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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: FTSE opens lower on weak US and Chinese data The FTSE 100 opened lower on Monday on the back of disappointing US and Chinese data.
US stocks fell at Friday's close following poor wage growth and consumer sentiment.
Asian markets were also in the red on weaker Chinese manufacturing and lower oil prices. Two separate survey's showed Chinese manufacturing activity slowed in July. The Caixin purchasing managers' index, which was previously sponsored by HSBC, declined to a two-year low of 47.7 from June's 49.4 on a 100-point scale. A level below 50 indicates a contraction in activity while a level above that signals expansion.
Another index by a Chinese industry group, the Federation of Logistics & Purchasing, and the government statistics bureau dipped to 50 from June's 50.2.
"Of course, this had a knock on effect for the FTSE, which looked a bit lifeless after the bell, hovering around 6700 but without showing much intention either up or down," said Connor Campbell, financial analyst at Spreadex.
"A strong manufacturing figure later this morning could help put some juice in the UK index's tank; however, the number has underperformed expectations for the last four months in a row, and following the disappointing manufacturing growth hidden in last week's GDP report the FTSE may be left wanting."
Markit releases its PMI on UK manufacturing at 0930 BST. Analysts expect a reading of 51.5 in July, up slightly from the previous month's 51.4.
Later on, the US will be hoping to redeem itself from Friday's slump with the release of data on personal consumption expenditures and ISM manufacturing.
Earnings in focus
In company news, HSBC dominated the headlines after saying first half profits were up by 10%, beating analysis' expectations. The bank's shares rose as it said earnings were driven by a strong performance in Asia.
CRH dropped as it announced it has reached an agreement to acquire certain assets from Lafarge-Holcim for a total enterprise value of €6.5bn.
A gauge of miners saw shares decline as copper and oil prices took a hit from weak Chinese and US data. Rio Tinto, BHP Billiton and Randgold Resources tumbled.
Intertek was higher after posting a rise in first-half pre-tax profit on the back of improved revenue momentum, margin progression and strong cash generation. Pre-tax profit was up 16.1% at 139.1m from £119.8m last year, while revenue grew 3.5% to £1.06bn from £1.02bn.
BG Group gained after saying it has generated first oil from the Cidade de Itagua floating, production, storage and offloading vessel in the Santos Basin, offshore Brazil. |
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| | Market Movers
techMARK 3,199.15 -0.29%
FTSE 100 6,683.24 -0.19%
FTSE 250 17,619.65 -0.33%
FTSE 100 - Risers
Intertek Group (ITRK) 2,601.00p +6.29%
Rolls-Royce Holdings (RR.) 830.00p +4.53%
RSA Insurance Group (RSA) 520.50p +1.26%
HSBC Holdings (HSBA) 585.10p +0.93%
SABMiller (SAB) 3,389.50p +0.74%
Lloyds Banking Group (LLOY) 83.79p +0.71%
BT Group (BT.A) 467.40p +0.64%
Imperial Tobacco Group (IMT) 3,380.00p +0.45%
Associated British Foods (ABF) 3,237.00p +0.40%
International Consolidated Airlines Group SA (CDI) (IAG) 535.50p +0.28%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,163.00p -1.65%
Rio Tinto (RIO) 2,446.50p -1.61%
Royal Bank of Scotland Group (RBS) 337.00p -1.52%
Glencore (GLEN) 204.90p -1.49%
Anglo American (AAL) 799.30p -1.47%
Sainsbury (J) (SBRY) 261.40p -1.32%
Ashtead Group (AHT) 969.00p -1.27%
Merlin Entertainments (MERL) 410.80p -1.13%
TUI AG Reg Shs (DI) (TUI) 1,090.00p -1.09%
Sports Direct International (SPD) 783.50p -1.07%
FTSE 250 - Risers
Premier Farnell (PFL) 144.20p +6.34%
Vesuvius (VSVS) 420.40p +2.76%
Synergy Health (SYR) 1,774.00p +1.95%
Brown (N.) Group (BWNG) 323.40p +1.57%
Diploma (DPLM) 755.00p +1.55%
Nostrum Oil & Gas (NOG) 525.50p +1.45%
JD Sports Fashion (JD.) 816.50p +1.43%
Wizz Air Holdings (WIZZ) 1,670.00p +1.27%
Shawbrook Group (SHAW) 338.00p +1.20%
Zoopla Property Group (WI) (ZPLA) 242.80p +1.17%
FTSE 250 - Fallers
Fidessa Group (FDSA) 2,161.00p -9.96%
Premier Oil (PMO) 128.50p -4.03%
Acacia Mining (ACA) 230.50p -4.00%
