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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: UK stocks surge on Fed rate-hike delay speculation UK stock markets were doing their best to play catch-up on Tuesday morning as investor risk appetite returned after the four-day weekend.
London's FTSE 100 was up 1.15% at 6,911.92 in early trading.
The Easter weekend has worked wonders for the markets, with the European indices looking reinvigorated this Tuesday morning," said analyst Connor Campbell from Spreadex.
Equities were tracking a strong performance on Wall Street on Monday evening as US indices erased earlier losses to finish in positive territory.
Friday's disappointing jobs report was cited as the reason behind the rise, given expectations that the Federal Reserve will not rush to raise interest rates too quickly. Figures out last week showed that US non-farm payrolls totalled just 126,000 in March, slightly over half the 245,000 expected by analysts.
The data prompted Atlanta Fed president Dennis Lockhart to call for a rate hike at policy meetings in either July or September, as opposed to June as the market currently expects.
"This rate-hike delay, one that should prevent the dollar from soaring too quickly, seems to have pleased European investors, with the weekend news that a tentative deal has been reached with Iran caused a welcoming trading environment after the bell," Campbell said.
Also helping sentiment was a report from the Confederation of British Industry which said that UK economic growth remained steady in the first quarter and is expected to gather momentum over the next three months.
Meanwhile, International Monetary Fund (IMF) managing director Christine Lagarde said she had received confirmation by Greece that it would repay an outstanding €450m to the IMF this week.
Resource stocks rise
Mining giant Rio Tinto rose after completing a bigger-than-expected off-market share buyback due to strong demand. The company, as part off its planned US$2bn capital return announced in February, repurchased 11.6m shares at a price of 560m Australian dollars (US$431m), higher than the A$500m (US$400m) initially indicated.
Other miners such as Fresnillo, Glencore and Anglo American were also making decent gains.
Oil stocks were in demand early on with BG Group, Shell, Premier Oil and Tullow Oil among the best performers on the FTSE 350.
Airline conglomerate IAG fell after JPMorgan Cazenove downgraded its rating on the stock to 'neutral', while Marks & Spencer was lifted to 'buy' at Societe Generale. |
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| Market Movers
techMARK 3,183.35 +0.65%
FTSE 100 6,911.92 +1.15%
FTSE 250 17,431.52 +0.94%
FTSE 100 - Risers
BG Group (BG.) 880.00p +3.18%
Coca-Cola HBC AG (CDI) (CCH) 1,317.00p +2.97%
Fresnillo (FRES) 711.50p +2.89%
Marks & Spencer Group (MKS) 568.50p +2.62%
Weir Group (WEIR) 1,782.00p +2.59%
Royal Dutch Shell 'B' (RDSB) 2,177.50p +2.40%
Glencore (GLEN) 287.35p +2.35%
Royal Dutch Shell 'A' (RDSA) 2,069.50p +2.22%
SSE (SSE) 1,541.00p +2.19%
Sainsbury (J) (SBRY) 265.80p +2.07%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 590.50p -1.34%
Carnival (CCL) 3,283.00p -0.82%
easyJet (EZJ) 1,830.00p -0.76%
Hargreaves Lansdown (HL.) 1,159.00p -0.26%
Direct Line Insurance Group (DLG) 319.10p -0.16%
Standard Life (SL.) 479.70p -0.06%
FTSE 250 - Risers
Premier Oil (PMO) 142.40p +6.67%
Hunting (HTG) 522.50p +5.36%
Tullow Oil (TLW) 297.20p +4.39%
BlackRock World Mining Trust (BRWM) 301.60p +3.89%
Soco International (SIA) 165.60p +3.69%
Ophir Energy (OPHR) 141.20p +3.67%
Ted Baker (TED) 2,574.00p +3.17%
Polymetal International (POLY) 585.50p +2.90%
Drax Group (DRX) 368.50p +2.67%
Big Yellow Group (BYG) 689.50p +2.60%
FTSE 250 - Fallers
Greggs (GRG) 1,024.00p -1.35%
SSP Group (SSPG) 299.30p -1.29%
Telecom Plus (TEP) 922.00p -1.13%
Balfour Beatty (BBY) 231.30p -0.73%
Imagination Technologies Group (IMG) 204.40p -0.68%
Allied Minds (ALM) 683.50p -0.65%
Micro Focus International (MCRO) 1,177.00p -0.51%
Indivior (INDV) 200.00p -0.45%
CLS Holdings (CLI) 1,750.00p -0.34% |
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| | UK Event Calendar | | Tuesday 07 April
INTERIM DIVIDEND PAYMENT DATE
