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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 gain as PBoC increases reference rate London stocks gained on Friday morning as China's central bank increased the reference rate for the first time since implementing a new fixing policy. The People's Bank of China raised the value of the yuan against the dollar by 0.05% after three days in a series of devaluations.
The move came as the Bank tried to soothe the market by promising to work towards a stable currency following a surprise devaluation of almost 2% on Tuesday.
On a positive note for the market, the Greek parliament has approved a draft third bailout of about €85bn (£61bn) after a marathon all-night session, with the government aided by votes from opposition parties and likely to call a confidence vote due to internal divisions.
Greek Prime Minister Alexis Tsipras had urged his fellow members of parliament to vote 'yes' and survived despite up to 42 rebel votes or abstentions from his Syriza party's MPs, including a 'no' vote from former finance minister Yannis Varoufakis.
The proposed deal involves tax rises and spending cuts, with negotiators having on Tuesday agreed a budget with a primary deficit of 0.25% of gross domestic product (GDP) in 2015, improving to a 0.5% surplus in 2016, 1.75% in 2017 and a 3.15% surplus in 2018.
In other European news, the German economy expanded in the second quarter as exports rose, according to data released by Destatis. Gross domestic product rose 0.4% from the previous quarter, falling a little short of expectations for 0.5% growth.
The report comes ahead of Eurozone GDP data at 1000 BST which is expected to show a 1.3% year-on-year rise in the second quarter, compared to the previous three month's 1% gain.
A final reading of the consumer price index out at the same time is forecast to reveal 0.2% growth in the year to July. While it has remained well below the ECB's target of just under 2% growth, it has risen since January when it contracted 0.6%.
In its account of the governing council meeting in mid-July, released on Thursday, the ECB said the Eurozone is finally seeing a pick-up in inflation. Policymakers pointed to a "growing number of indications that a turning point [on inflation] might well have been reached".
On the corporate front, Glencore declined after the miner confirmed it has completed the sale of the Tampakan copper project in the Philippines as it sells off assets amid a challenging market.
Vodafone climbed after the company and fellow mobile network Three bought a sizeable piece of UK mobile phone spectrum in an auction of L-band frequency by US-based Qualcomm.
A measure of oil stocks were lower including BP and Royal Dutch Shell as oil prices declined with Brent crude down 0.06% to $48.19 per barrel and West Texas Intermediate falling 0.42% to $42.05 at 0911 BST. |
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| | Market Movers
techMARK 3,190.03 +0.47%
FTSE 100 6,585.92 +0.27%
FTSE 250 17,673.06 +0.44%
FTSE 100 - Risers
TUI AG Reg Shs (DI) (TUI) 1,147.00p +2.96%
ARM Holdings (ARM) 938.50p +2.18%
Hikma Pharmaceuticals (HIK) 2,382.00p +1.75%
International Consolidated Airlines Group SA (CDI) (IAG) 546.00p +1.58%
ITV (ITV) 262.90p +1.54%
St James's Place (STJ) 975.50p +1.40%
Sage Group (SGE) 525.00p +1.35%
Tesco (TSCO) 204.40p +1.19%
Sky (SKY) 1,091.00p +1.11%
London Stock Exchange Group (LSE) 2,639.00p +1.07%
