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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: Stocks fall for fifth day ahead of Eurogroup meeting on Greece Decent gains in the mining sector weren't enough to lift UK stocks on Thursday morning, with markets extending a five-month low on concerns over Greece.The FTSE 100, which fell to its lowest since January on Wednesday, was down a further 0.11% at 6,672.96 early on, marking the fifth consecutive session in the red.
A Eurogroup meeting in Luxembourg on Thursday has been touted as the "last chance saloon" for Greece to agree a deal in time of the end of June, according to CMC Markets analyst Michael Hewson.
Athens must repay €1.6bn due to the IMF by 30 June but has admitted that it has insufficient funds to do and that compromising to unlock frozen aid would be a necessity.
"With relations now so bad, a deal today at the Eurogroup meeting seems implausible. Serious consideration from markets is being giving to Alex Tsipiras when he says that he'd rather Greece default than endure more austerity, he may actually get what he wants," London Capital Group's Jonathan Sudaria said.
A barrage of US economic data is likely to also garner some attention following a policy decision by the Federal Open Market Committee on Wednesday evening.
Policymakers struck a relatively dovish tone as they downgraded their growth forecasts for the US this year and warned that factors such as Greece and the strength of the US dollar could continue to weigh on the economy.
At the same time, however, the so-called 'dot plot' chart for projections of the Fed funds rate pointed to at least one, or possibly two, rate rises before the end of the year.
On the agenda for Thursday's session will be US data on the balance of payments, the consumer price index, jobless claims, the current account balance, the leading indicators index and the Philly Fed index.
Closer to home, UK retail data is expected to show that national sales declined 0.2% in May after a 1.2% jump in April which was the strongest increase since November. Compared with May 2014, sales growth is expected to have eased to 4.3% from 4.7%.
Miners rise, ex-div stocks drag
A weaker dollar on dovish Fed comments gave metal prices a boost, lifting stocks across the mining sector including Randgold, Fresnillo, Anglo American and BHP Billiton.
However, a number of blue chips were trading in the red after going ex-dividend, such as Land Securities, 3i Group and Severn Trent.
Shares in Poundland dropped after the discount retailer warned that it faced a number of headwinds in the current financial year, as it posted an 18.6% rise in full-year underlying pre-tax profit.
Playtech, the gambling software company, also tumbled after saying it is placing up to 29.1m ordinary shares at a price yet to be determined through an accelerated bookbuilding to fund future acquisitions. The proceeds will be used to fund future acquisitions, including the one of troubled contract for difference company Plus500.
Technology products and solutions firm Premier Farnell disappointed with a 2% drop in first-quarter gross profits and guidance for a first-half bottom line "marginally below the prior year".
High street bookie William Hill was lower after saying its finance director, Neil Cooper, will step down from his role to become chief financial officer at Barratt Developments. The company assured that "[Cooper] leaves us in excellent financial health" |
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| | Market Movers
techMARK 3,135.81 -0.25%
FTSE 100 6,672.96 -0.11%
FTSE 250 17,632.07 -0.42%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 4,531.00p +2.35%
Fresnillo (FRES) 726.50p +2.04%
BHP Billiton (BLT) 1,315.00p +1.00%
SABMiller (SAB) 3,352.50p +0.99%
Anglo American (AAL) 975.00p +0.97%
Centrica (CNA) 272.50p +0.74%
Diageo (DGE) 1,894.50p +0.72%
Glencore (GLEN) 273.80p +0.72%
Marks & Spencer Group (MKS) 545.00p +0.55%
Meggitt (MGGT) 473.70p +0.49%
FTSE 100 - Fallers
3i Group (III) 518.00p -2.91%
Severn Trent (SVT) 2,058.00p -2.88%
GKN (GKN) 345.40p -1.31%
Shire Plc (SHP) 5,150.00p -1.25%
Land Securities Group (LAND) 1,222.00p -1.13%
G4S (GFS) 276.80p -1.04%
TUI AG Reg Shs (DI) (TUI) 1,126.00p -0.97%
Barratt Developments (BDEV) 613.00p -0.89%
Pearson (PSON) 1,256.00p -0.87%
