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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 ahead of UK retail sales data A mixed reaction to corporate earnings and a number of blue chips going ex-dividend weighed on UK stock markets on Thursday morning, with the Footsie opening broadly flat. The FTSE 100 was trading 0.01% lower at 7,006.62 early on.
Concerns about Greece continued to rumble on in the background following comments from the German finance minister that he could not rule out a Greek default.
Meanwhile, ratings agency Moody's has warned Athens that without an agreement over a cash-for-reforms deal with creditors, the government will have to impose capital controls on its banks to stem an outflow of funds.
According to reports, Greek prime minister Alexis Tsipras is expected to present a debt-restructuring proposal at a two-day summit of EU leaders which starts on Thursday in Riga.
As for the economic data schedule, manufacturing figures from across the globe will be in focus as Markit presents its May 'flash' purchasing managers' indices (PMIs) for the Eurozone and US.
The flash Eurozone manufacturing PMI jumped to a 13-month high of 52.3, better than consensus expectations for a reading of 51.8, but the services PMI dropped to a 4-month low of 53.3 and fell short of expectations for a reading of 53.9.
German PMIs manufacturing and service data were both disappointing, with manufacturing printing at a 3-month low of 51.4 in May from 52.1 in April, while the services PMI came in at 52.9 from 54 in April, marking a 5-month low. Earlier, data from Markit showed that the French private sector expanded at a moderate pace in May.
Meanwhile, the HSBC China manufacturing PMI released overnight rose from 48.9 to 49.1 this month, showing that the rate of decline - measured by any figure below 50 - had slowed, though it still missed the consensus forecast of 49.3.
Spreadex analyst Connor Campbell said the FTSE 100 was continuing its flat performance that it has shown all week.
"If the UK index really wants to break into the kind of rally that has been absent from British shores of late, then it will need to see a strong performance from its retail sales figures after that disastrous decline last month, alongside an improvement in its CBI industrial order expectations," he said.
UK retail sales data, due out at 09:30, is expected to show a 0.4% increase in volumes in April after a 0.5% drop in March
Ex-div stocks provide a drag
Bunzl, Carnival, HSBC, Intertek and Taylor Wimpey all went ex-dividend on Thursday, collectively taking 6.41 points off the FTSE 100.
Nevertheless, mining stocks were doing the best to buoy the index with Fresnillo, BHP Billiton, Rio Tinto and Antofagasta all on the rise.
Royal Mail was flat after meeting forecasts with its annual profits but giving a somewhat cautious statement on the highly competitive market. Full-year revenues were just about flat at £9.3bn, with pre-tax profit slumping by more than two thirds, as expected, to £400m.
Technology outfit Smiths Group edged higher after reiterating guidance for full-year growth in spite of a weakening of underlying results over the first three quarters.
Electricity and gas utility group National Grid hailed "another successful year" as it beat forecasts with an 11% increase in adjusted annual profits, though investors were left underwhelmed with smaller-than-expected increase in the dividend.
Food wholesaler Booker jumped after signing a sale and purchase agreement to acquire the entire issued share capital of Musgrave Retail Partner, which comprises the Londis and Budgens businesses, for £40m |
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| | Market Movers
techMARK 3,275.77 +0.10%
FTSE 100 7,006.62 -0.01%
FTSE 250 18,088.63 -0.26%
FTSE 100 - Risers
Sports Direct International (SPD) 665.00p +2.15%
Fresnillo (FRES) 775.00p +2.11%
BHP Billiton (BLT) 1,417.50p +1.58%
Antofagasta (ANTO) 789.00p +1.28%
Rio Tinto (RIO) 2,903.50p +1.27%
Anglo American (AAL) 1,077.50p +1.22%
Tesco (TSCO) 223.10p +1.18%
Sage Group (SGE) 582.00p +1.13%
Weir Group (WEIR) 1,906.00p +0.95%
Royal Dutch Shell 'A' (RDSA) 1,988.00p +0.91%
FTSE 100 - Fallers
Taylor Wimpey (TW.) 182.80p -4.69%
Burberry Group (BRBY) 1,688.00p -1.69%
Intertek Group (ITRK) 2,590.00p -1.63%
