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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 take breather after four days of gains After slipping early on, the FTSE 100 recovered to be broadly flat after the first hour of trading on Tuesday as traders awaited the release of several economic reports, not least the latest estimate for UK consumer price inflation.
As of 09:11 the Footsie was 2.07 points lower at 6,735.11 following four straight days of gains and the FTSE 250 off by 22.94 points to 17,685.76
Acting as a backdrop, all eyes remained trained on Greece and whether or not its parliament would meet the Wednesday deadline to approve the economic reforms demanded of it by creditors.
The most extreme left-wing of Prime Minister Alexis Tsipras's Syriza party called the deal a "humiliation of Greece", as did Syriza's right-wing coalition partner the Independent Greeks, who labelled it a "coup by Germany".
The situation could rapidly deteriorate
"It's worth noting that Greece won't fall completely off the radar today," said Craig Erlam, senior market analyst at Oanda. "If at any stage it appears there is a chance that the bailout may not be passed through any particular parliament, particularly in Greece or Germany, we could see widespread panic all over again as we'd basically be back to square one.
"Hopefully that won't happen although it is far from certain at this stage that the voting this week, starting tomorrow in Greece, will go smoothly," he wrote in a research report e-mailed to clients.
Data heavy agenda ahead
The UK's Office for National Statistics (ONS) is scheduled to release its latest estimate for the cost of living in the UK at 09:30.
"Today's inflation data should not be ignored particularly the on-going weakness in core inflation. With the front end pricing the first rate move in about a year, we think that the MPC may collectively be relatively comfortable with the current pricing of expectations, so short of a split vote emerging in July's minutes, we do not expect an overly hawkish message from Governor Carney," analysts at Barclays said.
The ZEW institute was also scheduled to release its latest reading for its economic confidence index for Germany.
Stateside, investors were waiting on the most figures for the country's retail sales and the latest update to the Federal Reserve bank of Atlanta's GDPNow model.
Front month Brent futures were 1.9% lower to $56.78 per barrel on the ICE after Iran and six nuclear powers reached an agreement on the country's atomic programme.
AstraZeneca gets FDA approval for Iressa
AstraZeneca's Iressa drug, which is used in the treatment of metastatic non-small cell lung cancer, has been approved by the US Food and Drug Administration.
Iressa is approved in 91 countries for the treatment of adult patients with locally advanced or metastatic epidermal growth factor receptor mutation-positive NSCLC, which is the most common type of lung cancer.
Miner BHP Billiton reported that director Sir John Buchanan died on Monday, having served on the board from 2003 up until the time of his death. Buchanan, who was the senior independent director of Anglo-Australian giant, "provided wise counsel to his fellow directors and to management, and made an invaluable contribution to BHP Billiton," said chairman Jac Nasser. |
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| | Market Movers
techMARK 3,182.05 +0.08%
FTSE 100 6,731.00 -0.10%
FTSE 250 17,671.11 -0.21%
FTSE 100 - Risers
Meggitt (MGGT) 481.20p +2.27%
Sky (SKY) 1,100.00p +2.04%
International Consolidated Airlines Group SA (CDI) (IAG) 556.00p +1.27%
Sainsbury (J) (SBRY) 265.80p +1.03%
Hikma Pharmaceuticals (HIK) 2,086.00p +0.97%
Standard Chartered (STAN) 1,023.50p +0.79%
Reed Elsevier (REL) 1,093.00p +0.74%
Dixons Carphone (DC.) 460.70p +0.72%
Carnival (CCL) 3,498.00p +0.72%
SABMiller (SAB) 3,484.50p +0.64%
FTSE 100 - Fallers
Pearson (PSON) 1,232.00p -1.44%
ITV (ITV) 272.50p -1.34%
Shire Plc (SHP) 5,455.00p -1.27%
easyJet (EZJ) 1,662.00p -0.95%
