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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: Greek fears hit stocks as investors await US data barrage UK stocks slipped on Tuesday morning as investors started a shortened trading week on a cautious note ahead of a raft of economic data from the States.
The FTSE 100 was down 0.58% at 6,991.11 early on with stocks in the banking and oil sectors providing a drag.
Concerns that Greece will struggle to make its €1.6bn debt repayment to the International Monetary Fund next month were also weighing on market sentiment as prime minister Alexis Tsipras called an emerging cabinet meeting to discuss reforms.
Greek stocks dropped over 3% on Monday after interior minister Nikos Voutsis said at the weekend that Athens will not be able to meet its IMF deadline unless its works out a deal with creditors.
Data will be thin on the ground on Tuesday morning, with the Confederation of British Industry's UK quarterly distributive trades survey at 10:00 being the only major economic indicator.
"After its gradual progress last week, the FTSE returned from its Bank Holiday weekend looking a bit sleepy as it opened flat this Tuesday," said Spreadex analyst Connor Campbell.
"With only CBI realised sales in the way of figures during the morning, the FTSE will likely have to contend with the ongoing Greek situation in the Eurozone, something that always seems to dominate on the days of little data," he said.
However, the calendar is expected to ramp up later on with tonnes of US data due for release, including durable goods orders, house prices, service-sector activity, new home sales, consumer confidence and regional manufacturing surveys.
Analysts at Danske Bank said the figures "should at least to some degree confirm that growth is poised to rebound in Q2 on the back of a subdued Q1".
Banks and oil stocks fall
Banking stocks were mostly lower, including Barclays, RBS, Standard Chartered and Lloyds, though global lender HSBC bucked the trend to push higher.
Oil group Soco International dropped after analysts at JPMorgan Cazenove downgraded the stock to 'underweight', saying it sees a "bumpy path for E&Ps". Others in the sector were also trading lower, including Shell, Tullow Oil and BP.
Royal Mail was in demand after Cantor Fitzgerald upgraded the postal delivery business to 'hold' and hiked its target from 440p to 500p.
Software group Micro Focus gained after reiterating its guidance to treble annual revenues on the back of a strong finish to its financial year, helped by the first contribution from its merger with The Attachment Group.
Cineworld also impressed with like-for-like revenue growth of 10.7% in its first quarter, with a stream of blockbuster films expected to deliver strong box office year ahead.
Irish airline Ryanair surged after posting a 66% rise in full-year profit after tax as passenger numbers grew more than three times the company's targeted level. |
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| | Market Movers
techMARK 3,291.45 -0.35%
FTSE 100 6,991.11 -0.58%
FTSE 250 18,111.86 -0.44%
FTSE 100 - Risers
Royal Mail (RMG) 513.00p +1.89%
Weir Group (WEIR) 1,963.00p +1.34%
easyJet (EZJ) 1,603.00p +0.75%
Carnival (CCL) 3,157.00p +0.48%
Rio Tinto (RIO) 2,914.00p +0.40%
Taylor Wimpey (TW.) 185.10p +0.38%
HSBC Holdings (HSBA) 622.20p +0.26%
GKN (GKN) 369.90p +0.19%
Travis Perkins (TPK) 2,210.00p +0.09%
Barratt Developments (BDEV) 596.00p +0.08%
FTSE 100 - Fallers
GlaxoSmithKline (GSK) 1,443.00p -1.47%
Intertek Group (ITRK) 2,592.00p -1.33%
CRH (CRH) 1,809.00p -1.31%
Centrica (CNA) 276.90p -1.28%
Royal Dutch Shell 'A' (RDSA) 1,945.50p -1.27%
Barclays (BARC) 266.80p -1.24%
Royal Dutch Shell 'B' (RDSB) 1,976.50p -1.20%
Royal Bank of Scotland Group (RBS) 351.10p -1.13%
Hargreaves Lansdown (HL.) 1,260.00p -1.10%
