAL REPORT
Laird, W H Ireland Group
SPECIAL EX-DIVIDEND PAYMENT DATE
Bodycote, Fidelity European Values, Symphony International Holdings Ltd.
AGMS
Aukett Swanke Group , Blackrock Throgmorton Trust, Henderson Opportunities Trust, Independent Inv Trust, Jarvis Securities, LPA Group, MoneySwap, W H Ireland Group
TRADING ANNOUNCEMENTS
Daily Mail and General Trust A (Non.V)
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL EX-DIVIDEND DATE
32Red, BlackRock Latin American Inv Trust, BlackRock World Mining Trust, Bodycote, Bovis Homes Group, Countrywide, Devro, Driver Group, Essentra, Fidelity European Values, Foreign and Colonial Inv Trust, Hiscox Ltd (CDI), Ladbrokes, LSL Property Services, Moneysupermarket.com Group, Phoenix Group Holdings (DI), Prudential, Real Estate Investors, RTC Group, Schroders, Schroders (Non-Voting), SEGRO, Stadium Group, Wynnstay Group
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities pressured by overnight losses in US and Asia European stocks slid on Thursday after declines in US and Asian markets overnight coupled with growing concerns about instability in the Middle East in the wake of Saudi Arabia's air strikes on neighbouring Yemen. At 0855 GMT, the UK's FTSE 100 lost 0.3% to 6949 and the DAX in Germany shed 1.2% at 11739.2. France's CAC-40 was off 0.7% at 4981 while Spain's IBEX-35 dropped 1% to 11362. The FTSE MIB index in Italy was down 1.2% and Greece's ASE slumped 2.4%.
The broader Stoxx Europe 600 index shed 0.9% to trade at 394.54.
Europe's declines followed that of deep losses on Wall Street on Wednesday on weak US economic data. The Dow Jones Industrial Average fell 1.6% and the S&P500 lost 1.5%.
The tech-rich Nasdaq 100 slumped 2.4% as investors expressed concerns over deteriorating computer sales, which subsequently weighed on the tech-heavy Japanese Nikkei 225 index which booked losses of 1.4%.
"The declines that set in due to the dismal US data yesterday afternoon have proven difficult to shake, with the Eurozone indices being impervious to the wave of strong figures that have been released this week. With the US futures looking shaky (DJIA and S&P futures down 0.5% and 0.4% respectively) it may take a turnaround at the US open for the losses in Europe to stall," said Connor Campbell, market analyst at Spreadex.
Worries about an nstable Middle East rattled market confidence, leading to a spike in oil prices. Nymex and Brent crude futures were up 5.4% to $51.56 per barrel and up 4.6% to $58.94, respectively, after Saudi Arabia and its Gulf Arab allies launched a military operation in Yemen to counter Iran-allied forces besieging the southern city of Aden.
Closer to home, sentiment was also under pressure on news that Greece had failed in a bid on Wednesday to secure a quick cash payment from the Eurozone bank bailout fund to help stave off potential bankruptcy next month. Greece is reportedly set to run out of cash by early April unless its creditors can cough up urgent funding.
In the FX market, the euro extended Wednesday's gains to push up above the $1.1 mark against the US dollar after sagging to a 12-year low versus the greenback earlier this month.
At 0900 GMT, the euro rose 0.7% to changing hands with the US dollar at $1.10402, propped up by news that France's deficit narrowed faster than anticipated to 4% of gross domestic product in 2014, from 4.3% in the previous year.
In company news, advertiser Havas slumped 8% after French billionaire Vincent Bolloré launched an accelerated placement to sell about 17% of his majority stake in French advertising group.
Airliner Lufthansa shares fell 2.4% as investors remained concern about the future of the airline's Germanwings business and its reputation following a crash in the French Alps which killed everyone on-board.
In the aerospace and defence sector, Airbus shares lost 0.8% after it raised €1.64bn from the sale of a 17.5% stake in Dassault Aviation. |
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| | US Market Report | | US close: Dow plunges over 290 points as oil prices rebound on turmoil in Yemen US stocks fell sharply on Wednesday marking the third consecutive session of decline, as biotech and technology stocks drove the markets in the red. The Dow Jones Industrial Average fell 292.60 points to 17,718.54, while the Nasdaq suffered its worst drop in 11 months after shedding 118.21 points and the S&P 500 lost 30.45 points.
Orders for durable US goods declined for the third time in four months in February, as businesses remain reluctant to spend and invest.
According to figures released by the Commerce Department on Wednesday, durable goods orders declined 1.4% month-on-month, against consensus for an increase between 0.1% and 0.2%, as lower demand in the aircraft industry weighed on the overall data.
Excluding the transport sector, orders declined 0.4% registering their fifth consecutive negative reading.
"Barring a big rally in March, there is a good chance that the GDP figures will show that investment in equipment contracted slightly over the first quarter," said Paul Ashworth, chief US economist at Capital Economics.
"This weakness could be linked to the big shake-out in the oil and gas sector, but that sector doesn't account for a very big share of the existing stock of capital goods."
Meanwhile, applications for US home mortgages rose in the week to 20 March, as interest rates declined to their lowest level since February.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity climbed 9.5% last week.
In company news, Kraft Foods surging 35.62%, after announcing a merger with HJ Heinz Company in a that deal will create the third largest food and beverage company in the US.
Software company Kofax soared 45.63% after confirming it had agreed to be taken over by printing giant Lexmark International in a deal worth approximately $1bn.
