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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 slip on mixed earnings, Fresnillo and L&G drop UK stocks edged lower on Wednesday morning as gains from Standard Chartered and ITV were offset by declines by Fresnillo, Glencore and Legal & General, as investors awaited a barrage of economic data. Following a brief spell in positive territory, the FTSE 100 had fallen 0.2% to 6,875.90 after the first hour of trade. It has not closed below this level since 16 February.
The HSBC China services purchasing managers' index (PMI) improved to 52 in February from a six-month low of 51.8 the month before, showing that activity growth in the sector had picked up last month.
Services PMIs are also due out in the Eurozone, UK and US later on Monday, along with Eurozone retail sales, US mortgage applications and the ADP US employment report.
Central bank decisions in the UK and Europe on Thursday were also likely keeping investors cautious, along with the all-important US non-farm payrolls report on Friday.
StanChart and ITV jump, Fresnillo slumps
Emerging markets-focused lender Standard Chartered rose over 5% despite announcing that pre-tax profits in 2014 dropped 25% to $5.2bn. Operating income was also 2% lower at $18.23bn after a "tough year", according to chief executive Peter Sands.
ITV was also up 4% after the strongest advertising performance in five years helped the broadcaster and producer beat forecasts for 2014, as it hiked its annual dividend 34% and proposed an extra payout for shareholders.
Heading the other way was Mexican precious metals producer Fresnillo which sank 4% after the company said profits plunged 40% to $251.1m in 2014 as record silver production was offset by lower prices and higher production costs.
Sector peer Glencore also fell with traders linking the fall to a placing of 53.7m shares by Deutsche Bank priced at 282.45p each, compared with Tuesday's close of 291.2p.
Annual results from insurance, savings and investment group Legal & General received a frosty reception from the market as pre-tax profits rose a less-than-expected 9% to £922m.
Afren's stock tumbled 17.5% the struggling oil group said it will default on $15m of interest payments and that shareholders could by "substantially" diluted as part of a possible restructuring. |
| Market Movers
techMARK 3,135.05 -0.11%
FTSE 100 6,875.90 -0.19%
FTSE 250 17,083.46 -0.36%
FTSE 100 - Risers
Standard Chartered (STAN) 1,026.50p +5.37%
ITV (ITV) 231.10p +4.19%
Tullow Oil (TLW) 373.40p +2.36%
Royal Mail (RMG) 428.10p +1.86%
Weir Group (WEIR) 1,715.00p +1.42%
easyJet (EZJ) 1,717.00p +0.94%
Royal Dutch Shell 'B' (RDSB) 2,159.50p +0.72%
Centrica (CNA) 249.10p +0.65%
Rolls-Royce Holdings (RR.) 942.00p +0.53%
BG Group (BG.) 938.90p +0.47%
FTSE 100 - Fallers
Fresnillo (FRES) 760.00p -3.98%
TUI AG Reg Shs (DI) (TUI) 1,103.00p -3.25%
Legal & General Group (LGEN) 270.70p -2.70%
Hargreaves Lansdown (HL.) 1,143.00p -2.39%
Glencore (GLEN) 285.05p -2.11%
CRH (CRH) 1,736.00p -1.92%
Imperial Tobacco Group (IMT) 3,155.00p -1.31%
Pearson (PSON) 1,396.00p -1.27%
Direct Line Insurance Group (DLG) 324.40p -1.22%
Burberry Group (BRBY) 1,825.00p -1.19%
FTSE 250 - Risers
PayPoint (PAY) 850.50p +2.78%
Premier Oil (PMO) 160.00p +2.50%
Hunting (HTG) 499.40p +2.25%
Alent (ALNT) 375.90p +1.79%
Dignity (DTY) 1,955.00p +1.77%
Cairn Energy (CNE) 199.10p +1.69%
Tullett Prebon (TLPR) 340.50p +1.64%
Supergroup (SGP) 974.00p +1.56%
Soco International (SIA) 276.50p +1.51%
CLS Holdings (CLI) 1,705.00p +1.49%
FTSE 250 - Fallers
Afren (AFR) 7.50p -17.54%
Melrose Industries (MRO) 281.10p -5.23%
Thomas Cook Group (TCG) 118.60p -3.81%
Rotork (ROR) 2,535.00p -2.50%
Regus (RGU) 216.40p -2.43%
Bovis Homes Group (BVS) 960.00p -2.39%
Smith (DS) (SMDS) 359.10p -2.13%
National Express Group (NEX) 282.90p -2.04%
BBA Aviation (BBA) 336.60p -1.87% |
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| | UK Event Calendar | | Wednesday 03 March
INTERIMS
INTERIM DIVIDEND PAYMENT DATE
Cohort, Stagecoach Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ADP private payrolls (US) (13:15)
ISM non-manufacturing (US) (15:00)
Fed Beige Book (US) (19:00)
FINALS
4Imprint Group, Advanced Medical Solutions Group, Anpario, Carillion, CLS Holdings, Dignity, Exova Group, Greggs, ITV, Legal & General Group, Lookers, Melrose Industries, Novae Group, Sportech, SQS Software Quality Systems AG, Standard Chartered, Tarsus Group, TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)
AGMS
Local Shopping REIT
UK ECONOMIC ANNOUNCEMENTS
BRC Shop price index (00:01)
Services PMI (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks gain ahead of ECB policy announcement and QE launch Stocks in the euro-area gained, a day before the all-important European Central Bank policy meeting and launch of its quantitative easing programme. The ECB on Thursday begins its €1trn QE package and announces its latest policy decision. Analysts expect the ECB will keep its policy unchanged including key rates. The market will be closely watching ECB President Mario Draghi at the press conference after the policy announcement for further details on the QE programme.
