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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 drag FTSE 100 lower for fourth day UK stocks declined for a fourth straight day on Friday morning as the FTSE 100 continued to pull back from recent all-time highs.
The Footsie was down 0.1% at 6,888.66 in early deals with mining stocks among the worst performers. London's blue chip index has continued to fall after hitting a new record closing high of 7,037.67 on Monday.
Analysts said markets were showing caution towards the end of the first quarter and ahead of the next earnings season.
"I think we've seen a lot of profit taking this week, some balancing of the books and basically, preparation for the weeks ahead which could be quite rocky if earnings are as weak as is widely anticipated," said Oanda'sCraig Erlam.
Inflation data from Japan overnight also failed to buoy sentiment as the core consumer price index fell to 2%. Stripping out the effect of last April's sales tax increase, inflation dropped to just 0%.
Looking ahead, Friday is set to be a quiet day in terms of economic data, with US economic growth and consumer sentiment figures the only major release.
Antofagasta leads miners lower
Copper mining group Antofagasta declined after being forced to call a halt to mining activities in the north of Chile due to heavy rain. Since Tuesday evening, flash floods in the Atacama Desert in the north of Chile have wreaked havoc across the region, where Antofagasta's Centinela, Antucoya and Michilla mines are located.
Mining peers Fresnillo, Anglo American, Randgold Resources and Glencore were also out of favour as metal prices weakened.
Royal Bank of Scotland dipped into the red after confirming it will be offloading its Coutts private banking business to Switzerland's Union Bancaire Prive.
Barratt Developments was higher after announcing that chief executive Mark Clare has stepped down following nine years in the role, to be replaced by finance director David Thomas. Analysts had criticised Clare for being unambitious. Housing peers Persimmon and Taylor Wimpey were also putting in decent gains.
London interdealer broker ICAP rose amid rumours that it is looking to spin off its electronic trading arm EBS-BrokerTec. The FTSE 250 company's management have been mulling the split and, according to sources cited by Bloomberg, have recently discussed the separation with clients and potential advisers.
Airline stocks Easyjet and IAG were performing well, rebounding after falling sharply on Thursday on the back of a spike in the oil price. Brent was down 2% at $58.01 a barrel early on. |
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| Market Movers
techMARK 3,184.15 +0.24%
FTSE 100 6,888.66 -0.10%
FTSE 250 17,283.89 +0.14%
FTSE 100 - Risers
easyJet (EZJ) 1,885.00p +2.61%
International Consolidated Airlines Group SA (CDI) (IAG) 598.00p +1.87%
InterContinental Hotels Group (IHG) 2,614.00p +1.75%
Shire Plc (SHP) 5,400.00p +1.69%
CRH (CRH) 1,823.00p +1.62%
Vodafone Group (VOD) 226.80p +1.25%
Barratt Developments (BDEV) 542.50p +1.02%
GKN (GKN) 365.20p +1.00%
SSE (SSE) 1,562.00p +0.90%
Standard Chartered (STAN) 1,109.50p +0.86%
FTSE 100 - Fallers
Weir Group (WEIR) 1,733.00p -2.48%
Randgold Resources Ltd. (RRS) 4,781.00p -2.47%
Anglo American (AAL) 1,050.00p -2.46%
Morrison (Wm) Supermarkets (MRW) 198.00p -1.83%
Glencore (GLEN) 292.00p -1.75%
Fresnillo (FRES) 699.00p -1.62%
Antofagasta (ANTO) 713.50p -1.52%
Sainsbury (J) (SBRY) 260.60p -1.44%
Rio Tinto (RIO) 2,836.50p -1.41%
