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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 fall as Chinese and Eurozone PMIs miss forecasts UK stocks inched lower on Thursday morning after purchasing managers' index (PMI) data from both China and Europe disappointed. The FTSE 100 was down 0.13% at 7,018.93 within the opening hour, with ex-dividend stocks keeping the index in the red.
Overnight, a HSBC survey showed that Chinese manufacturing contracted at a faster rate than expected in April. The PMI for manufacturing fell from 49.6 to a one-year low of 49.2, surprising analysts who had expected no change.
Economist Chris Williamson from Markit said the soft data added to the chance of further policy stimulus from Beijing.
"The drop in the PMI in April clearly represents a disappointing start to the second quarter, raising the possibility of economic growth having lost further momentum compared to the already-weak rate seen in the opening quarter of the year," he said.
Closer to home, growth in both Eurozone manufacturing and services slowed down in April, causing the region's composite PMI to fall to 53.5 from 54. The market had expected an increase to 54.4.
In France, Markit's composite PMI declined to 50.2, down from 51.5 in March and below the 51.8 forecast, as service-sector growth eased while manufacturing contracted further.
The German composite PMI also fell to 54.2 from 55.4 (forecast: 55.6) as growth in both the manufacturing and services sectors eased.
Pace rockets on Arris deal
Pace, the UK cable television set-top box maker, jumped 33% after agreeing to be taken over by US telecommunications equipment manufacturer Arris in a $2.1bn deal. Pace management have agreed that Arris will pay Pace shareholders 426.5p in cash and stock, a 28% premium to the closing price on Wednesday.
A number of heavyweight stocks were providing a drag on the Footsie after going ex-dividend, including Aggreko, Antofagasta, ARM Holdings, Barratt Development, BG Group, Glencore, Legal & General, Mondi, Old Mutual and Unilever.
Aeroplane and components maker Meggitt gained after trading in the first quarter continued along its expected flight path of low to mid single-digit revenue growth for the full year.
Diversified mining giant Anglo American fell after two of its three largest divisions experiencing declines in output in the first quarter. Miners on the whole were trading lower after the Chinese data, with sector peers BHP Billiton and Vedanta registering losses.
First-quarter profits shrank at William Hill in part due to the bookmaker's worst ever loss-making week from football betting and the new UK point-of-consumption tax. Shares fell sharply after the open.
Meanwhile, UK housebuilder Taylor Wimpey underwhelmed with a bullish statement to the market, saying that a strong economy has prompted an upbeat start to the spring selling season. The group said customer confidence has not been affected by pre-election uncertainty, but that didn't stop the stock from falling. |
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| | Market Movers
techMARK 3,243.92 +0.22%
FTSE 100 7,018.93 -0.13%
FTSE 250 17,594.51 -0.23%
FTSE 100 - Risers
Experian (EXPN) 1,212.00p +1.68%
Tesco (TSCO) 225.30p +1.19%
United Utilities Group (UU.) 983.50p +1.03%
Centrica (CNA) 262.70p +1.00%
Meggitt (MGGT) 550.50p +0.82%
BP (BP.) 483.65p +0.81%
Morrison (Wm) Supermarkets (MRW) 191.70p +0.68%
Severn Trent (SVT) 2,164.00p +0.60%
Coca-Cola HBC AG (CDI) (CCH) 1,347.00p +0.45%
Rio Tinto (RIO) 2,876.00p +0.44%
FTSE 100 - Fallers
Legal & General Group (LGEN) 266.20p -3.97%
Old Mutual (OML) 228.30p -3.87%
Glencore (GLEN) 293.75p -2.81%
Barratt Developments (BDEV) 522.00p -2.34%
Mondi (MNDI) 1,322.00p -2.29%
WPP (WPP) 1,564.00p -2.00%
Fresnillo (FRES) 691.00p -1.71%
Persimmon (PSN) 1,728.00p -1.37%
Unilever (ULVR) 2,953.00p -1.07%
