| | | | | | | | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: UK stocks slip ahead of Greek referendum, RBS UK stocks opened slightly lower on Friday morning head of a crucial weekend for Greece, as the government holds a referendum on European bailout proposals. With Friday's economic data calendar looking sparse, investor sentiment was likely to be driven by developments in Athens, as the latest polls suggest that the result of Sunday's vote is too close to call.
The FTSE 100 was trading 0.22% down at 6,615.71 early on, with RBS and a host of mining stocks providing a drag.
The Greek government has confirmed that a referendum will go ahead as planned on Sunday, while creditors have refused to discuss a bailout deal until after the public vote.
"Yet there is still a chance that the referendum might not go ahead, with the Greek Council of State to vote whether it breaches the country's constitution. Whilst the body is likely to give it the all clear, it adds another shade of uncertainty to a situation defined by its instability," said Spreadex analyst Connor Campbell.
According to the head of the Hellenic Chambers of Commerce, Constantine Michalos, cash reserves at Greek banks were down to just €500m. Although banks were expected to reopen next week, Michalos said: "Anybody who thinks they are going to open again on Tuesday is day-dreaming. The cash would not last an hour."
The Markit/CIPS UK services purchasing managers' index is likely to be the main event of the day for the City and comes on the back of mixed PMIs on the construction and manufacturing sectors earlier in the week. Analysts expect the PMI to have risen to 57.5 after falling to a five-month low of 56.5 in May.
Meanwhile, equity markets in the States will be closed for a long weekend as the country holds its Fourth of July celebrations.
RBS and mining stocks lead the fall
Royal Bank of Scotland was in the red on reports that it faces a $13bn claim over allegations regarding its actions before the 2008 crisis. The bank was involved in a long running case in a US court over how it packaged mortgage bonds and sold them to government lenders overseen by the Federal Housing Finance Agency.
Mining stocks were also out of favour, with BHP Billiton, Anglo American, Fresnillo, Rio Tinto and Glencore all trading lower.
Defence group BAE Systems was making gains after UBS upgraded the stock to 'buy' from 'neutral' but cut the price target to 510p from 540p.
BT edged lower after Ofcom said that it has fined the telecom group's takeover target EE £1m for failing to comply with its rules on handling customer complaints. |
| | UK Oil & Gas Investments | | Dear Subscriber, It’s the stock everyone’s talking about… UK Oil & Gas is a company rich with potential. Set to go again? The shares are up 440.7% this year alone.*
And more important news could be on the way. Download your Free Report now |
| | Market Movers
techMARK 3,131.21 -0.10%
FTSE 100 6,615.71 -0.22%
FTSE 250 17,649.17 -0.21%
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 1,058.00p +1.44%
Weir Group (WEIR) 1,749.00p +1.33%
BAE Systems (BA.) 458.70p +1.19%
RSA Insurance Group (RSA) 415.30p +1.05%
Ashtead Group (AHT) 1,069.00p +0.94%
Pearson (PSON) 1,226.00p +0.91%
BP (BP.) 441.25p +0.88%
International Consolidated Airlines Group SA (CDI) (IAG) 492.90p +0.76%
Sage Group (SGE) 514.00p +0.69%
Randgold Resources Ltd. (RRS) 4,236.00p +0.67%
FTSE 100 - Fallers
Vodafone Group (VOD) 231.90p -1.70%
BHP Billiton (BLT) 1,252.00p -1.61%
Standard Chartered (STAN) 1,037.50p -1.52%
Royal Bank of Scotland Group (RBS) 361.00p -1.39%
Anglo American (AAL) 907.50p -1.17%
Fresnillo (FRES) 680.00p -1.16%
Rio Tinto (RIO) 2,603.00p -1.14%
Rolls-Royce Holdings (RR.) 866.50p -1.14%
Barclays (BARC) 263.55p -1.07%
Glencore (GLEN) 253.05p -1.06%
FTSE 250 - Risers
