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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: European bond yields keep rising, stocks down Stocks began the morning moving lower amid mixed reports regarding the progress made at a meeting between Greek Prime Minister Alexis Tsipras and the head of the European Commission, Jean Claude Juncker. As of 08:55 the FTSE 100 was lower by 87.36 points to 6,863.10.
A large drop in Chinese stocks and residual jitters following Wednesday's bout of volatility and selling in sovereign bond markets also featured prominently in analysts' comments on Thursday morning.
After Wednesday night's meeting, Tsipras reportedly said that both sides were now "very close" on the issue of the primary deficit targets which will be asked of Athens.
Then again, differences on pensions do remain, as some analysts pointed out. The talks were set to continue today and markets' focus to turn to Friday's looming payment of €304m to the International Monetary Fund.
On Wednesday, Dutch and French 10-year bond yields jumped by 16 and 15 basis points, respectively, even as those on Greek debt of similar maturity ended the session 62 basis points tighter.
In his press conference following Wednesday's meeting of the European Central Bank's governing council Mario Draghi said investors would have to get used to higher volatility in bond markets.
As of 09:30 the yield on the 10-year benchmark German bund was nine basis points higher at 0.97%, having started the day at their highest since October 2014.
According to Sky News, there have been reports of heavy withdrawals from ATMs in Athens in recent days.
Thursday's economic agenda was rather light, with only the latest US weekly unemployment claims data holding the potential to move markets, while the meeting of the Bank of England's Monetary Policy Committee was expected to be a non-event.
Shanghai's benchmark stockmarket index ended the session 0.76% higher at 4,947.1 after dipping 3% at one point during the session.
The UK Halifax house price index slipped by 0.1% month-on-month in May, coming in well below the 0.2% rise forecast by economists.
easyJet leads gains on Footsie
Low-cost airline easyJet said it carried nearly 6.5m passengers last month, up 7.2% from 6.05m in May 2014. The load factor, which is a gauge of how many seats were actually occupied by passengers on flights, rose 2.2 percentage points to 91.6% from May 2014.
Petrofac successfully extended and amended a syndicated revolving five-year credit facility. The size of the funding facility was maintained by lenders at $1.2bn and would run to 2020, with the oil explorer being granted the option to extend it twice, for an additional year each time - if its creditors consent.
Sports Direct International promoted Matt Pearson to acting chief financial officer following the departure of its previous CFO 18 months ago. "The odd thing is that his role is still said to be on an interim basis, implying that the search for a permanent FD goes on..." independent retail analyst Nick Bubb said in.
Medical technology group Smith&Nephew chose to remove one of its hip devices from the market, based on recent performance data. Analysis of the component, which is part of its Birmingham Hip Resurfacing System, shows that revision rates associated with men requiring a particular size, and with all women patients, exceed the current benchmark established by the UK National Institute for Health and Care Excellence (NICE).
