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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 fall on empty day of economic data London stocks fell on Monday ahead of a busy week that will include important data for the Bank of England and the Federal Reserve in deciding when to increase interest rates.
The day's agenda will be relatively empty in economic releases with the market looking forward to UK and US inflation on Tuesday and Wednesday respectively.
UK consumer prices are expected to have risen 0.9% in July compared to a year ago, picking up from the previous month's 0.8% growth.
US inflation is forecast to increase 0.2% year-on-year in July after June's 0.1% gain.
The Bo E and Fed are looking for signs their economies are healthy enough to sustain an interest rate hike.
Bo E official Kristin Forbes warned on Sunday that waiting too long to lift rates could hurt economic recovery and will need to be done "well before" inflation reaches the central bank's 2% target.
Forbes wrote in the Telegraph saying that while raising rates too soon could deter companies from investing and customers from spending, holding back too long was also a risk.
"Maintaining interest rates at the current low levels during an expansion risks creating distortions," she wrote in an article for Monday's paper, published online on Sunday.
"Interest rates will need to be increased well before inflation hits our 2 percent target. Waiting too long would risk undermining the recovery, especially if interest rates then need to be increased faster than the gradual path which we expect."
Meanwhile, Greek Energy Minister Panos Skourletis on Monday signalled that the government may call a confidence vote after almost a third of lawmakers from the ruling Syriza party abstained or voted against a new bailout deal.
Prime Minister Alexis Tsipras had to rely on opposition support on Friday to get the bailout agreement through parliament.
"I consider it self-evident after the deep wound in Syriza's parliamentary group for there to be such a move," Skourletis told Skai television when asked about the possibility of a parliamentary confidence vote.
Skourletis also indicated possible early elections if Tsipras lost a confidence vote.
In company news, British plumbing supplies company Wolseley topped the FTSE 100 after Citi upgraded the stock to 'buy' from 'neutral' and raised its target to 4725p from 4100p.
Bovis Homes slumped despite posting a 9% rise in first-half pre-tax profit as it reported a record number of legal completions and said it's on track to deliver its expected volume of new homes for 2015.
Rightmove figures on Sunday showed UK house prices fell 0.8% month-on-month in August, following a 0.1% increase a month earlier.
Shire was lower on news it is likely to improve its takeover offer for US competitor Baxalta after its first offer was rebuffed, but has put pressure on its rival to make some concessions first. The Dublin-headquartered pharmaceuticals group will have to add around $5 per share to its initial $45.23 all-share offer for Baxalta, sources told various Sunday newspapers.
Inmarsat gained after confirming that the launch of its third satellite in the Global Express programme, I-5 F3, has been scheduled at the Baikonur Cosmodrome in Kazakhstan on Friday 28 August. |
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| | Market Movers
techMARK 3,179.32 +0.21%
FTSE 100 6,566.09 +0.23%
FTSE 250 17,662.20 +0.23%
FTSE 100 - Risers
Wolseley (WOS) 4,285.00p +1.85%
CRH (CRH) 1,971.00p +1.03%
TUI AG Reg Shs (DI) (TUI) 1,172.00p +0.86%
Pearson (PSON) 1,168.00p +0.78%
Schroders (SDR) 3,010.00p +0.77%
Admiral Group (ADM) 1,451.00p +0.76%
International Consolidated Airlines Group SA (CDI) (IAG) 546.50p +0.74%
Coca-Cola HBC AG (CDI) (CCH) 1,412.00p +0.71%
G4S (GFS) 258.70p +0.70%
Bunzl (BNZL) 1,875.00p +0.70%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,143.00p -0.61%
Weir Group (WEIR) 1,454.00p -0.55%
Glencore (GLEN) 171.95p -0.52%
Mondi (MNDI) 1,562.00p -0.51%
RSA Insurance Group (RSA) 506.00p -0.20%
Standard Chartered (STAN) 862.50p -0.17%
Randgold Resources Ltd. (RRS) 3,990.00p -0.10%
Anglo American (AAL) 756.10p -0.09%