Carnival (CCL) 2,990.00p -1.12%
FTSE 250 - Risers
Card Factory (CARD) 299.70p +2.53%
CLS Holdings (CLI) 1,743.00p +2.53%
Countrywide (CWD) 552.00p +2.22%
Enterprise Inns (ETI) 100.00p +2.09%
Man Group (EMG) 204.90p +1.89%
Balfour Beatty (BBY) 239.50p +1.87%
Rank Group (RNK) 187.90p +1.84%
Jimmy Choo (CHOO) 169.00p +1.81%
Homeserve (HSV) 369.50p +1.76%
Diploma (DPLM) 832.00p +1.71%
FTSE 250 - Fallers
Allied Minds (ALM) 665.00p -5.00%
Lonmin (LMI) 123.20p -4.79%
Kaz Minerals (KAZ) 208.70p -3.25%
Supergroup (SGP) 964.50p -2.67%
Premier Oil (PMO) 143.30p -1.92%
Tullow Oil (TLW) 302.50p -1.88%
Nostrum Oil & Gas (NOG) 600.00p -1.64%
Centamin (DI) (CEY) 57.05p -1.47%
Investec (INVP) 565.50p -1.39% |
| | UK Event Calendar | | Friday 27 March
INTERIMS
Imperial Innovations Group
INTERIM DIVIDEND PAYMENT DATE
DX (Group), Foresight 3 VCT, Genus, Hargreaves Services, Ibex Global Solutions, Ruffer Investment Company Ltd Red PTG Pref Shares
QUARTERLY PAYMENT DATE
BP
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
GDP (Final) (US) (12:30)
U. of Michigan Confidence (Final) (US) (13:55)
Q4
OJSC Novolipetsk Steel GDS (Reg S)
GMS
Savannah Petroleum
FINALS
BBGI SICAV S.A. (DI), Judges Scientific, OJSC Novolipetsk Steel GDS (Reg S), Public Power GDR SA (Reg S), Robinson
ANNUAL REPORT
British American Tobacco, Fisher (James) & Sons, Fundsmith Emerging Equities Trust , National Express Group, RPS Group, Standard Chartered, STV Group
SPECIAL DIVIDEND PAYMENT DATE
Beazley, Ferrexpo
EGMS
Range Resources Ltd. (DI)
AGMS
Attraqt Group , Banco Santander S.A., Blue Star Capital, Invista European Real Estate Trust Sicaf, KT Corp. ADR, MCB Bank Ltd GDR (Reg S), Milestone Group, Pinnacle Technology Group, St. Modwen Properties, United Bank Ltd GDR (Reg S)
TRADING ANNOUNCEMENTS
Homeserve
FINAL DIVIDEND PAYMENT DATE
Arden Partners, Jersey Electricity 'A' Shares, Octopus Eclipse VCT 1, SWP Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks recover on weaker euro and optimism around Eurozone data Equity markets in Europe rebounded on Friday, as a weaker euro currency helped boost the shares of exporting companies, though concerns remained about geopolitical drama in the Middle East.
At 0930 GMT, the DAX in Germany, CAC-40 in France and IBEX-35 in Spain were up 0.3%, 0.4% and 0.2%, respectively. UK's FTSE 100 index underperformed European peers, down 0.1%, albeit recovering from previous session lows.
The pan-European Stoxx 600 index added 0.6% to trade at 397.
Eurozone share markets were helped by the euro dropping 0.7% against the US dollar to trade around $1.08, which is welcome news for exporting blue-chips based in Europe. The Stoxx 600 automobiles and parts index - a strong gauge of exporting companies - rose 0.8%.
There was little in the way of Eurozone economic data but sentiment continued to be lifted by Thursday's better than forecast Spanish GDP, French deficit and Eurozone M3 data. "Economic data released over the month have confirmed that the recovery is gaining traction, supported by lower oil prices, a weaker euro and ECB policy action," said Barclays.
Geopolitical tensions were still in the backdrop with concerns that the Yemen conflict could close the Bab-el-Mandeb strait, a key shipping route for oil tankers located between Yemen and Djibouti. But, oil prices eased off previous session highs as analysts dismissed a prolonged unrest.
Brent crude, the global proxy benchmark, was down 1.2% to $57.73 a barrel, while WTI Crude was off 1.4% to $50.41 a barrel.
