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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: Stocks edge down on weak Chinese data UK stocks declined on Monday as investors weighed company news and weak Chinese data.
BHP Billiton slumped after saying it would cut 380 jobs at its Olympic Dam copper and uranium mine in Australia amid challenging market conditions.
Dixons Carphone dropped on news the personal data of up to 2.4 million customers may have been exposed in a cyber attack.
Anglo American was in the red after a Chilean newspaper reported that a British investment fund will buy the Chilean copper assets being sold by the miner.
On the upside, Carillion gained after saying it has been selected by the UK government for a new facilities management services agreement that could earn the construction and outsourcing company up to £4.1bn.
Meggitt advanced after agreeing to acquire the advanced composites business of Cobham for $200m in cash financed from existing resources, in a deal that is expected to be immediately earnings-enhancing.
Away from companies, Chinese inflation grew 1.6% year-on-year in July, up from 1.4% the previous month and ahead of estimates of 1.5%. However, the figure remains well below the government's target of around 3%.
To add insult to injury, Chinese exports fell by 8.3% - the biggest drop in four months and more than forecasts for a 1% drop - as demand from the EU and Japan showed declines in excess of 12%. Imports dipped 8.1% in July, in line with market consensus.
The data is likely to add pressure on China to roll out more stimulus to support the world's second-largest economy.
Michael Hewson, chief market analyst at CMC Markets, said "the latest data out of China at the weekend continued to point to an economy struggling to keep its feet, despite four cuts to bank reserve requirements, in the last six months, as well as benchmark lending rates which currently sit at record lows".
Meanwhile, Greece continued to make headlines after an official from the debt-ridden country said t is hoping to conclude negotiations with its creditors by early Tuesday.
"Efforts are being made to conclude the negotiations, the horizon is by Monday night or early Tuesday," a Greek official said. |
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| Market Movers
techMARK 3,201.85 -0.03%
FTSE 100 6,677.81 -0.61%
FTSE 250 17,612.88 -0.24%
FTSE 100 - Risers
Sage Group (SGE) 525.00p +1.16%
Taylor Wimpey (TW.) 201.50p +0.95%
Shire Plc (SHP) 5,345.00p +0.85%
Barratt Developments (BDEV) 652.00p +0.77%
CRH (CRH) 1,954.00p +0.67%
Meggitt (MGGT) 507.50p +0.59%
Carnival (CCL) 3,504.00p +0.55%
London Stock Exchange Group (LSE) 2,578.00p +0.47%
Direct Line Insurance Group (DLG) 385.70p +0.42%
Hargreaves Lansdown (HL.) 1,185.00p +0.34%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,160.50p -2.56%
Anglo American (AAL) 780.80p -2.46%
Antofagasta (ANTO) 576.00p -2.29%
Randgold Resources Ltd. (RRS) 3,834.00p -1.77%
Sainsbury (J) (SBRY) 263.50p -1.57%
Royal Dutch Shell 'B' (RDSB) 1,876.50p -1.55%
Royal Dutch Shell 'A' (RDSA) 1,856.50p -1.54%
Tesco (TSCO) 212.50p -1.53%
Rio Tinto (RIO) 2,551.00p -1.41%
Aberdeen Asset Management (ADN) 346.40p -1.34%
FTSE 250 - Risers
Cranswick (CWK) 1,692.00p +2.48%
Aggreko (AGK) 1,109.00p +1.65%
John Laing Group (JLG) 221.20p +1.47%
Bellway (BWY) 2,505.00p +1.29%
Rank Group (RNK) 248.80p +1.22%
Barr (A.G.) (BAG) 582.00p +1.22%
Synergy Health (SYR) 1,729.00p +1.11%
Enterprise Inns (ETI) 118.00p +1.03%
PayPoint (PAY) 1,015.00p +0.99%
Ted Baker (TED) 3,278.00p +0.99%
FTSE 250 - Fallers
esure Group (ESUR) 237.80p -10.43%
Zoopla Property Group (WI) (ZPLA) 235.70p -4.15%
Petrofac Ltd. (PFC) 831.00p -3.82%
