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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: Analysts sanguine on Greece, oil forecasts revised higher Stocks have begun the morning moving modestly higher on residual optimism over the Greek debt negotiations and on the coat-tails of overnight gains on Wall Street, which saw the Nasdaq Composite close above its previous early 2000 record highs. "Greece is cash-strapped, and the situation is worsening. But despite the evident deterioration of the country's liquidity position, we believe Greece can still survive, for another month or so, without external financial support. The government is playing its last cards to stay afloat without defaulting on its obligations, for at least another few weeks [....]," wrote analysts at Credit Suisse.
As of 09:07 the yield on 10-year Greek government bonds was falling by 12 basis points to 12.26%.
On a similarly upbeat note, Germany's IFO business confidence index rose to a reading of 108.6 in April after a print of 107.9 in the month before. That was slightly ahead of the consensus estimate of 108.4.
Acting as a backdrop, the Financial Times is reporting on concern in British boardrooms over the more successful than expected opposition which Ed Miliband has been putting up, as can be gleaned by David Cameron's failure to open up a lead over Labour in the polls.
In parallel, Societe Generale has increased its forecast for the average price of Brent in the second quarter by $6.67 to $58 a barrel and for the full-year to $4.33 to reach $59.54 - as the rebalancing in the US 'tight-oil' industry begins.
Pearson and AstraZeneca lead early losses
Shares in publishing and education group Pearson were lower despite the company saying it was in-line to meet its full-year expectations after a solid start to the year. The firm also reiterated its full-year guidance for adjusted earnings per share of between 75p and 80p this year, up from 66.7 in 2014. However, the group's chairman announced he would be stepping down.
AstraZeneca is the worst performer on the the Footsie in the early going despite saying sales fell by 6% in the first quarter, which was slightly less-than-expected. The pharmaceutical giant's trading was negatively impacted by the launch of a generic version of its acid pill Nexium Stateside.
After receiving some takeover interest, BAE Systems confirmed it was pondering a disposal of its US-based manpower and services businesses, which operates in the US intelligence and security (I&S) sector.
First-quarter numbers from Reckitt Benckiser were better than the market expected, with like-for-like sales from the household goods behemoth up 5% thanks to strong growth from consumer health brands such as Nurofen, Gaviscon and Durex.
The state has lowered its stake in Lloyds by 1% to 20.95%, the lender told the market in a statement. |
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| | Market Movers
techMARK 3,266.07 +0.23%
FTSE 100 7,097.72 +0.62%
FTSE 250 17,749.06 +0.36% FTSE 100 - Risers
Anglo American (AAL) 1,099.50p +3.53%
HSBC Holdings (HSBA) 633.40p +3.46%
BHP Billiton (BLT) 1,575.50p +2.87%
Standard Chartered (STAN) 1,089.50p +2.59%
BAE Systems (BA.) 516.50p +2.58%
CRH (CRH) 1,895.00p +2.16%
Taylor Wimpey (TW.) 169.00p +1.99%
Glencore (GLEN) 308.90p +1.85%
Barclays (BARC) 262.70p +1.64%
Rio Tinto (RIO) 3,004.00p +1.56% FTSE 100 - Fallers
AstraZeneca (AZN) 4,721.50p -2.25%
Whitbread (WTB) 5,285.00p -0.84%
Marks & Spencer Group (MKS) 552.50p -0.81%
Pearson (PSON) 1,392.00p -0.71%
Randgold Resources Ltd. (RRS) 5,000.00p -0.70%
Dixons Carphone (DC.) 434.20p -0.60%
Aberdeen Asset Management (ADN) 484.70p -0.57%
Sage Group (SGE) 484.30p -0.51%
Coca-Cola HBC AG (CDI) (CCH) 1,361.00p -0.51%
St James's Place (STJ) 903.00p -0.50% FTSE 250 - Risers
Kaz Minerals (KAZ) 248.20p +5.80%
Acacia Mining (ACA) 296.20p +5.60%
Vedanta Resources (VED) 640.00p +4.92%
Just Retirement Group (JRG) 174.90p +3.68%
