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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: FTSE flat as blue chip earnings underwhelm, Vodafone rises on merger talk UK stocks edged higher on Wednesday morning though a raft of disappointing blue-chip earnings limited upside for the FTSE 100. The Footsie was up just 0.02% at 6,996.36 early on with Vodafone leading the way on the back of speculation surrounding a Liberty Global merger.
However, results and updates from Burberry, Marks & Spencer, SSE and Hargreaves Lansdown underwhelmed investors.
"The FTSE is showing the same limpness that defined much of its Tuesday this morning, with little to boost the UK index immediately after the bell," said Spreadex analyst Connor Campbell.
Worries surrounding Greece's ability to make its next repayment to the International Monetary Fund on 5 June were weighing on sentiment across Europe, he said.
Wednesday's session is set to be quieter in terms of economic data with minutes of the Bank of England's latest policy meeting likely to steal the spotlight. They are due for release at 09:30.
Burberry, M&S, SSE and HL underwhelm
Shares in luxury retailer Burberry slumped 4% after the company cautioned that it was seeing increased uncertainty in some of its markets and warned over the potential impact of currency movements. It now expects earnings this year to be around £40m less than previously estimated due recent sterling strength.
M&S underwhelmed despite returning to profit growth after four years and announcing a £150m capital return to shareholders and a 5.9% increase in the total dividend. Independent retail analyst Nick Bubb said the return of the cash was a "bit less than some had hoped".
Annual profits crawled slightly higher at SSE, though the utility company disappointed with its warning that dividend cover would fall due to the pressure of "significant uncertainties" on earnings.
Financial services provider Hargreaves Lansdown reported a record level of inflows over the first four months of 2015, but shares fell as the company said revenue headwinds limited year-to-date top-line growth to just 0.7%.
Vodafone was making decent gains, rebounding after Tuesday's falls following its annual results, as the owner of Liberty Global said the UK telecom would be a "great fit" to the business.
Allied Minds dropped on reports that Invesco raised £90.4m from selling shares in the investment firm at a price of just 565p per share, compared with Tuesday's closing price of 634.60p. |
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| | Market Movers
techMARK 3,258.47 +0.15%
FTSE 100 6,996.36 +0.02%
FTSE 250 18,158.86 -0.10%
FTSE 100 - Risers
Vodafone Group (VOD) 233.50p +3.04%
Mondi (MNDI) 1,504.00p +1.28%
Hikma Pharmaceuticals (HIK) 2,148.00p +0.94%
GKN (GKN) 369.60p +0.90%
Admiral Group (ADM) 1,508.00p +0.87%
HSBC Holdings (HSBA) 621.60p +0.79%
Rio Tinto (RIO) 2,869.00p +0.77%
3i Group (III) 552.00p +0.73%
Barclays (BARC) 264.60p +0.72%
Sage Group (SGE) 574.00p +0.61%
FTSE 100 - Fallers
Burberry Group (BRBY) 1,736.00p -3.98%
Hargreaves Lansdown (HL.) 1,262.00p -1.41%
Intertek Group (ITRK) 2,633.00p -1.31%
Old Mutual (OML) 233.10p -1.27%
SSE (SSE) 1,676.00p -1.18%
Land Securities Group (LAND) 1,347.00p -1.17%
BT Group (BT.A) 461.40p -1.08%
Hammerson (HMSO) 696.50p -0.99%
ITV (ITV) 267.70p -0.96%
Marks & Spencer Group (MKS) 580.00p -0.94%
FTSE 250 - Risers
Intermediate Capital Group (ICP) 594.00p +6.36%
Aveva Group (AVV) 2,044.00p +6.18%
TalkTalk Telecom Group (TALK) 402.00p +2.55%
Crest Nicholson Holdings (CRST) 533.50p +1.91%
Bank of Georgia Holdings (BGEO) 1,728.00p +1.77%
ICAP (IAP) 565.50p +1.71%
Just Retirement Group (JRG) 176.80p +1.61%
Domino's Pizza Group (DOM) 823.00p +1.54%
Renishaw (RSW) 2,503.00p +1.54%
Moneysupermarket.com Group (MONY) 298.60p +1.53%
FTSE 250 - Fallers
Allied Minds (ALM) 590.00p -9.23%
Cable & Wireless Communications (CWC) 66.15p -3.08%