Old Mutual (OML) 217.30p -0.09%
Merlin Entertainments (MERL) 398.20p -0.08% FTSE 250 - Risers Morgan Advanced Materials (MGAM) 355.30p +3.22%
AO World (AO.) 129.30p +2.86%
Big Yellow Group (BYG) 715.00p +2.58%
Card Factory (CARD) 371.50p +2.34%
Zoopla Property Group (WI) (ZPLA) 276.90p +2.21%
Lonmin (LMI) 38.52p +2.15%
Spire Healthcare Group (SPI) 393.10p +2.10%
Grainger (GRI) 249.80p +1.96%
Ocado Group (OCDO) 367.20p +1.46%
Virgin Money Holdings (UK) (VM.) 438.80p +1.43%
FTSE 250 - Fallers
Clarkson (CKN) 2,670.12p -2.90%
Computacenter (CCC) 754.50p -2.65%
Redefine International (RDI) 52.50p -2.42%
Jimmy Choo (CHOO) 175.10p -2.34%
Millennium & Copthorne Hotels (MLC) 546.79p -2.18%
Bovis Homes Group (BVS) 1,184.00p -1.42%
Saga (SAGA) 211.00p -1.22%
Pets at Home Group (PETS) 273.10p -1.19%
Bwin . party Digital Entertainment (BPTY) 114.50p -1.04%
SSP Group (SSPG) 295.50p -0.97%
FTSE TechMARK - Risers
Electronic Data Processing (EDP) 67.50p +3.45%
BATM Advanced Communications Ltd. (BVC) 19.00p +0.66%
Skyepharma (SKP) 277.25p +0.45%
Spirent Communications (SPT) 81.25p +0.31%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 201.69 +0.30%
KCOM Group (KCOM) 95.50p +0.26%
SDL (SDL) 393.00p +0.06%
FTSE TechMARK - Fallers
NCC Group (NCC) 238.00p -2.46%
Oxford Instruments (OXIG) 905.00p -2.16%
Dialight (DIA) 540.00p -2.09%
Oxford Biomedica (OXB) 7.99p -1.24%
Innovation Group (TIG) 34.25p -0.72% |
| | UK Event Calendar | | INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00),
US Empire Manufacturing
US NAHB Housing Market Index
INTERIMS
Bovis Homes Group
GMS
Azonto Petroleum Ltd (DI)
EGMS
Joint Stock Company Rosseti GDR (Each Repr 200 Ord) Reg S
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as investors keep a watchful eye on Greece European stocks rose, taking their cue from a positive session on Wall Street Friday, as investors kept an eye on developments in Greece.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 0.5%, France's CAC 40 was up 0.7% and Germany's DAX was 0.6% higher.
"European markets have started the week higher, buoyed by Greece finally approving their new bailout deal," said Rebecca O'Keeffe, head of investment at Interactive Investor.
"The fallout from the Greek deal is still being felt in political circles, with the IMF lobbying for debt relief in order to achieve Greek debt sustainability, putting Merkel under pressure once again. With Tsipras also suffering a backlash from his own party, the likelihood is that Greece will continue to occupy significant time and resources in Europe - however, the risk to markets has finally dissipated, leaving investors to change their focus of attention to Chinese growth and US interest rates."
German lawmakers are due to vote on Greece's third bailout on Wednesday. At the weekend, German chancellor Angela Merkel said she expects the International Monetary Fund to take part in the €86bn bailout. She said IMF head Christine Lagarde would ensure the fund's participation if conditions on Greek pension reform and debt relief were met.
On the corporate front, Hennes & Mauritz rose after its July sales figures beat expectations, while Alstom made solid gains following a report that General Electric is expected to get European Union approval for its acquisition of assets in the company.
Elsewhere, German car maker BMW jumped higher after Barclays upgraded the stock to 'overweight' from 'equalweight'.
TUI AG was in the black following a press report that it could divest its non-core holiday brands such as hotelbeds.com and Crystal Ski Holidays.
In London, shares in Bovis Homes slid despite the housebuilder posting a 9% rise in first-half pre-tax profit and a record number of legal completions. Analysts noted that the shares have had a strong run into the results so this may just be a case of profit taking. |
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| | US Market Report | | US close: Stocks end a little higher; Sysco surges as Trian builds stake US equities closed a little higher on Friday as investors sifted through a slew of data releases and mixed corporate news.
The Dow Jones Industrial Average and the S&P 500 ended up 0.4%, while the Nasdaq closed 0.3% higher.
