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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: Taylor Wimpey and Ashtead drive markets higher, Barclays falls The FTSE 100 was closing in on another record high on Tuesday morning as impressive German data and gains from Taylor Wimpey and Ashtead helped markets higher.
However, upside was limited as Barclays and Travis Perkins underwhelmed with their annual results, while the heavyweight mining sector inched lower.
The Footsie was up 0.3% at 6,960.03 early on, nearing the intraday all-time high of 6,974.26 reached on Monday.
The positive start followed a strong performance on Wall Street the previous session, with the Dow Jones and S&P 500 both closing at record highs and the Nasdaq finishing above 5,000 for the first time in 15 years.
Economic data was thin on the ground on Tuesday, though the focus was on German retail sales which jumped 2.9% in January after a revised 0.6% gain in December. This was well ahead of the 0.4% increase expected by analysts.
Elsewhere in the Eurozone, a Spanish official claimed that the region is discussing a third bailout for Greece worth €30bn-50bn, though Eurogroup head Jeroen Dijsselbloem dismissed the rumours.
Earnings under the spotlight
Shares in Barclays fell after the bank set aside a total of £1.25bn for provisions to cover litigation costs related to ongoing probes into mis-selling PPI and rigging foreign exchange rates. The news came as Barclays reported a pre-tax loss of £532m for the fourth quarter.
Housebuilder Taylor Wimpey impressed by doubling its dividend payment after unveiling 54% operating profit growth in 2014 and enjoying better-than-expected trading in the new year.
After a strong third quarter of growth in both the UK and US produced a record profit, Ashtead said it expected full-year results to be ahead of its previous expectations, helping shares higher.
Builders merchant and home improvement group Travis Perkins reported a double-digit increase in profits for 2014, but the stock weakened on a cautious outlook as the company warned about possible "volatility" arising from the general election in May.
Commodities trader and mining group Glencore was leading miners lower after posting a 2% decline in operating profits in 2014 and slashing its investment budget for this year. Sector peers BHP Billiton and Anglo American were also falling.
Shares in RSA Insurance were under the weather after Bernstein analysts lowered their rating on the stock from 'outperform' to 'market perform', while Intertek was downgraded by HSBC from 'overweight' to 'neutral'. |
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| | Market Movers
techMARK 3,175.58 +0.63%
FTSE 100 6,960.03 +0.28%
FTSE 250 17,280.75 +0.18%
FTSE 100 - Risers
Tullow Oil (TLW) 368.20p +3.05%
Associated British Foods (ABF) 3,149.00p +2.07%
Shire Plc (SHP) 5,255.00p +1.84%
Centrica (CNA) 251.00p +1.83%
SABMiller (SAB) 3,714.00p +1.66%
Hargreaves Lansdown (HL.) 1,179.00p +1.64%
Ashtead Group (AHT) 1,199.00p +1.52%
Taylor Wimpey (TW.) 147.10p +1.52%
British Land Co (BLND) 856.50p +1.36%
Dixons Carphone (DC.) 440.80p +1.36%
FTSE 100 - Fallers
Glencore (GLEN) 293.20p -2.45%
Royal Dutch Shell 'A' (RDSA) 2,039.00p -2.44%
Barclays (BARC) 257.45p -2.02%
Intertek Group (ITRK) 2,512.00p -1.95%
Travis Perkins (TPK) 1,990.00p -1.73%
Fresnillo (FRES) 797.50p -1.73%
RSA Insurance Group (RSA) 428.80p -1.27%
ITV (ITV) 225.60p -0.97%
Standard Chartered (STAN) 971.00p -0.92%
Antofagasta (ANTO) 758.50p -0.85%
FTSE 250 - Risers
Pace (PIC) 353.80p +5.39%
Vesuvius (VSVS) 500.00p +5.26%
Rotork (ROR) 2,557.00p +4.54%
Fisher (James) & Sons (FSJ) 1,209.00p +4.22%
Bwin . party Digital Entertainment (BPTY) 83.00p +3.49%
Amec Foster Wheeler (AMFW) 900.00p +2.16%
Wood Group (John) (WG.) 671.50p +2.13%
Petrofac Ltd. (PFC) 897.50p +2.05%
Enterprise Inns (ETI) 106.60p +2.01%
Hunting (HTG) 482.10p +1.92%
FTSE 250 - Fallers
Dunelm Group (DNLM) 873.00p -6.73%
Lonmin (LMI) 147.30p -4.66%
Tullett Prebon (TLPR) 336.20p -4.49%
Serco Group (SRP) 204.90p -4.03%
Ocado Group (OCDO) 360.90p -3.22%
Afren (AFR) 9.60p -3.08%
Countrywide (CWD) 517.00p -2.91%
Regus (RGU) 235.40p -2.53%
Merlin Entertainments (MERL) 416.70p -2.30% |
