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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 Greek negotiations closely London stocks registered early gains although traders were still treading cautiously given the delicate state of the negotiations between Greece and its creditors.
As of 09:09 the Footsie was higher by 1.86 points to 6,791.90 points.
"The fact that we're seeing technical support levels [across Europe] being broken and indices trading at multi-month lows having already recorded more than 5% losses in the last couple of weeks doesn't bode well," Oanda senior market analyst Craig Erlam observed.
"While the sell-off may not be easing up right now, I do think that any significant progress in Greek talks this week could bring an end to the sell-off for now as a deal would remove an enormous amount of uncertainty. Numerous deadlines have been set for when a deal between Greece and its creditors needs to be done and the latest is the middle of this month giving Greece around a week to come to an agreement or prepare for default."
Overnight, an article in The Wall Street Journal suggested Greece and its creditors are in discussions over an extension of the current bailout program until the end of March 2016.
On the day's agenda are reports on Chinese inflation, UK trade and Eurozone gross domestic product (GDP).
China's consumer price index rose 1.2% year-on-year in May, easing back from a 1.5% increase a month earlier. Analysts at Deutsche Bank believe that argues in favour of further stimulus measures from the country's central bank.
The UK's trade deficit is forecast to narrow to £2,600m in April from £2,817m in May.
The second estimate of first quarter Eurozone GDP is projected to show a 1% year-on-year gain and a 0.4% quarter-on-quarter rise, unchanged from the previous quarter's reading.
The European Central Bank last week said it sees real gross domestic product rising 1.5% in 2015, before increasing 1.9% in 2016 and 2.0% in 2017.
HSBC dividend now safer, Barclays ups Reed Elsevier
In company news, HSBC announced a round of job cuts and branch closures with the aim of saving between $4.5bn to $5bn in annual costs by 2017. In a statement issued to the Hong Kong Stock Exchange the lender said it would reduce its risk-weighted assets by about $290bn and still targeting a return on equity of more than 10% within two years. Globally between 22,000 and 25,000 jobs are set to go. In a research report Goldman Sachs said the lender's dividend was now safer following the reduction to the bank's target for RWA.
Media group Reed Elsevier offers excellent value for growth given how its shares have seen no re-rating on a relative P/E-basis since the start of 2012, after underperforming by 7-8% year-to-date, said Barclays in a research note e-mailed to clients. The broker upgraded its recommendation on the stock to overweight from equal-weight, setting a 1225p target.
Kier Group has completed its acquisition of Mouchel, which is the leading provider of repair and maintenance services to the UK strategic road network. The FTSE 250 made the acquisition to accelerate its plans for growth in the infrastructure sector and will now be able to capitalise on the £17bn of investment in the strategic road network that is to be delivered through Highways England over the next five years.
RPC Group posted a 33% rise in full-year adjusted pre-tax profit to £119m from £89.5m, as the business performed well and the company made progress in implementing its Vision 2020 growth strategy. Revenue was up 17% at £1.22m from £1.05m and the company recommended a final dividend of 11p, giving a total dividend for the year of 15.4p, marking a 12% increase from last year.
Mobile takeaway food company Just Eat has completed the open offer and placing of shares, raising £445m. A total of 43.56m new shares were issued under an open offer, with a further 61.83m placed. The proceeds will be used to finance the company's proposed acquisition of Menulog Group, which is expected to complete this month.
