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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 rise ahead of pivotal Eurogroup meeting on Greece UK stocks opened with small gains on Wednesday morning ahead of another Eurogroup meeting, as officials hope to secure desperately-needed bailout funds for Greece. The FTSE 100 was up 0.22% at 6,849.80 early on, rising for the fifth consecutive session. The index has not closed above this mark since 4 June.
Eurozone finance ministers are to hold their third Eurogroup summit in less than a week on Wednesday evening to talk over the tax and spending proposals put forward by Athens at the weekend.
Ahead of the summit, Greek prime minister Alexis Tsipras is to travel to Brussels to discuss his plans in emergency meetings with EU Commission president Jean-Claude Juncker, ECB president Mario Draghi and IMF head Christine Lagarde.
However, concerns remain over Tsipras's proposal to raise €8bn over the next two years, given the potential impact of a squeeze on pensioners, consumers and corporations in an economy already in recession.
"Many believe that tax increases in particular are futile unless the Tsipras's government can actually collect the taxes - something that has played a major part in engineering the current state of affairs," said analysts at Accendo Markets.
These worries were reflected on Greek stock markets on Wednesday morning, with shares down nearly 2.5% early on.
There will also be some economic data for investors to sink their teeth into during the session, including IFO German business confidence surveys, UK mortgage lending figures and US mortgage applications.
Meanwhile, the Commerce Department will also release its updated estimate of first-quarter US gross domestic product growth during the session. Economists broadly expect revised figures to show an annualised 0.2% decline in GDP for the first three months of 2015, compared with the 0.7% contraction originally reported.
Blue chips rise
Stocks in the supermarket, oil and mining sectors were providing a lift in London in early deals. Among the top performers were grocer rivals Sainsbury's and Morrisons, oil majors Shell and BP, and metal producers Anglo American and BHP Billiton.
Sainsbury's, in particular, was boosted by a Societe Generale ratings increase to 'buy' and target upgrade from 260p to 315p, pointing to a resilient profile and attractive valuation.
Retailer Next also rose after Barclays Capital lifted its recommendation to 'overweight' and lifted its target from 7,400p to 9,000p.
Chemicals company Elementis saw shares drop sharply after warning that its full-year earnings per share will miss market expectations due to a significant reduction in oil projects in North America.
Old Mutual edged higher after completing the acquisition of a further 37.3% shareholding in UAP Holdings, bringing its total interest in the investment, retirement, and insurance group to 60.7%. |
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| | Market Movers
techMARK 3,207.75 -0.21%
FTSE 100 6,849.80 +0.22%
FTSE 250 17,950.64 -0.26%
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 184.40p +2.56%
Sainsbury (J) (SBRY) 275.70p +2.41%
Royal Dutch Shell 'A' (RDSA) 1,887.50p +1.72%
Royal Dutch Shell 'B' (RDSB) 1,920.00p +1.69%
BG Group (BG.) 1,106.00p +1.61%
Anglo American (AAL) 1,011.00p +1.43%
BHP Billiton (BLT) 1,374.50p +1.36%
SABMiller (SAB) 3,439.50p +1.31%
Rio Tinto (RIO) 2,793.00p +1.25%
Tesco (TSCO) 218.35p +0.99%
FTSE 100 - Fallers
Sage Group (SGE) 538.50p -1.91%
Barratt Developments (BDEV) 623.00p -1.50%
GKN (GKN) 354.30p -1.23%
Persimmon (PSN) 2,006.00p -1.18%
Sky (SKY) 1,070.00p -0.93%
Taylor Wimpey (TW.) 192.40p -0.82%
SSE (SSE) 1,626.00p -0.79%
