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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: IMF gives greenlight to talks with Greece, reports say The top flight index was holding on to slight gains at the start of the session, much as the rest of Europe, as analysts continued to debate over the the US central bank's policy statement issued last night. Acting as a backdrop, the Shanghai Stock Exchange Composite index reversed earlier gains in the final stretch of the session to close lower by 2.2% at 3,705.77 points. On a more positive note, reports were indicating the International Monetary Fund gave the greenlight to start talks with Greece on a new bailout programme.
As of 09:19 the Footsie was higher by 19.14 points to 6,650.14.
The US Federal Reserve kept the door 'open' to a possible first interest rate increase come September, despite the recent drop in commodity prices, although upcoming labour market reports may hold the key as to the timing of the first rate hike.
Investors seemed unfazed by that prospect, with the US dollar gaining slightly after the policy statement was issued and US 10-year Treasury yields unchanged in its wake.
Analysts on the other hand were left debating the significance of the word "some" into the following phrase: "The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen SOME further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term."
Commenting on the Federal Open Market Commitee's decision, Michael Gapen at Barclays had this to say: "The characterization of labor markets and inflation suggests the committee does not see much slippage in its inflation outlook and is closer to its objective on labor markets. We believe the data will support a September start to the hiking cycle and retain that as our baseline forecast. Should the data slip somewhat, or should international concerns rise to the fore, then the committee could choose caution and delay hikes."
Deutsche Bank's Jim Reid was a bit more circumspect, telling clients: "thousands of analysts around the globe will be spending hours debating the addition of a single word. For us there are still great risks in starting a hiking cycle with the great fragility in the global economy and financial system, however the Fed don't seem to share such a view and it's going to be a close call for September. Much probably depends on the two interim payroll reports and whether commodities stabilise."
Stateside, official estimates are due out today on second quarter GDP, including revisions to the statistics from 2012 to 2014, international trade and weekly unemployment claims.
No official economic statistics were scheduled to be published in the UK.
RBS smashes past forecasts
Royal Bank of Scotland saw profits decline in the second quarter, as a result of lower income at its corporate and institutional banking unit after it was downsized and higher restructuring costs, but nevertheless beat analysts' estimates by a wide margin.
As it revealed 6,500 job cuts, Royal Dutch Shell also delivered a second-quarter adjusted profit of $3.8b that was well ahead of consensus estimates of $3.4bn. The oil major also kept its dividend steady at $0.47 for both A and B shares.
Centrica also revealed a big swathe of job cuts, announcing that it will slash a net 4,000 jobs from its workforce, double the rumoured amount. The company, which said it was aiming to cost cuts by £750m a year by 2020, will cut back investment in oil and gas production by more than half.
AstraZeneca's second-quarter numbers came in better than expected, with revenue and earnings per share both ahead of analysts' expectations as generic competition and the effects of a stronger US dollar were offset by the spinning off of assets. Earnings per share fell 8% to $1.21, but this was better than the $1.07 expected.
Industrial engineer Weir Group posted a 75% fall in first-half pre-tax profit due to a downturn in US oil and gas activity. Pre-tax profit in the 26 weeks to 3 July came in at £38.7m down from £157.7m in the same period a year ago, on revenue of £1bn, down 13% from £1.14bn.
Engine manufacturer Rolls Royce stuck to its current full-year 2015 guidance and chose to emphasise the positive outlook for the year thanks to continued growth in its order book. Management however was still smarting after it was forced to downgrade its guidance for free cash-flow generation on 6 July. |
| | Market Movers
techMARK 3,173.84 -0.10%
FTSE 100 6,639.03 +0.12%