FTSE 100 - Fallers
Glencore (GLEN) 175.10p -0.96%
Weir Group (WEIR) 1,473.00p -0.87%
BP (BP.) 380.25p -0.76%
Dixons Carphone (DC.) 447.80p -0.71%
Standard Chartered (STAN) 864.80p -0.61%
Royal Dutch Shell 'B' (RDSB) 1,826.00p -0.41%
Royal Dutch Shell 'A' (RDSA) 1,814.50p -0.38%
BG Group (BG.) 1,076.50p -0.32%
G4S (GFS) 254.70p -0.27%
Smiths Group (SMIN) 1,199.00p -0.17%
FTSE 250 - Risers
CLS Holdings (CLI) 1,884.00p +2.67%
Daejan Holdings (DJAN) 6,550.00p +2.26%
Foxtons Group (FOXT) 242.60p +2.15%
Allied Minds (ALM) 490.00p +2.08%
Betfair Group (BET) 2,851.00p +1.79%
Pets at Home Group (PETS) 278.20p +1.76%
Entertainment One Limited (ETO) 331.70p +1.75%
Derwent London (DLN) 3,756.00p +1.65%
Jupiter Fund Management (JUP) 458.70p +1.59%
Zoopla Property Group (WI) (ZPLA) 280.50p +1.59%
FTSE 250 - Fallers
Cranswick (CWK) 1,630.00p -1.57%
Wizz Air Holdings (WIZZ) 1,856.00p -1.38%
Wood Group (John) (WG.) 587.00p -1.26%
Petrofac Ltd. (PFC) 836.50p -1.24%
Rank Group (RNK) 249.70p -1.19%
Ophir Energy (OPHR) 110.50p -1.16%
Redefine International (RDI) 53.05p -1.12%
Premier Oil (PMO) 108.90p -1.09%
Templeton Emerging Markets Inv Trust (TEM) 435.90p -1.04%
Tritax Big Box Reit (BBOX) 117.60p -1.01%
FTSE TechMARK - Risers
NCC Group (NCC) 247.00p +3.24%
Filtronic (FTC) 10.00p +2.56%
SDL (SDL) 393.00p +0.77%
KCOM Group (KCOM) 94.75p +0.53%
Oxford Instruments (OXIG) 928.50p +0.38%
Dialight (DIA) 554.00p +0.18%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 201.62 +0.07%
Consort Medical (CSRT) 938.50p +0.05%
FTSE TechMARK - Fallers
Oxford Biomedica (OXB) 8.25p -3.51%
Innovation Group (TIG) 33.75p -0.74%
Triad Group (TRD) 35.00p -0.71%
Skyepharma (SKP) 273.00p -0.46% |
| | UK Event Calendar | | Friday 14 August
INTERIMS
Afarak Group (DI), Biofrontera AG (DI), Fondul Proprietatea S.A. GDR (Reg S), Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Capacity Utilisation (US) (14:15)
Consumer Price Index (EU) (10:00)
GDP (Flash Estimate) (EU) (10:00)
Harmonised Index of Consumer Prices (EU) (10:00)
Industrial Production (US) (14:15)
Producer Price Index (US) (13:30)
Wholesale Price Index (GER) (07:00)
GMS
Source BioScience, Unicorn AIM VCT
EGMS
Datang International Power Generation Co Ltd.
AGMS
Daily Internet, Heath (Samuel) & Sons, iEnergizer Ltd., Oryx International Growth Fund Ltd.
FINAL DIVIDEND PAYMENT DATE
Amati VCT , F&C Global Smaller Companies, Investec, SABMiller
INTERIM DIVIDEND PAYMENT DATE
Crystal Amber Fund Ltd., Frenkel Topping Group, Safestore Holdings, Sanderson Group, Sequoia Economic Infrastructure Income Fund Limited
QUARTERLY PAYMENT DATE
Marsh & Mclennan Cos Inc., Merchants Trust |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher as Greece approves bailout European stocks edged higher in early trade as investors weighed up Greek lawmakers' approval of a third bailout against soft French and German growth figures. At 0900 BST, the benchmark Stoxx Europe 600 index and France's CAC 40 were up 0.3% while Germany's DAX was 0.4% higher.
Early on Friday, the Greek parliament approved a draft third bailout of about €85bn, which includes tax rises and spending cuts. Eurozone finance ministers will discuss the terms of the bailout at 1400 BST, with the agreement expected to be approved by the finance ministers despite some opposition from Germany.
Preliminary data releases were a little disappointing, with both French and German GDP figures falling short of expectations.
