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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 open flat ahead of UK inflation figures London stocks opened flat on Tuesday ahead of the release of UK inflation data which is expected to show a pick-up in growth.
Analysts predict consumer prices rose 0.9% in July compared to a year ago, after a 0.8% gain a month ago.
While the Bank of England is targeting 2% inflation, policymaker Kristin Forbes has warned that waiting for consumer prices to reach that point could hurt economic recovery.
"Maintaining interest rates at the current low levels during an expansion risks creating distortions," she wrote in an article for the Telegraph.
"Interest rates will need to be increased well before inflation hits our 2% 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."
Connor Campbell, financial analyst, at Spreadex said the inflation figures are "unlikely to spark too much excitement".
He said the BoE and analysts are expecting the figure to remain at zero for the next two months, dragged by a slump in commodities and a stronger sterling.
"Yet investors are still being cautious, and combined with the latest China-inspired declines in its oil and mining stocks the FTSE was fairly flat at the open; the pound, meanwhile, could see some movement if the CPI data surprises."
Meanwhile, things are looking up for Greece as German Chancellor Angela Merkel is reportedly planning to urge lawmakers on Tuesday to vote in favour of a third €86bn bailout package for the .
Among companies, miners continued to slide with BHP Billiton, Anglo American, Antofagasta and Rio Tinto all in the red on the back of a drop in gold, silver and copper prices on the Comex.
Persimmon rallied after the housebuilder reported a 31% rise in first-half pre-tax profit, driven by solid revenue growth.
Cairn Energy slumped as it posted a wider loss after tax in the first half, reflecting a £177m impairment charge.
Engineer Wood Group dropped as it reported a 19.3% decline in first half revenue and slashed its costs and workforce amid the crashing oil prices. |
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| | Market Movers
techMARK 3,186.35 +0.30%
FTSE 100 6,545.16 -0.08%
FTSE 250 17,623.93 +0.09%
FTSE 100 - Risers
Shire Plc (SHP) 5,255.00p +1.84%
Persimmon (PSN) 2,143.00p +1.04%
Glencore (GLEN) 171.50p +0.88%
TUI AG Reg Shs (DI) (TUI) 1,189.00p +0.68%
Randgold Resources Ltd. (RRS) 4,010.00p +0.68%
Smith & Nephew (SN.) 1,199.00p +0.67%
Coca-Cola HBC AG (CDI) (CCH) 1,417.00p +0.57%
3i Group (III) 530.00p +0.47%
Relx plc (REL) 1,089.00p +0.46%
Taylor Wimpey (TW.) 205.90p +0.44%
FTSE 100 - Fallers
BHP Billiton (BLT) 1,117.00p -1.46%
Anglo American (AAL) 744.40p -1.43%
Weir Group (WEIR) 1,426.00p -1.18%
Antofagasta (ANTO) 567.00p -1.13%
Rio Tinto (RIO) 2,418.00p -1.10%
Dixons Carphone (DC.) 443.30p -1.00%
Imperial Tobacco Group (IMT) 3,248.00p -0.79%
Johnson Matthey (JMAT) 2,791.00p -0.61%
Burberry Group (BRBY) 1,483.00p -0.60%
Ashtead Group (AHT) 946.50p -0.58%
FTSE 250 - Risers
William Hill (WMH) 385.60p +2.53%
Allied Minds (ALM) 465.50p +2.20%
Zoopla Property Group (WI) (ZPLA) 270.70p +2.15%
Fisher (James) & Sons (FSJ) 1,128.00p +1.71%
Spire Healthcare Group (SPI) 398.50p +1.58%
Dunelm Group (DNLM) 900.00p +1.52%
Jardine Lloyd Thompson Group (JLT) 1,033.00p +1.47%
Just Retirement Group (JRG) 183.60p +1.44%
Rathbone Brothers (RAT) 2,296.00p +1.37%
Dechra Pharmaceuticals (DPH) 957.50p +1.32%
FTSE 250 - Fallers
Fidelity China Special Situations (FCSS) 127.80p -4.91%
Lonmin (LMI) 34.63p -3.11%
Bovis Homes Group (BVS) 1,131.00p -2.75%
Kaz Minerals (KAZ) 146.50p -2.27%
Cairn Energy (CNE) 151.00p -2.20%
Ophir Energy (OPHR) 95.90p -2.09%
Wood Group (John) (WG.) 568.00p -1.98%
Tullow Oil (TLW) 213.10p -1.93%
IP Group (IPO) 215.30p -1.69%
AO World (AO.) 125.00p -1.57%
FTSE TechMARK - Risers
UCW Limited (UCW) A$0.01 +8.33%
Skyepharma (SKP) 278.75p +2.11%
NCC Group (NCC) 250.00p +2.04%
Sepura (SEPU) 158.50p +1.12%
E2V Technologies (E2V) 243.00p +0.83%
KCOM Group (KCOM) 92.50p +0.27%
Consort Medical (CSRT) 943.00p +0.11%
Oxford Instruments (OXIG) 914.50p +0.05%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 201.79 +0.05%
FTSE TechMARK - Fallers
Oxford Biomedica (OXB) 7.90p -3.07%
Innovation Group (TIG) 34.00p -1.45%
Dialight (DIA) 544.00p -1.09%
|
| | UK Event Calendar | | UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Housing Starts (US) (13:30)
INTERIMS
Akers Biosciences, Inc, Alpha Pyrenees Trust Ltd., Chime Communications, H&T Group, Marshall Motor Holdings, Menzies(John), Persimmon, Wood Group (John)
AGMS
Castings, Puma Vct VII, Qannas Investments Limited (DI), World Trust Fund
FINAL DIVIDEND PAYMENT DATE
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks struggle for direction in thin trading volume European stocks were little changed on Tuesday, struggling for direction in thin trading volume and following a downbeat session in Asia.
