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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 opens lower as mining stocks drag The FTSE 100 opened in the red on Wednesday as mining stocks continued to edge lower on falling commodity prices. BHP Billiton declined as it trimmed its production guidance for 2016 in the face of waning prices and warned its underlying profits will be hit by a charge of between $350m to $650m from impairments and redundancies at its copper business.
Randgold, Rio Tinto and Anglo American were also among the stocks in the mining sector that took a dip on the FTSE.
Later on Wednesday the Bank of England will release minutes of its 8-9 July rate setting meeting, with investors and traders watching to see how Monetary Policy Committee members voted and the tone of talks.
Ahead of the minutes, Governor Mark Carney has lately been indicating that interest rates could rise at the turn of this year.
However, Peter Spencer, chief economic adviser to the EY Item Club, argued that Carney's words were misconstrued. The Item Club's quarterly report has predicted interest rates are unlikely to rise until autumn 2016. The economic forecasters see interest rates rising 1% by the end of 2016 and climbing 1.75% in 2017.
In Europe, the new bailout negotiations between Greece and its creditors are expected to begin today after a parliamentary vote in Athens on the remaining reforms signed by Greek Prime Minister Alexis Tsipras.
"There has been a suggestion that the talks should be concluded by 20 August but given the snail's pace seen so far by Europe's bureaucrats, this might be wishful thinking," said Jasper Lawler, market analyst at CMC Markets UK.
On the company front, Easyjet soared after the company said second half sales would spur a gain in full year earnings.
Tate & Lyle gained after after Goldman Sachs upgraded the stock to 'neutral' from 'sell' and raised its price target to 470p from 460p following its recent underperformance.
Land Securities was a high riser after saying it has had a solid start to the year and is maintaining good momentum, with healthy take-up in London, low vacancy rates and rental values rising.
ARM Holdings, on the other hand, dropped after the chip maker reported second quarter earnings that fell short of expectations.
Barclays slipped as the bank denied receiving an offer from the Serious Fraud Office, relating to an investigation into its multi-billion pound fundraisings during the 2008 financial crisis. |
| | Market Movers
techMARK 3,175.51 -0.62%
FTSE 100 6,706.25 -0.93%
FTSE 250 17,700.59 -0.31%
FTSE 100 - Risers
easyJet (EZJ) 1,741.00p +4.50%
TUI AG Reg Shs (DI) (TUI) 1,108.00p +0.82%
Sage Group (SGE) 538.50p +0.56%
International Consolidated Airlines Group SA (CDI) (IAG) 563.50p +0.54%
Dixons Carphone (DC.) 470.00p +0.49%
Shire Plc (SHP) 5,460.00p +0.46%
Sky (SKY) 1,141.00p +0.35%
Sports Direct International (SPD) 779.00p +0.32%
Land Securities Group (LAND) 1,309.00p +0.31%
Persimmon (PSN) 1,951.00p +0.31%
FTSE 100 - Fallers
Ashtead Group (AHT) 1,001.00p -4.03%
ARM Holdings (ARM) 1,004.00p -3.37%
BHP Billiton (BLT) 1,209.50p -3.36%
Rio Tinto (RIO) 2,527.50p -2.68%
Anglo American (AAL) 838.70p -2.67%
Weir Group (WEIR) 1,613.00p -2.66%
Glencore (GLEN) 234.65p -2.66%
Antofagasta (ANTO) 632.00p -2.47%
Fresnillo (FRES) 637.00p -2.30%
Babcock International Group (BAB) 1,078.00p -2.09%
FTSE 250 - Risers
Mitchells & Butlers (MAB) 394.50p +2.71%
Tate & Lyle (TATE) 523.50p +2.45%
Morgan Advanced Materials (MGAM) 339.50p +2.26%
Premier Oil (PMO) 144.90p +2.26%
Betfair Group (BET) 2,651.00p +2.24%
Card Factory (CARD) 329.10p +1.98%
Marston's (MARS) 157.70p +1.68%
Aldermore Group (ALD) 264.30p +1.50%
Halfords Group (HFD) 544.50p +1.30%
PayPoint (PAY) 1,028.00p +1.28%
FTSE 250 - Fallers
TalkTalk Telecom Group (TALK) 363.70p -6.86%
Acacia Mining (ACA) 232.90p -3.20%
Evraz (EVR) 113.50p -3.07%
Jimmy Choo (CHOO) 162.20p -2.87%
Kaz Minerals (KAZ) 189.60p -2.47%
Ophir Energy (OPHR) 111.70p -2.36%
Rentokil Initial (RTO) 148.20p -2.24%
Petrofac Ltd. (PFC) 870.00p -2.08%
Centamin (DI) (CEY) 54.25p -2.08%
Drax Group (DRX) 266.60p -2.02%
FTSE TechMARK - Risers
E2V Technologies (E2V) 238.00p +1.71%
Innovation Group (TIG) 31.75p +0.79%
NCC Group (NCC) 226.00p +0.56%
Oxford Biomedica (OXB) 9.88p +0.41%
Anite (AIE) 127.00p +0.40%
Spirent Communications (SPT) 91.50p +0.27%
Skyepharma (SKP) 282.25p +0.09%
FTSE TechMARK - Fallers
XP Power Ltd. (DI) (XPP) 1,580.00p -2.02%
Oxford Instruments (OXIG) 915.00p -0.87%
KCOM Group (KCOM) 97.00p -0.77%
Consort Medical (CSRT) 922.00p -0.32%
SDL (SDL) 403.75p -0.12%
Dialight (DIA) 536.00p -0.09% |
