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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: Tullow Oil and HSBC lead early gains Stocks began the morning weaker on the back of inconclusive talks over the weekend between Greece and its international creditors.
As of 09:06 the FTSE 100 was lower by 31.88 points to 7,038.82 points.
The main European equity benchmarks were similarly fragile in early trading on Monday. The Dax-30 was down by 50.45 points or 0.43% to reach 11,760.40 points. Meanwhile, the Cac-40 was losing 62.03 points or -1.20% to 5,138.82 points.
Commenting on the situation in Greece, Craig Erlam, Senior Market Analyst at Oanda said: "Whenever we hear about discussions taking place between Tsipras and Merkel, the feedback we hear tends to be quite positive and encouraging. Then we have a meeting of the Eurogroup and Greece suddenly looks on the brink of default again. I'm not sure if Tsipras and Varoufakis are playing a game of good cop, bad cop here but whatever they're doing, it's baffling investors."
Greek officials were expected to hold a teleconference with officials in Brussels later on Monday before a face-to-face meeting scheduled for Wednesday.
As of 09:13 the yield on 10-year Greek sovereign bonds was 17 basis points higher to 12.75%.
Acting as a backdrop, reports that rate-setters at the People´s Bank of China (PBoC) might be open to considering quantitative easing have a boost to Shanghai equities overnight and was also propping up shares of miners and the prices of industrial metals early on Monday morning.
HSBC and Tullow Oil lead to the upside
HSBC was the best performer on the top flight index on reports the lender may spin off its UK division into a separate business, which could see the revival of the old Midland Bank. That may come in parallel to the bank´s review of its UK domicile, the Sunday Times reported.
Shares in Tullow Oil are benefitting from a report over the weekend that the International Tribunal for the Law of the Seas ruled in its favour, allowing the outfit to continue with its exploration activities offsghore Ivory Coast.
An investigation at Diageo's 54.78%-owned Indian arm United Spirits (USL) has led it to demand the resignation of the business's chairman Vijay Mallya, though the 'liquor King of India' has refused. The internal inquiry, led by Pricewaterhousecoopers, conducted into loans given by USL to numerous Mallya's group companies found "various improprieties and legal violations", leading to the board of USL stating on Saturday that it had lost confidence in Mallya continuing in his role as a director.
British Gas owner Centrica continues to trade in line with the guidance provided at the time of its 2014 Preliminary Results in February, with improved year-on-year profitability downstream expected to be more than offset by the impact of lower commodity prices on the upstream business. Commenting on the results analysts said the fact there is no further negative surprise is aprobably a bit reassuring. |
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| | Market Movers
techMARK 3,248.34 -0.53%
FTSE 100 7,045.81 -0.35%
FTSE 250 17,693.95 -0.20% FTSE 100 - Risers
HSBC Holdings (HSBA) 646.70p +2.70%
Standard Chartered (STAN) 1,092.00p +2.06%
Sports Direct International (SPD) 625.00p +1.96%
Anglo American (AAL) 1,091.00p +0.83%
Associated British Foods (ABF) 2,789.00p +0.65%
WPP (WPP) 1,583.00p +0.57%
Prudential (PRU) 1,641.00p +0.55%
Imperial Tobacco Group (IMT) 3,323.00p +0.54%
Whitbread (WTB) 5,355.00p +0.37%
Centrica (CNA) 265.20p +0.26% FTSE 100 - Fallers
ITV (ITV) 264.90p -1.74%
Tesco (TSCO) 220.95p -1.71%
RSA Insurance Group (RSA) 415.20p -1.68%
Barratt Developments (BDEV) 532.00p -1.66%
Taylor Wimpey (TW.) 166.50p -1.60%
Marks & Spencer Group (MKS) 546.50p -1.44%
AstraZeneca (AZN) 4,687.50p -1.31%
British American Tobacco (BATS) 3,698.00p -1.29%
Smith & Nephew (SN.) 1,169.00p -1.27%
