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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 100 nears three-month low as Greek talks collapse A collapse in Greek debt talks hit UK stocks on Monday morning, putting the FTSE 100 on track for its lowest finish in three months.
The FTSE 100 was trading 0.69% lower at 6,738.21 early on; it has not closed below this level since 11 March when it settled at 6,721.51.
Markets across Europe were firmly in the red with the Athens Stock Exchange down over 6% after negotiations between Greece and its creditors ended abruptly on Sunday night on the back of disagreements over issues such as pension reforms and tax rates.
"The negative start to the new week comes after yet another breakdown in weekend talks between Greece and creditors, this time after just 45 mins (record?)," according to analysts at Accendo Markets.
A spokesman from the European Commission said there was still as "significant gap" between the two sides.
All eyes will be on the Eurogroup meeting on Thursday which could, in the absence of a deal, result in the ECB cutting all emergency funding to Greece's banks, according to reports. Time is now running out for Athens as it faces a €1.6bn debt repayment to the IMF at the end of the month.
In the meantime, markets will also be awaiting the outcome of Wednesday's policy meeting at the Federal Reserve, which is expected to offer some indications that a rate hike could be on the cards in September.
Travel stocks lead the decline
Easyjet and IAG were among the worst performers in early trading in London, along with travel peers Carnival and Thomas Cook.
Thomas Cook declined after announcing a new joint venture with shareholder Fosun International with the aim of developing domestic, inbound and outbound tourism activities for the Chinese market.
Mining stocks were performing relatively well in spite of the wider market declines, with Fresnillo and Randgold on the rise.
Defensive stocks such as real estate peers Land Securities and British Land were also edging higher.
NMC Health gained after acquiring long-term medical care provider ProVita for $160.6m. |
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| | Market Movers
techMARK 3,169.95 -0.59%
FTSE 100 6,738.21 -0.69%
FTSE 250 17,820.24 -0.72%
FTSE 100 - Risers
Fresnillo (FRES) 744.00p +0.95%
Randgold Resources Ltd. (RRS) 4,623.00p +0.35%
Land Securities Group (LAND) 1,273.00p +0.24%
Meggitt (MGGT) 488.70p +0.20%
Tesco (TSCO) 214.05p +0.16%
SSE (SSE) 1,595.00p +0.13%
British Land Company (BLND) 838.50p +0.12%
FTSE 100 - Fallers
easyJet (EZJ) 1,543.00p -2.71%
International Consolidated Airlines Group SA (CDI) (IAG) 507.50p -2.03%
Standard Chartered (STAN) 1,047.50p -1.55%
Weir Group (WEIR) 1,820.00p -1.52%
CRH (CRH) 1,817.00p -1.52%
London Stock Exchange Group (LSE) 2,341.00p -1.47%
Mondi (MNDI) 1,381.00p -1.36%
Sports Direct International (SPD) 672.00p -1.32%
Smiths Group (SMIN) 1,146.00p -1.29%
Marks & Spencer Group (MKS) 550.50p -1.26%
FTSE 250 - Risers
Soco International (SIA) 185.00p +3.93%
Vedanta Resources (VED) 608.50p +2.35%
Bwin . party Digital Entertainment (BPTY) 99.55p +2.00%
Synergy Health (SYR) 1,764.00p +1.32%
NMC Health (NMC) 789.50p +1.15%
Aveva Group (AVV) 1,936.00p +0.94%
Centamin (DI) (CEY) 66.80p +0.91%
IP Group (IPO) 212.00p +0.86%
Ophir Energy (OPHR) 122.30p +0.66%
Telecom Plus (TEP) 833.50p +0.66%
FTSE 250 - Fallers
Nostrum Oil & Gas (NOG) 552.00p -3.58%
Victrex plc (VCT) 1,945.00p -2.46%
Indivior (INDV) 230.10p -2.46%
Just Retirement Group (JRG) 174.20p -2.30%
Alent (ALNT) 359.70p -2.12%
Premier Farnell (PFL) 190.90p -2.05%
Tullett Prebon (TLPR) 395.60p -2.01%
ICAP (IAP) 539.00p -1.91%
Bank of Georgia Holdings (BGEO) 1,859.00p -1.80% |
| | UK Event Calendar | | Monday 15 June
INTERIM DIVIDEND PAYMENT DATE
Barloworld Ltd., Lok'n Store Group
QUARTERLY PAYMENT DATE
Barclays, Canadian General Investments Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Capacity Utilisation (US) (14:15)
Industrial Production (US) (14:15)
GMS
Actual Experience , HarbourVest Global Private Equity Limited A Shs, Tungsten Corporation
FINALS
Eckoh, Latchways, Majestic Wine, Redcentric
AGMS
KEFI Minerals, Mission Marketing Group, NetDimensions (Holdings) Limited (DI), Nord Gold NV GDR (Reg S), P2P Global Investments, President Energy
FINAL DIVIDEND PAYMENT DATE
Air Partner, Kingfisher, Microgen, Quarto Group Inc. |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks, euro fall, while German bond prices rise on Greece worries European stocks fell on Monday, along with the euro, while German government bond prices rose, as worries about Greece intensified after talks between Athens and its creditors broke down over the weekend.