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| | Market Movers
techMARK 3,213.39 -0.06%
FTSE 100 6,784.30 -0.08%
FTSE 250 17,889.69 +0.06%
FTSE 100 - Risers
Reed Elsevier (REL) 1,083.00p +1.98%
International Consolidated Airlines Group SA (CDI) (IAG) 527.00p +1.25%
Barclays (BARC) 264.40p +0.92%
Intu Properties (INTU) 317.90p +0.89%
BT Group (BT.A) 442.30p +0.80%
Lloyds Banking Group (LLOY) 87.08p +0.75%
British Land Company (BLND) 823.00p +0.67%
Travis Perkins (TPK) 2,166.00p +0.65%
Randgold Resources Ltd. (RRS) 4,621.00p +0.63%
Morrison (Wm) Supermarkets (MRW) 173.70p +0.52%
FTSE 100 - Fallers
Anglo American (AAL) 983.40p -2.20%
Rio Tinto (RIO) 2,760.00p -2.08%
Admiral Group (ADM) 1,439.00p -1.10%
Antofagasta (ANTO) 722.50p -1.03%
Aviva (AV.) 507.00p -0.88%
Barratt Developments (BDEV) 586.50p -0.76%
Kingfisher (KGF) 377.00p -0.74%
Taylor Wimpey (TW.) 183.00p -0.71%
3i Group (III) 546.00p -0.64%
Intertek Group (ITRK) 2,540.00p -0.55%
FTSE 250 - Risers
Renishaw (RSW) 2,518.00p +4.01%
RPC Group (RPC) 642.00p +3.88%
Vedanta Resources (VED) 562.50p +3.31%
Infinis Energy (INFI) 195.30p +3.06%
RPS Group (RPS) 237.20p +1.80%
Rathbone Brothers (RAT) 2,248.00p +1.63%
AL Noor Hospitals Group (ANH) 960.00p +1.53%
Indivior (INDV) 240.50p +1.52%
Interserve (IRV) 635.50p +1.36%
AO World (AO.) 164.80p +1.29%
FTSE 250 - Fallers
Pets at Home Group (PETS) 271.60p -3.35%
Evraz (EVR) 161.80p -2.35%
Lonmin (LMI) 137.50p -1.79%
Kaz Minerals (KAZ) 244.90p -1.53%
Premier Oil (PMO) 163.00p -1.45%
Zoopla Property Group (WI) (ZPLA) 254.30p -1.43%
Just Eat (JE.) 418.50p -1.37%
Computacenter (CCC) 715.00p -1.24%
Wood Group (John) (WG.) 695.00p -1.07% |
| | UK Event Calendar | | Tuesday 09 June
INTERIMS
Gooch & Housego, OMG, Sanderson Group
INTERIM DIVIDEND PAYMENT DATE
Inch Kenneth Kajang Rubber
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
GDP (1st release) (EU) (10:00)
Wholesale Inventories (US) (15:00)
GMS
Weatherly International
FINALS
Carclo, CML Microsystems, Creston, Custodian Reit , Energy Assets Group, Iomart Group, Oxford Instruments, Park Group, Picton Property Income Ltd, Private & Commercial Finance Group, Software Radio Technology, WYG
ANNUAL REPORT
First Derivatives
EGMS
Bank Audi S.A.L. GDR (Repr 1'Com'Shr Lbp1650)(Reg S), Mwana Africa
AGMS
AA , Blackstar Group SE (DI), Cayenne Trust, China Africa Resources, DDD Group, HydroDec Group, International Public Partnerships Ltd., Kingfisher, NBNK Investments, Ruspetro, WPP
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
BRC Sales Monitor (00:01)
FINAL DIVIDEND PAYMENT DATE
Gem Diamonds Ltd. (DI)
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed after uninspiring sessions in US, Asia European stocks were little changed in early trading on Tuesday after uninspiring sessions in the US and Asia, with investors reluctant to make any big bets either way amid ongoing uncertainty over Greek debt negotiations.
By 0900 BST, the benchmark Stoxx 600 index, France's CAC 40 and Germany's DAX were all 0.1% lower.
US stocks ended in the red on Monday as investors considered the prospect of an interest rate hike by the Federal Reserve later this year following the better-than-expected jobs report released last Friday.
Also souring the mood were disappointing inflation figures out of China. Data showed consumer price inflation rose at an annualised 1.2% in May, down from 1.5% in April and falling short of the expected 1.3%, raising concerns about the health of the world's second largest economy.
Meanwhile, worries about Greece continued to undermine sentiment as German Chancellor Angela Merkel said on Monday that time was running out for a deal to be made.
