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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: Stocks track gains in Europe, China The relief rally in British stocks gathered pace after Greece made concessions to its creditors overnight in exchange for a £38.56bn (€53.5bn) rescue programme, although some analysts and government officials were cautious. As of 08:55 the Footsie was up by 51.89 points to 6,633.59. The second tier FTSE 250 gained 133.37 points to 17,429.01 and the FTSE Small cap was 18.76% higher at 4,668.58.
On other side of the channel, the DJ Euro Stoxx 50 was rising by 2.54% to 3,506.93 points as government bonds in the periphery advanced. The yield on the benchmark 10-year Italian government bond was down by 15 basis points to 2.03%.
Nonetheless, the euro failed to make any gains against sterling, possibly in a reflection of traders' caution.
Significantly, Germany reportedly conceded that the Mediterranean country will need some degree of debt relief.
German finance minister Wolfgang Schaeuble was cited as having said that Greece's debt was not sustainable without debt relief, adding later that the IMF was 'right' to have pointed this out.
Nevertheless, other reports also indicated that officials in Berlin were highly sceptical.
"Whatever the reason, these latest proposals could potentially be a strong leap forward, assuming the institutions don't find they are filled with holes, which they have on numerous occasions in the past," wrote Craig Erlam, Senior Market Analyst at Oanda, in a research note e-mailed to clients.
Chinese stocks jump, auto sales slump
The Shanghai stock exchange rose 4.54% to end the day at 3,877.80 points, for its biggest two-day advance since September 2008. However, figures published on Friday morning revealed that Chinese automobile production shrank in June for the first time ever.
In Shenzhen, a grand total of zero stocks fell, while 733 rose. All but 21 of them rose more than 9 per cent.
on Thursday, RBS strategist Alberto Gallo said: "There is some complacency in bond markets vis-a-vis a Grexit. To think that Grexit would be an isolated event, or that Greece would thrive with the Drachma, is somewhat naïve."
ONS will release its figures for the UK's visible trade balance in May at 09:30.
IAG gets 'all-clear' for Aer Lingus bid
RyanAir's board has voted to approve IAG's offer for its stake in Aer Lingus. Ryanair noted that its stake in Aer Lingus has been available for sale since May 2012 and said the current offer, which is made up of €2.50 per Aer Lingus share and a dividend of €0.05 per share, maximises Ryanair shareholder value.
Hammerson has agreed to sell its interest in Grand Maine shopping centre to a French institutional investor for €63.2m. The company said this disposal, along with the recent sale of Bercy 2, Paris, represents an opportunity to take advantage of strong investor demand for retail real estate assets and achieve good pricing ahead of book value.
Intercontinental Hotels has sold its five-star Hong Kong hotel for US$938m cash to a consortium of investors, but will retain a 37-year management contract on the building, with three 10-year extension rights.
Societe Generale initiated coverage of Croda with a 'buy' rating and 3,050p price target. It said Croda has suffered from stagnating consumer spending in mature markets over 2012-2014, resulting in virtually no sales growth. However, since the third quarter of 2014, consumer sentiment/innovation rates have started to pick up again, resulting in an underlying sales growth run rate of 3- 4%.