By 0855 BST, the benchmark Stoxx Europe 600 index was down 0.6%, France's CAC 40 was 0.7% weaker and Germany's DAX was 1% lower.
Peripherals suffered the brunt of the selling, with Greece's ASE Composite leading the decline, down 5.3% at 733.37. Banking stocks were the standout losers; Alpha Bank plummeted 14%, while National Bank of Greece tumbled 11%.
Meanwhile, Italy's FTSE Mib dropped 1.1% and Spain's IBEX 35 was off 0.9%.
In bond markets, the yield on the 10-year Greek government bond was up at 11.82%. However, a flight to safety pushed the yield on the 10-year German Bund down 4 basis points to 0.809%. Bond yields move inversely to prices.
At the same time, the euro was down 0.6% against the greenback, trading at $1.1200.
RBC Capital Markets said: "With no deal in sight, expectations for default and exit are likely to rise sharply in the days ahead."
As debt-ridden Greece tries to reach a deal with its creditors to unlock funds and avoid default on its €1.5bn repayment to the International Monetary Fund, the 18 June meeting of Eurozone finance ministers may be the key event in deciding whether the country avoids default.
"European stocks are starting out the new trading week on a negative note as 'last ditch' talks with Greece not unsurprisingly ended once again without a solution or compromise," said Markus Huber, senior analyst at Peregrine & Black. "In light of Greece being unwilling or unable to make any concessions at all, especially where pensions are concerned, it remains doubtful that a solution to avoid a Greek default can be reached," added Huber.
In corporate news, shares in Metro AG fell after the company said it has agreed to sell its Galeria Kaufhof stores to Hudson Bay for €2.83bn.
Hennes & Mauritz was on the front foot after its second-quarter sales update.
In London, Thomas Cook edged higher after saying it has entered into a new joint venture with shareholder Fosun International to develop domestic inbound and outbound tourism activities for the Chinese market. |
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| | US Market Report | | US close: Greek debt woes weigh on stocks US stocks closed in the red on Friday, as European jitters around the possibility of a Greek debt-default proved contagious.
European markets were lackluster, with the Athens Composite and the Stoxx Europe both closing lower.
Analysts suggested the International Monetary Fund's decision to walk away from the bailout talks was not the end of the negotiations, but a warning that creditors were no longer willing to continue without seeing signs of progress.
At close, the Dow Jones Industrial Average was down 140.53 points, while the S&P 500 and the Nasdaq lost 14.75 and 31.41 points respectively.
US consumer sentiment beat expectations in June, according to a widely followed gauge. The University of Michigan Index rose to 94.6 in June, rebounding from May's six-month low of 90.7 and exceeding analysts' expectations of a 91.2 reading.
However, analysts suggested that continued positive economic data would spur on a the Federal Reserve to raise interest rates sooner rather than later.
"Janet Yellen is running out of reasons not to raise rates, so September hike seems very likely given recent data," said Karyn Cavanaugh, senior market strategist at Voya Investment Management.
Delivery giant FedEx edged lower after the company said it expects to record a non-cash charge of approximately $2.2bn (£1.4bn) for the three months to the end of May, on plans to implement mark-to-market accounting for its pension and post-retirement plans.
Leapfrog Enterprises croaked after posting a wider-than-expected quarterly loss, while Wingstop soared as it made its debut, selling 2.15m shares with an initial public offering a full $5 above its indicated price range.
Twitter gained slightly after Dick Costolo, the group's chief executive, announced late on Thursday that he would step down from his role on 1 July and the social media giant confirmed it expects second quarter revenue to be between $470m and $485m.
Asian markets inched higher, with the Hang Seng Index up almost 1.4%, buoyed by encouraging industrial production data.
Oil and gas futures were lower across the board, while COMEX gold and copper climbed.
The dollar fell against the euro, yen and pound.
