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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 bounce even as analysts warn on emerging markets The selling pressure on stocks abated as investors waited on the US Federal Reserve's policy announcement on Wednesday, but worries regarding the outlook for China, Greece and the possibility of interest rate increases were still very much on investors' minds.
As of 08:47 the FTSE 100 was higher by 25.74 points to the 6,531.46 mark.
Acting as a backdrop, the Shanghai Stock Exchange's Composite Index closed 1.68% lower at 3,663.002 after having hit an intra-day minimum below the 3,550 point mark.
In parallel, front month Brent crude futures started the morning off by 1.65% to $52.60 per barrel on the ICE, with Deutsche Bank pointing out that export data showing record oil production from southern Iraq had "added to the weakness."
Some analysts dismissed Monday's weakness in Chinese stocks as a fluke. Other however, such as those at Rabobank, warned of the effects which a potentially explosive cocktail of worries around China, Greece and interest rate rises Stateside.
"If the Fed wants to continue to take the 'glass half full' view, a negative reaction from emerging markets can be expected to continue, especially with the Chinese engine clearly sputtering: that is a major concern in our increasingly-integrated global economy," the Dutch bank said in a research note e-mailed to clients.
As regards the UK, on Tuesday morning analysts at Credit Suisse lowered their year-end target for the FTSE 100 to 7,000 points from 7,450 due multiple factors: sterling resilience (only 21% of profits come from the UK); exposure to emerging markets (26% of market cap); a negative view on oil (the UK has an even larger exposure to oil than to emerging markets); UK equities modestly underperform when UK rates initially rise; they were not clearly cheap excluding resources; and the UK market was overweight bond proxies.
That came amid a flurry of reports regarding foreign acquisition of assets in the UK.
The Office for National Statistics was set to publish its latest data on UK gross domestic product at 09:30.
RSA, Hikma and Melrose Industries lead gains on Stoxx 600
Shares in RSA Insurance surged 12% after Zurich Insurance confirmed on Tuesday that it is evaluating a potential offer for the company. Zurich said the announcement does not amount to a firm intention to make an offer and there can be no assurance any offer will be made.
Drug developer Hikma Pharmaceuticals signed a deal to buy two firms from Boehringer Ingelheim in transactions worth a total of $2.25bn. FTSE 100 listed Hikma planned to buy Roxane Laboratories and associated company Boehringer Ingelheim Roxane in a cash and shares deal that would make Hikma the sixth biggest company by revenue in the US generics market.
Melrose Industries rocketed 15% after saying it has entered into an agreement to dispose of its Elster business to Honeywell International for a cash consideration of £3.3bn and announcing plans to return over £2bn to shareholders.
Second-quarter profits from BP missed analysts' forecasts, with adjusted profit of $1.31bn falling 63% on the previous year and short of the $1.66bn expected. A dividend of 10c arrived as predicted.
First-half profits from Mondi will be well ahead of those from last year, the paper and packaging maker said in a short trading statement. Basic underlying earnings per share will be up roughly 25-35%, with headline EPS up around 18-28%.
Clothing retailer Next has raised its sales and profit guidance for the year as warmer weather at the end of the season boosted second-quarter sales. The company raised its full-year pre-tax profit guidance to between £805m and £845m from a previous range of £785m to £835m and lifted its sales guidance range to between 3.5% and 6% from previous guidance of between 1.5% and 5.5% |
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| | Market Movers
techMARK 3,138.45 +0.04%
FTSE 100 6,531.27 +0.40%
FTSE 250 17,323.43 +0.32%
FTSE 100 - Risers
RSA Insurance Group (RSA) 489.80p +11.88%
GKN (GKN) 313.60p +6.31%
Hikma Pharmaceuticals (HIK) 2,205.00p +6.01%
ITV (ITV) 271.20p +2.84%
Next (NXT) 7,630.00p +1.73%
Reckitt Benckiser Group (RB.) 6,091.00p +1.64%
Ashtead Group (AHT) 952.50p +1.60%
HSBC Holdings (HSBA) 571.80p +1.36%