Dixons Carphone (DC.) 433.20p -1.03%
FTSE 250 - Risers
Pace (PIC) 440.80p +32.77%
Premier Farnell (PFL) 196.20p +5.20%
Evraz (EVR) 189.90p +2.04%
Bank of Georgia Holdings (BGEO) 1,947.00p +1.78%
AO World (AO.) 186.50p +1.41%
Card Factory (CARD) 323.60p +1.22%
Acacia Mining (ACA) 277.30p +1.20%
Soco International (SIA) 180.50p +1.12%
Electrocomponents (ECM) 244.40p +0.99%
Daejan Holdings (DJAN) 5,735.00p +0.97%
FTSE 250 - Fallers
Hansteen Holdings (HSTN) 120.10p -4.61%
Senior (SNR) 329.60p -4.49%
RPS Group (RPS) 236.30p -3.63%
William Hill (WMH) 359.40p -3.46%
UBM (UBM) 541.50p -3.22%
Bwin.party Digital Entertainment (BPTY) 81.60p -2.80%
Elementis (ELM) 306.70p -2.63%
Tullett Prebon (TLPR) 366.90p -2.50%
International Public Partnerships Ltd. (INPP) 136.10p -2.16% |
| | UK Event Calendar | | Thursday 23 April
INTERIM DIVIDEND PAYMENT DATE
Produce Investments
INTERIM EX-DIVIDEND DATE
Barratt Developments, Carr's Group, Edge Performance VCT 'H' Shares, Nimrod Sea Assets Limited, Tracsis
QUARTERLY EX-DIVIDEND DATE
Unilever
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
New Homes Sales (US) (15:00)
GMS
Red Emperor Resources NL (DI)
FINALS
Air Partner
ANNUAL REPORT
Mail.ru Group Ltd GDR (Reg S)
IMSS
Cobham, Computacenter, Taylor Wimpey
SPECIAL EX-DIVIDEND PAYMENT DATE
Elementis, Hansteen Holdings, Novae Group, OMG
EGMS
Foresight Solar Fund Limited, Independent News & Media, Urals Energy Public Co Ltd. (DI), VietNam Holding Ltd
AGMS
Aberdeen Smaller Companies High Income Trust, Acacia Mining, AFH Financial Group , Anglo American, Barclays, Bodycote, Cobham, Enables IT Group, Essentra, European Assets Trust NV (Regd), Komercni Banka A.S.GDR (Level 1), Meggitt, New World Resources A Shares, Pace, Personal Group Holdings, Phoenix Group Holdings (DI), Promethean World, Reed Elsevier, SThree, Taylor Wimpey, Tomco Energy
TRADING ANNOUNCEMENTS
Mail.ru Group Ltd GDR (Reg S), Meggitt, William Hill, WPP
UK ECONOMIC ANNOUNCEMENTS
Internet Retail Sales (09:30)
Public Sector Finances (09:30)
Retail Sales (09:30)
Trends in Lending (09:30)
FINAL DIVIDEND PAYMENT DATE
Cambian Group, Lavendon Group, Law Debenture Corp., Shore Capital Group Ltd.
FINAL EX-DIVIDEND DATE
AFH Financial Group , Aggreko, Antofagasta, ARM Holdings, Belvoir Lettings, BG Group, Brady, Bwin.party Digital Entertainment, Centamin (DI), Churchill China, Constellation Healthcare Technologies, Inc (Reg S), Drax Group, Elementis, Fevertree Drinks, Glencore , Good Energy Group, Impax Environmental Markets, Invesco Perpetual UK Small Companies Inv Trust, Kingspan Group, Legal & General Group, M. P. Evans Group, Man Group, Martinco , Merchants Trust, Molins, Mondi, NAHL Group, Novae Group, Old Mutual, Pendragon, Portmeirion Group, Rathbone Brothers, Rolls-Royce Holdings, RPS Group, Smart Metering Systems, Somero Enterprises Inc.(Reg S), Stilo International, Tullett Prebon, Tyman, UBM, Unite Group, Xchanging, Zotefoams
Q1
William Hill |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mostly lower on weak Chinese PMI European equities were mostly lower as Chinese manufacturing data came in weaker than expected, though it did boost hopes of further stimulus measures. HSBC's purchasing managers' index (PMI) on Chinese manufacturing activity fell to 49.2 in April from 49.6 a month earlier, surprising analysts' who had expected it to remain unchanged. A reading below 50 signals a contraction while a level above signals expansion.
"We have argued that much of the weakness in the March data - including HSBC/Markit'smanufacturing PMI - was caused by seasonal distortions due to the unusually late timing of Chinese New Year," said Julian Evans-Pritchard, China economist at Capital Economics.
Markit's Eurozone manufacturing PMI fell to 51.9 in April from 52.2 in March, compared to predictions of 52.6. The services PMI also fell to 53.7 from 54.2, missing estimates of 54.5.