Home Retail Group (HOME) 157.80p -3.37%
Lonmin (LMI) 50.70p -2.78%
Vedanta Resources (VED) 388.70p -2.65%
PayPoint (PAY) 975.50p -2.64%
Ophir Energy (OPHR) 113.30p -2.58%
Kaz Minerals (KAZ) 157.80p -2.53%
Tullow Oil (TLW) 239.70p -2.52%
FTSE TechMARK - Risers
Oxford Biomedica (OXB) 9.70p +4.98%
Skyepharma (SKP) 285.00p +1.79%
E2V Technologies (E2V) 227.00p +1.34%
KCOM Group (KCOM) 95.50p +1.06%
Dialight (DIA) 548.50p +0.64%
Spirent Communications (SPT) 93.75p +0.27%
Oxford Instruments (OXIG) 917.00p +0.11%
FTSE TechMARK - Fallers
NCC Group (NCC) 233.50p -0.85%
Consort Medical (CSRT) 928.00p -0.54%
RM (RM.) 169.50p -0.29%
Anite (AIE) 125.50p -0.20% |
| | UK Event Calendar | | Monday 03 August
INTERIMS
Fidessa Group, Intertek Group, Keller Group, Telit Communications, Trinity Mirror, Ultra Electronics Holdings
INTERIM DIVIDEND PAYMENT DATE
Electronic Data Processing
QUARTERLY PAYMENT DATE
Verizon Communications
UK ECONOMIC ANNOUNCEMENTS
PMI Manufacturing (09:30)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
Retail Sales (GER) (07:00)
ANNUAL REPORT
Coral Products
SPECIAL DIVIDEND PAYMENT DATE
Next
AGMS
Akers Biosciences, Inc. , Camco Clean Energy, Dods (Group) , Vedanta Resources
FINAL DIVIDEND PAYMENT DATE
Aveva Group, CML Microsystems, De La Rue, Dee Valley Group, Establishment Inv Trust, Homeserve, JD Sports Fashion, Next, TalkTalk Telecom Group , United Utilities Group
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks a touch lower as solid earnings offset worries about China European stocks were a touch lower overall, with investors weighing up well-received earnings against a downbeat session in Asia and worries about the Chinese economy, as the Greek stock exchange reopened.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 0.1%, while France's CAC 40 and Germany's DAX were down 0.4%.
The Greek stock market opened down a whopping 23% on Monday as it reopened after five weeks of closure, with banks all sharply lower. Trading on the Athens stock exchange was suspended in June as part of capital controls imposed on Greece as it struggled to reach a bailout agreement with creditors.
"After a strong July, equity markets have started August slightly lower - with commodity stocks falling after Chinese manufacturing PMI disappointed as concerns on Chinese growth continue to weigh on the sector," said Rebecca O'Keeffe, head of investment at Interactive Investor.
"The Greek stock market has opened over 20% lower, with banking stocks limit down 30% as the effect of capital controls decimates the sector. The fear had been that after five weeks of forced closure, carnage on the reopen was likely - and that fear appears to have been confirmed. There are also increasing concerns that the Athens authorities are ill-prepared for such extreme moves in share prices," she added.
Asia experienced another negative session after the final reading for Caixin's China purchasing managers' index printed at 47.8 in July, which was below the preliminary reading and marked a two-year low. Analysts were expecting the index to rise to 48.3.
In London, shares in HSBC rose after the bank's first-half profit beat expectations on the back of a strong performance in Asia. It also announced the sale of its Brazilian business to Banco Bradesco for $5.2bn.
Elsewhere, Intertek surged after posting a 16% rise in first-half pre-tax profit thanks to improved revenue momentum, margin progression and strong cash generation. The company also said it was on track to meet its full-year targets.
Commerzbank was on the front foot after it said net profit in the second quarter more than doubled amid rising revenue, while Heineken rallied after the brewer's first-half sales beat expectations. |
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| | US Market Report | | US close: Stocks slide after worse-than-forecast data US stocks declined as data revealed weak wage inflation and an unexpected downward revision to a consumer confidence report.
The US 10-year Treasury yield fell to a three-week low, as subdued wage inflation put doubts on the likelihood of an interest-rate increase by the Federal Reserve in September. The employment-cost index rose 0.2%, the smallest gain in three decades and below the forecast for a 0.6% gain.