Auto Trader Group (AUTO) 313.60p +2.38%
IMI (IMI) 1,177.00p +2.35%
Renishaw (RSW) 2,285.44p +1.35%
Cobham (COB) 265.70p +1.33%
Vesuvius (VSVS) 432.10p +1.17%
Ocado Group (OCDO) 464.00p +1.11%
Rightmove (RMV) 3,287.00p +0.89%
AO World (AO.) 139.40p +0.72%
Telecom Plus (TEP) 1,009.00p +0.70%
Indivior (INDV) 228.90p +0.66%
FTSE 250 - Fallers
Zoopla Property Group (WI) (ZPLA) 254.30p -3.71%
FirstGroup (FGP) 116.40p -2.84%
Tullow Oil (TLW) 341.30p -2.49%
Serco Group (SRP) 127.80p -2.29%
Just Retirement Group (JRG) 174.00p -1.97%
Jimmy Choo (CHOO) 167.80p -1.87%
Fidelity China Special Situations (FCSS) 149.30p -1.78%
Premier Oil (PMO) 147.10p -1.74%
Computacenter (CCC) 754.00p -1.57% |
| | UK Event Calendar | | Friday 03 July
INTERIM DIVIDEND PAYMENT DATE
Associated British Foods, Blackrock Frontiers Investment Trust, Daily Mail and General Trust A (Non.V), Debenhams, Grainger, Shaftesbury, SSP Group , UDG Healthcare Public Limited Company
QUARTERLY EX-DIVIDEND DATE
JP Morgan Chase & Co
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Retail Sales (EU) (10:00)
FINALS
Polar Capital Technology Trust
SPECIAL DIVIDEND PAYMENT DATE
Helios Underwriting, Small Companies Dividend Trust, Synthomer, Taylor Wimpey
AGMS
Circle Oil, Distil, Industrial Mlulti Propety Trust
UK ECONOMIC ANNOUNCEMENTS
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Ashley (Laura) Holding, BBGI SICAV S.A. (DI), Billington Holdings, Camellia, Christie Group, Compagnie de St-Gobain SA, Galasys, Helios Underwriting, Hill & Smith Holdings, Inspired Energy, Laird, London & Associated Properties, Marshalls, Menzies(John), Octopus VCT 2, Pace, Sprue Aegis, Stobart Group Ltd., Synthomer, TP5 VCT, TP5 VCT 'B' Shares, Whitbread |
| | Worried About Retirement? Download Our Free Guide For Investors with £250K+ Portfolios. |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks flit between small losses and gains amid continued Greece uncertainty European stocks fluctuated between small gains and losses on Friday, with investors cautious ahead of Sunday's Greek referendum, on what is likely to be a fairly quiet session as US markets will be closed for the Independence Day holiday. By 0900 BST, the benchmark Stoxx Europe 600 index was down 0.1%, while Germany's DAX and France's CAC 40 were flat.
In the periphery, Spain's IBEX 35 was down 0.2%, while Italy's FTSE Mib was 0.1% higher.
In currency markets, the euro was just a touch firmer against the greenback at $1.1100.
On Wednesday, Greek Prime Minister Alexis Tsipras urged the nation to reject the terms of an international bailout deal when they go to the polls on Sunday, saying that he believes a 'no' vote will lead to better terms from the European Central Bank, the International Monetary Fund and the European Commission.
On Thursday, the International Monetary Fund warned that Greece's debt are unsustainable and require a haircut.
"The IMF's debt sustainability report, in a way, supports a vote for 'no' in Greece's upcoming referendum since the current deal on offer by creditors does not include any form of debt relief. More to the point, the report raises the question why the Greek people are even voting on an expired offer," said Jasper Lawler, market analyst at CMC Markets.
"Post-referendum looks pretty bleak for Greece either way but a 'no' vote carries a lot more short-term risk. Evidence from the past five months is surely enough to show that muddling out-of-touch bureaucrats in Athens and the Eurozone will not reach a deal before there's a banking crisis.
"Without the European Central Bank's emergency funding, estimates are that Greece's banks are days from insolvency, even with only 60 euros being withdrawn a day under capital controls."
In corporate news, K+S rallied after Potash Corp said it can address the company's concerns about its takeover proposals.