Burberry Group (BRBY) 1,618.00p -0.86%
FTSE 250 - Risers
Bank of Georgia Holdings (BGEO) 1,919.00p +2.90%
COLT Group SA (COLT) 158.50p +2.19%
Riverstone Energy Limited (RSE) 1,050.00p +1.94%
Euromoney Institutional Investor (ERM) 1,174.40p +1.77%
Hellermanntyton Group (HTY) 359.60p +1.58%
Polymetal International (POLY) 553.00p +1.47%
Kaz Minerals (KAZ) 226.70p +1.30%
Foxtons Group (FOXT) 256.50p +1.14%
Acacia Mining (ACA) 293.70p +1.14%
Centamin (DI) (CEY) 62.00p +1.14%
FTSE 250 - Fallers
Poundland Group (PLND) 291.50p -6.30%
Premier Farnell (PFL) 180.60p -4.80%
Playtech (PTEC) 773.50p -4.27%
Rotork (ROR) 233.50p -3.63%
Drax Group (DRX) 357.60p -3.35%
Fidelity China Special Situations (FCSS) 162.50p -2.11%
Electrocomponents (ECM) 225.70p -2.08%
Workspace Group (WKP) 888.00p -1.93%
Restaurant Group (RTN) 680.50p -1.87%
3i Infrastructure (3IN) 165.50p -1.84% |
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| | UK Event Calendar | | Thursday 18 June
INTERIMS
Safestore Holdings
INTERIM DIVIDEND PAYMENT DATE
Aberdeen Asset Management, Euromoney Institutional Investor
INTERIM EX-DIVIDEND DATE
Alternative Networks, Northern Venture Trust, Scottish Inv Trust
QUARTERLY PAYMENT DATE
SQN Asset Finance Income Fund Limited
QUARTERLY EX-DIVIDEND DATE
Canaccord Genuity Group Inc., Land Securities Group, TwentyFour Select Monthly Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (US) (13:30)
Consumer Price Index (US) (13:30)
Continuing Claims (US) (13:30)
Current Account (US) (13:30)
ECB Report (EU) (09:00)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Philadelphia Fed Index (US) (15:00)
FINALS
Charles Stanley Group, Darty, Findel, HML Holdings, Norcros, Poundland Group
ANNUAL REPORT
Chaarat Gold Holdings Ltd. (DI), Fidelity China Special Situations , Land Securities Group
SPECIAL DIVIDEND PAYMENT DATE
Graphite Enterprise Trust
SPECIAL EX-DIVIDEND PAYMENT DATE
Greggs, Northern 3 VCT, Northern Venture Trust, OMG
AGMS
Agriterra LD, Aureus Mining Inc (DI), BlackRock Smaller Companies Trust, Blackstone/GSO Loan Financing Limited, Dillistone Group, Evraz, Goldenport Holdings Inc. (DI), Gusbourne, Himalayan Fund NV, Octopus VCT 2, Petropavlovsk, Puricore, Sable Mining Africa Ltd. (DI), Slingsby H.C, Taliesin Property Fund Limited, Tower Resources, Ukraine Opportunity Trust, Zhejiang Expressway Co 'H' Shares
TRADING ANNOUNCEMENTS
Premier Farnell
UK ECONOMIC ANNOUNCEMENTS
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Graphite Enterprise Trust, M. P. Evans Group
FINAL EX-DIVIDEND DATE
3i Group, 3i Infrastructure, Aberdeen Japan Investment Trust , Alliance Pharma, Amati Vct 2, Aurora Investment Trust, First Derivatives, Harvey Nash Group, Maven Income & Growth VCT, New Century AIM VCT 2, Northern 3 VCT, Panther Securities, Restaurant Group, S&U, Safestyle UK , Scisys, Severn Trent, Sprue Aegis, Telford Homes, TP5 VCT, TP5 VCT 'B' Shares, Value and Income Trust |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slip amid growing scepticism over Greece European stocks slipped into the red on Thursday as investors grew increasingly sceptical that the Eurogroup meeting will yield a deal between Greece and its creditors. By 0905 BST, the benchmark Stoxx Europe 600 index, Germany's DAX and France's CAC 40 were all down 0.5%. Peripheral European stock markets suffered similar losses, with the FTSE Mib and IBEX 35 down 0.4%. Greece's ASE Composite was off 0.1%.
RBC Capital Markets said: "The Eurogroup meeting is very likely to lead to nowhere, as Greek officials have said they will not submit new proposals and Juncker says no talks have been held since Sunday. That means headlines should heat up into the end of the week as emergency meetings are held."
On Wednesday, the National Bank of Greece warned that a failure to reach a deal could lead to a "painful" default, an exit of the euro and eventually perhaps even an exit of the European Union.
Athens desperately needs to come to an agreement with its lenders in order to unlock the next tranche of bailout money it needs to repay its €1.6bn debt to the International Monetary Fund by the end of this month.
Despite the downbeat tone and worries over Greece, bond markets in Europe's periphery were holding up fairly well, with the yields on Spain and Italy's 10-year government bonds steady.