Medical technology company Smith & Nephew announced the acquisition of the trauma and orthopaedics business of Deost LLC and DC LLC, a manufacturing company that has distributed S&N's products in Russia since 2009. |
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| | Market Movers
techMARK 3,143.55 +0.72%
FTSE 100 6,648.93 +1.02%
FTSE 250 17,420.32 +0.72%
FTSE 100 - Risers
InterContinental Hotels Group (IHG) 2,691.00p +3.26%
Standard Life (SL.) 445.00p +2.53%
BHP Billiton (BLT) 1,235.50p +2.45%
International Consolidated Airlines Group SA (CDI) (IAG) 526.50p +2.33%
Vodafone Group (VOD) 235.30p +2.28%
Babcock International Group (BAB) 1,098.00p +2.23%
London Stock Exchange Group (LSE) 2,516.00p +2.19%
Sports Direct International (SPD) 722.00p +2.19%
Barratt Developments (BDEV) 633.50p +2.10%
Unilever (ULVR) 2,875.00p +1.99%
FTSE 100 - Fallers
ARM Holdings (ARM) 1,038.00p -0.67%
Weir Group (WEIR) 1,609.00p -0.37%
FTSE 250 - Risers
Fidelity China Special Situations (FCSS) 135.20p +4.40%
Premier Oil (PMO) 145.30p +4.16%
Zoopla Property Group (WI) (ZPLA) 238.90p +3.87%
Ocado Group (OCDO) 455.90p +3.76%
Vedanta Resources (VED) 471.70p +3.67%
Fidelity European Values (FEV) 182.00p +3.41%
Just Eat (JE.) 408.00p +2.95%
Petrofac Ltd. (PFC) 872.50p +2.47%
OneSavings Bank (OSB) 293.50p +2.26%
Auto Trader Group (AUTO) 309.80p +2.18%
FTSE 250 - Fallers
Clarkson (CKN) 2,736.00p -1.05%
Cranswick (CWK) 1,594.00p -0.93%
Lonmin (LMI) 92.05p -0.92%
Just Retirement Group (JRG) 174.00p -0.91%
Synthomer (SYNT) 303.60p -0.69%
Dechra Pharmaceuticals (DPH) 978.50p -0.66%
Balfour Beatty (BBY) 218.90p -0.59%
UK Commercial Property Trust (UKCM) 89.50p -0.56%
Nostrum Oil & Gas (NOG) 598.00p -0.50% |
| | UK Event Calendar | | Friday 10 July
INTERIM DIVIDEND PAYMENT DATE
Britvic, Connect Group, Octopus Eclipse VCT 1, Standard Life European Private Equity Trust
QUARTERLY PAYMENT DATE
BlackRock Income Strategies Trust , Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Wholesales Inventories (US) (15:00)
GMS
Ten Alps
FINALS
Ilika, Mercia Technologies
SPECIAL DIVIDEND PAYMENT DATE
OMG
EGMS
IG Seismic Services GDR (Reg S), PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S)
AGMS
Aurasian Minerals , Graphene NanoChem, Perpetual Income & Growth Inv Trust, Tau Capital, Value and Income Trust
TRADING ANNOUNCEMENTS
X5 Retail Group NV GDR (Reg S)
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
FINAL DIVIDEND PAYMENT DATE
3i Infrastructure, Anglo-Eastern Plantations, Booker Group, C&C Group, Harvey Nash Group, Judges Scientific, M&C Saatchi, Marks & Spencer Group, S&U, Sainsbury (J), Sirius Real Estate Ltd., TLA Worldwide , Tribal Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher on optimism over Greece European stocks rallied on Friday, while the euro gained ground against the dollar, as news that Greece has submitted fresh reform proposals to its Eurozone creditors underpinned hopes that a deal will be struck at this weekend. By 0850 BST, the benchmark Stoxx Europe 600 index was up 1.3%, France's CAC 40 was 2.2% higher and Germany's DAX was 2% firmer.
The tone was again supported by a rally in Chinese equity markets, which lifted basic resources stocks in Europe. The Stoxx Europe 600 index for the sector gained 2.4%.
In the periphery, Spain's IBEX 35 was 2.1% higher, while Italy's FTSE Mib was up 1.8%. The Greek stock market and banks in the country will remain closed until Monday.
The euro, meanwhile, was 0.6% stronger against the greenback at $1.1100.
Greece has requested €53.5bn to help cover its debts until 2018 and has agreed to implement tax hikes and spending cuts in return. The Greek parliament will vote later on Friday on whether to endorse the new set of proposals put forward to creditors.
"In the proposal, the Greek side promises to clamp down on early retirement, raise the retirement age to 67 years by 2022, increase VAT revenues, cut military spending somewhat (by €100m in 2015 and €200m in 2016 and work with the OECD on product market reforms," said Berenberg analyst Holger Schmieding.
"Tsipras's readiness to accept what he rejected two weeks ago is a significant positive step. But it probably does not go far enough yet," said Schmieding.
"Whether he can go the extra mile over the next two days and hence still avoid the Grexit abyss remains to be seen. After Tsipras called the referendum almost two weeks ago, we had raised our Grexit probability to 55%. Whereas the clear referendum result had indicated early this week that the risk of Grexit may be even higher than 55%, the Greek proposal now suggests that the balance of risks is shifting somewhat the other way again."
German finance minister Wolfgang Schaeuble was cited as having said that Greece's debt was not sustainable without debt relief, adding later that the International Monetary Fund was 'right' to have pointed this out.
On the corporate front, InterContinental Hotels rose in London after the company said it has sold its five-star Hong Kong hotel for $938m.
