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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 rally on upbeat Chinese data The FTSE 100 opened higher after better-than-expected Chinese data. China's gross domestic product (GDP) rose 7% year-on-year in the second quarter, above forecasts for a 6.8% increase.
"The second quarter's stronger-than-consensus GDP growth partly reflects an unsustainable surge in financial sector activity that will prove short-lived," said Julian Evans-Pritchard, China economist at Capital Economics. "Even so, there are plenty of positive signs on broader economic momentum in today's data too."
Chinese industrial production output climbed 6.8% over the year, ahead of analysts' expectations for a rise of 6%. Fixed asset investment grew by 11.4% during the first half of the year, compared with consensus of 11.2%.
China retail sales jumped 10.6% year-on-year in June, beating projections for a 10.2% gain.
Closer to home, UK employment data will be released at 0930 BST.
In the Eurozone, Greece remains the main focus as Athens' parliament votes on a package of reforms necessary to obtain the 'bridge financing' from creditors that it needs to avoid a collapse of the country's banking system and a Grexit.
"This really is a hugely important but difficult vote that is effectively a choice between three more years of painful austerity or a potentially brutal and messy Greek exit from the Eurozone," Craig Erlam, senior market analyst at Oanda said in a research note e-mailed to clients.
Stateside, US Federal Reserve Chair Janet Yellen's half-yearly testimony before the US House of Representatives' Financial Services committee, something roughly akin to the Treasury Select Committee, may shed further light on her thinking regarding when interest rates on the other side of the Pond should start heading higher.
On the corporate front, Anglo American topped the FTSE 100 after Credit Suisse upgraded the stock to 'outperform' from 'neutral'.
Burberry slumped after it said a decline in Asia Pacific and further deceleration in Hong Kong hurt sales in the three months to 30 June.
International Consolidated Airlines Group dropped as the European Commission approved its offer for Aer Lingus, after it agreed to make some concessions to assuage concerns about competition. |
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| | Market Movers
techMARK 3,171.08 -0.51%
FTSE 100 6,732.92 -0.31%
FTSE 250 17,582.44 -0.34%
FTSE 100 - Risers
Mondi (MNDI) 1,500.00p +1.15%
Anglo American (AAL) 879.00p +1.09%
Wolseley (WOS) 4,295.00p +0.82%
Hikma Pharmaceuticals (HIK) 2,099.00p +0.82%
Direct Line Insurance Group (DLG) 353.00p +0.77%
Fresnillo (FRES) 681.50p +0.74%
Legal & General Group (LGEN) 269.90p +0.67%
Travis Perkins (TPK) 2,175.00p +0.51%
RSA Insurance Group (RSA) 419.50p +0.41%
United Utilities Group (UU.) 887.00p +0.34%
FTSE 100 - Fallers
Burberry Group (BRBY) 1,573.00p -2.90%
Unilever (ULVR) 2,865.00p -1.21%
Weir Group (WEIR) 1,577.00p -1.19%
GKN (GKN) 315.00p -1.10%
Royal Mail (RMG) 513.50p -1.06%
GlaxoSmithKline (GSK) 1,378.00p -1.04%
Sainsbury (J) (SBRY) 265.10p -0.97%
Vodafone Group (VOD) 235.90p -0.84%
Babcock International Group (BAB) 1,095.00p -0.82%
Associated British Foods (ABF) 3,111.00p -0.70%
FTSE 250 - Risers
Kaz Minerals (KAZ) 200.50p +3.35%
Ophir Energy (OPHR) 114.30p +2.51%
Intermediate Capital Group (ICP) 575.00p +2.13%
Just Eat (JE.) 425.80p +1.87%
Lonmin (LMI) 78.70p +1.75%
Workspace Group (WKP) 940.00p +1.68%
Vedanta Resources (VED) 459.60p +1.66%
Renishaw (RSW) 2,182.00p +1.58%
Moneysupermarket.com Group (MONY) 293.00p +1.00%
