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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: UK stocks near record highs as housebuilders rise UK stocks were on track to hit a new record on Friday, helped by strong gains in the housebuilding sector. London's FTSE 100 was up 0.46% at 7,047.39 shortly after the open. The index's previous closing high of 7,037.67 was set on 23 March, while the intraday record of 7,065.08 was set on 24 March.
Friday's session will see the release of a number of domestic economic indicators, such as UK industrial and manufacturing production, both of which are predicted to show a slight slowdown in growth in February. The NIESR also gives its latest estimate for UK gross domestic product.
Overnight, data showed that the annual rate of Chinese inflation remained steady at 1.4% in March, surprising analysts who expected a slowdown to 1.3%.
Nevertheless, despite the People's Bank of China's (PBOC) recent measures - cutting interest rates and the reserve requirement ratio - deflation remains a real risk given that producer prices slumped by 4.6%. These could "act as a drag on prices paid by the consumer further down the road", said Oanda analyst Craig Erlam.
"I think more rate cuts are inevitable from the PBOC given how far below target inflation is, the only question is how long they'll wait," he said.
Housebuilders rise after upgrade
Housebuilders were among the best performers early on as Jefferies upgraded ratings for stocks across the sector, including Barratt Developments, Taylor Wimpey, Persimmon, Bellway, Crest Nicholson and Redrow. Jefferies said it has turned more positive on the sector after recent data "point[ed] to a stronger pre-election housing market than we had anticipated".
In contrast, mining stocks were trading with losses, such as Anglo American, Rio Tinto and Glencore. Rio Tinto was in focus on reports that its Canadian iron ore division will cut 150 jobs.
UK wine merchant Majestic Wine fell as investors reacted to the announcement that it will buy Naked Wines, a customer funded international online wine business for up to £70m in a reverse takeover. As part of the deal, Naked's founder and chief executive Rowan Gormley will become boss of the enlarged group.
Recruiter Hays underwhelmed despite saying it now expects to deliver strong operating profit growth for the full year after a decent third quarter. Annual growth in net fees, however, eased to 5% from 6% in the first half.
Shares in Reckitt Benckiser rose after receiving a boost by analysts at UBS who upgraded their rating on the stock to 'buy' from 'hold'. The bank said Reckitt is "one of the two core holdings in the European household and personal care space". |
| | Market Movers
techMARK 3,258.90 +0.75%
FTSE 100 7,047.39 +0.46%
FTSE 250 17,804.64 +0.50%
FTSE 100 - Risers
Shire Plc (SHP) 5,660.00p +4.43%
ITV (ITV) 267.60p +2.41%
Barratt Developments (BDEV) 554.00p +2.40%
Taylor Wimpey (TW.) 164.20p +1.86%
Aggreko (AGK) 1,568.00p +1.62%
Aberdeen Asset Management (ADN) 492.80p +1.61%
Dixons Carphone (DC.) 433.00p +1.60%
Persimmon (PSN) 1,755.00p +1.27%
Rolls-Royce Holdings (RR.) 962.00p +1.26%
Burberry Group (BRBY) 1,813.00p +1.17%
FTSE 100 - Fallers
Anglo American (AAL) 1,014.00p -0.98%
Royal Mail (RMG) 446.40p -0.89%
Rio Tinto (RIO) 2,832.00p -0.72%
Kingfisher (KGF) 364.50p -0.71%
Associated British Foods (ABF) 2,994.00p -0.66%
Glencore (GLEN) 286.95p -0.66%
Pearson (PSON) 1,459.00p -0.48%
Weir Group (WEIR) 1,759.00p -0.45%
Travis Perkins (TPK) 1,997.00p -0.35%
Lloyds Banking Group (LLOY) 79.45p -0.29%
FTSE 250 - Risers
Indivior (INDV) 211.80p +5.64%
Bellway (BWY) 2,075.00p +2.98%
Crest Nicholson Holdings (CRST) 450.80p +2.71%
Zoopla Property Group (WI) (ZPLA) 203.00p +2.53%
Spectris (SXS) 2,317.00p +2.52%
Countrywide (CWD) 533.00p +2.40%
Redrow (RDW) 381.50p +2.36%
Renishaw (RSW) 2,533.00p +2.34%
AO World (AO.) 189.30p +2.32%
Rotork (ROR) 2,639.00p +2.29%
FTSE 250 - Fallers
Hays (HAS) 157.00p -4.15%
Saga (SAGA) 181.70p -2.63%
Imagination Technologies Group (IMG) 196.40p -2.29%
Hunting (HTG) 542.50p -1.36%
Card Factory (CARD) 310.00p -1.34%
TR Property Inv Trust (TRY) 317.90p -1.18%
Nostrum Oil & Gas (NOG) 610.50p -1.13%
Kaz Minerals (KAZ) 213.90p -1.06%
Michael Page International (MPI) 549.00p -0.90% |
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| | UK Event Calendar | | Friday 10 April
INTERIM DIVIDEND PAYMENT DATE
AdEPT Telecom, Ashmore Group, Carclo, Colefax Group, Dunelm Group, Foresight Solar VCT, Foresight Solar VCT C, Go-Ahead Group, Hargreaves Lansdown, London Finance & Investment Group, Management Resources Solutions , Mid Wynd International Inv Trust
QUARTERLY PAYMENT DATE
BlackRock Income Strategies Trust , Land Securities Group, Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Import and Export Price Indexes (US) (13:30)
Treasury Budget Statement (US) (19:00)
FINALS
Biofrontera AG (DI)
ANNUAL REPORT
Amlin, Billington Holdings, Rentokil Initial
EGMS
Black Sea Property Fund Ltd (The)
TRADING ANNOUNCEMENTS
X5 Retail Group NV GDR (Reg S)
UK ECONOMIC ANNOUNCEMENTS
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
Domino Printing Sciences, RM, W H Ireland |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks set for biggest weekly gain since January as euro plunges European stocks rose on Friday, building on an all-time high achieved in the previous session as they looked to register the biggest weekly gain since January. At 08:43 in London, the Stoxx Europe 600 Index was up 0.44% to 410.95, after surpassing a 15-year high on Thursday as better-than-expected German industrial production fuelled renewed optimism over the Eurozone's economy.
