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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: Equities rebound as Chinese stimulus hopes rise UK stocks bounced off a two-and-a-half-week low on Wednesday morning as market sentiment recovered after a sharp sell-off. London's FTSE 100 was up 0.41% at 6,800.98 early on, after dropping 1.7% to 6,773.04 on Tuesday, its lowest close since 13 March.
The rising possibility of state boost to the resource-hungry Chinese economy was a likely stimulant to the index, where miners and oil companies have a heavy weighting.
In economic data, China's official purchasing managers' index (PMI) for manufacturing showed that activity rose for the first time in three months, rising from 49.9 to 50.1 in March. However, HSBC's own manufacturing index improved from 49.2 to 49.6 but still remained in contraction below the break-even mark of 50.
While both surveys beat analysts' expectations, they showed that industrial employers shed more jobs last month. Chinese shares rallied overnight with the data adding to pressure on Beijing to apply stimulus measures to spur growth in the world's number-two economy.
Manufacturing PMIs from Europe, the UK and US are all due out later during Wednesday's session.
Banking stocks rise
Specialist British bank Shawbrook made a stunning stock market debut on Wednesday in London with shares rallying to 305p, well above the top of its preset price range of 290p.
Other banks such as Barclays, Lloyds and RBS were also performing well. Lloyds in particular was benefiting from a ratings upgrade to 'hold' by Jefferies.
Asos saw profits fall by a tenth in the first half as a sharp drop in margins outweighed a strong sales performance, though results still beat analysts' expectations. The online fashion retailer also said it believes momentum is building because of its recent investments in price cuts and zonal pricing.
Russia-focused steelmaker Evraz surged after pledging to buy-back shares despite reporting a net loss of $1.28bn last year.
FirstGroup rose strongly after saying trading for the year to the end of March had remained in line with expectations, with progress continuing on its medium-term transformation plans.
Down on AIM, Nationwide Accident Repair Services surged after directors accepted a £43.2m cash takeover offer from private equity colossus Carlyle, a month after major shareholder Quindell sold its stake. |
| | Market Movers
techMARK 3,148.60 +0.17%
FTSE 100 6,800.98 +0.41%
FTSE 250 17,096.85 +0.04%
FTSE 100 - Risers
Barclays (BARC) 248.55p +2.45%
GlaxoSmithKline (GSK) 1,573.50p +1.78%
Lloyds Banking Group (LLOY) 79.33p +1.34%
Royal Bank of Scotland Group (RBS) 344.50p +1.32%
London Stock Exchange Group (LSE) 2,487.00p +1.14%
Imperial Tobacco Group (IMT) 2,996.00p +1.11%
BP (BP.) 440.95p +0.97%
CRH (CRH) 1,767.00p +0.97%
Royal Dutch Shell 'B' (RDSB) 2,117.00p +0.86%
Old Mutual (OML) 223.90p +0.81%
FTSE 100 - Fallers
Experian (EXPN) 1,097.00p -1.79%
Rolls-Royce Holdings (RR.) 940.00p -1.36%
Antofagasta (ANTO) 723.50p -1.23%
Marks & Spencer Group (MKS) 529.50p -1.03%
Centrica (CNA) 250.40p -1.03%
Barratt Developments (BDEV) 523.50p -0.95%
Kingfisher (KGF) 377.30p -0.87%
BAE Systems (BA.) 519.50p -0.76%
Persimmon (PSN) 1,652.00p -0.66%
Randgold Resources Ltd. (RRS) 4,663.00p -0.64%
FTSE 250 - Risers
Evraz (EVR) 199.00p +6.02%
FirstGroup (FGP) 95.45p +4.95%
UDG Healthcare Public Limited Company (UDG) 482.10p +2.03%
Premier Oil (PMO) 134.10p +1.90%
Just Retirement Group (JRG) 167.50p +1.89%
Cable & Wireless Communications (CWC) 62.05p +1.80%
Go-Ahead Group (GOG) 2,371.00p +1.76%
Lonmin (LMI) 119.40p +1.62%
IP Group (IPO) 229.60p +1.59%
AO World (AO.) 186.10p +1.58%
FTSE 250 - Fallers
Thomas Cook Group (TCG) 142.10p -2.47%
Drax Group (DRX) 355.20p -2.39%
Kaz Minerals (KAZ) 210.00p -2.33%
Acacia Mining (ACA) 256.10p -2.25%
Pace (PIC) 337.30p -2.23%
Centamin (DI) (CEY) 56.30p -2.09%
Hunting (HTG) 481.00p -1.90%
Balfour Beatty (BBY) 235.80p -1.79%
Polymetal International (POLY) 566.50p -1.65% |
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| | UK Event Calendar | | Wednesday April 01
INTERIMS
ASOS
INTERIM DIVIDEND PAYMENT DATE
Darty
QUARTERLY EX-DIVIDEND DATE
Torchmark Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
MBA Mortgage Applications (US) (12:00)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
FINALS
Evraz
ANNUAL REPORT
Evraz
AGMS
Advance Developing Markets Fund Ltd.