Alumasc Group, Dechra Pharmaceuticals, Diageo, ECO Animal Health Group, Park Group, PZ Cussons, Renishaw, Ricardo, Standard Life UK Smaller Companies Trust
QUARTERLY PAYMENT DATE
Blackrock North American Income Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Harmonised Competitiveness Indicators (EU) (09:00)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Producer Price Index (EU) (10:00)
FINALS
Nasstar, Somero Enterprises Inc.(Reg S)
ANNUAL REPORT
Arbuthnot Banking Group, Premier Oil, Savills, Vesuvius
SPECIAL DIVIDEND PAYMENT DATE
Development Securities, Independent Inv Trust
AGMS
Bank Audi S.A.L. GDR (Repr 1'Com'Shr Lbp1650)(Reg S), OJSC LSR Group GDR (Reg S)
TRADING ANNOUNCEMENTS
Grafenia
UK ECONOMIC ANNOUNCEMENTS
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Blackrock Throgmorton Trust, Driver Group, Electronic Data Processing, Independent Inv Trust
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities track gains on Wall Street amid interest rate speculation European equities gained on the back of a Wall Street rally amid speculation the Federal Reserve could hold off further on an interest rate hike.
Friday's worse-than-expected non-farm payrolls report prompted some analysts to place bets the Fed will wait longer to increase interest rates.
The Bureau of Labor Statistics said US non-farm payrolls fell to a seasonally adjusted 129,000 in March from a revised 264,000 the previous month. The consensus forecast was for 237,000 last month.
New York Fed President William Dudley on Monday said the pace of interest rate rises is likely to be "shallow" once it begins. He added that the timing of the first rate hike since 2006 "will be data dependent and remains uncertain because the future evolution of the economy cannot be fully anticipated".
Turning to Tuesday's agenda with European markets reopening following the Easter long weekend, there is a batch of data due including a report on Eurozone investor confidence and UK purchasing managers' index composite figures.
The market will also be watching for any developments in talks between Greece and the Eurozone.
Among stocks, TNT Express NV advanced after agreeing to a €4.4bn takeover offer from FedEx Corp.
Commerzbank AG rallied after the bank received US federal court approval of a $1.45bn agreement to defer prosecuting the lender for violating laws, including sanctions on doing business with Iran and Sudan.
Air France-KLM, International Consolidated Airlines Group SA and Deutsche Lufthansa AG declined after JPMorgan Chase & Co. downgraded the companies, saying margins were under pressure and there was growing competition from Middle East airlines.
Brent crude fell 1.06% to $57.51 per barrel, according to the ICE. |
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| | Newspaper Round Up | | Tueday newspaper round-up: Fedex/TNT Express, Greece, NHS US parcel delivery giant Fedex is set to by Dutch rival TNT Express or €4.4bn to bolster its presence in Europe, reports the Financial Times.
International Monetary Fund managing director Christine Lagarde said she has received confirmation by Greece that it would pay an outstanding €450m to the IMF this week, The Telegraph said.
Labour has claimed that the number of GP surgeries across England open in the evenings and at weekends has dropped by 600 since the last election, writes The Independent.
According to The Times, Britain's first bitcoin exchange is poised to open. The chief executive of Coinbase has reportedly been in talks with UK regulators "for at least six months" about setting up an exchange.
The British Private Equity & Venture Capital Association has entered the fray with just two weeks to go before the elections, claiming that Labour could erode confidence of private equity players and drive investment away from the UK, The Scotsman said.
The CBI has said that a strong rise in the pound has bettered export orders, leaving the UK economy too reliant on the consumer-driven services sector, writes The Guardian.
The EU quota system for milk production introduced in 1984, which could lead to cheaper shop prices for dairy produce as problems for UK dairy farmers as European volumes ramp up, The Times said. | | |
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