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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 as Greece enters crunch talks over debt deal UK stock markets fell on Friday morning after the collapse of Greek debt talks at the Eurogroup meeting the previous day. The FTSE 100 was down 0.72% at 6,758.47 in early trading, as gains in the supermarket sector were offset by weakness among miners as investors scaled back their appetite for riskier assets.
Greece's international creditors have given the government a weekend deadline to come to a debt deal or risk defaulting on its €1.6bn repayment due to the IMF on 30 June.
After failing to reach an agreement on Thursday, German Chancellor Angela Merkel said another Eurogroup meeting on Saturday would be decisive for finding a solution for the Greek crisis, adding that an agreement must be reached before markets open on Monday morning. This would mark the fifth Eurogroup meeting in nine days.
Eurogroup chairman Jeroen Dijsselbloem said that the door was still "open" for Greece to come with new proposals "or accept what is on the table".
"With talks collapsing yet again on Thursday, it is looking like the crunchiest of crunch weeks will have to extend into the weekend," said Spreadex analyst Connor Campbell.
Tesco rises, miners fall
Supermarket chain Tesco gained after reporting that the ongoing slide in sales was slowing. UK like-for-like sales fell by 1.3% in the 13 weeks to 30 May, after 1.7% and 5.1% declines seen in the fourth and third quarters of the previous financial year.
Sector rivals Morrisons and Sainsbury's were also higher. However, just seven constituents on the FTSE 100 were in positive territory early on.
Mining stocks were out of favour as risk appetite faltered, with Glencore, BHP Billiton and Anglo American in the red.
Energy services outfit Wood Group declined after analysts at Beaufort Securities lowered their rating on the stock to 'hold', while sector peer Petrofac fell after being cut to 'sell' at Deutsche Bank. |
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| | Market Movers
techMARK 3,173.52 -0.59%
FTSE 100 6,758.47 -0.72%
FTSE 250 17,865.30 -0.44%
FTSE 100 - Risers
Tesco (TSCO) 224.90p +3.28%
Sainsbury (J) (SBRY) 280.50p +2.22%
Morrison (Wm) Supermarkets (MRW) 184.80p +0.93%
Direct Line Insurance Group (DLG) 342.10p +0.26%
GlaxoSmithKline (GSK) 1,374.00p +0.22%
Inmarsat (ISAT) 939.00p +0.11%
BT Group (BT.A) 461.55p +0.08%
FTSE 100 - Fallers
ARM Holdings (ARM) 1,111.00p -3.22%
Glencore (GLEN) 268.90p -1.70%
Associated British Foods (ABF) 2,973.00p -1.69%
BHP Billiton (BLT) 1,315.00p -1.57%
SSE (SSE) 1,587.00p -1.55%
Anglo American (AAL) 980.00p -1.49%
WPP (WPP) 1,463.00p -1.48%
Persimmon (PSN) 1,988.00p -1.34%
Wolseley (WOS) 4,184.00p -1.32%
Aberdeen Asset Management (ADN) 410.00p -1.30%
FTSE 250 - Risers
PayPoint (PAY) 1,022.00p +2.20%
OneSavings Bank (OSB) 314.00p +2.11%
Euromoney Institutional Investor (ERM) 1,126.00p +1.72%
Telecom Plus (TEP) 945.00p +1.61%
Polar Capital Technology Trust (PCT) 597.00p +1.02%
Clarkson (CKN) 2,677.00p +0.98%
Cranswick (CWK) 1,600.00p +0.95%
UDG Healthcare Public Limited Company (UDG) 501.00p +0.95%
Aldermore Group (ALD) 303.80p +0.93%
Dechra Pharmaceuticals (DPH) 986.00p +0.87%
FTSE 250 - Fallers
Fidelity China Special Situations (FCSS) 152.80p -5.15%
Petrofac Ltd. (PFC) 945.00p -2.88%
Spire Healthcare Group (SPI) 340.70p -2.38%
Morgan Advanced Materials (MGAM) 327.80p -2.30%
QinetiQ Group (QQ.) 230.00p -2.09%
Wood Group (John) (WG.) 660.50p -2.00%
Genus (GNS) 1,445.00p -1.97%
Petra Diamonds Ltd.(DI) (PDL) 148.60p -1.91%
Diploma (DPLM) 805.00p -1.83% |
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| | UK Event Calendar | | Friday 26 June
INTERIM DIVIDEND PAYMENT DATE
Artemis VCT, Brewin Dolphin Holdings, British Empire Securities & General Trust, Character Group, Focusrite, Foresight 2 VCT Infrastructure Shares, Impax Asset Management Group, Jelf Group, Majedie Investments, Numis Corporation, Town Centre Securities, Urban&Civic
QUARTERLY PAYMENT DATE
Bank of America Corp., Duet Real Estate Finance Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
M3 Money Supply (EU) (09:00)
U. of Michigan Confidence (US) (14:55)
GMS
Alpha Bank GDR (Reg S) USD
ANNUAL REPORT
Castings, Inch Kenneth Kajang Rubber
SPECIAL DIVIDEND PAYMENT DATE
Artemis VCT, Perpetual Income & Growth Inv Trust
AGMS
Aberdeen New Thai Inv Trust, Boohoo.com, Castle Street Investments, Exillon Energy, Fastjet, Hummingbird Resources, Independent Oil & Gas , JSC Federal Grid Company of Unified Energy System GDR (REG S), JSC RusHydro GDR (Reg S), Lekoil Ltd (DI), OAO Gazprom Level 1 ADS, OAO Tatneft GDR (Reg S), Premier Veterinary Group , Press Corp. GDR (Reg S), Providence Resources, Symphony Environmental Technologies, Telit Communications, Tesco, Windar Photonics
TRADING ANNOUNCEMENTS
Berendsen
FINAL DIVIDEND PAYMENT DATE
