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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 flat as investors watch Greece, Fed decision UK stocks paused at a three-month low on Wednesday morning ahead of a Federal Reserve policy decision, as negative newsflow from Greece continued to dampen risk appetite. The FTSE 100 was trading 0.1% lower at 6,703.24 after settling at 6,710.10 on Tuesday, its lowest close since 10 March.
The index touched an intraday low of 6,698.16 early on; if it finishes Wednesday's session below the 6,700 mark, it would mark its worst close since mid-January.
Ongoing developments in the Greek debt crisis continue to be in focus for the markets as concerns about a potential 'Grexit' grow, with Athens continuing to butt heads with its creditors.
Greek Prime Minister Alexis Tsipras has launched a scathing attack on the IMF in particular, saying the Fund bears "criminal responsibility" for his country's financial problems.
His comments came as UK Chancellor George Osborne revealed that Whitehall had stepped up its contingency planning in case of Greece leaves the euro. Osborne warned people not to "underestimate the potential damage to financial confidence" from a Grexit.
Meanwhile, the two-day Federal Open Market Committee meeting comes to an end on Wednesday evening and will likely to steal the spotlight with investors looking out for possible hints about the first rate hike.
Analysts generally don't expect the Fed to tighten monetary policy at this month's meeting in light of recent mixed data on the US economy.
Berkeley leads housebuilders higher
Property developer Berkeley Group impressed investors after posting a 44.6% jump in full-year pre-tax profit to £423.5m. The company said domestic demand was strong in its core markets of London and the south of England, and the developer has experienced sales price increases in line with those reported in the wider market.
Others in the sector such as Persimmon and Barratt Developments were also in demand.
Betfair declined despite meeting analysts' forecasts with a 53% rise in full-year operating profit as product and marketing investment drove record customer activity. Broker Numis raised its rating on the stock from 'sell' to 'reduce', but said its valuation was still "too high".
High street sports retailer JD Sports Fashion edged lower despite saying it expects to meet annual forecasts after a solid start to the year. However, the company did note tough comparatives with the previous year and weaker margins in Europe.
Tobacco stocks rose after upbeat comments from Goldman Sachs. The US bank upgraded British American Tobacco to 'neutral' from 'sell' and reinstated a 'buy' rating on Imperial Tobacco, adding the latter to its conviction list.
Supermarket rivals Morrisons, Sainsbury's and Tesco fell after Credit Suisse initiated coverage of the sector with a negative stance. The bank said it sees few opportunities within a group that has historically misallocated capital, is faced with extreme competitive pressures and operates in a low-growth environment. |
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| | Market Movers
techMARK 3,156.83 +0.10%
FTSE 100 6,703.24 -0.10%
FTSE 250 17,730.38 -0.03%
FTSE 100 - Risers
Wolseley (WOS) 4,170.00p +1.19%
Persimmon (PSN) 1,981.00p +1.12%
CRH (CRH) 1,845.00p +0.87%
BT Group (BT.A) 449.10p +0.86%
Centrica (CNA) 269.50p +0.79%
Travis Perkins (TPK) 2,145.00p +0.70%
Whitbread (WTB) 5,105.00p +0.69%
St James's Place (STJ) 886.50p +0.68%
Imperial Tobacco Group (IMT) 3,267.00p +0.65%
Shire Plc (SHP) 5,265.00p +0.57%
FTSE 100 - Fallers
Experian (EXPN) 1,198.00p -1.32%
Weir Group (WEIR) 1,785.00p -1.27%
Sainsbury (J) (SBRY) 257.70p -1.11%
Rolls-Royce Holdings (RR.) 932.00p -1.01%
Standard Chartered (STAN) 1,015.00p -0.98%
Tesco (TSCO) 209.60p -0.90%
BAE Systems (BA.) 477.00p -0.87%
Kingfisher (KGF) 369.00p -0.83%
International Consolidated Airlines Group SA (CDI) (IAG) 497.90p -0.82%
Aggreko (AGK) 1,470.00p -0.81%
FTSE 250 - Risers
Berkeley Group Holdings (The) (BKG) 3,393.00p +7.44%
Daejan Holdings (DJAN) 5,775.00p +2.85%
Cable & Wireless Communications (CWC) 65.00p +2.36%
Vesuvius (VSVS) 406.20p +2.11%
Just Retirement Group (JRG) 183.20p +2.06%
Imagination Technologies Group (IMG) 226.00p +2.03%
Ocado Group (OCDO) 381.60p +1.49%
Thomas Cook Group (TCG) 139.60p +1.45%
Barr (A.G.) (BAG) 620.00p +1.39%
Euromoney Institutional Investor (ERM) 1,172.00p +1.38%
FTSE 250 - Fallers
Just Eat (JE.) 401.20p -4.97%
AO World (AO.) 141.20p -3.15%
Betfair Group (BET) 2,441.00p -2.90%
Jimmy Choo (CHOO) 153.00p -2.55%
Amlin (AML) 474.10p -2.37%
Petra Diamonds Ltd.(DI) (PDL) 155.50p -2.20%
Domino's Pizza Group (DOM) 771.50p -1.84%
Lonmin (LMI) 125.00p -1.57%
Kaz Minerals (KAZ) 228.60p -1.47% |
| | UK Event Calendar | | Wednesday 17 June
INTERIM DIVIDEND PAYMENT DATE
Cambria Automobiles, Diploma
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (EU) (10:00)