At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.1%, while France's CAC 40 and Germany's DAX were 0.1% firmer.
"European equity markets are trading little changed this morning, so far being unable to build on yesterday's strong late reversal as weak markets in China are souring the overall sentiment," said Markus Huber, senior analyst at Peregrine & Black.
The Shanghai Composite index fell just over 6%, while the Hang Seng dropped 1.2% and Japan's Nikkei 225 slipped 0.3%.
"There is only a limited amount of economic data scheduled for release today with US housing starts and building permits taking centre stage especially after yesterday's dismal New York Empire Index. In recent months housing data has been strong, being together with a healthy employment market one of the main arguments why interest rates will go up rather sooner than later," added Huber.
He said that from a technical perspective, markets are expected to move lower over the next few sessions. "More major data will be needed in order for investors to significantly either add or reduce their current exposure to stocks. Furthermore, with it still being summer trading volume is likely to stay moderate at best making it hard for a new trend to be firmly established just yet."
Greece was still in focus, with the German parliament due to vote on its third bailout on Wednesday. According to press reports, leaders of Chancellor Angela Merkel's German conservatives are mostly in favour of the €86bn plan, but top party officials want the International Monetary Fund to be involved.
Meanwhile, it looks as though the Greek government will call a confidence vote after a revolt among far-left lawmakers from the ruling Syriza party.Swiss chocolate maker Lindt & Spruengli made gains after reporting a rise in first-half profit and confirming its full-year sales target. |
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| | US Market Report | | US close: Stocks edge higher amid mixed economic data US stocks reversed early losses to eke out modest gains on Monday, despite some disappointing manufacturing data.
The Dow Jones Industrial Average gained 67.78 points to 17,545.18, while the S&P 500 and the Nasdaq gained 11 and 43 points respectively.
Monday data
According to the New York Federal Reserve, the Empire State general business conditions index plummeted to -14.9 from 3.9 in July, way below analysts' expectations for a 4.5 reading and to its lowest level since the recession.
The new-orders sub-index nosedived to -15.7 from -3.5, while the shipments index tumbled to -13.8 from 7.9.
"A drop as big as this does suggest that the dollar's appreciation and/or the slowdown in global economic growth is having a more marked impact on the manufacturing sector than previously thought," said Paul Ashworth, chief US economist at Capital Economics.
However, Ashworth went on to add that regional manufacturing surveys are notoriously volatile and, therefore, it would be somewhat premature to read too much into Monday's data .
"We would be cautious about reading too much into this collapse until it is verified by a corresponding decline in either the Philly Fed index (due out on Thursday) or the Markit manufacturing PMI (due out on Friday)," he explained.
"As it stands now, this won't prevent a September rate lift-off."
Meanwhile, the National Association of Home Builders/Wells Fargo housing market index rose 1 point to 61, marking the highest level since November 2005 and climbing above expectations of a 59 reading.
Elsewhere, Asian stocks closed on a mixed note as China set the yuan in line with its Friday close, suggesting the government would allow market forces to move the currency. The Shanghai Composite climbed 0.72%, while Hong Kong's Hang Seng fell 0.73%.
The dollar was flat against the yen but rose 0.42% against the pound and 0.13% against the euro, while gold futures climbed 0.36% to $1,116.70.
Oil prices slid, with West Texas Intermediate losing 1.48% to $41.88 a barrel, while Brent shed 0.94% to $48.73 a barrel.
Wall Street heavyweights set to report
On the corporate front, he earnings season continues, with a number of Wall Street heavyweights set to report this week.
Among them, Target and Wal-Mart, which have big exposure to China, could benefit from the weaker yuan.
"US retailers including importers from China such as Wal-Mart, Target and Home Depot will dominate the earnings calendar this week," said CMC Markets' analyst Jasper Lawler.
"The weaker yuan is of benefit to US companies buying Chinese goods with a stronger dollar but they need a more confident consumer at home who is willing and able to buy the goods.
"US retail sales picked up in July but were pretty sluggish throughout the second quarter."
Among the companies that reported earlier on Monday, skincare and beauty products manufacturer Estee Lauder tumbled 6.78% after the group delivered a gloomy forecast, even though its profit beat expectations.
General Electric rose 0.50% after a Reuters report late on Friday claimed the firm was expected to win approval from European regulators to buy a power business from France's Alstom SA.
Tesla Motors climbed 4.95% after analysts at Morgan Stanley lifted their target on the stock by 66%. |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Forex claims, shipping slump, Lazard hired Global banks are facing billions of pounds of civil claims in London and Asia over the rigging of currency markets, following a landmark legal settlement in New York. Barclays, Goldman Sachs, HSBC and Royal Bank of Scotland were among nine banks revealed last Friday to have agreed to a $2bn settlement with thousands of investors affected by rate rigging in a New York court case, with lawyers warning the victory opened the floodgates for an even greater number of claims in London, the largest forex hub in the world. - The Financial Times
World shipping has fallen into a deep slump, dashing hopes of a quick recovery from the global trade recession earlier this year and heightening fears that the six-year economic expansion may be on its last legs. Freight rates for container shipping from Asia to Europe fell by over 20% in the second week of August, even though trade volumes should be picking up at this time of the year. - The Telegraph
The Treasury has raised eyebrows by hiring the investment bank at the centre of the botched Royal Mail privatisation for its latest sell-off. Lazard is to lead the sale of the taxpayers' stake in the King's Cross development, Europe's largest urban redevelopment project, which is expected to be valued at £5bn on completion. - The Times |
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