| | UK Event Calendar | | INTERIMS
Clinigen Group, ISG
Q3
Ashtead Group
IMS
Stagecoach Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Vehicle sales (US)
FINALS
Barclays, Breedon Aggregates Ltd., Costain Group, Direct Line Insurance Group, Fisher (James) & Sons, Foresight Solar Fund Limited, Glencore, Hydro International, Jardine Lloyd Thompson Group, Johnson Service Group, JSC KazMunaiGaz Exploration Production GDR (Reg S), Laird, Martinco, Moneysupermarket.com Group, Pace, Paddy Power Partnership Assurance Group, Quartix Holdings, Regus, Taylor Wimpey, Total Produce, Travis Perkins, Tullett Prebon
AGMS
CareTech Holding, Sage Group, Sanderson Group, SSP Group
UK ECONOMIC ANNOUNCEMENTS
Construction PMI (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Indices gain after better German retail sales data European stocks advanced as a report showed German retail sales rose more than forecast and as Greece was rumoured to have begun talks for a third bailout.
Spain's finance minister Luis de Guindos said EU and Greek officials were negotiating a third bailout of between €30bn and €50bn. EU officials said there were no such talks and Greek officials declined to comment.
Such a move would go against the Greek leftist government's pledge to avoid another international programme.
The debt-ridden nation has been granted a four-month extension to its bailout programme as it seeks to find a long-term solution.
In economic data, German retail sales rose 5.3% in January, compared to a 4.8% increase a month earlier and forecast for a 3% gain. German retail growth was supported by cheaper oil, healthy income increases and low interest rates.
"The pace of expansion is unlikely to remain at these heady levels, but the fundamentals for consumption are very solid," said Christian Schulz, analyst at Berenberg.
"The sudden German strength also highlights the good timing of the ECB, as announcing QE now would have faced more resistance inside and outside the ECB than back in January."
The European Central Bank's €1trn quantitative easing package kicks off on Thursday.
The euro increased 0.03% to $1.1187.
Barclays declines
Barclays slumped after the lender said it will set aside an additional £750m for the settlement of a currency-manipulation probe as it reported its full-year results.
Glencore slid after posting a 7% drop in net income amid falling resource prices.
Evonik Industries rallied after saying it expects an increase in 2015 profit and sales as it reported quarterly earnings that surpassed analysts' estimates.
Paddy Power advanced after saying it plans to return €8 a share to investors and reported annual sales and operating profit that exceeded consensus forecasts. |
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| | US Market Report | | US close: Stocks start month in the blue despite poor data Wall Street ended higher despite another spate of weaker than expected economic data, with personal spending and income figures missing expectations and manufacturing activity growing at its slowest rate in a year.
By the end of trading in New York, the Dow Jones Industrial Average had gained 0.86% to 18,289 and the Nasdaq Composite another 0.30% to 5,008, while the S&P 500 rose 0.59% to 2,117.
Indices were extending gains after a solid showing in February, with the S&P 500 in particular rising 5.5% during the month - its best performance since October 2011.
For its part, on Monday the Nasdaq Composite clambered back above the 5,000 point mark for the first time in 15 years.
Personal spending in the US dropped 0.2% in January, better than the 0.3% decline registered in December but lower than the 0.1% dip expected by economists.
The decline came as personal income rose 0.3% in January, matching December but a slightly lower result than the 0.4% increase estimated by economists.
The Institute for Supply Management's (ISM) US manufacturing index declined to 52.9 in February, from 53.5 the month before, slightly below the 53.0 consensus forecast. This was the survey's lowest rate of growth - identified by figures over 50 - since January 2014.
Economist Paul Ashworth from Capital Economics said that while there is "no reason to panic", the ISM data was "muted".