Hammerson nudged higher after announcing that it has sold its stake in a French shopping centre for €63.2m.
Oil and gas services provider Petrofac made strong gains after saying it has been awarded a $780m contract from Kuwait Oil firm for its manifold group trunkline in the north of the country.
Ryanair was also up after it accepted the offer from Iberia and British Airways parent IAG for its 29.8% shareholding in Aer Lingus. |
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| | US Market Report | | US close: Wall Street remains in the green US equity indices lost ground over Thursday's session but remained in positive territory after starting with a bang on the back of the bounce in Chinese stocks and commodities prices. The Dow Jones Industrial Average closed 33.2 points or 0.19% higher at 17,548.62, while the S&P 500 ended up 0.23% to 2,051.31 and the Nasdaq Composite 0.26% higher at 4,922.4.
These gains came despite numerous other potential pitfalls, wit the International Monetary Fund cutting its forecasts for US growth, weekly unemployment claims being lower than forecast, further stock price falls from tech colossus Apple, and lingering tentative feelings about Greece's potential deal with its European creditors.
The IMF trimmed its forecast for 2015 gross domestic product growth Stateside to 2.5% from the 3.1% it saw in April.
Initial US unemployment claims rose by 15,000 to reach 297,000 in the week ended on 4 July, according to the US Department of Labor. Economists had been calling for a print of 275,000.
The dollar lost ground to the pound at $1.539, but gained on the euro and the yen.
Bond yields gain, Minneapolis Fed calls for more debt
In bonds, the yield on the benchmark US 10-year note gained eight basis points to 2.27%. Thirty-year US bond yields rose before a sale of $13bn of those instruments by the country's Treasury Department.
Federal Reserve Bank of Minneapolis president Narayana Kocherlakota said it could be a good idea for the US government to issue more debt as this would help lift the economy's long-run neutral rate of interest.
Increasing the supply of assets available to investors "would push downward on debt prices, and so upward on the long-run neutral real interest rate," Kocherlakota said Thursday in Frankfurt in remarks prepared for delivery at a conference hosted by Germany's Bundesbank, reported Bloomberg.
Stocks news
Apple extended its losing streak to five days, falling almost 2% as sales of the new Apple Watch reportedly plunged by 90% since the opening week rush. Other reports cited worries about the bursting of China's economic bubble as a key concern for the tech company, with sales of iPhones likely to be affected if consumer demand from the People's Republic wanes.
Health insurer Cigna Corp was the highest riser after reports surfaced that its merger with Anthem Inc was moving ahead. This subsector of the insurance industry has been abuzz with deals in recent weeks, with further rumours spreading that UnitedHealth Group Inc was looking to bid for Cigna, which is already supposed to be in talks with rival Anthem.
Top riser on the DJIA was Travelers Companies after Bank of America upgraded its rating to 'buy' from a previous 'neutral' rating.
Walgreens Boots Alliance was another on the front foot after its third-quarter earnings per share beat expectations.
Coty was one of the most heavily traded issues on the NYSE after the French firm entered into a $12.5bn deal to acquire 43 of Proctor & Gamble's hair and beauty brands.
Mastercard rose, despite being charged by EU antitrust regulators for two different anti-competitive measures.
Having initially fizzed higher in early trading, PepsiCo lost more than 1% despite raising its earnings forecasts for the year.