Also on Thursday, investors in Europe also got their first chance to react to the Federal Reserve's rate announcement, which saw chairwoman Janet Yellen strike a fairly dovish tone and signal that any interest-rate hikes are likely to be gradual.
"Last night's Fed meeting proved to have something for everybody with a good number of policymakers expecting to see at least one and possibly two rate rises before the end of this year, according to the median "dot plot" chart projections of the Fed funds rate," said Michael Hewson, senior market analyst at CMC Markets.
"These 'dot plots' unfortunately have never been a reliable guide to the glide path of rates in recent years, and it could be argued as to being the equivalent of licking your finger and putting it in the air to test the wind direction.
"The fact that the Federal Open Market Committee followed in the footsteps of the IMF and Organisation for Economic Cooperation and Development and quite sharply downgraded its growth forecasts was much more telling," said Hewson.
The FOMC cut its 2015 growth forecast to beween 1.8% and 2%, down from March's estimate of 2.3% to 2.7%, to account for the unexpected contraction in the first quarter of this year.
In currency markets, the euro was trading up 0.6% against the greenback at $1.1140. The dollar had fallen late on Wednesday on the back of Yellen's dovish stance.
"The idea that the economy is moving in the right direction, strong enough to justify rate hikes but only likely to see these happen at a snail's pace, is good for risk and not good for the dollar," said Societe Generale strategist Kit Juckes.
In corporate news, shares in German software maker SAP fell, led lower by rival Oracle Corp which posted a weaker-than-expected quarterly profit. |
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| | US Market Report | | US close: Stocks edge higher as Fed keeps rates unchanged US stocks edged higher on Wednesday, after the Federal Open Market Committee chose to keep interest rates unchanged, as widely anticipated by economists. The Dow Jones Industrial Average closed 31.26 points up to 17,935.74, while the S&P 500 and the Nasdaq gained four and 13 points respectively.
No surprises from the Fed
The Federal Reserve may yet raise interest rates twice in what remains of 2015, the latest set of economic projections from the Fed's rate-setters showed.
The US central bank kept the range for its main policy rate unchanged at between 0% and 0.25%, as expected by economists, although its remarks over the labour market were rather dovish, with policy-makers saying that: " underutilisation of labor resources diminished somewhat [since the last meeting]."
Analysts remained convinced that the current economic scenario will see the US central bank hike the interest rates by the end of the year.
"Our view is still that rising wage growth and core price inflation will force the Fed to raise the target range for the fed funds rate to between 0.75% and 1.00% by end-2015 and then to between 2.75% and 3.00% by end-2016," Paul Ashworth, chief US economist at Capital Economics said in a note.
"The latter would be much higher than either Fed officials or the markets currently anticipate."
Meanwhile, the Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, dropped 5.5% in the week ended 12 June.
The seasonally adjusted sub-index of refinancing applications slumped 6.9%, its lowest level since January, while the index of loan requests for home purchases, a key indicator of home sales, declined 4.2%.
Greek worries continue
Elsewhere, European fell, with investors erring on the side of caution amid ongoing concerns over Greece.
With Greece's €1.5bn debt repayment to the International Monetary Fund due by the end of this month, investors were looking to the Eurogroup meeting on Thursday as the last chance for Athens and its creditors to strike a deal.
"We are still in the eye of the storm and dealers are holding their breath as Athens is weeks away from going bust," said David Madden, market analyst at IG.
"It is only a matter of time before investors' fears get the better of them, sparking the next round of selling - there is no point in being long when Greece's fate is still uncertain."
Despite the concerns surrounding Greece, the euro surged 0.87% higher against the dollar, which slumped 1.25% against the pound.
The greenback was flat against the yen, while gold futures climbed 0.48% to $1,186.60.
Oil prices reversed earlier gains, with West Texas Intermediate losing 0.22% to $59.84 a barrel, while Brent gained 0.05% to $63.73 a barrel.
In company news, coffee chain Starbucks rose 0.56% after announcing it will close its La Boulange pastry shops, while delivery giant FedEx declined 2.96% after its fourth quarter earnings missed expectations.
Software producer Adobe Systems shed 2.48% after issuing a weak second quarter outlook late on Tuesday.
