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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: Miners pace gains as Shanghai stocks bounce Miners led the top flight index higher thanks to an overnight bounce in Chinese equities, and as traders awaited fresh reform proposals out of Athens, due by midnight.
As of 0836 BST the FTSE 100 was higher by 42.18 points to reach 6,532.06, while the Shanghai Stock Exchange's composite index closed up 5.76% to 3,709.33 points.
About $3.9trn had been wiped off Chinese stocks' market value up to 8 July, more than the value of the entire London market.
Nonetheless, some market commentators warned that it might just be a 'dead cat' bounce following several weeks of sharp drops and so-called forced selling in many asset classes. There was also some market chatter to be heard regarding the imminent risk of bankruptcies at Chinese banks or securities brokers.
Closer to home, looming deadlines for Greece offered a little hope that a deal may finally be reached, said Jasper Lawler, Market Analyst at CMC Markets UK.
However, "This hope may be misplaced," Lawler added.
"European creditors seem to think that the threat of the ECB pulling the plug on its emergency lending to Greek banks will spur Athens into signing off on terms they have previously rejected. With the referendum as backup, it seems more likely that Tsipras and co will take the threat of collapse back to the creditors."
When asked by Italian daily Il Sole 24 Ore whether a final resolution of Greece's problems is possible European Central Bank president Mario Draghi said: "I don't know, this time it's really difficult."
An increasingly insecure Fed?
Traders were also expected to keep close tabs on a flurry of speeches in the afternoon from three rate-setters at the US Federal Reserve. That followed the release of a more dovish than expected set of Fed minutes on Wednesday evening.
At their June meeting rate-setters at the US central bank said there was "uncertainty about whether Greece and its official creditors would reach an agreement and about the likely pace of economic growth abroad, particularly in China and other emerging market economies," the minutes of that meeting showed.
"Overall, we maintain our baseline outlook for a rate hike in September, given our conviction about incoming data and their signal about economic momentum. Nevertheless, an unusually insecure Fed and rising external risks certainly open the door for FOMC members to seize on any point of weakness or uncertainty to delay rate hikes," Barclays analyst Michael Gapen said in a research note e-mailed to clients.
Also overnight, Chinese consumer prices advanced at a 1.4% year-on-year pace in June, up from the prior month's 1.2% pace and economists' forecast for a rise of 1.3%.
The MPC was set to announce its latest policy decision at noon and the International Monetary Fund its latest macroeconomic projections.
Homebuilder sees continued strong demand
Housebuilder Barratt Developments said in a trading update that it expected to see a 45% increase in full-year pre-tax profit to £565m, from £390.6m last year amid continued strong demand in the housing market. For the year ended 30 June 2015, the average selling price for private homes was up around 8% to £262,000, driven by further changes in mix and underlying house price inflation.
Balfour Beatty issued another profit warning, with pre-tax profit likely to be lower by between £120m to £150m due to problems discovered in various parts of the infrastructure construction group as part of a continuing business review.
Recruitment firm Hays reported a strong second quarter as group net fee growth improved by 9% and said currency movements remained a challenge for the company. The job placement firm reiterated guidance it would deliver strong group profit for the full year, and said second half operating profits would be slightly ahead of the first half.
Drax expects the removal of the Climate Change Levy exemption for renewable electricity generated after 1 August 2015, announced in Wednesday's Budget, to lead to a reduction in earnings before interest, tax, depreciation and amortisation of around £30m in 2015 and £60m in 2016.
Revenues were flat at Primark owner Associated British Foods in the 40 weeks to 20 June, but up 2% against the same period last year if currency moves are ignored. An 8% increase in stores selling space helped sales at Primark rise 9%, or 13% at constant currency rates, although like-for-like sales were flat despite a positive UK LFL performance.
Bwin.party confirmed AIM-listed rival GVC had tabled a cash and shares offer for the company. The bid valued Bwin, party at 110p per share, the company said in a statement. The board has determined to work with GVC so that they can finalise their offer over the coming days.
