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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: UK stocks gain as China's central bank denies currency war UK stocks opened higher on Thursday as China devalued the yuan for the third consecutive day, increasing the prospect of a delay in an US interest rate hike. The People's Bank of China set the parity rate at 6.4010 yuan for $1, down 1.11% from the previous day's 6.3306, in an effort to boost exports to feed the slowing economy.
The move has sparked concerns of a "currency war" but the central bank dismissed the claims. PBoC economist Ma Jun said on Wednesday that there was no need for a currency war as exports were expected to pick up in the second half of the year.
"It is also entirely probable that in these attempts to try and stem the tide of deflation afflicting the Chinese economy that we could well see further Yuan weakness, and as a result see China export further deflation into the global economy, and in all likelihood delay the lift off in rates widely expected from the Federal Reserve later next month," said Michael Hewson, chief market analyst at CMC Markets.
"The recent US jobs report has certainly raised expectations of just such a rate move, but nagging doubts still remain about the wisdom of acting next month, given the low levels of inflation, as well as Deputy Fed chief Fischer's comments earlier this week."
Turning to Thursday's agenda, a report on US retail sales at 1330 BST is expected show an improvement in July as the Fed looks for signs of economic growth before raising interest rates.
The report from the Commerce Department is forecast to reveal retail sales climbed 0.6% last month, compared to a 0.3% fall in June.
The US will also see the release of weekly jobless claims at 1330 BST. Analysts predict initial jobless claims remained at 270,000 in the week to 8 August.
Companies
Michael Page rallied after the British recruiter said it would pay a special dividend after posting an increase in half-year pre-tax profit on the back of a rise in revenue.
Coca-Cola HBC jumped after posting a 31.7% rise in first-half net profits to €125.2m, although sales fell by 1% to €3.15bn due to an adverse impact from currencies.
Glencore ticked up as the miner said it will cut capital expenditure as a result of falling oil prices, as it reported mixed first-half production.
Grainger gained after the residential property group announced plans to sell its assets in German as part of a strategy to simplify the business and increase its focus on the UK market, as it said trading in the first ten months of this year was strong.
Sainsbury's was slightly lower after it launched a clothing website on Thursday, providing wider access to its Tu collection. |
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| | Market Movers
techMARK 3,188.13 +0.79%
FTSE 100 6,621.84 +0.77%
FTSE 250 17,594.96 +0.90%
FTSE 100 - Risers
Coca-Cola HBC AG (CDI) (CCH) 1,443.00p +9.07%
TUI AG Reg Shs (DI) (TUI) 1,135.00p +8.61%
ARM Holdings (ARM) 943.00p +2.95%
Burberry Group (BRBY) 1,520.00p +2.56%
Admiral Group (ADM) 1,467.00p +2.37%
Vodafone Group (VOD) 241.55p +2.16%
Sports Direct International (SPD) 805.00p +2.16%
ITV (ITV) 259.80p +2.12%
Marks & Spencer Group (MKS) 542.00p +2.07%
3i Group (III) 528.00p +2.03%
FTSE 100 - Fallers
G4S (GFS) 261.40p -3.15%
Rio Tinto (RIO) 2,491.00p -2.49%
Randgold Resources Ltd. (RRS) 4,080.00p -2.06%
Ashtead Group (AHT) 965.00p -1.33%
BT Group (BT.A) 455.75p -1.22%
Pearson (PSON) 1,153.00p -1.11%
Royal Dutch Shell 'A' (RDSA) 1,866.00p -0.61%
Diageo (DGE) 1,764.50p -0.59%
Direct Line Insurance Group (DLG) 373.70p -0.48%
Royal Dutch Shell 'B' (RDSB) 1,882.00p -0.45%
FTSE 250 - Risers
Ashmore Group (ASHM) 264.80p +4.58%
Michael Page International (MPI) 548.50p +4.08%
Fidelity China Special Situations (FCSS) 135.00p +3.53%
Playtech (PTEC) 898.50p +3.16%
Thomas Cook Group (TCG) 115.90p +3.11%
Rightmove (RMV) 3,728.00p +2.98%
Hunting (HTG) 490.10p +2.77%
Petrofac Ltd. (PFC) 851.00p +2.53%
Provident Financial (PFG) 2,970.00p +2.34%
Just Eat (JE.) 403.70p +2.33%
FTSE 250 - Fallers
Ophir Energy (OPHR) 106.30p -6.18%
Berkeley Group Holdings (The) (BKG) 3,407.00p -1.98%
Greene King (GNK) 850.00p -1.90%
Ladbrokes (LAD) 104.70p -1.78%
Acacia Mining (ACA) 245.00p -1.53%
Euromoney Institutional Investor (ERM) 1,068.00p -1.39%