The UK at 09:30 BST sees the release of retail sales data which is expected to show a 0.5% increase in March after a 0.7% rise a month earlier.
In afternoon trade, US reports including new home sales, manufacturing PMI, and initial jobless claims will be released.
Developments in Greece will continue to be under watch as Prime Minister Alexis Tsipras meets with German Chancellor Angela Merkel later on Thursday in Brussels. European Commission Vice President Valdis Dombrovskis has stated that a Greek deal isn't likely until May.
"By kicking the Grexit can down the road a bit, some of the recent market uncertainty may be removed; however, not all of it," said Connor Campbell, financial analyst at Spreadex.
"There is still the issue of how Greece will fund itself beyond the initially proposed 30 April deal-deadline, especially since the cash-unlocking reforms list Athens needs to provide is nowhere to be seen. The only good news for Greece is that the Eurozone looks like it is trying to bend as far as it can before breaking to ensure the country doesn't leave the currency union any time soon."
Euro-area finance ministers meet in Riga, Latvia, on Friday to discuss Greece. Thomas Wieser, who heads the Eurogroup Working Group, has said Athens will not present a list of economic reforms at the meeting.
The euro was down 0.37% to $1.0685 in morning trade.
Michelin & Cie., Pernod Ricard SA rally on quarterly results
Michelin & Cie. and Pernod Ricard SA advanced after reporting an increase in quarterly sales.
Logitech International SA gained after the Swiss maker of computer mice posted a rise in annual profit.
Ericsson AB slumped after the network-equipment maker's first-quarter profit fell short of forecasts.
Bilfinger dropped after reducing its annual profit guidance due to low demand at its power and oil and gas businesses. |
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| | US Market Report | | US close: Dow rises over 80 points on upbeat earnings US stocks rose on Wednesday, as investors digested a raft of upbeat earnings and positive housing data. The Dow Jones Industrial Average closed up 88 points at 18,038.27, while the S&P 500 and the Nasdaq closed 11 and 25 points higher respectively.
Some analysts believe that the rally markets have experienced over the last six months has left little room for improvement in the short-term future.
"The major advances of the last six months have left major indices fully valued and exhausted for now and in consolidation and digestion mode," said Colin Cieszynski, chief market strategist at CMC Markets.
Sales of existing US homes rose at the fastest pace in 18 months in March, industry data showed on Wednesday.
According to the National Association of Realtors, existing home sales rose 6.1% month-on-month last month to a seasonally adjusted 5.19m, exceeding expectations of a 5.08m reading.
Meanwhile, applications for US home mortgages grew last week, data released on Wednesday showed.
The Mortgage Bankers Association said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, climbed 2.3% in the week ended 17 April.
McDonald's rose 3.13%, despite the burgers-and-milkshakes chain reporting "negative guest traffic in all major segments" during the first quarter.
Coca-Cola climbed 1.30%on the back of a slight increase in first quarter revenue, which rose1% to $10.7bn, while gross profit climbed 2% to $6.6bn. However, income before taxes declined by 10% to $1.56bn.
Visa jumped 4.07% on the back of the Chinese government's decision to open up its market for clearing domestic bank card transactions
Boeing slid 1.40% after reporting before the bell that its first quarter revenue climbed from a year ago but missed expectations, while earnings rose to $1.97 per share from $1.76 a year ago, better than the $1.81 predicted by the market.
Elsewhere, in Japan, the Nikkei 225 gained 1.13% above 20,000 for the first time in 15 years, driven by a jump in trade balance to £229.3bn (£1.3bn) in March from a decline of £424.6bn the month before.
The dollar slid 0.7% against the pound but gained against 0.1% against the yen and 0.2% against the euro, while gold futures slid 1.43% to $1,185.90.
Oil prices were mixed, with West Texas Intermediate losing 0.6% to $56.27 a barrel, while Brent crude climbed 1.2% to $62.86 a barrel.