Man Group (EMG) 152.50p +0.99%
FTSE 250 - Fallers
Entertainment One Limited (ETO) 326.20p -10.11%
Micro Focus International (MCRO) 1,336.00p -6.83%
Wetherspoon (J.D.) (JDW) 732.00p -5.06%
Premier Farnell (PFL) 166.10p -3.82%
Fidelity China Special Situations (FCSS) 137.50p -3.71%
PZ Cussons (PZC) 354.70p -3.27%
Diploma (DPLM) 795.00p -3.05%
Tullow Oil (TLW) 287.40p -2.97%
Rotork (ROR) 210.20p -2.87%
FirstGroup (FGP) 115.40p -2.62%
FTSE TechMARK - Risers
Dialight (DIA) 530.00p +0.95%
Innovation Group (TIG) 31.75p +0.79%
Oxford Instruments (OXIG) 883.50p +0.45%
Skyepharma (SKP) 276.00p +0.18%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 197.91 +0.17%
FTSE TechMARK - Fallers
UCW Limited (UCW) A$0.01 -7.69%
KCOM Group (KCOM) 95.50p -1.29%
SDL (SDL) 390.25p -1.20%
Torotrak (TRK) 6.80p -1.16%
Oxford Biomedica (OXB) 9.00p -0.77%
Consort Medical (CSRT) 883.50p -0.67%
CML Microsystems (CML) 366.00p -0.41%
Anite (AIE) 125.75p -0.40%
E2V Technologies (E2V) 233.50p -0.32% |
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| | UK Event Calendar | | Wednesday 15 July
INTERIM DIVIDEND PAYMENT DATE
Alternative Networks, Topps Tiles
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Capacity Utilisation (US) (14:15)
Crude Oil Inventories (US) (15:30)
Industrial Production (US) (14:15)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (US) (13:30)
Wholesale Price Index (GER) (07:00)
GMS
ECR Minerals
FINALS
Falanx Group Ltd, Heath (Samuel) & Sons
IMSS
Intermediate Capital Group, Severn Trent, Workspace Group
SPECIAL DIVIDEND PAYMENT DATE
Spirax-Sarco Engineering
EGMS
San Leon Energy
AGMS
1Spatial, BT Group, BTG, E2V Technologies, Griffin Mining Ltd., ICAP, Intermediate Capital Group, Macromac , RPC Group, Severn Trent, Speedy Hire, Stallion Resources , Syqic, Work Group, Workspace Group
TRADING ANNOUNCEMENTS
Burberry Group, Halfords Group, OJSC Novolipetsk Steel GDS (Reg S)
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
Unemployment Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
Alliance Pharma, JPMorgan Euro Small Co. Trust, UTV Media
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge lower ahead of Greek parliamentary vote European stocks nudged a touch lower in early trade as investors awaited the outcome of a Greek parliamentary vote on the reform measures needed for the country to receive its third bailout. By 0900 BST, the benchmark Stoxx Europe 600 index was down 0.1%, while France' CAC and Germany's DAX were both of 0.3%.
In peripheral markets, Spain's IBEX 35 was down 0.2% and Italy's FTSE Mib was up 0.1%.
In order for formal negotiations over Greece's €86bn bailout to begin, the country's parliament will need to approve the pension and sales tax reforms required by its creditors.
Prime Minister Alexis Tsipras faces fierce resistance from his Syriza party and will need to rely on support from the opposition in Wednesday's vote.
"European markets remain subdued as they wait to see whether Greece's parliament will approve the broad raft of measures demanded of it by its European partners. Failure to approve legislation would immediately consign Greece to the prospect of default and euro exit," said Rebecca O'Keeffe, head of investment at Interactive Investor.
With so much hanging in the balance, investors also digested a report from the International Monetary Fund calling for massive debt relief for Greece.
The IMF said the country would need a dramatic extension and a grace period of 30 years on the entire stock of European debt, in what was essentially a warning that the fund would not take part in a Eurozone-led bailout unless creditors agree to more debt relief.