Mondi (MNDI) 1,420.00p -0.77%
Inmarsat (ISAT) 965.00p -0.72%
Capita (CPI) 1,258.00p -0.71%
FTSE 250 - Risers
Genus (GNS) 1,471.00p +2.01%
Capital & Counties Properties (CAPC) 421.00p +1.79%
Aldermore Group (ALD) 297.20p +1.78%
Poundland Group (PLND) 320.70p +1.65%
Shawbrook Group (SHAW) 385.00p +1.58%
Telecom Plus (TEP) 862.50p +1.47%
Jardine Lloyd Thompson Group (JLT) 1,037.00p +1.17%
Vectura Group (VEC) 182.00p +1.11%
Fidessa Group (FDSA) 2,230.00p +1.09%
Alent (ALNT) 374.00p +1.08%
FTSE 250 - Fallers
Elementis (ELM) 275.10p -11.83%
Evraz (EVR) 130.20p -6.80%
Ladbrokes (LAD) 135.10p -3.50%
Hunting (HTG) 642.00p -3.31%
Nostrum Oil & Gas (NOG) 555.00p -2.63%
Allied Minds (ALM) 558.00p -2.11%
Just Eat (JE.) 415.00p -2.10%
Berkeley Group Holdings (The) (BKG) 3,333.00p -1.83%
Jimmy Choo (CHOO) 157.00p -1.81% |
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| | UK Event Calendar | | Wednesday 24 June
INTERIMS
Holders Technology
INTERIM DIVIDEND PAYMENT DATE
Zoopla Property Group (WI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
GDP (Final) (US) (13:30)
IFO Business Climate (GER) (09:30)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Current Assessment (GER) (09:30)
IFO Expectations (GER) (09:30)
IFO Expectations (GER) (09:00)
MBA Mortgage Applications (US) (12:00)
GMS
Oxford Pharmascience Group
FINALS
Latham (James), Market Tech Holdings Limited , Stagecoach Group
ANNUAL REPORT
Liontrust Asset Management, Synergy Health
EGMS
Secure Property Development & Investment (DI)
AGMS
Atlantis Resources Limited (DI), Braemar Shipping Services, Condor Gold, DW Catalyst Fund Limited Red Shs GBP, Ithaca Energy Inc. (DI), JSC Chelyabinsk Zinc Plant GDR (Reg S), London & Associated Properties, Ottoman Fund Ltd., Oxford Pharmascience Group , Pacific Assets Trust, PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S), UMC Energy Corporation (DI)
TRADING ANNOUNCEMENTS
Ultra Electronics Holdings
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
FINAL DIVIDEND PAYMENT DATE
Central Asia Metals, Dillistone Group, Flowtech Fluidpower
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as investors eye Greece developments; Ifo digested European stocks were little changed early on Wednesday following healthy gains in the previous session, with investors cautious as they awaited further news on Greece, while a weak German Ifo reading did little boost the mood. By 0920 BST, the benchmark Europe Stoxx 600 index was flat, while Germany's DAX and France's CAC were off 0.1%.
With the exception of Greece, whose ASE Composite was down 1.9%, it was a similar story in the periphery, with Spain's IBEX 35 down 0.3% and Italy's FTSE Mib up 0.1%.
Markets were fairly quiet ahead of a meeting of Eurozone finance ministers later on Wednesday, during which they will discuss the latest plans that have been put forward by the debt-ridden country.
Greek prime minister Alexis Tsipras will be in Brussels later to discuss his plans with European Union Commission president Jean-Claude Juncker, International Monetary Fund head Christine Lagarde and European Central Bank president Mario Draghi.
"The next few days will prove pivotal - not least for Tsipras, who will have to sell any reforms he agrees to a divided Greek parliament and public" said Rebecca O'Keeffe, head of investment at Interactive Investor.
On the data front, the headline business climate index from the IFO institute in Germany dropped to 107.4 this month from 108.5 in May, falling short of analysts' expectations for a smaller decline to 108.1.
In corporate news, supermarket retailers Ahold and Delhaize announced that they have agreed to merge in a deal that will create one of the largest supermarkets in the US. Altice shares rose on the news, but Delhaize fell.
