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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 start lower with the focus on Greece Stocks have begun the morning lower following reports of a secret meeting between Greece's representatives from several of Greece's creditors to thrash out a common approach in negotiations with Greece.
As of 08:52 the Footsie was lower by 2.5 points to 6,951.08 points.
According to the Financial Times an emergency summit took place between German Chancellor Angela Merkel, French President Francois Hollande, the EU's Jean Claude Juncker, the IMF's Christine Lagarde and the ECB's Mario Draghi.
"The lack of any other material news however, specifically around the key sticking points holding up progress, may well disappoint markets this morning," Deutsche Bank wrote in a research note e-mailed to clients.
Tuesday's main talking points in the economic arena were expected to be the release of preliminary Eurozone consumer price figures for May and the latest US factory orders and vehicle sales data.
Acting as a backdrop, overnight the Reserve Bank of India cut its main policy rate for the third time this year, by 25 basis points to reach 7.25%, despite increased expectations for a Fed rate hike later in 2015.
As expected, the Reserve bank of Australia kept its cash rate unchanged at 2%. Data on US factory orders and new vehicle sales are due out later in the day.
The dollar/yen reached 125 last night, for the first time since 2002.
Strong dollar puts a spring in Wolseley's step
Wolseley registered a sharp rise in quarterly profits boosted by favourable tailwinds form the currency market, although management expects a slight slowdown in sales. The heating and plumbing products distributor, which has a large exposure to the US market, reported a 16.6% increase in revenues for the third quarter of its fiscal year to reach £3,301m.
HSBC is reportedly planning to cut thousands of jobs across its global workforce as it tries to reassure shareholders that its focus on costs remains undiminished after a series of reputational crises. According to Sky News, HSBC's chief executive Stuart Gulliver will set out a revised target for headcount at the investor day next week that will be implemented by the end of 2017.
A class-action lawsuit in Canada has ruled that British American Tobacco and two other cigarette makers should pay a combined C$15.6bn (£8.2bn) to smokers in "moral and punitive damages", the largest legal award in Canadian history.
Final results from online white good retailer AO World revealed a £2.9m loss before tax that was largely expected and said the although the UK market remained challenging it was taking market share. For the year to 31 March, the FTSE 250 company lifted revenues 24% to £476.7m, with website sales in the UK up 32.9% and total UK revenue up 22.3%.
British Land is scheduled to launch a £350m senior, unsecured convertible bonds offering due 2020. The company plans to use the net proceeds to fund the £210m acquisition of One Sheldon Square, Paddington Central in April 2015, the £135m acquisition of Surrey Quays Leisure Park, Canada Water in March 2015 and to fund committed development spending.
London-listed asset manager Henderson Group said on Tuesday that it has acquired Perennial Fixed Interest Partners Pty and Perennial Growth Management Pty from IOOF Holdings, which have combined assets under management of £5.5bn |
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| | Market Movers
techMARK 3,317.86 +0.18%
FTSE 100 6,948.35 -0.08%
FTSE 250 18,270.39 +0.28%
FTSE 100 - Risers
Wolseley (WOS) 4,154.00p +3.36%
Intertek Group (ITRK) 2,554.00p +1.19%
CRH (CRH) 1,824.00p +1.11%
Antofagasta (ANTO) 751.00p +1.08%
Ashtead Group (AHT) 1,162.00p +0.96%
International Consolidated Airlines Group SA (CDI) (IAG) 565.00p +0.80%
Carnival (CCL) 3,190.00p +0.76%
Shire Plc (SHP) 5,650.00p +0.71%
Anglo American (AAL) 1,009.00p +0.60%
TUI AG Reg Shs (DI) (TUI) 1,164.00p +0.60%
FTSE 100 - Fallers
British American Tobacco (BATS) 3,530.00p -1.74%
Imperial Tobacco Group (IMT) 3,264.00p -1.27%
