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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 flatline amid earnings flurry ahead of FOMC UK stocks opened flat on Wednesday morning as investors digested a barrage of blue-chip earnings and awaited a Federal Reserve policy decision in the US.
The FTSE 100 was trading just 0.03% lower at 7,028.48 early on.
The index had retreated on Tuesday to 7,030.53 after setting a new all-time closing high of 7,103.98 on Monday.
"Even though we saw European markets fall sharply yesterday, stock markets have remained broadly within the ranges they've been in for the last few weeks, and that's broadly been true of US markets as well, even if we have seen marginal new all-time highs on the S&P500 and the FTSE100 this week," said analyst Michael Hewson from CMC Markets.
The focus of Wednesday's session will likely be on the States with the Federal Open Market Committee (FOMC) due to announce its vote on monetary policy at 19:00.
US gross domestic product (GDP) figures are also due out at 13:30 and are expected to reveal that annualised growth slowed to just 1% in the first quarter from 2.2% in the fourth quarter.
Analysts at Deutsche Bank said the FOMC statement "will be interesting as to how much they put recent weakness down to transitory factors".
Earnings on tap
Banking group Barclays declined after first-quarter results showed statutory group profits decreased 26% to £1.4bn. However, adjusted profits were up 9% over last year, while the lender's capital buffers improved.
High street retailer Next was in fashion after first-quarter sales rose 3.2%, ahead of the 0% to +3% growth guidance given in March. More than half of the rise came from the opening of new space, with warmer weather and an earlier brochure also helping.
Antofagasta was weaker as the copper miner scaled back its production guidance after first-quarter output was affected by numerous water issues at its Los Pelambres and Centinela projects. Mining stocks on the whole were out of favour, with BHP Billiton, Rio Tinto and Anglo American all registering losses.
British American Tobacco fell after disappointing with a first-quarter update, which revealed that constant-currency revenues were down 5.8% amid a "challenging trading environment".
London Stock Exchange rose after saying it made a good start to the year with group revenues up 86% at £581m.
Industrial engineer Weir Group edged higher despite saying it was "taking further action to support profitability" with further cost cuts in its oil and gas division after a challenging first quarter.
Vodafone was performing well after the telecoms stock was upgraded by Berenberg to 'buy'. The broker hiked its target for the shares from 214p to 270p.
Sainsbury fell on the news that its chief executive Mike Coupe was handed a two-year jail sentence in Egypt. |
| Market Movers
techMARK 3,231.28 +0.23%
FTSE 100 7,028.48 -0.03%
FTSE 250 17,628.56 -0.17%
FTSE 100 - Risers
Next (NXT) 7,390.00p +3.14%
Coca-Cola HBC AG (CDI) (CCH) 1,422.00p +2.45%
Marks & Spencer Group (MKS) 563.50p +1.53%
Vodafone Group (VOD) 232.70p +1.28%
Royal Mail (RMG) 443.10p +1.26%
Shire Plc (SHP) 5,460.00p +1.20%
United Utilities Group (UU.) 998.00p +1.17%
Hargreaves Lansdown (HL.) 1,238.00p +1.14%
St James's Place (STJ) 885.50p +1.14%
Old Mutual (OML) 234.60p +1.12%
FTSE 100 - Fallers
Antofagasta (ANTO) 782.00p -2.49%
British American Tobacco (BATS) 3,601.00p -1.87%
BHP Billiton (BLT) 1,563.00p -1.67%
Rio Tinto (RIO) 2,931.00p -1.63%
Imperial Tobacco Group (IMT) 3,226.00p -1.07%
BP (BP.) 471.45p -0.98%
Morrison (Wm) Supermarkets (MRW) 190.20p -0.89%
Barclays (BARC) 259.30p -0.80%
Sainsbury (J) (SBRY) 264.10p -0.75%
3i Group (III) 508.50p -0.68%
FTSE 250 - Risers
Brown (N.) Group (BWNG) 336.20p +4.47%
Home Retail Group (HOME) 171.50p +2.51%
NMC Health (NMC) 680.50p +2.48%
Man Group (EMG) 207.80p +1.86%
AO World (AO.) 189.40p +1.83%
Greggs (GRG) 1,094.00p +1.67%
Ocado Group (OCDO) 350.70p +1.33%
Halfords Group (HFD) 459.80p +1.03%