Admiral Group (ADM) 1,484.00p +1.23%
Aberdeen Asset Management (ADN) 360.10p +1.09%
FTSE 100 - Fallers
Royal Mail (RMG) 489.00p -2.98%
Weir Group (WEIR) 1,457.00p -1.22%
Sky (SKY) 1,106.00p -1.16%
St James's Place (STJ) 941.50p -1.15%
Randgold Resources Ltd. (RRS) 3,761.00p -0.87%
CRH (CRH) 1,824.00p -0.87%
Fresnillo (FRES) 621.00p -0.72%
Bunzl (BNZL) 1,780.00p -0.61%
Kingfisher (KGF) 358.70p -0.58%
ARM Holdings (ARM) 990.50p -0.50%
FTSE 250 - Risers
Melrose Industries (MRO) 280.70p +10.34%
Drax Group (DRX) 277.40p +9.86%
Virgin Money Holdings (UK) (VM.) 399.00p +6.57%
Informa (INF) 574.50p +5.90%
Hellermanntyton Group (HTY) 349.10p +5.66%
NMC Health (NMC) 874.00p +4.92%
Domino's Pizza Group (DOM) 833.50p +3.73%
Indivior (INDV) 264.40p +1.97%
Zoopla Property Group (WI) (ZPLA) 243.90p +1.92%
Beazley (BEZ) 334.20p +1.77%
FTSE 250 - Fallers
Polymetal International (POLY) 429.40p -2.85%
Saga (SAGA) 207.00p -2.77%
Euromoney Institutional Investor (ERM) 1,060.00p -2.03%
Cranswick (CWK) 1,609.00p -1.65%
Riverstone Energy Limited (RSE) 970.00p -1.52%
Daejan Holdings (DJAN) 6,475.00p -1.52%
Fidelity China Special Situations (FCSS) 135.10p -1.46%
Hays (HAS) 165.00p -1.37%
CLS Holdings (CLI) 1,908.00p -1.14% |
| | UK Event Calendar | | Tuesday 28 July
INTERIMS
BP, Burford Capital , Circassia Pharmaceuticals, Domino's Pizza Group, Drax Group, Elementis, GKN, Greencoat UK Wind, Hutchison China Meditech Ltd, Informa, ITV, Jardine Lloyd Thompson Group, Man Group, Orange Polska S.A. GDR (Reg S), Pace, Rathbone Brothers, SEGRO, Seplat Petroleum Development Company (DI), Shawbrook Group, Tullett Prebon
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
Q2
BP, Marsh & Mclennan Cos Inc.
GMS
Belvoir Lettings, Strat Aero
FINALS
Clipper Logistics , Ebiquity, Games Workshop Group
IMSS
Greencore Group
AGMS
Amiad Water Systems Ltd, Amiad Water Systems Ltd, Byotrol, Octopus Apollo VCT, Peer TV, Plastics Capital, Randall & Quilter Investment Holdings (DI), Vodafone Group
TRADING ANNOUNCEMENTS
Next
UK ECONOMIC ANNOUNCEMENTS
GDP (Preliminary) (09:30)
Index of Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Coca-Cola HBC AG (CDI), Electrocomponents, Hogg Robinson Group, Intermediate Capital Group, Vertu Motors, Zhejiang Expressway Co 'H' Shares
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Shares bounce back from heavy losses with focus on corporate news European equity markets rose in early trade, bouncing back from heavy losses in the previous session on the back of a selloff in Chinese equities.
At 0900 BST, the benchmark Stoxx Europe 600 index and Germany's DAX were both 0.5% higher, while France's CAC 40 was up 0.4%.
"Investors are enjoying some light reprieve from the selloff this morning, but while markets remain volatile many will remain firmly on the sidelines," said Mike McCudden, head of derivatives at stockbroker Interactive Investor. "Furthermore, investor caution ahead of the Fed meeting may usher in a dead cat bounce for equities over the next few sessions."
"However, longer term investors will be keeping an eye on the recent increase M&A activity as a reason to pick up a few bargains. With the Pharmaceutical sector still hot and today, following some heavy trading against the trend over recent sessions, is comes as no great surprise that RSA Insurance is being approached."
Shares in RSA Insurance rocketed after Zurich Insurance confirmed that it was considering a bid for the company. Stock in Zurich Insurance was trading down, however.
ITV was also on the front foot after it lifted its interim dividend by 36% and said group earnings before interest, tax, depreciation and amortisation rose 24% to £400m.
Clothing retailer Next gained after raising its sales and profit guidance for the year as warmer weather at the end of the season boosted second-quarter sales.
Elsewhere, French drugmaker Sanofi said it had entered into a research agreement with Regeneron Pharmaceuticals and will invest $2.17n to develop new cancer treatments together.
French telecom operator Orange pushed higher after the company's sales and core earnings beat analysts' expectations.
On the downside, French tire maker Michelin fell sharply after its first-half operating profit and earnings per share came in lower than expected, while Norway's Statoil slipped into the red after it posted a 16% drop in second-quarter net profit.