WPP may team up with General Atlantic to make a bid for Tesco's Clubcard unit, according to Bloomberg. |
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| | Market Movers
techMARK 3,098.40 +0.54%
FTSE 100 6,532.07 +0.64%
FTSE 250 17,184.46 +0.42%
FTSE 100 - Risers
Smith & Nephew (SN.) 1,110.00p +2.21%
Rio Tinto (RIO) 2,539.00p +2.19%
Anglo American (AAL) 864.00p +2.18%
BHP Billiton (BLT) 1,211.00p +1.98%
Hargreaves Lansdown (HL.) 1,112.00p +1.92%
Glencore (GLEN) 242.15p +1.79%
International Consolidated Airlines Group SA (CDI) (IAG) 502.50p +1.78%
Associated British Foods (ABF) 2,983.00p +1.77%
easyJet (EZJ) 1,597.00p +1.66%
HSBC Holdings (HSBA) 568.30p +1.63%
FTSE 100 - Fallers
Next (NXT) 7,310.00p -2.27%
Schroders (SDR) 2,963.00p -1.00%
Sainsbury (J) (SBRY) 252.20p -0.90%
Morrison (Wm) Supermarkets (MRW) 166.30p -0.66%
Capita (CPI) 1,256.00p -0.32%
AstraZeneca (AZN) 4,189.00p -0.13%
InterContinental Hotels Group (IHG) 2,575.00p -0.08%
Sports Direct International (SPD) 708.50p -0.07%
Rolls-Royce Holdings (RR.) 758.00p -0.07%
Royal Dutch Shell 'A' (RDSA) 1,800.50p -0.06%
FTSE 250 - Risers
Fidelity China Special Situations (FCSS) 129.80p +6.05%
Drax Group (DRX) 267.80p +5.18%
Supergroup (SGP) 1,296.00p +4.43%
Kaz Minerals (KAZ) 188.70p +3.45%
PayPoint (PAY) 1,008.00p +3.38%
Premier Oil (PMO) 140.40p +2.63%
CLS Holdings (CLI) 1,850.00p +2.49%
Polymetal International (POLY) 499.60p +2.48%
BTG (BTG) 668.00p +2.38%
Man Group (EMG) 143.00p +2.29%
FTSE 250 - Fallers
Vedanta Resources (VED) 447.60p -4.87%
Nostrum Oil & Gas (NOG) 586.50p -2.90%
Debenhams (DEB) 85.45p -2.79%
Grafton Group Units (GFTU) 747.50p -2.54%
Wetherspoon (J.D.) (JDW) 753.00p -2.21%
Balfour Beatty (BBY) 223.50p -2.15%
TalkTalk Telecom Group (TALK) 365.50p -1.96%
Mitchells & Butlers (MAB) 449.00p -1.79%
Shawbrook Group (SHAW) 321.60p -1.47%
Morgan Advanced Materials (MGAM) 313.50p -1.35% |
| | Thursday 09 July
INTERIM EX-DIVIDEND DATE
Aukett Swanke Group , CVC Credit Partners European Opportunities Ltd EURO, CVC Credit Partners European Opportunities Ltd GBP, Dewhurst, Driver Group, Inland Homes, Jupiter Green Inv Trust, Octopus Titan VCT , Pressure Technologies, Safestore Holdings, TP5 VCT, TP5 VCT 'B' Shares, Zytronic
QUARTERLY PAYMENT DATE
GlaxoSmithKline, XP Power Ltd. (DI)
QUARTERLY EX-DIVIDEND DATE
Assura , Ediston Property Investment Company, Fair Oaks Income Fund Limited , Investors Capital Trust 'A' Shares, Marsh & Mclennan Cos Inc., Schroder Income Growth Fund, Verizon Communications
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Continuing Claims (US) (13:30)
Current Account (GER) (07:00)
Initial Jobless Claims (US) (13:30)
Retail Price Index (GER) (07:00)
GMS
Aveva Group, Nyota Minerals Ltd., Societatea Commerciala De Distributie Si Furnizare A Energiei Electrice S.A. GDR (Reg S)
FINALS
Mirada, NCC Group, Supergroup
SPECIAL EX-DIVIDEND PAYMENT DATE
Foresight 4 VCT C, Next, Redde, Schroder UK Growth Fund
EGMS
Societatea Commerciala De Distributie Si Furnizare A Energiei Electrice S.A. GDR (Reg S)
AGMS
Aveva Group, Boussard & Gavaudan Holding Ltd. EUR Shares, Boussard & Gavaudan Holding Ltd. GBP Shares, Energy Technique, Gulf Keystone Petroleum Ltd.(DI), Lombard Risk Management, Maven Income & Growth VCT, Seneca Global Income & Growth Trust, TP70 2010 VCT , Zoltav Resources Inc (DI)
TRADING ANNOUNCEMENTS
Dunelm Group, Goals Soccer Centres, Grafton Group Units, Hays
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
RICS Housing Market Survey (09:30)
FINAL DIVIDEND PAYMENT DATE
Cineworld Group, Restore, Scisys, Young & Co's Brewery 'A' Shares, Young & Co's Brewery (Non-Voting)
FINAL EX-DIVIDEND DATE
Amati VCT , Atkins (WS), Caledonia Investments, Castings, Cropper (James), E2V Technologies, Entertainment One Limited, Establishment Inv Trust, Impellam Group, Infinis Energy, International Greetings, KBC Advanced Technologies, Lombard Risk Management, Mission Marketing Group, Monks Inv Trust, Next, Next Fifteen Communications, Palace Capital , Stanley Gibbons Group, TalkTalk Telecom Group , Triple Point Income VCT, Triple Point Income VCT, Vedanta Resources, Ventus 2 VCT, Ventus 2 VCT 'C' Shares, Ventus VCT, Ventus VCT 'C' Shares, VP, Workspace Group |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher as miners gain; eyes still on Greece European stocks rose, with basic resources pacing the advance, as investors continued to keep a watchful eye on Greece's debt negotiations.