Jimmy Choo (CHOO) 177.20p -1.28%
Shawbrook Group (SHAW) 324.00p -1.28%
Synergy Health (SYR) 1,695.00p -1.11%
AO World (AO.) 124.20p -1.04%
FTSE TechMARK - Risers
SDL (SDL) 384.25p +2.13%
Oxford Instruments (OXIG) 941.00p +1.73%
KCOM Group (KCOM) 95.75p +1.32%
Oxford Biomedica (OXB) 8.52p +0.83%
Innovation Group (TIG) 33.25p +0.76%
Dialight (DIA) 558.50p +0.63%
Spirent Communications (SPT) 80.25p +0.31%
Skyepharma (SKP) 276.25p +0.27%
NCC Group (NCC) 239.00p +0.21%
Consort Medical (CSRT) 935.00p +0.21%
FTSE TechMARK - Fallers
RM (RM.) 181.00p -0.55% |
| | UK Event Calendar | | Thursday 13 August
INTERIMS
Bankers Petroleum Ltd.(CDI), Cineworld Group, Coca-Cola HBC AG (CDI), Derwent London, Ithaca Energy Inc. (DI), Michael Page International, Ophir Energy, Quarto Group Inc., X5 Retail Group NV GDR (Reg S)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Consumer Price Index (GER) (07:00)
Continuing Claims (US) (13:30)
Import and Export Price Indexes (US) (13:30)
Initial Jobless Claims (US) (13:30)
Manufacturing Inventories (US) (15:00)
Retail Sales (US) (13:30)
Retail Sales Inventories (US) (15:00)
UK ECONOMIC ANNOUNCEMENTS
RICS Housing Market Survey (09:30)
TRADING ANNOUNCEMENTS
Bankers Petroleum Ltd, Caledonia Mining Corporation, Grainger, Infinis Energy, Ithaca Energy Inc, Tui AG (UK), Zoopla Property Group (WI)
AGMS
DJI Holdings, John Laing Environmental Assets Group Limited
FINAL DIVIDEND PAYMENT DATE
IS Solutions
FINAL EX-DIVIDEND DATE
Ashtead Group, BT Group, Diageo, Greene King, Hayward Tyler Group, Iomart Group, Latchways, Maven Income And Growth VCT 6 , New Century AIM VCT, Pets at Home Group , PZ Cussons, Severfield
INTERIM EX-DIVIDEND DATE
4Imprint Group, Aberdeen UK Tracker Trust, BG Group, Direct Line Insurance Group, Ferrexpo, Fevertree Drinks, Fresnillo, GKN, IMI, Informa, Keller Group, Kennedy Wilson Europe Real Estate , Law Debenture Corp., Legal & General Group, Lloyds Banking Group, LSL Property Services, Man Group, Merlin Entertainments , Millennium & Copthorne Hotels, Moneysupermarket.com Group, Pearson, Reckitt Benckiser Group, Rentokil Initial, Rio Tinto, RM, Schroders, Schroders (Non-Voting), Spirent Communications, Standard Chartered, Vesuvius
QUARTERLY EX-DIVIDEND DATE
Blackrock North American Income Trust , Ediston Property Investment Company, GlaxoSmithKline, MedicX Fund Ltd., Picton Property Income Ltd, Royal Dutch Shell 'A', Royal Dutch Shell 'B'
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rebound from China-fuelled losses European stocks rose on Thursday, bouncing back from two consecutive days of losses, buoyed by a late recovery on Wall Street and a positive session in Asia. At 0850 BST, the benchmark Stoxx Europe 600 index was up 1.6%, France's CAC 40 was 1.7% higher and Germany's DAX was up 1.3%.
"A late and sharp reversal in US stocks yesterday evening and comments by the PBOC assuring markets that China is pursuing a stable and strong yuan in the long term have brought back some stability into the markets for now," said Markus Huber, senior analyst at Peregrine & Black.
"Still, it needs to be seen if this is just a temporary respite or if the low of the current down-move is in place. Even without verbal intervention from the PBOC, markets have been heavily oversold in the short - term and a rebound had to be expected sooner rather than later. "
In a rare move on Thursday, the People's Bank of China held a press conference to explain the reasoning behind its devaluation of the yuan, reiterating that its primary goal as of Tuesday has been to give market forces more say in setting the reference rate of its daily fix against the dollar.
Assistant governor Zhang Xiaohui said that, having in recent months been resisting downward market pressure on the currency, giving the market a greater say would inevitably mean allowing some depreciation, and that the 3% fall this week was necessary to diffuse downward pressure on the currency that had built up recently.
Zhang stressed that there was now no basis for depreciation to persist and added that the bank will step in to control large, "irrational" fluctuations.
Greece was also back in focus, with investors keeping an eye out for any developments after reports on Wednesday that Germany's finance ministry had criticised a draft agreement between Athens and its lenders, saying it had "no full clarity on the direction of policies."