Friday data
According to figures published by the Federal Reserve, industrial output rose 0.6% last month, driven by a 10.6% surge in autos production.
The figure was above the 0.3% increase analysts had expected.
"For all the talk of global deflationary pressures this week, we suspect the Fed will be more focused on the growing evidence of mounting domestic inflationary pressures," said Steve Murphy, US economist at Capital Economics.
"A September rate hike is coming."
US producer prices rose 0.2% in July from June, when they were up 0.4%, according to data released by the Labor Department.
This marked the third straight monthly increase and came in below analysts' expectations of a 0.1% rise.
"We continue to see a stronger dollar and lower energy prices as posing headwinds for industrial output and do not look for a strong rebound in the sector this year," analysts at Barclays said in a note.
Meanwhile, the University of Michigan index slipped from 93.1 in July to 92.9 in August, broadly in line with expectations.
Mixed earnings on Wall Street
In company news, fashion retailer Nordstrom rose 4.3% on the back of better-than-expected second-quarter profits.
Shares in department store chain JC Penney Co gained 5.5% after it posted a smaller-than-expected second-quarter loss.
Food services company Sysco surged 7.4% after sources told CNBC that Nelson Peltz's Trian has taken a stake of more than 7% in the company.
Going the other way, restaurant chain El Pollo Loco Holdings tumbled 21 % after posting worse-than-expected revenue late on Thursday, while King Digital Entertainment slumped 11% after its quarterly revenue missed forecasts.
The dollar was broadly flat against the yen, a touch higher against the euro and a little weaker against the pound, while gold futures slipped 0.1% to $1,114.80.
Oil prices were a little weaker, with West Texas Intermediate, which reached a six-year low on Thursday, down 0.3% at $42.09 a barrel, and Brent down 0.4% to $49.03 a barrel. |
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| | Newspaper Round Up | | Monday newspaper round-up: HMRC, ECB, TUI Travel HM Revenue & Customs will be forced to pay tax refunds running into tens of billions of pounds if it fails to fend off defeat in some of its biggest court battles, accountants show. Over the past two years, the UK tax authority has been forced to more than double its "worst case" estimate, leaving it potentially facing a £42.8bn bill to companies that believe they paid too much tax decades ago. - Financial Times
The European Central Bank now thinks it will take four years, instead of two, for an 'intrusive' review that could force the Eurozone's biggest banks to hold even more capital. Some experts said the review could take even longer, since the project is so comprehensive and demands a huge amount of manpower. - Financial Times
China's central bank has warned of further volatility in the yuan but reiterated that Beijing had no intention of sparking a "currency war" following a series of shock devaluations last week. The chief economist at the People's Bank of China, Ma Jun, said the Chinese government had "no intention or need to participate in a currency war". - The Guardian
Young people without jobs will be sent to boot camp to prepare them for work as part of a "no excuses" approach to eradicating youth unemployment, said Matt Hancock, a Cabinet Office minister. The senior Conservative, who heads David Cameron's earn or learn taskforce, will set out plans for jobseekers aged between 18 and 21 to be placed on an intensive activity programme within the first three weeks of submitting a claim. - The Guardian
German Chancellor Angela Merkel tried to reassure sceptical lawmakers on Sunday that the International Monetary Fund would take part in a new bailout for Greece, before a parliamentary vote in which many of her conservatives may break ranks and reject the rescue. In her first public comments since her summer break, Merkel told broadcaster ZDF that she was sure Christine Lagarde, head of the IMF, would ensure the participation of the fund if conditions on Greekmerk pension reform and debt relief were met. - The Telegraph
The Bank of England could damage Britain's recovery if officials wait too long before starting to raise interest rates, one of its policymakers has warned. Kristin Forbes said keeping rates at a record low of 0.5pc when the economy was growing at its pre-crisis trend and earnings were rising at a robust pace risked "creating distortions" and "undermining the recovery". - The Telegraph
TUI AG is considering spinning off non-core assets with revenue of about €3bn. TUI Group could seek a separate listing for its non-mainstream operations, including brands such as hotelbeds.com, Crystal Ski Holidays and Hayes & Jarvis, while retaining a stake. It would retain core holiday brands such as Thomson and First Choice. - The Times |
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