German domestic product rose 0.4% from the previous quarter, missing expectations of 0.5% growth. Destatis said exports rose much more than imports, mostly on the back of a weak euro, but inventories declined.
French GDP, meanwhile, came in flat for the second quarter versus consensus expectations of a 0.2% increase.
"Overall, Germany and France have grown at a similar pace during H1 2015 of 0.3-0.4% quarter-on-quarter. This is solid but a little less than hoped for a few months ago. For the Eurozone as a whole, the data point to downside risks to our 0.5% quarter-on-quarter forecast Q2 growth, unless Italy or a number of smaller economies outperform expectations," said BNP Paribas analyst Dominic Bryant.
Meanwhile, it seemed as though worries about China were receding. "While for now it appears that the Chinese yuan has stabilised and even actually moderately gaining in value compared to yesterday the shock still sits deep about the surprise devaluation earlier this week," said Markus Huber, senior analyst at Peregrine & Black.
On the corporate front, Glencore was in the red after the miner confirmed it has completed the sale of the Tampakan copper project in the Philippines. The company has also sold its stakes in the Falcondo nickel operation in the Dominican Republican and Sipilou nickel project in Ivory Coast. The assets were inherited from Xstrata following the completion of the takeover in May 2013.
Oil giant BP was under the cosh following media reports that it could face a $48m fine for manipulating natural gas markets in Texas in 2008.
Still to come on the data calendar, the flash estimate of second-quarter Eurozone GDP is due at 100 BST, along with inflation data for the bloc. In the US, industrial production is at 1415 BST and University of Michigan is at 1500 BST. |
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| | US Market Report | | US close: Stocks finish mixed as solid US economic data offsets China woes US stocks finished mixed on Thursday as solid economic data offset concerns of a currency war following China's devaluation of the yuan. The Dow ended up 0.03% while the Nasdaq and the S&P 500 fell 0.21% and 0.15% respectively.
The People's Bank of China devalued its currency for a third day, which caused nervousness in the market that the Federal Reserve might delay increasing interest rate rates in September. Some analysts raised concerns that the move by China's central bank would appreciate the dollar and hurt exporters. Raising interest rates could lift the value of the dollar higher again.
"While further uncertainties might encourage some hesitations and a previous FOMC statement did highlight that the central bank are monitoring international risks, I do maintain that the Federal Reserve should begin raising rates next month," said FXTM chief market analyst Jameel Ahmad.
"The US economic data is consistently robust and raising optimism that its economic recovery is sustainable. I am actually expecting both major indices and the USD to begin recovering losses today."
Showing further signs of improvement in the world's biggest economy, the Commerce Department said US retail sales rose 0.6% in July, slightly higher than expectations for a 0.5% gain.
The figures for May, meanwhile, were revised up from a 0.3% fall to flat.
"Upward revisions to sales in April and May mean that real consumption growth started the third quarter on a stronger footing than we previously believed," said Paul Ashworth, chief US economist at Capital Economics. "If the renewed decline in energy prices is sustained, then it is possible that third-quarter real consumption growth will end up being even stronger."
Meanwhile, figures released by the Labor Department showed initial jobless claims rose by 5,000 to 274,000 in the week to 8 August, compared with analysts' expectations for a 270,000 reading. The average of new claims over the past month ticked down by 1,750 to a seasonally-adjusted 266,650, its lowest level since April 2000.
In company news, GoPro rose after Cowen & Co initiated coverage on the stock with an 'outperform' rating and $76 target.
Alibaba advanced even though analysts at Raymond James and RBC Capital cut their targets on the e-commerce giant from $109 to $87 and from $105 to $91, respectively.
Advance Auto Parts rallied after the group reported better-than-anticipated second quarter earnings.
Going the other way, Kohl's slumped as it reported unexpected decline in profit in its second quarter, as the retailer struggles to turnaround the business.