Premier Oil (PMO) 118.90p -3.33%
Evraz (EVR) 86.80p -3.12%
AO World (AO.) 126.80p -2.91%
Ophir Energy (OPHR) 109.30p -2.58%
Centamin (DI) (CEY) 53.25p -2.56%
Tullow Oil (TLW) 223.20p -2.32%
Bodycote (BOY) 667.00p -2.27%
FTSE TechMARK - Risers
Triad Group (TRD) 33.00p +6.45%
Gresham Computing (GHT) 99.50p +2.58%
Oxford Instruments (OXIG) 943.00p +2.50%
E2V Technologies (E2V) 226.75p +1.23%
XP Power Ltd. (DI) (XPP) 1,688.00p +0.78%
Skyepharma (SKP) 282.00p +0.71%
FTSE TechMARK - Fallers
Consort Medical (CSRT) 920.00p -0.54%
Spirent Communications (SPT) 79.50p -0.31%
KCOM Group (KCOM) 95.75p -0.26%
NCC Group (NCC) 234.00p -0.21%
Anite (AIE) 125.50p -0.20%
SDL (SDL) 389.75p -0.19%
Dialight (DIA) 550.00p -0.18% |
| | UK Event Calendar | | Monday 10 August
INTERIMS
esure Group, Gresham Computing
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Harmonised Competitiveness Indicators (EU) (09:00)
Q2
Telecom Egypt SAE GDS (Regs)
GMS
Amino Technologies
AGMS
Prospect Japan Fund Ltd.
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities mixed in tight range as investors shrug off weak China data European equity markets were mixed in a tight range in early trade as investors shrugged off disappointing Chinese data, on what looked set to be a fairly quiet day.
At 0850 BST, the benchmark Stoxx Europe 600 index was down 0.3%, France's CAC 40 was 0.2% higher and Germany's DAX was up 0.1%.
Chinese data released over the weekend showed exports dropped 8.3% from a year ago, while imports fell 8.1%. Meanwhile, inflation rose 1.6% in July, which is well below the government's annual target of 3%, and producer prices hit their lowest level since 2009.
But the downbeat data merely added to expectations that Beijing will be forced to introduce further monetary stimulus, pushing the Shanghai Composite up nearly 5%.
"Disappointing Chinese export figures over the weekend have increased the likelihood of more government and central bank stimulus substantially leading to renewed optimism that the worst will soon be behind the world second largest economy," said Markus Huber, senior analyst at Peregrine & Black.
He added: "Overall sentiment remains neutral to positive, however with markets having risen substantially over the past few weeks some profit taking appears likely especially as traders are still looking for fresh data confirming that Eurozone growth is once again accelerating in the aftermath of the most recent Greek crisis."
In Europe, Greece was back in focus as it emerged that weekend negotiations over its third bailout progressed well. A Greek official said the country was hoping to conclude talks with its international creditors by early Tuesday.
Corporate news was thin on the ground on Monday.
On the downside, Air France-KLM slipped into the red despite reporting a 2.4% rise in its passenger numbers for July. |
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| | US Market Report | | US Close: Shares lower on jobs data, weaker oil price US shares closed lower as US non-farm payrolls came in lower than expected and the oil price fell to below $44.
In New York, the Dow Jones Industrial Average fell 45.77 points, or 0.26 percent, to, 17,373.9. Earlier in the day it had been down 140 points, but pared back losses later in the session.
The Standard & Poor's 500 Index also recovered some ground in late trading to close 0.29% lower at 2,077.59, while the Nasdaq Composite Index fell 0.26% to 5,053.54.
Oil prices fell as the dollar strengthened, with West Texas Intermediate crude oil for September delivery sliding 1.3% to $43.89. representing its first fall below $44 since March.
The dollar strengthened against the euro by 0.33%. Against the yen it was down 0.41%.