Platinum and palladium refiner Johnson Matthey posted a 22% rise in fiscal 2015 pre-tax profit to £495.8m, boosted by the £69.7m sale of the Gold and Silver Refining business in March 2015. |
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| | Market Movers
techMARK 3,260.73 -1.13%
FTSE 100 6,846.50 -1.50%
FTSE 250 18,063.43 -1.10%
FTSE 100 - Risers
easyJet (EZJ) 1,601.00p +1.20%
Kingfisher (KGF) 372.00p +1.06%
Babcock International Group (BAB) 1,139.00p +0.26%
FTSE 100 - Fallers
National Grid (NG.) 869.00p -5.08%
Johnson Matthey (JMAT) 3,390.00p -3.58%
WPP (WPP) 1,506.00p -3.40%
Anglo American (AAL) 1,015.00p -3.15%
BHP Billiton (BLT) 1,329.00p -2.78%
Glencore (GLEN) 281.00p -2.77%
CRH (CRH) 1,804.00p -2.64%
International Consolidated Airlines Group SA (CDI) (IAG) 529.50p -2.58%
Randgold Resources Ltd. (RRS) 4,635.00p -2.46%
Fresnillo (FRES) 729.50p -2.28%
FTSE 250 - Risers
Ladbrokes (LAD) 124.60p +1.88%
Barr (A.G.) (BAG) 620.50p +0.81%
PayPoint (PAY) 1,032.00p +0.78%
JD Sports Fashion (JD.) 655.00p +0.77%
Dairy Crest Group (DCG) 531.00p +0.76%
Infinis Energy (INFI) 187.80p +0.70%
Just Retirement Group (JRG) 175.40p +0.52%
Clarkson (CKN) 2,491.00p +0.52%
Cranswick (CWK) 1,608.00p +0.50%
Allied Minds (ALM) 614.00p +0.49%
FTSE 250 - Fallers
Moneysupermarket.com Group (MONY) 277.40p -9.38%
Zoopla Property Group (WI) (ZPLA) 254.00p -7.50%
Vedanta Resources (VED) 558.00p -4.62%
Bank of Georgia Holdings (BGEO) 1,872.00p -4.25%
Foxtons Group (FOXT) 257.40p -3.81%
Laird (LRD) 395.80p -3.35%
Synthomer (SYNT) 338.10p -3.32%
Lonmin (LMI) 139.90p -2.98%
Perpetual Income & Growth Inv Trust (PLI) 416.00p -2.83%
SSP Group (SSPG) 291.50p -2.77%
FTSE TechMARK - Risers
Torotrak (TRK) 8.30p +2.15%
XP Power Ltd. (DI) (XPP) 1,631.01p +1.81%
Dialight (DIA) 751.00p +1.08%
KCOM Group (KCOM) 96.75p +1.04%
NCC Group (NCC) 213.75p +0.83%
Ricardo (RCDO) 952.00p +0.63%
Oxford Biomedica (OXB) 9.85p +0.51%
Vectura Group (VEC) 180.25p +0.14%
Oxford Instruments (OXIG) 1,081.00p +0.09%
FTSE TechMARK - Fallers
SDL (SDL) 416.25p -1.01%
Innovation Group (TIG) 29.75p -0.83%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 195.28 -0.75%
Anite (AIE) 104.00p -0.72%
Skyepharma (SKP) 286.75p -0.69%
Spirent Communications (SPT) 90.25p -0.55%
Gresham Computing (GHT) 106.00p -0.47%
Sepura (SEPU) 161.00p -0.46%
E2V Technologies (E2V) 260.25p -0.19% |
| | UK Event Calendar | | Thursday 04 June
INTERIM EX-DIVIDEND DATE
A&J Mucklow Group, Artemis VCT, Associated British Foods, Blackrock Frontiers Investment Trust, Brewin Dolphin Holdings, Cardiff Property, Character Group, Daily Mail and General Trust A (Non.V), Debenhams, Electra Private Equity, Grainger, Greencore Group, Income & Growth VCT , Jelf Group, Jersey Electricity 'A' Shares, Renew Holdings, Schroder UK Mid Cap Fund, SSP Group , Urban&Civic
QUARTERLY EX-DIVIDEND DATE
Albion Technology & General VCT, Bank of America Corp., Duet Real Estate Finance Ltd, SQN Asset Finance Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
PMI Construction (GER) (08:30)
PMI Retail (EU) (09:10)
PMI Retail (GER) (09:10)
Productivity (US) (13:30)
GMS
Pittards
FINALS
John Laing Environmental Assets Group Limited , Johnson Matthey, Vianet Group, VP, Wincanton
ANNUAL REPORT
3i Infrastructure
SPECIAL EX-DIVIDEND PAYMENT DATE
Alliance Trust, Artemis VCT, Elderstreet VCT, Helios Underwriting, Perpetual Income & Growth Inv Trust, Synthomer, United Carpets Group
AGMS
Air Partner, Albion Development VCT, Albion Development VCT 'D' Shares, Augean, Camellia, Chariot Oil & Gas Ltd., Fidelity Japanese Values, G4S, Gaming Realms, John Lewis 5% 1st Cumulative Preference Stk 1, Lewis Php.5%Pf 5% Cum Prf Stk #1, Litebulb Group Ltd, Michael Page International, Morrison (Wm) Supermarkets, NB Distressed Debt Investment Fund Limited
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