BTG (BTG) 689.00p -2.75%
Great Portland Estates (GPOR) 853.00p -2.57%
Zoopla Property Group (WI) (ZPLA) 224.20p -2.52%
PayPoint (PAY) 893.50p -2.46%
Britvic (BVIC) 749.00p -2.22%
Tate & Lyle (TATE) 600.00p -2.20%
Elementis (ELM) 307.00p -2.17% |
| | UK Event Calendar | | Wednesday 20 May
INTERIMS
Britvic, Patisserie Holdings , Thomas Cook Group, Zoopla Property Group (WI)
INTERIM DIVIDEND PAYMENT DATE
Barratt Developments, Fidelity Special Values
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (GER) (07:00)
FINALS
Burberry Group, Cable & Wireless Communications, Great Portland Estates, Hogg Robinson Group, Intermediate Capital Group, Marks & Spencer Group, Pennon Group, Quantum Pharma, SSE, UK Mail Group
ANNUAL REPORT
Surgical Innovations Group
IMSS
Hargreaves Lansdown
AGMS
21st Century Technology, Aminex, Antofagasta, AssetCo, Bankers Petroleum Ltd.(CDI), Churchill China, Circassia Pharmaceuticals, Circle Holdings , CSR, Empresaria Group, Foxtons Group , Hiscox Limited (CDI), ICG-Longbow Senior Secured UK Property Debt Investments Ltd, Ingenious Entertainment VCT 1 'D' Shares, Ingenious Entertainment VCT 1 E Shares, Ingenious Entertainment VCT 1 F Shares, Ingenious Entertainment VCT 1 G Shs, Ingenious Entertainment VCT 1 H Shs, Ingenious Entertainment VCT 2 'D' Shares, Ingenious Entertainment VCT 2 E Shares, Ingenious Entertainment VCT 2 F Shares, Ingenious Entertainment VCT 2 G Shs, Ingenious Entertainment Vct 2 H Shs, Marshalls, Mercantile Investment Trust (The), Merchants Trust, Michelmersh Brick Holdings, Mortgage Advice Bureau (Holdings) , Northern Petroleum, Ophir Energy, Playtech, Polymetal International, Public Service Properties Investments Ltd (DI), Revolymer, StatPro Group, Total Produce, UK Oil & Gas Investments , Vislink
TRADING ANNOUNCEMENTS
CSR, Zoopla Property Group (WI)
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Minutes (09:30)
FINAL DIVIDEND PAYMENT DATE
FBD Holdings, Interserve, Rentokil Initial, Taylor Wimpey, Tyman
Q1
Frutarom Industries Ltd GDR (Reg S) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as investors eye Greece
European stocks were little changed in early trade following strong gains in the previous session, as investors digested more headlines on Greece and looked ahead to the release of the latest Federal Open Market Committee minutes.
By 0905 BST, the Stoxx Europe 600 index was flat, while the CAC and the DAX were down just 0.2%. At the same time, the euro resumed it slide against the dollar, slipping below $1.11.
The currency had fallen sharply on Tuesday after comments from European Central Bank (ECB) members. ECB governing council member Christian Noyer said the monetary authority is prepared to take further action against inflation if needed and that the quantitative easing programme had already made a positive impact on prices. The ECB’s Benoit Coeure, meanwhile, said the bank would front-load asset purchases in May and June due to low market liquidity during the summer months.
Sentiment was undermined by press reports that Greece will miss its June debt payment to the International Monetary Fund unless the country receives more aid.
“In Europe this morning indications are that, while there has been progress in negotiations, Greece will miss its June debt payment to the IMF unless a deal is reached by the end of May in which concessions for Greece are highly unlikely - the EU will almost certainly face a second revolt in the form of Portugal’s ascendant socialists if any are afforded to Athens,” said Michael Van Dulken, head of research at Accendo Markets.
As worries about Greece rumbled on, investors sifted through a raft of corporate news.
France’s Altice surged 7% after it said it was buying a controlling stake in US cable company Suddenlink in a deal valued at $9.1bn.
Vodafone added nearly 4% after Liberty Global chairman John Malone was quoted as saying that the company would be a great fit for his.