S&P 500 - Risers
News Corp Class A (NWSA) $15.19 +7.58%
Windstream Holdings Inc (WIN) $6.51 +6.90%
Monster Beverage Corp (MNST) $149.06 +4.86%
Yahoo! Inc. (YHOO) $35.93 +4.18%
Yum! Brands Inc. (YUM) $83.81 +3.88%
Perrigo Company plc (PRGO) $192.50 +3.46%
Lowe's Companies Inc. (LOW) $71.21 +3.25%
Cisco Systems Inc. (CSCO) $28.70 +2.87%
Hartford Financial Services Group Inc. (HIG) $48.82 +2.82%
Noble Energy Inc. (NBL) $36.30 +2.80%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $1.10 -10.57%
CONSOL Energy Inc. (CNX) $12.95 -8.80%
Kohls Corp. (KSS) $56.11 -8.76%
Transocean Ltd. (RIG) $14.07 -6.51%
Chesapeake Energy Corp. (CHK) $7.50 -6.48%
Nabors Industries Ltd. (NBR) $11.43 -6.31%
Noble Corporation plc (NE) $12.78 -6.10%
Marathon Oil Corp. (MRO) $18.02 -5.46%
Denbury Resources Inc. (DNR) $3.96 -5.26%
Rowan Companies plc (RDC) $17.02 -5.18%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $28.70 +2.87%
Boeing Co. (BA) $144.81 +1.67%
Travelers Company Inc. (TRV) $106.95 +1.44%
Merck & Co. Inc. (MRK) $58.98 +1.24%
Home Depot Inc. (HD) $119.02 +1.13%
McDonald's Corp. (MCD) $99.37 +1.11%
Visa Inc. (V) $73.93 +0.53%
Walt Disney Co. (DIS) $107.52 +0.50%
Nike Inc. (NKE) $113.60 +0.48%
JP Morgan Chase & Co. (JPM) $67.55 +0.46%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $28.87 -2.00%
Caterpillar Inc. (CAT) $77.76 -1.47%
Chevron Corp. (CVX) $85.85 -1.08%
Procter & Gamble Co. (PG) $75.78 -0.80%
3M Co. (MMM) $147.40 -0.75%
International Business Machines Corp. (IBM) $155.07 -0.70%
Wal-Mart Stores Inc. (WMT) $72.11 -0.65%
Unitedhealth Group Inc. (UNH) $120.52 -0.56%
E.I. du Pont de Nemours and Co. (DD) $53.03 -0.47%
Verizon Communications Inc. (VZ) $47.66 -0.40%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $149.06 +4.86%
Yahoo! Inc. (YHOO) $35.93 +4.18%
Cisco Systems Inc. (CSCO) $28.70 +2.87%
O'Reilly Automotive Inc. (ORLY) $253.92 +2.70%
Netflix Inc. (NFLX) $123.73 +2.67%
Tesla Motors Inc (TSLA) $242.51 +1.82%
Automatic Data Processing Inc. (ADP) $82.45 +1.10%
Liberty Global plc Series A (LBTYA) $51.58 +0.98%
Starbucks Corp. (SBUX) $56.85 +0.83%
Sirius XM Holdings Inc (SIRI) $3.99 +0.76%
Nasdaq 100 - Fallers
Keurig Green Mountain Inc (GMCR) $50.28 -4.93%
KLA-Tencor Corp. (KLAC) $51.52 -3.30%
Wynn Resorts Ltd. (WYNN) $94.62 -2.90%
Micron Technology Inc. (MU) $17.70 -2.69%
TripAdvisor Inc. (TRIP) $71.70 -2.45%
Sandisk Corp. (SNDK) $57.86 -2.26%
Intel Corp. (INTC) $28.87 -2.00%
Mylan Inc. (MYL) $54.27 -1.97%
Vimpelcom Ltd Ads (VIP) $5.56 -1.94% |
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| | Newspaper Round Up | | Friday newspaper round-up: Greece debt doubts, cut-price steel, RBS, BT The European institutions overseeing Greece's bailout have expressed "serious concerns" over the sustainability of the country's debt, bringing them into line with the more pessimistic assessment of the International Monetary Fund. The European Commission and the European Central Bank argue in a new analysis that debt relief measures, including extending repayment periods, would allow Athens to achieve debt sustainability, a solution advocated by the IMF. They say such moves would avoid the need for a full-scale haircut. - The Financial Times Greece's parliament began debating a new €85bn rescue package early on Friday following hours of rancorous discussion over procedural issues and the last-minute inclusion of additional reforms requested by the country's creditors. A stormy nine-hour session on how the debate should be conducted laid bare a deepening feud between senior officials in the leftwing Syriza government and Zoi Konstantopoulou, the combative speaker of parliament, who is a vocal opponent of the bailout deal. - FT