On the stock market, energy companies bore the brunt of the oil price fall, with Consol Energy down 7.98%, Marathon Oil down 5.45% and Range Resources down 5.88%.
Among the day's gainers was, Nvidia Corp whose shares rose 12.4% on the back of better-than-expected second-quarter revenues and a similarly upbeat forecast for the current quarter, helped by strong demand for its graphic chips used in gaming and cars.
Shares in American Express jumped 6% on news that ValueAct Capital Management, a prominent activist fund had taken a stake in the company, according to Bloomberg.
Jobs data
Data from the Labor Department showed US employers added 215,000 jobs in July, missing the consensus forecast of 225,000. It also came in below the monthly average gain of 246,000 for the previous 12 months. The unemployment rate, meanwhile, was unchanged at 5.3%.
The Labor Department said the job gains in July were mainly in retail trade, health care, professional and technical services, and financial activities.
Although the figures were a slight miss against consensus, Dennis de Jong, managing director at UFX.com, said the jobs market has improved, giving the Federal Reserve reason to lift interest rates for the first time in nine years. "Today's figure has given (Fed Chair) Janet Yellen and her Fed colleagues the ammunition to pull the trigger on an interest rate rise next month, and they aren't likely to hold back," he said.
"The US economy remains in a healthy state and, although there are economic threats around the world, the time is right for a first rate hike in nine years. Other economies are likely to follow suit over the next few months as we get back towards a semblance of economic normality."
Meanwhile, Chris Williamson, chief economist at Markit, said that while it was not by any means a done deal, the report "does nothing to discourage the belief that a September hike is very much on the table".
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| | Newspaper Round Up | | Monday newspaper round-up: Greece, Carphone Warehouse, RBS Greece is closer to unlocking a fresh €86bn (£61bn) rescue package after the country's creditors reportedly agreed on a draft deal this weekend. German and Greek media said 27-pages of "substantial" and "far-reaching" reforms had been agreed following marathon talks between Euclid Tsakalotos, Greece's finance minister, and the country's creditors on Saturday. - The Telegraph
The privacy watchdog has been called into to investigate the theft of personal and banking details of up to 2.4 million people from Carphone Warehouse. The Information Commissioner's Office (ICO) said it was looking into the incident. It has powers to impose a fine of up to £500,000 on companies with inadequate data protection. - The Telegraph
Hinkley Point, the planned £24.5bn nuclear power station in Somerset, is under intensifying criticism from the energy industry and the City, even as the government prepares to give the final go-ahead for the heavily subsidised project. The plant, due to open in 2023, will cost as much as the combined bill for Crossrail, the London 2012 Olympics and the revamped Terminal 2 at Heathrow, calculated Peter Atherton, energy analyst at investment bank Jefferies. He said that, for the same price as Hinkley Point C, which will provide 3,200MW of capacity, almost 50,000MW of gas-fired power capacity could be built. - The Guardian
Royal Bank of Scotland is preparing to hand out shares worth an estimated £2.5m to its 10-strong management team. The payouts come a week after the government took the first steps since the 2008 taxpayer bailout to begin reducing its stake, which has fallen from 79% to just below 73% as a result. Ross McEwan, the chief executive, is poised to receive the last tranche of the 1m shares he was awarded in August 2012 when he was hired from Commonwealth Bank of Australia. - The Guardian
Contracts worth £7bn for the tunnels and viaducts for HS2 are about to be put out to tender, despite continuing uncertainty over the project's future. At least eight consortiums of Europe's largest construction companies will compete for the civil engineering work for the first phase of the proposed north-south high-speed railway line through the Chilterns to Birmingham. - Financial Times
Warren Buffett's Berkshire Hathaway is closing in its biggest acquisition as it negotiates a deal worth about $30bn to buy Precision Castparts, an aerospace equipment maker, people familiar with the matter said. The conglomerate controlled by the Omaha millionaire could agree the terms of a deal this week, said one person, who warned the transaction could still fall apart. - Financial Times |
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