Lloyds Banking Group (LLOY) 78.18p -1.16% FTSE 250 - Risers
Supergroup (SGP) 990.00p +4.82%
Vedanta Resources (VED) 647.50p +2.53%
Hunting (HTG) 595.00p +2.23%
Tate & Lyle (TATE) 618.00p +2.15%
Ocado Group (OCDO) 349.20p +2.05%
Tullow Oil (TLW) 426.50p +2.03%
AL Noor Hospitals Group (ANH) 895.00p +1.70%
Premier Oil (PMO) 171.40p +1.60%
UBM (UBM) 556.00p +1.46%
Jardine Lloyd Thompson Group (JLT) 1,052.00p +1.45% FTSE 250 - Fallers
UDG Healthcare Public Limited Company (UDG) 517.50p -2.45%
Lonmin (LMI) 140.40p -2.36%
Serco Group (SRP) 131.80p -2.30%
Paragon Group Of Companies (PAG) 428.30p -2.01%
Drax Group (DRX) 392.60p -1.75%
Allied Minds (ALM) 683.00p -1.66%
Polymetal International (POLY) 542.50p -1.63%
Smith (DS) (SMDS) 361.70p -1.52%
Zoopla Property Group (WI) (ZPLA) 186.80p -1.42%
Diploma (DPLM) 811.00p -1.40% FTSE TechMARK - Risers
Triad Group (TRD) 12.50p +2.04%
Vectura Group (VEC) 156.50p +0.97%
Oxford Instruments (OXIG) 923.00p +0.76%
NCC Group (NCC) 206.50p +0.49%
SDL (SDL) 461.50p +0.33%
KCOM Group (KCOM) 93.75p +0.27% FTSE TechMARK - Fallers
Oxford Biomedica (OXB) 11.25p -2.17%
Anite (AIE) 82.50p -1.20%
Dialight (DIA) 695.50p -1.14%
Optos (OPTS) 338.50p -1.02%
E2V Technologies (E2V) 230.00p -0.76%
Consort Medical (CSRT) 935.00p -0.74%
Skyepharma (SKP) 318.25p -0.70%
Spirent Communications (SPT) 90.25p -0.55%
XP Power Ltd. (DI) (XPP) 1,453.00p -0.14%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 207.88 -0.07% |
| | UK Event Calendar | | Monday 27 April
INTERIMS
C4X Discovery Holdings , Lok'n Store Group
FINALS
Dillistone Group, Lifeline Scientific Inc.
ANNUAL REPORT
Augean
IMSS
Centrica
EGMS
Societatea Commerciala De Distributie Si Furnizare A Energiei Electrice S.A. GDR (Reg S)
AGMS
Biome Technologies, Brady, Centrica, Dragon Oil, Frutarom Industries Ltd GDR (Reg S), Globaltrans Investment GDR (Reg S), Good Energy Group, Honeywell International Inc., Minoan Group, Symphony International Holdings Ltd.
TRADING ANNOUNCEMENTS
Playtech
UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Domino's Pizza Group, Phoenix Group Holdings (DI), SpaceandPeople
Q1
Orange Polska S.A. GDR (Reg S)
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slide on Greek debt woes Fears over Greece's debt crisis weighed on European stocks in morning trade after Eurozone finance ministers said they won't release further aid until bailout terms are met.
A government official on Sunday said Greek Prime Minister Alexis Tsipras spoke with German Chancellor Angela Merkel and Eurogroup President Jeroen Dijsselbloem on the phone to discuss the progress of debt negotiations, Bloomberg reported.
Tsipras asked Merkel to convene an emergency European Union leaders' summit, Germany's Bild newspaper reported Monday, but a Greek spokesman denied the claims.
Greece owes payments to the pensioners and state employees this week, and the International Monetary Fund on 6 May.
Christian Schulz, senior economist at Berenberg, said: "The unusually candid way in which Eurozone finance ministers criticised their Greek counterpart at the Riga Eurogroup meeting on Friday shows not just the lack of real progress. It makes it plain that it is Greece that has to change its stance, returning to the policies that had started to bear fruit in 2014.
He added: "We maintain our probabilities: 30% risk of Grexit, 70% probability that, possibly after some serious political strains in Athens, Greece stays in the euro and returns more or less to the path of virtue."
In other euro-area news, the European Central Bank announces its latest tranche of asset purchases and policymakers Benoit Coeure, Vitor Constancio and Daniele Nouy are speaking early on.
German imports fell 1.4% in March compared to a year ago, less than the 2% drop expected by analysts.
Among companies, HSBC Holdings rallied following reports it's considering spinning off its UK retail bank for about £20bn.
