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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: Miners lead stocks higher after China rate cut UK stocks extended gains on Monday with the Footsie once again nearing record highs, as mining stocks reacted positively to another rate cut in China.
After surging 2.3% on Friday in the aftermath of the Conservative's election victory, the FTSE 100 was up a further 0.37% on Monday morning at 7,073.16.
The last time the index finished higher was on 27 April when it set a new all-time closing high of 7,103.98.
Asian stock markets performed well overnight after China lowered interest rates overnight for the third time in six months in an effort to avert a slowdown. The People's Bank of China lowered its benchmark lending and deposit rates by 25 basis points each, following weaker-than-expected trade and inflation figures released last week.
"We have opined for some time now that the Chinese government had been showing signs of concern about slowing economic momentum [...] We believe that further easing by the country's central bank remains on the cards in 2015," said analyst Yuen Low from Shore Capital.
Greece also remains in focus this week as the Eurogroup meets to discuss a cash-for-reforms deal with Athens. Greece faces a Tuesday deadline for a €750m repayment to the International Monetary Fund.
Mining stocks rise
Mining stocks were buoyed by the rate cut in top metals consumer China, with blue chips Anglo American, BHP Billiton, Glencore and Rio Tinto making decent gains early on.
Oil and gas stocks such as Shell, BP, BG Group and Premier Oil were on the rise as crude prices rose. Brent was up 0.5% at $65.70 a barrel in morning trade.
A host of housebuilding stocks were also performing well, including Barratt Developments, Taylor Wimpey and Persimmon, extending the surge seen on Friday following the election. Companies in the sector had said that pre-election uncertainty was affecting the ability to secure planning persimmon for new developments.
Financial stocks were mostly weaker, including St James's Place, HSBC, Aberdeen Asset Management and Aviva.
Life sciences, seals and controls outfit Diploma said acquisitions drove a 10% increase in interim revenues, but disappointed investors with a cautious outlook, saying it still sees "headwinds to organic growth". |
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| Market Movers
techMARK 3,281.93 +0.39%
FTSE 100 7,073.16 +0.37%
FTSE 250 17,983.27 +0.26%
FTSE 100 - Risers
Sage Group (SGE) 562.00p +3.40%
Taylor Wimpey (TW.) 180.20p +2.56%
Barratt Developments (BDEV) 562.50p +2.37%
Tesco (TSCO) 233.60p +2.08%
Morrison (Wm) Supermarkets (MRW) 184.40p +1.88%
Hikma Pharmaceuticals (HIK) 2,047.00p +1.84%
Persimmon (PSN) 1,778.00p +1.83%
Kingfisher (KGF) 375.60p +1.79%
3i Group (III) 511.50p +1.79%
Royal Mail (RMG) 486.80p +1.65%
FTSE 100 - Fallers
HSBC Holdings (HSBA) 634.00p -1.11%
CRH (CRH) 1,872.00p -1.00%
InterContinental Hotels Group (IHG) 2,794.00p -0.92%
St James's Place (STJ) 954.50p -0.83%
Aberdeen Asset Management (ADN) 448.40p -0.75%
Meggitt (MGGT) 524.00p -0.57%
Aviva (AV.) 541.50p -0.55%
Centrica (CNA) 276.70p -0.54%
Unilever (ULVR) 2,879.00p -0.52%
Intu Properties (INTU) 342.20p -0.44%
FTSE 250 - Risers
Supergroup (SGP) 1,110.00p +3.93%
Premier Oil (PMO) 183.00p +3.45%
Bodycote (BOY) 738.00p +3.07%
Man Group (EMG) 182.50p +2.70%
SIG (SHI) 206.50p +2.58%
Worldwide Healthcare Trust (WWH) 1,930.00p +2.39%
Wood Group (John) (WG.) 703.50p +2.18%
Redrow (RDW) 404.50p +2.15%
NMC Health (NMC) 834.50p +2.14%
Soco International (SIA) 194.20p +2.05%
FTSE 250 - Fallers
Diploma (DPLM) 818.50p -3.36%
Spirax-Sarco Engineering (SPX) 3,444.00p -2.77%
Inchcape (INCH) 856.50p -2.00%
Computacenter (CCC) 738.50p -1.53%
Genus (GNS) 1,403.00p -1.47%
National Express Group (NEX) 295.00p -1.30%
Henderson Group (HGG) 277.30p -1.14%
Law Debenture Corp. (LWDB) 525.00p -1.04%
Senior (SNR) 317.10p -1.03% |
| | UK Event Calendar | | Monday 11 May
INTERIMS
Diploma, GW Pharmaceuticals, ITE Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
Q2
GW Pharmaceuticals
FINALS
Action Hotels, Nature Group, Starcom
ANNUAL REPORT
Eleco
IMSS
Green Reit
AGMS
Altin AG (Reg S), European Real Estate Investment Trust Limited Part Pref Shs, MirLand Development Corporation, Spirax-Sarco Engineering
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