On the downside, UBS slipped after the company said it will pay more than $500m in fines to US authorities for its role in the manipulation of foreign exchange trading markets and benchmark interest rates.
Lafarge dropped into the red after it proposed to cut 380 jobs before it closes its merger with Holcim.
Shares in luxury retailer Burberry slumped after the company cautioned that it was seeing increased uncertainty in some of its markets and warned over the potential impact of currency movements in the release of its full-year results.
Marks & Spencer was also on the back foot despite posting its first rise in annual profit in four years.
Looking ahead, investors will eye the release of minutes from the Fed’s meeting at the end of April for any further clues on the timing of a rate hike. |
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| | US Market Report | | US close: stocks flat as market slips from record highs US stocks closed mostly flat on Tuesday, after flitting between small gains and losses, as investors weighed up mixed earnings reports and positive housing data. Sector-wise, energy stocks provided a drag due to sluggish oil prices. Both precious and industrial miners also slumped. Investec flagged a dip in base metal prices in China as the driving force behind the sector's weakness.
"There is currently a dramatic price disconnect between the price of rebar in China and the price of iron ore CFR China," the broker said in a research note. "In our view something is wrong, and the rebar price is sending a strong message - given that iron ore prices generally slavishly follow the price of rebar."
At close, the Dow Jones Industrial Average was up 13.65 points, while the S&P 500 and the Nasdaq lost 1.36 and 8.41 points respectively.
US housing starts rocketed by 20.2% month-on-month in to reach an annualised rate of 1.14m in April, according to the US Department of Commerce. The increase was the largest one-month gain for the series since 1991 and dwarfed economists' expectations of a rise of 9.6% over the month.
"The housing starts were very impressive, and they may lead some people to think weak first-quarter GDP numbers were temporary," said Sean Lynch, co-head of global equity strategy for Wells Fargo Investment Institute. "However, there's nervousness among investors, and that's a good thing - they're not blindly rushing into stocks," he added.
Meanwhile, building permits rose to 1.14m from 1.04m last month, beating the consensus forecast of a 1.02m reading and leading to predictions of solid starts and construction data in the months ahead.
In company news, Urban Outiftters plummeted after reporting first-quarter earnings and sales that fell short of Wall Street estimates late on Monday. Wal-Mart's first-quarter profits and sales also failed to meet expectations, causing shares to sink.
Transocean was in the red after revealing that three more rigs were idled in May, following four in April and one in March, late on Monday.
Video-game maker Take-Two Interactive Software surged despite saying on Monday that its fourth-quarter loss widened and issuing a disappointing outlook.
TJX Cos. was in positive territory after posting first-quarter earnings of 69 cents per share, topping forecasts for 66 cents per share, on a revenue of $6.9bn.
European equities rallied as senior European Central Bank (ECB) offical Benoît Coeuré said the bank would compensate for low summer liquidity by increasing its buying of euro-area assets in the near term. The comments also caused the euro to slide against the dollar
In Asia, Shanghai stocks rallied 3%, the biggest gain in almost four months, after China announced a new strategy to bolster its manufacturing sector.
Oil and gold futures slid 3.58% and 1.65% respectively.