Dunelm Group (DNLM) 895.00p +3.05%
Spire Healthcare Group (SPI) 321.10p +2.78%
Greencore Group (GNC) 349.40p +2.52%
Interserve (IRV) 587.00p +2.26%
Redrow (RDW) 377.80p +2.22%
Computacenter (CCC) 688.00p +2.08% FTSE 250 - Fallers
Rotork (ROR) 2,369.00p -2.51%
Petra Diamonds Ltd.(DI) (PDL) 164.40p -2.03%
Pace (PIC) 438.70p -1.86%
Lonmin (LMI) 143.20p -1.65%
Renishaw (RSW) 2,498.00p -1.34%
Spectris (SXS) 2,220.00p -1.33%
Supergroup (SGP) 925.00p -1.33%
Merlin Entertainments (MERL) 448.10p -1.28%
Playtech (PTEC) 825.50p -1.14%
Telecom Plus (TEP) 817.00p -0.97% FTSE TechMARK - Risers
Innovation Group (TIG) 28.25p +3.67%
E2V Technologies (E2V) 229.00p +2.35%
NCC Group (NCC) 204.00p +2.00%
Oxford Instruments (OXIG) 921.00p +0.99%
Anite (AIE) 84.25p +0.60%
Spirent Communications (SPT) 91.75p +0.55%
Vectura Group (VEC) 152.00p +0.16%
Optos (OPTS) 340.00p +0.11%
SDL (SDL) 454.50p +0.11% FTSE TechMARK - Fallers
Promethean World (PRW) 22.75p -3.70%
Consort Medical (CSRT) 935.50p -1.21%
KCOM Group (KCOM) 93.75p -0.27%
Skyepharma (SKP) 317.00p -0.24%
Dialight (DIA) 696.50p -0.21% |
| | UK Event Calendar | | Friday 24 April
INTERIM DIVIDEND PAYMENT DATE
Bioventix, Craneware, Finsbury Food Group, Henderson EuroTrust, Renewable Energy Generation Ltd., Smiths Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Durable Goods Orders (US) (13:30)
IFO Business Climate (GER) (09:30)
IFO Current Assessment (GER) (09:30)
IFO Expectations (GER) (09:30)
FINALS
Joint Stock Company Rosseti GDR (Each Repr 200 Ord) Reg S
ANNUAL REPORT
Travis Perkins
IMSS
Phoenix Group Holdings (DI)
SPECIAL DIVIDEND PAYMENT DATE
Catlin Group Ltd.
AGMS
7Digital Group , 88 Energy Limited (DI), Alpha Pyrenees Trust Ltd., AstraZeneca, Holders Technology, HSBC Holdings, Kcell Joint Stock Co GDR (Reg S), Pearson, Principality Building Society Call Sub Step-up Nts 08/07/16 , Rotork, Senior, SpaceandPeople, Spectris, Tricor
TRADING ANNOUNCEMENTS
Record, Spectris
FINAL DIVIDEND PAYMENT DATE
32Red, Amino Technologies, Friends Life Group Limited , Hammerson, IDOX, Real Estate Investors, RTC Group, Stadium Group, Telecity Group
Q1
AstraZeneca |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities open higher as Eurogroup meets in Riga European equities opened in positive territory on Friday as Eurozone finance ministers gathered in Riga for a meeting to tackle the Greek crisis. Thomas Wieser, who heads the Eurogroup working group, said Greece would not present a list of economic reforms at the meeting as had been expected by officials. He said Greece would provide the list in May and should be able to stay solvent until June.
However, a Greek government official reportedly said a deal was expected by the end of the month.
Prime Minister Alexis Tsipras on Thursday urged German Chancellor Angela Merkel in during a meeting in Brussels to speed up negotiations for Greece's bailout.
If Greece fails to reach a deal with creditors, it would lead to a default and a possible exit from the Eurozone.
Greece owes nearly €1bn to the International Monetary Fund in May. It also has to repay €1.4bn of Treasury bills on 8 May followed by the same amount on 15 May.
The euro climbed 0.47% to $1.0875.
Elsewhere on the agenda, IFO's report on German business confidence showed a better-than-expected improvement in April. The index rose to 108.6 from 107.9 in March, compared to analysts' estimates of 108.4. Figures on US durable goods orders at 13:30 BST at are forecast to reveal an increase in March.
In company news, Reckitt Benckiser Group rallied as the maker of Dettol handwash reported a rise in first-quarter revenue that exceeded analysts' estimates.
Renault SA gained after posting a 14% rise in quarterly sales.
Suez Environnement Co. edged up after the water company reported a 16% gain in first-quarter profit on expansion.
A gauge of energy shares rose, led by Neste Oil OYJ after revealing first quarter profit that surpassed forecasts.
