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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 edge higher after Greece approves reforms With inflation set to remain below its target for longer than expected and as the Greek crisis rolls on Barclays now thinks the European Central Bank will be forced to extend its programme of bond buying beyond the expected end date of September 2016. As of 0828 BST, the FTSE 100 was advancing by 15.05 points to 6,681.89.
Despite the wariness displayed by those economists, stocks across Europe began the session higher after Greece's parliament gave its approval to a new package of economic reforms overnight, clearing the way for the start of negotiations on a third bail-out package.
Nevertheless, the country's Prime Minister, Alexis Tsipras, was adamant that the current demands from creditors were excessive, saying he would make every effort possible to improve the final terms.
Commenting on the vote, which took place in the early hours of Thursday morning, Barclays said: "We think the situation in Greece will remain fluid and the implementation of the third bailout will be challenging. More worrisome, we think the Greek crisis has this time altered the irreversibility of the monetary union, which will require action to speed up integration, along the lines of the "Five Presidents report".
That followed a slip overnight on Wall Street amid some carry-through selling in the commodities space.
Goldman Sachs on Thursday morning lowered its price forecasts for copper in 2015, 2016 and 2017 to $5,670, $4,725 and $4,500 per metric tonne, from $5,724, $5825 and $7,000 previously.
The bank's analysts expected further supply to reach markets while private consumption in China was simply not capable of making up for lower demand as the government-led investment drive was wound down.
On a related note, the largest hedge fund in the world, Bridgewater Associates LP, had turned against China. It was telling clients that the recent meltdown in the country's stockmarkets would have broad, far-reaching repercussions, The Wall Street Journal reported.
Aberdeen hit as investors shy away from Asia
Shares in Aberdeen Asset Management fell sharply after the company reported net outflows in the nine months to 30 June of £9.9bn, as institutional investors continue to reduce exposure to Asia and emerging markets equities.
Sales slowed in the first quarter at SABMiller as declines in Europe, Asia Pacfic and North America held back drinks volume growth in Latin America and Africa. Group net producer revenue (NPR) grew by 3% on flat beverage volumes, down from the 5% growth seen last year.
Kingfisher, which owns home improvement retailer B&Q, delivered a solid second-quarter sales performance across all its major businesses, albeit against softer comparatives than in the first quarter. In its pre-close update for the 10 weeks to 11 July, the company posted a 4.8% rise in total sales at constant currency, or 3.5% in like-for-like terms.
Royal Bank of Scotland has agreed to dispose a portfolio of loans as part of a move to strengthen its balance sheet. The bank will receive around £400m offloaded to an entity funded by Deutsche Bank and funds affiliated with Apollo Global Management, trousering a profit of around £24m after costs.
Britvic announced the acquisition of Brazilian soft drinks company Empresa Brasileira de Bebidas e Alimentos (Ebba) for around £113.6m. The transaction, which will be partly funded from the proceeds of a placing of new ordinary shares, provides Britvic with immediate access to the sixth largest soft drinks market and the largest concentrates market globally.
SSE reported increased production in all of its divisions apart from coal, as the company said it expects lower profits from its energy supply business this year but higher profit from its management and generation business. |
| | Market Movers
techMARK 3,177.32 +0.50%
FTSE 100 6,677.85 +0.16%
FTSE 250 17,666.91 +0.12%
FTSE 100 - Risers
Unilever (ULVR) 2,918.00p +2.06%
Shire Plc (SHP) 5,570.00p +1.92%
ARM Holdings (ARM) 987.00p +1.75%
Kingfisher (KGF) 373.10p +1.66%
CRH (CRH) 1,907.00p +1.65%
Relx plc (REL) 1,105.00p +1.10%
Wolseley (WOS) 4,304.00p +1.03%
Meggitt (MGGT) 463.70p +0.98%
ITV (ITV) 272.90p +0.96%
Fresnillo (FRES) 641.00p +0.94%
FTSE 100 - Fallers
Aberdeen Asset Management (ADN) 377.60p -5.48%
Ashtead Group (AHT) 963.00p -4.37%
SSE (SSE) 1,518.00p -4.35%
