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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: Greek worries continue to weigh on stocks UK shares started the morning lower amid continuing uncertainty around Greece's future and on the heels of mixed foreign trade numbers overnight from China.
As of 09:05 the Footsie was lower by 5.55 points to 6,799.02.
Over the weekend, Greek Prime Minister Alexis Tsipras faced accusations from the President of the European Commission that he has been distorting the proposals put forward by its international creditors.
Jean-Claude Juncker said that in order for the deal negotiations to continue, Tsipras would have to come up with some alternative proposals, saying his current terms are "absurd".
"The institutions have already come round to the idea of lower primary surpluses, but I don't see them budging on other key issues unless Greece comes up with a credible alternative," Erlam said.
China reported an almost record trade surplus of $59.5bn. Imports fell more quickly than expected by economists, dropping at a 17.6% year-on-year pace in May.
"The fall in commodity import volumes disappoint hopes that recent policy support measures would shore up import demand," Capital Economics said in a research note.
Elsewhere, revised data out from Japan revealed first quarter GDP grew significantly more than had been expected, with the economy growing by 1% in the first quarter, or 3.9% on an annualized basis, significantly ahead of expectations.
"The revision was mostly driven by higher capital spending which will be music to the ears of the government," said Oanda's senior market analyst Craig Erlam.
"Consumption was also higher, which may suggest that after a year of trauma following the sales tax hike, the consumer may finally be adjusting."
Diageo in billionaire's sights
3G Capital, which is owned by Brazilian billionaire Jorge Paulo Lemann, is reportedly considering a takeover bid for Diageo.
However, Shore Capital was sceptical that a bid would materialise.
The broker said: "While Diageo looks less expensive in the short - term than say SABMiller, which, in our view, would be the other likely bid candidate for 3G, we believe the latter's cost synergy potential and stronger top-line growth prospects along with its recent share price decline would offer the greater attraction assuming it is not too busy still working through the Kraft/ Heinz deal."
In company news, power giant Drax gave a trading update in which it said that while market conditions continued to be challenging, with weak gas markets resulting in the continuation of weak power prices, its expectations for the full year remain unchanged. It continued to experience a strong contracted position and reported a good operational performance by its generating units.
On the AIM, construction services group ISG announced the £335,000m acquisition of an additional 49% stake in ACE, its Brazilian fit out partner, taking its interest 69%.
Sigma entered into an exclusivity agreement with the Sheffield Housing Company for the provision of new Private Rented Sector homes in the city of Sheffield. Under the terms of the agreement, Sigma and SHC will work together over the next three years to deliver two, three and four bedroom homes for private rent, it said |
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| | Market Movers
techMARK 3,230.80 -0.10%
FTSE 100 6,809.43 +0.07%
FTSE 250 17,918.88 -0.07%
FTSE 100 - Risers
Diageo (DGE) 1,896.00p +7.70%
Vodafone Group (VOD) 246.20p +1.71%
Royal Mail (RMG) 499.00p +1.28%
Kingfisher (KGF) 381.90p +1.25%
BT Group (BT.A) 444.80p +1.23%
TUI AG Reg Shs (DI) (TUI) 1,181.00p +0.94%
Pearson (PSON) 1,307.00p +0.85%
Taylor Wimpey (TW.) 185.90p +0.70%
Whitbread (WTB) 5,010.00p +0.66%
Persimmon (PSN) 1,921.00p +0.58%
FTSE 100 - Fallers
Shire Plc (SHP) 5,335.00p -2.20%
GKN (GKN) 360.40p -1.77%
ITV (ITV) 261.20p -1.40%
Royal Bank of Scotland Group (RBS) 353.20p -1.06%
International Consolidated Airlines Group SA (CDI) (IAG) 524.50p -1.04%
Ashtead Group (AHT) 1,138.00p -0.96%
Capita (CPI) 1,213.00p -0.90%
St James's Place (STJ) 893.50p -0.89%
Rio Tinto (RIO) 2,828.00p -0.86%
GlaxoSmithKline (GSK) 1,388.00p -0.75%
FTSE 250 - Risers
Balfour Beatty (BBY) 259.30p +4.14%
Acacia Mining (ACA) 298.20p +1.81%
Jimmy Choo (CHOO) 168.90p +1.69%
Centamin (DI) (CEY) 69.40p +1.61%
Bovis Homes Group (BVS) 1,117.00p +1.55%
Entertainment One Limited (ETO) 332.60p +1.40%
Betfair Group (BET) 2,543.00p +1.36%
Regus (RGU) 251.90p +1.33%
William Hill (WMH) 427.10p +1.23%
AO World (AO.) 168.00p +1.20%
FTSE 250 - Fallers
Foxtons Group (FOXT) 234.80p -5.17%
Diploma (DPLM) 786.50p -2.05%
Clarkson (CKN) 2,454.00p -2.00%
Barr (A.G.) (BAG) 608.00p -1.94%
Laird (LRD) 390.90p -1.59%
Indivior (INDV) 237.40p -1.49%
BlackRock World Mining Trust (BRWM) 306.70p -1.38%
Man Group (EMG) 173.90p -1.31%
Poundland Group (PLND) 297.50p -1.29% |
| | UK Event Calendar | | Monday 08 June
INTERIMS
IDOX
INTERIM EX-DIVIDEND DATE
Barloworld Ltd.
