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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 ahead of BoE inflation report London stocks rebounded slightly on Wednesday after a steep decline the previous session, as investors geared up for the Bank of England's Quarterly Inflation Report. The FTSE 100 was trading 0.53% higher at 6,970.37 early on, with results from blue chips Mondi, Barratt Developments and SABMiller impressing the market.
The index slumped 1.4% on Tuesday as volatility in government bond markets and concerns about Greece hit sentiment.
"The FTSE began to try and recover some of its post-election gains this Wednesday after they were completely wiped out in Tuesday's sell-off," said Spreadex analyst Connor Campbell.
The market's focus on Wednesday is likely to be on the first inflation report of the new government due at 10:30 BST, with investors awaiting the BoE's inflation and growth forecasts for the UK economy.
Analysts at Danske Bank said the central bank "may revise down the growth forecast a bit, while revising inflation slightly up following the recent rise in the oil price".
The Eurozone's gross domestic product estimate for the first quarter at 10:00 is expected to show the region expanded by 1% year-on-year after the previous quarter's 0.9% gain. Meanwhile, US retail sales at 13:30 are estimated to show a 0.2% climb in April.
Overnight, a host of economic indicators from China disappointed, with growth in fixed asset investment, industrial production and retail sales all coming in weaker than expected. Analysts said the data raises hopes for further easing measures from the People's Bank of China after last week's interest-rate cut.
Mondi, Barratt and SABMiller impress
Paper and packaging giant Mondi said profits rose 29% in the first quarter on the back of higher volumes and lower costs across Europe, causing shares to surge over 9% on Wednesday.
Housebuilder Barratt Developments was trading higher as it raised expectations for housing completions and profits for the full year. The company said the improved outlook was thanks to strong consumer demand for new build houses and expectations of a supportive government policy post-election.
Full-year profits from brewer SABMiller were higher than market expectations as China returned to growth during the last three months of the year. Adjusted profits were down a less-than-expected 1%.
Catering company Compass Group was in the red despite saying its full-year guidance remains "positive and unchanged" as it reported an increase in first-half earnings.
Admiral also weaker on the news that chief executive of the motor insurer, Henry Engelhardt, is stepping down in a year's time. |
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| | Market Movers
techMARK 3,241.76 +0.60%
FTSE 100 6,970.37 +0.53%
FTSE 250 17,808.77 +0.68%
FTSE 100 - Risers
Mondi (MNDI) 1,416.00p +9.09%
Barratt Developments (BDEV) 565.00p +3.57%
Persimmon (PSN) 1,786.00p +2.17%
Ashtead Group (AHT) 1,163.00p +2.11%
Marks & Spencer Group (MKS) 571.50p +1.96%
SABMiller (SAB) 3,564.50p +1.77%
TUI AG Reg Shs (DI) (TUI) 1,275.00p +1.76%
Dixons Carphone (DC.) 457.60p +1.55%
Hammerson (HMSO) 673.50p +1.51%
3i Group (III) 513.50p +1.48%
FTSE 100 - Fallers
Compass Group (CPG) 1,134.00p -2.49%
Admiral Group (ADM) 1,454.00p -1.42%
Sainsbury (J) (SBRY) 276.00p -1.08%
St James's Place (STJ) 917.00p -1.03%
HSBC Holdings (HSBA) 614.50p -0.89%
Coca-Cola HBC AG (CDI) (CCH) 1,396.00p -0.14%
Glencore (GLEN) 301.65p -0.12%
Experian (EXPN) 1,213.00p -0.08%
National Grid (NG.) 890.00p -0.07%
FTSE 250 - Risers
Countrywide (CWD) 578.00p +4.14%
Ted Baker (TED) 2,835.00p +3.92%
Amec Foster Wheeler (AMFW) 902.50p +3.20%
Renishaw (RSW) 2,587.00p +3.07%
Hunting (HTG) 610.00p +3.04%
Centamin (DI) (CEY) 64.30p +2.96%