Elsewhere, Bougyes plunged after saying it has rejected Altice's bid for Bouygues Telecom.
In London, supermarket retailer Sainsbury was the best performer on the FTSE 100 after Societe Generale upgraded the stock to 'buy' from 'hold', pointing to a resilient profile and an attractive valuation. Peers followed suit, with Wm Morrison and Tesco both on the front foot. |
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| | US Market Report | | US close: stocks track international markets higher US stocks closed higher on Tuesday, tracking gains in European and Asian markets despite a raft of underwhelming economic data. At close, the Dow Jones Industrial Average was up 24 points, while the Nasdaq gained six points and the S&P 500 was one point higher.
Kristina Hooper, US investment strategist at Allianz Global Investors, highlighted that the gains were uncharacteristic for the time of year.
"Usually, June is a weak month for stocks, but not this year, it appears. We would attribute that to improving economic indicators in the second quarter and the fact that the Federal Reserve will be slow and measured in normalizing interest rates," she said.
According to the Department of Commerce, total durable goods orders fell by 1.8% in May, falling short of economists' expectations for a drop of 0.5% month-on-month.
Sales of new homes in the US rose at the fastest pace since 2008 last month, the US Commerce Department said.
New home sales jumped 19.5% year-on-year in May to an annual rate of 546,000, exceeding expectations for a 525,000 reading and edging higher from the previous month's upwardly revised reading of 536,000.
Meanwhile, US house prices rose in April, a widely-followed survey showed on Tuesday. In April, the Federal Housing Finance Agency monthly House Price Index was up 0.3% on a seasonally-adjusted basis from the previous month, while house prices rose 5.3% year-on-year.
Investors also digested a report that showed the Markit US manufacturing PMI fell to 53.4 in June from 54 in May, missing expectations for a rise to 54.1.
In company news, Blackberry dipped as it announced a long-term patent cross-licensing agreement with Cisco Systems, following first quarter results that fell short of expectations.
Sonic Corp. plunged as the drive-in restaurant chain warned that the "macroeconomic environment may impact results," despite topping forecast with its third-quarter earnings.
Reloadable prepaid debit cards provider Green Dot surged following news that its deal to manage and issue Wal-Mart's MoneyaCard debit cards was renewed for a further five years.
Health and fitness group Fitbit extended gains for the fourth consecutive day, after surging over 50% upon making its debut on the New York Stock Exchange last week.
Hopes of a deal between Greece and its creditors remained intact ahead of Wednesday's Eurogroup meeting, buoying European stocks. Asian stocks also closed mostly higher.
Gold and silver futures retreated, while oil prices were on the up.
10-year Treasury yields ticked higher, up 1 basis point to 2.39 % and the dollar gained against the euro, the pound and the yuan.