GKN (GKN) 321.50p -0.92%
Prudential (PRU) 1,619.50p -0.74%
Aberdeen Asset Management (ADN) 406.10p -0.73%
Coca-Cola HBC AG (CDI) (CCH) 1,336.00p -0.67%
Persimmon (PSN) 2,001.00p -0.65%
Antofagasta (ANTO) 663.00p -0.60%
FTSE 250 - Risers
International Personal Finance (IPF) 367.30p +4.17%
Pace (PIC) 377.40p +2.67%
Carillion (CLLN) 359.90p +2.33%
Lonmin (LMI) 75.70p +2.30%
Centamin (DI) (CEY) 60.25p +2.12%
Renishaw (RSW) 2,248.00p +1.63%
Evraz (EVR) 119.40p +1.53%
AO World (AO.) 133.20p +1.52%
Cobham (COB) 274.80p +1.40%
Hellermanntyton Group (HTY) 347.40p +1.34%
FTSE 250 - Fallers
Drax Group (DRX) 252.00p -3.74%
Man Group (EMG) 154.00p -2.35%
Michael Page International (MPI) 542.00p -2.34%
Tullow Oil (TLW) 295.70p -2.18%
Hiscox Limited (CDI) (HSX) 887.50p -1.83%
William Hill (WMH) 391.50p -1.83%
Computacenter (CCC) 755.50p -1.76%
Crest Nicholson Holdings (CRST) 545.00p -1.45%
Bovis Homes Group (BVS) 1,138.00p -1.30% |
| | UK Event Calendar | | Tuesday 14 July
QUARTERLY EX-DIVIDEND DATE
Abbott Laboratories
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Consumer Price Index (GER) (07:00)
Industrial Production (EU) (10:00)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:30)
Retail Sales Inventories (US) (15:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
FINALS
Begbies Traynor Group
IMSS
ITE Group
EGMS
NewRiver Retail Limited
AGMS
Aberdeen Japan Investment Trust , Brown (N.) Group, Dairy Crest Group, Development Securities, Northern 2 VCT, Octopus Apollo VCT C, Prospex Oil and Gas, Rurelec, Software Radio Technology, Summit Therapeutics , TwentyFour Select Monthly Income Fund Limited
TRADING ANNOUNCEMENTS
DotDigital Group, Michael Page International
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as investors pause for thought European stocks were little changed in early trading as the initial relief over Greece's third bailout gave way to doubts over whether the Greek government will be able to push tough new austerity measures through parliament.
By 0900 BST, the benchmark Stoxx Europe 600 index was down 0.1%, France's CAC 40 was off 0.1% and Germany's DAX was 0.4% weaker.
In the periphery, Spain's IBEX 35 was 0.1% higher, while Italy's FTSE Mib was 0.5% lower.
Meanwhile, the euro was trading flat against the greenback at $1.1000.
Equity markets racked up healthy gains on Monday on news that Greece had secured a third bailout from its Eurozone creditors.
However, the next hurdle will be for the Greek parliament to pass new legislation to cut pension payments and increase sales taxes in order for negotiations over its latest bailout to begin.
In addition, a number of Eurozone nations will also need to approve the bailout.
"European equities are trading little changed to slightly lower this morning as traders waiting to see if Greek Prime Minister Tsipras will be able to secure a majority in parliament to push through controversial reforms and new laws as demanded by creditors in order to pave the way for a much needed third bailout package," said Markus Huber, senior analyst at Peregrine & Black.
"There is much urgency as Greece will also require a bridge loan in order not to default on their obligations towards creditors coming due in July and August."
In the commodity markets, oil prices dropped as it emerged that Iran and the six world powers with whom it was negotiating have reached an agreement on the country's nuclear programme.
The Islamic Republic will obtain sanctions relief in exchange for curbs on its nuclear activities, Reuters reported citing an Iranian diplomat and another official from the country.
"Although it may take a certain amount of time to become fully equipped with an ability to produce oil at its optimum level, Iran does have a significant amount of oil reserve which is ready to hit the market," said Naeem Aslam, chief market analyst at Ava Trade. "This is like a plane on the runway ready to take off. Therefore, it will only add to the oil glut on the market and increase the selling pressure."
