| | | | | | | | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: FTSE 100 resilient in face of weak China, Eurozone PMIs Investors braved weaker than expected readings on Chinese and Eurozone manufacturing and lingering worries regarding Greece, allowing the top flight index to recover after dipping at the start of trading. As of 09:05 the Footsie was 7.34 points higher to end at 6,665.30.
Stocks rose despite a lower close on Wall Street overnight on the heels of weak quarterly figures from several corporate heavyweights such as Caterpillar, Freeport-McMoran, 3M and Dow Chemical.
The Shanghai Stock Exchange Composite Index on the other hand dropped 1.29% to 4,070.91 as the weak factory numbers dragged the prices of some industrial metals to six-year lows. The Stoxx 600 Mining sub-index was on track to lose 7% over the week, its worst thus far in 2015.
Three-month copper futures slipped to $5,202.5 per metric tonne on the LME in early trading, its weakest level since 2009, while those for aluminium were at $1,634 a ton.
In parallel, front month gold futures were losing 0.92% to reach $1,084 per ounce out on COMEX, after having barely managed to snap a 10-day losing streak in the previous session.
Acting as a backdrop, investors were shifting their focus towards next week's US Federal Reserve policy meeting. On a related subject, Deutsche Bank analysts reiterated their call for the single currency to drop back to parity versus the US Greenback by year-end.
In a similar vein, BNP Paribas also predicted the euro would fall back towards parity - albeit a tad more slowly - by the second quarter of 2016.
That came as some reports were suggesting that Greece and its financial backers were working to finalise a new Memorandum of Understanding by 6 August.
Chinese data overshoots to downside by a wide margin
The Markit China manufacturing sector purchasing managers' index for July dropped to a reading of 48.2 - a 15-month low - following a print of 49.4 for June.
That was far below the consensus forecast for a reading of 49.7.
"A lot of focus has been put on oil and gold prices but a better barometer of the global economy is the industrial metal copper, which is also collapsing. Are we heading for a global recession triggered by China? Well at the moment it's far too early to tell but that fact that it's the new hot topic of debate replacing Greece should surely get warning lights flashing," said Jonathan Sudaria, Night Dealer at London Capital Group, in a research note e-mailed to clients.
In parallel, the preliminary Eurozone manufacturing sector PMI fell to a reading of 52.2 for July after a print of 52.5 for June (consensus: 52.5).
Aggreko hit by geopolitical concerns and oil and gas sector slowdown
Shares in Aggreko tumbled 15% after the temporary power provider said its interim and full-year results are likely to miss market expectations as a result of on-going security challenges in Yemen and a further slowdown in its North American oil and gas related business. The company now expects full-year pre-tax profit to be between £250m and £270m at current exchange rates, which have moved adversely in recent months, compared with market expectations of around £290m.
Shares in drinks owner AG Barr fell after it said first-half profits would drop by about 5% compared with the year before. The stock fell by 2.05% to 620p at 0818 BST after the company said tough prior year comparatives, promotional phasing and poor weather contributed to the profit dip.
Vodafone said it has made a good start to the year, with organic service revenue up 0.8% in the quarter ended 30 June as the European businesses return to growth and customer demand for 4G and data takes off. Service revenue is the money the mobile phone company gets from customers' plans and traffic on its network. The figures came in better than expected and ahead of the 0.1% increase in the fourth quarter.
Hammerson posted a total return on property investment of 5.7% in its first half trading update, 1% ahead of estimates. The property owner said its outperformance was principally due to growth in its premium outlets and developments.