S&P 500 - Risers
Denbury Resources Inc. (DNR) $6.54 +4.31%
Facebook Inc. (FB) $87.89 +3.72%
Freeport-McMoRan Inc (FCX) $20.11 +3.66%
Peabody Energy Corp. (BTU) $2.72 +3.42%
Allegheny Technologies Inc. (ATI) $32.38 +3.22%
Avon Products Inc. (AVP) $7.00 +2.94%
Nabors Industries Ltd. (NBR) $14.41 +2.74%
AT&T Inc. (T) $35.91 +2.48%
EQT Corp. (EQT) $84.15 +2.40%
Perrigo Company plc (PRGO) $189.29 +2.39%
S&P 500 - Fallers
Adt Corp (ADT) $35.11 -4.90%
Western Digital Corp. (WDC) $88.62 -3.25%
Williams Companies Inc. (WMB) $58.93 -3.17%
Seagate Technology Plc (STX) $52.29 -2.92%
Nvidia Corp. (NVDA) $21.22 -2.55%
Molson Coors Brewing Co. Class B (TAP) $72.25 -2.17%
E.I. du Pont de Nemours and Co. (DD) $68.50 -2.13%
Philip Morris International Inc. (PM) $81.37 -2.12%
NiSource Inc. (NI) $47.36 -1.97%
Centerpoint Energy Inc. (CNP) $19.35 -1.83%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $122.74 +2.07%
JP Morgan Chase & Co. (JPM) $69.75 +1.15%
Goldman Sachs Group Inc. (GS) $218.31 +0.83%
Walt Disney Co. (DIS) $114.43 +0.79%
International Business Machines Corp. (IBM) $168.65 +0.55%
Pfizer Inc. (PFE) $34.49 +0.52%
Visa Inc. (V) $69.45 +0.52%
Verizon Communications Inc. (VZ) $47.77 +0.50%
General Electric Co. (GE) $27.55 +0.47%
Merck & Co. Inc. (MRK) $59.05 +0.37%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $68.50 -2.13%
Boeing Co. (BA) $144.46 -0.85%
Procter & Gamble Co. (PG) $79.79 -0.82%
Microsoft Corp. (MSFT) $45.91 -0.69%
Intel Corp. (INTC) $32.08 -0.54%
Cisco Systems Inc. (CSCO) $28.78 -0.54%
Apple Inc. (AAPL) $127.03 -0.45%
Coca-Cola Co. (KO) $40.35 -0.32%
Johnson & Johnson (JNJ) $99.77 -0.32%
Wal-Mart Stores Inc. (WMT) $72.56 -0.32%
Nasdaq 100 - Risers
Facebook Inc. (FB) $87.89 +3.72%
Tesla Motors Inc (TSLA) $267.67 +3.03%
Citrix Systems Inc. (CTXS) $72.68 +2.29%
Amazon.Com Inc. (AMZN) $445.99 +2.22%
Vertex Pharmaceuticals Inc. (VRTX) $131.62 +2.01%
Symantec Corp. (SYMC) $24.25 +1.81%
Staples Inc. (SPLS) $16.62 +1.78%
Adobe Systems Inc. (ADBE) $83.56 +1.55%
Alexion Pharmaceuticals Inc. (ALXN) $190.92 +1.42%
Keurig Green Mountain Inc (GMCR) $83.43 +1.23%
Nasdaq 100 - Fallers
Western Digital Corp. (WDC) $88.62 -3.25%
Seagate Technology Plc (STX) $52.29 -2.92%
Nvidia Corp. (NVDA) $21.22 -2.55%
Vimpelcom Ltd Ads (VIP) $5.40 -2.35%
KLA-Tencor Corp. (KLAC) $57.28 -1.60%
Linear Technology Corp. (LLTC) $46.56 -1.25%
Texas Instruments Inc (TXN) $54.83 -1.21%
Whole Foods Market Inc. (WFM) $41.09 -1.20%
Avago Technologies Ltd. (AVGO) $141.64 -1.14% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Greece, Bank bonuses, Bouygues Telecom Berlin has said that Greece has until Monday for full legislative approval of its economic reforms before an extension of its bailout programme is presented to the Bundestag before it expires on Tuesday, the Financial Times reports. New rules by the Bank of England mean that top bankers could now face a 10-year clawback on bonuses, while senior bankers will have to wait seven years to receive their payouts, write The Times.
Bouygues has rejected an offer for its telecom unit from Altice, which reportedly offered €10bn, roughly twice as much as most estimates, according to The Wall Street Journal.
At its AGM on Tuesday, RBS's out-going chairman Sir Philip Hampton was accused by shareholders of "wilful blindness" after claims the bank aggressively wound down business that were viable, according to The Times.
"A federal judge sided with the FTC on an antitrust challenge to the merger of Sysco and US Foods, potentially dealing a fatal blow to the planned combination of the two food-distribution companies," The Wall Street Journal writes.
Boeing has said that its president and chief operating officer Dennis Muilenburg is to become its new chief executive officer from 1 July, reports The Telegraph. | | |
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