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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 pause ahead of non-farm payrolls with FTSE at record high UK stocks declined on Friday in spite of some upbeat economic data from Germany, as markets paused at record highs ahead of some key labour-market data in the States later on. The FTSE 100 was down 0.09% at 6,955 early on, pulling back from Thursday's all-time closing high of 6,961.14.
Thursday's gains were driven by the European Central Bank (ECB), which announced that its €1.1trn quantitative easing package to boost growth and lift prices would start next week. The ECB also lowered its forecasts for inflation to just 0% this year, but lifted its growth estimates for the Eurozone economy.
German industrial output rose by more than expected in January, marking the fifth straight monthly increase and confirming a brighter picture of the Eurozone's powerhouse. German industrial output rose by 0.6% on the month, beating estimates of 0.5%.
The focus of Friday's session will be on the non-farm payrolls data Stateside due out at 13:30, with analysts expecting a dip in the unemployment rate from 5.7% to 5.6% in February. Non-farm payrolls are predicted to come in a 235,000, down from 257,000 the month before.
Weir Group gains, Thomas Cook surges
Shares in British engineering giant Weir Group rose on the back of market chatter that a cash-rich private equity consortium in the US is looking to table a 2,500p per share break-up offer for the group, compared with current prices at around 1,800p.
Shares in Thomas Cook jumped after the company announced a new strategic partnership with investment group Fosun International which will see the latter take a 5% stake in the travel operator. Fosun is investing £91.8m and intends over time to increase its shareholding to around 10%.
Alliance Trust edged higher as it lifted its total dividend for 2014 by 14.3% after ranking in the second quartile of all global trusts on both net asset value total return and a total shareholder return basis last year.
Telecoms giant Vodafone slipped after saying it has become one of the first companies to adopt a mandatory minimum global maternity policy for its employees, giving women at least 16 weeks of full pay after having a baby.
Aggreko was lower after Beaufort Securities downgraded its rating on the stock to 'hold'. |
| | Market Movers
techMARK 3,184.03 -0.01%
FTSE 100 6,955.00 -0.09%
FTSE 250 17,343.59 +0.19%
FTSE 100 - Risers
Weir Group (WEIR) 1,830.00p +5.23%
Hargreaves Lansdown (HL.) 1,165.00p +1.22%
Taylor Wimpey (TW.) 150.70p +1.14%
Rolls-Royce Holdings (RR.) 994.50p +0.96%
Babcock International Group (BAB) 978.50p +0.88%
Legal & General Group (LGEN) 280.10p +0.83%
Prudential (PRU) 1,672.00p +0.81%
Aviva (AV.) 574.00p +0.79%
Carnival (CCL) 3,061.00p +0.76%
Meggitt (MGGT) 559.50p +0.63%
FTSE 100 - Fallers
Kingfisher (KGF) 360.50p -1.74%
Intu Properties (INTU) 356.90p -1.46%
Aggreko (AGK) 1,605.00p -1.23%
Randgold Resources Ltd. (RRS) 4,788.00p -0.99%
Ashtead Group (AHT) 1,118.00p -0.97%
Fresnillo (FRES) 729.50p -0.95%
Anglo American (AAL) 1,154.00p -0.90%
easyJet (EZJ) 1,707.00p -0.87%
AstraZeneca (AZN) 4,447.50p -0.87%
Admiral Group (ADM) 1,501.00p -0.86%
FTSE 250 - Risers
Afren (AFR) 6.72p +15.35%
Thomas Cook Group (TCG) 137.50p +14.01%
Zoopla Property Group (WI) (ZPLA) 177.50p +3.80%
DCC (DCC) 3,985.00p +3.40%
Telecom Plus (TEP) 1,055.00p +3.23%
BTG (BTG) 767.50p +2.88%
Jimmy Choo (CHOO) 175.00p +2.64%
AO World (AO.) 188.40p +1.78%
Euromoney Institutional Investor (ERM) 1,052.00p +1.35%
Countrywide (CWD) 530.00p +1.34%
FTSE 250 - Fallers
Allied Minds (ALM) 530.50p -9.63%
Just Retirement Group (JRG) 165.20p -5.49%
RPS Group (RPS) 249.80p -3.18%
Aveva Group (AVV) 1,464.00p -2.40%
Hellermanntyton Group (HTY) 343.00p -1.44%
Greggs (GRG) 987.50p -1.35%
IP Group (IPO) 243.10p -1.18%
Rentokil Initial (RTO) 136.40p -1.16%
Brewin Dolphin Holdings (BRW) 307.00p -1.13% |
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| | UK Event Calendar | | Friday 05 March
FINALS
Industrial Mlulti Propety Trust
ANNUAL REPORTS
Brit, Rio Tinto
INTERIM DIVIDEND PAYMENT DATE
City of London Investment Group, CPL Resources, Daejan Holdings, Henderson Smaller Companies Inv Trust, Latchways, Mattioli Woods,
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Non-farm payrolls (US) (14:30)
Unemployment rate (US) (14:30)
Trade balance (US) (14:30)
GMS
Motive Television, Rangers International Football Club
AGMS
Elephant Capital, Fusionex International, Sinclair (William) Holdings, Spitfire Oil Ltd. (DI)
FINAL DIVIDEND PAYMENT DATE
Blackrock Income And Growth Investment Trust, Chrysalis VCT, Sage Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed ahead of US non-farm payrolls report European stocks were little changed ahead of the all-important US non-farm payrolls report, which is expected to show a pick-up in the labour market of the world's biggest economy. Analysts expect the Labor Department's official monthly data to show US employers added 235,000 workers in February and the jobless rate fell to 5.6% from 5.7%.