Royal Bank of Scotland is to halve unauthorised overdraft fees for thousands of commercial customers as it attempts to clean up its reputation after accusations that it destroyed viable businesses. The cut in fees from next month is one of several changes by RBS which, with about 30% of the market, is Britain's largest business banker. The bank is also reducing fees for unpaid cheques and other penalties and lowering the maximum charge businesses can incur in a month. - The Times
Chinese steelmakers are preparing to flood the global market with cut-price exports as they take advantage of this week's shock devaluation of the yuan, prompting furious protests from competitors in Europe and the US. It is the first warning sign of a deflationary wave of cheap products from China after the central bank (PBOC) abandoned its exchange rate regime, letting the currency fall in the steepest three-day drop since the country emerged as an economic powerhouse and sliding 3.3% against the dollar. - The Daily Telegraph
BT has received a boost to its £12.5bn takeover of EE following a report on the deal by the communications regulator.
Ofcom has advised competition watchdogs that most of the concerns raised by rivals over the deal do not merit intervention to curb the combined companies' power. Although Ofcom does not have the authority to approve the merger, its advice to the Competition and Markets Authority (CMA) is likely to support BT's calls for it to be waved through. - The Telegraph
The rush for airwaves needed to support Britain's love of smartphones has yielded a huge profit for Qualcomm, the US chip maker, which has agreed to sell a large chunk of spectrum to Vodafone and Three to add to their data capacity in the future. The two networks have emerged victorious in a fierce auction of the Qualcomm spectrum - the frequencies used to carry mobile phone signals - with the total sum paid expected to exceed £100m, according to industry sources. Both EE and O2 were also interested in the Qualcomm asset but were beaten to the punch by their rivals, who need the extra capacity for 4G services to avoid a capacity crunch. - The Times
The number of people being evicted by their landlords has risen sharply in the past four years, according to official statistics - a trend that housing charities blame on benefit cuts imposed by the previous coalition government. More than 43,000 households in rented housing in England and Wales were evicted by county court bailiffs in the 12 months to June, according to figures published by the Ministry of Justice on Thursday - a 50% increase in the past four years, and the highest level on record. Evictions by landlords began to rise after the coalition imposed cuts to housing benefit in 2011 as a way to rein in public spending. - FT
Nomad, the investment vehicle which owns Birds Eye, is buying the European arm of Findus in a deal worth an estimated £500 million which will create a new frozen food giant. It will acquire Findus Group's businesses in Sweden, Norway, Finland, Denmark, France, Spain and Belgium, handing over £400 million and 8.4 million shares.
You can't buy charisma, or genius, but you can buy shares in Tesla. News from the electric vehicle maker that its chief executive Elon Musk will buy $20m of stock in a new $500m offering to fund ambitious research spending drove Tesla shares up more than 2 per cent yesterday. Mr Musk plans to pour "staggering" amounts of money into research and development of new products at his Silicon Valley car company. Yesterday, the vehicle maker said the proceeds of the new share sale would be used to fund future projects, such as its mass market Model 3 vehicle and its battery "gigafactory", as well as its service centres and supercharger network. - The Times |
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