Ashtead Group (AHT) 1,178.00p -1.09%
FTSE 250 - Risers
Fidelity China Special Situations (FCSS) 178.80p +3.05%
Ted Baker (TED) 2,901.00p +2.47%
Saga (SAGA) 214.00p +1.90%
Bank of Georgia Holdings (BGEO) 1,966.00p +1.39%
Countrywide (CWD) 582.00p +1.04%
Cineworld Group (CINE) 506.00p +1.00%
Alent (ALNT) 371.50p +0.90%
Inmarsat (ISAT) 979.50p +0.82%
Bwin.party Digital Entertainment (BPTY) 107.50p +0.75%
TR Property Inv Trust (TRY) 315.00p +0.64%
FTSE 250 - Fallers
Soco International (SIA) 184.00p -3.21%
JD Sports Fashion (JD.) 615.00p -3.07%
Lonmin (LMI) 135.30p -2.73%
Vedanta Resources (VED) 616.00p -2.61%
Tullow Oil (TLW) 404.20p -2.58%
Evraz (EVR) 177.50p -2.42%
Cairn Energy (CNE) 168.70p -2.37%
Petra Diamonds Ltd.(DI) (PDL) 169.80p -2.19%
RPS Group (RPS) 225.50p -2.13% |
| | UK Event Calendar | | Tuesday 26 May
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
Durable Goods Orders (US) (13:00)
House Price Index (US) (15:00)
New Homes Sales (US) (15:00)
FINALS
Flowgroup, Minds + Machines Group Limited (DI), Renold
ANNUAL REPORT
3i Group
AGMS
Cineworld Group, Concurrent Technologies, Epwin Group, Fundsmith Emerging Equities Trust , Highland Gold Mining Ltd., Kakuzi Ltd., Mi-Pay Group, Nostrum Oil & Gas
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Aggreko, Hunting, SafeCharge International Group Limited (DI)
Q1
Candover Investments, MHP SA GDR (Reg S)
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks erase early gains to trade lower; Spain's IBEX resumes fall on political concerns European stocks erased small opening gains to trade lower on Tuesday, as growing concerns over Greece and a political shake-up in Spain undermined sentiment.
By 09:05 BST, the Stoxx Europe 600 index was 0.4% weaker, while Germany's DAX was 0.5% lower and France's CAC was off 0.7%.
In the periphery, Spain's IBEX 35 dropped 1.2%, having suffered heavy losses in the previous session after the ruling People's Party was battered in regional and local elections on Sunday, as voters punished Prime Minister Mariano Rajoy for four years of harsh spending cuts.
Spanish banking stocks suffered the brunt of the losses early on Tuesday, with Banco Sabadell down 2%, Caixabank down 1.9% and Bankia 1.8% weaker.
Greece's ASE Composite fared better, up 0.6%, having fallen a whopping 3% on Monday after the country's interior minister Niko Voutsis said on Sunday that the government simply won't have the money it is due to repay the International Monetary Fund next month unless it agrees a deal with international creditors over further aid. Greece is due to repay €1.6n to the IMF between 5 June and 19 June.
"Unfortunately, the general election later this year was always going to pose a threat to any recovery this year as despite overseeing a turnaround, the popularity of the ruling People's Party is at a more than 20 year low," said Craig Erlam, senior market analyst at Oanda.
"The voting over the weekend was also very fragmented making an overall majority for any party very unlikely while the rise of parties like Podemos could pose further problems for the Eurozone down the road," he said. "The success of Podemos at the election later this year could be supported or severely hampered by the success or failure of Alexis Tsipras' negotiations with the country's creditors in the next couple of weeks," added Erlam, noting that anti-corruption left-wing party Podemos has been likened to Tsipras' Syriza party.
"As it stands, negotiations aren't going to well for Tsipras and I would bet that the rise of parties like Podemos aren't helping his cause. Leaders across the Eurozone will not want to be seen giving in to the demands of these parties and the harder the stance they take with Tsipras, the less likely it is that they will have to go through it over and over again in the future," added Erlam.