FTSE 250 17,546.90 +0.19%
FTSE 100 - Risers
Royal Dutch Shell 'B' (RDSB) 1,820.00p +2.42%
BG Group (BG.) 1,064.50p +2.36%
Royal Dutch Shell 'A' (RDSA) 1,804.00p +2.24%
AstraZeneca (AZN) 4,279.50p +2.11%
Royal Bank of Scotland Group (RBS) 359.40p +1.76%
Smith & Nephew (SN.) 1,155.00p +1.76%
Taylor Wimpey (TW.) 188.10p +1.46%
Rolls-Royce Holdings (RR.) 740.00p +1.30%
Schroders (SDR) 3,127.00p +1.13%
Barclays (BARC) 287.65p +1.07%
FTSE 100 - Fallers
Babcock International Group (BAB) 1,010.00p -2.79%
BT Group (BT.A) 461.35p -2.57%
Centrica (CNA) 270.40p -1.74%
Shire Plc (SHP) 5,620.00p -1.40%
International Consolidated Airlines Group SA (CDI) (IAG) 544.00p -1.27%
InterContinental Hotels Group (IHG) 2,595.00p -1.07%
Carnival (CCL) 3,402.00p -0.90%
Mondi (MNDI) 1,531.00p -0.78%
Dixons Carphone (DC.) 452.00p -0.77%
Diageo (DGE) 1,826.00p -0.73%
FTSE 250 - Risers
Hellermanntyton Group (HTY) 470.50p +41.67%
Laird (LRD) 376.90p +7.75%
Inchcape (INCH) 806.50p +7.18%
Henderson Group (HGG) 273.70p +3.17%
Acacia Mining (ACA) 246.70p +2.54%
Barr (A.G.) (BAG) 593.00p +2.33%
Aldermore Group (ALD) 264.10p +2.01%
Jupiter Fund Management (JUP) 461.30p +1.94%
Pets at Home Group (PETS) 279.30p +1.90%
IP Group (IPO) 207.80p +1.86%
FTSE 250 - Fallers
Countrywide (CWD) 520.50p -5.88%
Investec (INVP) 583.00p -2.83%
Vedanta Resources (VED) 389.00p -2.38%
Premier Farnell (PFL) 136.90p -2.21%
Rentokil Initial (RTO) 143.50p -1.65%
Ocado Group (OCDO) 392.50p -1.58%
Thomas Cook Group (TCG) 124.50p -1.50%
Zoopla Property Group (WI) (ZPLA) 239.70p -1.44%
Kaz Minerals (KAZ) 170.30p -1.39% |
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| | UK Event Calendar | | Thursday 30 July
INTERIMS
AstraZeneca, BAE Systems, Centaur Media, Centrica, Communisis, Countrywide, Dairy Farm International Holdings Ltd. (Singapore), Gem Diamonds Ltd. (DI), Henderson Group, Hongkong Land Holding Ltd. (Sing.Reg), Inchcape, InterContinental Hotels Group, Intu Properties, Laird, Mandarin Oriental International (Singapore), Merlin Entertainments , Millennium & Copthorne Hotels, Moneysupermarket.com Group, PJSC Megafon GDR (Reg S), Rentokil Initial, Rexam, Robert Walters, Rolls-Royce Holdings, Royal Bank of Scotland Group, RPS Group, Schroders, Schroders (Non-Voting), Smith & Nephew, Spectris, Weir Group
INTERIM EX-DIVIDEND DATE
Blue Capital Global Reinsurance Fund Ltd (DI), Entu (UK) , Fenner, Frenkel Topping Group, Maven Income & Growth 3 VCT, Maven Income and Growth VCT 5, Nichols, Porvair
QUARTERLY EX-DIVIDEND DATE
City of London Inv Trust, SQN Asset Finance Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Continuing Claims (US) (13:30)
ECB Report (EU) (09:00)
Economic Sentiment Indicator (EU) (10:00)
GDP (Advance) (US) (13:30)
Initial Jobless Claims (US) (13:30)
Unemployment Rate (GER) (08:55)
Q2
AstraZeneca, PJSC Megafon GDR (Reg S), Royal Bank of Scotland Group, Royal Dutch Shell 'A', Royal Dutch Shell 'A', Royal Dutch Shell 'B', Royal Dutch Shell 'B', Samsung Electronics Co Ltd (ATT) GDR (Reg S), Smith & Nephew
Q3
Thomas Cook Group
GMS
NextEnergy Solar Fund Limited Red
FINALS
Victoria
IMSS
Halfords Group
SPECIAL DIVIDEND PAYMENT DATE
Redde
EGMS
Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)
AGMS
Argo Group Ltd., B&M European Value Retail S.A. (DI), Babcock International Group, Bonmarche Holdings, Caffyns, Elektron Technology, Halfords Group, Hargreave Hale AIM VCT 2, IS Solutions, Pennon Group, SerVision
TRADING ANNOUNCEMENTS
Countrywide
FINAL DIVIDEND PAYMENT DATE
Caffyns, Mckay Securities
FINAL EX-DIVIDEND DATE
Bilby, Investec, TechFinancials (DI), UK Mail Group
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities little changed as investors digest deluge of earnings, German jobs data European stocks were little changed, paring early gains as investors weighed up disappointing German labour data against a torrent of mostly well-received earnings reports. At 0920 BST, the benchmark Stoxx Europe 600 index was flat, while France's CAC 40 and Germany's DAX were up just 0.1%.
The German unemployment rate held steady at 6.4% in July, according to the Federal Labour Office. However, the number of unemployed people rose by 9,000, compared with expectations for a 5,000 decline.
Meanwhile, investors got their first chance to react to Wednesday's FOMC decision. US stocks closed in positive territory as the Federal Reserve left the door open to a rate hike later this year, amid a torrent of mostly well-received earnings reports.
