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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: Traders watching Greece, US jobs UK stocks started the morning on the back foot after Greece missed the €300m payment it was due to make to the International Monetary Fund (IMF). As of 09:36 the FTSE 100 was falling by 53.64 points to 6,805.24.
Instead, the troubled country has decided to pay its outstanding debt in one payment at the end of the month. Greek leaders continue to be locked in talks to reach an agreement on the terms of a deal that would unlock the last tranche of its bailout deal.
That comes ahead of the release of the latest US non-farm payrolls figures which are due to be are unveiled in the afternoon, as investors Stateside look for clues over the timing of the first rate hike by the Federal Reserve.
Economists estimate the US economy added 227,000 jobs in May compared to 223,000 in April. If their forecasts for more growth in jobs are met, it may help to cement expectations the Federal Reserve will start raising interest rates come September.
"Despite the bearish trading atmosphere as regards indices, the hammering the dollar is getting has helped the US futures hold back more excessive losses," said Connor Campbell, financial analyst at Spreadex.
"It will be interesting to see how this situation manifests itself once the latest jobless claims and revised non-farm productivity data are released.
"Another high figure in the former should extend the dollar declines and therefore, in theory, push the Dow into the green."
The unemployment rate is estimated to hold at 5.4% in May.
In company news, Lloyds Banking Group has been fined £117m by the Financial Conduct Authority for mishandling compensation payouts for mis-sold payment protection insurance. The bank said that it will reduce bonuses paid to staff by around £30m as a result.
Bellway said in an interim management statement that a strong trading performance was expected to result in the full year operating margin increasing by around 300 bps to over 20%, up from 17.2% in 2014. Exceptional profit will total £6.9m thanks to the disposal of the company's entire portfolio of shared equity assets for £32.5m. Its forward sales position was "strong", it said, with growth of 22% in the value of the forward order book to £1,270m.
Retailer Halfords reported group revenues of £1,004.9m, reaching its one billion pound target a year ahead of schedule, thanks in part to strong online retail sales. Earnings per share climbed 13.8%, net debt was reduced to £61.8m and the proposed full-year dividend per share was raised 15.4% to 16.5p.
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| | Market Movers
techMARK 3,236.46 -0.97%
FTSE 100 6,798.57 -0.88%
FTSE 250 17,949.05 -0.78%
FTSE 100 - Risers
Anglo American (AAL) 1,013.00p +0.80%
FTSE 100 - Fallers
Morrison (Wm) Supermarkets (MRW) 174.00p -2.41%
Vodafone Group (VOD) 242.75p -2.16%
Hikma Pharmaceuticals (HIK) 2,012.00p -2.14%
Taylor Wimpey (TW.) 184.90p -1.91%
Barratt Developments (BDEV) 594.00p -1.74%
Dixons Carphone (DC.) 468.90p -1.72%
Whitbread (WTB) 4,962.00p -1.65%
Schroders (SDR) 3,287.00p -1.62%
Marks & Spencer Group (MKS) 569.50p -1.56%
Prudential (PRU) 1,584.00p -1.55%
FTSE 250 - Risers
Allied Minds (ALM) 609.00p +1.67%
Jardine Lloyd Thompson Group (JLT) 1,037.00p +1.67%
Poundland Group (PLND) 300.60p +1.55%
Fidelity European Values (FEV) 187.00p +1.30%
Premier Farnell (PFL) 193.50p +1.10%
Euromoney Institutional Investor (ERM) 1,188.00p +1.02%
Halfords Group (HFD) 489.10p +0.95%
BlackRock World Mining Trust (BRWM) 307.40p +0.92%
Barr (A.G.) (BAG) 613.00p +0.91%
CLS Holdings (CLI) 1,997.00p +0.86%
FTSE 250 - Fallers
Betfair Group (BET) 2,527.00p -4.46%
BTG (BTG) 687.00p -2.90%
Vedanta Resources (VED) 540.50p -2.26%
Tullow Oil (TLW) 372.80p -2.15%
Rightmove (RMV) 3,226.00p -1.92%
IG Group Holdings (IGG) 772.00p -1.91%
Vesuvius (VSVS) 416.10p -1.86%
Bellway (BWY) 2,325.00p -1.82%
Premier Oil (PMO) 162.80p -1.81% |
| | UK Event Calendar | | Friday 05 June
INTERIM DIVIDEND PAYMENT DATE
Card Factory, James Halstead
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Factory Orders (GER) (11:00)
Non-Farm Payrolls (US) (13:30)
Unemployment Rate (US) (13:30)
FINALS
Halfords Group, KCOM Group
ANNUAL REPORT
National Grid, Northern 3 VCT, Prime People
SPECIAL DIVIDEND PAYMENT DATE
Octopus AIM VCT 2
AGMS
Cathay International Holdings Ltd., EU Supply, Global Fixed Income Realisation Limited, IG Seismic Services GDR (Reg S), M. P. Evans Group, Mail.ru Group Ltd GDR (Reg S), MD Medical Group Investments GDR (Reg S), OJSC Novolipetsk Steel GDS (Reg S), TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S), Volga Gas
TRADING ANNOUNCEMENTS
Alpha Pyrenees Trust Ltd., Halfords Group
FINAL DIVIDEND PAYMENT DATE
Barr (A.G.), Burford Capital , Card Factory, Clarkson, Exova Group , Goals Soccer Centres, H&T Group, Highcroft Investment, Intertek Group, Invesco Perpetual UK Small Companies Inv Trust, Konami Corp., Learning Technologies Group , Lookers, Maven Income & Growth 3 VCT, Maven Income & Growth 4 VCT, Maven Income and Growth VCT 5, Merlin Entertainments , Neptune-Calculus Income & Growth VCT, Ocean Wilsons Holdings Ltd., Octopus AIM VCT 2, OneSavings Bank, Playtech, Porvair, Rightmove, SDL, SThree, William Hill |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks fall after Greece debt delay and ahead of payrolls European stocks fell on Friday, along with German government bonds, following news that Greece has delayed its €300m debt payment to the International Monetary Fund and amid caution ahead of the all-important US non-farm payrolls data. Greece has decided to pay its debt in one payment at the end of the month.