Healthcare giant GlaxoSmithKline said its malaria vaccine has passed its last scientific hurdle, although the immunisation programme in sub-Saharan Africa could be still over 12 months away. On Thursday, the treatment, aimed at young children, was given a positive scientific opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use on Thursday. |
| | Market Movers
techMARK 3,193.39 +0.44%
FTSE 100 6,666.82 +0.18%
FTSE 250 17,609.19 -0.06%
FTSE 100 - Risers
Vodafone Group (VOD) 239.50p +3.25%
Pearson (PSON) 1,271.00p +3.00%
Severn Trent (SVT) 2,194.00p +1.67%
Land Securities Group (LAND) 1,301.00p +1.25%
United Utilities Group (UU.) 896.00p +1.19%
Anglo American (AAL) 815.30p +1.10%
ARM Holdings (ARM) 1,026.00p +1.08%
British Land Company (BLND) 836.00p +0.97%
British American Tobacco (BATS) 3,613.50p +0.95%
GKN (GKN) 304.00p +0.90%
FTSE 100 - Fallers
Ashtead Group (AHT) 952.50p -2.26%
Antofagasta (ANTO) 617.00p -1.83%
Glencore (GLEN) 216.85p -1.45%
Diageo (DGE) 1,880.00p -1.42%
Shire Plc (SHP) 5,570.00p -1.24%
Sainsbury (J) (SBRY) 263.80p -1.05%
BHP Billiton (BLT) 1,156.50p -0.98%
Carnival (CCL) 3,467.00p -0.74%
Kingfisher (KGF) 371.90p -0.67%
Aviva (AV.) 524.00p -0.66%
FTSE 250 - Risers
Cairn Energy (CNE) 168.80p +2.93%
Playtech (PTEC) 932.50p +2.92%
Beazley (BEZ) 329.00p +2.65%
Euromoney Institutional Investor (ERM) 1,140.00p +2.61%
Just Eat (JE.) 450.00p +2.58%
OneSavings Bank (OSB) 298.00p +1.95%
Indivior (INDV) 263.30p +1.94%
Riverstone Energy Limited (RSE) 990.00p +1.54%
Morgan Advanced Materials (MGAM) 347.60p +1.49%
Shawbrook Group (SHAW) 326.20p +1.46%
FTSE 250 - Fallers
Aggreko (AGK) 1,214.00p -15.10%
Lonmin (LMI) 70.00p -7.28%
AO World (AO.) 125.00p -3.10%
Vedanta Resources (VED) 434.00p -2.95%
Man Group (EMG) 152.10p -2.25%
Ladbrokes (LAD) 125.70p -2.03%
Acacia Mining (ACA) 238.90p -1.97%
B&M European Value Retail S.A. (DI) (BME) 345.90p -1.96%
Wizz Air Holdings (WIZZ) 1,646.00p -1.91% |
| | PROVEN Trading Strategy - Made 7478 pips in 2014 and 5176 by April 2015. | | Earn a tax free income trading, from just 20 minutes a day. Our simple to follow, rules based trading strategy will tell you exactly when to buy and sell with confidence.
Register for a FREE brochure and trading guide, Click Here. |
| | UK Event Calendar | | Friday July 24
INTERIMS
Anglo American, Beazley
INTERIM DIVIDEND PAYMENT DATE
Dunedin Smaller Companies Inv Trust, Electra Private Equity, Octopus Titan VCT , Paragon Group Of Companies, RWS Holdings, TP5 VCT, TP5 VCT 'B' Shares, Zytronic
QUARTERLY PAYMENT DATE
Land Securities Group, Real Estate Credit Investments PCC Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
New Homes Sales (US) (15:00)
GMS
Afren
IMSS
Marston's, Vodafone Group
SPECIAL DIVIDEND PAYMENT DATE
Direct Line Insurance Group, Northern 2 VCT
AGMS
Axis Bank Ltd GDR (Reg S), China New Energy Limited, DJI Holdings, Edinburgh Inv Trust, Greka Drilling Ltd (DI), Greka Engineering & Technology Ltd. (DI), Helical Bar, Hogg Robinson Group, Montanaro European Smaller Companies Trust, Petroceltic International, Rare Earth Minerals Limited, Roxi Petroleum, Treveria, Ukrproduct Group Ltd, United Utilities Group, Volex
TRADING ANNOUNCEMENTS
Close Brothers Group
FINAL DIVIDEND PAYMENT DATE
3i Group, Amati Vct 2, B.P. Marsh & Partners, Fidelity China Special Situations , ICAP, MS International, NetDimensions (Holdings) Limited (DI), Northern 2 VCT, Northern Investors Co, REA Holdings, Severn Trent, Tex Holdings, Triple Point Income VCT, Triple Point Income VCT, Vianet Group |
| | Rio Tinto : The Perfect Time To Buy? | | Dear Subscriber,
I love a bargain.
Which is why Rio Tinto has caught my eye.
The shares are trading near 5 year lows.
It looks as though it’s a forgotten stock…for now.
But I think it’s a strong business with a strong future.
Download Your Free Report Now |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equity markets steady as investors sift through earnings European stocks were steady in early trade following uninspiring sessions in the US and Asia, as investors turned their attention to another batch of corporate news. At 0905 BST, the benchmark Stoxx Europe 600 and France's CAC 40 were flat, while Germany's DAX was 0.1% lower.
"Yet more disappointing earnings from the US and a slip in China's Manufacturing PMI has traders concerned that all is not well with the global economy," said Jonathan Sudaria, night dealer at London Capital Group.
Stocks in Asia fell after the preliminary China Caixin purchasing managers index for July came in weaker than expected. It dropped to a 15-month low of 48.2, missing analysts' expectations for a reading of 49.7 and below the 50 mark that separates contraction from expansion.
Earnings were in focus again as worries about Greece faded into the background - for now at least - with Athens due to resume talks with creditors over its third bailout.