Moneysupermarket.com Group (MONY) 277.40p +1.02%
FirstGroup (FGP) 101.10p +1.00%
FTSE 250 - Fallers
Ophir Energy (OPHR) 163.80p -4.15%
COLT Group SA (COLT) 143.00p -3.31%
Lonmin (LMI) 143.90p -2.70%
Countrywide (CWD) 511.50p -2.57%
IP Group (IPO) 200.00p -2.53%
BlackRock World Mining Trust (BRWM) 312.50p -2.16%
Jimmy Choo (CHOO) 169.50p -1.97%
Indivior (INDV) 195.20p -1.96%
Computacenter (CCC) 684.50p -1.93% |
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| | UK Event Calendar | | Wednesday 29 April
INTERIMS
Redefine International
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Business Climate Indicator (EU) (10:00)
Crude Oil Inventories (US) (15:30)
ECB Report (EU) (09:00)
Economic Sentiment Indicator (EU) (10:00)
FOMC Interest Rate (US) (19:00)
GDP (Advance) (US) (13:30)
GFK Consumer Confidence (GER) (07:00)
M3 Money Supply (EU) (09:00)
MBA Mortgage Applications (US) (12:00)
Pending Homes Sales (US) (15:00)
Q4
MHP SA GDR (Reg S)
FINALS
Aquatic Foods Group , Development Securities, Home Retail Group, MHP SA GDR (Reg S), Mi-Pay Group, Summit Germany Limited, Vimetco NV GDR (Reg S)
ANNUAL REPORT
Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)
IMSS
Aer Lingus Group, Barclays, British American Tobacco, Next, Standard Life, TSB Banking Group
EGMS
Global Ports Investments GDR (REG S), MTI Wireless Edge Ltd.
AGMS
Aberdeen UK Tracker Trust, Admiral Group, Aggreko, Alliance Trust, Aviva, BlackRock World Mining Trust, British American Tobacco, Countrywide, Devro, EMIS Group, EP Global Opportunities Trust, Global Invacom Group Limited (DI), Global Ports Investments GDR (REG S), Hellermanntyton Group, Kennedy Wilson Europe Real Estate , Lancashire Holdings Limited, London Stock Exchange Group, Maven Income & Growth 4 VCT, MTI Wireless Edge Ltd., Nichols, Polar Capital Global Financials Trust, SEGRO, Sterling Energy, Weir Group
TRADING ANNOUNCEMENTS
Greggs, Stagecoach Group, Standard Life
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
Nationwide House Price Index (07:00)
Q1
Norsk Hydro ASA, OJSC Megafon GDR (Reg S), Ooredoo Q.S.C. GDR (Reg S)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks mixed ahead of FOMC decision, US GDP and German inflation Equities were mixed across European indices as investors showed caution ahead of the Federal Reserve's policy decision.
While the Fed is expected to keep interest rates at 0.25% after Wednesday's close of trading in Europe, the market will be eager to see if the US central bank provides any hints on the timing of the first rate hike.
Many analysts see September as the most likely earliest date for an interest rate raise after April was ruled out.
"The consistently soft nature of the USA's recent data could see the return of a more 'patient' Fed, despite the door being opened for a 2015 rate rise," said Connor Campbell at Spreadex.
US economic growth data will be released at 13:30, with analysts predicting gross domestic product (GDP) to have risen an annualised 1% in the first quarter, slowing from 2.2% the previous three months.
Closer to home, German inflation figures are expected to show consumer prices rose 0.4% year-on-year in April compared to a 0.3% gain a month earlier. The European Central Bank (ECB) has been trying to move inflation for the entire Eurozone back towards its target of just below 2% through its quantitative easing programme.
Greece, meanwhile, continues to be a focal point as prime minister Alexis Tsipras said he would hold a referendum if international creditors insisted on austerity in order to unlock further financial aid. However, Tsipras has said he expects a deal as soon as next week after the Greek government reshuffled its negotiating team.
The ECB is set to increase emergency liquidity assistance or Greek banks by €1.4bn to €76.9bn, Bloomberg reported.
The euro was up 0.16% to $1.0999 in morning trade.
BBVA slides after Q1 results
Spain BBVA slumped despite saying net profit more than doubled in the first quarter from a year ago, beating forecasts.