In currency markets, the euro dropped to $1.0894, after hitting a one-month low against the dollar in Asian trade, as investors became increasingly worried about Greece.
"After an impressive recovery by EUR/USD all the way back above the 1.1400 level, the euro has been crashing back down to earth and is now trading back below 1.0900," said Angus Campbell, senior analyst at FX Pro. "Investors see the mountain that Greece has to climb over the summer and are starting to become nervous as was shown not only by the selloff in the euro, but in Greek stocks that fell over 3% yesterday," he added.
On the corporate front, shares in Ryanair surged 4% after the company posted a 66% rise in full-year profit after tax, with passenger numbers up more than three times the company's targeted level. Peer EasyJet rose in tandem, up 1.8%.
With nothing of note due on the European calendar, investors will turn their attention to the US, where there's a slew of data scheduled for release. |
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| | US Market Report | | US close: S&P 500 retreats from record after Yellen rate comments, CPI data US stocks declined on Friday with the S&P 500 benchmark index retreating from a record high, as inflation data and comments from Janet Yellen sparked concerns about monetary policy.
The S&P 500 finished a choppy session down 0.23% at 2,126, pulling back after setting a new all-time closing high of 2,130.82 on Thursday.
The Dow Jones Industrial Average also declined 0.29% to 18,232, while the Nasdaq fell 0.04% to 5,089.
Excluding energy and food, core inflation rose 0.3% month-on-month in April, ahead of the previous month and estimates of 0.2%, respectively, the Bureau of Labor Statistics revealed.
Including food and energy, which declined further, the US consumer price index (CPI) rose 0.1% month-on-month in April, easing back from a 0.2% in March, as forecast by analysts.
"While expectations for a September rate hike have been challenged recently by weak data on the real economy, April's CPI report should keep them alive," said analysts at BNP Paribas.
The Federal Reserve is looking for signs that inflation is picking up towards its 2% target as they determine the timing of the first interest rate hike since June 2006.
Speaking in Providence, Rhode Island, towards the end of the trading session, Fed chair Yellen said that rates would probably still rise this year and that the first-quarter economic slowdown was only temporary.
Following her comments, Capital Economics said: "Assuming that economic growth does rebound, and particularly now that there are signs of a pick-up in underlying price inflation and wage growth, we don't think the Fed can wait any longer than September."
In company news, JP Morgan Chase & Co. snapped an earlier rise after the bank defeated claims that it mismanaged trust accounts established for an Indianapolis church endowed by the descendants of drug company founder Eli Lilly.
Deere & Company gained as the agricultural company reported second-quarter earnings that exceeded analysts' expectations.
Travel group Expedia surged after offloading its stake in eLong for $671m.
