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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: UK stocks drop to five-month low ahead of CPI data UK stocks dropped into the red for a third straight day on Tuesday on the back of ongoing concerns about Greece, a sell-off in China and caution ahead of inflation data.
The FTSE 100 was trading 0.55% lower at 6,673.49 early on, after hitting a three-month closing low of 6,710.52 on Monday.
The index has not finished below the 6,700 level since 20 January when it settled at 6,620.10.
An abrupt end to debt talks on Sunday night in Brussels between Greece and its lenders has rattled investors' nerves over recent days, as discussions collapsed after just 45 minutes on the back of disagreements over issues such as pension reforms and tax rates.
Meanwhile, stocks in Shanghai plunged again on Tuesday due to weakness in the financial sector as regulators tightened margin lending regulations and investors showed concerns and a new barrage of IPOs.
"The FTSE has already touched a five-month low this Tuesday, however briefly; yet the arrival of tangible news in the form of the UK's latest inflation figures later in the morning could provide some respite for the continually Eurozone-led index," said Spreadex analyst Connor Campbell.
UK consumer price index (CPI) data due out at 09:30 is expected to show that prices bounced back in May after turning negative for the first time on record the month before. The annual rate of change in the CPI, the main measure of UK inflation, is predicted to show a 0.1% increase last month, according to the majority of analysts, following a 0.1% fall in April.
UK producer price and retail price indices will also be released on Tuesday, along with an influx of data abroad, including building permits and housing starts in the States, the ZEW business sentiment index in Germany and new car registrations in Europe.
Defensives gain
A reduction in risk appetite benefitted stocks in defensive sectors such as tobacco and pharmaceuticals. British American Tobacco, Imperial Tobacco, AstraZeneca and Glaxosmithkline were all edging higher in London.
GSK was also up on rumours it could become the latest takeover target in the industry. According to the Daily Mail, market participants are speculating that the company may face an approach from Switzerland's Roche or US company Johnson & Johnson at about 1900p per share.
Mining stocks were among the worst performers, with Rio Tinto, Randgold and Antofagasta all in negative territory.
Leisure group Whitbread fell despite saying it had started the new financial year well, as strong growth at its Costa and Premier Inn brands made up for weakness in the restaurants division.
Industrial equipment hire company Ashtead underwhelmed with a 33% rise in full-year pre-tax profit to ?473.8m on strong US and UK markets. |
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| | Market Movers
techMARK 3,135.99 -0.49%
FTSE 100 6,673.49 -0.55%
FTSE 250 17,605.59 -0.69%
FTSE 100 - Risers
British American Tobacco (BATS) 3,452.00p +1.19%
National Grid (NG.) 854.00p +0.64%
GlaxoSmithKline (GSK) 1,358.00p +0.52%
Imperial Tobacco Group (IMT) 3,186.00p +0.35%
AstraZeneca (AZN) 4,151.50p +0.06%
Tesco (TSCO) 214.10p +0.05%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 494.60p -2.73%
Royal Mail (RMG) 492.60p -2.46%
CRH (CRH) 1,791.00p -2.13%
TUI AG Reg Shs (DI) (TUI) 1,150.00p -1.79%
Antofagasta (ANTO) 715.50p -1.72%
G4S (GFS) 276.60p -1.67%
Randgold Resources Ltd. (RRS) 4,556.00p -1.51%
Rio Tinto (RIO) 2,764.50p -1.50%
easyJet (EZJ) 1,527.00p -1.48%
Glencore (GLEN) 274.15p -1.47%
FTSE 250 - Risers
Ladbrokes (LAD) 120.20p +2.73%
CLS Holdings (CLI) 1,958.00p +2.03%
Daejan Holdings (DJAN) 5,775.00p +1.67%
NMC Health (NMC) 788.50p +1.09%
Pets at Home Group (PETS) 276.50p +1.02%
Jimmy Choo (CHOO) 159.30p +0.82%
Rank Group (RNK) 219.10p +0.78%
Virgin Money Holdings (UK) (VM.) 448.90p +0.76%
JD Sports Fashion (JD.) 673.50p +0.75%
Aberforth Smaller Companies Trust (ASL) 1,170.00p +0.52%
FTSE 250 - Fallers
Foxtons Group (FOXT) 247.10p -2.95%
Crest Nicholson Holdings (CRST) 529.50p -2.75%
Lonmin (LMI) 126.20p -2.70%
Evraz (EVR) 146.00p -2.67%
Vesuvius (VSVS) 391.70p -2.61%
Kaz Minerals (KAZ) 237.90p -2.50%
Thomas Cook Group (TCG) 136.30p -2.43%
Ophir Energy (OPHR) 119.00p -2.38%
Allied Minds (ALM) 549.50p -2.14% |
| | UK Event Calendar | | Tuesday 16 June
INTERIMS
Crest Nicholson Holdings, Pressure Technologies, Servoca
QUARTERLY PAYMENT DATE
Utilico Investments Ltd (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Consumer Price Index (GER) (07:00)
Housing Starts (US) (13:30)
New Car Registrations (EU) (10:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Q4
Ashtead Group
GMS
Palace Capital , Rose Petroleum, Rose Petroleum, Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S), Toyota Motor Corp.
