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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 snap winning streak as Greek hopes fade UK stocks snapped a five-day winning streak on Thursday morning as hopes for an overnight Greek debt deal were dashed, with Athens and its creditors failing to come to an agreement. The FTSE 100 was trading 0.21% lower at 6,830.50 early on.
Greece remained "firm on its position", according to a Greek government official, as the Hellenic nation rejected calls on Wednesday night to accept more austerity measures in exchange for unlocking further aid.
Hans-Jörg Schelling, the Austrian finance minister, criticised Greece's attitude towards debt restructuring as "the most significant chunk" in the negotiations, while German counterpart Wolfgang Schäuble said there were still large differences on pension changes.
The country faces a €1.6bn repayment to the IMF on 30 June and must reach a deal with its creditors before that date to unlock further aid or default on its debt.
"Talks have resumed at the technical level this morning and PM Tspiras will meet the heads of the three institutions this morning in an attempt to close remaining differences which remain between the country and its creditors," explained analyst Philippe Gudin from Barclays.
However, Gudin said he still expects a partial agreement to avoid a default next week and extend the programme beyond the end of the month.
A raft of economic data from the States will also be in focus on Thursday afternoon: analysts predict a 6,000 rise in jobless claims, 0.5% and 0.7% increases in personal income and spending respectively, and a small rise in the Markit US services PMI.
Admiral drops
Insurer Admiral was trading sharply lower after Citigroup downgraded the stock to 'sell' from 'neutral', saying it's a high-quality name, but fully valued. The bank said it sees limited room for price-to-earnings expansion, given the growth profile is unlikely to return to historical levels, even assuming an upswing in UK motor rates.
Blue chips Compass, Experian and United Utilities were also lower after going ex-dividend.
Supermarket giant Tesco advanced on rumours that private equity firms Affinity Equity Partners, Carlyle Group and CVC Capital Partners were among seven or eight preliminary bidders for Tesco's South Korean unit.
Mining stocks were mostly in the red, with heavyweights BHP Billiton and Glencore among the worst performers.
Recycled packing maker DS Smith gained after posting a 20% rise in full-year pre-tax profit and a 14% increase in the full-year dividend.
Department store Debenhams also advanced after saying it was on track to meet full-year gross profit targets, helped by a 0.9% improvement in like-for-like sales. |
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| | Market Movers
techMARK 3,192.93 -0.16%
FTSE 100 6,830.50 -0.21%
FTSE 250 17,915.74 -0.05%
FTSE 100 - Risers
Sage Group (SGE) 521.50p +1.07%
ARM Holdings (ARM) 1,136.00p +0.98%
Barratt Developments (BDEV) 623.50p +0.89%
Mondi (MNDI) 1,428.00p +0.78%
Sports Direct International (SPD) 730.50p +0.55%
Capita (CPI) 1,267.00p +0.48%
Tesco (TSCO) 216.80p +0.46%
BP (BP.) 444.00p +0.43%
Vodafone Group (VOD) 240.75p +0.42%
Royal Dutch Shell 'B' (RDSB) 1,923.50p +0.37%
FTSE 100 - Fallers
United Utilities Group (UU.) 953.50p -3.83%
Admiral Group (ADM) 1,396.00p -2.45%
Experian (EXPN) 1,195.00p -1.24%
Compass Group (CPG) 1,100.00p -1.17%
Centrica (CNA) 276.80p -1.07%
Shire Plc (SHP) 5,345.00p -1.02%
AstraZeneca (AZN) 4,207.50p -1.00%
Schroders (SDR) 3,300.00p -0.90%
Glencore (GLEN) 275.90p -0.76%
Severn Trent (SVT) 2,177.00p -0.73%
FTSE 250 - Risers
Petrofac Ltd. (PFC) 973.50p +3.84%
Smith (DS) (SMDS) 385.00p +2.39%
Redrow (RDW) 450.70p +1.49%