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| | UK Event Calendar | | Wednesday July 22 INTERIMS
32Red, ARM Holdings, Entu (UK) , Morgan Advanced Materials , PJSC Magnit GDR (REG S), Staffline Group
QUARTERLY PAYMENT DATE
Assura
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
Existing Home Sales (US) (15:00)
House Price Index (US) (15:00)
MBA Mortgage Applications (US) (12:00)
Q2
ARM Holdings
GMS
Torotrak
FINALS
Great Eastern Energy Corp Ltd. GDR, Ideagen, Tungsten Corporation
IMSS
Johnson Matthey, Land Securities Group, PayPoint
EGMS
Cayenne Trust
AGMS
Auhua Clean Energy, B.P. Marsh & Partners, Bushveld Minerals Limited, Chaarat Gold Holdings Ltd. (DI), Custodian Reit , Experian, Fidelity China Special Situations , Flybe Group, Invesco Income Growth Trust, Johnson Matthey, Limitless Earth, Norcros, Norcros, PayPoint, ProVen Growth & Income VCT, ProVen VCT, QinetiQ Group, Rensburg AIM VCT, TalkTalk Telecom Group , Zanaga Iron Ore Co. Ltd (DI)
TRADING ANNOUNCEMENTS
DFS Furniture, Sage Group
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Minutes (09:30)
FINAL DIVIDEND PAYMENT DATE
KBC Advanced Technologies, Templeton Emerging Markets Inv Trust |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge lower as investors digest earnings European stocks edged lower on Wednesday, taking their cue from a downbeat session in the US as disappointing earnings from technology companies undermined sentiment. At 0900 BST, the benchmark Stoxx Europe 600 index, France's CAC 40 and Germany's DAX were all 0.4% lower.
Earnings in the US from IBM, Verizon, United Technologies, Yahoo! and Apple all failed to live up to expectations.
UK and European equities have followed the wider global market lower after both new and old technology results disappointed," said Rebecca O'Keeffe, head of investment at Interactive Investor.
"Since Google's performance last week, expectations had been running high that the sector would provide the momentum for further equity market growth. However, with Apple, Microsoft and Yahoo all failing to meet investor expectations, the outlook has paled amid concerns that prices in the sector have overshot.
On the European corporate front, Norwegian phone company Telenor fell into the red after its second-quarter earnings came in a little below expectations.
In London, chipmaker ARM Holdings was on the back foot as its earnings per share of 7.28p fell short of expectations for 7.5p. Weakness in Apple shares also weighed on the stock.
Miner BHP Billiton slumped as it reported better-than-expected iron-ore production but warned that it will book a $2.1bn post-tax loss following the spin-off off its non-core assets into the new South 32 vehicle.
However, it was a much brighter picture for budget carrier easyJet, which rose sharply after revenue dropped less than expected in the second quarter.
Tate & Lyle was also in the black after Goldman Sachs upgraded the stock to 'neutral' from 'sell'.
Although corporate news was the main focus, Greece was not too far from investors' minds as the country's parliament is due to vote on Wednesday on a second set of reforms that's essential for its third bailout. |
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| | US Market Report | | US close: stocks tumble on underwhelming earnings US stocks tumbled across the board on Tuesday as a raft of disappointing quarterly reports unnerved investors in the run up to results from tech giants Apple and Microsoft. "The U.S. market is slightly overvalued at the moment, and will be more than slightly overvalued if revenue growth does not pick up," warned John Toohey, head of equities at USAA Investments. "We remain cautious regarding earnings because there is a lack of revenue growth," he added.
At close, the Dow Jones Industrial Average was 181 points lower at 17,919, while the S&P 500 was down 9 points to 2,119 and the Nasdaq fell 11 points to 5,208.
In what is an extremely quiet session on the economic data front, investors will focus on a number of corporate heavyweight earnings, with Apple, Microsoft, Yahoo! and GoPro reporting after the closing bell. The iPhone-maker is expected to post third quarter earnings per share of $1.81, up 41.4% from the previous quarter.
Oil prices staged a solid rebound, with West Texas Intermediate climbing 1.4% to $50.36 a barrel, while Brent rose 0.69% to $57.04 a barrel.
Gold futures lost further ground after Monday's decline, falling 0.69% to $1,099.20, while the dollar dipped against the euro and yuan, but gained against the pound.
Tesla Motors was in the red as analysts at UBS downgraded their rating on the stock to 'sell' from 'neutral'.
