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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 snap losing streak on central bank hopes UK stocks were snapping a four-day losing streak on Monday morning as hopes for central bank support repaired sentiment.
London's FTSE 100 was up 0.58% at 6,894.60 early on.
"The FTSE saw tentative gains this morning as the UK index tried to stall the four consecutive days of huge losses that saw the record-breaking 7,000 level recede into the distance," said analyst Connor Campbell from Spreadex.
The positive start followed a strong showing by stocks in the US on Friday and Asia overnight and came ahead of a busy day for economic data.
On Monday investors will be keeping an eye on mortgage approvals, lending and money-supply data in the UK, Eurozone consumer confidence, German inflation, US personal income and spending, US pending home sales and the all-important US personal consumption expenditures index figures.
US stocks managed to erase earlier losses on Friday after Federal Reserve chair Janet Yellen sounded a dovish tone, saying that any near-term policy tightening would only be very gradual. She said that the first rate hike may be "warranted later this year", pushing back markets' expectations of a potential tightening in June.
Meanwhile, Asian markets performed well after the governor of the People's Bank of China hinted at further measures to boost growth. Zhou Xiaochuan said the rate of economic growth had slowed "a bit" too far and the central bank has room to act, including through quantitative easing.
In other news, Greek bond yields edged lower on Monday amid hopes the country's policymakers and its creditors can secure a funding deal to avert a credit default. Weekend talks between lawmakers from both sides came after the Greek government sent its list of reforms last Friday, with a view to unlocking the disbursement of the remaining €7.2bn of the bailout funds.
The yield on the country's three-year sovereign bonds ticked 28 basis points lower to 19.585% while the 10-year bond yield was down by 7.4 basis points at 10.596%.
Compass and Quindell rise early on
Catering outfit Compass Group rose after saying it remained confident of achieving first-half organic revenue growth of approximately 5.5%.
Specialist UK insurance outsourcer Quindell saw shares soar after saying it is selling its professional services unit - the bulk of Quindell's operations - to Australian law-firm, Slater & Gordon, in a deal worth £700m.
Mining stocks were mixed with BHP Billiton and Fresnillo registering losses and Rio Tinto and Randgold Resources making gains.
Randgold was heading higher after chief executive Mark Bristow said he sees opportunities "to play a part in the likely restructuring of the gold mining industry".
Rolls-Royce was in demand after its Trent 1000 engines were selected by Air China to power 15 new Boeing 787-9 Dreamliner aircraft.
Supermarket group Morrisons was hit with a downgrade to 'neutral' by Goldman Sachs. |
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| Market Movers
techMARK 3,197.75 +0.93%
FTSE 100 6,894.60 +0.58%
FTSE 250 17,272.68 +0.64%
FTSE 100 - Risers
Johnson Matthey (JMAT) 3,441.00p +2.41%
ARM Holdings (ARM) 1,104.00p +2.32%
Kingfisher (KGF) 365.60p +2.18%
London Stock Exchange Group (LSE) 2,464.00p +2.11%
Burberry Group (BRBY) 1,803.00p +2.04%
GKN (GKN) 367.10p +1.94%
Meggitt (MGGT) 570.50p +1.88%
Sage Group (SGE) 469.80p +1.71%
WPP (WPP) 1,566.00p +1.69%
Marks & Spencer Group (MKS) 538.50p +1.60%
FTSE 100 - Fallers
BG Group (BG.) 853.70p -2.24%
CRH (CRH) 1,761.00p -1.51%
Smiths Group (SMIN) 1,152.00p -0.86%
BHP Billiton (BLT) 1,496.50p -0.73%
SSE (SSE) 1,537.00p -0.71%
Morrison (Wm) Supermarkets (MRW) 197.20p -0.65%
Experian (EXPN) 1,120.00p -0.44%
Fresnillo (FRES) 697.00p -0.43%
Aggreko (AGK) 1,537.00p -0.39%
Anglo American (AAL) 1,040.00p -0.38%
FTSE 250 - Risers
Supergroup (SGP) 995.00p +5.24%
Cable & Wireless Communications (CWC) 61.40p +3.28%
Domino's Pizza Group (DOM) 791.00p +2.86%
Ocado Group (OCDO) 340.30p +2.69%
Fidelity China Special Situations (FCSS) 144.00p +2.64%
IP Group (IPO) 233.90p +2.59%
Betfair Group (BET) 2,300.00p +2.40%
Diploma (DPLM) 830.00p +2.34%
Alent (ALNT) 375.00p +2.21%
ICAP (IAP) 538.50p +2.18%
FTSE 250 - Fallers
Centamin (DI) (CEY) 56.00p -2.52%
AL Noor Hospitals Group (ANH) 1,051.00p -2.50%
Soco International (SIA) 157.60p -2.11%
Allied Minds (ALM) 676.50p -2.10%
Riverstone Energy Limited (RSE) 1,065.00p -1.84%
Acacia Mining (ACA) 256.90p -1.65%
Premier Oil (PMO) 138.70p -1.63%
Infinis Energy (INFI) 187.00p -1.58%
Ophir Energy (OPHR) 138.90p -1.56% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities advance on dovish central banks and cautious optimism on Greece Equity markets in Europe kicked off the week on a firmer footing as market participants demonstrate bullishness on hopes of more stimulus measures by the US and Chinese central banks.