UK ECONOMIC ANNOUNCEMENTS
PMI Manufacturing (09:30)
FINAL DIVIDEND PAYMENT DATE
General Accident (Prf) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Greek debt deal and upbeat PMIs boost markets European markets kicked off the session in positive territory as Greece said it should reach a deal with international creditors next week. Greek economy minister George Stathakis on Wednesday said he expects the nation to come to an agreement with Eurozone partners and the International Monetary Fund on a package of reforms that will unlock further aid.
"I think talks will lead to a deal next week. The agreement will close on [Greek Orthodox] Easter week," Stathakis told Skai TV.
The euro recovered 0.24% to $1.0757 after falling a day earlier on Greek woes.
In economic data, HSBC's final estimate on the Chinese purchasing managers' index for manufacturing in March was revised to 49.6 from a previous estimate of 49.2, ahead of analysts' forecasts of 49.3. A reading below 50 signals a contraction while a level above that indicates expansion.
A separate measure of China manufacturing also showed an improvement in March. The China Federation of Logistics and Purchasing said the PMI rose to 50.1 last month from 49.9 in February.
Meanwhile, the PMI for China non-manufacturing fell to 53.7 from 53.9.
In the Eurozone, the manufacturing PMI for March was revised higher to 52.2 from 51.9, beating estimates of 52.4.
The UK at 08:30 GMT will also see the release of manufacturing PMI which is expected to show a slight increase in March. ISM at 14:00 GMT publishes its final estimate of PMI for US manufacturing.
Among stocks, energy companies were rising, including BG Group and BP. Banks were also higher with gains in Barclays and Banco de Sabadell SA. |
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| | US Market Report | | US close: Stocks lower in run up to quarterly results, international markets weaker US stocks closed lower on Tuesday, retreating from two sessions of gains in anticipation of underwhelming corporate quarterly results and weaker international markets.
The Dow Jones Industrial Average closed 200 points lower at 17,776, while the S&P 500 and the Nasdaq closed nine and 18 points down at 2,068 and 4,9 respectively.
Analysts said that some investors were reconsidering their investments on speculation that quarterly results could disappoint. "Investors are anxiously awaiting earnings reports over the next few weeks, hoping they are not as bad as feared. With markets trading near recent highs, a lot is at stake," said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management.
European stocks slid after data showed Eurozone unemployment remained above expectations at 11.3% in February, after upward revisions to the prior month, while Asian stocks endured a choppy session, with the Nikkei 225 and the Shanghai Composite Index both falling 1%.
In data news, US house prices remained steady in January, according to the S&P/Case-Shiller 20-city index released on Tuesday. On a seasonally adjusted basis, prices grew 0.9%, while they rose 4.6% year-on-year.
The Chicago business barometer, known as the Chicago PMI, rose in March, but still came in below the key 50 level, an indication that businesses are contracting.
Meanwhile, consumer confidence index jumped to 101.3 in March from 98.8 in February.
However, the key report for the week will be Friday's jobs report, although investors will also want to keep an eye on Wednesday's ADP private payrolls report and Thursday's weekly jobless claims.
Property giant CBRE Group rose 6.43% after confirming it would buy Johnson Controls' workplace solutions business in a deal worth $1.47bn.
Movado Group surged as it reported better-than-expected fiscal fourth-quarter profits and raised its dividend to 11 cents per share from 10 cents per share.
IT group IBM fell 1.33% after announcing plans to invest $3bn in a new "Internet of Things" business, designed to help customers gather and analyse data from sensor-equipped devices and smartphones.
The dollar jumped 0.74% against the euro and gained 0.11% against the pound but fell just over 0.1% against the yen, while gold futures edged 0.09% higher to $1,185.90.
Oil prices fell in the run up to last-minute talks between Iran and six global powers over Teheran's nuclear programme, while gold prices inched higher.