"Going forward today there is quite a lack of fresh major data, keeping the spotlight firmly on Greece for now," said Markus Huber, senior analyst at Peregrine & Black. "While 'technically' stocks are getting increasingly oversold in the short-term and making markets vulnerable to a short-covering rally, many are convinced that the move to downside still has further to go especially as time is running out for Greece and there are still no signs that a deal with creditors is imminent"
"Traders continue to favour selling rallies for now... using any bounce as a selling opportunity," he added.
On the corporate front, HSBC slipped after the bank outlined a round of job cuts and branch closures in its latest investor update.
On the upside, shares in Vedanta Resources surged 6.7% on Tuesday amid media reports that the metals and mining company will merges its oil and gas unit with itself in a bid to get access to Cairn India's cash and help reduce debt.
On the data calendar, the second release of first-quarter Eurozone gross domestic product data is at 1000 BST. |
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| | US Market Report | | US close: Stocks decline for third straight session as oil prices tumble US stocks declined on Monday, with disappointing data out of China piling pressure on the energy sector.
The Dow Jones Industrial Average closed down 82.91 points to 17,766.55, while the S&P 500 and the Nasdaq lost 14 and 46 points respectively.
European stocks declined as Germany warned that time is running out for a deal to keep Greece in the Eurozone.
Speaking after a G7 summit, German Chancellor Angela Merkel said she wanted Greece to remain part of the currency bloc but "there isn't much time left".
"Every now and then people allow themselves to become a little optimistic that a deal can be reached and default averted," said Craig Erlam, senior market analyst at Oanda.
"Unfortunately, it's never long before the games start again and once again deadlines are being set for when a deal 'must' be done."
Chinese data disappoints, Shanghai Composite surges
In China, the Shanghai Composite Index hit its highest level in over seven years, despite disappointing data.
Exports fell for a third consecutive month in May, dropping 2.5% from the same period in 2014 in dollar denominated terms and 2.8% in yuan denominated terms, both topping expectations.
However, imports continued to tumble to a seven-month low, down 17.6% in dollar terms and 18.1% in yuan terms, prompting domestic concerns and putting oil prices under pressure, with West Texas Intermediate losing 1.35% to $58.34 a barrel, while Brent fell 0.76 % to 62.83 a barrel.
The dollar edged lower after President Barack Obama reportedly said at the G7 summit in Germany that the "strong dollar posed a problem", although he lated denied making such comments.
The greenback fell 0.94% against the yen and 1.62% against the euro and 0.52% against the pound, while gold futures climbed 0.46% to $1,173.50.
In company news, airline company stocks were among the worst hit, as American Airlines Group declined 4.29%, while Delta Air Lines lost 5.01%, and Southwest Airlines fell 2.84%
Going the other way, Deutsche Bank jumped after the bank announced its co-chief executives were stepping down and will be replaced by former UBS Chief Financial Officer John Cryan.
S&P 500 - Risers
Windstream Holdings Inc (WIN) $7.62 +3.11%
Avon Products Inc. (AVP) $6.83 +1.79%
Time Warner Inc. (TWX) $86.04 +1.34%
Frontier Communications Co. (FTR) $5.03 +1.31%
Sealed Air Corp. (SEE) $49.11 +1.17%
CONSOL Energy Inc. (CNX) $27.41 +1.14%
PVH Corp. (PVH) $115.72 +1.13%
Ball Corp (BLL) $71.62 +1.04%
Laboratory Corporation of America Holdings (LH) $120.58 +1.03%
Constellation Brands Inc. Class A (STZ) $119.88 +0.85%
S&P 500 - Fallers
Wynn Resorts Ltd. (WYNN) $102.40 -6.18%
Delta Airlines Inc. (DAL) $40.74 -5.03%
Peabody Energy Corp. (BTU) $3.07 -4.06%
eBay Inc. (EBAY) $60.85 -3.76%
Avago Technologies Ltd. (AVGO) $138.63 -3.60%