Sainsbury (J) (SBRY) 268.20p -1.61%
Glencore (GLEN) 224.80p -1.40%
BP (BP.) 401.25p -1.32%
RSA Insurance Group (RSA) 444.10p -1.20%
Johnson Matthey (JMAT) 2,869.00p -1.07%
Weir Group (WEIR) 1,552.00p -1.02%
BHP Billiton (BLT) 1,172.00p -0.68%
FTSE 250 - Risers
Man Group (EMG) 157.00p +2.88%
AO World (AO.) 124.00p +2.06%
Hellermanntyton Group (HTY) 341.90p +1.88%
Worldwide Healthcare Trust (WWH) 2,095.00p +1.16%
Supergroup (SGP) 1,404.00p +1.15%
Homeserve (HSV) 428.60p +1.13%
Betfair Group (BET) 2,665.00p +1.10%
John Laing Group (JLG) 221.50p +1.10%
Cineworld Group (CINE) 498.20p +1.08%
Pets at Home Group (PETS) 294.50p +1.03%
FTSE 250 - Fallers
IP Group (IPO) 200.10p -3.10%
TalkTalk Telecom Group (TALK) 346.90p -2.47%
Kaz Minerals (KAZ) 182.30p -2.04%
Drax Group (DRX) 265.30p -1.96%
GCP Infrastructure Investments Ltd (GCP) 115.50p -1.79%
Cairn Energy (CNE) 167.30p -1.70%
Telecom Plus (TEP) 1,113.00p -1.68%
Rank Group (RNK) 237.90p -1.29%
Evraz (EVR) 110.70p -1.25% |
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| | UK Event Calendar | | Thursday July 23
INTERIMS
Breedon Aggregates Ltd., Howden Joinery Group, Jarvis Securities, Public Joint Stock Company Severstal GDR (Reg S), Reed Elsevier
INTERIM EX-DIVIDEND DATE
Heavitree Brewery, Heavitree Brewery 'A' Shares, Sequoia Economic Infrastructure Income Fund Limited , Shoe Zone
QUARTERLY PAYMENT DATE
Fair Oaks Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
Q2
Public Joint Stock Company Severstal GDR (Reg S), Shire Plc
GMS
Elegant Hotels Group , Europa Oil & Gas (Holdings), Thor Mining
IMSS
Euromoney Institutional Investor
AGMS
Bahamas Petroleum Co, Bilby, Bloomsbury Publishing, De La Rue, Dee Valley Group, Electrocomponents, F&C Global Smaller Companies, Grand Group Investment (DI), Green Dragon Gas Ltd. (DI), Halma, Land Securities Group, Messaging International, MobilityOne Ltd., Mothercare, Personal Assets Trust, Premier Foods, Record, Royal Mail, SABMiller, Shanks Group, SSE, ULS Technology , Urals Energy Public Co Ltd. (DI), Vertu Motors
TRADING ANNOUNCEMENTS
Electrocomponents, Kingfisher, Premier Foods, SABMiller
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
Internet Retail Sales (09:30)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
Big Yellow Group, DCC, Home Retail Group, PayPoint
FINAL EX-DIVIDEND DATE
Blue Planet Investment Trust, Bond International Software, Development Securities, GB Group, Heath (Samuel) & Sons, Immunodiagnostic Systems Holdings, Mountview Estates, Scapa Group, SSE, Telecom Plus |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher amid raft of corporate news; Greek vote in focus European stocks edged higher as investors welcomed news that Greek lawmakers have passed a second set of reforms that takes the country a step closer to securing its third bailout. At 0900 BST, the benchmark Stoxx Europe 600, France's CAC 40 and Germany's DAX were all up 0.2%.
"European markets have opened positively in early trading as the Greek Parliament gives the green light to further bail out reforms," said Andy McLevey, head of dealing at stockbroker Interactive Investor.
"With the reporting season in full swing, better-than-expected results from a number of companies have given investors further encouragement," he added.
With the vote out of the way and Athens now able to resume talks over its €86bn European bailout, investors turned their attention to a raft of corporate news.
Shares in Swiss pharmaceutical company Roche gained after it posted a 7% drop in first-half net profit due to a strong Swiss franc, but confirmed its full-year outlook on the back of solid demand for its cancer therapies.
Credit Suisse rallied as bank said it swung back into profit in the second quarter.
Stock in Swedish builder Skanska edged higher after the company posted a rise in second-quarter net profit and sounded a positive note on the outlook for its construction business.
In London, B&Q owner Kingfisher was on the front foot after saying it delivered a solid second-quarter sales performance to date across all its major businesses, albeit against softer comparatives than in the first quarter.
Unilever was also in the black as its second-quarter sales figures beat expectations.
On the downside, SAB Milller slipped into the red as it said sales growth went into reverse in the first quarter as currencies weighed and declines in Europe, Asia Pacific and North America held back drinks volume growth in Latin America and Africa.
