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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 open flat on uncertainty ahead of Greek referendum UK stocks opened broadly flat on Thursday morning as fading optimism about a Greek debt deal and an upcoming US jobs report gave investors reasons to be cautious.
The FTSE 100 was down 0.07% at 6,603.96 early on.
After showing signs of conceding ground on Wednesday and offering to meet most of the demands from last week's funding proposal, Greek Prime Minister Alexis Tsipras said the planned 5 July referendum on a bailout deal would still go ahead and reiterated his call on the public to vote 'no'.
"Yesterday was a spectacular day for Alex Tsipras's political flip-flopping, in the morning appearing to have yielded to most of Greece's creditors' demands, only to turn around later and tell his people to tell the very same creditors to get stuffed and vote 'no' in Sunday's referendum," said dealer Jonathan Sudaria from London Capital Group.
European leaders have now broken off talks about a new deal and said they would not hold more discussions until after the referendum.
"The line appears to be that the creditors are happy to talk, either after the referendum, or straightaway if the referendum is called off," said CMC Markets analyst Michael Hewson.
Looking ahead, the non-farm payrolls figure for June - scheduled one day earlier than normal due to national holidays Stateside on Friday for the weekend's Fourth of July celebrations - will be released at 13:30, along with a barrage of other labour-market data such as the unemployment rate, average hourly earnings, and weekly jobless claims.
Analysts expect the Labor Department to report that 230,000 payrolls were added in the US economy last month, down sharply from the forecast-beating 280,000 that were registered for May, the highest since December 2014. The unemployment rate is estimated to tick down further to 5.4% from 5.5%.
Ex-div stocks provide a drag
A number of blue chips were trading in the red after going ex-dividend, including Compass, Babcock, British Land, Burberry, Coca-Cola HBC and Royal Mail.
Dixons Carphone rose strongly after entering into an agreement with Sprint Corp to open and manage a significant number of Sprint-branded stores in the US.
Housebuilder Persimmon underwhelmed with its first-half results despite revenues increasing by 12% thanks to higher selling prices and higher volumes of new home sales, aided by an increasingly competitive mortgage market.
Chemicals company Synthomer fell after guiding to a lower operating profit in its Europe and North American division in the first half due to weak demand and increased prices for raw materials.
Product testing outfit Intertek was trading with heavy losses after Jefferies lowered its stance on the shares to 'underperform' and cut its target from 2,400p to 2,100p.
Outsourcer Serco was extending gains made on Wednesday following a strong first-half trading update, as Numis raised its rating on the stock to 'hold'. |
| Market Movers
techMARK 3,125.84 -0.09%
FTSE 100 6,603.96 -0.07%
FTSE 250 17,672.39 -0.25%
FTSE 100 - Risers
Dixons Carphone (DC.) 474.60p +3.44%
Hammerson (HMSO) 632.00p +0.88%
London Stock Exchange Group (LSE) 2,433.00p +0.70%
AstraZeneca (AZN) 4,148.50p +0.68%
Land Securities Group (LAND) 1,242.00p +0.65%
United Utilities Group (UU.) 897.50p +0.62%
Smiths Group (SMIN) 1,157.00p +0.61%
Shire Plc (SHP) 5,240.00p +0.58%
HSBC Holdings (HSBA) 574.20p +0.58%
Intu Properties (INTU) 313.00p +0.51%
FTSE 100 - Fallers
Intertek Group (ITRK) 2,364.00p -3.98%
Royal Mail (RMG) 502.00p -3.00%
Ashtead Group (AHT) 1,073.00p -2.54%
Babcock International Group (BAB) 1,069.00p -2.11%