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate (US) (19:00)
Harmonised Index of Consumer Prices (EU) (10:00)
MBA Mortgage Applications (US) (12:00)
Wholesale Price Index (GER) (07:00)
FINALS
Berkeley Group Holdings (The), Betfair Group, Severfield
ANNUAL REPORT
Mckay Securities
AGMS
Albion Technology & General VCT, Corero Network Security, Cyprotex, Forum Energy, Futura Medical, IBIS Media VCT 1, International Consolidated Airlines Group SA (CDI), JD Sports Fashion, KBC Advanced Technologies, London Security, Maven Income & Growth 2 VCT, Nature Group, NB Global Floating Rate Income Fund Ltd GBP, NB Global Floating Rate Income Fund Ltd USD, OJSC OC Rosneft GDRS (Reg S), Phaunos Timber Fund Ltd., Pro Global Insurance Solutions , Walker Greenbank, Walker Greenbank
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Minutes (09:30)
Claimant Count Rate (09:30)
Unemployment Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
Marimedia (DI), Share plc, Toyota Motor Corp. |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slip into the red amid caution; Greece and Fed in focus European stocks slipped into the red following a fairly flat start on Wednesday, with investors erring on the side of caution ahead of the Federal Open Market Committee rate announcement and amid ongoing concerns over Greece.
By 0900 BST, the benchmark Stoxx Europe 600 index was down 0.3%, France's CAC was off 0.6% and Germany's DAX was 0.5% lower.
Greece's ASE Composite index, however, was trading up 0.4%, having suffered heavy losses the first two days of the week.
With no change expected from the Federal Reserve, investors will be scrutinising chairwoman Janet Yellen's speech very closely for any further clues on monetary policy going forward, although markets have pretty much priced in a move in September.
"We could well see Janet Yellen attempt to prepare the ground for rate rises later this year, should the economy continue to improve as expected," said Rebecca O'Keeffe, head of investment at Interactive Investor.
"The Fed has already moved from 'considerable time' to data dependent, but there remains extensive debate between Fed officials as to when a first rate hike would be warranted. On the one hand, holding rates too low for too long would risk creating new financial bubbles. On the other hand, there remain significant concerns that the US and global economy are still not in a position to cope with a normalisation of US interest rates (gradual or otherwise)," added O'Keeffe.
The FOMC rate announcement is due after the close, with the press conference at 1930 BST.
Meanwhile, talks between Athens and its creditors remain deadlocked, with the country due to repay its €1.5bn debt to the International Monetary Fund by the end of June.
Michael Hewson, senior market analyst at CMC Markets, said: "With Greek finance minister Varoufakis ruling out making any new proposals to EU officials in the days ahead, and Greek Prime Minister Tsipras accusing the ECB of asphyxiating his country, and blaming the IMF for 'criminal' responsibility for the country's plight, a solution looks as far away as ever, with even German Chancellor Angela Merkel admitting that the talks are stuck."
On the corporate front, shares in Telecom Italia rose following a media report suggesting that Vivendi was looking to increase its stake in the company to between 10% and 15%.
Remy Cointreau surged after announcing plans for a big dividend hike and posting a 13.5% increase in full-year operating profit. |
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| | US Market Report | | US close: stocks higher as Fed convenes for policy meeting US stocks closed higher on Tuesday, as investors awaited the outcome of the Federal Reserve's policy meeting outcome and kept a close eye on talks between Greece and its creditors. "Markets hate uncertainty and at this point they would like clarity about the impending interest-rate hikes and some kind of resolution to Greece's debt crisis," said Michael Antonelli, sales trader at R.W Baird & Co.
"While any initial interest-rate hike will hit markets in the near term, ultimately it would be good for the market to move past that and find its direction," he added.
At close, the Dow Jones Industrial Average was up 113 points, while the S&P 500 and the Nasdaq gained 12 and 26 points respectively.
According to the Department of Commerce, US housing starts dropped 11.1% month-on-month in May to reach an annualised pace of 1.03m, against expectations of a 1.1m reading.
However, the number of building permits leapt by 11.8% over the month in May to hit 1.27m, while April's figure for starts was revised to 1.16m units, versus a preliminary estimate of 1.13m.
In company news, Avalanche Biotechnologies plummeted after discussions late on Monday regarding its latest gene therapy treatment revealed results between active and control groups barely varied.