Friday's remarks from Fed chair Janet Yellen over rate hikes being gradual and not sharp, together with China's central bank on Monday hinting at imminent support through policy easing propelled Asian share markets higher overnight.
That was helping European indices produce modest gains come Monday morning.
By 0907 GMT, the FTSE 100 in London gained 0.6% while the DAX in Frankfurt added 1.5% and the CAC-40 in Paris rose 1.2%. The IBEX-35 in Madrid was up 0.9% and the FTSE MIB in Milan gained 1%. The broader Stoxx 600 index tacked on 1.2%.
"Investors (are) apparently hopeful of some positive movement in regards to the Greek debt issue this week. With Athens providing a reforms list last Friday, its Eurozone creditors continue to look over the proposals whilst Greek PM Tsipras and Co. eye their dwindling funds, which are set to run out in mid-April," said Connor Campbell, a market analyst with Spreadex.
Greece's bond yields edged lower on cautious optimism over the country's ability to secure fresh funding in the coming days. Early Monday, the yield on the country's three-year sovereign bonds ticked 28 basis points lower to 19.585% while the 10-year bond yield was down by 7.4 basis points at 10.596%.
In currencies, the euro fell 0.4% against the US dollar to change hands at $1.08374, further supporting equity markets, particularly exporting stocks which benefit from a weaker euro currency.
In commodities, gold prices slid 0.8% to $1188.33 per troy ounce while Brent futures fell 0.4% to $55.85 per barrel and ICE WTI futures were broadly flat at $48.04 per barrel.
In company news, french oil major Total has sold its stake in an onshore oilfield in Nigeria for $569m, the company confirmed on Monday.
Eurocement Holding, the second-largest shareholder in cement company Holcim, plans to vote against the Swiss company's union with Lafarge unless the financial terms of the deal are altered, according to press reporting citing a person familiar with situation. |
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| | US Market Report | | US close: Dow and S&P edge forward as oil prices plummet US stocks edged higher on Friday, reversing earlier losses, but ended the week in the red as oil prices plummeted.
The Dow Jones Industrial Average closed up 0.19% to 17,712.66, while the S&P and the Nasdaq rose 0.24% and 0.41% respectively.
Federal Reserve chairwoman Janet Yellen said investors should expect a "gradual" hike in interest rates by the end of the year, but warned the central bank will move cautiously.
"I expect that conditions may warrant an increase in the federal funds rate target sometime this year," said Yellen, adding than despite a strong a dollar, headwinds weighing on the economy were slowly disappearing.
The US economy expanded by 2.2% in the fourth quarter of 2014, unchanged from the government's prior estimate.
The reading was slightly below consensus expectations of an upwardly revised 2.4% reading and was half the pace of the 5% registered in the third quarter.
Meanwhile, the final reading on the University of Michigan's consumer sentiment survey for March was 93, above analysts' expectations for a reading of 92.5 but below February's print of 95.4.
In company news, biotech firm Orexigen Therapeutics advanced 4% after receiving the green light from European regulators for its Mysimba diet drug.
Smartphone provider BlackBerry rose 1.67% after reporting fourth quarter earnings of four cents per share against expectations of a four cent loss.
Footwear retailer Finish Line declined 1.34% despite reporting better-than-expected fourth quarter earnings, while cruise company Carnival Corp jumped 6.08% after its first quarter earnings beat expectations
Going the other way, videogame retailer GameStop Corp fell as 1.11% after its quarterly results and outlook fell short of Wall Street's expectations late on Thursday.
Restoration Hardware Holdings reversed pre-market losses and edged forward 4.06% after reporting a 60% increase year-on-year in fourth quarter earnings late on Thursday.
After closing out a five-day winning streak on Thursday, oil prices plummeted on Friday, with West Texas Intermediate losing 6.1% to $48.44 a barrel, while Brent crude dropped 5.5% to $56.10 a barrel.
"The glut in oil supplies at the moment has capped any significant risk premium being added to prices," said Oanda's senior market analyst Craig Erlam.
"Oil has been in contango for quite a while now which has led to a record amount of offshore storage, to the point that availability is fast running out."
The dollar fell under 0.1% against the pound, the euro and the yen, while gold futures slid 0.46% to $1,199.20.
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 | | Monday newspaper round-up: Greek bailout, pension data, welfare benefits Eurozone officials have said Greece's recent bailout proposals don't have enough detail to satisfy the government's international creditors, according to The Wall Street Journal.
An investigation has been launched into how sensitive pension data is being sold on the open market, claimed The Times.
A range of welfare benefits will be axed by the next Conservative government according to emails the BBC has found, reported The Guardian.
US president Barack Obama has boosted lobbying on Iran amid speculation the White House will accept legislation to give Congress oversight over a nuclear deal, said The Wall Street Journal.
A Chinese industrialist set to take over tire maker Pirelli has criticised the US over routine visa application rejections, reported the Financial Times.
Labour leader Ed Miliband has warned that the Conservative stance and infighting on the EU referendum will wreak havoc on business, wrote The Guardian.
David Cameron has claimed a Labour government will increase the tax bill for "every working family" by more than £3,000, according to The Times. | | |
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