The NFP announcement follows Thursday's ADP private payrolls report that revealed private sector employment in the US increased by 212,000 in February, undershooting economists' expectations for 219,000 jobs. However, the previous month's gains were revised sharply higher.
In the euro-area, a report on gross domestic product (GDP) at 10:00 GMT is estimated to show 0.9% year-on-year growth in the fourth quarter. The European Central Bank on Thursday raised its projection for the rate of economic expansion this year to 1.5% from 1%, saying it expects its quantitative easing programme to boost the recovery. The ECB also announced its QE programme would begin on Monday.
Another report showed German industrial production rose more than expected in January, driven by an increase in construction, according to data from the Economy Ministry in Berlin on Friday.
Output, adjusted for seasonal swings, gained 0.6% in January following a revised 1% climb in December. Analysts had predicted a 0.5% rise. Production grew 0.9% compared to a year earlier.
The euro was down 0.18% to $1.1010 in morning trade.
In the UK, survey results on inflation expectations for the next 12 months will be released at 09:30 GMT, courtesy of the Bank of England.
On the corporate front, Banco BPI SA gained after its board advised shareholders to reject a bid by CaixaBank SA, saying the offer is too low.
Scor SE advanced following reports Sompo Japan Nipponkoa Holdings Inc. plans to buy a 15% stake in the French reinsurer.
PSA Peugeot Citroen jumped after Euronext NV said the French carmaker will replace Gemalto NV on the benchmark CAC 40 Index from 23 March. Gemalto's shares slid. |
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| | US Market Report | | US Close: Stocks end slightly higher in run up to non-farm payrolls report US stocks closed higher on Thursday, rebounding from a two-session losing streak as investors looked ahead to the official monthly jobs report and weighed the European Central Bank's (ECB) stimulus programme. At close, the Dow Jones Industrial Average was up 0.22%, the Nasdaq gained 0.32% while the S&P 500 was 0.12% higher.
On Friday, the Labor Department is scheduled to release its hotly anticipated February employment report. Economists broadly expect improvements in the labour market - unemployment is predicted to have dropped to 5.6%, while non-farm payrolls are expected to have increased by 235,000, compared to 257,000 the month before.
A bullish ECB revealed that its €1.1trn quantitative easing programme would begin on 9 March and carry through at €60bn a month through September 2016 and thereafter if needed. The central bank raised GDP growth forecasts for 2015 by 0.5 percentage points (ppt) to 1.5%, for 2016 by 0.3 ppt to 1.8% and released a first forecast of 2.1% for 2017.
Policymakers also raised emergency liquidity assistance for Greece by €500m and removed the waiver on purchases of the nation's debt.
In economic data, factory orders unexpectedly declined 0.2% in January after a revised 3.5% drop in December; the consensus estimate was for 0.2% growth. Non-farm productivity in the fourth quarter was revised to show a 2.2% fall.
Meanwhile, initial US jobless claims rose 7,000 in the week ended 28 February to 320,000, a level not seen since May 2014. Analysts had been anticipating a fall to 295,000 from 313,000 the week before.
"Layoffs last week accelerated and the trend has gone up, which disappointed investors. But factory orders were not as bad as feared. How markets react to Friday's job report will depend on how much emphasis investors put on bad weather," Fort Pitt Capital's analyst Kim Forrest said.
In company news, Pharmacyclics surged after AbbVie said it would spend $21bn on the company to boost its cancer drug pipeline.
Joy Global was in the red after reporting quarterly profits that came in below expectations. The company also lowered its outlook for the year and said it would speed plans to reduce costs.
Costco Wholesale shares gained after the company revealed its fiscal second-quarter profit rose 29%, ahead of analyst expectations, helped by a $57 million tax benefit.