Burberry Group (BRBY) 1,559.00p -2.01%
Coca-Cola HBC AG (CDI) (CCH) 1,353.00p -1.96%
Weir Group (WEIR) 1,691.00p -1.63%
ARM Holdings (ARM) 1,046.00p -1.60%
G4S (GFS) 268.40p -1.47%
Hargreaves Lansdown (HL.) 1,153.00p -1.37%
FTSE 250 - Risers
Serco Group (SRP) 126.50p +7.20%
Entertainment One Limited (ETO) 370.40p +4.04%
Betfair Group (BET) 2,501.00p +3.95%
BTG (BTG) 650.50p +3.58%
AA (AA.) 383.60p +3.48%
Supergroup (SGP) 1,271.00p +3.42%
Great Portland Estates (GPOR) 802.50p +3.41%
Derwent London (DLN) 3,518.00p +3.41%
WH Smith (SMWH) 1,579.00p +3.34%
Hiscox Limited (CDI) (HSX) 866.00p +3.22%
FTSE 250 - Fallers
Hunting (HTG) 577.00p -5.41%
Evraz (EVR) 117.70p -4.46%
Zoopla Property Group (WI) (ZPLA) 266.00p -4.32%
Lonmin (LMI) 107.10p -4.29%
ICAP (IAP) 510.00p -3.68%
Premier Oil (PMO) 144.30p -3.22%
Fidessa Group (FDSA) 2,207.00p -2.99%
Acacia Mining (ACA) 293.30p -2.85%
Dairy Crest Group (DCG) 518.50p -2.63% |
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| | UK Event Calendar | | Thursday 02 July
INTERIM EX-DIVIDEND DATE
BBA Aviation 5% Cum Prf, Blackrock Income And Growth Investment Trust, Dunedin Smaller Companies Inv Trust, Electronic Data Processing, Paragon Group Of Companies
QUARTERLY PAYMENT DATE
Canaccord Genuity Group Inc.
QUARTERLY EX-DIVIDEND DATE
Alpha Real Trust Ltd., British Land Company, SQN Asset Finance Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)
Initial Jobless Claims (US) (13:30)
Non-Farm Payrolls (US) (13:30)
Producer Price Index (EU) (10:00)
Unemployment Rate (US) (13:30)
GMS
Ediston Property Investment Company
SPECIAL EX-DIVIDEND PAYMENT DATE
Octopus AIM VCT
AGMS
C&C Group, Electrical Geodesics Inc (Regs), Harvey Nash Group, Strategic Minerals
TRADING ANNOUNCEMENTS
Persimmon
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
Amec Foster Wheeler, Bioquell, Brammer, Mears Group
FINAL EX-DIVIDEND DATE
Africa Opportunity Fund Limited, Aveva Group, Babcock International Group, Bisichi Mining, Braemar Shipping Services, British Smaller Companies VCT, Brown (N.) Group, Burberry Group, Charles Stanley Group, CML Microsystems, Coca-Cola HBC AG (CDI), Cranswick, Crawshaw Group, Dairy Crest Group, De La Rue, Dee Valley Group, Downing Planned Exit VCT 6, Downing Planned Exit VCT 7, Grafenia , GTS Chemical Holdings , Helical Bar, Homeserve, ICAP, Montanaro UK Smaller Companies Inv Trust, Northern Investors Co, Octopus AIM VCT, Octopus Apollo VCT, ProVen Growth & Income VCT, ProVen VCT, REA Holdings, Royal Mail, Shanks Group, Tate & Lyle, ULS Technology
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge higher amid caution on Greece; US data eyed European stocks nudged higher in fairly quiet trading, with investors likely to be cautious until Sunday's Greek referendum, as they looked to the release of key US data later in the day.
By 0850 BST, the benchmark Stoxx Europe 600 index was up 0.2 %, while France's CAC 40 and Germany's DAX were 0.3% higher.
Spain's IBEX 35 and Italy's FTSE Mib had risen 0.3%.
The euro, meanwhile, was up 0.4% against the greenback at $1.1100.
"With Greek debt negotiations seemingly on hold until after Sunday's referendum markets have opened flat as investors adopt a wait and see approach. US jobs data will be in focus ahead of the extended weekend break in the States however it's unlikely this will have a significant impact on investor appetite in the current climate," said Andy McLevey, head of dealing at Interactive Investor.
Late on Wednesday, Greek Prime Minister Alexis Tsipras delivered a television address in which he called on the country to reject the international bailout deal put forward by creditors, a day after Greece became the first developed economy to default on debt to the International Monetary Fund.