"For many the FOMC statement last night was a lot less hawkish than many had feared with only a tiny change in wording pretty much confirming that the economy and the labour market are continuing to improve. For now the Fed is giving the impression that they will hike rates at some point should the economy accelerate and the labour market tighten substantially. However, they still don't seem to be in any rush to do so and certainly not in an aggressive manner. A move in interest rates for September is certainly not a given at all while for December it is still a possibility," said Markus Huber, senior analyst at Peregrine & Black.
On the corporate front, defence and aerospace group Rolls-Royce rallied after the company reiterated its current full-year 2015 guidance and posted first-half numbers that were broadly in line with consensus.
AstraZeneca gained after its second-quarter earnings beat expectations as generic competition and the effects of a stronger US dollar were offset by the spinning off of assets and a good performance from the company's Brillinta drug.
Asset manager Schroders was also on the front foot as it posted better-than-expected first half profit, on the back of strong demand for its fixed income products.
Royal Bank of Scotland was in the black after the bank reported a modest but better-than-anticipated increase in second-quarter profit.
Shares in Finland's Nokia rocketed after its second-quarter profit came in ahead of analysts' expectations, despite challenging market conditions.
Deutsche Bank pushed up after its second-quarter profit more than tripled on the back of strong trading revenue.
Engineering company Siemens rallied after its third-quarter profit came in ahead of expectations, while shares in Alcatel-Lucent rose sharply as it posted a surprise rise in second-quarter profit.
On the downside, BT Group was under pressure. Although the company's first-quarter numbers were broadly in line, almost every division disappointed analysts' expectations with only BT Wholesale ahead of consensus.
British Gas owner Centrica was also under the cosh after announcing that it will cut up to 4,000 jobs, as it posted a near doubling of its first-half profits.
Repsol shares dropped after the Spanish oil firm posted a 20% fall in second-quarter net profit, hit partly by lower oil prices. |
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| | US Market Report | | US close: Wall Street picks up confidence from Fed statement US stocks took confidence from the Federal Reserve's more confident statement released late in Wednesday's session to regain some of the losses from Friday and Monday. Although the US central bank held interest rates steady, as expected, subtly different language emerging from the Fed suggested to economists and traders that a rate hike is not far away, with a possible September lift-off still on the cards.
The Dow Jones Industrial Average closed up 121.1 points to 17,751.39 by the close, a 0.69% increase, while the S&P 500 gained 15.3 points or 0.73% and the Nasdaq put on 22.5 points or 0.44%.
The two-day meeting of the Federal Open Markets Committee came to an end and was celebrated with the customary press release.
Wednesday's statement stated the FOMC needed to see only "some further improvement" in the labour market before a rate rise, which economists excitedly pointed out was different from June's stance that "further improvement" was needed.
Also on the labour market, the Fed described job gains as "solid" and said that the underutilization of labour resources "has diminished since early this year", an upgrade from "diminished somewhat" in June.
The committee said that "economic activity has been expanding moderately in recent months" and dropped a previous reference to activity having changed little.
Economists at BNP Paribas said the change in language was "an explicit signal" that a first rate hike is closer.
Capital Economics was less confident, saying the tweaks of language "fall well short" of a clear hint that a rate hike is coming in September, although a large majority of officials expecting one or two rates to rise this year suggested there was "a good change that rates will rise at two of the three meetings left this year, with September still very much in play".
Mortgage and pending home data
Applications for US home mortgages grew last week, data released on Wednesday showed. The Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, climbed 0.8% in the week ended 24 July.
Meanwhile, US pending home sales fell unexpectedly in June, with index from the National Association of Realtors declined 1.8% month-on-month in June, pulling back from a nine-year high to settle at 110.3.
Elsewhere, in Europe most equity indices were in the black, save Italy's, following a stabilisation in China's equity markets and a slew of well-received earnings reports.
The dollar fell 0.34% against the pound but was flat against the yen and rose 0.29% against the euro, while gold futures slid 0.18% to $1,094.20.
Oil prices fell, with West Texas Intermediate losing 0.86% to $47.57 a barrel, while Brent shed 0.62% to $52.97 a barrel.
Twitter tumbles, US Steel strengthens
In company news, Twitter plunged 9.55% after investors were left unimpressed late on Tuesday by the group's user growth.
Fellow internet group Yelp tanked 27.1% after swinging to a second-quarter loss of $1.3m from a profit of $2.7m a year ago.
Going the other way, United States Steel shares climbed strongly as the metal manufacturer announced plans to cut down on its raw material inventory by idling its Fairfield, Alabama blast furnace.
Elsewhere, Citrix Systems jumped 7.4% after its quarterly results beat expectations.
After hours
Social media giant Facebook reported better earnings after the close, 50 cents per share versus the 47 expected, but saw its shares slip due to higher expenses. Statutory total expenses jumped 82% to $2.8bn, or up 57% on an underlying basis, both of which outpaced revenue growth of 39%. Net income fell 9% year-on-year.