Naturally, airline stocks - with their heavy exposure to oil - were the major outperformers after the sector sold off heavily on Thursday as the oil price rose. The Stoxx 600 travel and leisure index rose 0.6%.
Attention turns to Federal Reserve chair Janet Yellen's speech on Friday and the release of US gross domestic product for the first quarter. |
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| | US Market Report | | US close: Stocks lower, oil and gold surge on Middle Eastern conflict concerns US stocks closed slightly lower on Thursday, recovering from steeper declines made earlier in the day as a result of conflict in the Middle East and underwhelming data.
The Dow Jones Industrial Average closed 0.23% lower at 17,678 while the S&P500 index fell 0.24% to 2,056. The S&P500 has now erased its gains for 2015 so far after three years of booking annual double digit gains. The NASDAQ closed 0.27% lower at 4,863.
Saudi Arabia's attack on anti-government rebels in Yemen sent oil prices higher, as investors worried that conflict could impact the world's biggest oil exporter's production. "The conflict has the potential to act as a drag on oil supplies as most oil tankers from Arab producers must pass by the Yemen coastline in order to get through the Red Sea and Suez Canal," said Craig Erlam, senior market analyst at OANDA.
Meanwhile, safe-haven investments like precious metals made gains, with gold up $7.80 to $1,204.80 per ounce, silver up 14 cents to $17.14 per ounce and copper up two cents to $2.81 per pound. Gold tends to see capital inflows in times of uncertainty. The CBOE's VIX index which measures volatility and regarded as the best gauge of fear in the market rose 2.7% to stand at 17.
In terms of data, a better-than-expected report on jobless claims failed to offset concerns of a sluggish economy during the first quarter. Weekly initial jobless claims falling by 9,000 to 282,000 in the week ending 21 March, which in turn pushed US government bonds to retreat. The yield on the benchmark 10-year Treasury note was at 2.01%, compared with 1.93% on Wednesday.
The euro fell to $1.0879 and the dollar declined to 119.27 Japanese yen, a reversal from the dollar's appreciation this year which has made US goods more expensive abroad and therefore impaired US companies competitively.
"The dollar is going to be a drag on company earnings, at least temporarily," said Stephen Freedman, a strategist at UBS Wealth Management Research.
In the absence of more US economic data, eyes were on comments from Atlanta Federal Reserve head Dennis Lockhart who said the US central bank will move in a very deliberate fashion when it begins to normalise its monetary policy, so there is little risk that it might be forced to backtrack.
In company news, Lululemon Athletica rebounded from earlier losses to trade higher. The yoga apparel company offered a weak outlook for the first quarter, although fourth-quarter earnings rose to $110.9m, or 78 cents per share, up from $109.7 m, or 75 cents per share, a year earlier.
Red Hat ended higher after revealing its fourth-quarter earnings rose to $48 million, or 26 cents a share, from $45 million, or 24 cents a share a year ago. On an adjusted basis, the company earned 43 cents per share, beating analysts expectations of 41 cents per share. It also said the board approved a stock repurchase program worth $500 million.
SanDisk Corp, which plunged in early trading after the company cut its sales outlook, closed slightly higher.
