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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: FTSE rebounds after sell-off as Greece defaults UK stock markets advanced on Wednesday morning, bouncing back after a Greece-inspired sell-off pushed the FTSE 100 to a new five-month low the previous session. As expected, Greece defaulted on its €1.6bn repayment to the IMF on Tuesday night, with the institution officially declaring that Athens was "in arrears". It said that Greece can now only receive further funding from the global lender once the arrears are cleared.
Nevertheless, after four days of losses, Wednesday morning saw the FTSE 100 was up 0.74% at 6,569.49 in early trading, after settling at 6,520.98 on Tuesday, its lowest close since 12 January.
Dealer Jonathan Sudaria from London Capital Group said: "Now that the inevitable has occurred, it looks as though markets are taking solace in having some mild form of certainty. However, don't take todays start as a sign of a turn around, more the start of a consolidation period in the run up the referendum."
Athens handed a last-minute proposal on Tuesday, requesting a new two-year bailout programme from the European Stability Mechanism to help pay €29.15bn in debt due between 2015 and 2017. Eurozone finance ministers held a teleconference call on Tuesday evening but dismissed Greece's offer, which was rumoured to contain no new concessions.
Wednesday's session is likely to be busy in terms of macroeconomic data, with manufacturing purchasing managers' indices (PMIs) due out in China, the UK, Eurozone and US, along with the ADP US employment report and a barrage of other economic indicators Stateside.
Overnight, the Chinese government's 'official' manufacturing PMI was unchanged at 50.2 in June, missing the 50.4 estimate, while the non-manufacturing PMI rose to 53.8 from 53.2.
Airlines gain, Serco jumps
Airline stocks such a Easyjet, IAG, Flybe, Dart and Ryanair were all performing well after an Airports Commission report declared that a third runway should be built at Heathrow. The Commission said the runway was "crucial for the UK's long-term prosperity".
Profits in the first half of the year at outsourcer Serco were flat compared to the previous year but "a little better" than predicted, causing shares to surge 10% after the open. However, management have not altered their expectations for the full year.
Pub group Greene King edged higher as it reported record retail revenue of £1bn in its full-year results, although profits leaked lower as a result of a decline in like-for-like sales and the impact of the disposal of 275 pubs to Hawthorn Leisure.
Tullow Oil gained after taking action to "re-set" the business for the new oil price environment. The company also slightly increased its guidance for full-year production after enjoying strong West Africa oil production in the first half. |
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| | Market Movers
techMARK 3,110.31 +0.88%
FTSE 100 6,569.49 +0.74%
FTSE 250 17,641.90 +0.63%
FTSE 100 - Risers
Standard Chartered (STAN) 1,039.00p +1.96%
Sports Direct International (SPD) 732.00p +1.88%
Inmarsat (ISAT) 932.50p +1.86%
Sky (SKY) 1,056.00p +1.83%
Merlin Entertainments (MERL) 434.80p +1.80%
BHP Billiton (BLT) 1,270.00p +1.68%
ARM Holdings (ARM) 1,054.00p +1.64%
Weir Group (WEIR) 1,724.00p +1.59%
St James's Place (STJ) 920.00p +1.55%
Royal Bank of Scotland Group (RBS) 356.90p +1.54%
FTSE 100 - Fallers
Admiral Group (ADM) 1,376.00p -0.79%
Antofagasta (ANTO) 685.50p -0.58%
Tesco (TSCO) 211.35p -0.56%
Severn Trent (SVT) 2,077.00p -0.19%
Unilever (ULVR) 2,725.00p -0.18%
Morrison (Wm) Supermarkets (MRW) 180.50p -0.17%
Sainsbury (J) (SBRY) 264.90p -0.15%
Centrica (CNA) 263.60p -0.08%
FTSE 250 - Risers
Serco Group (SRP) 130.00p +10.17%
Betfair Group (BET) 2,485.00p +3.28%
Just Eat (JE.) 418.80p +2.95%
Enterprise Inns (ETI) 126.80p +2.26%
Supergroup (SGP) 1,256.00p +2.20%
Tullow Oil (TLW) 346.00p +1.85%
Ladbrokes (LAD) 132.20p +1.85%
Cineworld Group (CINE) 469.40p +1.84%
Brewin Dolphin Holdings (BRW) 297.10p +1.78%
Bellway (BWY) 2,414.00p +1.77%
FTSE 250 - Fallers
CLS Holdings (CLI) 1,800.00p -3.23%
Daejan Holdings (DJAN) 5,750.00p -2.54%
Computacenter (CCC) 757.50p -2.38%
Euromoney Institutional Investor (ERM) 1,194.00p -1.89%
Vectura Group (VEC) 176.10p -1.84%
Rank Group (RNK) 216.50p -1.72%
Nostrum Oil & Gas (NOG) 583.50p -1.52%
Just Retirement Group (JRG) 170.90p -1.44%
Thomas Cook Group (TCG) 134.90p -1.39% |
| | UK Event Calendar | | Wednesday 01 July
INTERIM DIVIDEND PAYMENT DATE
A&J Mucklow Group, Bellway
QUARTERLY PAYMENT DATE
Blackrock North American Income Trust , Total SA
QUARTERLY EX-DIVIDEND DATE
Torchmark Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Construction Spending (US) (15:00)
Crude Oil Inventories (US) (15:30)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
MBA Mortgage Applications (US) (12:00)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
Retail Sales (GER) (07:00)
GMS
Churchill Mining
FINALS
Anite, Greene King, Koovs
EGMS
European Assets Trust NV (Regd)
AGMS
Home Retail Group, Kibo Mining, Renewable Energy Holdings, TechFinancials (DI)
TRADING ANNOUNCEMENTS
Tullow Oil
UK ECONOMIC ANNOUNCEMENTS
PMI Manufacturing (09:30)
FINAL DIVIDEND PAYMENT DATE
Bunzl, Cdialogues , Headlam Group, Rolls-Royce Holdings
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher despite Greek default European stocks rebounded from heavy losses the previous day, taking their cue from upbeat sessions in the US and Asia, as Greece became the first advanced economy to default on a loan with the International Monetary Fund. By 0910 BST, the benchmark Stoxx Europe 600 index was up 0.7%, Germany's DAX was 0.8% higher and France's CAC 40 was up 0.9%.