In London, BAE Systems and Cobham were both on the front; BAE Systems was upgraded by UBS, while Cobham was upgraded by JPMorgan Cazenove. |
| | INVEST IN DUBAI WITH UP TO 10% GUARANTEED RENTAL YIELD | | Limited availability, initial investment discounted by 26%, rental returns averaging 8.28% guaranteed. For further information, click here. |
| | US Market Report | | US close: Stocks end a touch lower after soft jobs report, amid Greece uncertainty US stocks ended a touch lower on Thursday after a mildly positive open, as investors digested a slightly softer-than-expected jobs report, amid continued uncertainty over Greece. The Dow Jones Industrial Average ended down 0.16%, the S&P 500 closed off 0.03% and the Nasdaq Composite finished 0.08% lower.
The eagerly-awaited non-farm payrolls report, which was released a day early due to the public holiday on Friday, showed a gain of 223,000 in June, below economists' expectations for a rise of 233,000. Meanwhile, readings for April and May were revised lower by a combined 60,000.
"Although behind expectations, and accompanied by news that April and May had collectively seen 60,000 fewer jobs added than previously thought, the latest upturn suggests that the encouragingly strong run of job creation seen in recent years shows few signs of stalling," said Chris Williamson, chief economist at Markit.
"The employment report therefore fits in with recent central bank rhetoric that the economy continues to grow at a reasonable pace, but that there is some way to go before policymakers will feel comfortable enough to start hiking interest rates.
Although the markets are currently pricing in a 36% chance of the first rate rise taking place in September, the Fed will want to see strong job creation sustained in coming months and signs that wage growth is starting to lift higher," he added.
The unemployment rate for June fell by two tenths of a percentage point to 5.3%, compared with consensus expectations
for a reading of 5.4%.
Also undermining sentiment was a warning from the International Monetary Fund, which said in its annual Financial Stability report that Greece's debt dynamics would become unsustainable should any agreement for a softer package of reforms, such as lower primary budget surpluses or weaker structural reforms, be reached.
Meanwhile, Greek finance minister Yanis Varoufakis said he would resign if the country voted 'yes' in the referendum.
He said that if Greeks were to vote that way, which he does not expect, the government would find a way to reach an agreement with its creditors.
Both Varoufakis and Greek prime minister Alexis Tsipras are convinced that if Greece rejects the offer, Athens would be able to negotiate better terms, including debt relief.
Late on Wednesday, Tsipras had 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.
In corporate news, BP's US-listed shares rallied after the oil giant said it has agreed to settle claims from the Gulf of Mexico oil spill for up to $18.7 billion.
Tesla Motors gained after the electric car maker said Model S deliveries rose 52% in the second quarter.
Progress Software ended on the front foot after the company raised its outlook for the year late on Wednesday.
US health insurer Centene said on Thursday that it will buy rival Health Net for $6.3bn, pushing the latter's shares sharply higher. However, Centene ended firmly in the red.
Digital payments company XOOM Corp rocketed on news that it has attracted a buyout bid from Paypal Inc.
