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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: Shares open slightly higher ahead of US data The FTSE 100 opened indecisively as investors sifted through earnings and looked ahead to US data releases.
Lloyds Banking Group dominated the headlines after posting a 15% increase in underlying first-half profits to £4.4bn and a 38% increase in statutory profits to £1.2bn. The lender set aside an extra £1.4bn provision for PPI mis-selling, which was higher than analysts expected and declared a token interim dividend of 0.75p per share.
ITV led the early risers, as US media giant Liberty Global upped its stake in the broadcaster to just under 10%.
In the oil and gas sector, BG Group posted a 65% slump in second-quarter net income on the back of declining oil prices. The company, which has agreed to a takeover by Royal Dutch Shell, posted net income of $429m, down from £1.21bn, on revenue of $3.98bn, down 28% from $5.50bn.
Elsewhere in the resources space, Chilean miner Antofagasta saw its shares fall after it announced that it had agreed to a $1.01bn deal to acquire a 50% interest in the Zaldivar copper mine from Barrick Gold. The immediately earnings-enhancing deal will be funded from the company balance sheet and consists of $980m upon closing and five annual payments of $5m per year, starting in 2016.
Meanwhile, the government is set to launch its first sale of Royal Bank of Scotland shares since the lender's £46bn taxpayer-funded rescue nearly seven years ago, marking the beginning of the bank's return to private ownership. Bankers have been sounding out investors for the past week about a sale of RBS stock that could begin in the next few days.
In economic data, the UK will see no major releases due but in the US, eyes will be on the Chicago PMI at 1445 BST and University of Michigan sentiment at 1500 BST.
Earlier, data showed the closely watched UK GfK monthly consumer sentiment index fell to +4 in July after jumping to +7 last month; the highest since January 2000.
Looking further afield, some of the world's largest companies have sounded the alarm over the slowdown in the Chinese economy, warning that weaker growth would hit profits in the second half of the year. The Financial Times said car companies such as PSA Peugeot Citroën, Audi and Ford have slashed growth forecasts while industrial goods groups such as Caterpillar and Siemens have all spoken out on the negative impact of China.
The prospect of a new €86bn (£60.2bn) bail-out package for Greece was thrown into fresh turmoil on Thursday, after the International Monetary Fund cast severe doubts on the Greek government's ability to carry out radical reforms, the Daily Telegraph reported. In a leaked four-page staff assessment, the IMF's executive board was told the world's "lender of last resort" could no longer continue pumping more money into the debtor country. |
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| | Market Movers
techMARK 3,199.18 +0.28%
FTSE 100 6,674.15 +0.08%
FTSE 250 17,557.06 +0.21%
FTSE 100 - Risers
ITV (ITV) 276.60p +1.84%
TUI AG Reg Shs (DI) (TUI) 1,086.00p +1.40%
Ashtead Group (AHT) 977.00p +1.35%
Persimmon (PSN) 2,012.00p +1.31%
Meggitt (MGGT) 461.60p +1.27%
Royal Mail (RMG) 499.00p +1.26%
Merlin Entertainments (MERL) 418.30p +1.04%
International Consolidated Airlines Group SA (CDI) (IAG) 547.00p +0.92%
Travis Perkins (TPK) 2,214.00p +0.91%
easyJet (EZJ) 1,659.00p +0.91%
FTSE 100 - Fallers
InterContinental Hotels Group (IHG) 2,668.00p -2.73%
Antofagasta (ANTO) 569.50p -1.89%
Weir Group (WEIR) 1,534.00p -1.35%
Fresnillo (FRES) 637.50p -1.16%
Glencore (GLEN) 208.85p -1.02%
Anglo American (AAL) 798.00p -0.96%
Randgold Resources Ltd. (RRS) 3,782.00p -0.81%
Smiths Group (SMIN) 1,126.00p -0.79%
BP (BP.) 398.00p -0.75%
Hikma Pharmaceuticals (HIK) 2,390.00p -0.62%
FTSE 250 - Risers
JD Sports Fashion (JD.) 814.50p +9.11%
Pets at Home Group (PETS) 292.20p +4.36%
UBM (UBM) 526.00p +3.75%
Just Retirement Group (JRG) 192.00p +2.13%
Enterprise Inns (ETI) 116.00p +2.11%
Henderson Group (HGG) 277.50p +2.10%
