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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 edges higher on latest Greek reports, ahead of US retail sales UK stocks were little changed in early trade, but were seen moving marginally higher after initial losses. The FTSE 100 had inched five points higher to 6,835.39 by 09:00.
With little out in the way of European data, investors will likely be paying close attention to the situation with Greece following reports that Germany is considering a kind of pay-per-reform deal.
If agreed, the move would his would enable the troubled country gain access to a portion of the funds this month on the condition it implements an initial round of reforms.
"Even if these reports aren't entirely accurate, it may suggest that the institutions are considering a slightly different approach to this that will allow Greece to avoid defaulting at the end of this month and continue negotiations," Oanda senior market analyst Craig Erlam said.
"This is by no means the sustainable long term deal that we'd like to see but it would prevent a default for now and that's the most important thing."
Later on in the session, the Commerce Department will release US retail sales for May will be unveiled, with expectations of a 1.3% rise compared to the previous month, which came in flat.
The anticipated increase is expected to be due to improved fuel and automobile sales.
Danske Bank analyst Kristoffer Kjær Lomholt said: "We expect a strong report underscoring that private consumption is rebounding after a subdued first quarter. Headline retail sales will be boosted by particularly strong auto sales and also to some degree higher gasoline prices.
"However, retail sales excluding gasoline and autos and the retail control group (that tracks private consumption in the national account) are also expected to show solid gains."
Back in the UK and in company news, George Osborne has announced the government will begin the process of returning Royal Bank of Scotland to private ownership in the "coming months," even though it may cause a loss for taxpayers. Disposing of RBS in its entirety "will take some years," Osborne added, insisting there was "no reason" why a retail offering can't be held at a later date. Share rose strongly early on.
Heading the other way was Royal Mail. The government has said it will sell half of its remaining stake in the group, leaving it with about 15% of the company on its books. Reports indicate the shares are likely to be priced at approximately 500p a piece.
Meanwhile, UKFI has cut its stake in Lloyds further, to 17.9%, after selling 779,900 shares, according to a regulatory filing.
Greene King has announced that its takeover offer for Spirit Pub is no longer conditional on approval from the UK Competition and Markets Authority, as the company has waived the CMA approval condition to which the offer was subject.
Oil and gas industry services provider Petrofac said it has landed a four and a half year contract with Petroleum Development Oman to provide services for its Yibal Khuff project. The total contract value is expected to be around $900m, with around one-quarter of the revenues relating to professional services. |
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| | Market Movers
techMARK 3,213.88 +0.02%
FTSE 100 6,824.28 -0.09%
FTSE 250 18,076.22 +0.26%
FTSE 100 - Risers
CRH (CRH) 1,872.00p +1.63%
Travis Perkins (TPK) 2,213.00p +1.24%
Royal Bank of Scotland Group (RBS) 358.60p +1.07%
Tesco (TSCO) 213.55p +0.99%
Sage Group (SGE) 554.00p +0.91%
Barratt Developments (BDEV) 613.50p +0.90%
ARM Holdings (ARM) 1,123.00p +0.90%
London Stock Exchange Group (LSE) 2,401.00p +0.88%
Aggreko (AGK) 1,543.00p +0.85%