A slew of economic data releases due out of the US was also contributing to the subdued tone on Thursday.
US nonfarm payrolls and the unemployment rate are out at 1330 BST - a day early due to the public holiday on Friday - along with initial jobless claims. US industrial new orders are at 1500 BST.
"Aside from watching (Greek) opinion polls the focus will switch to the rare phenomenon of Payrolls Thursday," said Societe Generale analysts. "With the soft patch behind the US economy and unemployment still falling, it would take weak data to prevent the rate hike cycle starting in September. Meanwhile the dollar has corrected enough that a September hike would be supportive."
SocGen's economists forecast a "steady as she goes" 210,000 payrolls gains, with unemployment down to 5.4% from 5.5% and wage growth edging down to 2.2%. "That's a recipe for a quiet afternoon in FX but perhaps for a good one in equities."
On the corporate front, shares in Spanish travel technology provider Amadeus IT Holding rose after the company said it has agreed to pay $830m for Accenture's Navitaire unit.
In London, Lloyds Banking Group was in the black after announcing that the government has cut its stake in the bank to 15.9% from 16.87%, as it moves towards full privatisation. |
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| | US Market Report | | US close: Stocks edge higher on strong economic data and hopes of Greek compromise US stocks extended gains on Wednesday, as a plethora of better-than-expected economic reports and hopes of concessions from Greek prime minister Alexis Tsipras kept investors' hopes alive.
At close, the Dow Jones Industrial Average was 138 points higher at 17,758, while the S&P 500 was up 14 points to 2,077 and the Nasdaq gained 26 points to 5,013.
Greece will hold a referendum on Sunday to vote on whether to accept its creditors' austerity demands.
Tsipras reportedly sent a letter to the heads of the European Commission, International Monetary Fund and European Central Bank on Tuesday evening, saying that he would accept all the reforms of Greece's VAT system, with one change - the maintenance of a special 30% discount for Greek islands.
"It's Greece every day all day, that certainly had an influence," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
"There's some suspicion that perhaps a deal could be worked out even in advance of a referendum," he added.
The Institute for Supply Management´s purchasing managers´ index for manufacturing rose to a reading of 53.5 - the highest since January - after a print of 52.8 in the prior month. Analysts had been anticipating a reading of 53.2.
Construction spending increased by 0.8% month-on-month in May (consensus: 0.4%).
Consultant ADP´s monthly estimate of private sector payrolls revealed a 237,000 person increase in June, higher than the 211,000 expected by economists. That followed a 203,000 print for the month before.
In company news, AeroVironment surged more than 11% after the drone manufacturer reporter increased sales of its unmanned aircraft.
Peabody Energy Corp plunged 19% after warning that it a wider-than-expected loss was on the horizon in the second quarter.
Energy stocks Enso and Transocean Rig were in the red after OPEC decided not to cap production despite the ongoing supply glut.
Elsewhere, Chinese shares rebounded from Monday's steep decline, while Japan's Nikkei edged 0.63% higher.
Oil futures dipped more than 4% to a five-week low, after a government report revealing higher weekly crude supplies exacerbated oversupply concerns.
Gold futures also inched lower, while the dollar gained against the euro, the yuan and the pound.