On the corporate front, shares of shipping and oil firm Moller-Maersk were firmly higher after its second-quarter figures beat analysts' expectations.
German steelmaker Thyssenkrupp made healthy gains after posting a jump in third-quarter operating profit on the back of its elevators and European steel units.
In London, Glencore edged higher after the mining giant said it will cut its capital expenditure target for the year and book an impairment charge on the value of its assets in Chad as a result of falling oil prices, as it posted a mixed first-half production update book.
Utility group RWE nudged lower after it posted a drop in first-half operating profit and warned that UK operating profits will be significantly below last year's €227m.
Autos and resources were the standout gainers on Thursday, having taken the biggest beating for the last couple of days on worries about a slowdown in China. The Stoxx 600 autos and parts index rose 2.3%, while the corresponding index for basic resources added 1%.
In individual stocks, luxury fashion brands Burberry and LVMH, and car maker BMW - all of which fell sharply due to concerns about their exposure to the Chinese market - were each up over 2% each. |
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| | US Market Report | | US close: Stocks recover after heavy sell-off on China devaluation US stocks staged a major turnaround in late trade to recover from heavy falls in early trading sparked by the devaluation of China's currency. Having followed Asian and European markets into the red - at one stage the Dow Jones Industrial Average had plummeted more than 250 points - the index recovered to close a slight 0.3 points in the black at 17,402.
The S&P 500 closed 1.98 points higher at 2086.5, while the Nasdaq 100 closed up 14.2 points to 4528.19.
China sent markets into turmoil after its second devaluation in as many days, which was then followed by government intervention to prop up the currency to reduce buying pressure on the dollar, as it attempted to manage the currency's new flexibility.
A survey of China's factory output for July also missed forecasts, coming in at 6% year-on-year growth instead of the expected 6.6%, compounding the sell-off on global equity markets.
The uncertainty surrounding the direction of Chinese policy also had investors wondering whether the Federal Reserve may delay a rise in US interest rates. The dollar fell against the euro and the yen.
On the company news front, Alibaba Group shares fell almost 4% after reporting a lower-than-expected revenue rise in its latest quarter. The Chinese firm said it would also spend $4bn on a share buyback.
Shares in department store group Macy's plunged by 5% as the company cut sales guidance for the year in the wake of bigger-than-forecast drops in second quarter sales and profit.
Apple was a major stock to buck the trend, gaining 1.59%, even though the company is reliant on a strong Chinese economy.
S&P 500 - Risers
Fidelity National Information Services Inc. (FIS) $70.75 +8.73%
CF Industries Holdings Inc. (CF) $61.64 +7.63%
NRG Energy Inc. (NRG) $20.53 +6.76%
Newmont Mining Corp. (NEM) $18.14 +6.52%
Peabody Energy Corp. (BTU) $1.23 +6.03%
AES Corp. (AES) $13.06 +5.75%
CONSOL Energy Inc. (CNX) $14.20 +5.58%
ONEOK Inc. (OKE) $37.76 +4.77%
HCP Inc. (HCP) $39.59 +4.07%
Computer Sciences Corp. (CSC) $66.77 +4.00%
S&P 500 - Fallers
Macy's Inc. (M) $64.11 -5.06%
Coach Inc. (COH) $31.19 -4.44%
Yahoo! Inc. (YHOO) $34.49 -4.27%
Tiffany & Co. (TIF) $89.75 -4.11%
Avon Products Inc. (AVP) $5.88 -3.76%
Perrigo Company plc (PRGO) $186.06 -3.50%
Yum! Brands Inc. (YUM) $80.68 -3.42%
Mylan Inc. (MYL) $55.36 -3.10%
Allegheny Technologies Inc. (ATI) $20.46 -2.71%
Deere & Co. (DE) $93.64 -2.70%
Dow Jones I.A - Risers
Intel Corp. (INTC) $29.46 +1.69%
Exxon Mobil Corp. (XOM) $78.79 +1.68%
Apple Inc. (AAPL) $115.30 +1.59%
Chevron Corp. (CVX) $86.79 +1.18%
Caterpillar Inc. (CAT) $78.92 +1.13%
Wal-Mart Stores Inc. (WMT) $72.58 +0.90%
Merck & Co. Inc. (MRK) $58.26 +0.87%
Pfizer Inc. (PFE) $35.37 +0.71%
Microsoft Corp. (MSFT) $46.74 +0.71%
General Electric Co. (GE) $25.86 +0.58%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $67.24 -1.45%
Nike Inc. (NKE) $113.06 -1.22%
Boeing Co. (BA) $142.43 -1.12%
Walt Disney Co. (DIS) $106.99 -0.94%
Unitedhealth Group Inc. (UNH) $121.20 -0.87%
McDonald's Corp. (MCD) $98.28 -0.54%
Coca-Cola Co. (KO) $41.26 -0.53%
Travelers Company Inc. (TRV) $105.43 -0.43%
Cisco Systems Inc. (CSCO) $27.90 -0.43%
American Express Co. (AXP) $81.00 -0.42%
Nasdaq 100 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $191.08 +2.56%