Burberry Group (BRBY) 1,681.00p +0.84%
FTSE 100 - Fallers
Royal Mail (RMG) 499.00p -3.39%
Vodafone Group (VOD) 236.90p -2.95%
Standard Chartered (STAN) 1,071.00p -2.10%
Fresnillo (FRES) 724.50p -1.76%
Johnson Matthey (JMAT) 3,206.00p -1.26%
Weir Group (WEIR) 1,893.00p -1.10%
Carnival (CCL) 3,136.00p -1.04%
United Utilities Group (UU.) 960.50p -0.98%
Glencore (GLEN) 277.55p -0.98%
Severn Trent (SVT) 2,136.00p -0.79%
FTSE 250 - Risers
Crest Nicholson Holdings (CRST) 562.50p +2.93%
Vedanta Resources (VED) 609.50p +2.18%
Aveva Group (AVV) 1,977.00p +2.06%
Redrow (RDW) 444.10p +1.79%
BTG (BTG) 693.00p +1.76%
Cairn Energy (CNE) 188.30p +1.73%
Spirit Pub Company (SPRT) 115.20p +1.68%
Ocado Group (OCDO) 389.00p +1.67%
Soco International (SIA) 183.30p +1.66%
Bovis Homes Group (BVS) 1,143.00p +1.60%
FTSE 250 - Fallers
Lonmin (LMI) 134.10p -2.76%
LondonMetric Property (LMP) 163.60p -2.62%
Booker Group (BOK) 180.00p -1.80%
Tullow Oil (TLW) 389.20p -1.72%
Cineworld Group (CINE) 479.10p -1.66%
Diploma (DPLM) 775.00p -1.27%
Acacia Mining (ACA) 304.40p -1.23%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 527.00p -1.22%
Intermediate Capital Group (ICP) 573.00p -1.04% |
| | UK Event Calendar | | Thursday 11 June
INTERIMS
CareTech Holding, Redhall Group, Volex
INTERIM EX-DIVIDEND DATE
British Empire Securities & General Trust, Connect Group, Foresight 2 VCT Infrastructure Shares, Hargreave Hale AIM VCT 1, Majedie Investments, Octopus Eclipse VCT 1, Shaftesbury, Standard Life European Private Equity Trust, Temple Bar Inv Trust, Topps Tiles, Victrex plc
QUARTERLY EX-DIVIDEND DATE
BlackRock Income Strategies Trust , Ediston Property Investment Company, XP Power Ltd. (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Continuing Claims (US) (13:30)
Import and Export Price Indexes (US) (13:30)
Initial Jobless Claims (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:30)
Retail Sales Inventories (US) (15:00)
GMS
Wildhorse Energy Ltd. (DI)
FINALS
Atkins (WS), First Property Group, Halma, Mulberry Group, Real Estate Credit Investments PCC Ltd, Wynnstay Properties
IMSS
Home Retail Group
SPECIAL EX-DIVIDEND PAYMENT DATE
LondonMetric Property, Spirax-Sarco Engineering
AGMS
Ascent Resources, Black Sea Property Fund Ltd (The), Camkids Group, Dignity, e-Therapeutics, Graphite Enterprise Trust, Martin Currie Global Portfolio Trust, MX Oil, REA Holdings, Scisys, Serabi Gold, Source BioScience, Verona Pharma
TRADING ANNOUNCEMENTS
PZ Cussons
UK ECONOMIC ANNOUNCEMENTS
RICS Housing Market Survey (09:30)
FINAL DIVIDEND PAYMENT DATE
Netplay TV
FINAL EX-DIVIDEND DATE
Acal, Anglo-Eastern Plantations, Ashley (Laura) Holding, Big Yellow Group, Booker Group, Camellia, Cineworld Group, Edinburgh Inv Trust, Intermediate Capital Group, Johnson Matthey, Judges Scientific, London Security, LondonMetric Property, M&C Saatchi, Mears Group, Prime People, Restore, Scottish Mortgage Inv Trust, Sirius Real Estate Ltd., Speedy Hire, Tribal Group, Vianet Group, Vodafone Group, Weiss Korea Opportunity Fund Ltd, Young & Co's Brewery 'A' Shares, Young & Co's Brewery (Non-Voting)
Q1
Summit Therapeutics
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher on Greece hopes European stocks pushed higher in early trading on Thursday following a strong close in the previous session, amid hopes that Greece will reach a deal with its creditors. By 0915 BST, the benchmark Stoxx Europe 600 index was up 0.3%, Germany's DAX was 0.8% higher and France's CAC 40 was up 0.6%.
In terms of sector, autos and parts were the best performers, with the Stoxx 600 index for the sector up 1.2%, closely followed by technology stocks and financial services. The gains in the auto sector came as the euro fell 1.1% to $1.1200.