S&P 500 - Risers
TripAdvisor Inc. (TRIP) $87.66 +14.66%
NiSource Inc. (NI) $48.40 +3.71%
Harley-Davidson Inc. (HOG) $56.66 +3.56%
Peabody Energy Corp. (BTU) $2.47 +3.35%
Edwards Lifesciences Corp. (EW) $141.60 +2.68%
Electronic Arts Inc. (EA) $64.49 +2.59%
Newmont Mining Corp. (NEM) $24.53 +2.46%
Nordstrom Inc. (JWN) $75.12 +2.40%
Regeneron Pharmaceuticals Inc. (REGN) $512.89 +2.22%
Mattel Inc. (MAT) $26.95 +2.16%
S&P 500 - Fallers
Denbury Resources Inc. (DNR) $6.71 -3.59%
Chesapeake Energy Corp. (CHK) $12.09 -3.51%
FedEx Corp. (FDX) $176.73 -2.96%
Pioneer Natural Resources Co. (PXD) $145.47 -2.57%
Adobe Systems Inc. (ADBE) $77.91 -2.54%
Apache Corp. (APA) $57.67 -2.34%
Range Resources Corp. (RRC) $52.74 -2.15%
Allegheny Technologies Inc. (ATI) $32.39 -1.94%
E*TRADE Financial Corp. (ETFC) $30.29 -1.82%
Perrigo Company plc (PRGO) $188.33 -1.53%
Dow Jones I.A - Risers
Procter & Gamble Co. (PG) $80.08 +1.24%
American Express Co. (AXP) $80.32 +1.21%
Intel Corp. (INTC) $31.95 +1.00%
Cisco Systems Inc. (CSCO) $28.93 +0.77%
Boeing Co. (BA) $143.43 +0.77%
Caterpillar Inc. (CAT) $87.25 +0.76%
McDonald's Corp. (MCD) $95.22 +0.62%
Wal-Mart Stores Inc. (WMT) $72.73 +0.53%
Coca-Cola Co. (KO) $40.27 +0.47%
Walt Disney Co. (DIS) $111.49 +0.39%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $119.74 -1.49%
Visa Inc. (V) $68.77 -0.35%
JP Morgan Chase & Co. (JPM) $68.14 -0.34%
Verizon Communications Inc. (VZ) $47.27 -0.32%
Goldman Sachs Group Inc. (GS) $212.93 -0.29%
Chevron Corp. (CVX) $99.76 -0.28%
Apple Inc. (AAPL) $127.30 -0.24%
Pfizer Inc. (PFE) $33.98 -0.18%
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $87.66 +14.66%
Tesla Motors Inc (TSLA) $260.55 +2.94%
Regeneron Pharmaceuticals Inc. (REGN) $512.89 +2.22%
Baidu Inc. (BIDU) $209.51 +2.20%
Mattel Inc. (MAT) $26.95 +2.16%
Symantec Corp. (SYMC) $24.10 +1.86%
Alexion Pharmaceuticals Inc. (ALXN) $179.81 +1.51%
Dollar Tree Inc (DLTR) $79.72 +1.49%
Wynn Resorts Ltd. (WYNN) $104.30 +1.44%
Discovery Communications Inc. Class A (DISCA) $33.34 +1.37%
Nasdaq 100 - Fallers
Adobe Systems Inc. (ADBE) $77.91 -2.54%
Vimpelcom Ltd Ads (VIP) $5.18 -1.43%
Applied Materials Inc. (AMAT) $19.54 -1.41%
Mylan Inc. (MYL) $71.23 -1.14%
Priceline Group Inc (PCLN) $1,163.72 -1.06%
Cognizant Technology Solutions Corp. (CTSH) $62.06 -1.05%
Netflix Inc. (NFLX) $659.90 -1.05%
Nxp Semiconductors Nv (NXPI) $102.19 -0.93%
Avago Technologies Ltd. (AVGO) $140.69 -0.92% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Federal Reserve, Airline strikes, AT&T The Federal Reserve is still expected to raise interest rates this year but lowered its GDP growth forecast for this year to 1.8% from 2% initially, The Telegraph writes. IAG, Easyjet, Ryanair, Air France-KLM and Lufthansa have united to demand action from the EU to avert summer travel chaos caused by air traffic control strikes, The Times says. "Diplomats have told The Times that plans to improve labour relations and prevent strike disruption are being blocked by Spain in its long-running dispute with Britain over the sovereignty of Gibraltar," the paper writes.
The Federal Communications Commission is expected to fine AT&T $100m over accusations the US telecoms group deceived consumers about unlimited wireless data plans, reports The Wall Street Journal.
US hedge fund Elliott has claimed that Samsung C&T shareholders will lose 7.8trn won ($7bn) if a merger between the latter and Samsung sister company Cheil Industries goes through, writes the Financial Times.
Shares in Aga Rangemaster rose 30% on Wednesday after the cooker manufacturer said it was in talks about a potential takeover, The Guardian reports. The company has been targeted by the Middleby Corporation of Illinois.
General Electric chief executive Jeff Immelt has threatened to relocate jobs out of the States if Republicans shut down President Obama's trade promotion authority, the Export-Import Bank, according to the Financial Times. | | |
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