The Federal Reserve Open Market Committee's two-day meeting gets underway on Tuesday, with a rate announcement due on Wednesday. No change in rates is expected until at least September but investors will be eyeing any further clues on the possible timing of a move. |
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| | US Market Report | | US close: Stocks end in the red after China selloff US stocks closed lower on Monday on the back of a global selloff triggered by a sharp decline in Chinese stocks.
The Dow Jones Industrial Average closed down 0.7%, the S&P 500 fell 0.6% and the Nasdaq ended 1% lower.
China drives selloff
Asian stocks were under pressure following negative data from China with a resumption of selling in commodities weighing heavily on investor sentiment.
The Shanghai Composite index plunged 8.47% - its worst performance in three weeks.
The drop was due to the release of data which showed industrial profits fell 0.3% in June and a decline in commodity prices.
"Global investors are heavily exposed to China as a source of global economic growth," said CMC Markets' analyst Jasper Lawler.
"The stock market crash in China is spreading to other markets because the risk is Chinese state control will eventually send the economy to the same fortune.
Monday data
Orders for US durable goods rose by 3.4% month-on-month, ahead of expectations of a 2.6% increase, according to figures released by the Commerce Department.
"The growth in manufacturers' inventories of durable goods was notably stronger than expected in June and represents the fastest pace of inventory stocking for the sector since December of last year," Barclays analysts said in a note.
"This boosted our estimate of private inventory investment in the second quarter, more than offsetting the decline in estimate equipment investment.
"On net, our second quarter GDP tracking estimate rose two-tenths, to 3.4%."
However, the reading represented a 2.0% drop year-on-year."
Also on the data front, the Dallas Fed manufacturing survey for July came in at -4.6, missing expectations for a print of -3.5.
The main focus for investors this week will be the Federal Reserve Open Market Committee's two-day meeting, which culminates in a rate decision on Wednesday. No change in rates is expected until at least September, but all eyes will be on the Fed's guidance for any further clues on the timing of a move.
Deutsche Bank analyst Jim Reid said: "It's going to be raining data and earnings this week with also an FOMC meeting which may give us a few clues as to September's more important meeting. However it's unlikely they'll change their tune too much but it will be interesting to see if the recent slump in commodities and its impact on inflation attract much comment."
Teva surges on acquisition
Shares in Mylan NV plunged 14.5% as Teva Pharmaceutical Industries announced it had withdrawn its offer for the drug maker after agreeing to acquire Allergan's generic drug-making business for $40.5bn.
Teva and Allergan jumped 8.9% and 6.2% respectively.
Fiat Chrysler ended in the red as it emerged the company faces a $105m civil fine and will need to buy back 500,000 Ram pickup trucks in order to settle legal problems over recall errors.
McGraw Hill Financial closed 5.7% weaker after revealing plans to buy SNL Financial for about $2.2 billion in cash. The company, which owns Standard & Poor's Ratings Services, said the deal is expected to close in the third quarter and could generate $550m in tax synergies.
Elsewhere, the dollar fell a touch against the yen, dropped just over 1% against the euro and nudged up against the pound, while gold futures rose 0.6% to $1,092.00.
Oil prices slid, with West Texas Intermediate losing 2.2% to $47.07 a barrel, while Brent shed 3.1% to $52.93 a barrel.