Volkswagen AG gained after Chairman Ferdinand Piech resigned from the German carmaker.
Sandvik AB jumped after the Swedish industrial group said currency effects will add about 900m kronor to profit in the second quarter.
The euro fell 0.17% to $1.0855. |
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| | US Market Report | | US close: Nasdaq at record highs as tech giants surge US stocks closed higher on Friday led by the Nasdaq, which reached a new record as the technology sector rallied on strong earnings from giants such as Microsoft, Amazon and Google.
At close, the Nasdaq gained 36.02 points to 5,092, setting a new record. The S&P 500 was up 4.78 points to 2,118, also a record high, while the Dow Jones Industrial Average gained 21.52 points to 18,080.
"The new highs are impressive because of how much conviction there is - it was not an accidental rally. Today's follow-through suggests there is genuine confidence among investors, who are comfortable with current valuations," said Nicholas Colas, chief market strategist at Convergex.
In data news, US durable goods orders rose more than expected in March, driven by demand for autos, commercial jets and military hardware. Orders increased 4% last month, compared to a 1.4% drop in February and analysts' estimates for a 0.6% gain.
However, core orders excluding aircraft and military goods - a key measure of business investment, fell for the seventh consecutive month, highlighting a slowdown in company spending.
The CBOE Volatility Index, widely held to be the best gauge of fear in the market, traded near 12.
Amazon shares soared after the online retailer's quarterly results beat estimates late on Thursday and the company revealed details about its cloud-computing business.
Microsoft surged after revenues topped Wall Street estimates for the first quarter, up 6.5% from a year earlier as a result of Nokia Corp's inclusion.
Juniper Networks also jumped, after the maker of networking gear posted better-than-expected results and guidance.
Google shares gained, despite posting weaker-than-anticipated profits and revenues in the first quarter.
Starbucks was trading higher after reporting a 18% jump in revenue, a result of improve global traffic.
Meanwhile, Xerox Corp dipped despite hitting first-quarter profit expectations, due to a downbeat outlook amid increasing currency headwinds and softer signings.
Elsewhere, Asian markets ended the week on a mixed note, with Hong Kong's Hang Seng rising 0.84%, while the Nikkei and the Shanghai Composite pulled back from record levels.
A better-than-expected report on German business confidence boosted European markets, while Greece's Athex Composite Index was also in positive territory.
Crude oil futures settled 59 cents, or 1.02%, lower at $57.15 a barrel on the New York Mercantile Exchange. Gold futures ended down $19.30 to $1,175.00. |
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| | Newspaper Round Up | | Monday newspaper round-up: Housing, Primark, HSBC, Natural Gas Ed Miliband will today intensify a political offensive over housing with an offer to exempt first-time buyers from up to £5,000 in stamp duty using cash raised from tax crackdowns on rogue landlords and foreign investors. The promise to waive the sales tax on properties worth up to £300,000 for those trying to get on the housing ladder comes as experts warned that Labour's pledge to cap rents in the private sector could leave tenants worse off and choke off housebuilding. - TheTimes
The new boss of BHS has vowed to restore it to its historical place on the high street, targeting "Primark at one end and Marks & Spencer at the other". In his first interview since the controversial sale of the retail chain this year, Darren Topp has outlined his plans to turn it around and defended the new owners. - TheTimes
Nationalists sent to Westminster would use their election as MPs to agitate for a second referendum, private SNP documents and speeches made by candidates show. Nicola Sturgeon has said that next week's General Election is not a re-run of last year's referendum and that "something fairly substantial would have to change" before a second vote on leaving the UK could take place. - Scotsman
HSBC may spin off its UK division into a separate business, reviving the old Midland Bank. The move could be considered as part of the far-reaching review by Britain's largest bank, announced on Friday, into whether to move its headquarters to Asia amid rising costs and increasingly onerous regulations in the UK. - The Times
The United States is poised to flood world markets with once-unthinkable quantities of liquefied natural gas as soon as this year, profoundly changing the geo-politics of global energy and posing a major threat to Russian gas dominance in Europe. "We anticipate becoming big players, and I think we'll have a big impact," said the Ernest Moniz, the US Energy Secretary. "We're going to influence the whole global LNG market." - The Daily Telegraph | | |
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