Cie. de Saint-Gobain SA and Svenska Handelsbanken AB advanced after reporting quarterly results that topped estimates.
Angtofagasta declined after reporting a drop in copper production.
Barclays dropped after reporting first quarter statutory group profits decreased by 26% to £1.4bn, mainly due provisions for foreign exchange litigation.
Home Retail Group gained after posting an increase in full-year sales. |
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| | US Market Report | | US close: Dow and S&P edge forward, Nasdaq in the red as Fed meeting kicks off US stocks were mixed on Tuesday, as investors remained jittery ahead of the Federal Reserve's two-day meeting.
The Dow Jones Industrial Average closed up 72.17 points to 18,110.14, while the S&P 500 gained six points and the Nasdaq closed down nine points.
The Federal Reserve Open Market Committee begins on Tuesday and investors will closely monitor the interest-rate statement, which is released at 19:00 BST on Wednesday.
"September is looking like the earliest date for an interest rate raise," said Connor Campbell, financial analyst at Spreadex.
"However, the consistently soft nature of the USA's recent data could see the return of a more 'patient' Fed, despite the door being opened for a 2015 rate rise."
US consumer fell unexpectedly in April, as a slowdown in hiring and lower expectations on economic growth weighed on sentiment.
On Tuesday, the Conference Board said the index dropped from a revised 101.4 to 95.2 this month, reaching its lowest level since December and falling short of analysts' expectations of a 102.5 reading.
Meanwhile, the US Case-Shiller index, which monitors house prices in 20 different cities, advanced 0.5% in February
In corporate news, Apple fell 1.58% after changing hands at their highest-ever level, following strong first quarter results late on Monday.
The iPhone-maker reported earnings of $2.33 per share, beating estimates by 17 cents, while revenues for the period jumped 24% year-on-year to $58bn against consensus of a $56.1bn.
Following the results, analysts at Cantor Fitzgerald raised their target on the stock from $180 to $195, while economists at Morgan Stanley lifted their outlook for 2015.
"We see a broadening portfolio of services and the Apple Watch as drivers of are-rating more in-line with technology platform peers," they said in a note, describing the stock as "Morgan Stanley Best Idea."
Twitter shares plunged 18.18% after the social media giant's first quarter results left investors disappointed. The group reported a wider-than-expected loss and sales missed estimates, while its shares were suspended late on Tuesday after earnings were leaked ahead of the planned release time by financial data platform Selerity.
Home-appliances maker Whirlpool tumbled 7.14% after the company slashed its full-year earnings guidance, while Coach Inc. 6.33% after the luxury-goods retailer beat third quarter profit expectations, but fell short of sales estimates.
Bio-pharmaceutical group Pfizer slid 0.321% after announcing early on Tuesday that revenue had topped estimates, but lowered its outlook because of the impact of the strengthening dollar.
Automotive giant Ford Motor edged forward 1.01% despite reporting a drop in first quarter profit.
The dollar declined 0.23% against the yen and fell 0.76% and 0.96% against the pound and the euro respectively, while gold futures climbed 0.67% to $1,211.30.
Oil prices were largely unchanged, with West Texas Intermediate gaining 0.07% to $57.03 a barrel, while Brent lost 0.23% to $64.68 a barrel.