New Car Registrations (09:00)
FINAL DIVIDEND PAYMENT DATE
Legal & General Group, Macfarlane Group, Trinity Mirror, TT Electronics
FINAL EX-DIVIDEND DATE
Aberdeen New Thai Inv Trust, Augean, Bank of Georgia Holdings, Billington Holdings, Bioquell, Brammer, Capital Gearing Trust, Cdialogues , Christie Group, Flowtech Fluidpower, Galasys, Gamma Communications, Headlam Group, Helios Underwriting, Inspired Energy, Irish Continental Group Units, Jiasen International Holdings Ltd, JPMorgan Euro Small Co. Trust, Keywords Studios, Laird, London & Associated Properties, Marshalls, Mckay Securities, Moss Bros Group, National Grid, Nostrum Oil & Gas , Octopus VCT 2, Pace, Powerflute Oyj (DI), Proven Planned Exit VCT, Rotala, Saga , Slingsby H.C, Spire Healthcare Group, Staffline Group, Synthomer, WPP
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push lower amid Greek uncertainty, while German Bunds extend selloff European stocks fell Thursday as another round of talks between Greece and its creditors failed to yield anything substantial. By 0900 BST, the benchmark Stoxx Europe 600 index was down 1%, Germany's DAX was 1.1% weaker and France's CAC 40 was off 1.5%.
At the same time, yields on the German 10-year Bund hit 2015 highs, extending the selloff that began on Thursday after European Central Bank President Mario Draghi said that bond markets should get used to volatility.
In a final deal presented to Athens on Wednesday, Greece's creditors stuck to a hard line but made some concessions in a bid to end the deadlock in negotiations.
However, after his meeting with European Commission President Jean-Claude Juncker late on Wednesday, Greek Prime Minister Alexis Tsipras rebuffed the deal and said that the only realistic proposal was the one put forward by Greece.
Greece is believed to have enough cash to make the €300m payment due to the International Monetary Fund on Friday, but its total repayments for June amount to around €1.25bn.
"Markets have opened sharply lower as debt talks continue between Greece and EU finance ministers," said Andy McLevey, head of dealing at Interactive Investor. "Until any agreement can be confirmed and concerns remaining over the growth of the global economy preying on sentiment, cautious investors are heading to the sidelines as the volatility of late is set to continue," he said.
Despite the downbeat tone, there were a few bright spots on the corporate front.
Deutsche Telekom AG rose amid media reports that T-Mobile US, which is owned by the German company, is in merger talks with Dish Network Corp.
Syngenta was also on the front foot after reports that BASF is considering a bid for the company.
On the downside, though, Johnson Matthey dropped nearly 4% in London after posting a better-than-expected rise in 2015 pre-tax profit, with the figures flattered by a gain of £69.7m from the company's sale of the Gold and Silver Refining business in March 2015.
Ladbrokes was in the black, however, up 2.5% following an upgrade by Peel Hunt.
There are no Eurozone data releases of note due, but in the US, non-farm productivity and initial jobless claims will be eyed at 1330 BST. |
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| | US Market Report | | US close: Stocks edge higher after trade deficit data and private sector payroll US stocks edged higher on Wednesday, as investors digested a series of economic reports, including figures on private-sector hiring and trade-deficit data. The Dow Jones Industrial Average closed up 64.33 points to 18,076.27, while the S&P 500 and the Nasdaq gained five and 11 points respectively.
Trade deficit shrinks
The US labour market performed just as expected in May, according to a widely followed survey.
America's private sector generated 201,000 jobs in May, slightly above the 200,000 estimated by economists, payroll consultant ADP said.