First Solar Inc. (FSLR) $49.85 -2.83%
Southwest Airlines Co. (LUV) $36.13 -2.80%
PPL Corp. (PPL) $30.12 -2.68%
Seagate Technology Plc (STX) $53.03 -2.56%
Micron Technology Inc. (MU) $25.92 -2.54%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $84.85 +0.68%
E.I. du Pont de Nemours and Co. (DD) $69.42 +0.51%
Verizon Communications Inc. (VZ) $47.44 +0.44%
Procter & Gamble Co. (PG) $77.74 +0.40%
Unitedhealth Group Inc. (UNH) $116.93 +0.34%
Coca-Cola Co. (KO) $40.20 +0.25%
Caterpillar Inc. (CAT) $86.13 +0.09%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $31.30 -1.70%
Travelers Company Inc. (TRV) $97.77 -1.55%
International Business Machines Corp. (IBM) $165.36 -1.22%
Chevron Corp. (CVX) $100.42 -1.15%
Cisco Systems Inc. (CSCO) $28.27 -1.07%
Visa Inc. (V) $67.68 -1.01%
Walt Disney Co. (DIS) $109.30 -0.91%
Microsoft Corp. (MSFT) $45.73 -0.89%
JP Morgan Chase & Co. (JPM) $66.89 -0.79%
American Express Co. (AXP) $78.82 -0.72%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $256.29 +2.87%
Mattel Inc. (MAT) $25.82 +0.76%
Vodafone Group Plc ADS (VOD) $37.21 +0.43%
F5 Networks Inc. (FFIV) $124.85 +0.27%
Illumina Inc. (ILMN) $210.66 +0.21%
Express Scripts Holding Co (ESRX) $87.00 +0.14%
DIRECTV (DTV) $91.79 +0.11%
Celgene Corp. (CELG) $110.81 +0.08%
Mondelez International Inc. (MDLZ) $40.05 +0.07%
Stericycle Inc. (SRCL) $136.40 +0.00%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $102.40 -6.18%
Vimpelcom Ltd Ads (VIP) $5.33 -4.48%
eBay Inc. (EBAY) $60.85 -3.76%
Avago Technologies Ltd. (AVGO) $138.63 -3.60%
Nxp Semiconductors Nv (NXPI) $103.83 -2.94%
Seagate Technology Plc (STX) $53.03 -2.56%
Micron Technology Inc. (MU) $25.92 -2.54%
Dish Network Corp. (DISH) $73.64 -2.48%
Regeneron Pharmaceuticals Inc. (REGN) $526.09 -2.47% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: HSBC, Supermarkets, Pets at Home HSBC is to cut up to 25,000 jobs around the world - including as many as 8,000 in the UK - as its chief executive, Stuart Gulliver, embarks on a fresh strategy to reduce costs and bolster returns to shareholders. Gulliver has already cut the total head count to 257,000 from 296,000 but on Tuesday signalled another wave of reductions as he turns the bank's focus towards Asian markets. - The Guardian
The price of food and drink in supermarkets has fallen significantly faster during the past year than the official inflation measure suggests, according to research by the Office for National Statistics. In a project published yesterday, the statistical agency compared its traditional inflation measure with an experimental version based on prices advertised on supermarket websites, finding that the latter showed prices falling faster. - Financial Times
Pets At Home's biggest shareholder is to almost halve its stake in the business in a share sale worth £300m at current prices. Private equity group Kohlberg Kravis Roberts used a regulatory announcement after the market closed on Monday to reveal it plans to place 108m shares in the UK's leading pet care and products retailer. - The Daily Telegraph
Burberry has risked the wrath of investors by awarding a pay package of nearly £8m to its chief executive barely a year after a rebellion in which shareholders voted down the fashion company's boardroom remuneration report. Despite a humiliating rebuke at its annual meeting last summer, the company has made only modest changes to Christopher Bailey's rewards, giving him a near-maximum bonus, a cash allowance and share awards, on top of his salary, amounting to £7.9m. - The Times
The Group of Seven industrial powers has agreed that the world should phase out fossil fuel emissions this century, in a move hailed as a historic decision in the fight against climate change. G7 leaders meetings in Bavaria, Germany, said that in line with scientific findings, "deep cuts in global greenhouse gas emissions are required with a decarbonisation of the global economy over the course of this century." - Financial Times | | |
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