Bunzl (BNZL) 1,868.00p -1.63%
International Consolidated Airlines Group SA (CDI) (IAG) 558.50p -1.50%
British Land Company (BLND) 863.00p -1.48%
Carnival (CCL) 3,154.00p -1.47%
easyJet (EZJ) 1,628.00p -1.27%
HSBC Holdings (HSBA) 615.40p -1.20%
Land Securities Group (LAND) 1,324.00p -1.05%
FTSE 250 - Risers
Booker Group (BOK) 166.80p +9.74%
QinetiQ Group (QQ.) 229.30p +6.55%
Electra Private Equity (ELTA) 3,280.00p +5.40%
Bwin.party Digital Entertainment (BPTY) 108.90p +5.32%
Kaz Minerals (KAZ) 252.40p +3.95%
Vedanta Resources (VED) 664.50p +3.18%
Hunting (HTG) 596.50p +2.84%
Zoopla Property Group (WI) (ZPLA) 229.20p +2.60%
Bank of Georgia Holdings (BGEO) 1,854.00p +2.54%
Wood Group (John) (WG.) 728.50p +2.03%
FTSE 250 - Fallers
Electrocomponents (ECM) 237.50p -4.77%
Clarkson (CKN) 2,410.00p -4.17%
Dairy Crest Group (DCG) 500.50p -3.38%
Just Eat (JE.) 433.50p -3.02%
Inchcape (INCH) 867.50p -2.96%
Premier Farnell (PFL) 192.70p -2.87%
Provident Financial (PFG) 3,026.00p -2.86%
Computacenter (CCC) 727.00p -2.81%
Redefine International (RDI) 56.50p -2.33% |
| | UK Event Calendar | | Thursday 21 May
INTERIMS
Daily Mail and General Trust A (Non.V), Shaftesbury
INTERIM EX-DIVIDEND DATE
Cambria Automobiles, Diploma, Euromoney Institutional Investor, Inch Kenneth Kajang Rubber, Numis Corporation, UDG Healthcare Public Limited Company, Utilitywise
QUARTERLY EX-DIVIDEND DATE
Blackrock North American Income Trust , Carnival, M Winkworth, TwentyFour Select Monthly Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Consumer Confidence Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
Current Account (EU) (09:00)
Existing Home Sales (US) (15:00)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Philadelphia Fed Index (US) (15:00)
GMS
Sepura
FINALS
Assura , Dairy Crest Group, Electrocomponents, Energy Technique, HICL Infrastructure Company Ltd, Investec, Lombard Risk Management, Mothercare, National Grid, QinetiQ Group, Royal Mail, United Utilities Group
ANNUAL REPORT
Cyprotex
IMSS
Plaza Centers NV
SPECIAL DIVIDEND PAYMENT DATE
Hansteen Holdings, Hikma Pharmaceuticals
SPECIAL EX-DIVIDEND PAYMENT DATE
Taylor Wimpey
AGMS
Advanced Medical Solutions Group, African Potash Ltd, Amlin, Baillie Gifford Shin Nippon, Bank of Georgia Holdings, Bwin.party Digital Entertainment, Coats Group, Corac Group, Evocutis, Ferrexpo, Flowtech Fluidpower, Gamma Communications, Harworth Group, Henry Boot, Hydro International, Hydrogen Group, Inchcape, JSC Acron GDR (Reg S), Kellan Group, Learning Technologies Group , Legal & General Group, London Capital Group Holdings, Marsh & Mclennan Cos Inc., North Midland Construction, Rotala, S&U, Safestyle UK , Sagentia Group, Spire Healthcare Group, Vmoto Ltd, XLMedia
TRADING ANNOUNCEMENTS
Coats Group, Gem Diamonds Ltd. (DI), Rank Group
UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Glencore , Hikma Pharmaceuticals, Mondi, Prudential
FINAL EX-DIVIDEND DATE
Action Hotels, BlackRock Smaller Companies Trust, Bunzl, C&C Group, Cape, Chime Communications, Clarkson, Computacenter, Downing Three VCT F Shs, Downing Three VCT H Shs, Downing Two VCT F Shs , Downing Two VCT G Shs, Empresaria Group, Exova Group , Fairpoint Group, Home Retail Group, Howden Joinery Group, Intertek Group, JZ Capital Partners Ltd, Learning Technologies Group , Michael Page International, Netplay TV, Peel Hotels, Provident Financial, Robert Walters, Sagentia Group, Ted Baker, TT Electronics, Venture Life Group, Witan Pacific Inv Trust, Xaar
Q1
OJSC Novolipetsk Steel GDS (Reg S) |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slip after uninspiring Fed minutes; investors digest eurozone data European stocks nudged lower on Thursday following a lacklustre session in the US, where minutes from the latest Federal Reserve meeting failed to shed any more light on the timing of an interest-rate hike, as investors digested a raft of Eurozone data. By 0915 BST the Stoxx Europe 600 and France's CAC were both off 0.3%, while the DAX was 0.5% weaker. Only a few Fed officials believed the economy would demonstrate sufficient resilience to justify a move in June. "Most Fed policy members thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range for the federal funds rate had been satisfied, although they generally did not rule out this possibility," the minutes read.