S&P 500 - Risers
Citrix Systems Inc. (CTXS) $71.89 +2.13%
Darden Restaurants Inc. (DRI) $68.10 +1.57%
Urban Outfitters Inc. (URBN) $35.55 +1.41%
Gannett Co. Inc. (GCI) $36.24 +1.26%
Allegheny Technologies Inc. (ATI) $33.13 +1.25%
United States Steel Corp. (X) $24.55 +1.17%
D. R. Horton Inc. (DHI) $26.73 +1.17%
Host Hotels & Resorts Inc. (HST) $19.93 +1.12%
Macy's Inc. (M) $69.68 +1.10%
Monster Beverage Corp (MNST) $128.49 +1.04%
S&P 500 - Fallers
Ross Stores Inc. (ROST) $48.54 -50.40%
Peabody Energy Corp. (BTU) $2.53 -9.17%
CONSOL Energy Inc. (CNX) $25.35 -3.80%
Southwestern Energy Co. (SWN) $23.03 -3.40%
Nvidia Corp. (NVDA) $21.09 -2.81%
Eli Lilly and Company (LLY) $84.18 -2.78%
Garmin Ltd. (GRMN) $44.82 -2.63%
FirstEnergy Corp. (FE) $33.68 -2.43%
Computer Sciences Corp. (CSC) $67.74 -2.36%
W.W. Grainger Inc. (GWW) $238.07 -2.17%
Dow Jones I.A - Risers
N/A
Dow Jones I.A - Fallers
Intel Corp. (INTC) $31.29 -1.76%
Merck & Co. Inc. (MRK) $57.90 -1.71%
Unitedhealth Group Inc. (UNH) $117.65 -1.40%
Exxon Mobil Corp. (XOM) $84.06 -1.21%
Chevron Corp. (CVX) $99.92 -1.19%
Cisco Systems Inc. (CSCO) $28.53 -1.13%
3M Co. (MMM) $158.06 -1.13%
Verizon Communications Inc. (VZ) $47.23 -1.10%
Apple Inc. (AAPL) $127.25 -1.04%
International Business Machines Corp. (IBM) $167.05 -1.03%
Nasdaq 100 - Risers
Citrix Systems Inc. (CTXS) $71.89 +2.13%
Monster Beverage Corp (MNST) $128.49 +1.04%
Sigma-Aldrich Corp. (SIAL) $139.12 +0.53%
Micron Technology Inc. (MU) $25.15 +0.52%
Baidu Inc. (BIDU) $207.80 +0.50%
Activision Blizzard Inc. (ATVI) $25.41 +0.42%
Liberty Global plc Series A (LBTYA) $56.07 +0.39%
Mondelez International Inc. (MDLZ) $40.50 +0.35%
Starbucks Corp. (SBUX) $52.66 +0.32%
Sba Communications Corp. (SBAC) $116.98 +0.32%
Nasdaq 100 - Fallers
Ross Stores Inc. (ROST) $48.54 -50.40%
Nvidia Corp. (NVDA) $21.09 -2.81%
Garmin Ltd. (GRMN) $44.82 -2.63%
Mattel Inc. (MAT) $26.11 -1.82%
Intel Corp. (INTC) $31.29 -1.76%
Regeneron Pharmaceuticals Inc. (REGN) $493.12 -1.59%
Vertex Pharmaceuticals Inc. (VRTX) $124.34 -1.59%
Wynn Resorts Ltd. (WYNN) $102.82 -1.56%
Viacom Inc. Class B (VIAB) $66.41 -1.51% |
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| | Newspaper Round Up | | Monday newspaper round-up: Greece, Scottish referendum, UK house prices Greece's latest attempt to reach a deal with creditors has collapsed, as EU officials dismissed proposed reforms by Athens as incomplete, The Guardian writes. Talks were halted after less than an hour, the paper said.
The SNP has threatened to call for another vote to break up the UK unless more powers are devolved to Edinburgh, reports the Financial Times.
Rightmove has said that a rush to buy houses following the Conservative election victory has pushed asking prices up 3% in June to a new record high, reports The Telegraph.
Jurassic World has had the best opening weekend in movie history, bringing in over $500m worldwide including $204.6m in North America alone, The Wall Street Journal reports.
The International Energy Agency has predicted that renewable power will overtake coal to steal the title of the world's top source of electricity within 15 years if pledges to fight climate change are met, writes the Financial Times.
The private pensions deficit in Britain of £2.1trn is now bigger than UK gross domestic product at £1.8trn, The Times said, citing figures from consultancy Hymans Robertson.
Patisserie Holdings, the owner of Patisserie Valerie cafes which listed on AIM last year, is planning to open its first outlet in Northern Ireland, according to The Times.
HMRC paid out a record £605,000 through 2014-2015 to informants in its attempts to crack down on tax evasion, up over 50% on the prior year, according to The Guardian. | | |
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