"This partly allows Greece to continue negotiating with its creditors for a few more weeks to try and get what it believes is an acceptable deal while paying workers and pensions, but it also appears to be politically driven," said Craig Erlam, senior market analyst at Oanda.
"Greece is sending a message that it will not tolerate this any more and creditors need to come to the negotiating table with a credible plan, having already stated that their proposal is the only realistic one," he added.
By 0900 BST, the benchmark Stoxx 600 index and Germany's DAX were down 0.9%, and France's CAC 40 was off 1%. Greece's ASE Composite suffered the heaviest losses, down 3% at 802.25.
Losses in Europe were across the board, with the Stoxx Europe 600 telecoms and financial services indexes both down 1.2%, while the indexes for technology and autos were down 1.1%.
At the same time, the yield on the 10-year German Bund was up 6 basis points at 0.896%, wider on the day but off weekly highs.
In currency markets, the euro was up against the dollar, trading at $1.1272.
Investors were also cautious ahead of the release of nonfarm payrolls figures in the US, particularly after the IMF said yesterday that the Federal Reserve should hold fire on raising rates until 2016.
"Expectations for today's May payrolls is for 226,000 new jobs, a slight increase in April's 223,000, with the unemployment rate set to remain unchanged at 5.4%, though this week's weak ISM services employment components could see this number come in short, said Michael Hewson, chief market strategist at CMC Markets.
In London, Vodafone shares were down 0.8% after the company confirmed that it is in talks with Liberty Global over a possible swap of selected assets. However, it denied media reports that the two were discussing a merger.
Meanwhile, Lloyds Banking Group was in focus on news that it has been fined £117m by the Financial Conduct Authority for mishandling compensation payouts for mis-sold payment protection insurance. |
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| | US Market Report | | US close: stocks lower as IMF pushes for postponed rate hike US stocks closed in the red on Thursday, as the International Monetary Fund (IMF) pushed for the Federal Reserve to hold back on an interest-rate hike until 2016. The IMF argued that raising rate hikes too quickly could stunt economic recovery, calling for the hike to be pushed back to 2016.
However, Karyn Cavanaugh, senior market strategist at Voya Investment Management said such a move was unlikely. "Overwhelmingly the data is better than it was in the first quarter, and it's pointing to a strengthening economy. It's going to be hard for the Fed to justify not raising interest rates in September," she said.
At close, the Dow Jones Industrial Average was down 171.73 points, while the S&P 500 and the Nasdaq fell 17.74 and 40.11 points, respectively. The levels were the lowest from the Dow and the S&P in almost a month.
The number of Americans claiming unemployment benefits in the week to the end of May remained close to a 15-year low. US initial jobless claims fell to 282,000 in the week to 30 May from 284,000 the previous week, slightly higher than the 278,000 claims analysts had forecast.
Meanwhile, US labour productivity in the first three months of the year fell at a downwardly revised annual pace of 3.1%, figures released on Thursday by the Bureau of Labor Statistics showed.
Government statisticians initially estimated that US workers' productivity declined by 1.9% in the first quarter and the revision was slightly higher than the 3% drop analysts had expected.
In company news, J.M. Smucher was in the red after reporting earning that fell short of expectations.
Satellite-TV provider Dish Network surged on reports indicating it was in talks to merge with wireless carrier T-Mobile US, which was also boosted.
Five Below Inc soared after reporting late Wednesday that first quarter earnings rose to $4.28m, or 8 cents per share, from $3.06m, or 6 cents per year, a year earlier.
Wynn Resorts rallied to the top of the S&P 500 after Seeking Alpha reported that analysts at Credit Suisse found signs of improvement in Macau casino traffic.
Wendy's was hit by a downgrade to 'neutral' from 'outperform' and a price target cut to $12 from $13 by Wedbush Securities.
