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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: FTSE pulls back from all-time high as mining stocks decline London's FTSE 100 retreated from a fresh record on Monday morning as investors took profits ahead of a busy week for global financial markets, with shares in the mining sector in particular under pressure.
The Footsie was trading 0.24% lower at 7,072.78 early on after settling at a new all-time closing high of 7,089.77 on Friday. The intraday record high of 7,095.36 was also reached on that day.
"The week ahead in the financial markets will certainly be an interesting one, with a plethora of big economic data being released, central bank announcements and corporate earnings season getting into full swing after Alcoa got things underway last week," said Oanda analyst Craig Erlam.
UK inflation, US retail sales and a policy meeting at the European Central Bank will likely steal the spotlight over the coming days.
Wednesday's gross domestic product figures from China will also be in focus after figures overnight revealed that Chinese exports dropped at an annual rate of 15% in March, a significant miss on the 10% increase expected by analysts. Exports also sank 12.7%, compared with the estimated 10% decline.
"Disappointing numbers have strengthened the case for further stimulus in the region as exports in particular were notably weak," said analysts at Deutsche Bank. This speculation drove markets higher in Asia on Monday with Hang Seng and Shanghai stocks rising more than 2%.
Broker downgrades hit miners
Mining stocks were among the worst performers early on after Citigroup downgraded its ratings across the sector following revisions to commodity prices forecasts. The bank lowered Rio Tinto, Glencore, BHP Billiton and Lonmin to 'neutral' and cut Vedanta Resources and Anglo American to 'sell'.
Precious metal peers Randgold, Centamin and Fresnillo, however, were bucking the trend as shares edged higher.
BP was also feeling the effects of a broker downgrade, as Bank of America Merrill Lynch cut its recommendation to 'neutral', while Pearson was lowered to 'underperform' by Jefferies.
In contrast, HSBC was boosted after Morgan Stanley lifted its rating on the stock to 'equal weight' following a 17% underperformance against the Stoxx 600 banks index so far this year.
Housing stocks were pulling back after a strong performance the previous session following a number of upgrades by Jefferies. Barratt Developments, Bellway and Persimmon were all trading in the red.
Low cost air carrier EasyJet fell after appointing the finance executive from Halfords to its management board. Andrew Findlay, is to become chief finance officer at EasyJet by the end of October. |
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| Market Movers
techMARK 3,262.36 -0.36%
FTSE 100 7,072.78 -0.24%
FTSE 250 17,848.99 -0.15%
FTSE 100 - Risers
Fresnillo (FRES) 722.00p +2.63%
Aviva (AV.) 565.50p +1.89%
Weir Group (WEIR) 1,800.00p +1.18%
HSBC Holdings (HSBA) 619.00p +1.13%
Randgold Resources Ltd. (RRS) 4,924.00p +0.90%
SSE (SSE) 1,573.00p +0.77%
BG Group (BG.) 1,174.50p +0.56%
RSA Insurance Group (RSA) 438.00p +0.55%
TUI AG Reg Shs (DI) (TUI) 1,253.00p +0.40%
Royal Dutch Shell 'B' (RDSB) 2,056.00p +0.39%
FTSE 100 - Fallers
Barratt Developments (BDEV) 542.00p -2.87%
Pearson (PSON) 1,441.00p -2.04%
Tesco (TSCO) 246.45p -1.81%
easyJet (EZJ) 1,885.00p -1.57%
ARM Holdings (ARM) 1,153.00p -1.45%
BHP Billiton (BLT) 1,442.50p -1.43%
Sage Group (SGE) 477.30p -1.38%
Shire Plc (SHP) 5,615.00p -1.14%
Persimmon (PSN) 1,737.00p -1.14%
Taylor Wimpey (TW.) 164.20p -1.14%
FTSE 250 - Risers
Centamin (DI) (CEY) 61.00p +3.74%
Fidelity China Special Situations (FCSS) 172.30p +2.93%
Premier Oil (PMO) 161.40p +1.89%
Aveva Group (AVV) 1,576.00p +1.87%
FirstGroup (FGP) 103.10p +1.78%
Home Retail Group (HOME) 167.90p +1.70%
Ophir Energy (OPHR) 161.70p +1.57%
Bank of Georgia Holdings (BGEO) 1,938.00p +1.47%
Hunting (HTG) 564.00p +1.44%
Smith (DS) (SMDS) 377.40p +1.40%
FTSE 250 - Fallers
Saga (SAGA) 183.80p -2.13%
Vedanta Resources (VED) 507.50p -2.03%
Lonmin (LMI) 127.40p -2.00%
Petra Diamonds Ltd.(DI) (PDL) 184.60p -1.76%
Evraz (EVR) 203.70p -1.64%
Genus (GNS) 1,414.00p -1.53%
Indivior (INDV) 208.10p -1.51%
Halfords Group (HFD) 464.10p -1.47%
Kaz Minerals (KAZ) 216.80p -1.45% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Indices little changed as investors weigh Chinese trade data European indices were little changed after Chinese trade data came in worse than forecast.