S&P 500 - Risers
Chubb Corp. (CB) $119.99 +26.12%
Hartford Financial Services Group Inc. (HIG) $44.22 +6.37%
Tesoro Corp. (TSO) $88.55 +4.90%
Cincinnati Financial Corp. (CINF) $52.54 +4.70%
Wynn Resorts Ltd. (WYNN) $103.07 +4.46%
Cablevision Systems Corp. (CVC) $24.86 +3.84%
Kraft Foods Group, Inc. (KRFT) $88.27 +3.68%
Comcast Corp. (CMCSA) $62.25 +3.51%
Valero Energy Corp. (VLO) $64.49 +3.04%
Macerich Co (MAC) $76.77 +2.91%
S&P 500 - Fallers
Baxter International Inc. (BAX) $38.86 -44.43%
Graham Holdings Co. (GHC) $683.92 -36.38%
Peabody Energy Corp. (BTU) $1.78 -18.72%
Masco Corp. (MAS) $23.77 -10.87%
Denbury Resources Inc. (DNR) $5.84 -8.18%
Chesapeake Energy Corp. (CHK) $10.55 -5.55%
Rowan Companies plc (RDC) $20.03 -5.12%
Joy Global Inc. (JOY) $34.40 -4.97%
Nabors Industries Ltd. (NBR) $13.74 -4.78%
FMC Technologies Inc. (FTI) $39.66 -4.41%
Dow Jones I.A - Risers
Travelers Company Inc. (TRV) $99.34 +2.77%
Procter & Gamble Co. (PG) $79.72 +1.89%
Boeing Co. (BA) $140.73 +1.45%
Wal-Mart Stores Inc. (WMT) $71.89 +1.35%
Nike Inc. (NKE) $109.43 +1.31%
Merck & Co. Inc. (MRK) $57.63 +1.23%
Unitedhealth Group Inc. (UNH) $123.46 +1.20%
International Business Machines Corp. (IBM) $164.58 +1.18%
Visa Inc. (V) $67.89 +1.13%
Johnson & Johnson (JNJ) $98.54 +1.11%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $61.43 -3.90%
Caterpillar Inc. (CAT) $83.95 -1.03%
Exxon Mobil Corp. (XOM) $82.37 -1.00%
Intel Corp. (INTC) $30.18 -0.77%
Chevron Corp. (CVX) $96.03 -0.46%
Cisco Systems Inc. (CSCO) $27.35 -0.40%
United Technologies Corp. (UTX) $110.79 -0.13%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $103.07 +4.46%
Kraft Foods Group, Inc. (KRFT) $88.27 +3.68%
Comcast Corp. (CMCSA) $62.25 +3.51%
Mylan Inc. (MYL) $69.70 +2.71%
Mattel Inc. (MAT) $26.34 +2.53%
O'Reilly Automotive Inc. (ORLY) $230.98 +2.21%
Vertex Pharmaceuticals Inc. (VRTX) $126.18 +2.19%
Activision Blizzard Inc. (ATVI) $24.73 +2.15%
Celgene Corp. (CELG) $118.22 +2.15%
Avago Technologies Ltd. (AVGO) $135.50 +1.93%
Nasdaq 100 - Fallers
Sandisk Corp. (SNDK) $56.41 -3.11%
Keurig Green Mountain Inc (GMCR) $74.70 -2.52%
Expedia Inc. (EXPE) $107.19 -1.98%
Citrix Systems Inc. (CTXS) $69.38 -1.11%
Gilead Sciences Inc. (GILD) $116.00 -0.92%
Intel Corp. (INTC) $30.18 -0.77%
Regeneron Pharmaceuticals Inc. (REGN) $506.80 -0.65%
Nxp Semiconductors Nv (NXPI) $97.63 -0.58%
Cisco Systems Inc. (CSCO) $27.35 -0.40% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Greece, Chinese margin rules, General Electric Michael Fuchs, a close ally of German Chancellor Angela Merkel, dismissed Greece's latest bailout proposal and said Germany would not "pour money" into a government that refused to change, The Telegraph reports.
"China's securities regulator has moved to curb downward pressure on the country's tumbling stock market by relaxing collateral rules on margin loans, in a bid to prevent a vicious cycle of price falls and forced selling," the Financial Times writes.
The Department of Justice is looking to block General Electric's proposed $3.3bn sale of its appliance business to Electrolux, according to The Wall Street Journal.
Facebook is to trial sharing advertising revenues with video creators who publish on the social network, matching the revenue split offered by YouTube, writes the Financial Times.
The bosses of government-controlled Fannie Mae and Freddie Mac are to receive annual salaries of $4m each after a ruling by the Federal Housing Finance Agency regulator, The Wall Street Journal writes. Their pay had previously been capped at $600,000.
The US government is investigating possible collusion between US airlines to limit available seats, keeping ticket prices elevated, The Telegraph writes.
Drinks giant Diageo has sold the Scottish golf resort, Gleneagles Hotel, to Ennismore which owns two Hoxton-branded hotels in London and another in Amsterdam, says The Guardian. | | |
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