S&P 500 - Risers
United States Steel Corp. (X) $20.04 +13.03%
Citrix Systems Inc. (CTXS) $75.27 +8.10%
Cerner Corp. (CERN) $73.43 +7.21%
Northrop Grumman Corp. (NOC) $173.44 +6.18%
Noble Corporation plc (NE) $13.24 +5.33%
Nabors Industries Ltd. (NBR) $12.26 +5.24%
First Solar Inc. (FSLR) $45.54 +4.98%
Rowan Companies plc (RDC) $18.22 +4.83%
Adt Corp (ADT) $34.48 +4.77%
Anadarko Petroleum Corp. (APC) $76.28 +4.71%
S&P 500 - Fallers
CONSOL Energy Inc. (CNX) $16.68 -6.03%
International Paper Co. (IP) $46.99 -3.57%
Range Resources Corp. (RRC) $42.65 -2.87%
Precision Castparts Corp. (PCP) $196.21 -2.56%
Alexion Pharmaceuticals Inc. (ALXN) $198.46 -2.50%
Rockwell Automation Inc. (ROK) $116.34 -2.46%
Celgene Corp. (CELG) $132.14 -2.42%
Vertex Pharmaceuticals Inc. (VRTX) $125.62 -2.09%
Biogen Inc (BIIB) $313.34 -2.06%
Wynn Resorts Ltd. (WYNN) $96.03 -2.02%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $46.29 +2.10%
Merck & Co. Inc. (MRK) $58.54 +1.77%
Visa Inc. (V) $76.01 +1.70%
Boeing Co. (BA) $144.14 +1.64%
Verizon Communications Inc. (VZ) $46.56 +1.46%
Home Depot Inc. (HD) $116.37 +1.33%
JP Morgan Chase & Co. (JPM) $68.94 +1.31%
Nike Inc. (NKE) $114.92 +1.28%
Walt Disney Co. (DIS) $119.84 +1.16%
Pfizer Inc. (PFE) $35.76 +1.16%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $55.46 -0.79%
Caterpillar Inc. (CAT) $77.33 -0.58%
Apple Inc. (AAPL) $122.99 -0.32%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $5.94 +15.79%
Citrix Systems Inc. (CTXS) $75.27 +8.10%
Verisk Analytics Inc. (VRSK) $78.60 +7.32%
Cerner Corp. (CERN) $73.43 +7.21%
CH Robinson Worldwide Inc (CHRW) $69.87 +4.71%
Stericycle Inc. (SRCL) $140.26 +4.20%
Keurig Green Mountain Inc (GMCR) $74.76 +4.12%
Expeditors International Of Washington Inc. (EXPD) $46.67 +3.00%
Fiserv Inc. (FISV) $87.81 +2.53%
Gilead Sciences Inc. (GILD) $115.71 +2.33%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $198.46 -2.50%
Celgene Corp. (CELG) $132.14 -2.42%
Vertex Pharmaceuticals Inc. (VRTX) $125.62 -2.09%
Henry Schein Inc. (HSIC) $146.53 -2.07%
Biogen Inc (BIIB) $313.34 -2.06%
Wynn Resorts Ltd. (WYNN) $96.03 -2.02%
Check Point Software Technologies Ltd. (CHKP) $81.35 -1.62%
Autodesk Inc. (ADSK) $50.09 -1.57%
Express Scripts Holding Co (ESRX) $91.29 -1.18% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Banks, China, Bombardier Despite billions of pounds in fines, several years of investigations and a slew of criminal prosecutions, many banks have yet to take on board the lesson of the market-rigging scandals, a report by the City watchdog has found. In a series of damning findings, the Financial Conduct Authority said that some lenders had yet to take even basic steps towards ensuring there could be no repeat of the Libor, foreign exchange and gold price manipulation scandals. - The Times China's stock market has slumped because investors and authorities are still learning about how public indices work, the head of the IMF has said. "It's a relatively young market, and there is an element of a learning curve" among investors, companies and the authorities, Christine Lagarde, managing director of the International Monetary Fund, said. However, Ms Lagarde believes China can weather the turmoil on its main stock exchange, which fell 11% between Friday and Tuesday. - The Daily Telegraph
The future of train manufacturing in Derby was a little less certain last night after reports that Bombardier could merge with its rival Siemens. If a deal were to go ahead - and Bombardier was last night playing down reports of talks - it would raise questions over whether the Litchurch Lane works with its 2,000 workers would remain as a standalone plant. - The Times
Sky has waded into the debate over the future of the BBC, calling for it to be less controlling over how its programmes are served up by pay-TV operators. Jeremy Darroch, chief executive of Sky, said he would use the Government's review of the BBC Charter to lobby for restrictions on how iPlayer content is presented to be removed. - The Daily Telegraph | | |
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