By 09:20 BST, the benchmark Stoxx Europe 600 index was up 1.1%, Germany's DAX was 0.8% higher and France's CAC was 1.1% firmer.
Greece's s ASE Composite remained shut, and according to a statement from the Hellenic Capital Market Commission released early on Thursday, the stock market will stay closed for the rest of the week and on Monday, after the finance ministry decided to extend the current bank holiday and capital controls to Monday.
In the periphery, Italy's FTSE Mib was up 1%, while Spain's IBEX 35 gained 1.2%.
Hopes of a Greek debt deal grew, although investors remained understandably cautious, after Athens made a formal request on Wednesday for a new three-year bailout from the European Stability Mechanism. Greece must present new proposals to its Eurozone creditors by the end of Thursday and will need to reach an agreement with them by Sunday. The main sticking points are expected to relate to pension cuts and tax increases.
"The creditors' resolve has been severely tested throughout this debacle and with patience wearing thin this time is Greece's final opportunity to put forward something palatable. There is also a growing acceptance, at least from the IMF, that we have got to the stage where debt relief needs to happen in order to keep Greece in the Eurozone," said Angus Campbell, senior analyst at FXPro.
Market participants said that sentiment was being supported by hopes that the European Central Bank would step in with supportive measures if needed.
Meanwhile, a rally in Chinese markets and higher metals prices, with the exception of gold, also helped to underpin the tone in Europe, boosting basic-resource stocks, which are highly dependent on demand from China.
The Stoxx Europe 600 index for basic resources rose 1.5%.
In individual stocks, Italy's Saipem slumped after the company lost its $2.2bn contract to lay a Russian natural gas pipeline under the Black Sea.
In London, Barratt Development was on the front foot after the housebuilder said it expects to see a 45% increase in full-year pre-tax profit. |
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| | US Market Report | | US close: Global worries weigh on Wall Street Stocks finished the session with large losses on the heels of another large drop in Chinese equities and following the release of a more dovish than expected set of Fed minutes.
The Dow Jones Industrial Average finished 1.47% lower at 17,515.42 points and the S&P 500 down by another 1.67% to 2,046.68 points.
Trading in all NYSE cash equities was halted during almost four hours due to a technical glitch, although trading in options continued.
At their June meeting rate-setters at the US central bank said there was "uncertainty about whether Greece and its official creditors would reach an agreement and about the likely pace of economic growth abroad, particularly in China and other emerging market economies," the minutes of that meeting showed.
"Overall, we maintain our baseline outlook for a rate hike in September, given our conviction about incoming data and their signal about economic momentum. Nevertheless, an unusually insecure Fed and rising external risks certainly open the door for FOMC members to seize on any point of weakness or uncertainty to delay rate hikes," Barclays analysts Michael Gapen said in a research note e-mailed to clients after the release of the minutes.
Overnight in Asia the Shanghai Composite index slumped 5.9% as 40% of China's listed companies were suspended from trading at the start of the session. The Hang Seng fell 5.8% and Japan's Nikkei closed down 225 down 3.1%.
European stocks edged higher after Greek Prime Minister Alexis Tsipras said he had put forward reform proposals to creditors and expects to make "concrete proposals" in the next few days.
By sectors the sharpest falls were witnessed in the shares of consumer electronics companies (-5.9%), Gambling stocks (-5.89%) and Aluminium manufacturers (-5.06%).
The most heavily trade issues on the NYSE were Bank of America, Vale, Alcoa and Ford, while the S&P 500 was pushed just below its so-called 200-day moving average.
The dollar retreated by 0.57% versus the euro to 1.1073.
West Texas Intermediate crude futures ended down by $1.11 a barrel at $51.80.