British American Inv Trust, Dignity, Hilton Food Group, Keywords Studios, Maven Income & Growth 2 VCT, Mincon Group , Moss Bros Group, Nostrum Oil & Gas , Prime People, Proven Planned Exit VCT, Rotala, Safestay, Spectris, Weiss Korea Opportunity Fund Ltd
FINAL EX-DIVIDEND DATE
Zhejiang Expressway Co 'H' Shares |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall as weekend talks on Greece eyed; K+S rockets on Potash offer European stocks fell on Friday as investors looked to weekend negotiations between Greece and its creditors after the latest round of negotiations failed to yield an agreement just days before Athens is due to repay its €1.6bn debt to the International Monetary Fund. By 0910 BST, the benchmark Stoxx Europe 600 index was down 0.6%, Germany's Dax was off 0.4% and France's CAC 40 was 0.6% lower.
In the periphery, Greece's ASE Composite index was down 1%, Spain's IBEX 35 was down 0.5% and Italy's FTSE was 0.7% weaker.
Meanwhile, the euro was fairly steady against the greenback, at $1.1200.
German Chancellor Angela Merkel said to reporters in Brussels early on Friday: "Saturday has taken on a decisive significance, because time is short."
The International Monetary Fund said on Thursday that if Greece fails to make its debt repayment by the 30 June deadline, it will immediately be in arrears.
"While obstacles remain on the path to a Greek debt deal, investors are heading for the exits," said Mike McCudden, head of derivatives at Interactive Investor.
"If a deal is reached over the weekend the ensuing rally may well be short lived as any agreement will be nothing more than a stay of execution. Global growth concerns are forming a backdrop to current events and it won't be long until this comes to the fore," he added.
On the corporate front, shares in German potash producer K+S rocketed after it confirmed that it has received a takeover offer from rival Potash Corp.
In London, supermarket retailer Tesco rallied as its first-quarter sales fell less than analysts had expected.
On the downside, ARM Holdings slumped after Bernstein downgraded the stock to 'underperform' from 'market perform'. |
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| | US Market Report | | US close: Stocks edge lower as investors digest raft of economic data US stocks edged lower on Thursday, as investors assessed a bulk of economic data, including reports on the labour market and personal spending. The Dow Jones Industrial Average closed down 75.71 points at 17,890.36, while the S&P 500 and the Nasdaq lost six and 10 points respectively.
Thursday data
According to the Department of Labor, initial US weekly unemployment claims rose by 3,000 to reach 271,000, exceeding consensus of 265,000.
Meanwhile, personal income and spending increased by 0.5% and 0.9% month-on-month in May, according to the Bureau of Economic Analysis.
That came as wages and salaries jumped by an out-sized $37.1bn.
"The three-month-on-three-month annualised rate of inflation has accelerated from a low of only 0.6% in February to 1.6% in May," said Paul Ashworth, chief US economist at Capital Economics.
"In short, both the real activity and price data support a September rate hike."
The Markit Flash Composite PMI fell from 56.0 in May to 54.6 in June, a month which saw the slowest growth of factory output for close to a year-and-a-half.
"Flash PMI survey data signalling robust second quarter economic growth, strong employment gains and rising inflation add to pressure on the Fed to hike interest rates," said Chris Williamson, Markit's chief economist.
"But a slowdown in the pace of expansion in June may give the Fed a further pause for thought before hiking interest rates."
Greek woes rumble on
Elsewhere, European stocks ended a choppy day on a mixed note as the Greek debt saga continued to hog headlines, while Asian stocks fell, with the Shanghai Composite dropping over 3%.
"In all likelihood, creditors will leave it until the weekend or early next week to squeeze as much out of Greece as possible before risking the country defaulting on its debts," said Jasper Lawler, analyst at CMC Markets.
The dollar was stable against the euro but fell 0.23% and 0.19% against the pound and the yen respectively, while gold futures slid 0.06% to $1,172.20.
Oil prices fell, with West Texas Intermediate losing 1.04% to $59.65 a barrel, while Brent edged 0.36% lower to $63.26 a barrel.
In company news, business consulting firm Accenture climbed 1.75% after its third quarter sales and profits beat expectations, while the company also lifted its outlook for 2015.
IAC/InterActiveCorp jumped 5.09% after CNBC reported the media and Internet company was planning to announce an initial public offering of its online dating site Match.com
Going the other way, Netflix shed 2.12% after Citigroup downgraded the stock from 'buy' to 'neutral' on valuation concerns, while Societe Generale cited similar worries to explain its decision to cut the rating on the stock from 'buy' to 'sell'.