S&P 500 - Risers
Windstream Holdings Inc (WIN) $11.90 +12.18%
Merck & Co. Inc. (MRK) $59.98 +5.04%
Freeport-McMoRan Inc (FCX) $22.69 +3.99%
United Parcel Service Inc. (UPS) $100.76 +3.42%
Peabody Energy Corp. (BTU) $4.49 +3.22%
Aetna Inc. (AET) $110.35 +3.21%
Newmont Mining Corp. (NEM) $26.38 +3.07%
Waters Corp. (WAT) $125.59 +2.94%
Southwestern Energy Co. (SWN) $26.66 +2.78%
Plum Creek Timber Co. (PCL) $43.50 +2.72%
S&P 500 - Fallers
Whirlpool Corp. (WHR) $183.64 -7.17%
Coach Inc. (COH) $39.64 -6.35%
Jacobs Engineering Group Inc. (JEC) $43.99 -5.72%
National Oilwell Varco Inc. (NOV) $51.93 -5.05%
CH Robinson Worldwide Inc (CHRW) $65.73 -4.66%
Wyndham Worldwide Corp. (WYN) $86.36 -4.15%
Biogen Inc (BIIB) $374.63 -3.76%
Parker-Hannifin Corp. (PH) $120.31 -3.67%
Avon Products Inc. (AVP) $8.78 -3.62%
CONSOL Energy Inc. (CNX) $28.91 -3.26%
Dow Jones I.A - Risers
Merck & Co. Inc. (MRK) $59.98 +5.04%
Microsoft Corp. (MSFT) $49.15 +2.33%
International Business Machines Corp. (IBM) $173.98 +1.90%
Intel Corp. (INTC) $33.02 +1.60%
Cisco Systems Inc. (CSCO) $29.30 +1.42%
Chevron Corp. (CVX) $111.12 +1.29%
Unitedhealth Group Inc. (UNH) $117.59 +1.16%
Caterpillar Inc. (CAT) $86.21 +1.03%
Verizon Communications Inc. (VZ) $50.55 +0.94%
General Electric Co. (GE) $27.13 +0.93%
Dow Jones I.A - Fallers
Apple Inc. (AAPL) $130.56 -1.58%
Nike Inc. (NKE) $99.84 -1.09%
Home Depot Inc. (HD) $110.62 -0.69%
Visa Inc. (V) $66.78 -0.48%
Wal-Mart Stores Inc. (WMT) $79.09 -0.35%
Pfizer Inc. (PFE) $34.48 -0.32%
Procter & Gamble Co. (PG) $80.42 -0.22%
Walt Disney Co. (DIS) $109.92 -0.22%
Boeing Co. (BA) $147.52 -0.19%
Coca-Cola Co. (KO) $40.78 -0.12%
Nasdaq 100 - Risers
Microsoft Corp. (MSFT) $49.15 +2.33%
Garmin Ltd. (GRMN) $47.51 +2.33%
Viacom Inc. Class B (VIAB) $71.29 +1.92%
Seagate Technology Plc (STX) $59.00 +1.87%
F5 Networks Inc. (FFIV) $125.60 +1.73%
Intel Corp. (INTC) $33.02 +1.60%
DIRECTV (DTV) $91.55 +1.54%
Sandisk Corp. (SNDK) $68.70 +1.52%
Cisco Systems Inc. (CSCO) $29.30 +1.42%
Mylan Inc. (MYL) $72.71 +1.38%
Nasdaq 100 - Fallers
CH Robinson Worldwide Inc (CHRW) $65.73 -4.66%
Biogen Inc (BIIB) $374.63 -3.76%
Avago Technologies Ltd. (AVGO) $117.45 -2.25%
Alexion Pharmaceuticals Inc. (ALXN) $171.06 -2.11%
Amazon.Com Inc. (AMZN) $429.41 -2.09%
Vertex Pharmaceuticals Inc. (VRTX) $125.42 -1.92%
Monster Beverage Corp (MNST) $140.74 -1.88%
Dish Network Corp. (DISH) $68.43 -1.79%
Discovery Communications Inc. Class A (DISCA) $31.70 -1.67% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Mike Coupe sentenced, David Cameron, Horse Hill Mike Couple, the chief executive of J Sainsbury, has been sentenced to two years in jail in Egypt, reports The Times. "The case relates to claims that last July Mr Coupe tried to seize cheques connected with the collapse of a business it invested in 16 years ago, in contravention of Egyptian bankruptcy law," the paper said.
David Cameron is expected to pledge not to raise income tax, VAT or national insurance until 2020 if the Conservatives win the election, according to the Financial Times.
The Horse Hill oil project near Gatwick has been suspended as its backers don't have the necessary approvals from government agencies, The Telegraph writes. Partners have not directly applied to the Oil and Gas Authority for permission to start flow testing.
Shares in Twitter dropped nearly 20% after quarterly results were leaked on the social-media network itself an hour earlier than expected, reports The Wall Street Journal. The results revealed the weakest quarterly revenue growth as a publicly-traded company.
Standard Chartered has confirmed it is thinking about exiting the UK on the back of a near-50% jump in the bank levy, writes The Times. The bank is said to be launching a formal review of its home base.
Yanis Varoufakis, Greece's finance minister, has quashed speculation that he has been sidelined from talks with the country's creditors, according to The Guardian. | | |
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