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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 edge higher as investors focus on ECB Stocks began the morning moving slightly higher ahead of a key policy meeting of the European Central Bank. Meeting in Cyprus, the assembled central bankers are expected to unveil the monetary authority's latest set of macroeconomic projections, which may provide clues on the extent to which its new quantitative easing programme will eventually be deployed.
As of 09:07 the FTSE 100 was higher by 7 points to 6,927.07.
Commenting on the above, Michael Hewson, Chief Market analyst at CMC Markets UK, said: "The inflation forecast for 2016 will be interesting though as it is currently 1.3%, and if it is revised upwards then QE could well have a much more limited shelf life than a lot of people currently expect. Indeed questions are already being raised as to whether QE is even necessary."
The Monetary Policy Committee's announcement is due at noon.
Acting as a backdrop, overnight, at the start of the National People's Congress (NPC), Chinese authorities lowered their forecast for economic growth this year to "about 7.5%" from "about 7.5%" for 2014. Beijing appears to be willing to tolerate a lower rate of expansion in the short-term, wrote economists at Capital Economics.
The quarterly rate of UK house price growth firmed up for a second consecutive month in February as a result of increases in real earnings and spending power, the results of Halifax's latest survey showed.
Over the three months to February they gained 2.6%, up from the 1.8% rise seen in the three months to January.
Data from Germany, the Eurozone's powerhouse economy, on Thursday showed industrial orders fell 3.9% month-on-month in January after a revised increase of 4.4% in December. The reading undershot economists' expectations for a 1% decline. Orders slid 0.1% from a year earlier.
Aviva pleases investors, Hunting leads gains on Stoxx 600
Insurer Aviva reported a 6% rise in 2014 operating profit in the face of negative currency headwinds. The insurer made an operating profit of $2.17bn last year compared to a forecast of £2.15bn, which led to an increase in operating earnings per share by 10% to 47p from 42.6p in 2013.
After a year of senior management changes and difficult conditions in some markets, Aggreko saw pre-tax profits decline 13% to £289m in the face of currency headwinds and lowered its guidance for the year ahead. Analysts had been expecting such a fall from the temporary power provider. A £40m adverse currency translation impact dragging trading profits down 13% to £306m, below consensus forecasts of £311m.
Easyjet's passenger numbers rose 6.1% in February to 4.49m compared to a year ago, the airline reported on Thursday. The company's load factor, the number of passengers to the number of seats available, rose 2.2 percentage points (pp) to 90.9%.
The London Stock Exchange saw revenues rise by 32% to £1.28bn in the last financial year, with organic revenues higher by 12% on an organic and constant currency basis. On an adjusted basis profits before tax improved 19% to hit £491.7m. For the full-year the company proposed a final dividend of 12.8%, an improvement of 6.5% on an equivalent basis. |
| | Market Movers
techMARK 3,167.02 +0.22%
FTSE 100 6,930.26 +0.16%
FTSE 250 17,207.01 +0.42%
FTSE 100 - Risers
Aviva (AV.) 555.50p +4.42%
Friends Life Group Limited (FLG) 422.20p +3.94%
ITV (ITV) 241.70p +3.07%
Schroders (SDR) 3,108.00p +2.44%
Rolls-Royce Holdings (RR.) 969.00p +2.00%
British Land Co (BLND) 863.50p +1.77%
GKN (GKN) 361.30p +1.66%
Direct Line Insurance Group (DLG) 337.30p +1.41%
Hammerson (HMSO) 689.50p +1.40%
Legal & General Group (LGEN) 274.00p +1.37%
FTSE 100 - Fallers
Rio Tinto (RIO) 2,982.50p -2.96%
Admiral Group (ADM) 1,428.00p -2.12%
HSBC Holdings (HSBA) 573.80p -2.10%
RSA Insurance Group (RSA) 419.70p -1.62%