Aberdeen Asset Management tumbled after the fund manager reported net outflows of £9.9bn for the third quarter as institutional investors continue to reduce exposure to Asia and emerging markets equities. |
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| | US Market Report | | US close: Dow drops almost 70 points on disappointing earnings US equities fell on Wednesday, as investors digested a number of disappointing earnings. The Dow Jones Industrial Average closed down 68 points to 17,851.04, while the S&P 500 and the Nasdaq fell by five and 34 points respectively.
Apple, Microsoft disappoint
Investors were left unimpressed by a raft of earnings report late on Tuesday night, with stocks still under pressure on Wednesday.
Apple tumbled 4.54% after the tech giant posted quarterly earnings and revenue just above expectations, but its forecast guidance for the current quarter fell short of estimates, leading a number of analysts to downgrade the stock on concerns over growth in China.
Shipments for iPhone, the group's biggest product by sales and revenue, came in at 47.5m, marginally above the company's expectations calling for a 47.2m figure but down from the 61.2m unit Apple shipped in the previous quarter.
"The reason Apple shares fell so much may reflect the surprise at no singled-out data on the Apple Watch," said CMC Markets' analyst Jasper Lawler.
"The market interpretation is that the watch sales must be disappointing and that's why they were listed alongside other peripheral Apple products and services."
Sector peer Microsoft shed 3.86% after its second quarter results suffered from restructuring charges and soft demand for its legacy software products.
Yahoo! lost 0.84% after its second quarter results fell short of expectations on the back of rising costs.
The internet search provider added it will carry on with its cost-cutting strategy despite cutting over 1,300 full-time jobs over the last quarter.
Among the companies that reported ahead of the bell on Wednesday, Coca-Cola and Boeing fell 0.70% and gained 1.01% respectively, after both posted better-than-expected quarterly results, although both firms reported a decline in revenue.
eBay slid 0.70% after analysts at Raymond James downgraded their rating on the stock from 'outperform' to 'perform', while GoPro declined 0.24% even though the same brokerage lifted its target on the stock from $63 to $71 in the wake of impressive quarterly results.
Wednesday data
Sales of existing homes rose 3.2% in June to a seasonally adjusted annual rate of 5.49m, their fastest pace since February 2007, according to the National Association of Realtors.
Meanwhile, US home prices rose a seasonally adjusted 0.4% in May, the Federal Housing Finance Agency said, adding prices were up 5.7% year-on-year in the period.
"The continued solid employment growth and gradual pick-up in wage inflation as supporting household disposable incomes in the coming quarters, which makes us optimistic about housing demand and home appreciation in the near term," analysts at Barclays said in a note.
Gold slump continues
Elsewhere, European stocks slid as the force of Wall Street's disappointing earnings was felt across the Atlantic, while Asian equities closed mostly lower.
The dollar lost 0.34% against the pound and gained 0.17% and 0.12% against the euro and the yen respectively, while gold futures fell for the 10th session in a row, losing 1.04% to $1,092.00.
Oil prices plunged, with West Texas Intermediate losing 3.54% to $49.12 a barrel, while Brent fell 1.93% to $55.96 a barrel.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $1.39 +15.83%
Intuitive Surgical Inc. (ISRG) $549.88 +8.87%
Chipotle Mexican Grill Inc. (CMG) $725.82 +7.84%
Whirlpool Corp. (WHR) $178.36 +7.31%
Interpublic Group of Companies Inc. (IPG) $20.87 +5.40%
Amphenol Corp. (APH) $56.78 +4.97%
NRG Energy Inc. (NRG) $21.98 +4.37%
Regions Financial Corp. (RF) $10.70 +2.79%
D. R. Horton Inc. (DHI) $27.86 +2.77%
Monster Beverage Corp (MNST) $147.85 +2.64%
S&P 500 - Fallers
FMC Technologies Inc. (FTI) $32.75 -9.95%
Linear Technology Corp. (LLTC) $40.41 -6.28%
Analog Devices Inc. (ADI) $58.64 -5.54%
Allegheny Technologies Inc. (ATI) $20.56 -5.12%
Cameron International Corp. (CAM) $46.88 -4.95%
Micron Technology Inc. (MU) $17.99 -4.71%
Denbury Resources Inc. (DNR) $3.95 -4.59%
Biogen Inc (BIIB) $391.67 -4.35%
Apple Inc. (AAPL) $125.14 -4.29%
Freeport-McMoRan Inc (FCX) $15.06 -4.20%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $70.08 +1.42%