Ahead of the ECB's meeting, a report at 10:00 may show Eurozone retail sales rose 2.3% in January after a 2.8% increase a month earlier, according to forecasts.
A separate euro-area report from Markit showed the composite purchasing managers' index (PMI), which includes services and manufacturing activity, was revised lower to 53.3 in February from an earlier estimate of 53.5. However, it remained above the 50 level that signals expansion. A reading below that indicates a contraction.
The euro fell 0.40% to $1.1131.
HSBC's PMI for Chinese services climbed to 52 last month from 51.8 in January. A reading above 50 indicates expansion while a level below signals a contraction.
The UK also sees the release of the composite and services PMIs at 09:30 GMT.
In the US, ISM's non-manufacturing composite index will be released at 15:00 GMT. The ADP employment report comes out at 13:15 GMT.
The Federal Reserve publishes its Beige Book after markets close at 19:00 GMT.
ITV climbs on dividend announcement
ITV was a high riser after saying it plans a special dividend.
Royal KPN NV rallied following reports the Dutch company is reviving the sale of its Belgian mobile-phone business.
ING Groep NV gained after the Dutch bank said it will end an investment in its former US insurance unit.
Henkel AG slumped as the maker of Persil detergent reported fourth-quarter profit that fell short of analysts' estimates.
Subsea 7 SA dropped after the oilfield-services provider posted fourth-quarter revenue that missed the consensus forecast. |
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| | US Market Report | | US close: Auto stocks drag markets lower, as indices retreat from record highs US stocks finished in the red on Tuesday as benchmark indices pulled back from record highs and auto shares were dampened by weak sales figures. Monthly sales of cars and light trucks slowed to a 10-month low in February, according to figures from Autodata.
The Dow Jones Industrial Average declined 0.47% to 18,203.37 while the S&P 500 fell 0.45% to 2,107.78, retreating from all-time highs of 18,288.63 and 2,117.39 reached on Monday respectively.
Meanwhile, the tech-heavy Nasdaq lost 0.56% to 4,979.90 after settling above 5,000 the previous session for the first time since the height of the dot-come bubble in 2000.
"With no significant data to keep the flame alive, investors had little impetus to push the US markets any higher, succumbing to the same dour trading spirit that plagued Europe this morning," said analyst Connor Campbell from Spreadex.
Auto stocks fall, retailers rise
Auto giant Ford dropped after saying that US vehicle sales were down 1.9% to 180,383 units in February compared with the same point last year, missing the near-6% growth expected by analysts.
Sales at General Motors and Fiat Chrysler were both higher than a year ago, but still came in less than Street forecasts.
Autodata said total US auto sales of cars and light trucks slowed to an annualised seasonally-adjusted rate of 16.23m units in February, down from 16.66m previously and below expectations.
Retail stocks were performing well on the back of upbeat earnings and data from Redbook Research which showed that national chain-store sales were up 0.8% in February partly due to a recovery after recent snowstorms across the Northeast.
Electronic appliances retailer Best Buy impressed analysts with a better-than-expected quarterly profit, a 21% increase to its dividend and a special dividend. The company also launched a share buyback programme for the first time since 2012.
Retail peer Dick's Sporting Goods advanced after beating forecasts with its guidance for 2015 earnings, while Autozone was also higher after 15.6% growth in quarterly earnings surpassed expectations. |
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| | Newspaper Round Up | | Wednesday newspaper round-up: India rate cut, Defence spending, Household income The central bank in India has cut rates for the second time in two months, lowering its main interest rate by 25 basis points to 7.5% due to faster-than-expected disinflation and recent budgetary reforms, wrote the Financial Times. A failure to spend at least 2% of national income on defence spending will slash up to £6bn from the defence budget each year, according to The Times.
Average household incomes have rebounded to pre-recession levels as the economic recovery takes hold, The Telegraph said.
The BBC has trimmed its budget for its biggest stars by 30% over that last five years, reducing the number of earning over £500,000 from 22 to 14, The Guardian reported.
Audi has unveiled a new car model to compete with emerging technology competitors like Google and Apple, according to The Wall Street Journal.
Labour has revealed it will be cracking down on rich people with a non-domiciled tax status who avoid paying British taxes on foreign income, wrote The Times.
Britain's top foreign office advisor on the climate has said that green technology needs to be a key UN focus in negotiations leading up to a crunch conference in Paris at the end of 2015, The Guardian reported. | | |
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