Premier Oil (PMO) 185.60p +2.83%
Indivior (INDV) 231.50p +2.75%
Smith (DS) (SMDS) 359.90p +2.51%
Wood Group (John) (WG.) 717.00p +2.43%
FTSE 250 - Fallers
Enterprise Inns (ETI) 133.30p -1.99%
Saga (SAGA) 195.40p -1.81%
Rank Group (RNK) 200.00p -1.57%
Computacenter (CCC) 724.50p -1.56%
PayPoint (PAY) 863.00p -1.54%
Jardine Lloyd Thompson Group (JLT) 1,028.00p -1.34%
Barr (A.G.) (BAG) 622.00p -1.19%
COLT Group SA (COLT) 148.50p -1.13%
Nostrum Oil & Gas (NOG) 591.50p -1.00% |
| | UK Event Calendar | | Wednesday 13 May
INTERIMS
Compass Group, TUI AG Reg Shs (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Consumer Price Index (GER) (07:00)
Crude Oil Inventories (US) (15:30)
GDP (Flash Estimate) (EU) (10:00)
Gross Domestic Product (GER) (07:00)
Import and Export Price Indexes (US) (13:30)
Industrial Production (EU) (10:00)
Manufacturing Inventories (US) (15:00)
MBA Mortgage Applications (US) (12:00)
Retail Sales (US) (13:30)
Retail Sales Inventories (US) (15:00)
GMS
Sarossa
FINALS
Datatec Ltd. (DI), SABMiller, Vertu Motors
IMSS
Barratt Developments, G4S, Galliford Try, Mondi, Partnership Assurance Group , Renishaw
AGMS
888 Holdings, Alexander Mining, APR Energy, Arian Silver Corporation (DI), Blue Capital Global Reinsurance Fund Ltd (DI), Candover Investments, Centaur Media, Direct Line Insurance Group, esure Group, HGCapital Trust, Indivior, JPMorgan American Inv Trust, Just Eat , LiDCO Group, MMC Norilsk Nickel ADR, Mondi, Novae Group, Premier Oil, Rentokil Initial, Riverstone Energy Limited , Riverstone Energy Limited , Savills, STM Group, Wood Group (John), Zotefoams
UK ECONOMIC ANNOUNCEMENTS
BoE Inflation Report (10:30)
Claimant Count Rate (09:30)
Unemployment Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
4Imprint Group, Dairy Farm International Holdings Ltd (Bermuda), Dairy Farm International Holdings Ltd. (Jersey), Dairy Farm International Holdings Ltd. (Singapore), Hongkong Land Holding Ltd. (Sing.Reg), Jardine Matheson Holdings Ltd (Singapore Reg), Jardine Matheson Holdings Ltd. (Bermuda), Jardine Matheson Holdings Ltd. (Jersey), Jardine Strategic Holdingd Ltd. (Bermuda), Jardine Strategic Holdings Ltd. (Singapore), Mandarin Oriental International (Bermuda), Mandarin Oriental International (Jersey), Mandarin Oriental International (Singapore), Molins
Q1
Hellenic Telecom Industries SA ADS, New World Resources A Shares, Telecom Egypt SAE GDS (Regs)
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: French GDP sped ahead at start of year, Germany's languished Stocks began the morning higher as a semblance of reason returned to global sovereign bond markets overnight and despite worse than expected data out of China and Germany in early trading. As of 08:45 the Dax-30 was edging higher by 0.28% to reach 11,505.14 and the Cac-40 by another 0.55% to hit 5,001.59.
On a positive note, the French economy notched up gains of 0.7% at a quarter-on-quarter pace in the first three months of the year, as expected, but nevertheless registered its quickest growth in two years.
On 30 April, Spain's national statistics office estimated Spanish GDP advanced at a 0.9% quarter-on-quarter clip in the first quarter.
Germany's gross domestic product (GDP) expanded at a 0.3% quarter-on-quarter pace over the first three months of the year, according to the Federal Office of Statistics, well below the 0.7% print seen in the fourth quarter of last year and economists' forecasts for a reading of 0.5%.
The latest fixed asset investment and retail sales numbers out of China also came in on the weak side, but analysts at Capital Economics downplayed their implications, arguing that weakness in the country's industrial sector was being overstated. They were also confident of Beijing's ability to reach its target for economic growth of 7% this year.
