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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 surge as Greek hopes rise, Sky jumps UK stocks surged on Monday morning as investors breathed a sigh of relief on the back of rising hopes that Greece is set to secure a short-term deal with creditors.
The FTSE 100 was trading up 1.36% at 6,801.41 early on.
According to reports, Greece's lenders are working on a deal to extend the country's bailout by six months and supply up to €18bn in rescue funds.
After weeks of no progress in negotiations between Athens officials and international lenders, the deadlock was broken on Sunday night when the government submitted new proposals to the heads of the IMF, ECB and European Commission.
EU economic commissioner Pierre Moscovici said in an interview with Europe 1 radio that it was a "decisive, vital" day for Greece, though he was "convinced" that a deal would be made. "We are moving in the right direction, we have solid ground for a deal, we just have to consolidate that today," he said.
The increased optimism could be seen across government bond markets early on Monday, with the yield on two-year Greek notes dropping to 24.9% from 28.5% on Friday. The 10-year Greek bond yield was down one whole percentage point at 11.6%.
"One thing you cannot fault is the political resolve to see a deal done, without which Greece would have been given its marching orders long ago. This optimism is giving investors an excuse to buy risk assets this morning with a strong bounce in European equities," said FxPro analyst Angus Campbell.
Sky rises, Spire jumps on Remgro deal
Sky was in demand on rumours that the Murdoch family may be considering a fresh attempt to take full control of the UK broadband and pay-TV operator, after it knocked back approaches for its stake in the company from Vodafone and French media giant Vivendi.
FTSE 250 hospital operator Spire Healthcare rose strongly on the news that Remgro, a major shareholder of sector peer Mediclinic, is to buy a 29.9% stake from Cinven for 360p per share, equal to £432m. Mediclinc and Remgro confirmed they do not intend to make a takeover offer for the whole of Spire.
Cruise operator Carnival advanced after Deutsche Bank lifted the stock to 'buy', while HSBC gained on an upgrade to 'buy' at Investec.
Tullow Oil edged higher after settling a capital gains tax dispute with the government of Uganda and the Uganda Revenue Authority with regard to its farm-downs to CNOOC and Total in 2012.
Power generator hire firm Aggreko gained after revealing plans to restructure into two units as it announced a raft of management changes. |
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| | Market Movers
techMARK 3,190.96 +1.10%
FTSE 100 6,801.41 +1.36%
FTSE 250 17,862.63 +0.89%
FTSE 100 - Risers
Sky (SKY) 1,086.00p +4.62%
Carnival (CCL) 3,296.00p +4.04%
Aberdeen Asset Management (ADN) 418.90p +2.92%
Severn Trent (SVT) 2,114.00p +2.87%
Whitbread (WTB) 5,275.00p +2.53%
International Consolidated Airlines Group SA (CDI) (IAG) 518.00p +2.47%
Reed Elsevier (REL) 1,075.00p +2.19%
WPP (WPP) 1,494.00p +2.12%
Pearson (PSON) 1,274.00p +2.08%
ITV (ITV) 271.40p +2.07%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 4,430.00p -1.51%
Hikma Pharmaceuticals (HIK) 1,936.00p -0.56%
FTSE 250 - Risers
Spire Healthcare Group (SPI) 344.20p +7.56%
Diploma (DPLM) 811.50p +3.31%
Fidelity European Values (FEV) 180.30p +2.73%
Enterprise Inns (ETI) 129.70p +2.69%
Bwin . party Digital Entertainment (BPTY) 100.10p +2.35%
Computacenter (CCC) 721.50p +2.34%
Crest Nicholson Holdings (CRST) 575.50p +2.31%
Man Group (EMG) 165.70p +2.16%
esure Group (ESUR) 256.80p +2.11%
Balfour Beatty (BBY) 250.60p +2.08%
FTSE 250 - Fallers
Jimmy Choo (CHOO) 149.00p -2.61%
Allied Minds (ALM) 563.00p -2.60%
Saga (SAGA) 216.70p -2.17%
Centamin (DI) (CEY) 63.65p -1.85%
Petra Diamonds Ltd.(DI) (PDL) 155.80p -1.77%
Nostrum Oil & Gas (NOG) 561.50p -1.23%
Atkins (WS) (ATK) 1,527.00p -1.17%
Just Retirement Group (JRG) 181.80p -0.93%
Riverstone Energy Limited (RSE) 1,021.00p -0.87% |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Greek stocks lead European markets higher; Bouygues surges European stocks rose sharply on Monday, with the Athens' ASE Composite powering ahead, as investors grew hopeful that Greece will reach a last-minute deal with its creditors.