"We would caution against putting any weight at all on the ADP survey," said Paul Ashworth, chief US economist at Capital Economics.
"It is mostly just a backward-looking indicator that is driven by what happened to the official non-farm payroll figures the month before."
The US trade deficit fell 19.2% in April after reaching a seven-year high in the previous month to reach -$40.9bn, down from the prior month's reading of -$44bn, according to the Department of Commerce.
"Net exports would add about 0.5% points to overall GDP growth which, along with the massive spike in motor vehicle sales in May, is why we still think that second-quarter gross domestic product growth will be close to 3.0%," Ashworth added.
The ISM services index declined 2.1% month-on-month to 55.7% in May, falling short of the 57% reading analysts had expected, although it remained well above the 50% mark that indicates expansion.
Meanwhile, the employment index dropped 1.4% from April to 55.3%.
The Federal Reserve's Beige Book, which contains an assessment of economic conditions from the 12 Federal Reserve districts through May 22, reported that economic growth was "modest to moderate" across most regions.
ECB decision sparks euro rally
Elsewhere, the European Central Bank left interest rates unchanged as expected but delivered an optimistic assessment of the effect of its quantitative easing programme.
As a result, the euro rallied against the dollar, which lost 1.09% against the European currency. However, the greenback edged 0.04% higher against the pound and 0.15% higher against the yen, while gold futures slid 0.71% to $1,185.90.
Oil prices tumbled after the American Petroleum Institute reported an unexpected 1.8m barrel increase in US oil stocks for last week late on Tuesday.
West Texas Intermediate and Brent both lost 2.6% to $59.66 and $63.83 a barrel respectively.
In company news, Delta Air Lines gained 0.09%, despite guiding lower for second quarter earnings, as it blamed lower than expected revenue from domestic business customers.
Restaurant chain Wendy's Company climbed 3.33% after the company announced a $1.4bn buyback programme and confirmed it had completed the sale of its bakery operations.
Discount voucher company Groupon rose 1.99% despite revealing its chief financial officer was leaving the company and that it added $200m to stock repurchase programme.
Going the other way, women's accessories designer and producer Vera Bradley plunged 14% after swinging to a first quarter loss and cutting its outlook for the remainder of the year.
S&P 500 - Risers
CH Robinson Worldwide Inc (CHRW) $64.61 +4.82%
Frontier Communications Co. (FTR) $5.38 +4.26%
Urban Outfitters Inc. (URBN) $35.99 +3.91%
Expeditors International Of Washington Inc. (EXPD) $48.32 +3.89%
Viacom Inc. Class B (VIAB) $68.21 +3.22%
PVH Corp. (PVH) $115.43 +2.98%
Brown Forman Corp. Class B (BF.B) $96.75 +2.54%
Precision Castparts Corp. (PCP) $218.23 +2.52%
Facebook Inc. (FB) $82.44 +2.48%
American International Group Inc. (AIG) $61.11 +2.40%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $3.27 -5.22%
Chesapeake Energy Corp. (CHK) $13.56 -3.49%
Diamond Offshore Drilling Inc. (DO) $30.28 -3.41%
Newfield Exploration Co (NFX) $36.26 -2.97%
Freeport-McMoRan Inc (FCX) $19.87 -2.88%
Ventas Inc. (VTR) $64.80 -2.85%
Micron Technology Inc. (MU) $27.06 -2.63%
Williams Companies Inc. (WMB) $49.91 -2.60%
Equity Residential (EQR) $71.91 -2.55%
General Growth Properties Inc. (GGP) $27.55 -2.41%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $113.16 +1.41%
JP Morgan Chase & Co. (JPM) $66.70 +1.03%
United Technologies Corp. (UTX) $118.51 +1.00%
Goldman Sachs Group Inc. (GS) $208.29 +0.90%