Within the DJ Stoxx 600 the best performance was being seen in the following industrial groups: Media (0.91%) and Real Estate (0.87%).
In company news, reports indicated the US Department of Justice could reverse its agreements not to prosecute Swiss bank for UBS for manipulation of foreign exchange markets.
Quarterly operating profits at German electricity producer RWE slipped 5.1%.
Italy's Mediaset sees improving advertising sales in the second quarter.
The euro/dollar was advancing by 0.22% to 1.1243. |
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| | US Market Report | | US close: Stocks slide after bonds pile pressure on equities US stocks slid on Tuesday after a sell-off in bond markets piled pressure on equities.
The Dow Jones Industrial Average closed down 36.94 points to 18,068.23, while the S&P 500 and the Nasdaq lost six and 18 points respectively.
On Monday, US bond yields reached their highest level since December and the sell-off in the government bonds continued on Tuesday, with the closely-watched yield on Germany's 10-year Bunds climbing to 0.7%.
"German bunds yields are rising faster than US treasuries and closing the yield advantage of US debt over European debt," said CMC Markets analyst Jasper Lawler.
"US dollar-denominated assets are now becoming relatively less appealing than the equivalent European assets."
Figures released by the Labor Department showed US job openings declined to 4.99m in March from 5.14m in the previous month, falling short of analysts' expectations that called for a largely unchanged reading.
Job openings in March rose 19% year-on-year, as private sector openings climbed by the same margin to 4.51, while government positions rose 17.6% to 488,000.
Meanwhile, US small-businesses sentiment improved in April, the National Federation of Independent Business said.
According to figures released on Tuesday, the NFIB index rose 1.7 points to 96.9, although the reading was the second-worst on record since October.
Speaking in New York on Tuesday afternoon, San Francisco Federal Reserve President John Williams said he wants the Fed to start hiking rates "a bit earlier" so that the path of rates can be gradual.
In company news, telecoms giant Verizon Communications slid 0.36% after revealing it had agreed a $4.4bn deal to acquire media and tech group AOL, which jumped 18.6% following the news.
Web-hosting firm Rackspace Hosting plunged 13.5% after its second quarter revenue, published late on Monday, fell below estimates.
Clothing firm Gap lost 3.79% after reporting late on Monday that its first quarter revenue had missed expectations
Shares in Pall Corporation soared 19.44% after news that the filtration, separation and purification company is auctioning itself off to the highest bidder
The dollar fell 0.58% against the pound and lost 0.21% and 63% against the yen and the euro respectively, while gold futures climbed 0.79% to $1,192.30.
Oil prices staged a steady rebound, with West Texas Intermediate climbing 2.2% to $60.58 a barrel, while Brent gained 2.7% to $66.70 a barrel.
S&P 500 - Risers
First Solar Inc. (FSLR) $54.70 +10.19%
Expeditors International Of Washington Inc. (EXPD) $47.88 +5.29%
Peabody Energy Corp. (BTU) $7.84 +5.09%
Home Depot Inc. (HD) $116.75 +3.98%
United States Steel Corp. (X) $25.13 +3.50%
Freeport-McMoRan Inc (FCX) $21.22 +3.06%
CONSOL Energy Inc. (CNX) $34.34 +3.00%
Exelon Corp. (EXC) $34.79 +2.99%
Cabot Oil & Gas Corp. (COG) $28.40 +2.97%
Coach Inc. (COH) $42.95 +2.97%
S&P 500 - Risers
Pall Corp. (PLL) $118.62 +19.44%
Humana Inc. (HUM) $173.38 +4.06%
Discovery Communications Inc. Class A (DISCA) $32.02 +4.05%
Transocean Ltd. (RIG) $20.21 +3.27%
Danaher Corp. (DHR) $86.00 +2.92%
CIGNA Corp. (CI) $131.86 +2.77%
Edwards Lifesciences Corp. (EW) $130.49 +2.69%