Boeing Co. (BA) $146.47 +1.01%
Nike Inc. (NKE) $114.09 +0.97%
Home Depot Inc. (HD) $114.90 +0.91%
Goldman Sachs Group Inc. (GS) $213.25 +0.83%
Travelers Company Inc. (TRV) $105.30 +0.78%
Wal-Mart Stores Inc. (WMT) $73.16 +0.58%
McDonald's Corp. (MCD) $97.58 +0.27%
Exxon Mobil Corp. (XOM) $81.79 +0.16%
American Express Co. (AXP) $78.99 +0.05%
Dow Jones I.A - Fallers
Apple Inc. (AAPL) $125.14 -4.29%
Microsoft Corp. (MSFT) $45.51 -3.74%
Caterpillar Inc. (CAT) $79.76 -2.99%
International Business Machines Corp. (IBM) $160.35 -1.67%
United Technologies Corp. (UTX) $101.55 -1.13%
Cisco Systems Inc. (CSCO) $27.53 -1.11%
Verizon Communications Inc. (VZ) $46.45 -1.11%
Procter & Gamble Co. (PG) $80.83 -0.98%
Merck & Co. Inc. (MRK) $58.13 -0.92%
General Electric Co. (GE) $26.63 -0.82%
Nasdaq 100 - Risers
Intuitive Surgical Inc. (ISRG) $549.88 +8.87%
Check Point Software Technologies Ltd. (CHKP) $84.23 +6.97%
Monster Beverage Corp (MNST) $147.85 +2.64%
Seagate Technology Plc (STX) $49.05 +1.95%
Discovery Communications Inc. Class A (DISCA) $32.43 +1.92%
Baidu Inc. (BIDU) $205.74 +1.65%
Celgene Corp. (CELG) $138.29 +1.50%
Staples Inc. (SPLS) $14.83 +1.37%
Tractor Supply Company (TSCO) $94.78 +1.34%
Keurig Green Mountain Inc (GMCR) $71.92 +1.31%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $217.49 -8.44%
Linear Technology Corp. (LLTC) $40.41 -6.28%
Analog Devices Inc. (ADI) $58.64 -5.54%
Micron Technology Inc. (MU) $17.99 -4.71%
Biogen Inc (BIIB) $391.67 -4.35%
Apple Inc. (AAPL) $125.14 -4.29%
Microsoft Corp. (MSFT) $45.51 -3.74%
Avago Technologies Ltd. (AVGO) $129.59 -3.66%
Maxim Integrated Products Inc. (MXIM) $30.23 -3.33% |
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| | Newspaper Round Up | | Thursday newspaper round-up; Pharmaceuticals, Banks, Heathrow Optimism for a breakthrough against Alzheimer's disease has been boosted by encouraging clinical trial data from Eli Lilly, adding to perceptions of a broader renaissance in the pharmaceuticals industry. Positive signs yesterday from a trial of the US company's solanezumab drug appeared to increase its chances of becoming the first treatment capable of slowing the pace of the memory-wasting condition. - The Financial Times The ousted boss of the City watchdog has taken a coded swipe at the chancellor, saying that he had "unfinished business" and that the job of tidying up investment banking was far from complete. Martin Wheatley yesterday made clear his unhappiness after George Osborne refused to renew his contract as chief executive of the Financial Conduct Authority, despite levying billions of pounds in fines and making top-level attempts to reform the culture of trading floors. - The Times
David Cameron has packed a new aviation committee with supporters of adding a third runway at Heathrow, snubbing prominent critics in a sign that expansion of the west London airport is likely to be given the green light by government. - Financial Times
Forex traders are behaving themselves in the wake of a series of fines and investigations, according to Chris Salmon, the Bank of England's markets boss. Bankers are still reeling after UK regulators fined six lenders a total of £1.4bn for manipulating foreign exchange benchmarks, while a number of ex-traders are facing prosecution for alleged fraud related to the Libor interest rate benchmark. - The Daily Telegraph
Royal Dutch Shell has been granted two final permits to explore for crude in the Arctic this summer, but the US has banned the company from drilling for oil until emergency equipment arrives in the region. The US Interior Department's Bureau of Safety and Environmental Enforcement (BSEE) conditionally granted Shell permits for exploration in the Chukchi Sea off Alaska, in a season which sea ice limits from July until October. - The Daily Telegraph
Greece's prime minister easily won a crucial vote on a third bailout programme for the debt-stricken nation early on Thursday, hours after the European Central Bank infused cash-starved Greek banks with further emergency liquidity. A total of 230 MPs backed the economic reforms programme demanded by Greece's creditors, while 63 voted against the plan at the late-night vote. Alexis Tsipras again faced down rebels within his own party who oppose a third bailout. Thirty-six Syriza MPs either voted no or abstained, three fewer than at a similar vote last week. - The Guardian | | |
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