Shares in Air France- KLM surged as investors welcomed revenue growth and news that it was still on track with its cost-cutting plans, despite the company reporting a fall in operating profit for the second quarter.
French defence company Thales rose sharply after its first-half profit beat expectations.
In London, publisher Pearson, which announced on Thursday that it has sold the Financial Times newspaper group to Nikkei for £844m, was in the black after raising its dividend.
Vodafone was also on the front foot after saying it has made a good start to the year, with organic service revenue up 0.8% in the quarter ended 30 June as the European businesses return to growth and customer demand for 4G and data takes off.
On the downside, German chemicals company BASF dropped into the red after its second-quarter earnings fell short of market expectations. |
| | Is Now The Time To Buy Gold, Silver & Palladium? | | Receive Our Free Precious Metals Investor Guide Trio Click Here |
| | US Market Report | | US close: Stocks end down as earnings disappoint; 3M, Caterpillar, American Express in focus US stocks ended in the red as investors mulled over an avalanche of earnings reports, most of which failed to impress. The Dow Jones Industrial Average closed down 0.7%, the S&P 500 ended 0.6% lower and the Nasdaq closed off 0.5%.
"Earnings are likely to be a key driver of market sentiment in the coming weeks, while people will also look to these for evidence that it is too soon for the Fed to hike interest rates, with the stronger dollar being key to this," said Craig Erlam, senior market analyst at Oanda.
"Any rate hike is likely to strengthen the dollar further, creating even more difficult conditions for many US companies."
Thursday data
US initial jobless claims fell by 26,000 to a seasonally-adjusted 255,000 in the week ended 18 July, hitting their lowest level since November 1973, according to data released by the Labor Department.
The figures beat analysts' expectations for a dip to 280,000 while claims for the previous week were unrevised at 281,000.
Meanwhile, the number of continuing unemployment benefit claims fell by 9,000 to 2,207,000 in the week ended 11 July.
Although good news in themselves, the figures added weight to expectations that the Federal Reserve will start raising interest rates in September.
Greek fears recede
Concerns about Greece faded into the background after the country's parliament voted in favour of the latest set of reforms, which are key to Athens securing its third bailout.
With the vote out of the way, Greece can resume negotiations with its creditors over the €85bn loan.
American Express, Caterpillar and 3M disappoint, but Under Armour surges
Shares in construction and mining equipment manufacturer Caterpillar fell after it reported a drop in profits and revenue during the second quarter. It said earnings per share declined to $1.16 from $1.57 in 2014. Excluding restructuring costs, earnings were $1.27, down from $1.69 last year. Investors were also disappointed that the company lowered its sales outlook for the year.
American Express dipped into the red after its second-quarter numbers, released after the close on Wednesday, failed to impress. The company's earnings per share of $1.42 were better than expected but revenue fell shy of estimates.
3M ended lower after it posted a better-than-expected second-quarter profit but missed on revenue and lowered its full-year forecasts.
Stock in railroad company Union Pacific closed down after it said second-quarter revenue dropped by nearly 10% - a bigger decline than expected.
McDonald's was a touch weaker as disappointing same-store sales figures overshadowed better-than-expected earnings per share and revenue.
On the upside, however, shares in Under Armour rocketed after the athletic clothing brand's second-quarter profit and revenue came in stronger than forecast.
General Motors was also on the front foot after well-received second-quarter earnings. It posted adjusted earnings per share of $1.29.
Elsewhere, the dollar was a little higher against the pound, weaker against the euro and steady versus the yen, while gold futures for August delivery were up 0.3% at $1,094.50.
Oil prices pushed higher, with West Texas Intermediate down 1.1% at $48.67 a barrel, while Brent fell 1.4% to $55.35 a barrel.