S&P 500 - Risers
Kroger Co. (KR) $74.31 +6.69%
Vertex Pharmaceuticals Inc. (VRTX) $127.00 +5.79%
Macerich Co (MAC) $88.07 +5.10%
Regeneron Pharmaceuticals Inc. (REGN) $428.95 +3.85%
United States Steel Corp. (X) $24.01 +3.31%
NRG Energy Inc. (NRG) $25.07 +2.79%
Garmin Ltd. (GRMN) $50.69 +2.78%
Chesapeake Energy Corp. (CHK) $15.92 +2.78%
Biogen Idec Inc. (BIIB) $425.61 +2.77%
Costco Wholesale Corp. (COST) $151.17 +2.72%
S&P 500 - Fallers
AbbVie Inc (ABBV) $56.85 -5.67%
Joy Global Inc. (JOY) $39.94 -5.20%
H&R Block Inc. (HRB) $32.00 -4.25%
Freeport-McMoRan Inc (FCX) $20.18 -3.31%
Mosaic Company (MOS) $50.38 -2.93%
Flowserve Corp. (FLS) $59.02 -2.69%
Denbury Resources Inc. (DNR) $8.34 -2.63%
Noble Energy Inc. (NBL) $46.08 -2.39%
Peabody Energy Corp. (BTU) $6.60 -2.37%
National Oilwell Varco Inc. (NOV) $53.59 -2.17%
Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $83.57 +1.20%
International Business Machines Corp. (IBM) $161.18 +1.10%
Home Depot Inc. (HD) $115.90 +0.99%
Nike Inc. (NKE) $98.45 +0.95%
Johnson & Johnson (JNJ) $102.54 +0.88%
Unitedhealth Group Inc. (UNH) $114.79 +0.85%
American Express Co. (AXP) $81.17 +0.67%
Travelers Company Inc. (TRV) $107.59 +0.66%
General Electric Co. (GE) $25.82 +0.62%
Procter & Gamble Co. (PG) $84.64 +0.34%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $33.72 -1.17%
McDonald's Corp. (MCD) $99.10 -1.15%
Exxon Mobil Corp. (XOM) $86.74 -0.50%
Walt Disney Co. (DIS) $105.04 -0.50%
Pfizer Inc. (PFE) $34.47 -0.49%
Chevron Corp. (CVX) $104.76 -0.38%
Verizon Communications Inc. (VZ) $48.92 -0.31%
Caterpillar Inc. (CAT) $81.49 -0.29%
United Technologies Corp. (UTX) $120.75 -0.24%
Coca-Cola Co. (KO) $42.40 -0.24%
Nasdaq 100 - Risers
Vertex Pharmaceuticals Inc. (VRTX) $127.00 +5.79%
Illumina Inc. (ILMN) $200.13 +3.87%
Regeneron Pharmaceuticals Inc. (REGN) $428.95 +3.85%
Baidu Inc. (BIDU) $214.23 +3.15%
Garmin Ltd. (GRMN) $50.69 +2.78%
Biogen Idec Inc. (BIIB) $425.61 +2.77%
Costco Wholesale Corp. (COST) $151.17 +2.72%
Fastenal Co. (FAST) $40.62 +2.01%
NetApp Inc. (NTAP) $38.54 +1.97%
Mylan Inc. (MYL) $56.69 +1.94%
Nasdaq 100 - Fallers
Apple Inc. (AAPL) $126.39 -1.67%
KLA-Tencor Corp. (KLAC) $62.23 -1.46%
TripAdvisor Inc. (TRIP) $87.95 -1.45%
Intel Corp. (INTC) $33.72 -1.17%
Mattel Inc. (MAT) $26.09 -1.12%
Tesla Motors Inc (TSLA) $200.63 -0.89%
Altera Corp. (ALTR) $36.02 -0.80%
Nxp Semiconductors Nv (NXPI) $98.68 -0.79%
Charter Communications Inc. (CHTR) $184.42 -0.71% |
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| | Newspaper Round Up | | Friday newspaper round-up: RBS, Defence spending, Fed stress tests Chancellor George Osborne said he would like to proceed "as quickly as we can to get rid of" the government's stake in RBS, writes the Financial Times. However, he said that the size of stake was "massive" and the sell-down of shares could take years to complete. Whitehall sources have warned that the Treasury is planning to freeze defence spending after the election, "fuelling a growing Tory rebellion over Britain's military budget", writes The Times.
All 31 banks taking part in the first stage of the Federal Reserve's latest round of stress tests cleared the minimum capital requirements, the Financial Times reports. However, the Fed found that in its "severely adverse" scenario, banks would suffer combined losses of $490bn over nine quarters.
According to The Telegraph, EDF has said that Areva's proposed 10% stake in Hinkley Point is "not existential" for the £24.5bn project, giving its strongest hint yet that the reactor maker may pull out of funding the new nuclear plant.
The Institute of Chartered Accountants in England and Wales has said that UK growth is being hampered by a slowdown in business spending, as it lowered its growth forecast for 2015 from 2.5% to 2.4%, says The Guardian.
Management at Trinity Mirror failed to acknowledge its newspapers engaged in phone-hacking, the lawyer representing victims of the practice said on Thursday, according to the Wall Street Journal.
Women in the UK earned 19.7% less than men on average in 2013, meaning that Britain had the sixth-largest pay gap in the European Union, reports The Telegraph. | | |
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