FINAL DIVIDEND PAYMENT DATE
CareTech Holding, Martinco , Somero Enterprises Inc.(Reg S)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | European equities were little changed as investors processed China’s interest rate cut and awaited a meeting between euro-area finance ministers on Greece’s bailout. The Eurogroup will continue discussions on Greece’s debt at a summit in Brussels a day before the nation has to make a €750m payment to the International Monetary Fund (IMF). Prime minister Alexis Tsipras told his ministers on Sunday that he wants the Eurogroup to acknowledge that Greece is nearing a deal with creditors to unlock further aid. “We want a clear confirmation of the progress that has been made,” he said. France’s finance minister Michel Sapin warned that it could take a “few more days or weeks” to reach an agreement, saying that the time is not “ripe”. The euro fell 0.38% to $1.1157. In China, the central bank on Sunday announced it was reducing the benchmark lending and deposit rates by 0.25 percentage points, effective on Monday. It marked the third cut in six months and comes amid a slowdown in the world’s second largest economy. The Bank of England will announce its latest policy decision at 12:00 London time, with analysts predicting no change to interest rates and the asset purchase programme. Among corporate stocks, Delhaize gained on reports that the Belgian supermarket chain has started talks with Dutch retailer Ahold on a possible merger. Airbus Group slumped after one of its new military transport aircraft crashed on Saturday in Spain, killing four people. Banca Monte dei Paschi di Siena Spa advanced after the Italian lender swung to a profit after nearly three years of quarterly losses. Brent crude increased 0.33% to $65.61 per barrel, according to the ICE. |
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| | US Market Report | | US close: Stocks rise after jobs data, earnings estimates revised US equities saw big gains after the release of a US jobs report that calmed worries over the state of the country's labour market, with the S&P 500 closing just two points shy of its previous record.
Employers added 223,000 jobs in April, compared with a consensus forecast for an increase of 220,000. The unemployment rate was bang in line with estimates, falling to 5.4% last month from 5.5% in March.
To take note of, the latest calculations from Bloomberg indicated that analysts were now estimating profits at S&P companies rose by 0.2% in the first quarter, instead of dropping by 5.8% as they had anticipated at the start of the year.
The Dow Jones Industrials jumped 1.49% to 18,191.11, the S&P 50 rose 1.35% to 2,116.10 and the Nasdaq Composite logged a gain of 1.17% to end at 5,003.55 points.
"The return to more normal jobs growth in April will relieve Fed policy makers, providing tentative evidence that the Q1 economic weakness was mostly a blip," said Christian Schulz, senior economist at Berenberg.
"Falling unemployment points to a continuing erosion of slack in the economy, which warrants policy rate normalisation rather sooner than later. Weak wage growth and headline inflation rates around zero still allow the Fed some time, but today's release has kept chances for a September rate hike alive, especially if other indicators such as the ISM rebound as well."
The US 10-year Treasury yield fell four basis points to 2.14% following the employment data.
Acting as a backdrop, data from China showed exports and imports fell in April, fuelling hopes of further stimulus. "Trade data from China overnight was pretty horrible with exports and imports plunging again over the year, Asian equities responded well on the prospect for further government stimulus but the data doesn't bode well for world growth," said Jasper Lawler, market analyst at CMC Markets.
Among corporate stocks, AOL jumped after its first quarter results impressed investors. It reported a better-than-expected 7.2% increase in revenue amid stronger advertising.
McDonald's was a high riser after reporting April sales that beat analysts' projections , supported by a slower decline at its US business.
From a sector standpoint, the largest gains were to be seen in the following industrial groups: Consumer electronics (4.12%), Coal (3.25%) and Real Estate Holdings (2.9%)
West Texas Intermediate crude futures advanced 0.90% to $59.47, ICE data showed.