On the corporate front, luxury fashion brand Burberry fell into the red after the company said sales growth slowed in the first quarter.
Vodafone was also on the back foot after a downgrade by Goldman Sachs.
On the upside, though, Anglo American rose to the top of the FTSE 100 after Credit Suisse upgraded the stock, saying investor focus should switch to the underlying asset value.
Elsewhere, shares in Dutch chip equipment maker ASML nudged higher after it posted higher-than-expected second-quarter net profit. |
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| | US Market Report | | US close: stocks gain for the fourth day running US stocks extended gains on Tuesday despite disappointing economic data, as oil prices recovered from earlier losses and the second-quarter earnings season kicked off. At close, the Dow Jones Industrial Average was up 76 points to 18,054, while the S&P 500 rose 9 points to 2,109 and the Nasdaq gained 33 points to 5,105.
"I think most of all it's a continuation from yesterday," said Robert Pavlik, chief market strategist at Boston Private Wealth. "I think people are trying to get positioned ahead of earnings."
US retail sales dropped 0.3% in June, according to data released by the US Commerce Department, falling short of analysts' expectations for a 0.2% rise.
Meanwhile, according to the Bureau of Labor Statistics, US import prices declined 0.1% month-on-month in June, falling short of expectations of a 0.1% increase.
Oil prices plunged in early trading after six world powers and Iran reached an agreement, which will see economic sanctions lifted in exchange for the country accepting limits on its nuclear activities.
However, they later swung to a gain, with West Texas Intermediate up 1.25% to $52.85 a barrel and Brent crude 0.97% higher at $57.22 a barrel.
Metal prices fell across the board, while the dollar dipped against the euro, yuan and the pound.
Shares of Micron Technology climbed 11% on a report late Monday that China's Tsinghua Unigroup has submitted a bid to acquire the memory-chip maker for $23bn.
Amazon was trading higher following an upgraded to 'buy' from 'neutral' at UBS, which tracked positive sentiment regarding the growth of its fulfillment and Prime businesses.
Johnson & Johnson dipped despite beating expectations with its full year profits and its full-year outlook.
Twitter ended flat after s brief boost on a takeover bid report that was later proved to be false.
Elsewhere, European markets' gains slowed from Monday's Greece-fuelled surge, while Asian stocks were mixed.
S&P 500 - Risers
Micron Technology Inc. (MU) $19.61 +11.36%
Chesapeake Energy Corp. (CHK) $11.38 +4.40%
Vertex Pharmaceuticals Inc. (VRTX) $129.44 +4.19%
Nabors Industries Ltd. (NBR) $13.81 +4.07%
Range Resources Corp. (RRC) $47.71 +3.47%
Sandisk Corp. (SNDK) $55.49 +3.43%
Goodyear Tire & Rubber Co. (GT) $30.29 +2.99%
Alexion Pharmaceuticals Inc. (ALXN) $205.00 +2.96%
Seagate Technology Plc (STX) $47.61 +2.87%
Southwestern Energy Co. (SWN) $22.13 +2.74%
S&P 500 - Fallers
Kroger Co. (KR) $38.20 -50.36%
Fastenal Co. (FAST) $41.11 -3.99%
Expedia Inc. (EXPE) $107.26 -3.47%
EMC Corp. (EMC) $25.12 -3.20%
Peabody Energy Corp. (BTU) $1.62 -2.99%
Applied Materials Inc. (AMAT) $18.89 -2.18%
Allegheny Technologies Inc. (ATI) $28.16 -2.05%
W.W. Grainger Inc. (GWW) $233.27 -1.99%
Electronic Arts Inc. (EA) $72.25 -1.75%
Mead Johnson Nutrition Co. (MJN) $88.13 -1.63%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $125.00 +2.08%
JP Morgan Chase & Co. (JPM) $69.04 +1.40%
Coca-Cola Co. (KO) $41.17 +1.25%
Chevron Corp. (CVX) $95.55 +1.00%
Caterpillar Inc. (CAT) $84.46 +0.98%