QUARTERLY EX-DIVIDEND DATE
Total SA
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Current Account (GER) (07:00)
Harmonised Competitiveness Indicators (EU) (09:00)
Industrial Production (GER) (11:00)
Retail Price Index (GER) (07:00)
GMS
Mopowered Group , Sound Oil
FINALS
Abzena, Falkland Islands Holdings, Grafenia , Phoenix IT Group
EGMS
Renewable Energy Generation Ltd.
AGMS
CEPS, Eleco, European Islamic Investment Bank, Forbidden Technologies, Hansteen Holdings, Manx Telecom , Mopowered Group , OJSC Phosagro GDR (Regs)
FINAL DIVIDEND PAYMENT DATE
Blackstar Group SE (DI), British Smaller Companies VCT 2, Constellation Healthcare Technologies, Inc (Reg S), Epwin Group, Hydro International, IFG Group, Keller Group, Robinson
Q1
OJSC Magnitogorsk Iron & Steel Works GDR (Reg S), PJSC Novorossiysk Commercial Sea Port GDR (Reg S), TCS Group Holding GDR (Each Repr 1 A Shr) (144A) , TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slip amid Greek debt uncertainty, but Deutsche Bank rallies 8% European stocks fell on Monday following a mixed open, amid ongoing concerns over Greek debt negotiations, although there was some good news in the form of German data.
By 0910 BST, the benchmark Stoxx Europe 600 index was down 0.5%, Germany's DAX was 0.6% lower and France's CAC 40 was down 0.8%. Athens' ASE Composite was holding up fairly well considering, 0.2% higher at 788.01.
Over the weekend, European Commission President Jean-Claude Juncker called on Greek Prime Minister Alexis Tsipras to come up with alternative economic reforms as soon as possible so that negotiations could continue this week.
"Overall sentiment remains negative for now," said Markus Huber, senior analyst at Peregrine & Black. "Not only is there plenty of uncertainty where Greece is concerned, but even if there will be a compromise between Greece and its creditors in the near future, many are of the opinion that Greece is likely to need another large cash injection within the next 12 months which would mean much more of the same back and forth," he said.
"Until there is more clarity where Greece is concerned, markets are unlikely to stage a sustained move to the upside. Instead, traders are likely to sell rallies for now."
Turkish markets took a beating, with the BIST 100 down a whopping 5.8% and the Turkish lira tumbling to a record low against the dollar after voters denied the ruling AK Party a majority government for the first time since 2002, raising the prospect of a coalition.
Although the mood was generally subdued, investors had some upbeat German data and bright spots on the corporate front to keep them going.
Earlier, figures released by Destatis showed that German industrial production rose by 0.9% in April from the previous month on a seasonally-adjusted bass, beating consensus forecasts for a 0.5% rise.
At the same time, the country's trade surplus grew to €22.3bn in April, compared with expectations for around €19bn.
In corporate news, Deutsche Bank jumped 8% as investors welcomed news that the joint chief executives will step down.
In London, Diageo surged nearly 8% following media reports over the weekend that 3G Capital is considering a takeover bid for the company.
On the downside, Syngenta fell 0.8% after it rejected Monsanto's latest offer for the company, which included an additional $2bn reverse breakup fee. |
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| | US Market Report | | US close: Stocks end on a mixed note after jobs report US markets closed last Friday's session on a mixed note after a better than expected reading for non-farm payrolls pushed the yield on 10-year Treasury notes sharply higher.
The Dow Jones Industrials ended the day lower by 53 points or 0.32% at 17,849, while the S&P 500 was off by three points to 2,093 at the closing bell.
US non-farm payrolls gained 280,000 in May, the biggest rise in five months. In the opinion of Capital Economics, the data adds to the evidence that the country's economy is regaining momentum after another winter slowdown.
"This leaves the Fed on track to begin hiking interest rates from near-zero this September," wrote Paul Ashworth, chief US economist at the think-tank.
For his part, Bill Hubard, chief economist at Bankor, chipped in saying that the 28-29 July FOMC meeting is now 'in the frame'.
September fed funds now imply a 62% probability and are indicating that there will be two 25 basis point rate hikes before year-end, Hubard explained in a research note e-mailed to clients.