Fresnillo (FRES) 713.50p -1.52%
CRH (CRH) 1,763.00p -1.40%
Standard Chartered (STAN) 1,010.00p -1.37%
International Consolidated Airlines Group SA (CDI) (IAG) 564.00p -0.97%
Shire Plc (SHP) 5,205.00p -0.86%
SSE (SSE) 1,536.00p -0.84%
FTSE 250 - Risers
Betfair Group (BET) 2,029.00p +13.61%
Hunting (HTG) 508.50p +7.37%
Spirax-Sarco Engineering (SPX) 3,293.00p +6.92%
AO World (AO.) 185.40p +3.87%
Pace (PIC) 371.50p +3.31%
Morgan Advanced Materials (MGAM) 332.70p +2.97%
Home Retail Group (HOME) 201.80p +2.96%
Premier Farnell (PFL) 183.70p +2.28%
Hellermanntyton Group (HTY) 340.60p +2.13%
IMI (IMI) 1,336.00p +2.06%
FTSE 250 - Fallers
Afren (AFR) 6.28p -4.85%
Lonmin (LMI) 138.10p -2.81%
Kaz Minerals (KAZ) 234.30p -2.78%
Cobham (COB) 324.80p -2.46%
Aveva Group (AVV) 1,495.00p -2.22%
Brewin Dolphin Holdings (BRW) 303.60p -2.06%
Domino Printing Sciences (DNO) 734.00p -1.74%
Daejan Holdings (DJAN) 5,900.00p -1.50%
Ashmore Group (ASHM) 287.80p -1.37%
Euromoney Institutional Investor (ERM) 1,045.00p -1.32% |
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| | UK Event Calendar | | Thursday 05 March
FINAL EX-DIVIDEND PAYMENT DATE
Aviva 8 3/8% Cumulative Irrd Preference 1, Brewin Dolphin Holdings, CareTech Holding, CRH, Domino Printing Sciences, Domino's Pizza Group, Electronic Data Processing, General Accident (Prf), Lavendon Group, Northern Electricity Prf, Rights & Issues Inv Trust Capital Shares, Rights & Issues Inv Trust Income Shares, Rio Tinto, RSA Insurance Group, Sanderson Group, Spirent Communications, St. Modwen Properties, SWP Group
FINAL DIVIDEND PAYMENT DATE
Gooch & Housego
INTERIM EX-DIVIDEND DATE
Alumasc Group, Ashmore Group, Colefax Group, Darty, Genus, Green Reit, Hansard Global, Hays, Ibex Global Solutions, JPMorgan Mid Cap Inv Trust, Kier Group, MJ Gleeson, National Westminster 9%pf, Oxford Instruments, Park Group, Redrow, Renishaw, Ruffer Investment Company Ltd Red PTG Pref Shares
QUARTERLY EX-DIVIDEND DATE
Brunner Inv Trust, Premier Energy & Water Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Non-farm productivity (US) (Q4)
Initial jobless claims (US)(13:30)
FINALS
32Red, Admiral Group, Aggreko, Arrow Global Group, Cobham, Communisis, CSR, Dairy Farm International Holdings Ltd. (Singapore), Empresaria Group,H&T Group, Headlam Group, Hongkong Land Holding Ltd. (Sing.Reg), Hunting, Irish Continental Group Units, Jardine Matheson Holdings Ltd (Singapore Reg), London Stock Exchange Group, LSL Property Services, Mandarin Oriental International (Singapore), Nichols, Schroders, Schroders (Non-Voting),
Q3
Betfair Group
Q4
CSR
SPECIAL EX-DIVIDEND PAYMENT DATE
River and Mercantile Group
AGMS
Avesco Group, CQS Diversified Fund Ltd Ord NPV £, Henderson Diversified Income Ltd., Jersey Electricity 'A' Shares, JPMorgan Russian Securities
UK ECONOMIC ANNOUNCEMENTS
BoE Bank Rate decision (09:30) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks climb ahead of ECB policy meeting and QE details European stocks gained as the market awaited details of the European Central Bank's (ECB) quantitative easing programme. The ECB is expected to provide further details of its €1.1trn bond-buying package, announced at the 22 January meeting.
The monetary authority is also set to reveal its latest policy decision at 12:45 GMT followed by a press conference at 13:30, when President Mario Draghi is likely to be grilled about QE.
Rabobank said that the ECB is unlikely to provide many new insights as it already released plenty of details at its last meeting, through its press statement, and via its monetary policy accounts.
Credit Suisse believes the first bond purchases are likely to begin on 6 March or 9 March. "Discussions around the blackout period, the list of the agencies qualifying for purchases, and the way securities lending will be conducted will be particularly in focus at the press conference," the bank said.