S&P 500 - Risers
FMC Technologies Inc. (FTI) $40.56 +7.50%
St Jude Medical Inc. (STJ) $73.56 +6.42%
Broadcom Corp. (BRCM) $46.18 +5.00%
Nabors Industries Ltd. (NBR) $15.05 +4.73%
Perrigo Company plc (PRGO) $201.51 +4.51%
Tesoro Corp. (TSO) $89.53 +4.25%
Mattel Inc. (MAT) $28.36 +4.19%
Visa Inc. (V) $68.02 +4.09%
Yum! Brands Inc. (YUM) $84.07 +3.98%
Mastercard Inc. (MA) $91.21 +3.92%
S&P 500 - Fallers
Chipotle Mexican Grill Inc. (CMG) $641.23 -7.41%
Intuitive Surgical Inc. (ISRG) $516.80 -5.47%
D. R. Horton Inc. (DHI) $27.03 -5.36%
Newmont Mining Corp. (NEM) $22.77 -3.15%
Denbury Resources Inc. (DNR) $8.20 -3.13%
Thermo Fisher Scientific Inc. (TMO) $130.69 -2.79%
Hasbro Inc (HAS) $71.73 -2.47%
PulteGroup Inc. (PHM) $21.68 -2.39%
Gannett Co. Inc. (GCI) $35.16 -2.33%
Amphenol Corp. (APH) $56.81 -2.32%
Dow Jones I.A - Risers
Visa Inc. (V) $68.02 +4.09%
McDonald's Corp. (MCD) $97.82 +3.11%
American Express Co. (AXP) $78.45 +1.51%
Apple Inc. (AAPL) $128.62 +1.35%
Coca-Cola Co. (KO) $41.31 +1.30%
Caterpillar Inc. (CAT) $84.87 +1.13%
General Electric Co. (GE) $26.92 +1.13%
E.I. du Pont de Nemours and Co. (DD) $71.45 +1.08%
JP Morgan Chase & Co. (JPM) $62.94 +1.01%
Intel Corp. (INTC) $32.70 +0.83%
Dow Jones I.A - Fallers
Boeing Co. (BA) $151.19 -1.40%
Unitedhealth Group Inc. (UNH) $117.79 -1.25%
Cisco Systems Inc. (CSCO) $28.62 -0.24%
Chevron Corp. (CVX) $109.50 -0.21%
Home Depot Inc. (HD) $112.96 -0.19%
Nike Inc. (NKE) $100.15 -0.14%
United Technologies Corp. (UTX) $116.93 -0.02%
Nasdaq 100 - Risers
Broadcom Corp. (BRCM) $46.18 +5.00%
Tesla Motors Inc (TSLA) $219.44 +4.79%
Mattel Inc. (MAT) $28.36 +4.19%
Avago Technologies Ltd. (AVGO) $127.89 +3.90%
Micron Technology Inc. (MU) $29.50 +3.31%
Intuit Inc. (INTU) $100.15 +2.99%
Regeneron Pharmaceuticals Inc. (REGN) $472.63 +2.03%
Keurig Green Mountain Inc (GMCR) $114.53 +2.02%
Wynn Resorts Ltd. (WYNN) $129.07 +1.81%
TripAdvisor Inc. (TRIP) $82.72 +1.77%
Nasdaq 100 - Fallers
Intuitive Surgical Inc. (ISRG) $516.80 -5.47%
Illumina Inc. (ILMN) $190.04 -4.65%
Mylan Inc. (MYL) $72.40 -2.25%
Garmin Ltd. (GRMN) $46.95 -1.30%
Yahoo! Inc. (YHOO) $43.97 -1.16%
Altera Corp. (ALTR) $42.78 -1.08%
Charter Communications Inc. (CHTR) $184.91 -1.02%
Gilead Sciences Inc. (GILD) $104.19 -0.96%
Staples Inc. (SPLS) $15.97 -0.81% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Pace, Petrobas, IG Group Set-top box maker Pace has agreed to a £1.4bn takeover by sector peer Arris, reports The Times. The company will hold its annual general meeting on Thursday, at which it will present the recommended deal to shareholders. Brazilian oil group Petrobas, under investigation for a corruption scandal, has written off $17bn due to losses from "graft and overvalued assets", writes The Wall Street Journal.
The online trading system of spread-betting outfit IG Group crashed on Tuesday, "provoking fury among thousands of traders who were unable to place bets over the internet for several hours", The Times reports.
Barclays new chairman John McFarlane is expected to "quickly stamp his authority" at the bank as he outlines his key priorities for the business in a letter to shareholders, the Financial Times writes.
Google has launched Project Fi, a wireless service in the US designed to switch between Wi-Fi and cellular networks to keep phone bills low, according to The Guardian.
China has warned that North Korea could double its nuclear-weapons arsenal by next year, well beyond previous US figures, according to The Wall Street Journal. The estimates "suggest Pyongyang can make enough warheads to threaten regional security for the US and its allies", the paper said. | | |
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