Standard Chartered (STAN) 1,017.50p -1.07%
Sainsbury (J) (SBRY) 245.80p -0.89%
Associated British Foods (ABF) 2,976.00p -0.83%
Coca-Cola HBC AG (CDI) (CCH) 1,416.00p -0.70%
Intu Properties (INTU) 331.60p -0.69%
Old Mutual (OML) 217.00p -0.69%
Tesco (TSCO) 208.45p -0.64%
United Utilities Group (UU.) 992.50p -0.55%
FTSE 250 - Risers
Cairn Energy (CNE) 179.20p +4.19%
Premier Oil (PMO) 160.20p +2.56%
Daejan Holdings (DJAN) 5,735.00p +2.41%
Rank Group (RNK) 210.70p +2.23%
NMC Health (NMC) 779.50p +1.96%
Enterprise Inns (ETI) 131.50p +1.78%
Spirax-Sarco Engineering (SPX) 3,565.00p +1.71%
Synergy Health (SYR) 1,844.00p +1.71%
Ladbrokes (LAD) 121.10p +1.59%
Melrose Industries (MRO) 269.40p +1.51%
FTSE 250 - Fallers
AO World (AO.) 168.00p -4.65%
Infinis Energy (INFI) 179.00p -3.24%
Foxtons Group (FOXT) 277.00p -2.64%
Nostrum Oil & Gas (NOG) 542.50p -2.60%
Amec Foster Wheeler (AMFW) 906.00p -1.58%
Renishaw (RSW) 2,456.00p -1.44%
Centamin (DI) (CEY) 68.60p -1.29%
Jimmy Choo (CHOO) 170.00p -1.11%
Card Factory (CARD) 371.00p -1.07% |
| | UK Event Calendar | | Tuesday 02 June
INTERIMS
RWS Holdings
QUARTERLY EX-DIVIDEND DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)
International Reserves (EU) (11:00)
Producer Price Index (EU) (10:00)
Unemployment Rate (GER) (08:55)
GMS
Entu (UK)
FINALS
Acal, B.P. Marsh & Partners, First Derivatives, Fulcrum Utility Services Ltd. (DI), LondonMetric Property, OPG Power Ventures, Synergy Health
AGMS
Bagir Group Ltd. (DI), Gem Diamonds Ltd. (DI), OneSavings Bank, Safestay, Seplat Petroleum Development Company (DI), WANdisco
TRADING ANNOUNCEMENTS
Amec Foster Wheeler
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
Dialight, London Stock Exchange Group
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slip in tight range as worries about Greece persist European stocks nudged lower, giving up small early gains and trading in a tight range, with investors concerned about the lack of progress on Greece, as they looked to the release of eurozone inflation data.
By 0855 BST, the benchmark Stoxx Europe 600 index and Germany's DAX were down 0.4%, while France's CAC 40 was 0.1% lower.
An emergency meeting about Greece took place in Berlin on Monday night between key creditors, including International Monetary Fund chief Christine Lagarde, European Central Bank President Jean-Claude Juncker, French President Francois Hollande and German chancellor Angela Merkel.
It was agreed that they would work with "real intensity" to reach a deal with Athens in the coming days, but overall, it would seem the talks did not yield anything substantial.
"The focus today will continue to be once again on Greece," said Markus Huber, senior analyst at Peregrine & Black. "While no real progress is expected, comments by politicians still have the potential to rattle markets in the short - term. Furthermore, time might be running out for Greece but only few doubt that the Greek government won't repay the IMF this coming Friday, meaning negotiations could easily drag on for a few more weeks, keeping a majority of investors on the sidelines with increased uncertainty continuing for now."
"The question will be just how long creditors will be willing to stay on the negotiation table without any real chance of progress making a 'take it or leave it offer' at some stage very likely," added Huber.
As well as Greece, questions over the timing of an interest-rate hike by the Federal Reserve remained on investors' minds, particularly following Monday's strong US manufacturing report which has underpinned expectations that the Fed will begin raising rates this year.
On the corporate front, Saint-Gobain was in focus after the company said it was reinforcing its presence in Vietnam by increasing its shareholding in Vinh Tuong Industrial Corp.
Shares in Novartis edged higher after data showed that its secukinumab drug improves the signs and symptoms of AS disease activity through one year of treatment, confirming previous findings.
In London, Wolseley added nearly 2% after it posted a 12.4% rise in quarterly revenue.