S&P 500 - Risers
CBRE Group Inc (CBG) $38.71 +6.32%
Kohls Corp. (KSS) $78.25 +2.13%
Western Union Co. (WU) $20.81 +2.01%
Micron Technology Inc. (MU) $27.13 +1.69%
D. R. Horton Inc. (DHI) $28.48 +1.68%
Express Scripts Holding Co (ESRX) $86.77 +1.60%
Harris Corp. (HRS) $78.76 +1.46%
CenturyLink Inc. (CTL) $34.55 +1.44%
Chesapeake Energy Corp. (CHK) $14.16 +1.36%
Teradata Corp. (TDC) $44.14 +1.31%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $4.92 -7.87%
Denbury Resources Inc. (DNR) $7.29 -4.58%
United States Steel Corp. (X) $24.40 -4.09%
Celgene Corp. (CELG) $115.28 -3.95%
Alexion Pharmaceuticals Inc. (ALXN) $173.30 -3.86%
Kraft Foods Group, Inc. (KRFT) $87.13 -3.84%
Frontier Communications Co. (FTR) $7.05 -3.69%
Analog Devices Inc. (ADI) $63.00 -2.79%
Mosaic Company (MOS) $46.06 -2.74%
Avago Technologies Ltd. (AVGO) $126.98 -2.73%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $40.55 +0.10%
American Express Co. (AXP) $78.12 +0.09%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $118.29 -2.24%
Chevron Corp. (CVX) $104.98 -1.80%
Boeing Co. (BA) $150.08 -1.72%
Caterpillar Inc. (CAT) $80.03 -1.65%
Goldman Sachs Group Inc. (GS) $187.97 -1.60%
Apple Inc. (AAPL) $124.43 -1.54%
E.I. du Pont de Nemours and Co. (DD) $71.47 -1.53%
Merck & Co. Inc. (MRK) $57.48 -1.47%
United Technologies Corp. (UTX) $117.20 -1.37%
Travelers Company Inc. (TRV) $108.14 -1.37%
Nasdaq 100 - Risers
Charter Communications Inc. (CHTR) $193.11 +5.30%
Micron Technology Inc. (MU) $27.13 +1.69%
Express Scripts Holding Co (ESRX) $86.77 +1.60%
Priceline Group Inc (PCLN) $1,164.15 +1.25%
Mattel Inc. (MAT) $22.85 +0.88%
QUALCOMM Inc. (QCOM) $69.34 +0.67%
Adobe Systems Inc. (ADBE) $73.94 +0.46%
Bed Bath & Beyond Inc. (BBBY) $76.78 +0.45%
Verisk Analytics Inc. (VRSK) $71.40 +0.34%
Viacom Inc. Class B (VIAB) $68.30 +0.23%
Nasdaq 100 - Fallers
Celgene Corp. (CELG) $115.28 -3.95%
Alexion Pharmaceuticals Inc. (ALXN) $173.30 -3.86%
Kraft Foods Group, Inc. (KRFT) $87.13 -3.84%
Analog Devices Inc. (ADI) $63.00 -2.79%
Avago Technologies Ltd. (AVGO) $126.98 -2.73%
Amgen Inc. (AMGN) $159.85 -2.71%
Vertex Pharmaceuticals Inc. (VRTX) $117.97 -2.71%
Sba Communications Corp. (SBAC) $117.10 -2.57%
Nvidia Corp. (NVDA) $20.92 -2.54% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Business leaders back Tories, Honda, Shell 100 senior business leaders have signed an open letter throwing their weight behind the Conservative party ahead of the elections in May, warning that a Labour government would "threaten jobs and deter investment" in the UK, writes The Telegraph.
Honda has announced a £200m investment in its factory in Swindon, capping off a record week for the UK car industry, with investment totalling over £1bn in six days, according to The Guardian.
Oil major Shell has been given the go-ahead by the US government to resume a controversial exploration campaign in the Alaskan Arctic, The Telegraph said.
Welsh nationalists Plaid Cymru has said it will negotiate with Labour, the Scottish National party and the Greens to "end Tory rule" if a elections result in a hung parliament, writes the Financial Times.
Insurer Prudential has revealed that its highest-paid employee earned £15.4m last year, more than out-going boss Tidjane Thiam who received £11.8m in cash and shares, The Guardian said.
Former Bank of England policymaker Andrew Sentence has accused the central bank's governor Mark Carney of making reforms that will increase potential security risks and "disrupt accountability and communication" at the Bank, reports The Times.
Labour's Ed Miliband has said he will clamp down on zero-hours contracts, giving workers the right to a regular contract after 12 weeks the Financial Times writes.
According to The Times, chancellor George Osborne is expected to highlight a slowdown in the recovery in an update shortly before the elections, though Tory strategists do not predict it damaging the Conservative campaign, said The Times. Instead, he "would use the data to warn of the threat posed by Labour", the paper said. | | |
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