S&P 500 - Risers
Hasbro Inc (HAS) $77.05 +1.17%
Kimco Realty Corp. (KIM) $23.84 +0.68%
Health Care REIT Inc. (HCN) $68.70 +0.59%
Newmont Mining Corp. (NEM) $22.52 +0.49%
Public Storage (PSA) $193.28 +0.31%
Consolidated Edison Inc. (ED) $61.23 +0.25%
Sempra Energy (SRE) $101.43 +0.19%
Dominion Resources Inc. (D) $69.43 +0.14%
Symantec Corp. (SYMC) $22.82 +0.13%
NiSource Inc. (NI) $17.14 +0.12%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $1.62 -9.50%
Denbury Resources Inc. (DNR) $5.37 -7.41%
Wynn Resorts Ltd. (WYNN) $104.14 -6.48%
Harman International Industries Inc. (HAR) $112.16 -6.39%
Borg Warner Inc. (BWA) $53.46 -5.58%
Alcoa Inc. (AA) $10.50 -5.06%
Genworth Financial Inc. (GNW) $7.21 -5.01%
QEP Resources Inc (QEP) $16.40 -4.82%
Southwestern Energy Co. (SWN) $21.01 -4.80%
Phillips 66 Common Stock (PSX) $78.50 -4.68%
Dow Jones I.A - Risers
Dow Jones I.A - Fallers
Apple Inc. (AAPL) $122.57 -2.48%
General Electric Co. (GE) $25.89 -2.19%
American Express Co. (AXP) $75.93 -2.09%
JP Morgan Chase & Co. (JPM) $65.43 -2.05%
Caterpillar Inc. (CAT) $82.27 -2.05%
Goldman Sachs Group Inc. (GS) $204.06 -1.99%
Nike Inc. (NKE) $109.27 -1.82%
Chevron Corp. (CVX) $93.56 -1.79%
3M Co. (MMM) $152.71 -1.75%
Walt Disney Co. (DIS) $115.19 -1.63%
Nasdaq 100 - Risers
Symantec Corp. (SYMC) $22.82 +0.13%
Whole Foods Market Inc. (WFM) $39.90 +0.03%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $104.14 -6.48%
Vimpelcom Ltd Ads (VIP) $4.62 -6.10%
Tesla Motors Inc (TSLA) $254.96 -4.82%
Vertex Pharmaceuticals Inc. (VRTX) $121.54 -4.66%
Nxp Semiconductors Nv (NXPI) $92.24 -4.39%
Avago Technologies Ltd. (AVGO) $128.05 -3.61%
Illumina Inc. (ILMN) $213.90 -3.55%
Mylan Inc. (MYL) $68.96 -3.54%
Tractor Supply Company (TSCO) $87.61 -3.44%
Texas Instruments Inc (TXN) $49.53 -3.28% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Defence, Minimum wage, Apple The Chancellor stunned MPs yesterday by unexpectedly announcing that the government would commit to spending two percent of GDP on defence until the end of parliament - a promise that he and the prime minister had, until then, avoided making. - Financial Times
George Osborne launched into battle with small business leaders yesterday by announcing that he is going to force all companies to pay staff a minimum wage of £9 an hour by 2020. From April next year all employers must pay workers aged 25 and older a "national living wage", which will initially be set at £7.20. - The Times
Apple is preparing for the largest initial production run for its next iPhones by the end of the year. The company is asking suppliers to manufacture 85m to 90m units of two new models with 4.7-inch and 5-inch displays. The company had ordered 70m to 80m of iPhone 6 and iPhone 6 Plus last year, in its largest initial production run so far. - The Daily Telegraph
George Osborne called it a "Budget for working people" and a "one nation Budget" but there was another phrase that captured the audacity of the chancellor's ambition: it represented a "new settlement". This was Mr.Osborne setting out a version of Toryism that sprawls across the political spectrum from Lawsonesque fiscal discipline and welfare cuts, to tax raids on banks and the rich that outflanked Ed Miliband to the left. - Financial Times
Devolution in England "has only just begun", George Osborne has said, as he unveiled plans to give more power to cities in a bid to boost economic growth across the country. In his Summer Budget speech on Wednesday, the Chancellor said he wanted to "put the power into the Northern Powerhouse", and allow people to have a bigger say in how local services are run.- The Daily Telegraph
The outspoken entrepreneur behind the so-called "Gatwick Gusher" oil discovery has stood down from the company leading the exploration drilling in an attempt to improve the project's credibility. David Lenigas resigned as executive chairman of UK Oil & Gas, the most prominent of a handful of AIM-quoted companies he is involved with that have an interest in the Horse Hill licence area in the Sussex Weald. - The Times
Network Rail has been appointed to help to build a 200mph railway in California, only a fortnight after being criticised for "unacceptable" performance in Britain. The state-funded company will form part of a consultancy team brought in to deliver the high-speed line between Los Angeles and San Francisco. It will focus on issues such as operations and maintenance. - The Times | | |
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