S&P 500 - Risers
Quest Diagnostics (DGX) $79.60 +7.74%
Expedia Inc. (EXPE) $113.00 +6.71%
United States Steel Corp. (X) $25.03 +4.68%
Deere & Co. (DE) $93.35 +4.35%
NetApp Inc. (NTAP) $33.14 +4.31%
Time Warner Cable Inc. (TWC) $171.18 +3.42%
Salesforce.Com Inc. (CRM) $75.01 +2.85%
Hewlett-Packard Co. (HPQ) $34.76 +2.75%
Intuit Inc. (INTU) $106.76 +2.50%
Analog Devices Inc. (ADI) $67.10 +2.45%
S&P 500 - Fallers
Ross Stores Inc. (ROST) $97.03 -4.45%
Frontier Communications Co. (FTR) $5.16 -3.37%
Peabody Energy Corp. (BTU) $3.63 -3.20%
Windstream Holdings Inc (WIN) $8.27 -2.93%
Best Buy Co. Inc. (BBY) $34.33 -2.22%
Denbury Resources Inc. (DNR) $7.44 -2.11%
ONEOK Inc. (OKE) $44.15 -2.08%
Yum! Brands Inc. (YUM) $91.54 -2.03%
Autodesk Inc. (ADSK) $56.39 -1.95%
Dollar Tree Inc (DLTR) $77.18 -1.91%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $207.80 +1.39%
Apple Inc. (AAPL) $132.54 +0.88%
American Express Co. (AXP) $81.25 +0.61%
Visa Inc. (V) $69.62 +0.36%
Home Depot Inc. (HD) $112.16 +0.13%
Nike Inc. (NKE) $104.43 +0.03%
Dow Jones I.A - Fallers
Boeing Co. (BA) $144.81 -1.72%
Merck & Co. Inc. (MRK) $59.38 -1.20%
Microsoft Corp. (MSFT) $46.90 -1.10%
Johnson & Johnson (JNJ) $101.35 -1.04%
Exxon Mobil Corp. (XOM) $86.52 -0.79%
Caterpillar Inc. (CAT) $88.63 -0.78%
Unitedhealth Group Inc. (UNH) $119.59 -0.72%
3M Co. (MMM) $160.98 -0.67%
International Business Machines Corp. (IBM) $172.22 -0.65%
Verizon Communications Inc. (VZ) $49.61 -0.58%
Nasdaq 100 - Risers
Expedia Inc. (EXPE) $113.00 +6.71%
NetApp Inc. (NTAP) $33.14 +4.31%
Intuit Inc. (INTU) $106.76 +2.50%
Analog Devices Inc. (ADI) $67.10 +2.45%
Avago Technologies Ltd. (AVGO) $132.64 +2.35%
Alexion Pharmaceuticals Inc. (ALXN) $171.94 +2.00%
Liberty Global plc Series A (LBTYA) $57.44 +1.90%
Baidu Inc. (BIDU) $203.80 +1.83%
Micron Technology Inc. (MU) $27.33 +1.60%
Vodafone Group Plc ADS (VOD) $39.21 +1.37%
Nasdaq 100 - Fallers
Ross Stores Inc. (ROST) $97.03 -4.45%
Autodesk Inc. (ADSK) $56.39 -1.95%
Dollar Tree Inc (DLTR) $77.18 -1.91%
Charter Communications Inc. (CHTR) $175.33 -1.86%
Wynn Resorts Ltd. (WYNN) $106.54 -1.44%
Vimpelcom Ltd Ads (VIP) $6.24 -1.11%
Microsoft Corp. (MSFT) $46.90 -1.10%
Twenty-First Century Fox Inc Class A (FOXA) $34.25 -1.04%
Expeditors International Of Washington Inc. (EXPD) $46.81 -0.97%
Amazon.Com Inc. (AMZN) $427.63 -0.93% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Charter/Time Warner Cable, Greece, EU referendum Charter Communications is set to take over its larger rival Time Warner Cable in a $55bn mega merger of America's two largest cable operators, reports The Times. The deal could be announced as soon as Tuesday.
Greek PM Alexis Tspiras has convened an emergency meeting of its bailout negotiation team as Athens nears a €1.6bn debt repayment to the IMF next month, writes The Guardian.
The EEF manufacturers' organisation has called for an early referendum over the UK's EU membership, claiming that the "creeping uncertainty" is hurting business, according to The Times.
Beijing's plan to seek private investments in $300bn of infrastructure projects, and the opening up of Hong Kong-registered funds to Chinese investors pushed Chinese stock markets higher overnight, reports the Financial Times.
The European head of Goldman Sachs Asset Management has said that global debt piles risk growing out of control due to an ageing population, reports The Telegraph.
Apple has promoted Sir Jonathan Ive to chief design officer and "now rivals the iPhone maker's chief executive Tim Cook for power and influence within Apple", writes the Financial Times.
General Motors is likely to face criminal charges over defective ignition switches, which have been linked to over 100 deaths, though federal prosecutors still have to hash out key issues, reports The Wall Street Journal. | | |
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