S&P 500 - Risers
Southwestern Energy Co. (SWN) $28.94 +5.85%
Range Resources Corp. (RRC) $64.29 +5.74%
NRG Energy Inc. (NRG) $26.40 +5.73%
Chesapeake Energy Corp. (CHK) $15.28 +5.38%
Transocean Ltd. (RIG) $19.26 +5.19%
Harman International Industries Inc. (HAR) $129.28 +4.55%
TripAdvisor Inc. (TRIP) $81.93 +4.41%
Visa Inc. (V) $69.47 +4.34%
Noble Corporation plc (NE) $17.10 +4.20%
Nabors Industries Ltd. (NBR) $16.31 +4.02%
S&P 500 - Fallers
Monster Beverage Corp (MNST) $128.47 -10.47%
Nvidia Corp. (NVDA) $20.83 -7.40%
Windstream Holdings Inc (WIN) $9.18 -6.61%
Cerner Corp. (CERN) $68.02 -4.53%
Salesforce.Com Inc. (CRM) $72.40 -2.84%
Pepco Holdings Inc. (POM) $25.49 -2.41%
Teradata Corp. (TDC) $40.86 -2.25%
Whole Foods Market Inc. (WFM) $42.58 -1.13%
Gap Inc. (GPS) $39.61 -1.07%
Macerich Co (MAC) $82.07 -0.82%
Dow Jones I.A - Risers
Visa Inc. (V) $69.47 +4.34%
Boeing Co. (BA) $145.46 +2.81%
E.I. du Pont de Nemours and Co. (DD) $75.28 +2.66%
Microsoft Corp. (MSFT) $47.75 +2.25%
Home Depot Inc. (HD) $112.47 +2.21%
United Technologies Corp. (UTX) $118.43 +2.06%
Apple Inc. (AAPL) $127.62 +1.88%
Johnson & Johnson (JNJ) $101.47 +1.82%
Intel Corp. (INTC) $32.80 +1.72%
Exxon Mobil Corp. (XOM) $88.99 +1.59%
Dow Jones I.A - Fallers
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $81.93 +4.41%
Biogen Inc (BIIB) $398.43 +3.95%
Wynn Resorts Ltd. (WYNN) $117.84 +3.41%
Keurig Green Mountain Inc (GMCR) $101.49 +3.39%
Vimpelcom Ltd Ads (VIP) $5.41 +3.24%
Nxp Semiconductors Nv (NXPI) $103.98 +3.22%
Cognizant Technology Solutions Corp. (CTSH) $63.09 +2.90%
Amgen Inc. (AMGN) $162.34 +2.81%
Regeneron Pharmaceuticals Inc. (REGN) $481.29 +2.70%
Intuit Inc. (INTU) $102.75 +2.68%
Nasdaq 100 - Fallers
Monster Beverage Corp (MNST) $128.47 -10.47%
Nvidia Corp. (NVDA) $20.83 -7.40%
Liberty Interactive Corp (QVCA) $27.70 -4.71%
Cerner Corp. (CERN) $68.02 -4.53%
Liberty Global plc Series A (LBTYA) $50.41 -3.24%
Charter Communications Inc. (CHTR) $180.67 -1.25%
Whole Foods Market Inc. (WFM) $42.58 -1.13%
Priceline Group Inc (PCLN) $1,204.76 -0.72%
Discovery Communications Inc. Class A (DISCA) $31.33 -0.56% |
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| | Newspaper Round Up | | Monday newspaper round-up: China cuts rates, Barclays, Greece China has lowered interest rates for the third time in six months in an effort to avert a slowdown, cutting the benchmark lending and deposit rates by 25 basis points each, The Wall Street Journal writes.
"Barclays faces fines and penalties of more than £2 billion this week as the big investment banks make final settlements with British and US authorities over their involvement in the rigging of global currency markets," reports The Times.
"Greece and the Eurozone face a week of fresh nail-biting uncertainty," according to The Guardian. Athens faces a Tuesday deadline to repay €770m to the International Monetary Fund as Eurozone finance ministers prepare a report on progress towards a cash-for-reforms deal.
BG Group's chief executive Helge Lund has said that employees must compete for jobs under the natural gas company's takeover by oil major Shell, he said in an interview with The Telegraph.
Package holiday outfit Thomson is expected to be split from TUI Group as part of the parent company's rebranding, The Times reports. TUI will outline a new branding strategy on Wednesday alongside its half-year results.
The Bank of England's inflation report on Wednesday may include a warning from governor Mark Carney to markets that they are too relaxed about the timing of an interest rate hike, according to The Guardian. Carney may use the statement that policy tightening could come sooner than traders are pricing in. | | |
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