The Chinese trade surplus narrowed to $3.08bn in March from $60.62bn the previous month, compared to analysts' estimates of $40.20bn.
Exports declined by 15% in March, well below predictions for a 10% gain and following a 48.3% jump in February. Imports dropped 12.7% last month after a 20.5% slide in February, more than the 10% fall expected.
"At first glance, it's easy to be disappointed but once February's 48.3% surge in exports are taken into consideration, the forecasts seem quite optimistic," said Craig Erlam, senior market analyst at Oanda.
"The January and February figures are usually averaged out to account for the impact on the Lunar New Year but when you see a number like that in February, you have to expect it to impact the March reading which I think it clearly has."
Erlam added that the market does not appear too worried about the figures and that "poor data only supports the need for the People's Bank of China to cut rates further which gives investors that little boost they crave so much".
Aside from Chinese data, the day is thin on the ground of economic reports with investors looking ahead to releases in coming days including US retail sales, and UK and Eurozone consumer price figures. One of the main events of the week will be the European Central Bank's latest policy decision on Wednesday.
Among companies, BHP Billiton and Rio Tinto declined after the premier of Western Australia said the iron ore miners are pursuing a "flawed strategy" of increasing output in an oversupplied market.
Tesco dropped after the Telegraph reported, citing analysts from Barclays, that the supermarket will announce an impairment charge of £3bn when it reports results on 22 April.
In commodities, Brent crude rose 1.86% to $58.97 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks end higher on surge in GE stock US stocks finished the week on the up, led by a surge in shares of General Electric and despite somewhat hawkish remarks from a top policymaker.
The Dow Jones Industrials ended the day 99 points or 0.55% higher at 18,058, while the Nasdaq Composite notched up a gain of 0.43% to finish at 4,996. The S&P 500 had also advanced by the finish of trading, rising by 11 points or 0.52% to end at 2,102.
Both the Dow Jones and Nasdaq Composite ended the week with gains of about 2%.
Speaking on Friday, the president of the Federal Reserve bank of Richmond, Jeffrey Lacker, again backed the case for a "lift-off" on interest rates at the Federal Open Market Committee's June meeting.
"In current circumstances, raising the funds rate target a notch or two is less like taking away the punch bowl and more like just slowing down the refills. We will still be spiking the punch-just not quite as rapidly as we have been," Lacker said.
General Electric backs out of the financial space
Industrial conglomerate General Electric (GE) on Friday said it will sell or spin-off most of its activities in financial services. Some market commentary saw that as a reaction to the increasingly onerous regulations which have been brought to bear on the industry since the financial crisis - lowering firms' returns on capital.
Jack Welch, the predecessor of GE's current chief, Jeff Immelt, voiced his support for the move, telling broadcaster CNBC: "I like the package. It looks like a smart move and right for the changing financial landscape."
Shares of Apple rose after launching the pre-order period for its much-awaited Apple Watch.
From a sector standpoint the largest gains were seen in the following industrial groups: Diversified industrials (5.58%), General industrials (4.77%) and Business training (2.60%).