S&P 500 - Risers
TJX Companies Inc. (TJX) $69.18 +2.85%
McDonald's Corp. (MCD) $100.69 +2.72%
Masco Corp. (MAS) $27.79 +2.17%
Fifth Third Bancorp (FITB) $20.96 +2.14%
Twenty-First Century Fox Inc Class A (FOXA) $34.37 +2.05%
Sysco Corp. (SYY) $38.23 +1.97%
Western Union Co. (WU) $22.42 +1.96%
SunTrust Banks Inc. (STI) $43.60 +1.95%
Weyerhaeuser Co. (WY) $32.68 +1.90%
Macy's Inc. (M) $69.12 +1.87%
S&P 500 - Fallers
Urban Outfitters Inc. (URBN) $34.55 -15.15%
Transocean Ltd. (RIG) $18.95 -5.96%
Diamond Offshore Drilling Inc. (DO) $31.76 -5.14%
Yahoo! Inc. (YHOO) $42.12 -5.05%
Nabors Industries Ltd. (NBR) $14.90 -4.91%
United States Steel Corp. (X) $24.27 -4.73%
Peabody Energy Corp. (BTU) $3.75 -4.58%
Wal-Mart Stores Inc. (WMT) $76.32 -4.51%
Freeport-McMoRan Inc (FCX) $21.29 -3.80%
Allegheny Technologies Inc. (ATI) $35.69 -3.66%
Dow Jones I.A - Risers
McDonald's Corp. (MCD) $100.69 +2.72%
E.I. du Pont de Nemours and Co. (DD) $71.20 +1.73%
American Express Co. (AXP) $81.40 +1.53%
JP Morgan Chase & Co. (JPM) $66.99 +0.86%
Merck & Co. Inc. (MRK) $60.49 +0.79%
Pfizer Inc. (PFE) $34.22 +0.71%
Unitedhealth Group Inc. (UNH) $120.50 +0.58%
Johnson & Johnson (JNJ) $103.98 +0.54%
Travelers Company Inc. (TRV) $103.65 +0.47%
United Technologies Corp. (UTX) $119.04 +0.45%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $76.32 -4.51%
Home Depot Inc. (HD) $112.58 -1.53%
Chevron Corp. (CVX) $105.09 -1.46%
Caterpillar Inc. (CAT) $87.21 -1.22%
Microsoft Corp. (MSFT) $47.51 -1.03%
Intel Corp. (INTC) $33.08 -1.00%
Verizon Communications Inc. (VZ) $49.49 -0.22%
Coca-Cola Co. (KO) $41.23 -0.22%
Cisco Systems Inc. (CSCO) $29.70 -0.18%
Apple Inc. (AAPL) $130.01 -0.14%
Nasdaq 100 - Risers
Liberty Global plc Series A (LBTYA) $53.19 +2.41%
Twenty-First Century Fox Inc Class A (FOXA) $34.37 +2.05%
NetApp Inc. (NTAP) $35.38 +1.67%
Regeneron Pharmaceuticals Inc. (REGN) $502.96 +1.25%
Express Scripts Holding Co (ESRX) $88.52 +1.25%
Google Inc. Class C (GOOG) $537.47 +0.97%
Discovery Communications Inc. Class A (DISCA) $33.28 +0.92%
Intuit Inc. (INTU) $103.25 +0.89%
Baidu Inc. (BIDU) $192.98 +0.87%
Vertex Pharmaceuticals Inc. (VRTX) $128.12 +0.64%
Nasdaq 100 - Fallers
Yahoo! Inc. (YHOO) $42.12 -5.05%
Vimpelcom Ltd Ads (VIP) $6.13 -3.54%
Seagate Technology Plc (STX) $55.15 -3.08%
Western Digital Corp. (WDC) $95.64 -2.28%
Micron Technology Inc. (MU) $26.29 -1.76%
Sba Communications Corp. (SBAC) $116.44 -1.61%
Autodesk Inc. (ADSK) $57.51 -1.52%
Keurig Green Mountain Inc (GMCR) $89.05 -1.52%
TripAdvisor Inc. (TRIP) $80.50 -1.21% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Liberty Global/Vodafone, Yahoo!, Asda John Malone, the owner of Liberty Global, has said that that a combination with UK telecoms group Vodafone would be a "great fit", The Times said. The paper said he "dropped the heaviest hint yet that a tie-up with Vodafone is on the cards". Shares in Yahoo! dropped suddenly on Tuesday evening on concerns that possible changes in US tax regulations would affect the group's expiated spin-off of its $40bn Alilbaba stake, reports The Telegraph.
Sales at Asda dropped 3.9% in the 15 weeks to 19 April, the worst outcome since it started reported quarterly figures in 2006 and the poorest performance among the 'Big Four' supermarkets, The Guardian writes.
Swiss bank UBS is to pay $545m to US authorities to settle FX-rigging allegations as it looks to draw a line under multiple trading scandals lasting several years, reports the Financial Times.
The ECB is expected to step up bond purchases in the coming weeks ahead of an expected summer lull in markets, a top ECB official has said, writes The Wall Street Journal.
The CBI has told employers to "to turn up the volume" on the benefits of EU membership, writes The Guardian.
Japanese GDP rose by 0.6% in the first quarter, equating to annualised growth of 2.4%. This was well ahead of the 1.5% annualised growth expected, though most of that was due to a huge build-up of inventories, the Financial Times said. | | |
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