"The unseasonably severe weather got even worse in February, so there is little prospect of a rebound until March (and given how March just started, possibly not until April)," he said.
Weak economic data already baked in?
As far as equity markets are concerned, investors can draw some degree of comfort form the fact that UBS's economic surprise index is at it lowest in over a year. Nevertheless, the analysts consensus is for earnings at S&P 500 companies to drop by 4.9% in the first three months of the year, after rising by 4.6% in the fourth quarter of 2014, according to data compiled by Bloomberg.
Wireless solutions group Aruba Networks declined after strong gains last week as it confirmed that it will be taken over by Hewlett-Packard in a $3bn deal.
NXP Semiconductors jumped after saying it would merge with Freescale Semiconductor in a $11.8bn deal.
From a sector stand-point the largest gainers were seen in: consumer electronics (3.54%), precious metals (2.75%) and recreational services (2.6%).
Shares of Apple advanced on the back of positive comments out of analysts at Morgan Stanley, while shares in Google got a boost out of Bank of America, which upgraded its view on the stock to 'buy'.
Front month West Texas crude futures ended the session 0.69% higher at $49.93 per barrel in NYMEX trading.
The yield on 10-year US Treasuries edged lower by one basis point to 2.07%.
S&P 500 - Risers
GameStop Corp. (GME) $38.67 +4.60%
CBS Corp. (CBS) $61.75 +4.48%
Avon Products Inc. (AVP) $8.86 +4.11%
Harman International Industries Inc. (HAR) $142.39 +3.19%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $82.86 +3.15%
Wyndham Worldwide Corp. (WYN) $94.11 +2.87%
Linear Technology Corp. (LLTC) $49.55 +2.83%
Charles Schwab Corp. (SCHW) $30.17 +2.83%
Carnival Corp. (CCL) $45.19 +2.73%
Tiffany & Co. (TIF) $90.60 +2.70%
S&P 500 - Fallers
Genworth Financial Inc. (GNW) $7.33 -5.42%
Peabody Energy Corp. (BTU) $7.49 -5.19%
Rowan Companies plc (RDC) $20.52 -5.04%
Valero Energy Corp. (VLO) $58.67 -4.90%
Noble Corporation plc (NE) $15.94 -4.21%
Murphy Oil Corp. (MUR) $49.11 -3.50%
Exelon Corp. (EXC) $32.83 -3.21%
Marathon Petroleum Corporation (MPC) $101.78 -3.07%
Eversource Energy (ES) $50.25 -2.88%
Ensco Plc. (ESV) $23.77 -2.86%
Dow Jones I.A - Risers
Visa Inc. (V) $278.29 +2.57%
Intel Corp. (INTC) $34.06 +2.44%
Cisco Systems Inc. (CSCO) $30.19 +2.30%
Boeing Co. (BA) $153.80 +1.96%
Walt Disney Co. (DIS) $105.89 +1.74%
Nike Inc. (NKE) $98.75 +1.68%
Pfizer Inc. (PFE) $34.77 +1.31%
Home Depot Inc. (HD) $116.12 +1.19%
McDonald's Corp. (MCD) $100.00 +1.11%
3M Co. (MMM) $170.50 +1.10%
Dow Jones I.A - Fallers
International Business Machines Corp. (IBM) $160.48 -0.90%
Chevron Corp. (CVX) $105.90 -0.73%
Exxon Mobil Corp. (XOM) $88.04 -0.56% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Greece, Netanyahu Vs. Obama, UN austerity Greece will tap its final pension reserves at the country's central bank if required to avoid catastrophic default to the International Monetary Fund, according to The Telegraph.
Binyamin Netanyahu could be creating conflict with Barack Obama in a political speech that will be made to congress on Tuesday about the consequences of sealing a nuclear deal with Iran, said The Times.
Austerity measures including pension cuts and tax increases have been passed in Greece as the UN reports a death toll from conflict with Russia-backed rebels neared 6,000, The Wall Street Journal reported.
Fourteen senior Chinese military officers have come under fire for corruption as president Xi Jinxing's signature anti-corruption campaign expands into the country's elite institutions, wrote the Financial Times.
Third world spending will increase beyond the defence budget within 15 years, according to The Daily Telegraph.
A surprising decline in January house prices has been dismissed as a blip that the next few months will reverse, said The Times. | | |
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