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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 rise, but miners limit upside after RBA rate cut UK stocks opened in the green on Tuesday morning after the long weekend as markets tracked gains in Europe and the US the previous session, though miners were limiting upside.
The FTSE 100 was trading 0.5% higher at 7,021.16 early on with gains capped as political uncertainty kicked in ahead of polling day on Thursday.
"With the election less than 48 hours away, the FTSE's nerve looks like it is beginning to slip as the UK index saw a lifeless open after the bell," said Spreadex analyst Connor Campbell.
European markets gained on Monday following mostly better-than-expected manufacturing figures across the continent. The Eurozone manufacturing purchasing managers' index for April was revised up to 52 from the initial estimate of 51.9, down from 52.2 the previous month but better than forecasts.
Stocks on Wall Street also rose on Monday after US factory order-growth came in at an eight-month high of 2.1% in March. Meanwhile, Chicago Federal Reserve president Charles Evans said the central bank should wait until next year to hike interest rates with inflation too low and unemployment still high.
The focus of Tuesday morning is likely to be on the Markit/CIPS UK construction PMI which is expected to slip to 57.4 in April from 57.8 in March. Trade balance data and the ISM non-manufacturing PMI will also be due for release in the States.
Mining stocks fall
Miners were under the weather after Reserve Bank of Australia surprised with a 25 basis-point cut in interest rates to another record low of 2%. This was the second cut this year, sending shares in BHP Billiton and Rio Tinto lower.
Spreadex's Campbell said miners are "in somewhat of a slump this morning after the Australian central bank squashed interest rates to their lowest ever level in order to combat the country's post-mining boom headache".
Glencore also declined after reporting a 9% drop in copper output in the first quarter.
Asset manager Aberdeen also underwhelmed with a 25% profit jump in the second quarter as it reported a £11.3bn outflow of net new business.
Pub group Greene King rose after reporting a 0.4% increase in retail like-for-like sales and total sales growth of 6.3% for its just-completed full year. |
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| | UK Event Calendar | | INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
Producer Price Index (EU) (10:00)
GMS
Bioquell
EGMS
JSC Kazkommertsbank GDR (Reg S)
AGMS
BG Group, Burford Capital , DP Poland, GVC Holdings, Henderson High Income Trust, Macfarlane Group, Nokia OYJ, Randgold Resources Ltd., Sherborne Investors (Guernsey) 'B' (Reg S), Spirent Communications, Stratex International
TRADING ANNOUNCEMENTS
Greene King
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
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| | Market Movers
techMARK 3,211.17 +0.58%
FTSE 100 7,021.16 +0.50%
FTSE 250 17,594.00 +0.72%
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 1,239.00p +3.25%
Coca-Cola HBC AG (CDI) (CCH) 1,414.00p +2.76%
Burberry Group (BRBY) 1,765.00p +2.38%
3i Group (III) 508.00p +2.03%
ARM Holdings (ARM) 1,139.00p +1.88%
Dixons Carphone (DC.) 425.50p +1.77%
Intertek Group (ITRK) 2,672.00p +1.75%
Fresnillo (FRES) 724.00p +1.69%
Centrica (CNA) 258.80p +1.65%
Prudential (PRU) 1,638.00p +1.61%
FTSE 100 - Fallers
Aberdeen Asset Management (ADN) 450.50p -2.72%
Anglo American (AAL) 1,146.50p -1.59%
HSBC Holdings (HSBA) 638.00p -1.28%
Glencore (GLEN) 309.25p -1.09%
BHP Billiton (BLT) 1,591.50p -1.00%
Shire Plc (SHP) 5,305.00p -0.93%
Ashtead Group (AHT) 1,138.00p -0.78%
RSA Insurance Group (RSA) 422.30p -0.66%
Rio Tinto (RIO) 2,986.00p -0.37%
Sainsbury (J) (SBRY) 270.70p -0.37%
FTSE 250 - Risers
Indivior (INDV) 210.10p +3.45%
Acacia Mining (ACA) 302.40p +3.17%
Just Eat (JE.) 469.10p +2.87%
Ladbrokes (LAD) 104.80p +2.85%
Essentra (ESNT) 1,004.00p +2.24%
Alent (ALNT) 374.70p +2.24%
Balfour Beatty (BBY) 246.00p +2.20%
JD Sports Fashion (JD.) 584.00p +2.19%
Redrow (RDW) 382.00p +2.14%
Genus (GNS) 1,394.00p +2.12%
FTSE 250 - Fallers
Allied Minds (ALM) 619.50p -2.44%
COLT Group SA (COLT) 147.70p -1.53%
Ashmore Group (ASHM) 307.20p -1.29%
Rathbone Brothers (RAT) 2,118.00p -1.21%
Fidelity China Special Situations (FCSS) 167.00p -1.18%
Barr (A.G.) (BAG) 625.00p -1.03%
Polymetal International (POLY) 531.50p -0.84%
NMC Health (NMC) 761.00p -0.78%
IG Group Holdings (IGG) 733.50p -0.74% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Early gains in Lufthansa and UBS Stocks took a breather at the start of trading on Tuesday, following big gains on the previous day and ahead of Friday's all-important monthly jobs report.