Markets in the US will be closed on Friday for the Independence Day holiday.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $1.87 +5.06%
Vertex Pharmaceuticals Inc. (VRTX) $131.26 +4.02%
CONSOL Energy Inc. (CNX) $21.78 +3.99%
Tesoro Corp. (TSO) $91.23 +3.04%
Genworth Financial Inc. (GNW) $7.73 +2.66%
Fossil Group Inc (FOSL) $71.78 +2.50%
eBay Inc. (EBAY) $61.85 +2.36%
Newmont Mining Corp. (NEM) $23.66 +2.29%
Eversource Energy (ES) $46.50 +2.04%
Duke Energy Corp. (DUK) $72.52 +2.03%
S&P 500 - Fallers
NiSource Inc. (NI) $16.99 -62.62%
Western Union Co. (WU) $18.98 -6.92%
TEGNA Inc (TGNA) $31.74 -3.73%
United States Steel Corp. (X) $19.78 -3.56%
Humana Inc. (HUM) $187.55 -2.89%
Aetna Inc. (AET) $125.48 -2.65%
Cognizant Technology Solutions Corp. (CTSH) $60.53 -2.56%
E.I. du Pont de Nemours and Co. (DD) $59.99 -2.34%
Frontier Communications Co. (FTR) $4.85 -2.02%
Allegheny Technologies Inc. (ATI) $29.54 -1.93%
Dow Jones I.A - Risers
Intel Corp. (INTC) $30.56 +1.26%
Exxon Mobil Corp. (XOM) $83.13 +0.92%
Visa Inc. (V) $68.24 +0.57%
Caterpillar Inc. (CAT) $84.39 +0.52%
General Electric Co. (GE) $26.78 +0.45%
McDonald's Corp. (MCD) $96.15 +0.41%
Nike Inc. (NKE) $109.86 +0.39%
Verizon Communications Inc. (VZ) $47.18 +0.38%
International Business Machines Corp. (IBM) $164.97 +0.29%
Procter & Gamble Co. (PG) $79.92 +0.25%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $59.99 -2.34%
Unitedhealth Group Inc. (UNH) $121.80 -1.28%
United Technologies Corp. (UTX) $109.56 -1.14%
Pfizer Inc. (PFE) $33.36 -0.98%
JP Morgan Chase & Co. (JPM) $67.52 -0.81%
Home Depot Inc. (HD) $111.46 -0.54%
Boeing Co. (BA) $140.18 -0.39%
Goldman Sachs Group Inc. (GS) $209.13 -0.39%
Chevron Corp. (CVX) $95.83 -0.27%
American Express Co. (AXP) $78.21 -0.25%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $280.02 +4.04%
Vertex Pharmaceuticals Inc. (VRTX) $131.26 +4.02%
eBay Inc. (EBAY) $61.85 +2.36%
Western Digital Corp. (WDC) $80.86 +1.79%
Avago Technologies Ltd. (AVGO) $137.63 +1.57%
Micron Technology Inc. (MU) $19.05 +1.46%
CH Robinson Worldwide Inc (CHRW) $63.06 +1.27%
Intel Corp. (INTC) $30.56 +1.26%
Seagate Technology Plc (STX) $48.14 +1.20%
Celgene Corp. (CELG) $119.52 +1.10%
Nasdaq 100 - Fallers
Liberty Global plc Series A (LBTYA) $50.70 -6.92%
Cognizant Technology Solutions Corp. (CTSH) $60.53 -2.56%
Cerner Corp. (CERN) $68.48 -1.33%
Amgen Inc. (AMGN) $153.26 -1.12%
Charter Communications Inc. (CHTR) $171.80 -1.03%
Mattel Inc. (MAT) $26.07 -1.03%
Baidu Inc. (BIDU) $196.92 -0.90%
Gilead Sciences Inc. (GILD) $115.04 -0.84%
Symantec Corp. (SYMC) $23.03 -0.78% |
| | Save Money on your Energy Bills | | ADVFN have partnered with the UK’s largest independent energy supplier First Utility to bring you lower energy bills: the average First Utility customer saves £229 per year on their energy. Click here to see how much you could save |
| | Newspaper Round Up | | Friday newspaper round-up: RBS, EE, Aetna to buy Humana RBS faces a $13bn bill in the US to resolve claims it misled purchasers of mortgage-backed securities, more than analysts had expected, writes the Financial Times. Ofcom has fined UK mobile phone operator EE £1m as a punishment for its poor customer services record, The Times writes.
US health insurer Aetna is close to buying Humana in a deal worth $34bn with an announcement possible before the weekend, according to The Wall Street Journal. Aetna is expected to pay $230 a share, a 23% premium on Thursday's close.
Greek banks are down to €500m in cash reserves as the daily allowance of cash from ATMs drops from €60 to €50, The Telegraph reports.
German discount grocer Lidl and its sister chain Kaufland have benefited from nearly $900m in public development funding over the past 10 years, according to The Guardian. They received loan funding from the World Bank and European Bank for Reconstruction and Development. | | |
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