FINALS
Ashtead Group, Consort Medical, DJI Holdings, Record, Trifast
ANNUAL REPORT
Baron Oil , Dee Valley Group, Tau Capital
EGMS
Global Telecom Holding S.A.E. GDR (Each Repr 5 Ord Egp5)(Reg S), Praetorian Resources Ltd
AGMS
Andrews Sykes Group, Christie Group, Cyan Holdings, Depa Limited GDR (Reg S), Downing Three VCT A Shares, Downing Three VCT C Shares, Downing Three VCT D Share , Downing Three VCT E Share, Downing Three VCT F Shs, Downing Three VCT H Shs, Downing Two VCT 'A' Shs, Downing Two VCT 'C' Shs, Downing Two VCT D Share , Downing Two VCT E Share , Downing Two VCT F Shs , Downing Two VCT G Shs, Global Telecom Holding S.A.E. GDR (Each Repr 5 Ord Egp5)(Reg S), HSS Hire Group , Huntsworth, Inch Kenneth Kajang Rubber, Inspired Energy, NMC Health, Plant Health Care, Premier Farnell, Stratmin Global Resources, UK Commercial Property Trust, Whitbread
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
FINAL DIVIDEND PAYMENT DATE
Bank of Georgia Holdings |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall while German Bund yields drop amid growing concern over Greece European stocks fell in early trading, while German government bond prices rose as worries about Greece intensified.
By 0900 BST, the benchmark Stoxx Europe 600 index was down 0.8%, France's CAC 40 was 1.1% lower and Germany's DAX was down 1.3%. In terms of the periphery, Greece's ASE Composite and Spain's IBEX 35 were down 1.4% and Italy's FTSE Mib was 1% weaker.
The euro was holding firm, however, trading up 0.1% at $1.1300. "Buffeted by the impasse over Greek debt, it hasn't fallen back much in recent weeks," said Kit Juckes, strategist at Societe Generale.
He said that while Wednesday's Federal Open Market Committee statement could break the range, "it's more likely the Fed will be so data-dependent and cautious that we are condemned to see EUR/USD fall only very slowly."
As investors worried about Greece, the safe-haven appeal of German Bunds was apparent, with the yield on the 10-year down four basis points at 0.779%.
Greece needs to strike a deal with its creditors by the end of this month, when its €1.5bn debt repayment is due, but so far there is little sign of progress.
The European Union and International Monetary Fund have said they made major concessions to Greece, but Prime Minister Alexis Tsipras has refused to accept what he views as irrational demands.
Wednesday will be a key focus for investors. Although the Federal Reserve is widely expected to leave interest rates on hold for now, market participants will scrutinise Chairwoman Janet Yellen's speech for any further clues on policy.
Meanwhile, the Eurogroup meeting on Thursday has taken on increasing significance as it may be the last chance for discussions between Athens and its creditors to yield anything concrete.
"As investors continue to show little appetite for risk, equities will remain under pressure," said Mike McCudden, head of derivatives at Interactive Investor. "With the Fed policy meeting having the potential to surprise the markets while the Greek debacle continues, investors are understandably cautious. However, while a Greek exit and an early Fed rate rise remain unlikely, savvy investors will be on the lookout for some bargains."