In the periphery, Italy's FTSE Mib was 0.8% higher, while Spain's IBEX 35 was 0.5% firmer.
In currency markets, the euro was just a touch lower against the dollar at $1.1109.
Meanwhile, in bond markets, yields on 10-year Greek, Spanish and Italian government bonds were fairly steady, while the corresponding yield on the German Bund was also little changed.
On Tuesday, Greece requested a last-minute bailout extension, which the fund said it would consider in due course.
European finance ministers will meet again on Wednesday and the Eurogroup is due to hold another teleconference later on in the day to discuss the state of play.
With banks and the Greek stock market shut, and Athens due to hold a referendum on Sunday on whether to accept creditors' bailout terms, investors will continue to look out for any news on the debt-ridden nation.
"Whilst the missed payment puts Greece in arrears, the European Central Bank is likely to hold back from tightening Emergency Liquidity Assistance terms for Greek banks ahead of Sunday's planned referendum," said Rebecca O'Keeffe, head of investment at Interactive Investor.
"Official reaction from the ECB governing council and IMF will be closely watched, but in the meantime, despite Greece being without a financial lifeline for the first time since 2010, markets appear to be taking it in their stride, with the euro largely unchanged and equities higher," she added.
On the corporate front, Airbus rose after China's state aviation supplies holding company placed an order for dozens of wide-body jets in a multi-billion dollar deal. |
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| | US Market Report | | US close: stocks inch higher as investors cross their fingers for Greek resolution US stocks inched higher on Tuesday, as markets hit the eye of the Greek financial storm, in the wake of steep sell-offs. At close, the Dow Jones Industrial Average was 21 points higher at 17,618, while the S&P 500 was up 5 points to 2,063 and the Nasdaq gained 28 points to 4,987.
Early US gains, which were driven by reports that Athens may be considering a last-minute offer by European Commission chief Jean-Claude Juncker, were distinctly more modest by the closing bell, while European markets extended losses on the uncertainty.
"Probably the market still has in the back of its mind the idea this is all a bit of a game and eventually they'll come with some sort of accommodation to avoid a worst-case scenario," said Darren Williams, senior economist at Alliance Bernstein.
The Chicago PMI rose in June but fell short of expectations as it failed to cross the 50 threshold that signals expansion. The index rose from 46.2 last to 49.4 in June, the fourth month the gauge has fallen below the 50 level this year, against analysts' expectations calling for a 50.6 reading.
Meanwhile, US consumer confidence beat forecast in June, according to figures released by The Conference Board on Tuesday. The index climbed to 101.4 in June from a downwardly revised 94.6 reading in May, exceeding economist forecast of 97.5.
In company news, Wynn Resorts was on the up following comments from a Deutsche Bank that while there are no major improvements in Macau's gambling industry, the situation has stabilized.
Pentair surged as the Wall Street Journal reported that activist-investment firm Trian Fund Management has taken a 7.2% stake in the valve-and-pump maker and is urging it to get bigger.
Freeport-McMoRan extended Monday's losses, with gold prices suffering from waning safe-haven demand, as the dust from Greece's financial crisis began to settle.
In Asian markets, Chinese shares rebounded from Monday's steep decline, while Japan's Nikkei edged 0.63% higher.
Oil prices gained, while gold prices dipped. The dollar lost ground against the yuan, but was higher against the euro and the pound.