"Given that policymakers at the Fed reiterated last week that 'lift-off' will depend on the incoming data, particularly from the labour market, the market clearly believes that these latest figures cast doubt on both a September rate hike and the pace of monetary tightening thereafter," according to Capital Economics analysts.
In other downbeat news for the US, the University of Michigan's index on consumer confidence was revised lower to 93.1 in July from an earlier estimate 93.3, according to a final reading. Analysts had expected a reading of 94.
However, Barclays Research analysts remained upbeat, blaming negative news out of Greece and China for the hit to confidence. "On balance, the final July data from the Michigan survey suggest that consumer sentiment remains broadly stable; we look ahead to next month's survey readings and the July retail sales report for confirmation of a healthy and stable US consumer," they said.
On the upside of economic data, the Chicago PMI rose to 54.7 in July from 49.4 a month earlier, moving above the 50 level that signals an expansion in manufacturing activity and beating expectations for a reading of 50.8.
Elsewhere, China's stocks rallied near the end of the week but still closed lower as government measures intended to lift the market waned.
The dollar was in retreat against the main currencies, losing against the pound and the yen and the euro. Gold on the Comex was up while silver and copper dropped.
Oil prices fell, with West Texas Intermediate losing 3.6% to $46.79 a barrel, while Brent crude shed 3.09% to $51.71 a barrel.
Earnings
In company news, oil giant Exxon Oil edged lower after reporting its second quarter profit were halved by the slump in oil prices, while sector peer Chevron plunged after posting disappointing second quarter results ahead of the opening bell. The group posted a sharp decline in revenue, while its upstream operation swung to a loss.
Food retailer Whole Foods regained ground after an earlier downturn as analysts at Imperial Capital cut to the price target on the stock from $65 to $53.
Internet network LinkedIn tumbled after the group posted a $67.7m net loss in the second quarter, compared with $1m last year.
"The net loss of $67.7m is much larger than last year's $1m, largely because of costs associated with its recent acquisition of Lynda.com," said Jasper Lawler, analysts at CMC Markets.
"The bigger worry is a trend of high expenditure not being matched by high enough growth to justify the very high valuation of social media stocks." |
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| | Newspaper Round Up | | Monday newspaper round-up: Osborne, Rolls-Royce, Next UK Chancellor George Osborne is aiming to eclipse the Thatcherite privatisation boom of the 1980s and 1990s as he oversees the biggest-ever sale of publicly-owned corporate and financial assets in one year. The chancellor hopes to dispose of £32bn-worth of assets this financial year, smashing the record set in 1991 when the Tory government raised £11.8bn - £20.5bn in today's money - through the sale of BT, National Power and regional electricity companies. - Financial Times
ValueAct, the US hedge fund that has become Rolls-Royce's largest shareholders, is urging the company to accelerate cost cuts in its core aerospace business, according to people familiar with the fund's thinking. The San-Francisco based activist fund is also likely to encourage an eventual sale of the company's non-aerospace division when the board conducts a strategic review. - Financial Times
A world-renowned US economist who was part of a secret "Plan B" team devised by Greece's former finance minister, has denied being involved in a "criminal gang" intent on bringing the drachma back to the country. James K. Galbraith, a professor of government at the University of Texas and long-time friend of Yanis Varoufakis, co-ordinated a five-man effort which advised Athens on the emergency measures it could take if Greece was forced out of the Eurozone. - The Daily Telegraph
Britain's mortgage borrowers will be warned this week to brace themselves for higher interest rates on what City of London traders have dubbed "Super Thursday". At least two, perhaps three, of the nine members of the Bank of England's interest rate-setting committee are expected to cast their votes for a rate rise. Confirmed hawks Martin Weale and Ian McCafferty, who voted for rate rises throughout the second half of 2014 before changing their minds as inflation plunged to zero earlier this year, have signalled they could soon be ready to see borrowing costs rise. - Guardian Next, one of Britain's biggest high street retailers, banked almost £170m in interest charges last year from shoppers using its online and catalogue credit service. The windfall highlights how the company has used the Next Directory service to become one of the biggest players in the clothing industry. However, it could also prompt accusations of double standards against its chief executive, Lord Wolfson, a Conservative peer who earlier this year called the living wage "irrelevant" and warned of a squeeze on household incomes since the financial crisis. - Guardian |
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