Private education services providerApollo Education Group plunged 28.40% after providing a disappointing sales outlook for the rest of the year, while payroll and insurance provider Paycheck fell 4.09% after analysts at Janney Capital Markets said the company's business lacked "a fundamental catalyst."
However, the group also posted adjusted quarterly profit that matched expectations, while revenue that beat forecasts.
The dollar relinquished Tuesday's gains, falling 0.64% against the euro and losing 0.28% and 0.31% against the pound and the yen respectively, while gold futures climbed 0.33% to $1,195.30.
Oil prices staged a strong recovery, as turmoil in Yemen casted doubts over crude supplies in the Middle East. West Texas Intermediate gained 2.9% to $48.95 a barrel, while Brent crude rose 2% to $56.25 a barrel.
S&P 500 - Risers
Kraft Foods Group, Inc. (KRFT) $83.15 +35.59%
Denbury Resources Inc. (DNR) $7.64 +4.37%
Noble Corporation plc (NE) $14.65 +3.90%
Ensco Plc. (ESV) $21.76 +3.62%
Devon Energy Corp. (DVN) $59.64 +3.11%
Transocean Ltd. (RIG) $15.24 +2.76%
Valero Energy Corp. (VLO) $63.78 +2.75%
Nabors Industries Ltd. (NBR) $13.58 +2.57%
Range Resources Corp. (RRC) $50.90 +2.56%
CONSOL Energy Inc. (CNX) $29.02 +2.54%
S&P 500 - Fallers
Lam Research Corp. (LRCX) $72.75 -7.63%
Avago Technologies Ltd. (AVGO) $124.43 -6.53%
Nvidia Corp. (NVDA) $21.03 -6.10%
KLA-Tencor Corp. (KLAC) $59.37 -5.72%
Applied Materials Inc. (AMAT) $22.63 -5.31%
Broadcom Corp. (BRCM) $42.31 -5.10%
Keurig Green Mountain Inc (GMCR) $117.70 -4.99%
Micron Technology Inc. (MU) $26.57 -4.97%
Linear Technology Corp. (LLTC) $45.47 -4.68%
Biogen Inc (BIIB) $431.63 -4.66%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $105.67 +1.41%
Exxon Mobil Corp. (XOM) $84.86 +0.40%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $41.46 -3.36%
Intel Corp. (INTC) $29.89 -2.92%
International Business Machines Corp. (IBM) $159.20 -2.33%
Boeing Co. (BA) $148.23 -2.26%
3M Co. (MMM) $162.70 -2.18%
E.I. du Pont de Nemours and Co. (DD) $72.03 -2.13%
Home Depot Inc. (HD) $113.68 -2.13%
United Technologies Corp. (UTX) $116.44 -2.09%
Wal-Mart Stores Inc. (WMT) $81.32 -2.08%
Goldman Sachs Group Inc. (GS) $187.35 -2.05%
Nasdaq 100 - Risers
Kraft Foods Group, Inc. (KRFT) $83.15 +35.59%
Mondelez International Inc. (MDLZ) $35.81 +2.27%
Vimpelcom Ltd Ads (VIP) $5.61 +1.08%
Nasdaq 100 - Fallers
Avago Technologies Ltd. (AVGO) $124.43 -6.53%
Nvidia Corp. (NVDA) $21.03 -6.10%
KLA-Tencor Corp. (KLAC) $59.37 -5.72%
Applied Materials Inc. (AMAT) $22.63 -5.31%
Broadcom Corp. (BRCM) $42.31 -5.10%
Keurig Green Mountain Inc (GMCR) $117.70 -4.99%
Micron Technology Inc. (MU) $26.57 -4.97%
Linear Technology Corp. (LLTC) $45.47 -4.68%
Biogen Inc (BIIB) $431.63 -4.66% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Schlumberger, US-ISIS airstrikes, Athens The world largest oil-field services company Schlumberger has pleaded guilty to violating sanctions in Iran and Sudan so will have to pay $232.7m, according to The Wall Street Journal. The US has launched airstrikes against ISIS militants in the Iraqi city of Tikrit, reported The Wall Street Journal.
Meeting overnight, the Eurogroup Working Group (EWG) ruled that Athens had no legal claim to €1.2bn in funds held by the European Financial Stability Facility. The decision will add to the financial pressures on Athens as it tries to solve its cash crisis. Greek Prime Minister Alexis Tsipras had argued that the money was erroneously sent back last month to the European rescue fund, The Times reports.
BT has fired the first shot in a new price war as it seeks to re-enter the consumer mobile market. The telecommunications operator is hoping to obtain a better foothold in the market even before it completes the £12.5bn acquisition of EE. BT is now offering a 4G package for £5 a month, The Times explains.
One pilot was reportedly locked out of the Germanwings Airbus A320 cockpit as it crashed in the French Alps with 150 people on board, wrote The Telegraph.
Two Ukrainian ministers were arrested during a cabinet meeting broadcast live on television hours after President Poroshenko of Ukraine fired a billionaire regional governor who played a crucial role in fighting pro-Russian rebels, The Times reported.
Patient care will suffer with growing wait times and a rising infection rate as the NHS draws closer to a £2bn deficit, according to The Guardian.
A whistleblower has revealed that police spied on at least 10 Labour politicians in the 1990s after they were elected into the House of Commons, wrote The Guardian.
Prime minister David Cameron ruled out a VAT rise in a confrontation with Labour leader Ed Miliband ahead of Thursday night's television debate, said The Times.
The sale of a key government research unit to outsourcing company Capita could undermine crucial progress on food safety, according to The Independent. | | |
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