HSBC was in the spotlight amid media reports that it is planning to cut thousands more jobs across its global workforce as it tries to reassure shareholders that its focus on costs remains undiminished after a series of reputational crises. |
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| | US Market Report | | US close: Stocks edge higher after mixed economic data US stocks edged slightly higher on Monday, as investors digested a raft of mixed economic data
The Dow Jones Industrial Average closed up 26.96 points to 18,037.64, while the S&P 500 and the Nasdaq gained four and 14 points respectively.
Monday data
US personal incomes increased at a 0.4% month-on-month in April, according data from the Department of Commerce showed, against expectations for a 0.3% increase.
Spending as measured by personal consumption expenditures was flat in comparison with the prior month against consensus for a 0.1% increase.
"We continue to expect consumer spending to bounce back and Tuesday's vehicle sales should confirm our view of sharply stronger consumption in May," analysts at Barclays said in a note.
In year-on-year terms, the gauge for personal consumption expenditures advanced by just 0.1% against expectations for 0.2% rise, while the core rate for the PCE index edged lower to 1.2% from 1.3% in March.
"We expect goods prices to be a very modest drag on PCE as the pass through from the lower imported inflation on goods prices seems to be more measured than initially expected," analysts at Barclays added.
"This, coupled with continued strength from services prices, will likely keep underlying price pressures firm in the coming months, in our view."
US construction spending jumped in April driven by large gains in both private and public sector outlays, as spending rose 2.2% month-on-month to reach $1.01trn, according to the Department of Commerce against expectations for a rise of 0.7%.
Private sector construction spending rose 1.8% month-on-month hitting $725.2bn, while in the public sector it grew 3.3% to reach $280.9bn.
Meanwhile, the Institute for Supply's Management manufacturing index exceeded expectations in May, rising 1.3% month-on-month to 52.8% last month, marginally higher than the 51.8% reading analysts had expected.
Fed warning
Stanley Fischer, the vice chairman of the Federal Reserve, said the US central bank should not rule out using monetary policy to fight financial instability.
"Regulations have been strengthened and the bankers' backlash is both evident and making headway," Fischer said at the International Monetary Conference in Toronto.
In company news, tech giant Intel shed 1.61% as it announced a $16.7bn deal to acquire semiconductor producer Altera, whose shares surged 5.79%.
OM Group surged 28.26% after the diversified-industrial company agreed to be bought by units of private-equity firm Apollo Global Management LLC for $34 a share in cash.
The dollar jumped 0.59% against the pound and 0.30% against the euro and 0.48% against the yen, while gold futures gained 0.02% to $1,190.00.
Oil prices were mixed, with West Texas Intermediate gaining 0.03% to $60.32 a barrel, while Brent shed 0.85% to $65.01 a barrel.
S&P 500 - Risers
Humana Inc. (HUM) $215.01 +14.68%
Altera Corp. (ALTR) $51.68 +5.79%
Delta Airlines Inc. (DAL) $44.35 +3.33%
Intuitive Surgical Inc. (ISRG) $502.18 +2.96%
Bristol-Myers Squibb (BMY) $66.51 +2.96%
Dollar Tree Inc (DLTR) $76.98 +2.65%
Kansas City Southern (KSU) $92.52 +2.23%
Intuit Inc. (INTU) $106.42 +2.17%
Southwest Airlines Co. (LUV) $37.85 +2.16%
CIGNA Corp. (CI) $143.86 +2.09%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $3.10 -8.28%
Denbury Resources Inc. (DNR) $7.03 -4.61%
Genworth Financial Inc. (GNW) $7.72 -2.77%
Juniper Networks Inc. (JNPR) $27.06 -2.71%