In London, industrial equipment hire company Ashtead fell into the red despite posting a 33% rise in full-year pre-tax profit on the back of strong US and UK markets.
Whitbread fell 1.5% despite saying it has made a strong start to the new financial year.
Royal Mail was also on the back foot, down 2% after UK regulator Ofcom said it was going to review the company to make sure it faces adequate competition following Whistl's withdrawal from the direct-delivery letters market.
Earlier, data showed that the consumer price index in Germany advanced at 0.1% month-on-month, in line with analysts' expectations and a preliminary estimate on 1 June.
Still to come on the data front, investors will look to the release of the German ZEW survey at 1000 BST. |
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| | US Market Report | | US close: Dow drops over 100 points amid mixed data and Greece worries US stocks slumped on Monday, as investors digested a raft of mixed economic data, while concerns over Greece led European stocks lower.
The Dow Jones Industrial Average closed down 107.67 points to 17,791.17, while the S&P 500 and the Nasdaq dropped 10 and 21 points respectively.
Empire State Index falls
According to figures released by the Federal Reserve, industrial output slid a 0.2% seasonally adjusted in May, falling short of expectations calling for a 0.2% expansion.
Production for April was revised downward to show a 0.5% drop, compared with an initial reading suggesting a 0.2% decline.
"Manufacturers will continue to struggle with the impact of the dollar's rise for some time yet," said analysts at Capital Economics.
"With the non-manufacturing sectors all showing signs of a sharp pick-up in growth over the past couple of months, there is every reason to believe that GDP growth will average between 2.5% to 3.0% annualized over the rest of this month."
The New York Feds regional manufacturing sector index dropped to a reading of -1.98, its weakest level since January 2013, falling short of expectations calling for a 5.0 reading and down from Mays level of 3.1.
Analysts at Barclays said the weaker-than-expected print for the index in June implied "further headwinds for regional manufacturing", adding Thursday's release of the Philadelphia Fed index could offer more clarity on the trend.
Housebuilders confidence rose to a nine-month high in June, according to figures released on Monday.
Figures released by National Association of Home Builders/Wells Fargo showed the widely-closed gauge rose five points to 59 in June, exceeding expectations for a reading of 55.
Greece woes intensify
European stocks fell on Monday, with Greece's Athens Composite tumbling over 5%, while German government bond prices rose, as worries about Greece intensified after talks between Athens and its creditors broke down over the weekend.
"Stock markets however would still rather see a deal, even if it were only to postpone the inevitable," said Chris Beauchamp, senior market analyst at IG.
"If the Greek government is planning to leave the Eurozone, they had better make sure that they approach it in a more thorough fashion than they have shown in negotiations over the past five years."
Despite the impasse surrounding Greece the euro rose 0.52% against the dollar and the greenback shed 0.24% against the pound but was flat against the yen, while gold futures rose 0.64% to $1,186.80.
Oil prices fell, with West Texas Intermediate losing 0.55% to $59.63 a barrel, while Brent fell 2.01% to $62.61 a barrel.
In company news, housebuilder Standard Pacific Corp gained 5.75% after announcing a $5.2bn merger deal with sector peer Ryland Group, whose shares rose 5.11%.
Health service group CIGNA Corp surged 11.74% after the Wall Street Journal reported health benefit group Anthem, which rose 2.33%, made a bid for its rival.
Alibaba dropped 0.59% after unveiling plans to launch a pay-to-watch video subscription service called Tmall Box Office in two months.