Regeneron Pharmaceuticals Inc. (REGN) $578.84 +2.09%
Maxim Integrated Products Inc. (MXIM) $34.41 +1.96%
Micron Technology Inc. (MU) $18.21 +1.85%
Sirius XM Holdings Inc (SIRI) $3.97 +1.79%
Fastenal Co. (FAST) $40.46 +1.73%
Intel Corp. (INTC) $29.46 +1.69%
Citrix Systems Inc. (CTXS) $76.42 +1.62%
Apple Inc. (AAPL) $115.30 +1.59%
Liberty Media Corporation - Class A (LMCA) $38.58 +1.45%
Nasdaq 100 - Fallers
Yahoo! Inc. (YHOO) $34.49 -4.27%
Baidu Inc. (BIDU) $160.82 -4.24%
Mylan Inc. (MYL) $55.36 -3.10%
Vimpelcom Ltd Ads (VIP) $5.65 -3.09%
Nxp Semiconductors Nv (NXPI) $93.82 -2.55%
Wynn Resorts Ltd. (WYNN) $97.45 -2.09%
Netflix Inc. (NFLX) $120.50 -1.82%
TripAdvisor Inc. (TRIP) $73.50 -1.57%
CH Robinson Worldwide Inc (CHRW) $69.10 -1.06%
Liberty Global plc Series A (LBTYA) $51.08 -1.03% |
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| | Newspaper Round Up | | Thursday newspaper round-up: FCA spoofing ruling, BoE rate rise, China intervention Rising unemployment and slower UK pay growth weighed on the pound yesterday as domestic concerns and a slowdown in China pushed back expectations of an interest rate rise well into next year. Sterling slipped against the dollar and the euro after official data showed average weekly earnings, including bonus payments, grew by 2.4% in the three months to the end of June compared with the same period a year ago, a marked slowdown from the 3.2% growth seen in the three months to May and well below economists' forecasts of 2.8% growth. - The Daily Telegraph Three foreign traders have been ordered to hand over millions of pounds after the City watchdog won its first lifetime ban against a company for a market abuse technique called 'spoofing'. The Hungary-based gang, along with Da Vinci Invest, a Swiss fund manager, were told by the High Court yesterday to pay £7.6 million in fines and frozen trading profits to the Financial Conduct Authority four years after they were accused of using sophisticated computer trading programmes to move prices on the London Stock Exchange. - The Times
A slump in eurozone industrial production has raised fears that the region's economic recovery is already running out of steam amid a sharp slowdown in Chinese growth. Industrial production fell by a worse than expected 0.4 per cent month on month in June, following a 0.2 per cent decline in May and no growth in April, according to Eurostat data. - The Financial Times
The People's Bank of China sought to dispel fears yesterday of a prolonged fall in the renminbi, intervening to prop up the currency after a shock devaluation spread alarm through globalmarkets. The Chinese currency had fallen by as much as 2 per cent earlier yesterday to a low of 6.45 per dollar, before the authorities stepped in to buttress the renminbi, which rallied 1 per cent in the final 15 minutes of the trading day to 6.38 versus the dollar. - The Financial Times
Germany criticised an outline deal between Athens and its bailout monitors as insufficient, upsetting eurozone attempts to smooth the way to a new €85bn rescue for Greece. Germany's finance ministry outlined its objections in a paper circulated to its eurozone counterparts just hours before the Greek parliament was due to debate on Wednesday the painful austerity and reform package that had been reluctantly accepted by the radical left government of prime minister Alexis Tsipras. - The Financial Times
The company behind plush London restaurants Coq d'Argent and Skylon is being readied for a stock market listing by its private equity owner. LDC has reportedly approached Zeus Capital to manage a float of D&D London, the restaurants business founded by Sir Terence Conran. - The Telegraph
It's the death of the sandwich as you know it: Britons are turning away from store-bought packaged bread as health-conscious consumers cut down on carbs and popular television shows such as The Great British Bake Off boost interest in home-made and artisanal varieties. Bread sales in the UK fell by 5% in 2014 and are projected to drop by a further 4% this year, according to data from Euromonitor International. Sales of packaged bread, the kind bought in plastic bags in supermarkets and better known as "sliced bread", slid by 8% last year, its largest drop in a decade. - The Telegraph
Apple, grappling with swooning sales of the once-blockbuster iPad and sensing an opening in the changing ways of work, is making its broadest assault to date on business computing. - The Wall Street Journal |
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