Credit Suisse also noted that the next scheduled emergency liquidity assistance (ELA) review for Greece will also be held. A two-thirds majority would be required at the Governing Council to take any action.
The euro fell a further 0.28% to $1.1047 in morning trade before the ECB meeting.
Meanwhile, the Bank of England (BoE) also announces its policy decision but analysts expect no surprises. The BoE is projected to leave interest rates at 0.5% and asset purchases at £375bn.
In economic data, German factory orders fell 0.1% year-on-year in January, worse than analysts' estimates for a 2.6% increase, after rising 3.9% a month earlier.
Markit's report on Eurozone retail sales will be released at 09:10 GMT while the US session sees initial jobless claims and factory orders figures.
Adidas rallies
Adidas AG gained after the sporting-goods maker forecast a 10% increase in 2015 net income from continuing operations.
Carrefour SA advanced as the French retailer posted a 6.7% rise in full-year earnings, boosted by sales growth in Brazil and Argentina.
Schroders jumped after the asset manager said investors injected £24.8bn into its funds last year, up from £7.9bn in 2013. |
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| | US Market Report | | US close: Stocks slide after ADP jobs and ISM non-manufacturing data disappoint US stocks declined after the private payrolls report and ISM's non-manufacturing data missed analysts' expectations.
The ADP National Employment report revealed private sector employment in the US increased by 212,000 in February, undershooting economists' expectations for 219,000 jobs.
The report comes ahead of Friday's all-important non-farm payrolls report which is expected to show a 235,000 increase in February, according to consensus forecasts.
"Taken at face value, today's data suggest some downside risks to our forecast for a 250,000 rise in private non-farm payrolls in Friday's employment report from the Labor Department," said Barclays Research. "We expect a moderation in the pace of employment growth following strong hiring in recent quarters, and the February ADP report is broadly supportive of this view."
ISM's non-manufacturing composite index also fell just shy of the expected reading of 53, at 52.9 in February, falling from 53.5 the previous month. A reading above 50 signals expansion was a level below indicates a contraction.
West Texas Intermediate crude increased 2.3% to $51.71 at close of trade, according to the ICE. A US government report showed that crude supplies rose by more than 10m barrels in the latest week. The US Energy Information Administration reported that crude inventories climbed 10.3m barrels for the week ended 27 February.
The Federal Reserve's Beige Book on current economic conditions highlighted that lower oil prices and a stronger dollar were affecting a number of industries, namely manufacturing, agriculture and energy exploration.
However, the document stated that the economy continued to expand in most of the Fed's 12 districts, apart from Richmond.
Company-wise, Bristol Myers Squibb gained after US health regulators approved its Opdivo treatment for lung cancer.
Abercombie & Fitch slumped after the apparel retailer's quarterly profit fell by a third.
American Eagle Outfitters advanced after reporting better-than-expected fourth quarter sales.
Bob Evans Farms plunged after reporting earnings that missed expectations and the company confirmed it would not pursue a sale of BEF Foods.