"The reality is the minutes offered nothing new with respect to the timing of when the Fed would be likely to move on rates," said Michael Hewson, chief market analyst at CMC Markets."The one takeaway that can be taken from last night's minutes is that while a few members did think a June rate hike was appropriate for a move on rates, they were outnumbered considerably by those who didn't, and given the weakness in the more recent economic data the arithmetic to that equation is not going to change, meaning the June rate hike option is dead in the water," added Hewson.
Investors had a series of economic releases to mull over on Thursday, none of which did much to lift the mood.
The flash manufacturing PMI for the Eurozone jumped to a 13-month high of 52.3, better than consensus expectations for a reading of 51.8, but the services PMI dropped to a 4-month low of 53.3 and fell short of expectations for a reading of 53.9.
German manufacturing and service data were disappointing, with Markit's flash manufacturing PMI printing at 51.4 in May from 52.1 in April - a 3-month low, while the services PMI came in at 52.9 from 54 in April, marking a 5-month low. Earlier, data from Markit showed that the French private sector expanded at a moderate pace in May.
In terms of sectors, mining stocks put in a solid performance, boosted by rising metal prices and weak manufacturing data from
China, which have added to expectations of more stimulus from the Chinese central bank. Data released on Thursday showed that China's manufacturing sector accelerated less than expected in May, with the HSBC/Markit index rising to 49.1 from a 12-month low of 48.9, but still below expectations for a reading of 49.3.
On the corporate front, shares in London-listed United Utilities slipped after the company's full-year results. It posted a rise in underlying profit to £664.3m from £634.6m, on revenue of £1.7bn.
Royal Mail was also in the red after delivering a mixed bag of full-year results, with numbers in-line with expectations but lower than anticipated revenue from the core UK parcel business and continued caution about the highly competitive market. |
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| | US Market Report | | US close: Fed minutes have little effect on stocks US stocks were little changed on Wednesday as minutes from the Fed provided few surprises, indicating that a rate hike in June is 'unlikely'. Only a few officials believed that the economy would demonstrate sufficient resilience to justify a move in six weeks time.
"Most Fed policy members thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range for the federal funds rate had been satisfied, although they generally did not rule out this possibility," the minutes read.
US stocks were briefly lifted by the news, although the session still closed flat, given that most analyst and investors had predicted the outcome.
"Most economists already expected the Fed to wait until September," said Paul Ashworth, chief US economist at Capital Economics. "The rebound in April payrolls wasn't strong enough to put June back on the table and the weakness in April's retail sales and manufacturing output figures probably made July an unlikely prospect too," he concluded.
At close, the Dow Jones Industrial Average was down 26.99 points and the S&P 500 declined 1.98 points, while the Nasdaq gained 1.71 points.
Applications for US home mortgages fell in the week ended 15 May, data released on Wednesday showed. The Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, dropped 1.5%.
Home-improvement retailer Lowe's was in the red after posting first quarter earnings that fell short of analysts' expectations.
Craft selling website Etsy closed flat after plummeting earlier as a result of disappointing first quarter earnings.
Southwest Airlines nosedived as it anticipated making less money per passenger in the upcoming quarter, while sector rivals American Airlines and Delta Air Lines also registered losses.
Hormel Foods Corp was making gains after second-quarter earnings per share jumped 29% to 67 cents.
In international markets, Japanese stocks reached a 15-year high, buoyed by encouraging economic-growth date, while European markets were largely lower.
Crude oil bounced back from its lowest settlement of the month on Tuesday, although gains were offset by an unfavorable inventory report from the Energy Information Administration. Gold prices inched higher and the dollar gained against both the euro and the yen.