S&P 500 - Risers
Tenet Healthcare Corp. (THC) $56.21 +12.24%
Zoetis Inc (ZTS) $55.38 +11.41%
Humana Inc. (HUM) $197.37 +7.13%
Aetna Inc. (AET) $132.60 +3.99%
Eli Lilly and Company (LLY) $84.80 +3.09%
Monster Beverage Corp (MNST) $136.77 +2.87%
Unitedhealth Group Inc. (UNH) $122.33 +2.65%
CIGNA Corp. (CI) $169.77 +2.43%
PVH Corp. (PVH) $116.25 +2.25%
Mosaic Company (MOS) $46.21 +2.14%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $2.30 -7.26%
CenturyLink Inc. (CTL) $29.91 -6.18%
Windstream Holdings Inc (WIN) $7.01 -4.95%
Freeport-McMoRan Inc (FCX) $19.75 -3.96%
Joy Global Inc. (JOY) $37.41 -3.93%
Chesapeake Energy Corp. (CHK) $11.11 -3.81%
Transocean Ltd. (RIG) $16.00 -3.79%
Williams Companies Inc. (WMB) $55.25 -3.70%
Keurig Green Mountain Inc (GMCR) $78.30 -3.55%
Ensco Plc. (ESV) $21.78 -3.37%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $122.33 +2.65%
Walt Disney Co. (DIS) $114.45 +0.60%
Verizon Communications Inc. (VZ) $47.44 +0.32%
Intel Corp. (INTC) $32.00 +0.27%
Microsoft Corp. (MSFT) $45.66 +0.05%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $86.72 -1.64%
American Express Co. (AXP) $79.88 -1.07%
3M Co. (MMM) $155.92 -1.03%
Travelers Company Inc. (TRV) $97.81 -0.98%
Nike Inc. (NKE) $105.22 -0.94%
Chevron Corp. (CVX) $98.34 -0.94%
McDonald's Corp. (MCD) $95.79 -0.88%
Exxon Mobil Corp. (XOM) $83.94 -0.87%
General Electric Co. (GE) $27.04 -0.81%
Goldman Sachs Group Inc. (GS) $212.82 -0.75%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $136.77 +2.87%
Tesla Motors Inc (TSLA) $268.79 +1.37%
Cognizant Technology Solutions Corp. (CTSH) $63.70 +1.08%
Tractor Supply Company (TSCO) $92.70 +0.90%
Comcast Corp. (CMCSA) $60.88 +0.86%
Verisk Analytics Inc. (VRSK) $74.66 +0.77%
Nvidia Corp. (NVDA) $21.17 +0.76%
Starbucks Corp. (SBUX) $54.09 +0.71%
O'Reilly Automotive Inc. (ORLY) $231.75 +0.68%
Adobe Systems Inc. (ADBE) $83.96 +0.67%
Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $78.30 -3.55%
Seagate Technology Plc (STX) $50.69 -2.46%
Netflix Inc. (NFLX) $664.43 -2.09%
Western Digital Corp. (WDC) $85.95 -2.03%
CA Inc. (CA) $30.17 -1.61%
NetApp Inc. (NTAP) $32.65 -1.60%
Bed Bath & Beyond Inc. (BBBY) $69.23 -1.58%
Vimpelcom Ltd Ads (VIP) $5.16 -1.53%
Gilead Sciences Inc. (GILD) $120.23 -1.46% |
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| | Newspaper Round Up | | Friday newspaper round-up: Greece, Valeant makes offer for Zoetis, Tesco Greek bailout talks have been postponed until Saturday, giving Athens its "last chance to strike a deal or trigger a 'plan B' that would attempt to prevent a Greek default from damaging the rest of the Eurozone", reports the Financial Times.
Valeant Pharmaceuticals has reportedly made a preliminary approach to buy animal health outfit Zoetis, which was spun off from Pfizer in 2013, according to The Wall Street Journal. Poets had a market cap of nearly $25bn on Thursday.
Tesco boss Dave Lewis is to face shareholders for the first times at its AGM on Friday and is likely to warn that like-for-like sales at the supermarket are still declining by over 2% in the UK, according to The Telegraph.
House prices in Oxford have jumped £41,700 on average over the last year, nearly four times the growth seen across the wider UK and surpassing the £38,900 average increase in London, says The Telegraph.
NATO's supreme allied commander, General Philip Breedlove has said he sees evidence that Russia is "building an effective supply system to strengthen its ability to conduct military operations inside Ukraine", writes The Wall Street Journal.
Network Rail chairman Richard Parry-Jones is to step down and be replaced by London's transport commissioner Sir Peter Hendy after it was revealed that infrastructure and rail operator missed targets as costs spiralled, writes The Guardian.
Profits at McLaren Automotive more than tripled last year as the company boosted deliveries to customers by 18% to 1,649 cars, reports The Times.
Airbnb is close to securing $1.5bn in fundraising that would lift its valuation to $24bn, writes the Financial Times. | | |
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