Broadcom Corp. (BRCM) $55.47 -2.44%
Wynn Resorts Ltd. (WYNN) $98.29 -2.38%
Mondelez International Inc. (MDLZ) $40.69 -2.16%
Murphy Oil Corp. (MUR) $42.52 -2.16%
United States Steel Corp. (X) $23.88 -2.13%
Noble Corporation plc (NE) $16.40 -2.09%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $71.64 +0.89%
Microsoft Corp. (MSFT) $47.24 +0.81%
Goldman Sachs Group Inc. (GS) $207.76 +0.76%
Visa Inc. (V) $69.11 +0.63%
Wal-Mart Stores Inc. (WMT) $74.71 +0.59%
Procter & Gamble Co. (PG) $78.85 +0.59%
Walt Disney Co. (DIS) $110.96 +0.53%
Boeing Co. (BA) $141.25 +0.52%
JP Morgan Chase & Co. (JPM) $66.08 +0.46%
International Business Machines Corp. (IBM) $170.18 +0.31%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $33.90 -1.61%
Pfizer Inc. (PFE) $34.56 -0.55%
Verizon Communications Inc. (VZ) $49.22 -0.44%
Cisco Systems Inc. (CSCO) $29.18 -0.44%
Chevron Corp. (CVX) $102.63 -0.36%
American Express Co. (AXP) $79.47 -0.31%
Unitedhealth Group Inc. (UNH) $119.86 -0.31%
Merck & Co. Inc. (MRK) $60.75 -0.23%
Johnson & Johnson (JNJ) $100.02 -0.12%
United Technologies Corp. (UTX) $117.03 -0.12%
Nasdaq 100 - Risers
Altera Corp. (ALTR) $51.68 +5.79%
Sba Communications Corp. (SBAC) $115.14 +2.98%
Intuitive Surgical Inc. (ISRG) $502.18 +2.96%
Dollar Tree Inc (DLTR) $76.98 +2.65%
Intuit Inc. (INTU) $106.42 +2.17%
Baidu Inc. (BIDU) $201.56 +2.11%
eBay Inc. (EBAY) $62.56 +1.96%
Xilinx Inc. (XLNX) $48.33 +1.92%
Dish Network Corp. (DISH) $72.07 +1.81%
Micron Technology Inc. (MU) $28.42 +1.75%
Nasdaq 100 - Fallers
Broadcom Corp. (BRCM) $55.47 -2.44%
Wynn Resorts Ltd. (WYNN) $98.29 -2.38%
Mondelez International Inc. (MDLZ) $40.69 -2.16%
Intel Corp. (INTC) $33.90 -1.61%
Akamai Technologies Inc. (AKAM) $75.23 -1.36%
Express Scripts Holding Co (ESRX) $86.00 -1.31%
Vimpelcom Ltd Ads (VIP) $6.13 -1.29%
Vertex Pharmaceuticals Inc. (VRTX) $126.80 -1.16%
Maxim Integrated Products Inc. (MXIM) $34.67 -1.14% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Greece, British American Tobacco, HSBC Greek banks are at "five minutes to midnight", Germany's Bundesbank has warned, raising the prospect of capital controls to stem a haemorrhage of deposits if the government cannot strike a deal with creditors imminently. Andreas Dombret, an executive board member of the German central bank, urged negotiators to thrash out a deal before the Friday deadline for a €310m loan repayment to the International Monetary Fund. - The Times
British American Tobacco has been ordered to pay CAD$10.5bn (£5.5bn) to nearly 1m smokers who claimed they were never warned about the health risks. A Canadian court found Imperial Tobacco Canada, which is owned by London-based BAT, Rothmans Benson & Hedges and JTI-MacDonald liable for moral and punitive damages. - The Daily Telegraph
HSBC is poised to unveil plans to cut thousands more jobs in its international empire as the scandal-hit lender struggles to knock its business back into shape. The global giant, which is reeling from allegations it helped clients dodge tax in Swiss bank accounts, is expected to make the announcement at its investor day on June 9, Sky News reports. - The Daily Mail
US dealmaking hit a monthly record in May, surpassing the highs seen during the peak of the dotcom bubble and the zenith of the debt boom that led to the 2008 crisis. The overall value of deals in US bound mergers and acquisitions activity amounted to $24.3bn in May compared to $226bn during the same month in 2007 and $213bn in January 2000. - Financial Times
Downing Street has reaffirmed its commitment to spend 2% of GDP on defence in 2015-16 but come under fire for fudging the figures so it could spend £1bn less than 2% and still technically hit the target. - Financial Times | | |
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