As of 08:54 the Dax-30 was lower by 0.44% to 11,571.65 and the Cac-40 off by 0.17% to 5,073.11.
The news-flow surrounding Greece continued to be mixed at best, as Athens kept up its diplomatic offensive to try and obtain relief from its international creditors. The country's Deputy Prime Minister, Yannis Dragasakis, was set to meet the president of the European Central Bank (ECB) at 16:30.
According to some observers it was possible the ECB might begin to discuss tightening Greece's current financing conditions as soon as Tuesday's meeting of its Governing council.
However, the Greek 10-year bond yield was only four basis points higher at 10.59%.
Acting as a backdrop, in his latest investment outlook Bill Gross, the manager of Janus Capital's global unconstrained bond fund, predicted the end of the current secular 35-year long investment super-cycle is nearing its end.
Gross was also dismissive of the low rates of economic growth, of approximately 2% or less, seen in recent times in the UK, US and Germany despite plenty of "monetary lighter fluid" and despite waning supplies of "credit-based oxygen".
The best performance at the sector level on the DJ Stoxx 600 was to be seen among the following industrial groups: Travel&Leisure (1.03%), Media (0.58%) and Banks (0.44%).
UBS almost doubled its quarterly profits in the first three months of the year, on the back of a strong performance by its fixed income, commodities and currencies business. The Swiss lender was also in advanced discussions with the US Department of Justice to settle allegations of foreign exchange market rigging.
Shares of UBS were trading higher by 6.04% to 20.20 Swiss francs.
German airline Lufthansa posted a smaller than anticipated first quarter operating loss, on an EBIT basis, of -€167m (consensus: -€172m). Shares were up by 0.63% to €12.83.
Front month Brent crude futures were down by 0.136% to $66.36 per barrel on the ICE. |
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| | US Market Report | | HSBC beats forecasts as first-quarter profits hit $7.1bn First-quarter profits and earnings from HSBC beat market expectations as the bank recovered well from a difficult end to 2014.
On adjusted revenue slightly lower than forecast at $15.4bn, HSBC's reported pre-tax profits of $7.1bn were 4% up on the same period last year and more than a fifth higher than City forecasts.
Earnings per share came in at $0.26, higher than the $0.22 consensus estimate.
Write-offs were much lower than the same period in 2014, with regulatory provisions of £139m, UK customer redress programmes at £137m and restructuring costs of £43m.
On an adjusted basis, PBT was $349m or 5% higher than in the first quarter last year, primarily driven by higher revenue and lower loan-impairment charges (LICs), partly offset by higher operating expenses.
Chief executive Stuart Gulliver said: "Our business recovered well in the first quarter following a difficult fourth quarter of 2014.
"Global Banking & Markets had its usual strong start to the year, with a notable increase in year-on-year revenue in our markets businesses."
Gulliver hailed a continued good performance from commercial banking, particularly in the UK and Hong Kong, and retail banking and wealth management generated increased revenue. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: RBS, Labour, First-time buyers The Times has said that RBS was under pressure to strip companies of their assets to improve its balance sheet. "The bank's global restructuring group, which was supposed to help businesses in trouble with debt, was given a remit by RBS's management to focus on reducing exposure to businesses that had badly affected its capital position," the paper said.
"Ed Miliband's commitment to set a legal target for decarbonising the UK power sector by 2030 is likely to cost upwards of £200bn", according to analysis conducted by The Telegraph.
A report by KPMG has showed that first-time buyers in London need to earn at least £77,000 a year to be able to buy their first home, nearly double the £41,000 minimal national average, writes The Independent.
The International Monetary Fund has warned Greece that it is so far off course on its bailout programme that it faces losing IMF support unless European lenders write off significant amounts of its sovereign debt, according to the Financial Times.
The boss of McDonald's has admitted that the company needed an urgent reset after its recent poor performance, outlining a new focus on better-quality food and cost-cutting, according to The Times.
Profits at UBS nearly doubled in the first quarter, helped by its core wealth management division and a boost from its pared-down investment bank, The Wall Street Journal said. | | |
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