Coty Inc gained after reportedly winning an auction to purchase three related businesses from Procter & Gamble, which was also on the up.
Aetna surged after approaching sector rival UnitedHealth Group with a takeover deal, which was also boosted
European markets closed mostly higher, rebounding form early losses as equities showed signs of recovery.
Metal futures dipped across the board, while the dollar gained against the euro, but fell against the pound and yen.
S&P 500 - Risers
Perrigo Company plc (PRGO) $191.26 +4.34%
Monster Beverage Corp (MNST) $132.18 +4.15%
Aetna Inc. (AET) $125.01 +3.31%
Edwards Lifesciences Corp. (EW) $137.96 +3.26%
Hess Corp. (HES) $69.40 +3.07%
Southwestern Energy Co. (SWN) $23.69 +2.91%
Weyerhaeuser Co. (WY) $32.97 +2.90%
Newfield Exploration Co (NFX) $37.41 +2.86%
Chesapeake Energy Corp. (CHK) $12.54 +2.70%
Range Resources Corp. (RRC) $53.92 +2.69%
S&P 500 - Fallers
Humana Inc. (HUM) $199.60 -3.38%
First Solar Inc. (FSLR) $52.15 -2.48%
Mylan Inc. (MYL) $72.05 -2.09%
Windstream Holdings Inc (WIN) $7.34 -1.74%
Tenet Healthcare Corp. (THC) $51.43 -1.61%
Keurig Green Mountain Inc (GMCR) $83.53 -1.51%
CONSOL Energy Inc. (CNX) $24.81 -1.35%
Intercontinental Exchange Inc (ICE) $234.40 -1.23%
American International Group Inc. (AIG) $61.99 -0.93%
Kohls Corp. (KSS) $62.08 -0.83%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $121.49 +2.11%
Procter & Gamble Co. (PG) $79.11 +1.27%
Coca-Cola Co. (KO) $40.08 +1.24%
Nike Inc. (NKE) $104.58 +1.19%
Exxon Mobil Corp. (XOM) $84.68 +1.15%
Merck & Co. Inc. (MRK) $57.71 +1.03%
Johnson & Johnson (JNJ) $98.35 +0.88%
Verizon Communications Inc. (VZ) $47.43 +0.87%
Walt Disney Co. (DIS) $111.07 +0.81%
Cisco Systems Inc. (CSCO) $28.71 +0.81%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $86.57 -0.64%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $132.18 +4.15%
Garmin Ltd. (GRMN) $45.26 +2.38%
Alexion Pharmaceuticals Inc. (ALXN) $177.14 +2.26%
Mattel Inc. (MAT) $26.38 +1.97%
Netflix Inc. (NFLX) $666.91 +1.97%
Whole Foods Market Inc. (WFM) $40.97 +1.66%
Mondelez International Inc. (MDLZ) $40.74 +1.58%
KLA-Tencor Corp. (KLAC) $57.20 +1.36%
Vodafone Group Plc ADS (VOD) $36.52 +1.36%
Fiserv Inc. (FISV) $80.63 +1.35%
Nasdaq 100 - Fallers
Mylan Inc. (MYL) $72.05 -2.09%
Keurig Green Mountain Inc (GMCR) $83.53 -1.51%
Vimpelcom Ltd Ads (VIP) $5.26 -1.04%
Broadcom Corp. (BRCM) $53.74 -0.83%
Avago Technologies Ltd. (AVGO) $141.99 -0.79%
Western Digital Corp. (WDC) $91.05 -0.76%
Charter Communications Inc. (CHTR) $169.97 -0.71%
Twenty-First Century Fox Inc Class A (FOXA) $32.26 -0.62%
Expeditors International Of Washington Inc. (EXPD) $47.71 -0.52% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Greece, UK pensions, Nestle Greek PM Alexis Tsipras has launched a scathing attack on the IMF, saying that the Fund bore "criminal responsibility" for his country's debt crisis, according to The Telegraph. He accused the IMF of "financial asphyxiation".
George Osborne has said that there is a "very real risk" of a Grexit, as it emerged that the UK government has begun a major contingency planning exercise this week, writes The Times.
Economists have warned that a hypothetical Grexit could wipe 10% off the value of UK pensions and ISAs, The Telegraph writes.
Savers have cashed in over £1bn from their pension pots to spend on things like holidays, cars and property since the pensions revolution in April, The Times writes.
Food and drinks giant Nestle is to cut 15% of its workforce in Africa as the growth of the middle class across the continent failed to meet estimates, the Financial Times says.
The Co-operative Group has pledged to invest £125m to slash prices of fruit and veg as it battles rival supermarkets and discounters, writes The Guardian.
Airbus is scaling back planned job cuts in its defence and space business by nearly 14%, according to the Financial Times. | | |
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