S&P 500 - Risers
Pentair plc (PNR) $68.75 +6.70%
Wynn Resorts Ltd. (WYNN) $98.67 +5.05%
Priceline Group Inc (PCLN) $1,151.37 +3.94%
Newfield Exploration Co (NFX) $36.12 +3.67%
Valero Energy Corp. (VLO) $62.59 +3.35%
Monsanto Co. (MON) $106.59 +3.20%
Flowserve Corp. (FLS) $52.66 +2.87%
Marathon Petroleum Corporation (MPC) $52.31 +2.87%
CF Industries Holdings Inc. (CF) $64.28 +2.75%
Phillips 66 Common Stock (PSX) $80.56 +2.64%
S&P 500 - Fallers
TEGNA Inc (TGNA) $32.07 -13.70%
Peabody Energy Corp. (BTU) $2.19 -12.75%
Western Digital Corp. (WDC) $78.42 -4.32%
Freeport-McMoRan Inc (FCX) $18.62 -3.92%
Sysco Corp. (SYY) $36.10 -3.84%
Zimmer Biomet Holdings Inc (ZBH) $109.23 -3.81%
Sandisk Corp. (SNDK) $58.22 -3.27%
Seagate Technology Plc (STX) $47.50 -3.10%
Allegheny Technologies Inc. (ATI) $30.20 -2.49%
NRG Energy Inc. (NRG) $22.88 -2.39%
Dow Jones I.A - Risers
Walt Disney Co. (DIS) $114.14 +0.96%
JP Morgan Chase & Co. (JPM) $67.76 +0.83%
Apple Inc. (AAPL) $125.43 +0.72%
Unitedhealth Group Inc. (UNH) $122.00 +0.67%
Visa Inc. (V) $67.13 +0.61%
Goldman Sachs Group Inc. (GS) $208.79 +0.55%
Travelers Company Inc. (TRV) $96.66 +0.54%
Home Depot Inc. (HD) $111.13 +0.53%
Exxon Mobil Corp. (XOM) $83.20 +0.46%
E.I. du Pont de Nemours and Co. (DD) $63.92 +0.44%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $70.93 -0.69%
Merck & Co. Inc. (MRK) $56.93 -0.63%
Caterpillar Inc. (CAT) $84.82 -0.56%
United Technologies Corp. (UTX) $110.93 -0.54%
Microsoft Corp. (MSFT) $44.15 -0.50%
Coca-Cola Co. (KO) $39.23 -0.43%
McDonald's Corp. (MCD) $95.07 -0.39%
Verizon Communications Inc. (VZ) $46.61 -0.34%
Cisco Systems Inc. (CSCO) $27.46 -0.29%
General Electric Co. (GE) $26.57 -0.26%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $98.67 +5.05%
Priceline Group Inc (PCLN) $1,151.37 +3.94%
Tesla Motors Inc (TSLA) $268.26 +2.38%
Expedia Inc. (EXPE) $109.35 +2.24%
Illumina Inc. (ILMN) $218.36 +2.05%
Biogen Inc (BIIB) $403.94 +1.95%
Netflix Inc. (NFLX) $656.94 +1.75%
Check Point Software Technologies Ltd. (CHKP) $79.55 +1.70%
Alexion Pharmaceuticals Inc. (ALXN) $180.77 +1.69%
Charter Communications Inc. (CHTR) $171.25 +1.61%
Nasdaq 100 - Fallers
Western Digital Corp. (WDC) $78.42 -4.32%
Sandisk Corp. (SNDK) $58.22 -3.27%
Seagate Technology Plc (STX) $47.50 -3.10%
Activision Blizzard Inc. (ATVI) $24.21 -1.14%
Whole Foods Market Inc. (WFM) $39.44 -0.84%
Automatic Data Processing Inc. (ADP) $80.23 -0.84%
Mattel Inc. (MAT) $25.69 -0.81%
Baidu Inc. (BIDU) $199.08 -0.71%
Autodesk Inc. (ADSK) $50.08 -0.66% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Greece, Ocado, Heathrow runway Greece has officially defaulted on its €1.6bn debt repayment to the IMF, making it the first ever developed economy not to pay back the IMF, The Telegraph reports. Ocado boss Tim Steiner has said the online grocer is in "advanced" and "very detailed" discussions with international retailers about selling the use of its technology, and is also mulling the future of its contract with Waitrose, according to The Telegraph.
The Airports Commission has backed plans for a third runway at Heathrow airport, claiming that it could generate up to £147bn for the economy over 60 years and 70,000 new jobs by 2050, the Financial Times writes.
The national park authority's planning committee has narrowly approved Sirius Minerals' £1.7bn plan to build the world's biggest potash mine in the North York Moors National Park, reports The Times.
Thomas Cook has confirmed a controversial £5.6m share payout to its former boss, Harriet Green, one-third of which will be donated to charity, The Guardian reports.
Fears of a new Ebola outbreak in Liberia were sparked on Tuesday after officials quarantined a neighbourhood near he capital city following the death of a 17-year-old boy, less than two months after the country was declared Ebola-free, reports The Wall Street Journal.
Apple has lost its appeal against a 2013 ruling that said it played a "central role" in conspiring with publishers to raise ebook prices, says the Financial Times. | | |
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