S&P 500 - Risers
Cablevision Systems Corp. (CVC) $24.75 +17.47%
Time Warner Cable Inc. (TWC) $166.66 +5.48%
Graham Holdings Co. (GHC) $1,094.57 +5.46%
Hormel Foods Corp. (HRL) $58.23 +4.37%
Analog Devices Inc. (ADI) $66.20 +4.33%
Yahoo! Inc. (YHOO) $42.69 +4.16%
Nabors Industries Ltd. (NBR) $15.43 +3.26%
Quest Diagnostics (DGX) $74.71 +2.70%
Hess Corp. (HES) $69.51 +2.68%
Harman International Industries Inc. (HAR) $126.65 +2.63%
S&P 500 - Fallers
Southwest Airlines Co. (LUV) $37.23 -9.00%
Delta Airlines Inc. (DAL) $43.68 -5.48%
Lowe's Companies Inc. (LOW) $68.38 -4.80%
Best Buy Co. Inc. (BBY) $33.83 -3.30%
Avon Products Inc. (AVP) $6.79 -2.86%
Genworth Financial Inc. (GNW) $7.73 -2.15%
Fifth Third Bancorp (FITB) $20.49 -2.15%
QEP Resources Inc (QEP) $19.27 -2.06%
Bed Bath & Beyond Inc. (BBBY) $71.49 -2.03%
Intuitive Surgical Inc. (ISRG) $492.74 -2.01%
Dow Jones I.A - Risers
General Electric Co. (GE) $27.66 +1.13%
Caterpillar Inc. (CAT) $87.93 +0.79%
Unitedhealth Group Inc. (UNH) $121.36 +0.67%
Intel Corp. (INTC) $33.36 +0.63%
Verizon Communications Inc. (VZ) $49.73 +0.36%
Pfizer Inc. (PFE) $34.32 +0.32%
Chevron Corp. (CVX) $105.31 +0.28%
Coca-Cola Co. (KO) $41.42 +0.27%
Exxon Mobil Corp. (XOM) $87.15 +0.18%
International Business Machines Corp. (IBM) $173.75 +0.16%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $70.74 -0.72%
JP Morgan Chase & Co. (JPM) $66.54 -0.71%
Wal-Mart Stores Inc. (WMT) $75.90 -0.69%
3M Co. (MMM) $162.05 -0.66%
McDonald's Corp. (MCD) $100.09 -0.59%
Visa Inc. (V) $69.83 -0.47%
American Express Co. (AXP) $81.01 -0.43%
Procter & Gamble Co. (PG) $80.50 -0.41%
Boeing Co. (BA) $146.50 -0.37%
Walt Disney Co. (DIS) $110.28 -0.25%
Nasdaq 100 - Risers
Liberty Global plc Series A (LBTYA) $55.45 +4.40%
Analog Devices Inc. (ADI) $66.20 +4.33%
Yahoo! Inc. (YHOO) $42.69 +4.16%
Vodafone Group Plc ADS (VOD) $37.17 +2.68%
Regeneron Pharmaceuticals Inc. (REGN) $513.10 +1.78%
Expedia Inc. (EXPE) $105.51 +1.73%
Alexion Pharmaceuticals Inc. (ALXN) $164.49 +1.56%
Biogen Inc (BIIB) $400.30 +1.30%
Baidu Inc. (BIDU) $195.60 +1.27%
Wynn Resorts Ltd. (WYNN) $107.68 +1.26%
Nasdaq 100 - Fallers
Charter Communications Inc. (CHTR) $177.00 -2.55%
Bed Bath & Beyond Inc. (BBBY) $71.49 -2.03%
Intuitive Surgical Inc. (ISRG) $492.74 -2.01%
Ross Stores Inc. (ROST) $101.00 -1.92%
Dollar Tree Inc (DLTR) $76.29 -1.62%
Sba Communications Corp. (SBAC) $114.64 -1.53%
Staples Inc. (SPLS) $16.16 -1.52%
CH Robinson Worldwide Inc (CHRW) $63.91 -1.46%
Mylan Inc. (MYL) $70.43 -1.29% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Greece, BHP Billiton, HP Moody's has warned that Greece will have to impose capital controls on banks to stem an outflow of funds if Athens can't reach a deal with creditors, according to The Times. BHP Billiton is to pay $25m to settle allegations relating to hospitality provided by the company to government officials at the 2008 Beijing Olympics, according to The Telegraph.
Hewlett-Packard is to sell 51% of its Chinese data-networking division Tsinghua for an estimated $2.3bn, reports The Wall Street Journal.
£12bn was wiped off the value of Chinese solar panel group Hanergy Thin Film Power in less than half an hour after its chief executive and largest shareholder missed its AGM, reports The Telegraph. The company said trading of shares was suspending "pending release of an announcement containing inside information".
The two listed units of Hong Kong real estate, horse-breeding and electronics conglomerate Goldin Group suffered their biggest losses on record, losing more than $25bn collectively from their value in less than two days, the Financial Times writes.
The boss of Airbus' UK division has warned that a 'Brexit' from the EU could hurt jobs and investment in Britain, The Guardian reports. | | |
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