Carillion (CLLN) 356.10p +1.31%
Capital & Counties Properties (CAPC) 428.20p +1.28%
Crest Nicholson Holdings (CRST) 563.50p +1.26%
Foreign and Colonial Inv Trust (FRCL) 449.70p +1.22%
Just Retirement Group (JRG) 179.10p +1.19%
Bovis Homes Group (BVS) 1,130.00p +1.16%
Debenhams (DEB) 91.35p +1.16%
FTSE 250 - Fallers
Electrocomponents (ECM) 221.20p -3.66%
PayPoint (PAY) 988.50p -3.09%
Jimmy Choo (CHOO) 155.20p -3.00%
Mitie Group (MTO) 317.20p -2.64%
Greencore Group (GNC) 306.10p -1.99%
Fidelity China Special Situations (FCSS) 161.50p -1.76%
Pennon Group (PNN) 840.50p -1.64%
Wizz Air Holdings (WIZZ) 1,564.00p -1.64%
Diploma (DPLM) 794.50p -1.61% |
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| | UK Event Calendar | | Thursday 25 June
INTERIM EX-DIVIDEND DATE
Compass Group, Gooch & Housego, Innovation Group, ITE Group, RWS Holdings
QUARTERLY EX-DIVIDEND DATE
Mercantile Investment Trust (The), Real Estate Credit Investments PCC Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
GFK Consumer Confidence (GER) (07:00)
Initial Jobless Claims (US) (13:30)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
FINALS
Cohort, Photo-Me International, Smith (DS)
SPECIAL EX-DIVIDEND PAYMENT DATE
Jarvis Securities, Northern 2 VCT, Small Companies Dividend Trust
AGMS
3i Group, Afren, Akers Biosciences, Inc. , Amati VCT , Amati Vct 2, Andes Energia, Anpario, Anpario, BH Macro Ltd. GBP Shares, Bluerock Diamonds, Borders & Southern Petroleum, Cadogan Petroleum, Cadogan Petroleum, Carador Income Fund USD Shares, Cellcast, City Merchants High Yield Trust, Datang International Power Generation Co Ltd., Diamondcorp, Faroe Petroleum, First Derivatives, Golden Saint Resources Ltd (DI), Gresham House, Helios Underwriting, Hon Hai Precision Industry Co. Ltd. GDR (Reg S), Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares, Lifeline Scientific Inc., Lukoil 'B' GDR (Reg S), Magnolia Petroleum, New Century AIM VCT 2, Nighthawk Energy, North River Resources, Pactolus Hungarian Property, Photonstar LED Group, Porta Communications , PowerFilm Inc. (Reg S), Richoux Group, Science In Sport, Sphere Medical Holding, Stobart Group Ltd., Thalassa Holdings Ltd. (DI), Union Jack Oil
TRADING ANNOUNCEMENTS
Costain Group
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
BlackRock Smaller Companies Trust, Centrica, Inchcape, Jiasen International Holdings Ltd, Manx Telecom , Premier Farnell, Tongaat-Hulett Ltd.
FINAL EX-DIVIDEND DATE
Anglo Pacific Group, B&M European Value Retail S.A. (DI), B.P. Marsh & Partners, Bonmarche Holdings, Caffyns, Electrocomponents, Ensor Holdings, Fuller Smith & Turner, Hibernia Reit , Hogg Robinson Group, Investec Structured Products Calculus VCT, Investec Structured Products Calculus VCT 'C' Shares, JD Sports Fashion, KCOM Group, Mitie Group, Montanaro European Smaller Companies Trust, MS International, NetDimensions (Holdings) Limited (DI), Norcros, Northern 2 VCT, PayPoint, Record, Tex Holdings, TR Property Inv Trust, United Utilities Group, Vertu Motors, Vislink, Wynnstay Properties
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge lower, with all eyes firmly on Greece European stocks nudged lower on Thursday, with investors reluctant to make any bold moves amid worries over the deadlock in Greek debt negotiations. By 0910 BST, the benchmark Stoxx Europe 600 index was down 0.3%, while France's CAC 40 was off 0.4% and Germany's DAX was down 0.1%.
In the periphery, Greece's ASE Composite was the biggest faller, down 1.4%, while Spain's IBEX 35 was off 0.1% and Italy's FTSE Mib was 0.3% higher.
Wedneday's meeting of Eurozone finance ministers ended with no agreement, as key differences remained between Greece and its international creditors over pension and budget cuts.