S&P 500 - Risers
CIGNA Corp. (CI) $157.23 +4.51%
Nabors Industries Ltd. (NBR) $13.65 +3.69%
Chesapeake Energy Corp. (CHK) $11.69 +3.40%
Pioneer Natural Resources Co. (PXD) $138.96 +3.06%
NASDAQ OMX Group Inc. (NDAQ) $49.31 +3.03%
Comerica Inc. (CMA) $49.12 +2.91%
GameStop Corp. (GME) $46.96 +2.67%
Denbury Resources Inc. (DNR) $5.51 +2.61%
LyondellBasell Industries (LYB) $97.51 +2.57%
Zions Bancorporation (ZION) $30.50 +2.54%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $1.54 -4.94%
Altera Corp. (ALTR) $49.50 -3.32%
Joy Global Inc. (JOY) $31.34 -3.09%
Kohls Corp. (KSS) $62.74 -2.86%
Texas Instruments Inc (TXN) $48.23 -2.62%
Micron Technology Inc. (MU) $17.17 -2.61%
Avago Technologies Ltd. (AVGO) $124.81 -2.53%
Adt Corp (ADT) $32.56 -2.49%
L Brands Inc (LB) $84.00 -2.31%
Windstream Holdings Inc (WIN) $5.51 -2.22%
Dow Jones I.A - Risers
Travelers Company Inc. (TRV) $100.24 +1.50%
Pfizer Inc. (PFE) $33.92 +1.42%
JP Morgan Chase & Co. (JPM) $66.28 +1.30%
3M Co. (MMM) $154.10 +0.91%
Johnson & Johnson (JNJ) $98.62 +0.87%
McDonald's Corp. (MCD) $96.67 +0.86%
Microsoft Corp. (MSFT) $44.62 +0.85%
American Express Co. (AXP) $76.53 +0.78%
Boeing Co. (BA) $143.02 +0.78%
General Electric Co. (GE) $26.08 +0.75%
Dow Jones I.A - Fallers
Apple Inc. (AAPL) $120.18 -1.95%
Intel Corp. (INTC) $29.00 -1.68%
Verizon Communications Inc. (VZ) $46.29 -0.62%
Caterpillar Inc. (CAT) $81.86 -0.50%
Exxon Mobil Corp. (XOM) $81.77 -0.24%
Wal-Mart Stores Inc. (WMT) $72.89 -0.23%
E.I. du Pont de Nemours and Co. (DD) $58.03 -0.23%
Procter & Gamble Co. (PG) $80.81 -0.22%
Cisco Systems Inc. (CSCO) $26.94 -0.19%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $4.81 +4.11%
Whole Foods Market Inc. (WFM) $40.90 +2.51%
Check Point Software Technologies Ltd. (CHKP) $80.61 +2.43%
Netflix Inc. (NFLX) $668.99 +2.21%
Alexion Pharmaceuticals Inc. (ALXN) $188.43 +2.04%
Mylan Inc. (MYL) $70.30 +1.94%
Citrix Systems Inc. (CTXS) $69.03 +1.66%
Sirius XM Holdings Inc (SIRI) $3.70 +1.65%
Baidu Inc. (BIDU) $187.62 +1.64%
Tractor Supply Company (TSCO) $89.00 +1.59%
Nasdaq 100 - Fallers
Altera Corp. (ALTR) $49.50 -3.32%
Texas Instruments Inc (TXN) $48.23 -2.62%
Micron Technology Inc. (MU) $17.17 -2.61%
Avago Technologies Ltd. (AVGO) $124.81 -2.53%
Maxim Integrated Products Inc. (MXIM) $32.06 -2.42%
Apple Inc. (AAPL) $120.18 -1.95%
Nxp Semiconductors Nv (NXPI) $90.56 -1.82%
F5 Networks Inc. (FFIV) $115.78 -1.75%
Xilinx Inc. (XLNX) $41.94 -1.69% |
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| | Newspaper Round Up | | Friday newspaper round-up: Greece, Housebuilding, Tunisia A new Greek proposal for economic policy overhauls and budget cuts appears to have moved closer to creditors' demands on some of the most divisive issues, but there was no immediate word on whether it would be enough to unlock a new bailout package. - The Wall Street Journal George Osborne will today announce ambitious planning reforms to speed up housebuilding in Britain, side-lining obstructive councils and setting up a potential clash with the Tory shires. The chancellor will put planning reform at the centre of a new "national productivity plan"- effectively the second half of this week's Budget - as he attempts to remove obstacles to growth. - Financial Times
Thousands of British tourists are being evacuated from Tunisia after the Foreign Office warned that another terrorist attack was highly likely. Tour operators were organising extra flights back to Britain last night after the government told holidaymakers that they were not safe and advised against non-essential travel. - The Times
One of the world's largest technology companies has pledged to pump $1bn into the UK's technology sector in the next five years, which includes a $150m pot for start-ups, such as those clustered around Silicon Roundabout in east London. Cisco did not say how it would spend the money, apart from the fund for UK start-ups developing machine-to-machine technology for the financial, retail and healthcare sectors, but it did commit to make more acquisitions. - The Times
A midnight deadline for a nuclear deal between world powers and Iran passed on Thursday, with US legislation kicking in that will strengthen the position of hawks in Washington who are opposed to an agreement. Hours earlier US secretary of state John Kerry warned that the final stage of nuclear talks was in deadlock. - Financial Times | | |
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