Stocks racked up healthy gains on Wednesday after it was reported that Germany was considering a deal that could see Greece drip-fed the loans as it implements reforms.
"A German government spokesman later claimed that only a proposal of the three institutions will be accepted and that anything else is pure invention, which could be seen as the expected denial but I guess that doesn't mean that all three aren't considering it,"said Craig Erlam, senior market analyst at Oanda.
Erlam said that such a deal would allow Greece to implement reforms at its own pace and more importantly, enable it to receive part of the funds this month in exchange for some already-agreed reforms and avoid default.
European leaders are due to meet again in Brussels later on Thursday so market participants will continue to keep an eye out for any progress in the negtotiations.
On the corporate front, shares in Royal Mail fell after the government said it had raised £750m through the sale of part of its stake in the postal service.
Royal Bank of Scotland was on the front foot after Chancellor George Osborne said late on Wednesday that the government would begin the process of returning the bank to private ownership in the coming months.
Meanwhile, the UK government reduced its stake in Lloyds Banking Group by one percentage point to 17.9%. |
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| | US Market Report | | US close: Stocks rally as dollar slump continues US stocks rallied on Wednesday, reversing losses from the previous three sessions and posting their biggest one-day gains in a month. The Dow Jones Industrial Average closed up 236.36 points at 18,000.40, while the S&P 500 and the Nasdaq gained 25 and 58 points respectively.
Dollar slumps
The dollar slumped 1.38% against the yen after Bank of Japan Governor Haruhiko Kuroda suggested the Japanese currency won't fall further as the real effective exchange rate is already "very weak".
The greenback lost 0.96% against the pound and 0.33% against the euro, while gold futures climbed 0.71% to $1,186.00.
"Regardless of the issues hanging over the euro and sterling, both have clawed back ground against a US dollar that has been found to be less able to raise interest rates than initially believed," said IG's market analyst Alastair McCaig.
Elsewhere, German 10-year bund yields broke above the 1% threshold for the first time since September, while oil benchmarks maintained previous session's highs in European trading continuing a sequence of bullish calls in anticipation of US inventories declining further.
West Texas rose 1.76% to $61.22 a barrel, while Brent gained 1.13% to $65.62 a barrel.
European stocks edged higher after reports suggested Greece was one step closer to securing aid from its creditors, while markets in Asia closed mixed.
Wednesday data
Applications for US home mortgages rose in the week to 5 June, while interest rates hit their highest level since November.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity climbed 8.4% last week.
In company news, clothing retailer Oxford Industries rose 4.37% after announcing late on Tuesday that its earnings had beat expectations.
Online streaming service Netflix climbed 3.70% after its shares hit a year-high price of $649 on Tuesday.
HCC Insurance jumped 36.4% after agreeing to a $7.5bn takeover offer from Tokio Marine Holdings.
Energy stocks rallied, with NRG Energy gaining 3.19%, while Transocean and Halliburton rose 1.81% and 2.12% respectively.