Greek Prime Minister Alexis Tsipras was due to meet on Thursday with the heads of the International Monetary Fund, the European Central Bank and the European Commission, while the EU summit of European leaders was also due to take place later on in the day.
"The focus will remain firmly on Greece for the next few days especially with the regularly scheduled two-day Eurogroup meeting commencing today," said Markus Huber, senior analyst at Peregrine & Black. "While no major economic data is scheduled to be released in Europe this morning there are plenty in the US with the main focus on personal Income and spending. Any strong signs of further acceleration in economic activity will make an interest rate increase as early as September very likely."
US personal income figures and PCE deflator are due at 1330 BST.
Huber said that markets will remain choppy, with news or rumours on Greece having the potential to cause sudden moves in either direction. With some time still left and past experience of negotiations going down to the wire, "there is still a bit of optimism left that a deal can be done and a failure to reach a deal is certainly not priced into the market just yet," he added.
On the corporate front, shares in H&M fell as the clothing retailer's second-quarter failed to meet analysts' expectations.
Vivendi edged higher after the company said it has increased its stake in Telecom Italia to 14.9%.
In London, Tesco was in the black amid reports that private equity firms Affinity Equity Partners, Carlyle Group and CVC Capital Partners were among seven or eight preliminary bidders for its South Korean unit.
On the FTSE 250, Petrofac rallied after Nomura upgraded the stock 'buy' from 'neutral'.
Data released from the GfK market research group early in the session showed that German consumer sentiment is likely to worsen in July. The forward-looking Gfk consumer sentiment index is set to drop to 10.1 points for July from 10.2 in June, a touch short of analysts' expectations of 10.2 points. |
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| | US Market Report | | US close: stocks falter as Greek negotiations grind to a halt US stocks retreated on Tuesday, as Greece's debt talks with its creditors ground to a halt, eclipsing an encouraging raft of economic data. Media reports indicated that the measures put forward by Prime Minister Alexis Tsipras in an attempt to unlock much-needed funds had been rejected, providing a drag on European stocks and sparking widespread investor uncertainty.
"We are getting to the point where it's do or die, take it or leave it, and I think what you're seeing today is that there's growing fear that this thing is not going to come together," said Justin Hoogendoorn, fixed income strategist at BMO Capital Markets.
At close, the Dow Jones Industrial Average was down 178 points, while the Nasdaq lost 38 points and the S&P 500 fell 16 points.
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.
Data released by the US Department of Commerce on Wednesday showed that the economic slowdown in the first quarter was not as bad as previously estimated.
The final release of gross domestic product showed a 0.2% contraction at a seasonally-adjusted annual rate, up from a previous estimate of a 0.7% contraction, and in line with analysts' expectations.
Meanwhile, the Mortgage Bankers Association said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, rose 1.6% in the week ended 19 June, only the second time the index has risen over the last nine weeks.
In company news, General Motors fell after being downgraded from 'buy' to 'neutral' by analysts at Goldman Sachs, lifting sector peer Ford Motor from 'neutral' to 'buy' and into positive share territory.
Housebuilder Lennar Corp jumped after posting better-than-expected second quarter earnings earlier on Wednesday. Fellow home builders PulteGroup Inc. and D.R. Horton were also making gains.
Monsanto was in the red despite posting better-than-expected fiscal their-quarter, as it warned it is unlikely to make a profit in the current financial year.
Staples retreated from gains made on Tuesday, which came as shareholders approved it $6.3bn merger with sector rival Officer Depot.
Asian stock markets closed higher across the board, with Japan's Nikkei 225 closing at the highest level for 18 years.
Oil and gold futures edged lower, while the ICE dollar index dipped 0.12% lower. However, the greenback registered its largest 24 hour gain against the euro since 19 May, a result of a strong new-home sales report and hawkish comments from Federal Reserve Governor Jerome Powell.