Synergy Health (SYR) 1,740.00p +2.05%
Spire Healthcare Group (SPI) 375.60p +1.76%
Pace (PIC) 366.30p +1.72%
Howden Joinery Group (HWDN) 485.60p +1.57%
FTSE 250 - Fallers
Essentra (ESNT) 897.50p -6.51%
Moneysupermarket.com Group (MONY) 281.70p -4.83%
Kaz Minerals (KAZ) 162.40p -4.13%
Thomas Cook Group (TCG) 122.20p -2.94%
Cairn Energy (CNE) 159.00p -2.81%
Acacia Mining (ACA) 238.10p -2.74%
Premier Oil (PMO) 132.70p -2.71%
Lonmin (LMI) 52.50p -2.42%
Tullow Oil (TLW) 241.40p -2.11%
Vedanta Resources (VED) 377.00p -2.08%
FTSE TechMARK - Risers
UCW Limited (UCW) A$0.01 +9.09%
Oxford Biomedica (OXB) 9.49p +5.44%
SDL (SDL) 408.00p +2.00%
KCOM Group (KCOM) 95.25p +0.79%
Sepura (SEPU) 156.50p +0.64%
NCC Group (NCC) 235.00p +0.21%
Skyepharma (SKP) 279.25p +0.18%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 201.34 +0.11%
FTSE TechMARK - Fallers
RM (RM.) 167.00p -4.43%
Innovation Group (TIG) 32.00p -0.78%
Dialight (DIA) 547.50p -0.64%
Spirent Communications (SPT) 93.25p -0.53% |
| | UK Event Calendar | | Friday 31 July
INTERIMS
Berendsen, COLT Group SA, IMI, International Consolidated Airlines Group SA (CDI), Lloyds Banking Group, UBM
INTERIM DIVIDEND PAYMENT DATE
Inland Homes
QUARTERLY PAYMENT DATE
Ediston Property Investment Company, JP Morgan Chase & Co, Mercantile Investment Trust (The), Middlefield Canadian Income PCC, Schroder Income Growth Fund, Torchmark Corp., TwentyFour Select Monthly Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (14:45)
International Reserves (EU) (11:00)
Unemployment Rate (EU) (10:00)
GMS
Berkeley Resources Ltd. (DI), Independent Oil & Gas
ANNUAL REPORT
Mercia Technologies
SPECIAL DIVIDEND PAYMENT DATE
3i Infrastructure, Schroder UK Growth Fund
AGMS
3Legs Resources, Albion Venture Capital Trust, Charles Stanley Group, KCOM Group, Montanaro UK Smaller Companies Inv Trust, Ormonde Mining, Securities Trust of Scotland, Vitesse Media, Walker Crips Group
TRADING ANNOUNCEMENTS
Kirkland Lake Gold Inc., Sophos Group
UK ECONOMIC ANNOUNCEMENTS
Consumer Confidence (09:30)
GFK Consumer Confidence (00:05)
FINAL DIVIDEND PAYMENT DATE
Acal, Anpario, Bisichi Mining, Braemar Shipping Services, Brown (N.) Group, Burberry Group, Crawshaw Group, Edinburgh Inv Trust, Grafenia , GTS Chemical Holdings , Helical Bar, Impellam Group, Octopus Apollo VCT, Palace Capital , Panther Securities, ProVen Growth & Income VCT, ProVen VCT, Royal Mail, Shanks Group, Tate & Lyle |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks flit between gains and losses as investors digest earnings European stocks flitted between small gains and losses in fairly quiet trade as investors sifted through another batch of earnings reports.
At 0915, the benchmark Stoxx Europe 600 index was down 0.1%, Germany's DAX was 0.1% higher and France's CAC 40 was up 0.4%.
"European shares are trading little changed this morning as once again solid corporate earnings out of Europe are being neutralised by weaker Chinese markets," said Markus Huber, senior analyst at Peregrine & Black.
"Concerning China all eyes are on the release of tomorrow's important manufacturing and non-manufacturing PMIs. Further indications that the economy is still not anywhere close to turning the corner could certainly spook Chinese stocks again which already have been battered substantially over the past few weeks," he added.
China's Shanghai Composite fell over 1% on Friday.
Shares in French bank BNP Paribas made strong gains after it swung to a profit of €2.56bn in the second quarter, compared with a loss of €4.22bn the previous year.
Carrefour nudged a touch higher after it reported a rise in first-half profit on the back of stronger sales in its home market, while Airbus rallied after posting a 6% increase in first-half core operating profit.
BG Group edged higher. Although it posted a 65% slump in second-quarter net income on the back of declining oil prices, the numbers were still ahead of expectations.
British Airways and Iberia owner International Consolidated Airlines Group pushed up after it it beat profit forecasts for the second quarter and said it enjoyed a 5.6% increase in passengers.