By 0900 BST, the Stoxx Europe 600 benchmark index was up 1.9%, France's CAC 40 was up 2.7% and Germany's DAX was 2.8% higher. In terms of the periphery, Athens was the standout gainer, with the ASE Composite up a whopping 6.9%, while Spain's IBEX 35 was 2.4% higher and Italy's FTSE Mib was up 1.9%.
Greek government bonds racked up strong gains, with the yield on the country's 10-year down 86 basis points at 11.78%.
The euro, which has proven to be fairly resilient recently, was higher against the dollar at the open, but slipped back to trade down 0.5% at $1.1300 by 0900 BST.
"The euro is a funding currency and for that reason it is likely to start weakening again when appetite for risk improves," said Rabobank.
An emergency summit will be held in Brussels on Monday, during which Greece and its creditors will attempt to bash out a deal.
Investors were optimistic that a deal can be reached after European Commission President Jean-Claude Juncker said the latest proposals from Greek Prime Minister Alexis Tsipras were a "good basis for progress."
"Despite a lack of detail and multiple previous failures, European markets are rallying on expectations that a Greek resolution may finally be reached," said Rebecca O'Keeffe, head of investment at Interactive Investor.
"Greece delivered a last ditch, 'definitive solution' ahead of crunch talks today, with all sides knowing that failure to agree will take Greece ever closer to the financial abyss that lies in wait at the end of the month.
"Throughout the process Greek negotiators have been relying on creditors wanting to reach a deal rather than face up to the fallout of a €300bn+ default. Today's talks will indicate whether politicians and creditors share the same view."
Mergers and acquisitions news also helped to underpin sentiment. France's Bouygues surged 13% after Altice confirmed that it had made a takeover bid via its Numericable-SFR subsidiary. Altice shares also rallied strongly.
In London, Sky gained 4.4% following a media report that the Murdoch family may be considering a fresh takeover bid for the company. |
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| | US Market Report | | US close: stock retreat on Greece impasse US stocks lost ground on Friday, as investors fretted about the impasse in negotiations between Greece and its creditors, as well as a stock bubble in China.
Sector-wise, energy stock were among the weakest performers, tracking oil prices lower.
At close, the Dow Jones Industrial Average was down 102 points, while the S&P 500 and the Nasdaq lost 11 and 16 points respectively.
As widely expected, Greece and its creditors failed to reach an agreement at Thursday's Eurogroup meeting, so an emergency summit of European Union heads of government has now been scheduled for Monday.
However, analysts warned that Greek woes were not the only reasons for stock retreating.
"Even without the events in Greece hovering over the market and causing concern over the negotiations, a move like yesterday is typically followed by a bit of a pullback," said Quincy Krosby, market strategist for Prudential Financial.
The European Central Bank (ECB) said at the meeting that it was unclear whether Greek banks would be open on Monday, amid news that Greek savers have pulled around €2bn out of banks over the past few days. Meanwhile, the ECB said it was increasing its funding for Greek banks through its ELA facility.
US Treasuries rallied, driving the yield on the 10-year note 7 basis points lower to 2.27%, from 3.32% late on Thursday.
In company news, ConAgra Foods jumped after Jana Partners disclosed a 7.2% stake in the country and aired intentions to change the board of directors late on Thursday.
FitBit extended gains on its second day of trading, while Fogo de Chao rocketed as it made its market debut, pricing its initial public offering $2 higher than expected at $20, raising a total of $88m.
KB Home surged after topping expectations with its second quarter profit and revenue estimates.
Macerich Co. registered losses after a Seeking Alpha report indicated that Simon Property Inc, which had built built a significant stake in the stock, had sold its shares.
Hershey was in the red after the chocolate and candy maker cut its revenue outlook on weak Chinese demand and warned that it would cut 300 jobs by the end of the year.
The Shanghai Composite Index hit a seven-year low, plunging 6% into correction territory, at odds with the Nikkei which closed almost 1% higher.
Gold and oil prices dipped, while the dollar gained against the euro and the pound.