Speculation that Middle East shipments may be disrupted amid Saudi-led airstrikes in Yemen eased concerns about the supply glut, which saw oil head for its six weekly gain. |
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| | US Market Report | | US close: Stocks edge higher as Amazon and Microsoft jump on earnings US stocks edged higher on Thursday as investors digested a deluge of mixed earnings and disappointing economic data The Dow Jones Industrial Average closed up 20.42 points to 18,058.69, while the S&P 500 and the Nasdaq gained five and 17 points respectively.
Data released before the opening bell revealed that claims for unemployment benefits unexpectedly rose in the week to 18 April.
The Labor Department reported that US initial jobless claims rose to 295,000 in the week to 18 April from 294,000 the previous week, compared to analysts' estimates of 287,000.
US new home sales plunged by 11.4% to 481,000 in March after surging 7.8% the previous month to a seven-year high of 543,000.
Meanwhile, Markit's preliminary reading of its US manufacturing purchasing managers' index (PMI) fell to 54.2 in April from 55.7 in March. Analysts expected no change.
Further abroad, data also released on Thursday that the HSBC Chinese manufacturing PMI fell to a one-year low in April while the Eurozone composite PMI pulled back from an 11-month high due to weaker growth in France and Germany.
In corporate news, Amazon jumped 7% in after-hour trading afters its quarterly results beat estimates, while Starbucks rose 4.15% after the bell as second quarter earnings jumped 18%.
Google quarterly earnings missed estimates but shares in the tech giant climbed 1.57% in after-hour trading, while Microsoft jumped 2.9% after the closing bell as its third quarter revenue rose 5% to $12.8bn, above expectations of a $12.4bn reading.
Telecoms giant AT&T rose 1.37% after posting slightly better-than-expected earnings report issued on Wednesday.
Online marketplace eBay gained 3.88% after surpassing estimates with a 10% jump in first-quarter earnings per share to 77 cents on revenues that were 4% higher at $4.45bn.
Dunkin' Brands Group jumped 7.80% after reporting first-quarter earnings above analyst forecasts and boosting its 2015 outlook.
Manufacturing conglomerate 3M dropped 3.04% after lowering its annual profit guidance as a stronger dollar hit sales and profits in its first quarter. Earnings per share for the full year are now forecasts to be $7.80-8.10, below its previous guidance of $8.00-8.30.
General Motors fell 3.34% after posting disappointing earnings, hurt by stronger currency and weaker overseas performance
Industrial equipment maker Caterpillar shed 0.09% despite beating forecasts as strong demand in North America made up for falling sales in China and Latin America. Sales fell 4% to $12.7bn in the first three months of 2015, ahead of the $12.3bn pencilled in by analysts.
The dollar lost 0.95% against the euro, shedding 0.14% and 0.35% against the pound and the yen respectively, while gold futures
Oil prices jumped, with West Texas Intermediate rising 2.38% to $57.53 a barrel, while Brent crude climbed 3.25% to $64.84 a barrel.
S&P 500 - Risers
Cameron International Corp. (CAM) $52.78 +7.67%
Cablevision Systems Corp. (CVC) $19.41 +5.43%
O'Reilly Automotive Inc. (ORLY) $228.31 +5.37%
United States Steel Corp. (X) $26.96 +4.58%
Equifax Inc. (EFX) $98.38 +4.45%
AT&T Inc. (T) $34.22 +4.14%
Citrix Systems Inc. (CTXS) $67.34 +3.97%
eBay Inc. (EBAY) $58.89 +3.77%
Dover Corp. (DOV) $74.38 +3.46%
Nabors Industries Ltd. (NBR) $15.57 +3.46%
S&P 500 - Fallers
PulteGroup Inc. (PHM) $19.98 -7.88%
Peabody Energy Corp. (BTU) $4.53 -6.98%
Texas Instruments Inc (TXN) $54.72 -6.83%
Lennar Corp. Class A (LEN) $46.72 -3.49%
Hershey Foods Corp. (HSY) $94.94 -3.45%
Tesoro Corp. (TSO) $86.50 -3.38%
Ameriprise Financial Inc. (AMP) $127.21 -3.35%
D. R. Horton Inc. (DHI) $26.14 -3.29%
Avago Technologies Ltd. (AVGO) $124.07 -2.99%