Noble Corporation plc (NE) $17.60 +2.68%
Rowan Companies plc (RDC) $23.74 +2.68%
Ensco Plc. (ESV) $26.79 +2.53%
S&P 500 - Fallers
FMC Corp. (FMC) $57.74 -4.85%
Avon Products Inc. (AVP) $6.76 -4.18%
International Flavors & Fragrances Inc. (IFF) $114.35 -4.15%
Gap Inc. (GPS) $38.36 -3.79%
Micron Technology Inc. (MU) $26.87 -3.17%
Genworth Financial Inc. (GNW) $8.17 -2.74%
Entergy Corp. (ETR) $74.23 -2.44%
Frontier Communications Co. (FTR) $5.70 -2.40%
Hewlett-Packard Co. (HPQ) $32.91 -2.34%
News Corp Class A (NWSA) $15.35 -2.29%
Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $78.96 +1.10%
Walt Disney Co. (DIS) $109.25 +0.60%
Home Depot Inc. (HD) $112.53 +0.56%
McDonald's Corp. (MCD) $97.95 +0.45%
General Electric Co. (GE) $27.03 +0.41%
Exxon Mobil Corp. (XOM) $87.02 +0.28%
Chevron Corp. (CVX) $107.56 +0.19%
3M Co. (MMM) $160.12 +0.14%
Cisco Systems Inc. (CSCO) $29.23 +0.07%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $32.25 -1.35%
Merck & Co. Inc. (MRK) $59.44 -0.93%
American Express Co. (AXP) $79.07 -0.80%
E.I. du Pont de Nemours and Co. (DD) $74.85 -0.73%
Caterpillar Inc. (CAT) $88.17 -0.68%
Goldman Sachs Group Inc. (GS) $200.44 -0.64%
Coca-Cola Co. (KO) $40.70 -0.59%
Travelers Company Inc. (TRV) $101.67 -0.54%
Johnson & Johnson (JNJ) $100.49 -0.53%
Pfizer Inc. (PFE) $33.78 -0.53%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $5.54 +5.12%
Discovery Communications Inc. Class A (DISCA) $32.02 +4.05%
Tesla Motors Inc (TSLA) $244.74 +2.19%
DIRECTV (DTV) $90.61 +1.38%
Fastenal Co. (FAST) $43.01 +1.28%
Liberty Interactive Corp (QVCA) $27.66 +1.06%
Nvidia Corp. (NVDA) $20.83 +0.97%
Gilead Sciences Inc. (GILD) $105.56 +0.79%
CA Inc. (CA) $31.28 +0.64%
Stericycle Inc. (SRCL) $134.35 +0.58%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $26.87 -3.17%
Mattel Inc. (MAT) $26.88 -1.90%
Mylan Inc. (MYL) $70.33 -1.81%
Amgen Inc. (AMGN) $158.24 -1.74%
Nxp Semiconductors Nv (NXPI) $101.82 -1.69%
Wynn Resorts Ltd. (WYNN) $112.18 -1.67%
Sandisk Corp. (SNDK) $66.66 -1.64%
Garmin Ltd. (GRMN) $45.96 -1.63%
Maxim Integrated Products Inc. (MXIM) $32.40 -1.59% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Barack Obama, Tesco, Google Barack Obama's plans for new free trade agreements with Asia and Europe have been dashed after the bill received just 45 votes in favour by Senate Democrats out of the 60 needed for it to pass, writes The Guardian. Tesco has called an end to its non-food only UK stores by closing the remaining six Homeplus shops, causing the loss of 450 jobs, The Telegraph said.
Google faces legal action from the Information Commissioner's Office after rejecting demands from individuals who want their "right to be forgotten" online, according to The Times.
Spain's Inditex, the owner of the Zara fashion chain, could be fined up to $25m in Brazil amid claims it failed to deal with employment abuses in its supply chain, according to The Guardian.
Lower levels of liquidity have been blamed for the volatile swings in government bond markets over recent days, causing so-called "air pockets", reports The Telegraph.
The Times said: "The threat of a legal challenge to the Co-operative Group over the way it has selected candidates to join its board receded last night after the East of England society accepted an assurance from the Co-op leadership that the election process would be reviewed for next year."
According to The Telegraph, rail companies may be in line for compensation if Network Rail employee strikes over pay go ahead.
Debt restructuring negotiations in Ukraine have reached "boiling point" after a statement from the government that questioned the transparency, responsiveness and good faith of a creditors' committee, the Financial Times said. | | |
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