S&P 500 - Risers
ConAgra Foods Inc. (CAG) $43.34 +10.79%
Peabody Energy Corp. (BTU) $2.58 +4.67%
Windstream Holdings Inc (WIN) $7.66 +3.23%
Fiserv Inc. (FISV) $85.30 +3.15%
News Corp Class A (NWSA) $14.99 +3.09%
Lennar Corp. Class A (LEN) $48.70 +2.94%
Biogen Inc (BIIB) $411.54 +2.49%
PulteGroup Inc. (PHM) $19.97 +2.07%
Tyson Foods Inc. (TSN) $43.12 +1.91%
D. R. Horton Inc. (DHI) $27.31 +1.83%
S&P 500 - Fallers
Macerich Co (MAC) $76.58 -7.12%
Hershey Foods Corp. (HSY) $88.73 -3.83%
Carmax Inc. (KMX) $69.51 -3.40%
CONSOL Energy Inc. (CNX) $23.48 -2.88%
Allstate Corp (The) (ALL) $66.50 -2.71%
Oracle Corp. (ORCL) $41.62 -2.62%
Noble Corporation plc (NE) $15.30 -2.49%
Denbury Resources Inc. (DNR) $6.38 -2.30%
Marathon Oil Corp. (MRO) $25.95 -2.19%
Wynn Resorts Ltd. (WYNN) $102.98 -2.17%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $112.70 +0.76%
Nike Inc. (NKE) $106.69 +0.65%
Caterpillar Inc. (CAT) $87.69 +0.29%
McDonald's Corp. (MCD) $96.26 +0.09%
Dow Jones I.A - Fallers
Travelers Company Inc. (TRV) $99.64 -1.80%
Microsoft Corp. (MSFT) $46.10 -1.33%
Visa Inc. (V) $68.77 -1.05%
Apple Inc. (AAPL) $126.65 -0.96%
JP Morgan Chase & Co. (JPM) $68.16 -0.90%
Merck & Co. Inc. (MRK) $58.10 -0.84%
American Express Co. (AXP) $80.13 -0.79%
International Business Machines Corp. (IBM) $167.12 -0.67%
Intel Corp. (INTC) $32.17 -0.65%
Verizon Communications Inc. (VZ) $47.49 -0.59%
Nasdaq 100 - Risers
Maxim Integrated Products Inc. (MXIM) $35.53 +3.22%
Fiserv Inc. (FISV) $85.30 +3.15%
Biogen Inc (BIIB) $411.54 +2.49%
eBay Inc. (EBAY) $61.32 +1.04%
Garmin Ltd. (GRMN) $46.98 +0.90%
Ross Stores Inc. (ROST) $50.54 +0.77%
Adobe Systems Inc. (ADBE) $79.93 +0.67%
Mondelez International Inc. (MDLZ) $41.12 +0.66%
Amgen Inc. (AMGN) $161.13 +0.63%
Alexion Pharmaceuticals Inc. (ALXN) $185.16 +0.62%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $5.41 -2.35%
Wynn Resorts Ltd. (WYNN) $102.98 -2.17%
Sandisk Corp. (SNDK) $64.03 -1.81%
Xilinx Inc. (XLNX) $46.37 -1.68%
Dish Network Corp. (DISH) $70.74 -1.60%
Symantec Corp. (SYMC) $24.10 -1.47%
Seagate Technology Plc (STX) $53.38 -1.40%
Western Digital Corp. (WDC) $91.18 -1.34%
Microsoft Corp. (MSFT) $46.10 -1.33% |
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| | Newspaper Round Up | | Monday newspaper round-up: Greece, RBS, Altice/Bouygoes Telecom Greek creditors are hoping to secure a deal to stop Athens defaulting and leaving the euro by extending its bailout by six months and supplying up to €18n in rescue funds, writes The Guardian. However, officials stressed that progress hinged on a positive response from Greek PM Alexis Tsipras.
RBS is struggling to meet the timetable set by the European Commission to separate and float its challenger bank, with the government potentially having to ask Brussels for more time, according to The Times.
The Wall Street Journal says that Luxembourg-based telecoms group Altice has offered €10bn to buy French mobile outfit Bouygoes Telecom, according to rumours.
According to The Guardian, a international unit of catering group Compass paid bribes to government officials in Kazakhstan for an unspecified period up to 2011.
ITV could take legal action against the BBC over "extremely complex, costly and uncertain" plans for the latter's production arm to compete for commercial contracts, The Telegraph reports.
UK PM David Cameron is expected to say on Monday that Britain can cut £12bn from the welfare bill through an "assault on tax creditors for the working poor", the Financial Times writes.
Natural-gas pipeline business Williams Cos has turned down a $48bn buyout offer from Energy Transfer Equity but is open to other offers, according to The Wall Street Journal. |
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