The US import price index decline 0.3% month-on-month in March, following a downwardly revised gain of 0.2% in the previous month. The consensus estimate had been for a drop of 0.4%.
Front month West Texas crude futures gained 1.93% to stand at $51.77 per barrel by the end of trading on NYMEX.
US 10-year Treasury yields retreated by one basis point to end at 1.95%.
S&P 500 - Risers
General Electric Co. (GE) $28.51 +10.80%
Symantec Corp. (SYMC) $25.58 +5.59%
Chipotle Mexican Grill Inc. (CMG) $683.02 +4.80%
Netflix Inc. (NFLX) $454.57 +3.43%
Intuitive Surgical Inc. (ISRG) $530.36 +3.37%
International Paper Co. (IP) $56.28 +3.29%
Alexion Pharmaceuticals Inc. (ALXN) $182.68 +2.99%
AbbVie Inc (ABBV) $62.00 +2.79%
Altera Corp. (ALTR) $44.52 +2.75%
Agilent Technologies Inc. (A) $43.55 +2.49%
S&P 500 - Fallers
Rowan Companies plc (RDC) $19.15 -3.96%
Fidelity National Information Services Inc. (FIS) $65.50 -3.79%
Gap Inc. (GPS) $41.14 -3.72%
Principal Financial Group (PFG) $50.28 -3.23%
Dover Corp. (DOV) $69.42 -3.07%
Diamond Offshore Drilling Inc. (DO) $29.61 -2.79%
Peabody Energy Corp. (BTU) $5.09 -2.68%
Freeport-McMoRan Inc (FCX) $18.30 -2.56%
Teradata Corp. (TDC) $44.86 -2.24%
Genworth Financial Inc. (GNW) $7.73 -2.03%
Dow Jones I.A - Risers
General Electric Co. (GE) $28.51 +10.80%
Caterpillar Inc. (CAT) $82.60 +2.38%
Intel Corp. (INTC) $31.93 +2.21%
Cisco Systems Inc. (CSCO) $28.04 +1.50%
McDonald's Corp. (MCD) $97.80 +1.29%
Pfizer Inc. (PFE) $35.44 +1.17%
Exxon Mobil Corp. (XOM) $85.56 +1.08%
Johnson & Johnson (JNJ) $102.06 +0.72%
Boeing Co. (BA) $154.38 +0.63%
Home Depot Inc. (HD) $115.24 +0.58%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $99.97 -0.74%
Coca-Cola Co. (KO) $40.88 -0.41%
Merck & Co. Inc. (MRK) $57.25 -0.31%
Wal-Mart Stores Inc. (WMT) $80.65 -0.24%
Visa Inc. (V) $66.34 -0.15% |
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| | Newspaper Round Up | | Monday newspaper round-up: Chinese exports, UK inflation, Travelodge Chinese exports dropped 15% year-on-year in March, reversing the previous two months' growth and "raising the spectre of disappointing first-quarter economic growth", writes the Financial Times.
"Britain could fall into deflation this week for the first time in more than half a century, the result of an escalating supermarket price war and falling energy prices," The Guardian reports. Consumer price inflation figures on Tuesday could reveal that prices fell 0-0.1% in March.
The owners of Travelodge are thoughts to be putting the hotel chain up for sale with a price tag of over £1bn just three years after its rescue from the brink of collapse, The Times writes.
Hilary Clinton on Sunday launched her second campaign for president, ending years of speculation about her plans, writes The Wall Street Journal. If voted in, it would mean that the same party would control the White House for 12 straight years.
Business groups have warned that pension tax relief plans by the Conservatives are "damaging and malign", The Telegraph reports.
The Bank of Scotland's purchasing managers' index has shown that the Scottish private sector contracted in March for the second time in three months, The Scotsman reports.
David Lenigas, the chairman of UK Oil & Gas Investments, has said that fracking could double the amount of oil recovered from the Horse Hill project in the South East of England, but pledged not to use the controversial technique, the Daily Mail said.
Greece on Sunday quashed a report in a German newspaper that said Eurozone officials were "disappointed" by the lack of progress made at last week's dealings in Brussels, according to The Guardian. | | |
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