The index has risen 3.2% this week and 20% in 2015.
Germany's Dax was up 0.58%, while France's CAC 40 edged forward 0.22% and the pan-European FTSEurofirst 300 Index surged ahead to its highest level since 2000 as the euro hit its lowest level since March 19.
The single currency declined 0.5% against the dollar and the yen and relinquished 0.2% against the pound.
French industrial output in February was flat compared to the previous month, as declines in the production of electrical and agricultural goods offset rises in the energy and automotive sectors, statistics agency Insee said Friday.
The flat industrial production figure was slightly better than the 0.1% month-on-month.
"While retail sales have been dynamic, the investment recovery in France has not yet started," said BNP Paribas' analyst Dominique Barbet.
On Thursday, Greece completed a €450m (£325m) payment to the International Monetary Fund, as Eurozone finance ministers gave Athens a six-day ultimatum to present a list of acceptable austerity reforms.
Even though Greece met the payment deadline, analysts remain sceptical over Athens' chances of solving its financial conundrum.
"It is becoming increasingly apparent that the gap between what Greece's creditors want, and what the Greek government is able to deliver, could well be too large a gap to bridge," said CMC Markets' analyst Michael Hewson.
In company news, Deutsche Bank rose 1% after reports suggested the bank was edging close to reach a settlement with US and UK authorities over an interest-rate manipulation probe.
According to sources cited by Bloomberg, the lender could pay a fine of over £1bn to settle the dispute. |
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| | US Market Report | | US inventories grow more than expected in February
US stocks finished slightly higher overnight after an encouraging jobless claims report but were hit by the surge in the US dollar.
US gross domestic product is on track to reach 1.2% in the first quarter of 2015, after receiving a boost from a rise in wholesale inventories.
On Tuesday, the Department of Commerce said company stockpiles rose 0.3% month-on-month in February to hit $574bn, higher than analysts’ expectations for a gain of 0.2%, while January data was revised upwardly 0.2% to reflect a 0.4% increase from December.
Inventories of durable goods rose 0.3% month-on-month, driven by solid automotive inventories, which climbed 2.4% in February.
Sales at wholesalers fell 0.2% to reach $444.2bn following a 3.6% decline in February and official figures show that, at February’s pace, it would take wholesalers 1.29 months to clear their shelves versus 1.2 in the same month of a year ago.
“Upward revisions to January wholesale inventory growth and stronger-than-expected February data suggest a faster pace of inventory investment in the first quarter,” analysts at Barclays said in a note.
“These data boosted our first quarter real GDP tracking estimate by two-tenths, to 1.2%.”
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| | Newspaper Round Up | | Friday newspaper round-up: Deutsche Bank, Labour, BG Group German banking group Deutsche Bank is facing a fine of over $1.5bn for allegedly rigging Libor, the Financial Times said. This would be the largest fine imposed for far on a bank accused of manipulating the rate. "The strongest, if still tentative, sign that the Conservatives' narrow and negative campaign is misfiring emerged on Thursday when three polls showed Labour moving ahead and, for the first time, one poll found that Ed Miliband had more positive personal approval ratings than David Cameron," The Guardian said.
Shell's takeover of BG Group "signals the death knell" for the latter's Arctic drilling ambitions, according to analysts and fund managers, The Times reports.
The Debt Management Office has said that foreign investors sold a net £14bn of gilts over January and February, representing a record pace "on concerns over electoral gridlock and the long-term stability of sterling", The Telegraph reports.
Chestertons, one of the UK's oldest estate agents, has been accused of overstating profits before its planned flotation last year, writes The Times.
The European Central Bank has hiked its cap on emerging funding for Greek banks by €1.2bn, according to The Telegraph.
General Electric is close to offloading the bulk of its $30bn real estate portfolio and is in talks with Blackstone and Wells Fargo, reports The Wall Street Journal.
Theatrical production giant Cirque du Soleil is said to be in advanced talks with two private equity consortia about offloading a majority stake, according to The Telegraph. | | |
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