S&P 500 - Risers
Tenet Healthcare Corp. (THC) $49.99 +6.23%
Bristol-Myers Squibb (BMY) $65.67 +6.06%
Graham Holdings Co. (GHC) $1,053.44 +4.91%
Sandisk Corp. (SNDK) $82.68 +4.54%
Cameron International Corp. (CAM) $48.10 +4.04%
GameStop Corp. (GME) $40.03 +3.49%
Yahoo! Inc. (YHOO) $43.99 +3.21%
Avon Products Inc. (AVP) $9.10 +3.17%
United States Steel Corp. (X) $23.24 +2.51%
Pioneer Natural Resources Co. (PXD) $163.01 +2.20%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $6.76 -6.50%
CONSOL Energy Inc. (CNX) $30.29 -4.69%
Chesapeake Energy Corp. (CHK) $15.49 -4.38%
Carmax Inc. (KMX) $64.69 -4.01%
Alcoa Inc. (AA) $14.59 -3.89%
CenturyLink Inc. (CTL) $36.25 -3.80%
Fastenal Co. (FAST) $39.82 -3.11%
Salesforce.Com Inc. (CRM) $64.88 -3.09%
FLIR Systems Inc. (FLIR) $31.79 -2.87%
PACCAR Inc. (PCAR) $62.71 -2.84%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $113.82 +0.85%
McDonald's Corp. (MCD) $100.25 +0.51%
JP Morgan Chase & Co. (JPM) $62.13 +0.26%
Pfizer Inc. (PFE) $34.64 +0.23%
Intel Corp. (INTC) $34.12 +0.07%
E.I. du Pont de Nemours and Co. (DD) $78.12 +0.06%
Dow Jones I.A - Fallers
American Express Co. (AXP) $80.63 -1.56%
Caterpillar Inc. (CAT) $81.73 -1.34%
AT&T Inc. (T) $34.00 -1.19%
Home Depot Inc. (HD) $114.76 -1.13%
Coca-Cola Co. (KO) $42.50 -1.05%
International Business Machines Corp. (IBM) $159.42 -1.00%
Verizon Communications Inc. (VZ) $49.07 -0.97%
Procter & Gamble Co. (PG) $84.35 -0.95%
Wal-Mart Stores Inc. (WMT) $82.58 -0.95%
Goldman Sachs Group Inc. (GS) $189.67 -0.84%
Nasdaq 100 - Risers
Sandisk Corp. (SNDK) $82.68 +4.54%
Yahoo! Inc. (YHOO) $43.99 +3.21%
Akamai Technologies Inc. (AKAM) $71.05 +1.70%
Facebook Inc. (FB) $80.89 +1.63%
Tesla Motors Inc (TSLA) $202.43 +1.44%
Nvidia Corp. (NVDA) $22.43 +1.13%
Celgene Corp. (CELG) $119.57 +0.93%
Avago Technologies Ltd. (AVGO) $129.40 +0.92%
Maxim Integrated Products Inc. (MXIM) $35.39 +0.85%
Comcast Corp. (CMCSA) $60.43 +0.78%
Nasdaq 100 - Fallers
Fastenal Co. (FAST) $39.82 -3.11%
PACCAR Inc. (PCAR) $62.71 -2.84%
Vertex Pharmaceuticals Inc. (VRTX) $120.06 -2.80%
Automatic Data Processing Inc. (ADP) $86.57 -2.40%
Mattel Inc. (MAT) $26.39 -1.91%
Twenty-First Century Fox Inc Class A (FOXA) $34.98 -1.85%
O'Reilly Automotive Inc. (ORLY) $207.83 -1.81%
Illumina Inc. (ILMN) $192.64 -1.73%
Adobe Systems Inc. (ADBE) $77.63 -1.72% |
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| | Newspaper Round Up | | Thursday newspaper round-up: BoE, China, North Sea The Serious Fraud Office has opened a criminal investigation into the Bank of England over the potential rigging of money market auctions. Confirmation of the inquiry came last night with the central bank already under scrutiny over an earlier investigation into the foreign exchange-rigging scandal. - The Times China lowered its economic growth forecast to about 7% this year at the opening of the country's biggest political event of the year, ushering in what leaders have dubbed a "new normal" of slower growth. The move signalled Beijing won't take dramatic action to raise the growth rate above last year's level, which at 7.4% was its lowest level in nearly a quarter-century. - The Wall Street Journal Europe
The prime minister is refusing to back down in the row over whether the Russian oligarchs who have bought 13 North Sea oil and gasfields should be allowed to keep them. LetterOne Group, which is backed by Mikhail Fridman and German Khan, paid €5.1bn for RWE's exploration and production business, including a North Sea presence worth about €1bn. - The Times
The lower oil price could help create thousands of jobs in Scotland by giving a boost to the wider economy, according to the latest Fraser of Allander Institute report. Economic research from the University of Strathclyde's institute forecasts that, even in Scotland, the positive effects of lower fuel prices on firms and consumers will outweigh the loss of jobs and investment in the North Sea. - Scotsman
Thousands of City workers could see their pay curbed by a new European crackdown on bonuses, it emerged on Wednesday. The European Banking Authority said controversial rules that limit bonuses should apply to more firms, and proposed new restrictions on "allowances", the payments that many banks have introduced in response to the bonus cap. - The Daily Telegraph | | |
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