Michaels Cos registered losses after posting disappointing first-quarter profits, although sales increased 2.4%.
Asian markets closed mixed after a turbulent session, with the Shanghai Composite Index rebounding from a 5% loss to end on a 0.8% gain.
Oil futures dipped ahead of OPEC's highly anticipated meeting on Friday. Oil futures were also lower, while the dollar fell against the euro and the pound, but gained against the yen.
S&P 500 - Risers
Wynn Resorts Ltd. (WYNN) $109.44 +7.24%
Mylan Inc. (MYL) $74.29 +2.62%
American Tower Corp (Reit) (AMT) $94.67 +2.15%
Crown Castle International (CCI) $83.67 +2.07%
Laboratory Corporation of America Holdings (LH) $119.73 +2.01%
NetApp Inc. (NTAP) $33.87 +1.86%
Nvidia Corp. (NVDA) $22.09 +1.80%
Brown Forman Corp. Class B (BF.B) $98.46 +1.77%
Newmont Mining Corp. (NEM) $26.80 +1.59%
L Brands Inc (LB) $87.17 +1.17%
S&P 500 - Fallers
Frontier Communications Co. (FTR) $5.00 -7.06%
Windstream Holdings Inc (WIN) $7.72 -4.10%
Chesapeake Energy Corp. (CHK) $13.04 -3.83%
J. M. Smucker Co. (SJM) $113.75 -3.76%
Precision Castparts Corp. (PCP) $210.28 -3.64%
Denbury Resources Inc. (DNR) $7.02 -3.44%
Peabody Energy Corp. (BTU) $3.16 -3.36%
LyondellBasell Industries (LYB) $99.48 -3.21%
Quanta Services Inc. (PWR) $29.18 -2.96%
Dover Corp. (DOV) $73.68 -2.80%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $208.87 +0.28%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $69.69 -2.22%
Verizon Communications Inc. (VZ) $48.10 -2.00%
Boeing Co. (BA) $141.19 -1.82%
Cisco Systems Inc. (CSCO) $28.61 -1.65%
American Express Co. (AXP) $79.36 -1.54%
Merck & Co. Inc. (MRK) $59.47 -1.52%
Home Depot Inc. (HD) $111.46 -1.50%
Unitedhealth Group Inc. (UNH) $116.65 -1.44%
Intel Corp. (INTC) $32.31 -1.28%
United Technologies Corp. (UTX) $117.14 -1.16%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $109.44 +7.24%
Dish Network Corp. (DISH) $74.25 +4.86%
Sba Communications Corp. (SBAC) $118.10 +3.41%
Mylan Inc. (MYL) $74.29 +2.62%
NetApp Inc. (NTAP) $33.87 +1.86%
Nvidia Corp. (NVDA) $22.09 +1.80%
Monster Beverage Corp (MNST) $127.18 +0.96%
Regeneron Pharmaceuticals Inc. (REGN) $518.62 +0.86%
eBay Inc. (EBAY) $62.49 +0.77%
Catamaran Corp (CTRX) $60.25 +0.69%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $5.97 -6.28%
Western Digital Corp. (WDC) $95.40 -2.79%
KLA-Tencor Corp. (KLAC) $57.25 -2.37%
Tractor Supply Company (TSCO) $88.19 -2.28%
Autodesk Inc. (ADSK) $53.73 -2.20%
Liberty Global plc Series A (LBTYA) $54.60 -2.19%
Seagate Technology Plc (STX) $54.54 -2.02%
CH Robinson Worldwide Inc (CHRW) $63.35 -1.97%
Cognizant Technology Solutions Corp. (CTSH) $64.47 -1.87% |
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| | Newspaper Round Up | | Friday newspaper round-up: Osborne, Economic growth, Lloyds George Osborne will miss his deficit-reduction target by more than a year, the British Chambers of Commerce has warned, as it cut its UK growth forecast for 2015. In its second economic update this year, the business group said that the chancellor would need to extend his austerity programme "at least until the end of the decade" to move the budget into surplus as tax receipts remained weak. - The Times The British Chambers of Commerce (BCC) today scaled back its economic growth forecast, dealing a fresh blow to hopes for a sustainable UK recovery. The downgrade for 2015 GDP expansion to 2.3 per cent from 2.7 per cent comes just days after data showed Britain's key services sector suffered its sharpest slowdown in growth for nearly four years in May. - Scotsman
Lloyds is reportedly due to be fined a record sum for mis-handling PPI complaints, as the bill for the scandal continues to rise.The fine, said to be more than £100m, would be the latest blow to the bank, which has already paid billions to settle mis-selling claims, and could open the door for thousands of historic cases being reopened. - The Daily Telegraph
Building companies are "hoarding" sites for 300,000 homes and delaying the completion of estates to keep prices high, a report by the Campaign to Protect Rural England suggests. The report says the companies claim to be concerned about the shortage of new homes but they are "drip feeding" the market, often taking more than five years to complete a development. - The Times | | |
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