American Express Co. (AXP) $80.60 +0.76%
General Electric Co. (GE) $27.53 +0.73%
3M Co. (MMM) $160.16 +0.68%
Travelers Company Inc. (TRV) $101.01 +0.68%
Unitedhealth Group Inc. (UNH) $118.35 +0.51%
Wal-Mart Stores Inc. (WMT) $74.89 +0.48%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $32.73 -1.62%
Chevron Corp. (CVX) $102.17 -0.40%
Coca-Cola Co. (KO) $40.87 -0.29%
Pfizer Inc. (PFE) $34.41 -0.23%
Exxon Mobil Corp. (XOM) $84.95 -0.22%
Microsoft Corp. (MSFT) $46.85 -0.15%
Visa Inc. (V) $68.95 -0.13%
Verizon Communications Inc. (VZ) $49.08 -0.12%
Nasdaq 100 - Risers
CH Robinson Worldwide Inc (CHRW) $64.61 +4.82%
Expeditors International Of Washington Inc. (EXPD) $48.32 +3.89%
Viacom Inc. Class B (VIAB) $68.21 +3.22%
Liberty Interactive Corp (QVCA) $28.65 +2.54%
Facebook Inc. (FB) $82.44 +2.48%
Wynn Resorts Ltd. (WYNN) $102.05 +1.99%
Tractor Supply Company (TSCO) $90.25 +1.89%
Liberty Media Corporation - Class A (LMCA) $38.96 +1.83%
Verisk Analytics Inc. (VRSK) $74.18 +1.83%
Illumina Inc. (ILMN) $208.91 +1.81%
Nasdaq 100 - Fallers
Charter Communications Inc. (CHTR) $171.24 -2.88%
Micron Technology Inc. (MU) $27.06 -2.63%
Nxp Semiconductors Nv (NXPI) $108.23 -2.17%
Liberty Global plc Series A (LBTYA) $55.82 -2.09%
TripAdvisor Inc. (TRIP) $75.07 -1.64%
Intel Corp. (INTC) $32.73 -1.62%
Alexion Pharmaceuticals Inc. (ALXN) $161.53 -1.45%
Dish Network Corp. (DISH) $70.81 -1.24%
KLA-Tencor Corp. (KLAC) $58.64 -1.20% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Osborne, Greece, John Lewis Pressure mounted on George Osborne yesterday to ease back on the pace of austerity when an international organisation that has consistently supported the chancellors' overall fiscal plan joined those warning that the size of the state was being slashed too fast. The Organisation for Economic Cooperation and Development, a Paris-based think-tank, urged Mr Osborne to smooth the path of cuts to avoid imperiling the recovery. - Financial Times Greece has threatened to default on its debts if the Eurozone and International Monetary Fund try to impose austerity measures in return for loans the country needs if it is to avoid bankruptcy in the coming days. Alexis Tsipras, the prime minister, was summoned to Brussels last night to be told that his proposals, delivered on Monday and intended to lead to the unlocking of €7.2 billion in aid, had been rejected. - The Times
John Lewis has dropped PricewaterhouseCoopers as its auditor after 20 years as the chain of department stores falls into line with new standards requiring broader competition in accounting oversight. The retail partnership, which owns Waitrose food stores in addition to its John Lewis outlets, has selected KPMG for the role, in line with a newly adopted policy of putting its audit out to tender every five years. - The Times
The French and German economy ministers have called for a strengthened Eurozone with a common budgetary mechanism and tools to avoid the kind of debt problems Greece is suffering. "It's time to strengthen the Eurozone by way of the EU's biggest reform," Emmanuel Macron and his German counterpart Sigmar Gabriel said in a joint statement in France's Le Figaro, The Guardian, Germany's Die Welt, Spain's El Pais and other European dailies. - The Daily Telegraph
Women run just two per cent of fund management assets in the US and are more likely to become doctors, lawyers or accountants than portfolio managers, says a report from research group Morningstar. It said women were "scarce" among US fund managers, prompting concern that investors were being harmed by the huge gender gap between make and female fund bosses. - Financial Times | | |
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