S&P 500 - Risers
Red Hat Inc. (RHT) $75.36 +10.09%
Accenture Plc (ACN) $94.17 +6.76%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $84.78 +3.85%
Harris Corp. (HRS) $73.28 +3.74%
Denbury Resources Inc. (DNR) $7.92 +3.66%
QEP Resources Inc (QEP) $21.68 +3.04%
LyondellBasell Industries (LYB) $87.86 +2.88%
Noble Energy Inc. (NBL) $47.94 +2.50%
Dr Pepper Snapple Group Inc. (DPS) $79.10 +2.50%
Cognizant Technology Solutions Corp. (CTSH) $62.52 +2.17%
S&P 500 - Fallers
Sandisk Corp. (SNDK) $66.20 -18.45%
Peabody Energy Corp. (BTU) $5.60 -11.81%
CONSOL Energy Inc. (CNX) $27.41 -5.55%
Coach Inc. (COH) $40.69 -3.58%
Keurig Green Mountain Inc (GMCR) $113.55 -3.53%
Southwestern Energy Co. (SWN) $22.53 -3.39%
Staples Inc. (SPLS) $16.02 -3.17%
Consolidated Edison Inc. (ED) $58.80 -2.94%
Best Buy Co. Inc. (BBY) $38.40 -2.59%
GameStop Corp. (GME) $38.79 -2.56%
Dow Jones I.A - Risers
International Business Machines Corp. (IBM) $160.59 +0.87%
Wal-Mart Stores Inc. (WMT) $81.89 +0.70%
Intel Corp. (INTC) $30.08 +0.64%
AT&T Inc. (T) $32.82 +0.61%
Nike Inc. (NKE) $99.33 +0.34%
Walt Disney Co. (DIS) $105.24 +0.23%
Caterpillar Inc. (CAT) $79.88 +0.03%
Dow Jones I.A - Fallers
American Express Co. (AXP) $78.48 -2.03%
Cisco Systems Inc. (CSCO) $27.08 -1.38%
Home Depot Inc. (HD) $112.37 -1.15%
Merck & Co. Inc. (MRK) $57.60 -1.13%
Procter & Gamble Co. (PG) $82.15 -1.04%
Travelers Company Inc. (TRV) $106.83 -0.72%
Exxon Mobil Corp. (XOM) $84.32 -0.64%
Verizon Communications Inc. (VZ) $48.42 -0.64%
Microsoft Corp. (MSFT) $41.21 -0.60%
McDonald's Corp. (MCD) $97.64 -0.51%
Nasdaq 100 - Risers
Cognizant Technology Solutions Corp. (CTSH) $62.52 +2.17%
Kraft Foods Group, Inc. (KRFT) $84.39 +1.47%
Gilead Sciences Inc. (GILD) $101.07 +1.22%
Whole Foods Market Inc. (WFM) $52.15 +1.07%
Mylan Inc. (MYL) $61.88 +1.06%
O'Reilly Automotive Inc. (ORLY) $211.19 +1.06%
Check Point Software Technologies Ltd. (CHKP) $82.19 +1.00%
Citrix Systems Inc. (CTXS) $63.40 +0.88%
Sirius XM Holdings Inc (SIRI) $3.86 +0.78%
Fiserv Inc. (FISV) $78.43 +0.77%
Nasdaq 100 - Fallers
Sandisk Corp. (SNDK) $66.20 -18.45%
Vimpelcom Ltd Ads (VIP) $5.27 -6.06%
Keurig Green Mountain Inc (GMCR) $113.55 -3.53%
Staples Inc. (SPLS) $16.02 -3.17%
Nxp Semiconductors Nv (NXPI) $97.50 -2.65%
Mondelez International Inc. (MDLZ) $35.08 -2.02%
Tesla Motors Inc (TSLA) $190.41 -2.00%
Discovery Communications Inc. Class A (DISCA) $30.93 -1.97%
Wynn Resorts Ltd. (WYNN) $126.86 -1.83% |
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| | Newspaper Round Up | | Friday newspaper round-up: Greek deadline, Cameron debate, FCA condemned Greece has rushed to complete a list of economic overhauls to satisfy creditors by Monday, wrote The Wall Street Journal.
Polls show that David Cameron won the first televised leader debate against Ed Miliband by 54% to 46%, according to The Guardian.
Reports have slated the UK Financial Conduct Authority for a 'shocking misstep' around a media briefing in 2014 that caused huge volatility in life insurance company shares, The Wall Street Journal reported.
Amazon drones will likely be approved for trial, British transport minister Robert Goodwill told The Times.
A building in New York City collapsed and burst into flames, injuring 12 people and critically injuring one, according to The Telegraph.
The rising cost of rent and shortage of affordable housing has caused a huge rise in the number of families forced to live in temporary accommodation, The Guardian reported.
Morgan Stanley chief financial officer Ruth Porat will receive a $70m award in her first year as Google's top finance official, said the Financial Times. | | |
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