S&P 500 - Risers
Sandisk Corp. (SNDK) $63.74 +17.65%
F5 Networks Inc. (FFIV) $127.68 +7.75%
Under Armour Inc. Class A (UA) $95.92 +7.33%
Raytheon Co. (RTN) $103.21 +6.41%
Cameron International Corp. (CAM) $49.73 +6.08%
EQT Corp. (EQT) $76.30 +5.44%
Allegheny Technologies Inc. (ATI) $21.67 +5.40%
Southwest Airlines Co. (LUV) $36.49 +3.90%
Micron Technology Inc. (MU) $18.70 +3.89%
Transocean Ltd. (RIG) $13.67 +3.88%
S&P 500 - Fallers
Freeport-McMoRan Inc (FCX) $13.64 -9.43%
Alliance Data Systems Corp. (ADS) $284.44 -5.72%
Union Pacific Corp. (UNP) $92.12 -5.69%
Peabody Energy Corp. (BTU) $1.32 -5.04%
Ryder System Inc. (R) $88.42 -5.01%
Newmont Mining Corp. (NEM) $17.60 -4.97%
Exelon Corp. (EXC) $31.25 -4.67%
Dow Chemical Co. (DOW) $47.71 -4.58%
Amerisource Bergen Corp. (ABC) $110.12 -4.20%
Discover Financial Services (DFS) $57.22 -3.83%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $28.01 +1.74%
Microsoft Corp. (MSFT) $46.11 +1.25%
International Business Machines Corp. (IBM) $161.73 +0.86%
Dow Jones I.A - Fallers
3M Co. (MMM) $149.50 -3.80%
Caterpillar Inc. (CAT) $76.90 -3.59%
American Express Co. (AXP) $77.00 -2.52%
General Electric Co. (GE) $26.27 -1.35%
Unitedhealth Group Inc. (UNH) $119.34 -1.05%
Goldman Sachs Group Inc. (GS) $211.09 -1.01%
Wal-Mart Stores Inc. (WMT) $72.51 -0.89%
Exxon Mobil Corp. (XOM) $81.14 -0.79%
E.I. du Pont de Nemours and Co. (DD) $58.47 -0.73%
JP Morgan Chase & Co. (JPM) $69.64 -0.63%
Nasdaq 100 - Risers
Sandisk Corp. (SNDK) $63.74 +17.65%
F5 Networks Inc. (FFIV) $127.68 +7.75%
Micron Technology Inc. (MU) $18.70 +3.89%
Sba Communications Corp. (SBAC) $119.34 +3.07%
Wynn Resorts Ltd. (WYNN) $104.32 +3.03%
Nxp Semiconductors Nv (NXPI) $93.00 +3.01%
Texas Instruments Inc (TXN) $50.51 +2.45%
Analog Devices Inc. (ADI) $60.05 +2.39%
KLA-Tencor Corp. (KLAC) $52.84 +2.26%
Avago Technologies Ltd. (AVGO) $131.97 +1.84%
Nasdaq 100 - Fallers
QUALCOMM Inc. (QCOM) $61.75 -3.80%
Comcast Corp. (CMCSA) $62.47 -3.15%
Google Inc. (GOOGL) $674.73 -2.93%
Cerner Corp. (CERN) $70.00 -2.85%
Google Inc. Class C (GOOG) $644.28 -2.69%
Staples Inc. (SPLS) $14.44 -2.56%
Seagate Technology Plc (STX) $48.01 -2.14%
Mylan Inc. (MYL) $66.57 -1.96%
Biogen Inc (BIIB) $385.00 -1.72%
Facebook Inc. (FB) $95.43 -1.66% |
| | Open a new account & trade online for just £5.95 for your first 3 months | | Better platform, Better tools, Better welcome, Better trading - TD Direct Investing. Find out more
You may not get back all the money you invest  |
| | Newspaper Round Up | | Friday newspaper round-up: Diageo, Amazon.co.uk, Russia The British distiller of Johnnie Walker whisky and Smirnoff vodka has been asked for information from US financial regulators about the shipping of its drinks in the country. Diageo confirmed that the Securities and Exchange Commission (SEC) had made inquiries regarding its distribution in America. - The Times Amazon surprised investors with an unexpected quarterly profit that sent shares in the online retailer up around 17% in after-hours trading. The company said profits in the second quarter jumped to $92 million, up from a loss of $126 million this time last year. - The Times
Russia has fallen into full-blown depression and faces a mounting fiscal crisis as oil and gas revenues plummet.
Output from country's state-owned gas giant Gazprom has collapsed by 19pc over the past year as demand shrivels in Europe, falling to levels not seen since the creation of the company at the end of the Cold War.- The Daily Telegraph
Ladbrokes, the beleaguered gambling company, has agreed a £2.3bn merger with Gala Coral to create Britain's biggest bookmaker. The deal creates a company with £2.1bn of revenues and the country's largest estate of betting shops. The combined business, which will be listed on the stock exchange and called Ladbrokes Coral, will have a market capitalisation of £2.3bn. Both brands will be retained. - The Daily Telegraph
Greece and its bail-out creditors will begin their long-awaited final push towards completing a new €86bn rescue when negotiators return to Athens today for the first time in months in the hope that a deal can be concluded in just matter of weeks. - Financial Times | | |
New ADVFN Service - FREE Reports Get your free report on Isa's, Investment Trusts, Funds,
Sipps Travel and Cars - FREE and Easy service CLICK HERE
To advertise in the Euro Markets Bulletin please contact patrick@advfn.co.uk |
| | | | | | | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
No comments:
Post a Comment