S&P 500 - Risers
CIGNA Corp. (CI) $153.43 +11.74%
First Solar Inc. (FSLR) $53.47 +5.93%
Aetna Inc. (AET) $121.01 +4.44%
Alexion Pharmaceuticals Inc. (ALXN) $173.22 +2.47%
Anthem Inc (ANTM) $164.46 +2.33%
Newmont Mining Corp. (NEM) $24.03 +2.04%
Avago Technologies Ltd. (AVGO) $143.12 +1.89%
Denbury Resources Inc. (DNR) $6.84 +1.79%
Precision Castparts Corp. (PCP) $211.31 +1.64%
Regeneron Pharmaceuticals Inc. (REGN) $499.06 +1.38%
S&P 500 - Fallers
PPG Industries Inc. (PPG) $115.46 -50.50%
Peabody Energy Corp. (BTU) $2.39 -5.53%
United States Steel Corp. (X) $23.31 -5.09%
Micron Technology Inc. (MU) $24.24 -3.54%
Avon Products Inc. (AVP) $6.64 -3.49%
Sandisk Corp. (SNDK) $64.18 -2.90%
Constellation Brands Inc. Class A (STZ) $117.03 -2.90%
Humana Inc. (HUM) $206.58 -2.77%
Teradata Corp. (TDC) $37.51 -2.75%
Citrix Systems Inc. (CTXS) $70.02 -2.63%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $119.00 +1.15%
Intel Corp. (INTC) $31.39 +0.22%
Walt Disney Co. (DIS) $110.18 +0.21%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $114.64 -2.52%
3M Co. (MMM) $155.87 -1.37%
Merck & Co. Inc. (MRK) $57.11 -1.31%
Visa Inc. (V) $68.57 -1.10%
Microsoft Corp. (MSFT) $45.47 -1.08%
Procter & Gamble Co. (PG) $78.12 -0.95%
Coca-Cola Co. (KO) $39.59 -0.93%
Johnson & Johnson (JNJ) $97.49 -0.87%
Caterpillar Inc. (CAT) $87.13 -0.82%
McDonald's Corp. (MCD) $94.32 -0.78%
Nasdaq 100 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $173.22 +2.47%
Avago Technologies Ltd. (AVGO) $143.12 +1.89%
Regeneron Pharmaceuticals Inc. (REGN) $499.06 +1.38%
Vimpelcom Ltd Ads (VIP) $5.31 +1.34%
Keurig Green Mountain Inc (GMCR) $84.81 +1.17%
KLA-Tencor Corp. (KLAC) $56.43 +0.97%
Analog Devices Inc. (ADI) $66.70 +0.66%
Discovery Communications Inc. Class A (DISCA) $32.72 +0.66%
Sba Communications Corp. (SBAC) $117.76 +0.65%
Maxim Integrated Products Inc. (MXIM) $34.17 +0.65%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $24.24 -3.54%
Activision Blizzard Inc. (ATVI) $24.54 -3.39%
Sandisk Corp. (SNDK) $64.18 -2.90%
Citrix Systems Inc. (CTXS) $70.02 -2.63%
Intuit Inc. (INTU) $103.05 -1.60%
Amazon.Com Inc. (AMZN) $423.67 -1.45%
Western Digital Corp. (WDC) $91.75 -1.35%
Garmin Ltd. (GRMN) $44.21 -1.29%
Akamai Technologies Inc. (AKAM) $72.50 -1.28% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Anthem bids for Cigna, HSBC and JPMorgan, G4S "Anthem has started a complex takeover war in the US health insurance industry by making a $45bn approach for Cigna as the sector prepares for a wave of consolidation spurred by the introduction of 'Obamacare'," the Financial Times says.
The Times has said that HSBC and JPMorgan are in talks to relocate parts of their business to Luxembourg "in what would amount to a huge coup for the tiny tax haven".
According to a survey by the Institute of Directors and Cass Business School, security group G4S has the worst performing board of any British company, preceded by Sports Direct, RBS and Tesco, the Financial Times reports.
David Cameron has ruled out holding a referendum on EU membership on 5 May 2016, the same date as the Scottish and other devolved elections, according to The Guardian.
Greek prime minister Alexis Tsipras has accused creditors of "pillaging" Greece over the past five years and vowed not to give in to their demands, writes the Financial Times. He said it was now up to them to proposed a new rescue plan.
BoE governor Mark Carney has turned down a pay rise for the second year, leaving his salary unchanged at 480,000, The Times writes.
US fashion retailer Gap is to close 175 stores in North America, equal to a quarter of its domestic outlets, at a cost of $300m a year in addition to up to $160m of one-off costs, The Telegraph reports. | | |
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