S&P 500 - Risers
Under Armour Inc. Class A (UA) $81.84 +4.87%
Avon Products Inc. (AVP) $6.71 +4.68%
Regeneron Pharmaceuticals Inc. (REGN) $539.40 +4.01%
Zions Bancorporation (ZION) $31.84 +3.41%
Transocean Ltd. (RIG) $19.17 +3.34%
First Solar Inc. (FSLR) $51.30 +3.28%
Newfield Exploration Co (NFX) $37.30 +3.18%
Keurig Green Mountain Inc (GMCR) $85.93 +3.05%
Charles Schwab Corp. (SCHW) $33.23 +3.01%
Regions Financial Corp. (RF) $10.52 +2.94%
S&P 500 - Fallers
Windstream Holdings Inc (WIN) $7.39 -4.27%
Altria Group Inc. (MO) $48.21 -3.35%
Newmont Mining Corp. (NEM) $25.91 -3.32%
Molson Coors Brewing Co. Class B (TAP) $72.61 -3.01%
Reynolds American Inc. (RAI) $72.14 -2.63%
Philip Morris International Inc. (PM) $79.70 -2.60%
Health Care REIT Inc. (HCN) $67.81 -2.60%
United States Steel Corp. (X) $24.90 -2.54%
HCP Inc. (HCP) $37.36 -2.43%
American Tower Corp (Reit) (AMT) $92.52 -2.27%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $67.42 +1.64%
Goldman Sachs Group Inc. (GS) $210.45 +0.76%
Caterpillar Inc. (CAT) $86.05 +0.68%
Visa Inc. (V) $68.37 +0.23%
Chevron Corp. (CVX) $101.59 +0.20%
General Electric Co. (GE) $27.29 +0.11%
Nike Inc. (NKE) $102.03 +0.08%
Exxon Mobil Corp. (XOM) $84.28 +0.07%
American Express Co. (AXP) $79.39 +0.04%
Dow Jones I.A - Fallers
Verizon Communications Inc. (VZ) $47.23 -1.81%
Wal-Mart Stores Inc. (WMT) $73.06 -1.47%
Intel Corp. (INTC) $31.84 -1.45%
Coca-Cola Co. (KO) $40.10 -1.21%
Home Depot Inc. (HD) $110.37 -0.98%
Procter & Gamble Co. (PG) $77.43 -0.92%
Travelers Company Inc. (TRV) $99.31 -0.90%
E.I. du Pont de Nemours and Co. (DD) $69.07 -0.89%
Merck & Co. Inc. (MRK) $58.99 -0.81%
3M Co. (MMM) $157.08 -0.80%
Nasdaq 100 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $539.40 +4.01%
Keurig Green Mountain Inc (GMCR) $85.93 +3.05%
Sandisk Corp. (SNDK) $68.67 +2.34%
Avago Technologies Ltd. (AVGO) $143.81 +1.85%
Discovery Communications Inc. Class A (DISCA) $34.45 +1.74%
TripAdvisor Inc. (TRIP) $76.41 +1.72%
Dish Network Corp. (DISH) $75.51 +1.70%
Autodesk Inc. (ADSK) $54.61 +1.64%
Charter Communications Inc. (CHTR) $173.96 +1.54%
CH Robinson Worldwide Inc (CHRW) $64.18 +1.31%
Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $5.58 -6.53%
Vodafone Group Plc ADS (VOD) $37.05 -1.75%
Dollar Tree Inc (DLTR) $77.64 -1.51%
Micron Technology Inc. (MU) $26.59 -1.46%
Intel Corp. (INTC) $31.84 -1.45%
Costco Wholesale Corp. (COST) $138.78 -1.33%
Monster Beverage Corp (MNST) $125.55 -1.28%
Cerner Corp. (CERN) $66.24 -1.22%
Whole Foods Market Inc. (WFM) $40.18 -1.03% |
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| | Newspaper Round Up | | Monday newspaper round-up: Greece, Eurosceptics, Deutsche Bank The EU's top official yesterday accused Alexis Tsipras of lying to his parliament as tempers flared over the stand-off between Greece and its international creditors. The Greek prime minister promised three times last week to send fresh proposals to Brussels, Jean-Claude Juncker said at the G7 summit. Mr Tsipras added insult to injury by falsely telling his MPs that he had been given a "take-it-or-leave-it" ultimatum, the European Commission president said. - The Times
David Cameron is to tell cabinet ministers they must quit the government if they want to campaign for Britain to leave the EU, as he prepares to face down hardline Conservative eurosceptics. The prime minister expects to secure a new deal for Britain in a reformed EU and to fight for the UK to remain a member, throwing the full weight of the government behind the campaign. - Financial Times
Anshu Jain, one of the most prominent European investment bankers of the past decade, is to step down as Deutsche Bank's co-chief executive, the latest in a string of high-profile exits from global banks. His departure at the end of June comes just weeks after investor unrest erupted over the direction of the bank he headed with Jurgen Fitschen. - Financial Times
HSBC will outline billions of dollars in new cost-cuts and business disposals tomorrow. Britain's biggest bank is expected to announce thousands of redundancies, as well as giving more details on plans to sell its Brazilian, Turkish and other underperforming operations that combined could raise more than $7bn. The HSBC board met over the weekend to sign off an updated restructuring of the bank, whose profitability has been hit by low interest rates, a downturn in Asian markets and the cost of implementing new financial regulations. - The Times
Confidence among manufacturers slumped at the fastest rate in two years last month, contrasting sharply with rising confidence among general business leaders and providing further evidence of Britain's "dual-speed recovery". BDO's manufacturing optimism index dropped four points to 103.4 last month, the accountancy group will say today, the biggest drop in confidence since March 2013. - The Times | | |
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