International Business Machines plunged after falling short of expectations with its second-quarter results, while Verizon Communications edged lower after missing revenue estimates.
United Technologies slid after warning that sluggish growth in China and strong currency headwinds will weigh on its full-year profit.
Harley-Davidson surged after topping forecasts with its second-quarter earning, while Consol Energy rebounded from four days of losses.
Elsewhere, shares in Asia staged a turnaround on Tuesday after a negative start to the week due to a weaker commodities market. Europe's Stoxx 600 broke Monday's ninth session of consecutive gains, a record streak since April 2014.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $1.20 +6.19%
CONSOL Energy Inc. (CNX) $17.55 +5.34%
Harley-Davidson Inc. (HOG) $57.67 +4.97%
Freeport-McMoRan Inc (FCX) $15.72 +4.45%
Newmont Mining Corp. (NEM) $18.74 +3.19%
Southwestern Energy Co. (SWN) $20.43 +3.13%
Harman International Industries Inc. (HAR) $109.25 +3.07%
Zions Bancorporation (ZION) $31.49 +3.01%
Halliburton Co. (HAL) $41.86 +2.80%
Bank Of New York Mellon Corp. (BK) $44.15 +2.72%
S&P 500 - Fallers
Allegheny Technologies Inc. (ATI) $21.67 -13.56%
Chesapeake Energy Corp. (CHK) $9.29 -9.54%
United Technologies Corp. (UTX) $102.71 -7.03%
TEGNA Inc (TGNA) $30.05 -6.65%
International Business Machines Corp. (IBM) $163.07 -5.86%
Pentair plc (PNR) $61.60 -3.87%
Rockwell Collins Inc. (COL) $88.91 -3.56%
Hasbro Inc (HAS) $80.42 -3.28%
Pitney Bowes Inc. (PBI) $20.57 -3.02%
Xerox Corp. (XRX) $10.59 -2.93%
Dow Jones I.A - Risers
Travelers Company Inc. (TRV) $104.48 +1.82%
Chevron Corp. (CVX) $93.90 +1.03%
Microsoft Corp. (MSFT) $47.28 +0.77%
Home Depot Inc. (HD) $113.86 +0.40%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $102.71 -7.03%
International Business Machines Corp. (IBM) $163.07 -5.86%
Verizon Communications Inc. (VZ) $46.97 -2.35%
Unitedhealth Group Inc. (UNH) $120.86 -1.46%
Intel Corp. (INTC) $28.72 -1.31%
Boeing Co. (BA) $145.00 -1.17%
General Electric Co. (GE) $26.85 -1.07%
Apple Inc. (AAPL) $130.71 -1.03%
Visa Inc. (V) $72.02 -0.94%
3M Co. (MMM) $155.76 -0.87%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $5.20 +3.17%
CH Robinson Worldwide Inc (CHRW) $65.39 +2.70%
Nxp Semiconductors Nv (NXPI) $92.41 +2.67%
Check Point Software Technologies Ltd. (CHKP) $78.74 +2.23%
QUALCOMM Inc. (QCOM) $65.14 +2.12%
Netflix Inc. (NFLX) $112.51 +1.77%
Cognizant Technology Solutions Corp. (CTSH) $61.56 +1.77%
F5 Networks Inc. (FFIV) $118.27 +1.73%
Expeditors International Of Washington Inc. (EXPD) $45.75 +1.71%
Express Scripts Holding Co (ESRX) $93.44 +1.69%
Nasdaq 100 - Fallers
Tesla Motors Inc (TSLA) $266.78 -5.48%
Discovery Communications Inc. Class A (DISCA) $31.82 -2.51%
Verisk Analytics Inc. (VRSK) $73.80 -2.30%
Dollar Tree Inc (DLTR) $79.82 -2.11%
Vertex Pharmaceuticals Inc. (VRTX) $130.97 -1.87%
Fastenal Co. (FAST) $41.44 -1.78%
Vodafone Group Plc ADS (VOD) $36.61 -1.61%
Xilinx Inc. (XLNX) $41.65 -1.42%
Intel Corp. (INTC) $28.72 -1.31% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: ring-fence rules, RBS, Apple George Osborne has insisted that he will not backtrack on plans to separate the retail arms of banks from their riskier investment banking operations. The Chancellor said the ring-fenced split, which is due to be completed in 2019, was an "important step" towards making banks safer and should be allowed to "settle down" in legislation. - The Telegraph The findings of a long-awaited Financial Conduct Authority report into Royal Bank of Scotland's treatment of distressed business customers have been delayed for a third time. The review is now expected to be published more than a year later than planned. - The Times
Wall Street wiped as much as $66bn from Apple's value yesterday after the iPhone maker, which has routinely beaten market forecasts over the past year, failed to meet high investor expectations for its latest quarterly results. - The Financial Times
The long-awaited report into what went wrong at HBOS before it was rescued by Lloyds TSB during the 2008 banking crisis is facing further delays, it has been revealed as investigators admitted they need the permission of individuals criticised in the report before it can be published. - The Guardian | | |
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