S&P 500 - Risers
Allergan plc (AGN) $327.34 +6.21%
Amgen Inc. (AMGN) $165.57 +4.40%
Perrigo Company plc (PRGO) $193.64 +3.83%
United States Steel Corp. (X) $16.79 +3.32%
Biogen Inc (BIIB) $309.43 +3.13%
PG&E Corp. (PCG) $51.80 +2.88%
Windstream Holdings Inc (WIN) $4.70 +2.84%
Keurig Green Mountain Inc (GMCR) $71.36 +2.81%
Nucor Corp. (NUE) $43.81 +2.74%
Edison International (EIX) $58.95 +2.25%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $1.03 -16.94%
Mylan Inc. (MYL) $56.31 -14.60%
Freeport-McMoRan Inc (FCX) $11.37 -7.49%
Newfield Exploration Co (NFX) $30.90 -5.74%
McGraw Hill Financial Inc (MHFI) $99.60 -5.66%
QEP Resources Inc (QEP) $12.82 -5.53%
Roper Technologies Inc (ROP) $164.21 -4.59%
E*TRADE Financial Corp. (ETFC) $27.36 -4.07%
Joy Global Inc. (JOY) $25.82 -3.98%
Harman International Industries Inc. (HAR) $104.24 -3.93%
Dow Jones I.A - Risers
Intel Corp. (INTC) $28.35 +1.05%
General Electric Co. (GE) $25.96 +0.82%
Pfizer Inc. (PFE) $34.40 +0.41%
Travelers Company Inc. (TRV) $105.62 +0.35%
Coca-Cola Co. (KO) $40.54 +0.25%
Dow Jones I.A - Fallers
Boeing Co. (BA) $141.14 -2.03%
Chevron Corp. (CVX) $89.13 -1.62%
JP Morgan Chase & Co. (JPM) $67.99 -1.34%
Apple Inc. (AAPL) $122.89 -1.29%
American Express Co. (AXP) $74.92 -1.29%
Visa Inc. (V) $73.86 -1.26%
Microsoft Corp. (MSFT) $45.39 -1.20%
Nike Inc. (NKE) $111.77 -1.08%
Caterpillar Inc. (CAT) $75.33 -1.01%
Goldman Sachs Group Inc. (GS) $205.31 -0.98%
Nasdaq 100 - Risers
Amgen Inc. (AMGN) $165.57 +4.40%
Biogen Inc (BIIB) $309.43 +3.13%
Keurig Green Mountain Inc (GMCR) $71.36 +2.81%
Seagate Technology Plc (STX) $47.90 +1.23%
Intel Corp. (INTC) $28.35 +1.05%
Maxim Integrated Products Inc. (MXIM) $33.85 +0.85%
CH Robinson Worldwide Inc (CHRW) $64.77 +0.72%
Google Inc. Class C (GOOG) $627.29 +0.60%
QUALCOMM Inc. (QCOM) $61.99 +0.57%
Google Inc. (GOOGL) $658.40 +0.55%
Nasdaq 100 - Fallers
Mylan Inc. (MYL) $56.31 -14.60%
Tesla Motors Inc (TSLA) $253.01 -4.67%
Baidu Inc. (BIDU) $197.69 -4.15%
Vimpelcom Ltd Ads (VIP) $5.08 -3.97%
Wynn Resorts Ltd. (WYNN) $99.22 -3.13%
Avago Technologies Ltd. (AVGO) $124.65 -2.98%
Facebook Inc. (FB) $94.17 -2.87%
Netflix Inc. (NFLX) $106.45 -2.64%
Yahoo! Inc. (YHOO) $37.83 -2.61% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: London property, Britain, Eurozone David Cameron will promise today to unmask the corrupt offshore companies that are buying up luxury London properties using "plundered and laundered cash". In a vow to stop Britain from becoming a haven for "dirty money", the prime minister will disclose plans to shine a light on the secretive and sometimes criminal companies buying homes in the most exclusive - The Times
The chancellor has been warned that Britain's economic recovery could be derailed by a new credit squeeze on small companies if proposals from a Swiss committee that sets global lending standards are implemented. Groups including the Federation of Small Businesses and the British Bankers' Association have written to George Osborne urging him to intervene to lobby for a "rethink" over plans that could significantly increase the cost of lending to businesses. - The Times
The European Central Bank should stand ready to use the full force of its financial firepower to stop the eurozone from falling into renewed turmoil in the wake of the Greek crisis, according to the International Monetary Fund. In its annual health-check of the eurozone, the IMF made a controversial claim for the ECB to extend its unprecedented programme of quantitative easing beyond a provisional September 2016 end date. - The Daily Telegraph
Barclays may have to ask investors for more money to bolster its capital levels, just two years after last tapping shareholders for funds. The bank could need as much as £5bn, analysts at Bernstein Research said, as it has fallen behind rivals. Chief executive Antony Jenkins was fired earlier this month, with John McFarlane taking the reins as executive chairman. A changeover at the top is a traditional time to raise capital, and Mr Jenkins himself undertook a £5.8bn rights issue in 2013, within a year of taking over at the bank. - The Daily Telegraph
The number of people hunting for a new home has hit an 11-year high, according to new figures released on Monday. An average of 439 prospective buyers were signed up to each estate agent in the UK last month. This was the highest amount since August 2004, when 582 people joined agents. June's figure was also up sharply from the 383 recorded by the National Association of Estate Agents in May. - The Daily Telegraph Tesco has announced lavish plans to shower its senior executives with shares worth £25million. The rewards are likely to infuriate investors who have seen their holdings fall by nearly a fifth during the past 12 months. Britain's biggest retailer, which has lurched from crisis to crisis, said all its senior executives could receive the huge shares windfalls in two different schemes. - The Daily Mail | | |
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