S&P 500 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $169.88 +6.82%
Johnson Controls Inc. (JCI) $53.57 +3.90%
Netflix Inc. (NFLX) $671.10 +3.70%
Nabors Industries Ltd. (NBR) $15.13 +3.42%
Textron Inc. (TXT) $46.05 +3.41%
Helmerich & Payne Inc. (HP) $75.12 +3.34%
Exelon Corp. (EXC) $34.18 +3.23%
Ensco Plc. (ESV) $24.66 +3.22%
NRG Energy Inc. (NRG) $24.61 +3.14%
Cameron International Corp. (CAM) $54.20 +3.12%
S&P 500 - Fallers
H&R Block Inc. (HRB) $30.30 -5.19%
Newmont Mining Corp. (NEM) $23.69 -2.95%
Range Resources Corp. (RRC) $52.92 -2.67%
Regeneron Pharmaceuticals Inc. (REGN) $512.32 -2.62%
Urban Outfitters Inc. (URBN) $35.15 -2.58%
Windstream Holdings Inc (WIN) $7.37 -2.12%
Mead Johnson Nutrition Co. (MJN) $90.97 -1.88%
Peabody Energy Corp. (BTU) $3.22 -1.83%
Harman International Industries Inc. (HAR) $117.78 -1.82%
Nvidia Corp. (NVDA) $21.47 -1.78%
Dow Jones I.A - Risers
Visa Inc. (V) $69.62 +2.46%
Microsoft Corp. (MSFT) $46.59 +2.05%
Caterpillar Inc. (CAT) $88.45 +1.98%
Goldman Sachs Group Inc. (GS) $213.08 +1.94%
Nike Inc. (NKE) $103.30 +1.92%
International Business Machines Corp. (IBM) $168.82 +1.90%
Intel Corp. (INTC) $31.82 +1.82%
JP Morgan Chase & Co. (JPM) $68.24 +1.58%
Cisco Systems Inc. (CSCO) $28.66 +1.49%
Chevron Corp. (CVX) $101.83 +1.40%
Dow Jones I.A - Fallers
Nasdaq 100 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $169.88 +6.82%
Netflix Inc. (NFLX) $671.10 +3.70%
Analog Devices Inc. (ADI) $67.72 +3.09%
Expedia Inc. (EXPE) $108.14 +2.97%
Intuit Inc. (INTU) $107.48 +2.71%
Gilead Sciences Inc. (GILD) $117.67 +2.54%
Texas Instruments Inc (TXN) $54.19 +2.41%
Citrix Systems Inc. (CTXS) $65.97 +2.36%
Akamai Technologies Inc. (AKAM) $74.61 +2.35%
Henry Schein Inc. (HSIC) $142.45 +2.25%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $512.32 -2.62%
Tesla Motors Inc (TSLA) $250.70 -2.07%
Nvidia Corp. (NVDA) $21.47 -1.78%
Vodafone Group Plc ADS (VOD) $36.54 -1.72%
Keurig Green Mountain Inc (GMCR) $84.17 -0.79%
Dish Network Corp. (DISH) $72.55 -0.64%
Discovery Communications Inc. Class A (DISCA) $33.23 -0.63%
Charter Communications Inc. (CHTR) $172.39 -0.35%
Activision Blizzard Inc. (ATVI) $25.50 -0.08% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Iraq, UK house prices, Greece President Obama's election pledge not to drag the US into another war in Iraq was last night under increasing strain as he sent a further 450 soldiers to Anbar province to confront Isis. The move, which brings to about 3,550 the number of US troops in Iraq, underscores alarm at how the Iraqi army crumbled while fighting Isis last month, losing the city of Ramadi, the capital of Anbar. - The Times UK house prices are forecast to rise by 25% over the next five years and become "ever more unaffordable", largely because of an acute shortage of homes for sale, a leading property body has warned. The Royal Institution of Chartered Surveyors (Rics) said the supply of homes for sale - as measured by the average number on a chartered surveyor estate agent's books - had fallen to its lowest level since records began in January 1978. - The Guardian
Alexis Tsipras, the Greek prime minister, held another round of talks with his French and German counterparts on Wednesday night, with no signs that either side had moved closer to achieving a deal to release €7.2bn in bailout aid to his cash-strapped government. - Financial Times
Developing countries are facing a "structural slowdown" likely to last for years and are ceding their role as the world's growth engine to more mature economies such as the US, according to the World Bank. The Washington-based bank on Wednesday lowered its forecast for global growth this year to 2.8%, partly because the much-anticipated benefits of lower oil prices have been limited. - Financial Times
AstraZeneca's most senior scientist is leaving the drugs company in the middle of an effort to revitalise productivity in the group's laboratories. Briggs Morrison, the chief medical officer, is joining a "small, private venture-backed start-up", according to the company, and will relinquish his duties at the end of the week. His role will be filled, on an interim basis, by Pascal Soriot, the chief executive. - The Times | | |
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