3M Co. (MMM) $159.85 -2.93%
Dow Jones I.A - Risers
International Business Machines Corp. (IBM) $170.24 +2.95%
Travelers Company Inc. (TRV) $103.49 +1.44%
Pfizer Inc. (PFE) $35.35 +1.20%
Walt Disney Co. (DIS) $109.01 +0.99%
Verizon Communications Inc. (VZ) $50.06 +0.99%
Wal-Mart Stores Inc. (WMT) $79.19 +0.97%
Nike Inc. (NKE) $101.12 +0.97%
Home Depot Inc. (HD) $114.04 +0.93%
Microsoft Corp. (MSFT) $43.34 +0.83%
Apple Inc. (AAPL) $129.67 +0.82%
Dow Jones I.A - Fallers
3M Co. (MMM) $159.85 -2.93%
Procter & Gamble Co. (PG) $80.96 -2.56%
Intel Corp. (INTC) $32.35 -1.07%
E.I. du Pont de Nemours and Co. (DD) $70.80 -0.90%
Boeing Co. (BA) $149.84 -0.89%
McDonald's Corp. (MCD) $96.98 -0.88%
Coca-Cola Co. (KO) $40.97 -0.82%
Visa Inc. (V) $67.73 -0.41%
American Express Co. (AXP) $78.14 -0.38%
Merck & Co. Inc. (MRK) $57.51 -0.31%
Nasdaq 100 - Risers
O'Reilly Automotive Inc. (ORLY) $228.31 +5.37%
Citrix Systems Inc. (CTXS) $67.34 +3.97%
eBay Inc. (EBAY) $58.89 +3.77%
DIRECTV (DTV) $90.12 +3.30%
Liberty Global plc Series A (LBTYA) $52.38 +3.17%
Vimpelcom Ltd Ads (VIP) $5.90 +2.43%
Starbucks Corp. (SBUX) $49.43 +2.27%
Vertex Pharmaceuticals Inc. (VRTX) $135.82 +2.24%
Mattel Inc. (MAT) $28.92 +1.97%
Mylan Inc. (MYL) $73.69 +1.78%
Nasdaq 100 - Fallers
Texas Instruments Inc (TXN) $54.72 -6.83%
Nxp Semiconductors Nv (NXPI) $98.58 -4.00%
Avago Technologies Ltd. (AVGO) $124.07 -2.99%
Facebook Inc. (FB) $82.41 -2.62%
Alexion Pharmaceuticals Inc. (ALXN) $184.57 -1.92%
Broadcom Corp. (BRCM) $45.44 -1.60%
Altera Corp. (ALTR) $42.09 -1.60%
Analog Devices Inc. (ADI) $63.59 -1.40%
Xilinx Inc. (XLNX) $43.76 -1.37% |
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| | Newspaper Round Up | | Friday newspaper round-up: Conservative election, Russia, Barclays Business leaders have become frustrated at the tactics and tone of the Conservative election campaign, amid concern in British boardrooms that Ed Miliband is mounting a stiffer challenge for Number 10 than expected. Twenty FTSE 100 and other business leaders have told the Financial Times they are anxious that - despite presiding over an economic recovery - David Cameron has not opened a lead over Labour. - Financial Times
The US is scrambling to head off a Greek pipeline deal with Russia, fearing a disastrous change in the strategic balance of the Eastern Mediterranean as Greece's radical-Left government drifts into the Kremlin's orbit. Ernest Moniz, the US Energy Secretary, said his country is pushing for an alternative gas pipeline from Azerbaijan that would help break the stranglehold that Russian state-controlled firm Gazprom has on European markets. - The Daily Telegraph
Barclays' new chairman has vowed to speed up the bank's restructuring on his first day in the job, raising the prospect of bold moves to placate shareholders. John McFarlane, who officially replaced Sir David Walker as the bank's chairman at Thursday's annual meeting, promised investors a "dynamic reallocation" of resources that would allow the bank to pursue "a number of growth options". - The Daily Telegraph
Ed Miliband would saddle every working family with extra taxes equivalent to more than £1,000, according to an independent comparison with Conservative plans. Figures published by the Institute for Fiscal Studies yesterday revealed that a Labour government would increase tax revenues by £12bn more than the Tories by the end of the decade. - The Times
Deutsche Bank has been ordered to dismiss six managers in London after pleading guilty to fraud and being fined a record $2.5bn for rigging benchmark interest rates while lying to regulators. The London division of Deutsche, one of the biggest investment banking houses in the City employing 6,000 people, was found to be at the centre of a conspiracy to boost its profits and staff bonuses by manipulating key rates used to set ordinary interest rates across the world. - The Times | | |
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