On the downside, Vallourec slumped nearly 6% after saying its net loss worsened in the second quarter and cautioning that falling demand in the oil and gas industry will hit the second half.
In London, shares in Lloyds Banking Group slipped. The bank reported a 15% increase in underlying first-half profits but its second-quarter disappointed. |
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| | US Market Report | | US close: Stocks end mixed following strong GDP data, disappointing jobless claims US stocks recovered from earlier losses and closed mixed on Thursday following the release of a report which showed the economy grew in the second quarter, while weekly jobless claims remained near their lowest level in decades.
The Dow Jones Industrial Average fell 0.03% to 17,746 points, while the S&P 500 gained 0.02% and the Nasdaq rose 0.34%.
Economic activity in the US climbed in the second quarter of the year to a reach an annualised pace of 2.3%, falling short of analysts' expectations for a 2.5% reading.
However, the pace of growth for the first three months of the year was revised up to show a gain of 0.6% instead of the previous estimate which revealed a contraction of 0.2%, according to the Bureau of Economic analysis.
"The new data, and the first quarter revisions in particular, remove a worrying sense of doubt about the health of the economy that will have given cautious policymakers a reason to hold back on hiking interest rates for the first time since rates were effectively cut to zero at the height of the global financial crisis," said Markit's chief economist Chris Williamson.
Meanwhile, over the seven days ending on 25 July initial jobless claims increased by 12,000 to reach 267,000, according to the Department of Labour compared with a forecast of 275,000.
"The smaller-than-expected bounce in initial claims following last week's remarkably low reading supports our view that US labor market momentum remains solid," analysts at Barclays said in a note.
Capital Economics analysts said the data was received with "near despair" explaining the big disappointment was the stagnation in wages.
The Federal Reserve kept interest rates on hold but signalled its intention to start raising interest rates in the summer, depending on economic data.
"Dealers have a short-term mindset, and as soon as they heard nothing to warrant an interest rate hike in the immediate future they jumped on the bandwagon, but it was short lived," said IG's financial analyst David Madden.
"Some traders are looking to September for an interest rate hike, and others think it's too soon, but the Fed has been intentionally cagey and September can't be ruled out."
In company news, Linkedin jumped 8% after close as it reported second-quarter adjusted earnings of 55c, ahed of expectations of 30c.
Social media giant Facebook fell 1.84% after reporting a decline in second quarter earnings.
Whole Foods plunged 11% after posting results that fell short of forecasts late on Wednesday, while phone-maker Nokia jumped 7.53% after delivering better-than-expected results.
Cable-TV provider Time Warner Cable shed 0.74% after reporting a 19% drop in adjusted second quarter profit, which was short of analysts' expectations.
Consumer-goods company Procter & Gamble Co. fell 4% after its fourth-quarter revenue slightly missed consensus, while oral and personal care Colgate-Palmolive lost 7.7% despite delivering results that met forecast.
Oil and gas explorer ConocoPhillips slipped 1.55%, despite saying it remained on track to achieve the higher end of its 2015 production target. |
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| | Newspaper Round Up | | Friday newspaper round-up: Government RBS share sale, automotive slowdown The government is set to launch its first sale of Royal Bank of Scotland shares since the lender's £46bn taxpayer-funded rescue nearly seven years ago, marking the beginning of the bank's return to private ownership. Bankers have been sounding out investors for the past week about a sale of RBS stock that could begin in the next few days. - The Times
Some of the world's largest companies have sounded the alarm over the slowdown in the Chinese economy, warning that weaker growth would hit profits in the second half of the year. Car companies such as PSA Peugeot Citroën, Audi and Ford have slashed growth forecasts while industrial goods groups such as Caterpillar and Siemens have all spoken out on the negative impact of China. - The Financial Times
The prospect of a new €86bn (£60.2bn) bail-out package for Greece was thrown into fresh turmoil yesterday, after the International Monetary Fund cast severe doubts on the Greek government's ability to carry out radical reforms. In a leaked four-page staff assessment, the IMF's executive board was told the world's "lender of last resort" could no longer continue pumping more money into the debtor country. - The Daily Telegraph
Alexis Tsipras won his battle with a mutinous far-left faction in the governing Syriza party after a day of tense discussions that laid bare deepening divisions within the party over a new €86bn bailout being negotiated with Greece's creditors. The prime minister's proposal to hold an extraordinary party congress in September to examine the bailout once it has been completed was approved by Syriza's 200-strong central committee in Athens early on Friday, without resorting to a roll-call vote. - The Financial Times | | |
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