In corporate news, Switzerland's Kuehne & Nagel rose after its second-quarter earnings beat expectations. |
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| | US Market Report | | US close: Dow Jones jumps 200 points on Greek deal but Greece's union calls for national strike US stocks closed firmly in the black on Monday after Eurozone leaders agreed to a third bailout programme for Greece.
The Dow Jones Industrial Average closed up 217 points to 17,977.68, while the S&P 500 and the Nasdaq gained 23 and 74 points respectively. Gold futures dropped 0.10% to $1,156.70, while Chinese stocks dragged Asian markets higher following last week's drastic selloff.
Monday data
The US federal government reported a monthly budget surplus of $51.8bn for June, in line with consensus expectations. Receipts grew 6% year-on-year for the month, while spending rose 15% y/y.
The monthly surplus in June compares with $70.5bn reported for the same period last year.
"We expect the deficits to stabilise around current levels over the next quarter, in line with our full year 2015 forecast for a federal deficit of $425.0bn," Barclays' analysts said in a note.
Oil falls
Oil prices tumbled as the uncertainty surrounding the Iranian nuclear deal lingered on, with negotiations now at a "make-or-break" point, according to sources cited by the Wall Street Journal.
West Texas Intermediate dropped 1.03% to $52.20 a barrel, while Brent crude lost 1.28% to $57.99 a barrel.
In company news, retailer Ascena Retail Group tumbled 12.7% after cutting its full-year earnings outlook late on Friday.
Master limited partnership MPLX LP slumped 14.5% after announcing it intends to buy MarkWest Energy Partners LP for about $15.8bn, which send the latter's shares up by 13.8%
Oil and gas industry services providers Halliburton and Baker Hughes rose 1.28% and 0.99% respectively after both firms agreed to extend the Justice Department's antitrust review period of their $35bn merger until the end of November.
Health and fitness products producer Fitbit climbed 3.28% after several banks initiated coverage of the stock with equal weight, buy and market perform ratings. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Athens, Retailers, Iran Greek Prime Minister Alexis Tsipras returned to Athens yesterday facing a rebellion within his government after he accepted the most intrusive programme ever mounted by the EU as the price for a new €86bn bailout to keep Greece in the Eurozone. - Financial Times
The Government's new national living wage is likely to result in higher prices for shoppers, Moody's has warned. The minimum wage for over-25s is to rise from £6.50 per hour at present to £7.20 in 2017 and £9 by 2020 under proposals announced by George Osborne in the Budget. This increase in basic pay is "credit negative" for retailers, restaurants, hotels and leisure companies because of the cost of increasing pay for the hundreds of thousands of workers they employ, according to an analysis by credit rating agency Moody's. - The Daily Telegraph
A fleet of tankers is poised to pour 40m barrels of oil into an overflowing global market as talks over Iran's nuclear programme and the end of sanctions edge to a conclusion. The overhang of Iranian crude ready to be sold by the cash-strapped regime in Tehran would add to a supply glut that led to a collapse in prices last year, in what was a boost for consumers in the developed world but a hammer blow for poorer countries dependent on oil. - The Times
The new surcharge on banks' profits will cut lending to small businesses by £10bn and should be changed, according to a letter from 15 challenger bank bosses to the Chancellor. The group has demanded a meeting with George Osborne to express fury about the new tax announced in the budget on all banks making more than £25m a year, drawing in small lenders and building societies. - The Times
Britain will be liable for close to £1bn of emergency loans to Greece, it can be revealed, after Jean-Claude Juncker tore up a "black and white" deal to protect UK taxpayers from Eurozone bailouts. George Osborne, the Chancellor, today attempted to fight off a proposal to raid the EU budget to save Greek banks from financial collapse. - The Daily Telegraph High frequency traders could face a wave of new regulation after US authorities called for a broad review of the rules that govern them following a burst of volatility that shook faith in markets' resilience. In a long-anticipated report on the wild swing on bond yields on 15 October last year, the Treasury Department ad regulators said the growth of rapid electronic trading had played a central role but stressed that several other factors also contributed. - Financial Times |
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