S&P 500 - Risers
Lennar Corp. Class A (LEN) $51.05 +4.18%
Sysco Corp. (SYY) $38.75 +3.09%
Freeport-McMoRan Inc (FCX) $20.55 +2.19%
Host Hotels & Resorts Inc. (HST) $20.73 +2.17%
Tyson Foods Inc. (TSN) $45.01 +2.16%
Darden Restaurants Inc. (DRI) $70.86 +2.12%
Electronic Arts Inc. (EA) $67.68 +1.65%
Pentair plc (PNR) $63.80 +1.56%
Agilent Technologies Inc. (A) $40.20 +1.52%
McCormick & Co. (MKC) $81.44 +1.47%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $2.47 -9.01%
Monsanto Co. (MON) $106.35 -5.70%
Staples Inc. (SPLS) $15.86 -4.57%
NetApp Inc. (NTAP) $33.18 -3.97%
Cablevision Systems Corp. (CVC) $23.83 -3.37%
E.I. du Pont de Nemours and Co. (DD) $66.20 -3.36%
Alexion Pharmaceuticals Inc. (ALXN) $184.83 -3.19%
Avon Products Inc. (AVP) $6.78 -3.07%
Tenet Healthcare Corp. (THC) $50.05 -3.00%
Humana Inc. (HUM) $184.25 -2.95%
Dow Jones I.A - Risers
Apple Inc. (AAPL) $128.18 +0.91%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $66.20 -3.36%
Unitedhealth Group Inc. (UNH) $119.20 -2.88%
Goldman Sachs Group Inc. (GS) $214.42 -1.82%
3M Co. (MMM) $157.59 -1.41%
Merck & Co. Inc. (MRK) $58.24 -1.34%
Travelers Company Inc. (TRV) $98.79 -1.21%
United Technologies Corp. (UTX) $113.99 -1.08%
JP Morgan Chase & Co. (JPM) $69.00 -1.08%
General Electric Co. (GE) $27.27 -1.02%
Boeing Co. (BA) $143.00 -0.99%
Nasdaq 100 - Risers
Facebook Inc. (FB) $88.86 +1.12%
Apple Inc. (AAPL) $128.18 +0.91%
Yahoo! Inc. (YHOO) $40.94 +0.71%
Applied Materials Inc. (AMAT) $20.10 +0.70%
Dollar Tree Inc (DLTR) $80.60 +0.29%
Catamaran Corp (CTRX) $61.19 +0.28%
Activision Blizzard Inc. (ATVI) $25.44 +0.08%
Sigma-Aldrich Corp. (SIAL) $139.34 +0.00%
Nasdaq 100 - Fallers
Staples Inc. (SPLS) $15.86 -4.57%
NetApp Inc. (NTAP) $33.18 -3.97%
Alexion Pharmaceuticals Inc. (ALXN) $184.83 -3.19%
Vimpelcom Ltd Ads (VIP) $5.24 -2.96%
Keurig Green Mountain Inc (GMCR) $81.18 -2.70%
Garmin Ltd. (GRMN) $46.04 -2.53%
QUALCOMM Inc. (QCOM) $65.35 -2.44%
Wynn Resorts Ltd. (WYNN) $98.21 -2.04%
Sandisk Corp. (SNDK) $63.80 -1.98% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Greece, BT, Formula One Hopes over Greece were dashed on Wednesday night after Greek PM Alexis Tsirpas failed to reach a deal after seven hours of talks with creditors, writs the Financial Times. A senior Eurozone official said discussions produced "not much progress".
BT is asking Ofcom to let it scrap the traditional telephone network as it attempts to compete better with US internet companies such as Apple and Facebook, The Telegraph reports.
"The race is on to control Formula One after it emerged that an American-Qatari consortium had made an approach to buy a key 35.3% stake in the business from CVC, the private equity group," writes The Times.
Oil majors Shell and Eni have met officials in Tehran to discuss investing in Iran's energy industry, "the first time international oil groups have publicly confirmed such talks ahead of a possible nuclear deal with the west", writes the Financial Times.
Atom Bank, the UK's first digital-only bank, has been granted a banking licence and will be available through an online app, writes The Times.
The government is preparing the sell a stake in the Green Investment Bank worth £1.4bn to be used to pay off government debt, writes The Guardian.
WeWork, the New York-based provider of shared office space, has been valued at $10bn, just six months after being valued at $5bn, according to The Wall Street Journal.
The government is expected to admit that it has missed its targets in the £38.5bn five-year investment plan for Network Rail due to dramatic spending increases for projects, according to The Guardian. | | |
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