Goldman Sachs Group Inc. (GS) $212.16 +0.97%
Cisco Systems Inc. (CSCO) $28.03 +0.86%
Exxon Mobil Corp. (XOM) $83.11 +0.84%
Visa Inc. (V) $70.10 +0.83%
Boeing Co. (BA) $147.75 +0.77%
Dow Jones I.A - Fallers
Johnson & Johnson (JNJ) $99.78 -0.49%
International Business Machines Corp. (IBM) $168.61 -0.45%
Intel Corp. (INTC) $29.64 -0.30%
Walt Disney Co. (DIS) $117.85 -0.17%
E.I. du Pont de Nemours and Co. (DD) $59.43 -0.13%
Wal-Mart Stores Inc. (WMT) $73.79 -0.12%
United Technologies Corp. (UTX) $111.51 -0.06%
Nike Inc. (NKE) $112.34 -0.06%
Apple Inc. (AAPL) $125.61 -0.04%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $19.61 +11.36%
Vertex Pharmaceuticals Inc. (VRTX) $129.44 +4.19%
Illumina Inc. (ILMN) $229.26 +3.52%
Sandisk Corp. (SNDK) $55.49 +3.43%
Nxp Semiconductors Nv (NXPI) $94.78 +3.25%
Alexion Pharmaceuticals Inc. (ALXN) $205.00 +2.96%
Seagate Technology Plc (STX) $47.61 +2.87%
Google Inc. Class C (GOOG) $561.10 +2.66%
Gilead Sciences Inc. (GILD) $117.36 +2.45%
Avago Technologies Ltd. (AVGO) $132.30 +2.42%
Nasdaq 100 - Fallers
Fastenal Co. (FAST) $41.11 -3.99%
Expedia Inc. (EXPE) $107.26 -3.47%
Applied Materials Inc. (AMAT) $18.89 -2.18%
Viacom Inc. Class B (VIAB) $61.71 -1.26%
KLA-Tencor Corp. (KLAC) $55.63 -1.23%
Intuitive Surgical Inc. (ISRG) $491.95 -1.12%
Mattel Inc. (MAT) $25.82 -1.09%
O'Reilly Automotive Inc. (ORLY) $237.28 -1.06%
Baidu Inc. (BIDU) $191.28 -1.03% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: UK power restrictions, James slams apprentice levy Britain's electricity supplies will be at their tightest level in a decade this winter, forcing the country to rely on emergency measures to ensure the lights stay on, according to official forecasts. The closure of three power stations has increased the risk of blackouts since last winter, new analysis by National Grid shows. The 'safety buffer' margin between peak winter electricity demand in and the output from Britain's ageing power stations is likely to fall to just 1.2 per cent - down from 4.1 per cent last year, it finds. - The Daily Telegraph
The head of one of Britain's biggest retail chains hit out yesterday at a proposed £2bn apprenticeship levy, accusing the government of feeding an army of consultants by creating red tape in subsidies for on-the-job training. Sebastian James, chief executive of Dixons Carphone and a close friend of the prime minister, delivered a scathing critique of one of the government's core business policies, highlighting inconsistency, bureaucracy and the cost in public subsidies. - The Times
David Cameron has dismissed concerns about a controversial free trade agreement between Europe and the United States, warning that Britain will "rue the day" if the treaty is not signed. The prime minister accused critics of the Transatlantic Trade and Investment Partnership (TTIP) of making arguments that "fall apart" when they are examined. - The Times
The International Monetary Fund has set off a political earthquake in Europe, warning that Greece may need a full moratorium on debt payments for 30 years and perhaps even long-term subsidies to claw its way out of depression. "The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date," said the IMF in a leaked report. - The Daily Telegraph
Britain's banks are facing a £40bn decade-long tax headache as a result of industry specific levies imposed by the Chancellor. New figures show that the banking sector will pay out £39.35bn in five extra taxes - in addition to corporation tax and national insurance - between 2010/11 and 2020/21. - The Daily Telegraph | | |
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